CoreWeave, Inc.
CRWVQ4 2025(CRWV Q3 FY2025)Derived94% AI
AI Revenue %
94%
AI Fair Value
$22.9B
AI Revenue (Q)
$1.3B
Total Revenue (Q)
$1.4B
Source: SEC EDGAR 10-Q Filing
View 10-Q on SEC.govAnalysis
CoreWeave Q3 FY2025 revenue was $1,364.7M, up 134% YoY and 13% QoQ. Customer A at 67% of Q3 revenue, 70% of 9-month revenue. Revenue from committed contracts was 98% of total. Operating income of $51.9M (first positive quarterly operating income in filed periods). Nine-month revenue of $3,559.1M. Business model unchanged: GPU cloud compute optimized for AI and HPC. No explicit AI vs non-AI revenue disaggregation. 94% derived from AI-centric business model and customer base (Microsoft, OpenAI, AI labs), with 6% conservative haircut for any non-AI HPC workloads. $1,364,676K × 94% = $1,282,795K AI revenue.
Analyzed by claude-opus-4-6
Quoted Figures
Revenue $1,364,676 [thousands] for Three Months Ended September 30, 2025
Condensed Consolidated Statements of Operations, 10-Q for Q3 FY2025
Revenue recognized related to customer commitments...represented 98% of total revenue for the three months ended September 30, 2025
Note 2 Revenue, 10-Q for Q3 FY2025
Customer A 67% [of revenue for Three Months Ended September 30, 2025]
Note 2 Revenue Significant Customers, 10-Q for Q3 FY2025
Operating income $51,850 [thousands] for Three Months Ended September 30, 2025
Condensed Consolidated Statements of Operations, 10-Q for Q3 FY2025
AI Products Identified (Ring 1)
CoreWeave Cloud PlatformGPU cloud compute (AI training & inference)Committed capacity contractsOpenAI infrastructure servicesWeights & Biases (AI developer platform)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Non-AI HPC workloads (rendering, VFX, scientific computing)
Confidence Tier
DerivedCalculated from reported segments primarily serving AI