Delaware
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001-42563
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82-3060021 |
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(State or other jurisdiction of incorporation or organization) |
(Commission File Number) | (I.R.S. Employer Identification Number) | ||||||
290 W Mt. Pleasant Ave., Suite 4100
Livingston, NJ
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07039 | |||||||
(Address of registrant's principal executive offices) |
(Zip Code) |
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Registrant's telephone number, including area code: (973) 270-9737 |
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class |
Trading Symbol |
Name of each exchange on which registered |
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Class A Common Stock, $0.000005 par value per share | CRWV | The Nasdaq Stock Market LLC |
Exhibit No. | Description | |||||||
99.1 | ||||||||
104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
COREWEAVE, INC. | |||||
By: |
/s/ Nitin Agrawal | ||||
Name: |
Nitin Agrawal | ||||
Title: |
Chief Financial Officer |
(In thousands, except percentages and per share amounts) |
Three Months Ended March 31, | ||||||||||||||||
2025 | 2024 | % Change | |||||||||||||||
Revenue | $ | 981,632 | $ | 188,684 | 420 | % | |||||||||||
Operating expenses* | 1,009,102 | 171,837 | 487 | % | |||||||||||||
Operating income (loss)* | $ | (27,470) | $ | 16,847 | (263) | % | |||||||||||
Operating income (loss) margin* | (3) | % | 9 | % | |||||||||||||
Interest expense, net | $ | (263,835) | $ | (40,656) | 549 | % | |||||||||||
Net loss* |
$ | (314,641) | $ | (129,248) | 143 | % | |||||||||||
Net loss margin* | (32) | % | (68) | % | |||||||||||||
Basic net loss per share* |
$ | (1.40) | $ | (0.62) | 126 | % | |||||||||||
Diluted net loss per share* |
$ | (1.49) | $ | (0.62) | 140 | % |
(In thousands, except percentages) |
Three Months Ended March 31, | ||||||||||||||||
2025 | 2024 | % Change | |||||||||||||||
Adjusted EBITDA | $ | 606,131 | $ | 104,546 | 480 | % | |||||||||||
Adjusted EBITDA margin | 62 | % | 55 | % | |||||||||||||
Adjusted operating income | $ | 162,634 | $ | 25,036 | 550 | % | |||||||||||
Adjusted operating income margin | 17 | % | 13 | % | |||||||||||||
Adjusted net loss | $ | (149,555) | $ | (23,559) | 535 | % | |||||||||||
Adjusted net loss margin | (15) | % | (12) | % |
Three Months Ended March 31, | |||||||||||
2025 | 2024 | ||||||||||
Revenue | $ | 981,632 | $ | 188,684 | |||||||
Operating expenses: | |||||||||||
Cost of revenue | 262,394 | 59,220 | |||||||||
Technology and infrastructure | 561,402 | 92,881 | |||||||||
Sales and marketing | 10,549 | 4,050 | |||||||||
General and administrative | 174,757 | 15,686 | |||||||||
Total operating expenses | 1,009,102 | 171,837 | |||||||||
Operating income (loss) | (27,470) | 16,847 | |||||||||
Gain (loss) on fair value adjustments | 26,837 | (97,500) | |||||||||
Interest expense, net | (263,835) | (40,656) | |||||||||
Other income (expense), net | (4,137) | 7,460 | |||||||||
Loss before provision for (benefit from) income taxes | (268,605) | (113,849) | |||||||||
Provision for (benefit from) income taxes | 46,036 | 15,399 | |||||||||
Net loss | $ | (314,641) | $ | (129,248) | |||||||
Net loss attributable to common stockholders, basic | $ | (343,363) | $ | (129,248) | |||||||
Net loss attributable to common stockholders, diluted | $ | (370,208) | $ | (129,248) | |||||||
Net loss per share attributable to common stockholders, basic | $ | (1.40) | $ | (0.62) | |||||||
Net loss per share attributable to common stockholders, diluted | $ | (1.49) | $ | (0.62) | |||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic | 245,608 | 209,228 | |||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted | 249,293 | 209,228 |
March 31, 2025 |
December 31, 2024 |
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Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 1,276,456 | $ | 1,361,083 | |||||||
Restricted cash and cash equivalents, current | 624,250 | 37,394 | |||||||||
Accounts receivable, net | 1,055,208 | 416,526 | |||||||||
Prepaid expenses and other current assets | 146,733 | 101,246 | |||||||||
Total current assets | 3,102,647 | 1,916,249 | |||||||||
Restricted cash and cash equivalents, non-current | 617,110 | 637,356 | |||||||||
Restricted marketable securities, non-current | — | 29,308 | |||||||||
Property and equipment, net | 14,210,992 | 11,914,774 | |||||||||
Operating lease right-of-use assets | 3,063,220 | 2,589,547 | |||||||||
Intangible assets, net | 4,395 | 4,909 | |||||||||
Goodwill | 19,544 | 19,544 | |||||||||
Other non-current assets | 842,475 | 720,912 | |||||||||
Total assets | $ | 21,860,383 | $ | 17,832,599 | |||||||
Liabilities, Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 1,242,100 | $ | 868,259 | |||||||
Accrued liabilities | 1,377,013 | 355,821 | |||||||||
Debt, current | 3,776,595 | 2,468,425 | |||||||||
Deferred revenue, current | 436,530 | 768,927 | |||||||||
Operating lease liabilities, current | 239,549 | 213,104 | |||||||||
Finance lease liabilities, current | 59,010 | 57,801 | |||||||||
Other current liabilities | — | 230,244 | |||||||||
Total current liabilities | 7,130,797 | 4,962,581 | |||||||||
Debt, non-current | 4,935,071 | 5,457,915 | |||||||||
Derivative and warrant liabilities | 491 | 200,089 | |||||||||
Deferred revenue, non-current | 3,611,469 | 3,294,977 | |||||||||
Operating lease liabilities, non-current | 2,867,838 | 2,388,912 | |||||||||
Finance lease liabilities, non-current | 18,814 | 34,120 | |||||||||
Deferred tax liabilities, non-current | 193,849 | 149,232 | |||||||||
Other non-current liabilities | 32,772 | 36,260 | |||||||||
Total liabilities | 18,791,101 | 16,524,086 | |||||||||
Commitments and contingencies |
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Redeemable convertible preferred stock and redeemable common stock |
Redeemable convertible preferred stock |
— | 1,722,111 | |||||||||
Redeemable Class A common stock |
1,163,159 | — | |||||||||
Stockholders’ equity (deficit) | |||||||||||
Preferred stock |
— | — | |||||||||
Class A common stock |
2 | 1 | |||||||||
Class B common stock |
0 | 0 | |||||||||
Class C common stock |
— | — | |||||||||
Treasury stock |
(33,524) | (33,524) | |||||||||
Additional paid-in capital | 3,730,521 | 1,096,160 | |||||||||
Accumulated deficit | (1,790,876) | (1,476,235) | |||||||||
Total stockholders’ equity (deficit) | 1,906,123 | (413,598) | |||||||||
Total liabilities, redeemable convertible preferred stock, redeemable common stock, and stockholders’ equity (deficit) | $ | 21,860,383 | $ | 17,832,599 |
Three Months Ended March 31, | |||||||||||
2025 | 2024 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | (314,641) | $ | (129,248) | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities | |||||||||||
Depreciation and amortization | 443,497 | 79,510 | |||||||||
Non-cash lease expense | 66,869 | 15,090 | |||||||||
Amortization of debt discounts and issuance costs and accretion of redemption premiums | 37,691 | 8,058 | |||||||||
Loss (gain) on fair value adjustments | (26,837) | 97,500 | |||||||||
Stock-based compensation | 183,973 | 8,189 | |||||||||
Deferred income taxes | 44,617 | 14,686 | |||||||||
Other non-cash reconciling items | 22,723 | (886) | |||||||||
Changes in operating assets and liabilities, net of effect of business acquisition: | |||||||||||
Accounts receivable | (638,750) | 54,328 | |||||||||
Prepaid expenses and other current assets | (9,929) | 23,228 | |||||||||
Accounts payable and accrued expenses | 62,327 | 515,295 | |||||||||
Deferred revenue | (15,904) | 1,439,571 | |||||||||
Lease liabilities | (51,109) | (5,819) | |||||||||
Other non-current assets | 256,641 | (80,464) | |||||||||
Net cash provided by (used in) operating activities | $ | 61,168 | $ | 2,039,038 | |||||||
Cash flows from investing activities: | |||||||||||
Purchase of property and equipment, including capitalized internal-use software | (1,407,359) | (1,741,935) | |||||||||
Maturities of marketable securities | 29,308 | — | |||||||||
Purchase of restricted marketable securities | — | (29,308) | |||||||||
Issuance of notes receivable | (55,000) | — | |||||||||
Net cash provided by (used in) investing activities | $ | (1,433,051) | $ | (1,771,243) | |||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of debt | 784,956 | 931,647 | |||||||||
Repayments of debt | (271,104) | (4,956) | |||||||||
Issuance of redeemable convertible preferred stock, net of issuance costs | — | 25,000 | |||||||||
Redeemable convertible preferred stock cash dividends paid | (26,101) | — | |||||||||
Proceeds from exercise of stock options | 2,794 | 45 | |||||||||
Proceeds from initial public offering, net of underwriting discounts and commissions | 1,422,619 | — | |||||||||
Payment of tax withholdings on settlement of RSUs | (15,685) | — | |||||||||
Deferred offering costs paid | (16,870) | — |
Other financing activities | (26,743) | (32,241) | |||||||||
Net cash provided by (used in) financing activities | 1,853,866 | 919,495 | |||||||||
Net increase in cash, cash equivalents, and restricted cash | 481,983 | 1,187,290 | |||||||||
Cash, cash equivalents, and restricted cash—beginning of period | 2,035,833 | 480,075 | |||||||||
Cash, cash equivalents, and restricted cash—end of period | $ | 2,517,816 | $ | 1,667,365 | |||||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for interest, net of capitalized amounts | 142,193 | 1,971 | |||||||||
Non-cash investing and financing activities: | |||||||||||
Capitalized interest not yet paid | 10,776 | 48,215 | |||||||||
Operating lease right-of-use assets acquired through lease liability | 535,524 | 431,838 | |||||||||
Accounts payable and accrued expenses related to property and equipment additions | 2,008,056 | 287,795 | |||||||||
Issuance of common stock for contract incentive | 350,000 | — | |||||||||
Conversion of redeemable convertible preferred stock in connection with initial public offering | 1,722,140 | — | |||||||||
Reclassification of warrant liabilities to equity | 172,808 | — | |||||||||
Settlement of Series B tranche liability | — | 69,598 | |||||||||
Reclassification of customer deposit to debt | 230,244 | — | |||||||||
Deferred offering costs not yet paid | 11,899 | — | |||||||||
Reconciliation of cash, cash equivalents, and restricted cash to condensed consolidated balance sheets: | |||||||||||
Cash and cash equivalents | 1,276,456 | 1,306,872 | |||||||||
Restricted cash and cash equivalents, current | 624,250 | 35,493 | |||||||||
Restricted cash and cash equivalents, non-current | 617,110 | 325,000 | |||||||||
Total cash, cash equivalents, and restricted cash | $ | 2,517,816 | $ | 1,667,365 |
Three Months Ended March 31, | |||||||||||
2025 | 2024 | ||||||||||
Net loss | $ | (314,641) | $ | (129,248) | |||||||
Depreciation and amortization | 443,497 | 79,510 | |||||||||
Interest expense, net | 263,835 | 40,656 | |||||||||
Stock-based compensation | 183,974 | 8,189 | |||||||||
Provision for (benefit from) income taxes | 46,036 | 15,399 | |||||||||
Acquisition related costs | 6,130 | — | |||||||||
Other expense (income), net | 4,137 | (7,460) | |||||||||
(Gain) loss on fair value adjustments(1) |
(26,837) | 97,500 | |||||||||
Adjusted EBITDA | $ | 606,131 | $ | 104,546 | |||||||
Revenue | $ | 981,632 | $ | 188,684 | |||||||
Net loss margin | (32) | % | (68) | % | |||||||
Adjusted EBITDA margin | 62 | % | 55 | % |
Three Months Ended March 31, | |||||||||||
2025 | 2024 | ||||||||||
Operating income (loss) | $ | (27,470) | $ | 16,847 | |||||||
Stock-based compensation | 183,974 | 8,189 | |||||||||
Acquisition related costs | 6,130 | — | |||||||||
Adjusted operating income | $ | 162,634 | $ | 25,036 | |||||||
Revenue | $ | 981,632 | $ | 188,684 | |||||||
Operating income (loss) margin | (3) | % | 9 | % | |||||||
Adjusted operating income margin | 17 | % | 13 | % |
Three Months Ended March 31, | |||||||||||
2025 | 2024 | ||||||||||
Net loss | $ | (314,641) | $ | (129,248) | |||||||
Stock-based compensation | 183,974 | 8,189 | |||||||||
Acquisition related costs | 6,130 | — | |||||||||
Other adjustments(1) |
1,819 | — | |||||||||
(Gain) loss on fair value adjustments(2) |
(26,837) | 97,500 | |||||||||
Adjusted net loss(3) |
$ | (149,555) | $ | (23,559) | |||||||
Revenue | 981,632 | 188,684 | |||||||||
Net loss margin | (32) | % | (68) | % | |||||||
Adjusted net loss margin(3) |
(15) | % | (12) | % | |||||||