CoreWeave Inc (CRWV) 2025 Q1 法說會逐字稿

Good afternoon. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the CoreWeave first quarter 2025 earnings conference call. (Operator Instructions) I will now turn the conference over to Deborah Crawford, Vice President and Head of Investor Relations. Please go ahead.

午安.我叫蒂娜，今天我將擔任你們的電話會議主持人。現在，我歡迎大家參加 CoreWeave 2025 年第一季財報電話會議。 （主持人指示）現在，我將把電話會議交給副總裁兼投資者關係主管黛博拉·克勞福德 (Deborah Crawford)。請開始。

Good afternoon, and welcome to CoreWeave's first quarter 2025 earnings conference call. Joining me today to discuss our results are Mike Intrator, CEO; and Nitin Agrawal, CFO. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements.

下午好，歡迎參加 CoreWeave 2025 年第一季財報電話會議。今天，執行長 Mike Intrator 和財務長 Nitin Agrawal 將與我一起討論我們的業績。在開始之前，我想藉此機會提醒大家，我們今天的發言將包含前瞻性陳述。實際結果可能與這些前瞻性陳述所預期的結果有重大差異。

Factors that could cause these results to differ materially are set forth in today's earnings press release and in our quarterly report on Form 10-Q filed with the SEC. Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

可能導致這些結果出現重大差異的因素已在今天的收益新聞稿以及我們向美國證券交易委員會提交的10-Q表季度報告中列明。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and an accompanying investor presentation are available on our website at investors.coreweave.com. A replay of this call will also be available on our Investor Relations website. And now I'd like to turn the call over to Mike.

在本次電話會議上，我們將介紹 GAAP 和部分非 GAAP 財務指標。今天的收益新聞稿中包含 GAAP 與非 GAAP 指標的對帳表。收益新聞稿及隨附的投資者簡報可在我們的網站 investors.coreweave.com 上取得。本次電話會議的重播也將在我們的投資者關係網站上提供。現在，我想將電話會議交給 Mike。

Thank you, Deborah, and welcome, everyone. We appreciate you joining us for our first call as a public company following our March IPO. We are looking forward to a productive ongoing dialogue with all of you. We are off to an amazing start in 2025. The company has continued its momentum over the last few years. My remarks are going to highlight significant milestones and achievements.

謝謝黛博拉，歡迎大家！感謝大家參加我們三月IPO後作為上市公司的首次電話會議。我們期待與大家進行富有成效的持續對話。 2025年，我們將迎來一個精彩的開端。公司在過去幾年中保持了良好的發展勢頭。我的發言將重點放在公司所取得的重要里程碑和成就。

We delivered outstanding Q1 financial performance, highlighted by record revenue of $982 million and a record adjusted operating income of $163 million, up 420% and 550%, respectively, year-on-year. In Q1, we completed a strategic deal with OpenAI, the contract value for which is up to $11.9 billion.

我們第一季的財務表現表現優異，營收達創紀錄的9.82億美元，調整後營業利潤達創紀錄的1.63億美元，年比分別成長420%和550%。第一季度，我們與OpenAI達成了一項戰略協議，合約價值高達119億美元。

We have also added new enterprise customers and a new hyperscaler and signed expansion agreements with several large customers, including a recent $4 billion expansion with a large AI enterprise, the details of which will be included in our 10-Q. We announced and completed our acquisition of Weights & Biases, one of the industry's leading platforms for AI developers with more than 1,400 customers.

我們還增加了新的企業客戶和一家新的超大規模客戶，並與幾家大客戶簽署了擴展協議，其中包括最近與一家大型人工智慧企業達成的40億美元擴展協議，具體細節將包含在我們的10-Q財報中。我們宣布並完成了對Weights & Biases的收購，Weights & Biases是業界領先的人工智慧開發者平台之一，擁有超過1,400家客戶。

We are confident our combined companies will allow us to provide additional value to our joint customer base. And we have continued to set new technology performance benchmarks, including being the first to deploy GB200 Grace Blackwell systems at scale on our AI cloud platform, supporting leading AI developers, Mistral, IBM and Cohere.

我們相信，合併後的公司將使我們能夠為共同的客戶群提供更多價值。我們不斷樹立新的技術性能標桿，包括率先在我們的人工智慧雲端平台上大規模部署 GB200 Grace Blackwell 系統，並為 Mistral、IBM 和 Cohere 等領先的人工智慧開發人員提供支援。

Overall, our financial performance, combined with the continued strong trajectory of customer growth and technical achievements demonstrate outstanding execution by our team. CoreWeave's platform enables the world's leading artificial intelligence companies to train AI models and run Inference at scale.

整體而言，我們的財務表現、持續強勁的客戶成長動能以及技術成就，都彰顯了我們團隊卓越的執行力。 CoreWeave 平台協助全球領先的人工智慧公司訓練 AI 模式並進行大規模推理。

We are just getting started and demand for our platform is robust and accelerating. In particular, we are excited to see the broad-based increase in demand for Inference as well as the accelerating adoption of AI by our enterprise customers. AI growth and adoption remains severely limited by capacity constraints. CoreWeave is scaling as fast as it can to meet the demands of our customers.

我們才剛起步，平台需求強勁且持續成長。尤其令人欣喜的是，推理需求的廣泛增長以及企業客戶對人工智慧的加速應用。人工智慧的成長和應用仍然受到產能限制的嚴重限制。 CoreWeave 正在盡可能快速地擴展，以滿足客戶的需求。

While the company is scaling at an unprecedented rate, we are aware of the uncertainties caused by the ongoing volatility in the global trade policy environment. However, in spite of the uncertainties, customer demand is accelerating, which is reflected in the guidance we are issuing today.

儘管公司正以前所未有的速度擴張，但我們深知全球貿易政策環境持續波動所帶來的不確定性。然而，儘管存在不確定性，客戶需求仍在加速成長，這反映在我們今天發布的業績指引中。

Because this is our first earnings call, I'd like to take a moment to frame our mission and describe our strategy to drive long-term shareholder value. CoreWeave is powering AI innovation at scale. Our cloud platform is purpose-built for AI workloads, delivering Infrastructure as a Service with highly differentiated cloud software and services on top.

由於這是我們的首次財報電話會議，我想花點時間闡述我們的使命，並闡述我們推動長期股東價值的策略。 CoreWeave 正在大規模推動人工智慧創新。我們的雲端平台專為人工智慧工作負載而構建，提供基礎設施即服務 (IaaS)，並在此基礎上提供高度差異化的雲端軟體和服務。

Yesterday, general purpose cloud infrastructure, which is still used to power much of the digital world, was not built to support the scale and complexity of artificial intelligence. These clouds were built to host websites and run SaaS applications, not to run high-performance training and Inference workloads. The exponential growth and success of our customers' AI products are driving demand for our differentiated services.

過去，通用雲端基礎設施（至今仍用於支援數位世界的大部分功能）並非為支援人工智慧的規模和複雜性而建置。這些雲端是為了託管網站和運行 SaaS 應用程式而建立的，而不是為了運行高效能訓練和推理工作負載。我們客戶 AI 產品的指數級成長和成功正在推動對我們差異化服務的需求。

With a deep understanding of AI customers and workloads, our cloud platform has been architected to optimize for the needs of AI at every layer. As Inferences become more compute-intensive, the ability to run both research and production workloads on the same infrastructure provides our customers with the flexibility to optimize their total cost of ownership.

憑藉對 AI 客戶和工作負載的深入了解，我們的雲端平台經過精心設計，旨在滿足 AI 各層面的需求。隨著推理運算密集度的提升，在同一基礎架構上同時執行研究和生產工作負載的能力，為我們的客戶提供了優化整體擁有成本的靈活性。

Our cloud software and infrastructure services abstract away the complexity of running infrastructure at massive scale and are significantly differentiated in the market. We believe that CoreWeave does this better than anyone else, and industry experts agree.

我們的雲端軟體和基礎設施服務簡化了大規模運行基礎架構的複雜性，並在市場上脫穎而出。我們相信，CoreWeave 在這方面做得比任何人都好，產業專家也對此表示贊同。

In March, SemiAnalysis awarded CoreWeave its highest rating, Platinum based on its ClusterMAX rating system. We were the only cloud provider to receive this rating. SemiAnalysis highlighted our industry leadership in operating large-scale 10,000-plus H100 clusters with high reliability.

今年3月，SemiAnalysis根據其ClusterMAX評級系統授予CoreWeave最高評級－白金級。我們是唯一獲得此評級的雲端服務供應商。 SemiAnalysis強調了我們在高可靠性營運大規模10,000多個H100集群方面的行業領先地位。

We are proud that we were rated above the established hyperscalers as well as the NEO GPU clouds. Why is all of this important? AI is the greatest technological revolution of our lifetime, and we believe that the company can create tremendous shareholder value by growing its leadership position.

我們很自豪，我們的評級高於知名的超大規模雲端運算公司以及NEO GPU雲端。為什麼這一切如此重要？人工智慧是我們一生中最偉大的技術革命，我們相信，公司能夠透過提升其領導地位來創造巨大的股東價值。

Today, we benefit from a network of 33 purpose-built AI data centers across the US and Europe, supported by 420 megawatts of active power. Our total contracted power extends to approximately 1.6 gigawatts, providing us with a durable multiyear runway in power capacity. CoreWeave operates at the bleeding edge of technology, ensuring we deliver superior performance and efficiency to our customers every day.

如今，我們受益於遍布美國和歐洲的33個專用AI資料中心網絡，並擁有420兆瓦的有功功率。我們的合約總功率約為1.6千兆瓦，為我們提供了多年穩定的電力供應。 CoreWeave始終站在技術前沿，確保我們每天都能為客戶提供卓越的效能和效率。

The world's most sophisticated AI leaders understand the power of our platform. This has enabled CoreWeave to grow at an unprecedented rate. Today, we serve the most important AI companies in the world. And with Weights & Biases acquisition, we welcomed nearly 1,400 more AI labs and enterprises as customers.

全球最頂尖的人工智慧領導者深知我們平台的強大力量。這幫助 CoreWeave 以前所未有的速度發展。如今，我們服務全球最重要的人工智慧公司。在收購 Weights & Biases 後，我們迎來了近 1,400 家人工智慧實驗室和企業客戶。

We see immense growth opportunity in our future. AI is expected to have a cumulative global economic impact of $20 trillion by 2030. The total addressable market is expected to grow to $400 billion by 2028. To seize this opportunity and to serve more customers, CoreWeave has led the way in developing innovative financial mechanism to expand our platform.

我們看到了未來巨大的成長機會。預計到2030年，人工智慧將對全球經濟產生累計20兆美元的衝擊。到2028年，潛在市場規模預計將成長到4,000億美元。為了抓住這項機會並服務更多客戶，CoreWeave率先開發創新的融資機制，以擴展我們的平台。

Today -- to date, we have already raised over $21 billion to expand our infrastructure and data center capacity. The IPO was an important milestone in our financing strategy because it expands our access to pools of low-cost capital to fuel our planned rapid expansion.

截至目前，我們已經籌集了超過210億美元，用於擴展我們的基礎設施和資料中心容量。這次IPO是我們融資策略的一個重要里程碑，因為它擴大了我們獲取低成本資本的管道，從而推動我們計劃中的快速擴張。

Additionally, and importantly, for companies scaling at our pace, CoreWeave is already profitable and on an adjusted operating income basis, our business model features strong revenue visibility and attractive sustainable unit economics. We continue to focus on four key areas. This includes scaling our capacity, financing our infrastructure, further differentiating our platform and expanding our go-to-market capabilities. I will focus on each of these areas.

此外，更重要的是，對於像我們這樣規模擴張的公司來說，CoreWeave 已經實現盈利，並且按調整後的營業收入計算，我們的商業模式具有強大的收入可見性和具有吸引力的可持續單位經濟效益。我們將繼續專注於四個關鍵領域：擴大產能、融資基礎設施、進一步打造差異化平台以及提升市場推廣能力。我將分別就這四個領域進行闡述。

First, scaling CoreWeave's capacity. In Q1, we added approximately 300 megawatts of incremental contracted power to our portfolio. In order to efficiently scale our capacity, we will work to secure the power resources necessary to expand our data center footprint and deploy industry-leading next-generation compute to serve the requirements of the industry.

首先，擴大 CoreWeave 的產能。第一季度，我們新增了約 300 兆瓦的合約電力。為了有效擴大產能，我們將努力確保必要的電力資源，以擴大資料中心規模，並部署業界領先的下一代運算技術，滿足產業需求。

Second, financing our infrastructure. Our capital expenditures are success-based. Substantially, we enter into compute CapEx programs when we sign multiyear contracted revenue that more than covers the cost of the CapEx within the contract terms.

第二，為我們的基礎設施融資。我們的資本支出以成功為基礎。實質上，當我們簽署多年期合約收入，且收入超過合約條款規定的資本支出成本時，我們才會參與計算資本支出項目。

This enables us to responsibly scale our debt structures that support this contractual revenue and utilize naturally deleveraging self-amortizing debt facilities that allow for us to maintain a relatively low leverage multiples.

這使我們能夠負責任地擴大支持合約收入的債務結構，並利用自然去槓桿的自攤銷債務工具，使我們能夠保持相對較低的槓桿倍數。

Third, differentiating our platform. Our rapid adoption and scaling of Bleeding-Edge technology is central to our competitive advantage. After being the first to deliver NVIDIA's H100s and H200 GPUs at scale, we were the first to make NVIDIA's GB200 NVL72 instances generally available and begin ramping Blackwell revenue in the first quarter.

第三，打造差異化平台。我們快速採用並擴展尖端技術，這是我們競爭優勢的核心。繼率先大規模交付 NVIDIA H100 和 H200 GPU 之後，我們又率先全面開放 NVIDIA GB200 NVL72 實例，並在第一季開始提升 Blackwell 的營收。

Our superior performance, better scalability and time to market provides our customers with a competitive advantage to capture new AI opportunities. We also recently announced that our MLPerf Inference V5.0 results set a new industry benchmark with NVIDIA's GB200 Grace Blackwell Superchips.

我們卓越的效能、更佳的可擴展性和更快的上市速度，為我們的客戶提供了競爭優勢，助其抓住新的 AI 機會。我們近期也宣布，MLPerf Inference V5.0 測試結果憑藉 NVIDIA GB200 Grace Blackwell 超級晶片樹立了新的產業標竿。

As we continue to build our infrastructure and software differentiation, we released our next-generation CoreWeave AI object storage, purpose-built for the most demanding training and Inference use cases. Pairing CoreWeave AI object storage with CoreWeave's Kubernetes services provides the most demanding AI customers with an out-of-the-box experience that is production-ready on day 1. In the quarter, we also announced support for NVIDIA's AI enterprise software and NVIDIA's Cloud Functions, NVCF, as we continue to enable ecosystem solutions on our platform.

隨著我們不斷建立基礎設施和軟體差異化，我們發布了下一代 CoreWeave AI 物件存儲，專為最嚴格的訓練和推理用例而打造。將 CoreWeave AI 物件儲存與 CoreWeave 的 Kubernetes 服務結合，可為最嚴苛的 AI 客戶提供開箱即用的體驗，並可在第一天投入生產。本季度，我們也宣布支援 NVIDIA 的 AI 企業軟體和 NVIDIA 的雲端函數 NVCF，並持續在我們的平台上支援生態系統解決方案。

Fourth, expanding CoreWeave's go-to-market capabilities. There is enormous growing demand for advanced AI infrastructure. In addition to the enterprises and labs that we serve, CoreWeave has recently expanded its global footprint. This has enabled the company to expand its offerings in new markets, growing our business with current customers while reaching new ones.

第四，拓展 CoreWeave 的市場推廣能力。市場對先進人工智慧基礎設施的需求日益增長。除了我們服務的企業和實驗室之外，CoreWeave 最近還擴大了其全球業務。這使得公司能夠拓展新市場的產品，在拓展現有客戶業務的同時，拓展新客戶。

In fact, yesterday, we announced the opening of a new data center in Spain in partnership with MERLIN Edged with Mistral AI as our anchor client. As demand for AI infrastructure continues to aggressively grow, CoreWeave will succeed based on its ability to execute and solve the world's most demanding AI infrastructure challenges.

事實上，昨天，我們宣布與 MERLIN Edged 合作在西班牙開設一個新的資料中心，Mistral AI 是我們的主要客戶。隨著人工智慧基礎設施需求的持續快速成長，CoreWeave 將憑藉其執行和解決全球最嚴峻的人工智慧基礎設施挑戰的能力而取得成功。

Today, we have grown our team to about 1,400, including some of the most accomplished and talented in the AI space. I also want to thank our investors and analysts for your interest in CoreWeave. I look forward to updating you on our progress as we continue to drive innovation and deliver purpose-built cloud platform powering the AI revolution.

如今，我們的團隊已發展至約1,400人，其中包括人工智慧領域中一些最傑出、最有才華的人才。我還要感謝投資人和分析師對CoreWeave的關注。我們將持續推動創新，並提供專用雲端平台，協助人工智慧革命，我期待向大家報告我們的進展。

I will now turn the call over to Nitin, who will discuss our Q1 financial performance and our outlook for the remainder of the year.

現在我將電話轉給 Nitin，他將討論我們的第一季財務表現以及今年剩餘時間的展望。

Thanks, Mike, and good afternoon, everyone. It's great to engage with our investors and analysts for the first time as a public company, and I'm looking forward to working with all of you as we scale the company and build shareholder value.

謝謝，麥克，大家下午好。很高興能作為一家上市公司首次與我們的投資者和分析師進行交流，我期待與大家攜手合作，共同擴大公司規模，創造股東價值。

We delivered an outstanding Q1, highlighted by exceptional revenue growth of 420% year-over-year and solid operating profitability on an adjusted operating income basis. Our confidence in our business is underpinned by a strong technology foundation we have built. As Mike highlighted for you, we are powering AI innovation at scale.

我們第一季業績出色，營收年增420%，調整後營業利益率也維持穩健。我們建立的強大技術基礎，鞏固了對業務的信心。正如Mike所強調的那樣，我們正在大規模推動人工智慧創新。

Over the past five years, we have invested significantly in building our CoreWeave Cloud platform and scaling our infrastructure while repeatedly demonstrating industry-leading performance. As this is our first earnings as a public company, I will spend a minute reiterating the differentiated technology and robust business model we have built.

過去五年，我們投入大量資金打造 CoreWeave 雲端平台，擴展基礎設施，並持續展現出業界領先的績效。有鑑於這是我們上市後的首份財報，我將在此重申我們打造的差異化技術和穩健的商業模式。

We generate revenue by offering world-class AI infrastructure and proprietary managed software and application services through our CoreWeave's Cloud platform. The vast majority of our revenue comes from long-term committed contracts, providing us with strong revenue visibility and attractive unit economics.

我們透過 CoreWeave 雲端平台提供世界一流的人工智慧基礎架構以及專有的託管軟體和應用服務來創造收入。我們的絕大部分收入來自長期承諾合同，這為我們提供了強大的收入可預見性和極具吸引力的單位經濟效益。

This visibility in our growth enables us to take a success-based approach to capital investments that are matched to our customer contracts. We typically finance our capital investments by utilizing self-amortizing structures that naturally deleverage over the time of the contract. We have shared a supplemental slide in our earnings presentation that illustrates our contract mechanics.

這種成長的可視性使我們能夠採取基於成功的資本投資方法，並與客戶合約相符。我們通常採用自攤銷結構為資本投資融資，該結構會在合約期間自然去槓桿。我們在收益報告中分享了一張補充投影片，闡述了我們的合約機制。

Turning now to our Q1 results. Our Q1 revenue was $982 million, up 420% year-over-year. Our revenue backlog, which includes remaining performance obligation, RPO plus other amounts we estimate will be recognized as revenue in future periods under committed customer contracts was $25.9 billion, up 63% year-over-year.

現在來看看我們第一季的業績。我們第一季的營收為9.82億美元，年增420%。我們的收入積壓（包括剩餘履約義務、RPO以及我們估計將在未來期間根據已承諾的客戶合約確認為收入的其他金額）為259億美元，年增63%。

In March, we signed an OpenAI strategic deal, the contract value for which is up to $11.9 billion. Partnering with OpenAI on this net new contract underscores CoreWeave's proven ability to deliver reliable and performing infrastructure services, powering AI innovations for the world's leading AI labs. We also added new enterprise customers and a new hyperscaler and signed a recent $4 billion expansion with a large AI enterprise.

今年3月，我們簽署了一項OpenAI戰略協議，合約價值高達119億美元。與OpenAI合作簽署這份新合同，彰顯了CoreWeave在提供可靠且高效的基礎設施服務方面久經考驗的能力，為全球領先的AI實驗室賦能AI創新。我們也新增了企業客戶和一家新的超大規模客戶，並最近與一家大型AI企業簽署了一項價值40億美元的擴張協議。

This $4 billion expansion was signed in Q2 and will be reflected in our revenue backlog numbers beginning in Q2. It is not included in our Q1 reported numbers. To be clear, this is additive to the Q1 ending revenue backlog of $25.9 billion. While our revenue backlog is expected to scale rapidly over time, growth rates will fluctuate from period to period given the nature of our committed contract business model, timing and size of new contract signings and revenue recognition.

這項40億美元的擴張合約於第二季簽署，並將從第二季開始反映在我們的收入待完成訂單中。它不包含在我們第一季的報告數據中。需要明確的是，這是在第一季末259億美元的待完成訂單收入的基礎上增加的。雖然我們的收入待完成訂單預計將隨著時間的推移而快速增長，但考慮到我們承諾合約業務模式的性質、新合約簽署的時間和規模以及收入確認，成長率將在不同時期波動。

Operating expenses were $1 billion in Q1, which include a onetime stock-based compensation expense recognized upon completion of the IPO. As customer demand continues to grow at an outsized rate, we are ramping our investments in data center and server infrastructure, which contributed to increases in our cost of revenue and technology and infrastructure spend in Q1.

第一季營運支出為10億美元，其中包括IPO完成後確認的一次性股票薪資支出。隨著客戶需求持續高速成長，我們正在增加對資料中心和伺服器基礎設施的投資，這導致第一季的收入成本以及技術和基礎設施支出增加。

In addition, we continue to invest in sales and marketing to grow and diversify our customer base and in G&A related to public company preparation activities. Adjusted operating income for Q1 was $163 million, up 550% year-over-year. Our adjusted operating income margin for Q1 was 17%, up 3 points year-over-year.

此外，我們繼續在銷售和行銷方面投入資金，以擴大和豐富我們的客戶群，並持續投資於與上市公司籌備活動相關的一般及行政費用 (G&A)。第一季調整後營業利潤為 1.63 億美元，年增 550%。第一季調整後營業利益率為 17%，較去年同期成長 3 個百分點。

Net loss for the first quarter was $315 million compared to a $129 million net loss in Q1 of 2024. The increase was driven by the inclusion of onetime stock-based compensation expense as a result of the IPO, higher interest expense and higher taxes.

第一季淨虧損為 3.15 億美元，而 2024 年第一季淨虧損為 1.29 億美元。虧損增加的原因是，由於 IPO 而計入了一次性股票薪酬費用、利息支出增加以及稅收增加。

Interest expense for Q1 was $264 million, higher than our expectations due to improvement in our vendor payment terms, which reduced the days between vendor payment and assets being put in service, hence reducing the amount of interest cost capitalized in the quarter. Adjusted net loss for Q1 was $150 million compared to a $24 million adjusted net loss in Q1 of 2024.

第一季利息支出為 2.64 億美元，高於我們的預期，這得益於我們供應商付款條件的改善，縮短了供應商付款與資產投入使用之間的天數，從而減少了本季資本化的利息成本。第一季調整後淨虧損為 1.5 億美元，而 2024 年第一季調整後淨虧損為 2,400 萬美元。

The adjusted net loss was impacted by higher-than-expected interest expense due to the factors described earlier. Adjusted EBITDA for Q1 was $606 million, nearly 6x greater than Q1 of 2024, and our adjusted EBITDA margin was 62%, up 6 points year-over-year.

調整後淨虧損受到上述因素導致利息支出高於預期的影響。第一季調整後EBITDA為6.06億美元，較2024年第一季成長近6倍，調整後EBITDA利潤率為62%，較去年同期成長6個百分點。

Turning to capital expenditures. CapEx consists primarily of investments in property and technology and equipment that drive our platform expansion, amplify the value of our software and tech stack and ultimately fuel our revenue growth. CapEx is reported net of construction in progress as that represents infrastructure not yet in service. In addition, the timing of the data center capacity coming online and the new generations of GPUs being placed into service could drive CapEx variations quarter-to-quarter. CapEx in Q1 totaled $1.9 billion.

談到資本支出。資本支出主要包括對房地產、技術和設備的投資，這些投資推動了我們平台的擴展，提升了我們軟體和技術堆疊的價值，並最終推動了我們的收入成長。資本支出已扣除在建工程，因為在建工程代表尚未投入使用的基礎設施。此外，資料中心容量的上線時間和新一代GPU的投入使用時間可能會導致資本支出的季度變化。第一季的資本支出總計19億美元。

Now let's turn to balance sheet and liquidity. We have designed our capital structure to enable rapid scaling. We have a track record of successfully securing capital to finance our growth and lowering our cost of capital. As we [scale] our business further, we expect to continue to lower our cost of capital.

現在我們來談談資產負債表和流動性。我們設計了資本結構，以實現快速擴張。我們擁有成功獲取資本以支持成長和降低資本成本的良好記錄。隨著業務規模的進一步擴大，我們預計資本成本將繼續降低。

Our balance sheet and liquidity position are solid. As of March 31, we had $2.5 billion in cash, cash equivalents and restricted cash. Outside of payments on OEM vendor financing and self-amortizing debt through committed contract payments, we have no other debt maturities until 2028.

我們的資產負債表和流動性狀況穩健。截至3月31日，我們擁有25億美元現金、現金等價物和限制性現金。除了OEM供應商融資的付款和透過承諾合約付款自攤還的債務外，我們在2028年之前沒有其他債務到期。

Earlier this month, we more than doubled our revolving credit facility from $650 million to $1.5 billion, giving us access to substantial additional liquidity. This quarter, we recorded an income tax provision despite a net loss due to impacts from nondeductible items and the valuation allowance on net deferred tax assets. Our tax rate might fluctuate significantly in the future due to similar factors.

本月初，我們將循環信貸額度從6.5億美元增加了一倍多，達到15億美元，這為我們提供了大量的額外流動性。本季度，儘管由於不可抵扣項目和淨遞延稅項資產的估值準備金的影響而出現淨虧損，我們仍提列了所得稅準備金。由於類似因素，我們的稅率未來可能會大幅波動。

Now turning to guidance for Q2 and full year 2025. While we acknowledge the general global trade and macro uncertainty and volatility, we haven't observed any impact on customer behavior. In fact, we are seeing an acceleration of customer demand. We do see some elevated costs for certain equipment that is felt across the industry. However, these impacts are expected to be relatively marginal. We will continue to monitor the environment closely and will work with suppliers to mitigate impacts.

現在談談2025年第二季和全年的業績指引。雖然我們承認全球貿易和宏觀經濟普遍存在不確定性和波動性，但我們尚未觀察到客戶行為受到任何影響。事實上，我們看到客戶需求正在加速成長。我們確實看到某些設備的成本上升，整個產業都感受到了這種影響。然而，預計這些影響相對較小。我們將繼續密切關注市場環境，並與供應商合作，以減輕影響。

As the demand for our products and services continues unabated, we are adjusting our plans to both increase and pull in investments in our platform to meet this customer demand. Our operations and engineering teams are working relentlessly to deploy more capacity faster for our customers.

隨著我們產品和服務的需求持續成長，我們正在調整計劃，增加並收回對平台的投資，以滿足客戶需求。我們的營運和工程團隊正在不懈地努力，以更快地為客戶部署更多容量。

To be clear, our guidance today reflects not only our increased revenue expectations associated with the higher customer demand, but also our accelerated and increased investment in our platform and the near-term margin impact of those investments. Our guidance also includes the addition of Weights & Biases from the date of acquisition close on May 5. Weights & Biases will be consolidated within our financials.

需要明確的是，我們今天的績效指引不僅反映了我們因客戶需求成長而提高的收入預期，也反映了我們對平台投資的加速和增加，以及這些投資對短期利潤率的影響。我們的業績指引也包含了自5月5日收購完成之日起新增的「權重與偏差」指標。 「權重與偏差」指標將合併到我們的財務報表中。

With the strong demand backdrop, we expect Q2 revenue in the range of $1.06 billion to $1.1 billion. In addition, we anticipate Q2 adjusted operating income between $140 million to $170 million as we accelerate and pull in our investments to meet customer demand. We expect our interest expense for Q2 to be in the range of $260 million to $300 million, impacted by similar factors as in Q1.

在強勁需求的背景下，我們預計第二季營收將在10.6億美元至11億美元之間。此外，隨著我們加快投資步伐以滿足客戶需求，我們預計第二季調整後營業收入將在1.4億美元至1.7億美元之間。我們預計第二季的利息支出將在2.6億美元至3億美元之間，受與第一季類似的因素影響。

And we expect our CapEx for the second quarter to be $3 billion to $3.5 billion, reflecting our strategic decision to accelerate our platform investments to meet customer demand. In addition, we expect stock-based compensation to remain slightly elevated through the year for the grants issued in connection with the IPO.

我們預計第二季的資本支出將達到30億至35億美元，這反映了我們加快平台投資以滿足客戶需求的策略決策。此外，由於IPO期間發放的股票選擇權，我們預計全年股票薪酬將保持在略高的水平。

For 2025, we expect revenue to be in the range of $4.9 billion to $5.1 billion. We expect adjusted operating income in the range of $800 million to $830 million and CapEx of $20 billion to $23 billion due to increased and accelerated investment in our platform to meet customer demand. This FY25 guidance reflects the OpenAI contract we signed in March, the recent $4 billion expansion with a large AI enterprise and the impact of Weights & Biases.

我們預計2025年營收將在49億美元至51億美元之間。我們預計調整後營業收入將在8億美元至8.3億美元之間，資本支出將在200億美元至230億美元之間，這得益於我們為滿足客戶需求而加大並加速對平台的投資。本財年指引反映了我們3月簽署的OpenAI合約、最近與一家大型AI企業進行的40億美元擴張以及Weights & Biases項目的影響。

In closing, we are off to a tremendous start in 2025. We continue to execute and rapidly scale our business, as you can see from both our financial results and the new performance standards we are setting on our platform. The demand for our purpose-built AI cloud platform is stronger than ever, and we see significant opportunity ahead.

最後，2025年我們迎來了輝煌的開局。我們將繼續推進業務發展並快速擴張，這一點您可以從我們的財務表現以及我們平台樹立的全新性能標準中看到。市場對我們專用AI雲端平台的需求比以往任何時候都更加強勁，我們看到了未來巨大的機會。

We will continue to invest to meet the needs of our fast-growing customer base and build on our industry-leading position. Thank you to our investors and analysts for your support and engagement. We look forward to updating you on our progress in the quarters to come.

我們將繼續投資，以滿足快速成長的客戶群的需求，並鞏固我們的行業領先地位。感謝投資人和分析師的支持與參與。我們期待在未來幾季向您報告我們的進展。

With that, we will move over to Q&A.

接下來，我們將進入問答環節。

(Operator Instructions)

（操作員指示）

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Thank you, guys, for taking the questions, and congratulations on an outstanding first quarter out of the gate and really solid start to the year overall. One question is tough. I think a lot of questions that people are going to have on CoreWeave overall in this quarter. But maybe we could start with the top line outperformance, 14% ahead of where consensus was. That's a massive amount of outperformance. We don't typically see that even from recent IPOs.

謝謝大家回答問題，恭喜你們第一季取得了出色的開局，也恭喜你們今年整體表現非常穩健。有一個問題比較難回答。我想大家對本季CoreWeave的整體表現會有很多疑問。但我們不妨先從營收表現說起，它比市場普遍預期高出14%。這是一個非常顯著的超額表現。即使是近期的IPO，我們也很少看到這樣的表現。

Perhaps you could talk to us a little bit about the mechanism that enabled you guys to outperform revenues in the quarter in that kind of way. What happened differently from kind of your expectations initially that enabled that level of outperformance?

您能否跟我們簡單聊聊是什麼機制讓你們本季的收入如此超額完成。與最初的預期相比，發生了什麼變化，才使得你們實現如此超額的業績？

And then maybe if I could just add a follow-up. Can you help us understand the differentiation between like what goes into backlog, in particular, the OpenAI contract. What is it about that contract that doesn't put it into RPO, but it does still go into that revenue backlog side of the equation? Thanks.

然後，我是否可以補充一個問題。您能否幫助我們理解待辦事項（backlog）之間的區別，特別是 OpenAI 合約。該合約中哪些部分不計入 RPO，但仍計入收入待辦事項？謝謝。

Thank you, Keith. We're really excited to have an opportunity to answer questions and field some questions as we kind of introduce the company broadly. With regards to the revenue beat, what you are seeing is a concerted strategic effort by the company to pull in the investment in the infrastructure to be able to build and scale and deliver compute more quickly to the client contracts that we have.

謝謝，Keith。我們非常高興有機會在全面介紹公司的同時解答大家的疑問。關於營收成長，您看到的是公司正在採取協調一致的策略舉措，吸引基礎設施投資，以便能夠更快地建置、擴展和交付運算能力，以滿足我們現有的客戶合約。

And so we've really made the focus on speed of delivery and quality of delivery to be a primary focus for the company. And that beat was really attributed to our ability to kind of drive that motion within our build delivery system.

因此，我們確實把交付速度和交付品質當作公司工作的重中之重。這項成績的取得，很大程度上歸功於我們在建立交付系統中推動這項進程的能力。

Nitin, maybe you want to talk to the second part here.

尼廷，也許你想談談第二部分。

Sure. So thank you, Keith, for your question. The accounting treatment for the OpenAI deal has not yet been finalized. Hence, we are not including it in the RPO. It is a single large contract at a single site. And hence, given the scale and size of this deal, we have been prudent with the accounting analysis. I want to be clear, the accounting treatment determination does not impact the timing of the revenue, the deal economics or the cash flows.

當然。 Keith，謝謝你的提問。 OpenAI交易的會計處理尚未最終確定。因此，我們不會將其納入RPO。這是一份單一地點的大型合約。鑑於這筆交易的規模，我們在會計分析方面一直非常謹慎。我想明確一點，會計處理的決定不會影響收入的發生時間、交易的經濟效益或現金流。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根（Kash Rangan）。

Hello. Thank you very much, and congrats on your first quarter as a public company. Here's to more hopefully. I'm curious if you could give us a feel for what the growth in backlog or growth in pipeline, more broadly speaking, looks like among the broader enterprise market?

您好。非常感謝，恭喜貴公司上市後的第一個季度取得佳績。希望您能為我們介紹一下，在更廣泛的企業市場中，積壓訂單或產品線的成長如何？

So I think the customer concentration is something that most of us are acutely aware of. When you look at your pipeline, how more broadly diversified is going to be your revenue stream as you look into the future quarters so investors and analysts can get comfort in the amount of new business that needs to be booked in order to make your forecast for the next couple of quarters?

所以我認為客戶集中度是我們大多數人都敏銳意識到的。當你審視你的產品線時，展望未來幾個季度，你的收入來源將更加多元化，以便投資者和分析師能夠對需要預訂的新業務量感到安心，從而對未來幾季做出預測？

But admittedly, you're off to a great start. You're beating the numbers, and so there's more confidence, which we can sense from the call. But wondering if you could talk a little bit more to the forward-looking metrics that could continue to drive the business. Thank you.

但不可否認的是，你們的開局很好。你們的業績超乎預期，所以你們的信心也更強了，這一點我們從電話會議中就能感受到。不過，能否請您再多談談哪些前瞻性指標能持續推動業務發展？謝謝。

Sure. And thank you for the question. Kash, look, there are certain fundamental realities about the client profile that we are addressing with our services, right? They are a relatively small number, almost all of which are clients of ours of labs and large consumers that will be driving these massive scale contracts.

當然。謝謝你的提問。 Kash，你看，我們服務的客戶群有一些基本情況，對吧？他們數量相對較少，幾乎都是我們實驗室的客戶，以及那些將要簽訂這些大規模合約的大型消費者。

And we have made a concerted effort through the initial days of this company to really focus on bringing those type of consumers that are most demanding and require the largest scale infrastructure and also infrastructure that can be underwritten onto our platform so that they can experience what it is like to work within an environment that has been purpose-built to support their specific use case.

在公司成立初期，我們一直致力於將那些要求最高、需要最大規模基礎設施以及可承保基礎設施的消費者引入我們的平台，以便他們能夠體驗在專門為支援其特定用例而構建的環境中工作的感覺。

Having said that, we are really excited. It's actually one of the things that we talk about a lot around here. It's a lot of what our sales action is really focused on, bringing on additional enterprise clients onto our infrastructure over time. So over time, my expectation is that you will have very, very outsized clients.

話雖如此，我們真的非常興奮。這實際上是我們經常討論的事情之一。我們的銷售工作主要關注的是，隨著時間的推移，將更多的企業客戶引入我們的基礎設施。所以，我預計隨著時間的推移，你們將擁有非常非常龐大的客戶群。

It's the nature of the business that we're in. Not every single participant in artificial intelligence is going to have the resources to train a foundation model. Having said that, you will see an enormous increase in traction around the enterprise clients.

這就是我們所處行業的本質。並非每個人工智慧領域的參與者都擁有訓練基礎模型的資源。話雖如此，你會看到企業客戶對它的吸引力將大幅提升。

And hopefully, we'll get to talk more specifically around Weights & Biases, but bringing them on has been an incredible glide path for us to be able to establish business relationships with really the entire universe of enterprise clients that are large users of this infrastructure, and we are really excited about that.

希望我們能夠更具體地討論權重和偏差，但將它們引入其中對我們來說是一條令人難以置信的滑行道路，讓我們能夠與真正使用這種基礎設施的整個企業客戶群體建立業務關係，我們對此感到非常興奮。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Hi, (inaudible) This is (inaudible) on for Mark Murphy. Thanks for taking the question. First one is, I believe you mentioned new hyperscale as a customer, but also new enterprise customers, which is encouraging to hear.

嗨，（聽不清楚）我是馬克墨菲。感謝您回答這個問題。首先，我相信您提到了新的超大規模客戶，以及新的企業客戶，聽到這些令人鼓舞。

Could you unpack that a little bit and perhaps give us some insight into the nature of those customers? What do they look like? Are they in particular verticals and maybe the qualities of the contracts for these for inferencing, training? Do they fall in line with the typical duration you're seeing? Anything that could help us maybe understand better the nature of these contracts? Thanks.

您能否稍微解釋一下，並讓我們了解這些客戶的性質？他們是什麼樣的？他們是否屬於特定的垂直領域？這些合約在推理和訓練方面的品質如何？他們的合約期限是否符合您通常看到的合約期限？有什麼可以幫助我們更好地理解這些合約的性質嗎？謝謝。

Sure. So we've chosen our words carefully, right? We have restrictions and a policy not to really speak about specific clients. So with regards to the hyperscale clients, there aren't that many hyperscalers. And so you can look at our website and assume who the addition is.

當然。所以我們措辭很謹慎，對吧？我們有限制，而且政策規定不談論具體的客戶。所以，說到超大規模客戶，其實沒有那麼多。所以，你可以看看我們的網站，猜猜新增的客戶是誰。

We're very excited. We believe that, that relationship can lead to tremendous growth for us as they begin to understand once again, the experience of using the infrastructure that we provide, the software stack that we provide and all of the benefits that will accrue to them as they use this infrastructure.

我們非常興奮。我們相信，隨著他們開始重新理解我們提供的基礎設施、軟體堆疊的使用體驗，以及他們在使用這些基礎設施時將獲得的所有好處，這種合作關係將為我們帶來巨大的成長。

With regards to the customer concentration, since we've gotten the second question on this, at the end of Q1, there was no entity that was more than 50% of our backlog. That -- with the new contract that's coming through, we do not think that, that will be the case on a go-forward basis. But once again, we do think that there will be large consumers of this.

關於客戶集中度，我們已經回答了第二個問題，截至第一季末，沒有任何一家實體的訂單量超過我們積壓訂單量的50%。考慮到即將簽訂的新合同，我們認為未來不會發生這種情況。但我們再次強調，我們確實認為會有大量的客戶。

With regards to the enterprise clients, we have seen a number of really interesting clients coming from an incredibly broad cross-section of the economy beginning to come on to our infrastructure and use the solution that we provide as an engine for their companies. And so we talk about IBM because we put out a press release on -- with them about it, but there really is a much broader traction that's going on. And it is, as I said, one of the things that across the company, we are most excited about.

關於企業客戶，我們已經看到許多來自經濟各領域的真正有趣的客戶開始使用我們的基礎設施，並將我們提供的解決方案作為其公司發展的引擎。我們之所以提到IBM，是因為我們與他們發布了一篇新聞稿，但實際上，我們正​​在獲得更廣泛的關注。正如我所說，這是我們全公司最興奮的事情之一。

Got it. That's very helpful. And then I believe you mentioned some elevated costs for certain equipments that are inputs for the data center. It seems like we're still in a constrained environment. Any chance you could maybe give us some -- shed some light on what sort of equipment you saw get a little bit more expensive? Thanks.

明白了。這很有幫助。然後，我記得您提到了某些設備的成本上漲，這些設備是資料中心的投入。看來我們仍然處於一個受限的環境。您能否跟我們講講，您發現哪些設備的價格上漲了？謝謝。

Yes. Thanks, Mark, for your question. That question was more around the tariffs that we were noticing. There was a small amount of increase that we see for certain components. Nothing material that we expect. We're closely monitoring the situation with tariffs, and we're working with our suppliers to mitigate any impact while building a resilient sales, I'll call it, our supplier pipeline. So at this moment, we don't expect tariffs to have a material impact to our financials, but we are closely monitoring that situation.

是的。馬克，謝謝你的提問。這個問題主要圍繞著我們注意到的關稅。我們發現某些零件的關稅略有上漲，但預計不會有太大影響。我們正在密切關注關稅形勢，並與供應商合作，以減輕任何影響，同時建立一個具有韌性的銷售管道，我稱之為「我們的供應商管道」。因此，目前我們預計關稅不會對我們的財務狀況產生重大影響，但我們正在密切關注這一情況。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

I was trying to say how should we think about CapEx? Like in Q1, the number was a little bit below consensus. For the full year, you kind of have it in line with consensus. Because CapEx is driving revenue, there's obviously going to be kind of fluctuations there. Can you just help us understand maybe what was happening in Q1 and how we should think about CapEx on an ongoing basis? Thank you.

我想問的是，我們該如何看待資本支出？例如第一季的數據略低於預期。但就全年來看，情況基本上與預期一致。由於資本支出是收入成長的驅動力，因此顯然會存在一些波動。您能否幫助我們了解第一季的情況，以及我們應該如何持續地考慮資本支出？謝謝。

Thank you so much. In terms of CapEx, what we are issuing as guidance today reflects our increased and accelerated investment profile in our platform to meet the customer demand. And that's what's reflected in our numbers.

非常感謝。就資本支出而言，我們今天發布的指引反映了我們為了滿足客戶需求而加大並加速了平台的投資。這也反映在我們的數據上。

Our CapEx follows as we invest for committed customer contracts and can be lumpy based on that as well as in the deployment of our data centers as well as our infrastructure. As we see strong customer demand, our CapEx guidance increase is following to fulfill that strong customer demand.

我們的資本支出會隨著我們為已承諾的客戶合約進行投資而變化，並且會根據合約內容以及資料中心和基礎設施的部署而有所波動。由於我們看到客戶需求強勁，我們的資本支出預期也會隨之增加，以滿足強勁的客戶需求。

Tyler [Radke], Citi.

泰勒[拉德克]，花旗銀行。

Yes, thank you very much for taking the question. As we think about the interest expense, which came in a bit higher for Q1 and is guided to be a bit higher for Q2. Can you just double-click on the main factors driving that? It sounds like kind of accelerated delivery of some components, but maybe just double-click on that. And I guess if you're seeing kind of improvements in some of the vendor terms, like why wouldn't you see that flow through on the CapEx line here in Q1 and Q2?

是的，非常感謝您回答這個問題。讓我們來看看利息支出，第一季的利息支出略高，預計第二季也會略高。您能否簡單談談導致這結果的主要因素？聽起來像是某些組件的加速交付，但或許可以簡單談談這一點。如果您看到某些供應商條款有所改善，那麼為什麼在第一季和第二季度，您沒有看到這些改善體現在資本支出上？

Thank you so much for your question. In terms of interest expense, we saw improvement in our vendor terms. And as a result of that, we saw a decrease in the number of days when we made the vendor payment to when we put the asset in service, thus lowering the amount of interest cost we capitalized in the quarter. We expect those to continue through the year, which is why you would see a portion of our interest expense being elevated because less of the interest costs are getting capitalized.

非常感謝您的提問。就利息支出而言，我們的供應商條款有所改善。因此，我們支付供應商款項至資產投入使用的天數有所減少，從而降低了本季資本化的利息成本。我們預計這種情況將持續到全年，這就是為什麼您會看到部分利息支出增加，因為資本化的利息成本減少。

In addition, as we build our CapEx in our portfolio to fulfill the customer demand, you would see higher levels of interest expense associated with the debt with that. So those are the two factors which I would say are impacting our interest expense. At the same time, what we are also witnessing is our cost of capital incrementally coming down. IPO was a great step for us in doing that, and we are going to consistently drive our cost of capital down.

此外，隨著我們為了滿足客戶需求而增加投資組合的資本支出，您會看到與債務相關的利息支出水準上升。所以，我認為這兩個因素正在影響我們的利息支出。同時，我們也看到我們的資本成本正在逐步下降。 IPO 對我們來說是邁出的重要一步，我們將持續降低資本成本。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Great. Thank you so much for taking the question, and congrats on a really strong entrance into the public market and Q1 outperformance. Nitin, I appreciate you're not guiding on cash flow and all the reasons why it's so dynamic. But any thoughts you can leave us with as we think about the cadence and range of outcomes from here? Thanks very much.

太好了。非常感謝您回答這個問題，也祝賀公司強勢登陸公開市場，並在第一季取得了優異的業績。 Nitin，我很感激您沒有就現金流及其如此活躍的原因進行指導。但是，在我們思考接下來的節奏和結果範圍時，您有什麼想法可以分享嗎？非常感謝。

Yes. So I think the best way to think about us in terms of cash flow is going to be our CapEx as well as the profile of the contracts that we continue to sign. So the two factors that you have to keep in mind there is the RPO element, which signing of contracts timing and size of those contracts, the payment terms of those contracts can be lumpy alongside with the CapEx build associated with those could be lumpy. We'll do our best to partner with you to give you as much advanced visibility associated with that, but we do expect those things to be lumpy in our business.

是的。所以我認為，從現金流角度來看，我們最好的衡量標準是我們的資本支出以及我們持續簽訂的合約的組成。因此，您需要牢記兩個因素：RPO因素，即合約簽訂的時間和規模，以及合約的付款條件和相關的資本支出組成。我們將竭盡全力與您合作，為您提供盡可能多的與此相關的預先可見性，但我們確實預計這些因素在我們的業務中會有所波動。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Thanks. Mike, on the software strategy, can you expand long term -- what you think you'll do versus what the hyperscalers will do? There's a lot of questions about how that will overlap or maybe it doesn't. And for Nitin, one of the questions just beyond hyperscalers when you think about the pipeline and what you're seeing outside just the main core, are you starting to see a broader opening of others that are willing to step in beyond the household names we all know? Thanks for taking the questions.

謝謝。 Mike，關於軟體策略，您能否進行長期擴展——您認為您會做什麼，以及超大規模企業會做什麼？關於這兩者之間如何重疊，或者可能不重疊，有很多疑問。對於Nitin，除了超大規模企業之外，當您考慮管道以及您在主核心之外所看到的情況時，您是否開始看到更廣泛的機會，除了我們熟知的家喻戶曉的公司之外，還有其他企業願意介入？感謝您回答問題。

So I'll tackle the software stack. When you think about the requirements for AI, when you think about the type of computing that is required for AI, in order to build the software stack to make it the incredibly expensive infrastructure as performant as possible, you have to kind of go back to a blank sheet of paper and reconstitute how you're going to support that infrastructure for your clients.

所以我會處理軟體堆疊。當你考慮到人工智慧的需求，當你考慮到人工智慧所需的運算類型時，為了建立軟體堆疊，使極其昂貴的基礎設施盡可能高效，你必須回到一張白紙，重新規劃如何為客戶提供該基礎設施的支援。

And our intention here initially when we founded the company to start from the bottom of the stack and work our way up. The acquisition of Weights & Biases allows us to also provide software solutions that are at the very top of the stack for artificial intelligence.

我們最初創立公司時，就秉持著從底層做起，逐步往上發展的目標。收購 Weights & Biases 使我們能夠提供人工智慧領域最頂層的軟體解決方案。

Our strategy is going to be to populate that software stack with tools that are purpose-built and specifically designed to drive efficiency, to drive the quality of the experience to abstract away the complexity associated with running this type of infrastructure.

我們的策略是將專門建置的工具填充到軟體堆疊中，這些工具專門用於提高效率，提高體驗質量，從而消除運行此類基礎設施的複雜性。

With regards to what the other clouds are going to do or how they're going to tackle the problem, I'm not sure, right? Like they're going to come up with their own strategies. But we have really drawn a very direct line between how we build our software and the performance of the infrastructure that we are required to run, and we will continue to do that.

至於其他雲端平台會做什麼，或者它們會如何解決這個問題，我不確定，對吧？好像它們會制定自己的策略似的。但我們確實在軟體建置方式和我們需要運行的基礎設施效能之間劃了一條非常直接的界限，而且我們將繼續這樣做。

And to answer your question on the pipeline of customers, Mike alluded to it in his prepared remarks, we're very excited to see the acceleration of AI adoption curve in the enterprise, and we're seeing that in our pipeline as well as in our signed contracts.

關於客戶管道的問題，麥克在他準備好的發言中提到了這一點，我們非常高興看到企業中人工智慧採用曲線的加速，我們在我們的管道以及簽署的合約中看到了這一點。

In addition to Inference being a larger portion of what our AI labs are using our infrastructure for. Both those factors are very encouraging for us in terms of the AI adoption curve and the use of purpose-built infrastructure underlying those.

除了推理在我們的人工智慧實驗室基礎設施中佔更大之外，這兩個因素對我們來說都非常鼓舞人心，尤其是在人工智慧採用曲線以及專用基礎設施的使用方面。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

Okay. Thank you very much for taking my question. Nitin, the adjusted operating margin guidance for next quarter and the full year is a good amount below what consensus was expecting. Are you able to approximately size for us how much these accelerated investments are impacting the margin? I also just wanted to ask if this changes your views of the longer-term structural margin leverage at CoreWeave, which I believe was somewhere around the 27% to 28% range by 2027. Thank you.

好的。非常感謝您回答我的問題。 Nitin，下個季度和全年的調整後營業利潤率指引遠低於市場普遍預期。您能否大致估算一下這些加速投資對利潤率的影響有多大？我還想問一下，這是否會改變您對 CoreWeave 長期結構性利潤率槓桿率的看法？我認為到 2027 年，該槓桿率將在 27% 至 28% 之間。謝謝。

Thank you so much for your question. And as we kind of discussed earlier on, as we build large-scale infrastructure online, there is a period of time where we incur a certain amount of cost before the revenue starts generating. The scale of infrastructure that we are bringing online this year is what's impacting our margins.

非常感謝您的提問。正如我們之前討論過的，當我們建造大規模的線上基礎設施時，在開始產生收入之前，我們需要一段時間才能產生一定的成本。我們今年上線的基礎設施規模正在影響我們的利潤率。

As we've discussed in the call earlier on, we are accelerating and increasing the investments that we are making in our platform, which is having a near-term impact on our margins. To contextualize this for you, we are going to have -- we're expecting to have deployed power by the end of the year more than doubled of what our life-to-date deployed power is on our platform. And that is the scale of the infrastructure build that we are executing for this year to meet the customer demand.

正如我們之前在電話會議上討論的那樣，我們正在加快並增加對平台的投資，這將對我們的利潤率產生短期影響。為了更好地理解這一點，我們預計到今年年底，我們平台上的部署電力將比以往增加一倍以上。這就是我們今年為滿足客戶需求而進行的基礎設施建設的規模。

Michael Turrin, Wells Fargo.

富國銀行的邁克爾·圖林。

Great. Thanks very much. Appreciate you taking the questions. Sales and marketing expense for CoreWeave is small relative to the scale of the overall business. But Mike, you mentioned expanding go-to-market as one of the key priorities. Maybe speak to how you're thinking about go-to-market as the business scales and the opportunity that's happened to broader enterprise.

好的。非常感謝。感謝您回答這些問題。 CoreWeave 的銷售和行銷費用相對於整體業務規模而言很小。但是 Mike，您提到擴大市場推廣是關鍵優先事項之一。或許您可以談談，隨著業務規模的擴大，您如何看待市場推廣，以及這對更廣泛的企業而言所帶來的機會。

And just as a small second part for Nitin, we're getting a few questions on the RPO balance. The core metric down sequentially, but you mentioned the $4 billion expansion in the OpenAI contribution. So maybe just touch on some of the moving pieces there given the focus on that metric. Thank you.

再問Nitin一個問題，我們收到了一些關於RPO餘額的問題。核心指標環比下降，但您提到OpenAI的貢獻增加了40億美元。考慮到重點關注的是這個指標，或許可以談談其中的一些變化。謝謝。

Yes. So when you think about the sales and marketing strategy at the company, you've watched us build the sales and marketing to focus on these incredibly large clients that need to build and contract for term exposure to massive scale computing, right? And that has been the primary target of how we've built the company, how we have financed the company, where our sales and marketing team have focused.

是的。所以，當你思考公司的銷售和行銷策略時，你會看到我們專注於那些需要長期接觸大規模運算的超大客戶，對吧？這一直是我們創建公司、融資以及銷售和行銷團隊關注的首要目標。

But what you're seeing, and once again, going back to Weights & Biases, it's a great example of how we, over the next several years, will continue to extend our client universe down this long tail of enterprise clients that need very substantial, very efficient, very effective computing environments.

但是，您再次看到的是，回到權重和偏差，這是一個很好的例子，說明在未來幾年中，我們將如何繼續將我們的客戶群延伸到需要非常龐大、非常高效、非常有效的計算環境的企業客戶這一長尾領域。

And that will be a fundamental change that's required for us to make over the next several years to support this. And it's really kind of highlighting something, which is we always say at CoreWeave that we're client-led, right? And so the clients that needed the infrastructure initially were these massive scale companies.

這將是我們未來幾年必須做出的根本性改變，以支持這一目標。這其實凸顯了我們在CoreWeave一直強調的一點，我們以客戶為導向，對吧？所以最初需要基礎建設的客戶是那些規模龐大的公司。

And now as the enterprise clients become more active, we are going to be led by them down that long tail. And we will build the organization and continue to build the organization. And as I said, Weights & Biases is a great step in that direction of building the organization to be able to effectively form relationships and introduce them to our solution and then ultimately to bring them on as clients.

現在，隨著企業客戶變得更加活躍，我們將由他們引領，沿著這條長尾路徑發展。我們將建構組織，並持續建構組織。正如我所說，Weights & Biases 是朝著這個方向邁出的重要一步，我們將能夠有效地建立關係，向他們介紹我們的解決方案，並最終將他們轉化為客戶。

To answer your question on revenue backlog, our revenue backlog, which includes remaining performance obligation plus other amounts we will estimate will be recognized as revenue in future periods under our committed customer contracts was $25.9 billion for this quarter, up 63% year-over-year.

回答您關於收入積壓的問題，我們的收入積壓包括剩餘的履約義務以及我們估計將根據承諾的客戶合約在未來期間確認為收入的其他金額，本季度為 259 億美元，同比增長 63%。

As Keith asked earlier on, the OpenAI contract is not in the RPO number yet as we are still working through the accounting treatment of it, while it does not impact the timing of revenue or any of the economics associated with the deal.

正如 Keith 之前所問，OpenAI 合約尚未計入 RPO 編號，因為我們仍在對其進行會計處理，但它不會影響收入的時間或與交易相關的任何經濟效益。

That will reach $29 billion based on the contracts that have been executed, but it just -- the $4 billion was not executed in Q1. But it is -- it will show up there. That contract is complete, and we are working on delivery and performance of that contract already.

根據已執行的合同，這一數字將達到290億美元，但只是…第一季有40億美元未執行。但它會在那裡顯示出來。該合約已經完成，我們正在努力交付和履行該合約。

Brad Sills, Bank of America.

美國銀行的布拉德·西爾斯。

Great. Thank you so much. I wanted to ask a question about these large expansion deals. What drives that type of an expansion deal? Is it based on demand for the next generation of GPUs? Is it based on just expansion of large models that are on CoreWeave? Is it new models that are coming in? I'm just trying to get a sense for what are the catalysts here for those types of deals? What's your visibility? What does the cycle look like as you negotiate one of those deals?

太好了，非常感謝。我想問一個關於這些大型擴展交易的問題。是什麼推動了這類擴展交易？是基於對下一代GPU的需求嗎？只是基於CoreWeave上大型模型的擴充嗎？還是因為新模型的出現？我只是想了解這類交易的催化劑是什麼？你的預見性如何？在談判這些交易時，整個週期是怎麼樣的？

Brad, that's -- it's a great question because it kind of provides an opportunity to talk about some of the important trends that we are seeing within the compute space. And CoreWeave has a unique position in that we serve so many of the important consumers of AI infrastructure. We have the ability to understand how they're consuming it, what they're using it for as they move from training into Inference.

布拉德，這個問題問得很好，因為它提供了一個機會來討論我們在計算領域看到的一些重要趨勢。 CoreWeave 的獨特之處在於，我們服務許多重要的 AI 基礎設施消費者。我們能夠了解他們如何使用這些技術，以及在從訓練轉向推理的過程中，他們將其用於什麼用途。

And that's one of the most exciting components of the use profile that a company like CoreWeave is able to see. So when we have clients come to us to, we call it layering, right, to expand their footprint with us. They start out with a contract and then they have the experience of working on a purpose-built environment, and then they come back again and again and again and layer one contract for infrastructure on top of the other.

這正是像 CoreWeave 這樣的公司所能看到的使用者畫像中最令人興奮的部分之一。所以，當客戶來找我們時，我們稱之為“分層”，以便擴大他們在我們這裡的業務範圍。他們一開始簽訂的是合同，然後積累了在專用環境中工作的經驗，之後他們會一次又一次地回來，把一份基礎設施合同疊加到另一份合同上。

And what we see is initially infrastructure is being used to move the model training forward. And then as that infrastructure is supplanted by new infrastructure, more state-of-the-art infrastructure, the original infrastructure, which remains under contract gets moved into other use cases for either training smaller models or being used for Inference. And we really have a front row seat on that.

我們看到，最初的基礎設施被用來推進模型訓練。然後，隨著這些基礎設施被新的、更先進的基礎設施所取代，仍在合約期間的原有基礎設施將被轉移到其他用例中，用於訓練較小的模型或用於推理。我們在這方面確實處於領先地位。

And so when folks come to us to get access to the infrastructure, they're buying state-of-the-art infrastructure or one generation old infrastructure, and that kind of enters into these long-term contracts that are the foundation for how we've gone about building our business. They are the foundation for how we go about financing our business.

因此，當人們來找我們獲取基礎設施時，他們購買的要么是最先進的基礎設施，要么是老一代的基礎設施，這就相當於簽訂了長期合同，這些合同是我們開展業務的基礎，也是我們融資的基礎。

And they come to us because we have proven to have an incredible environment to run their models, to train their models, to run their Inference. And we have also had a proven track record of extraordinary execution being able to bring the infrastructure up online in a performant configuration.

他們之所以選擇我們，是因為我們擁有一個令人難以置信的環境，能夠運行他們的模型、訓練他們的模型並進行推理。此外，我們擁有卓越的執行力，能夠以高效能配置將基礎架構投入使用。

Very helpful. Thank you, Mike.

非常有幫助。謝謝你，麥克。

Mike Cikos, Needham & Company.

麥克·西科斯（Mike Cikos），Needham & Company 公司。

Hey, guys. Thanks for taking the questions here. I'll echo the congratulations. I know if I come back to your comments here in the Q&A or even Mike's comments in the prepared remarks as far as this broad-based demand for Inference, you're seeing the acceleration of AI adoption curve at the enterprise level.

大家好。感謝你們在這裡回答問題。我再次向你們表示祝賀。我知道，如果我回顧你們在問答環節的評論，或者 Mike 在準備好的發言中關於推理的廣泛需求的評論，你們會看到企業級人工智慧採用曲線的加速。

What would you point us to from a metric standpoint? Like was there potentially more on-demand revenue this quarter that we just don't have visibility into? Because again, I know we're looking at this RPO figure down 3% sequentially and the $4 billion that will hit in Q2. But I think we're just trying to get comfort with what is it you guys are seeing because you obviously have a lot more visibility into the pipe and the interest from recent biases as an example. I'm just trying to [check] that.

從指標角度來看，您能指出什麼？例如，本季是否有可能出現更多按需收入，而我們目前還無法預知？因為我知道，RPO 數據環比下降了 3%，而第二季將達到 40 億美元。但我認為我們只是想讓大家對目前的情況感到安心，因為你們顯然對通路和近期偏好的關注度有了更清晰的了解。我只是想確認一下。

Sure. So I'm going to -- I want to make sure that there's clarity on a couple of points here, and then I'll tackle your question. So once again, the RPO is not incrementally down, right? The -- when you take the RPO and you add it to the OpenAI contract, you go from $15 billion-ish [building] up to $25 billion last quarter, right? And so there was a massive 60% increase year in our RPO.

當然。所以我要確保這裡有幾點解釋清楚，然後我再回答你的問題。所以，再說一遍，RPO 不是逐步下降的，對吧？如果把 RPO 加到 OpenAI 的合約裡，上個季度的 RPO 就從 150 億美元左右上升到 250 億美元，對吧？所以，我們的 RPO 年成長了 60%。

In addition to that, there's another $4 billion that will be entered into the backlog, which includes both RPO and the OpenAI contract that will all cumulatively lead to $29 billion worth of revenue obligations to the company. And we are very excited about that. It moves us forward, and it continues to extend the contractual obligations that we have with our clients to deliver infrastructure and for them to pay for infrastructure. And so we're very, very excited about that.

除此之外，還有40億美元將計入待完成訂單，其中包括RPO和OpenAI合同，這些合約將累計為公司帶來價值290億美元的收入義務。我們對此感到非常興奮。這推動著我們前進，並繼續延長我們與客戶之間就交付基礎設施以及客戶支付基礎設施費用所承擔的合約義務。因此，我們對此感到非常非常興奮。

Now when you turn to Inference -- of all of the trends, Inference for me is the most exciting. And the reason that Inference is so exciting for me is because it represents the monetization of artificial intelligence and the investments that are being made in artificial intelligence.

現在，說到推理——在所有趨勢中，對我來說，推理是最令人興奮的。推理之所以如此讓我感到興奮，是因為它代表著人工智慧的貨幣化，以及正在進行的人工智慧投資。

And so as clients move from training and training and training into training and Inference, what that represents is that the clients that are using our infrastructure are having an opportunity to sell their products into the market and to generate revenue.

因此，當客戶從訓練、訓練和訓練轉向訓練和推理時，這意味著使用我們基礎設施的客戶有機會將他們的產品銷售到市場上並創造收入。

And that is what is needed in order for artificial intelligence to continue to expand and grow and be successful. And so like I said, of all the trends that's probably the most exciting is to see Inference get real traction.

這正是人工智慧持續擴張、發展並取得成功的必要條件。所以，正如我所說，在所有趨勢中，最令人興奮的或許就是看到推理技術真正獲得發展。

Operator, I think we have time for one last question.

接線員，我想我們還有時間回答最後一個問題。

Ben Reitzes, Melius Research.

Ben Reitzes，Melius Research。

Thanks for squeezing me in there. Hopefully, you can hear me okay. I wanted to ask about CapEx a little more just with regard to the $3 billion increase versus our expectations. Was it particularly -- was there anything in there for higher costs, though, or mix of GPUs that you weren't expecting?

謝謝你抽出時間。希望你能聽清楚。我想再問一下關於資本支出的問題，關於比預期增加30億美元的原因。這其中有什麼特別之處嗎？例如成本增加，或是GPU組合組合是你意料之外的嗎？

I know it's due to higher demand and some of the backlog. And then if I could just sneak in is that, Nitin, what I think would be helpful is if you -- just with regard to the CapEx being $3 billion more than expected, how that's going to be funded? And obviously, we -- I don't know if cash flow estimates might go down given the lower op inc in the current quarter. So just the source of funding too for that incremental CapEx. Thanks.

我知道這是由於需求增加和一些積壓訂單造成的。 Nitin，我想問一下，關於資本支出比預期多出30億美元的問題，我想請問一下，這筆資金將如何籌措？顯然，鑑於本季營運利潤率較低，我不知道現金流預估是否會下降。所以，這筆增量資本支出的資金來源也值得商榷。謝謝。

Hey, Ben, so look, when you see an increase in CapEx for us, you're seeing an indication that there are clients that are coming in and executing contracts with us that will require us to spend and build -- spend more capital to build more infrastructure because they have signed a contract with us. It is a success-based virtuous spiral that you're seeing.

嘿，本，所以你看，當你看到我們的資本支出增加時，你就看到了一個跡象，那就是有客戶來找我們簽訂合同，要求我們投入更多資金來建設更多基礎設施，因為他們已經和我們簽了合同。你看到的是一個基於成功的良性循環。

We're not spending $3 billion more because something increased in price. We don't see anything remotely that would warrant that anywhere within the supply chains, which we have been working diligently to diversify and make more resilient in the current environment. But that is a real articulation of new uptake, new clients coming on board to buy more infrastructure from us over the balance of the year.

我們不會因為價格上漲而增加30億美元的支出。我們認為供應鏈中沒有任何因素會導致這種情況發生。我們一直在努力實現供應鏈多元化，並在當前環境下增強韌性。但這確實體現了新的需求，新的客戶將在今年餘下時間從我們這裡購買更多基礎設施。

Just to add to that, what we are seeing an increase in CapEx is fundamentally driven by increased customer demand, and that is what is reflected in our increased revenue guidance for the quarter as well as for the year.

補充一點，我們看到資本支出的成長從根本上是由客戶需求的成長所推動的，這也反映在我們本季和全年收入預期的成長中。

Okay. So I'll make a quick closing remark here. So thank you for taking the time to join us for our first quarterly earnings call. Speaking personally, it's incredibly exciting for the company. It's incredibly exciting for me to have an opportunity to do this. It's an enormous accomplishment. And to all of the other people who have helped to build CoreWeave, both the employees, the investors, the clients and the suppliers, thank you. Very much appreciate it.

好的。最後，我來簡短地總結一下。感謝大家抽空參加我們的首次季度財報電話會議。就我個人而言，這對公司來說是一件無比令人興奮的事。對我來說，有機會參與其中也是一件無比激動的事。這是一個巨大的成就。同時，我也要感謝所有幫助打造 CoreWeave 的人們，包括員工、投資者、客戶和供應商，都非常感謝你們。

It's an exciting time at this company. There is a tremendous amount going on as we continue to innovate and build the infrastructure required to push the boundaries of artificial intelligence. A couple of things that I'd like to leave you with that are important to understand about where we are today and where we are going.

這對公司來說是一個令人興奮的時刻。我們正持續創新，建構必要的基礎設施，以突破人工智慧的界限，目前正處於蓬勃發展階段。我想告訴大家幾點，它們對於理解我們目前的狀況和未來的發展方向至關重要。

First, we had an amazing quarter. We delivered 420% revenue growth over the year -- year-over-year. And we just closed another $4 billion contract that is additive to our revenue backlog. Demand remains relentless, and we are raising our revenue guidance. These are incredible things to be able to say.

首先，我們本季取得了驚人的成績。全年營收年增420%。此外，我們剛剛完成了一份價值40億美元的合同，這進一步豐富了我們的訂單收入。市場需求持續旺盛，我們也上調了營收預期。能夠說出這些話真是令人難以置信。

Second, we continue to fuel this growth through success-based financing that is aligned with customer contracts. We're marrying them up, we're financing them and we're building them and we're delivering them. Third, you are watching a company that is deeply technical. We are building and innovating up and down the stack to differentiate our platform and enable perhaps the most important technological revolution of our lifetime. Thank you. We look forward to updating you on our progress next quarter.

第二，我們將繼續透過與客戶合約掛鉤的、基於成功的融資模式來推動成長。我們正在整合客戶、提供融資、建置和交付產品。第三，您看到的是一家技術實力雄厚的公司。我們正在建立和創新整個技術堆疊，以使我們平台脫穎而出，並推動或許是我們一生中最重要的技術革命。謝謝。我們期待下季向您報告進度。

This concludes the conference call today. Thank you for joining. You may now disconnect.

今天的電話會議到此結束。感謝您的加入。您可以掛斷電話了。