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CoreWeave
As of December 31, 2024, our 32 data centers were running more than 250,000 GPUs in total, and were supported by more than 360 MW of active power. Our total contracted power extends to approximately 1.3 GW as of December 31, 2024, which we expect to roll out over the coming years.
We deploy a sophisticated financing strategy and have efficiently financed the development of additional compute capacity through the use of asset-backed debt, having raised total commitments of $12.9 billion in debt through December 31, 2024 to support the development of our platform.
The vast majority of our revenue today is from multi-year committed contracts, whereby a customer purchases access to our platform over the contract term on a take-or-pay basis. We also sell access to our platform on an on-demand basis through a pay-as-you-go model. As of December 31, 2024, we had $15.1 billion of remaining performance obligations reflecting an increase of 53%, from $9.9 billion as of December 31, 2023.
As evidence of this, three of our top five committed contract customers by total contract value (“TCV”) as of December 31, 2024 signed agreements for additional capacity within 12 months of their respective initial purchase dates. These agreements, measured during each respective 12-month period from the initial date of signing, represent a cumulative increase of approximately $7.8 billion in committed spend and a multiple of approximately 4x on initial contract value.
Our revenue was $16 million, $229 million, and $1.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively, representing year-over-year growth of 1,346% and 737%, respectively.
As a result, our net loss for the years ended December 31, 2022, 2023, and 2024 was $31 million, $594 million, and $863 million, respectively.
Our adjusted net loss for the years ended December 31, 2022, 2023, and 2024 was $27 million, $45 million, and $65 million, respectively.
Articles
CoreWeave (CRWV.O) has signed a $6.3 billion initial order with backer Nvidia (NVDA.O), the data center operator said on Monday, in a deal that guarantees that the AI chipmaker will purchase any cloud capacity not sold to customers.
Shares of CoreWeave rose 8% as the deal cements the company's position as a key Nvidia cloud partner and cushions it against any potential decline in demand for AI computing capacity.
The latest order, which requires Nvidia to purchase any unsold capacity through April 13, 2032, builds on an April 2023 agreement.
"We see this as a positive for CoreWeave given concerns from investors around the company's ability to fill data center capacity beyond its two largest customers (Microsoft and OpenAI)."
In March, CoreWeave and OpenAI agreed on a five-year contract worth $11.9 billion, under which the New Jersey-based firm provides the ChatGPT maker cloud computing capacity. The company signed an additional agreement under which OpenAI has committed to pay up to $4 billion through April 2029.
CoreWeave in August reported a surge in demand for its cloud services in the second quarter, amid the rapid adoption of artificial intelligence tools. However, operating expenses jumped nearly fourfold to $1.19 billion, highlighting the strain that rapid revenue growth is placing on its finances.