CoreWeave Inc (CRWV) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Tina, and I will be your conference operator today.

感謝您的支持。我叫蒂娜，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the CoreWeave second-quarter 2025 earnings call. (Operator Instructions)

現在，我歡迎大家參加 CoreWeave 2025 年第二季財報電話會議。（操作員指示）

It is now my pleasure to turn the call over to Deborah Crawford, Vice President of Investor Relations. You may begin.

現在我很高興將電話轉給投資者關係副總裁 Deborah Crawford。你可以開始了。

Thank you. Good afternoon, and welcome to CoreWeave's second quarter 2025 earnings conference call. Joining me today to discuss our results are Mike Intrator, CEO; and Nitin Agrawal, CFO.

謝謝。下午好，歡迎參加 CoreWeave 2025 年第二季財報電話會議。今天與我一起討論我們業績的有執行長 Mike Intrator 和財務長 Nitin Agrawal。

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.

在我們開始之前，我想藉此機會提醒大家，我們今天的發言將包括前瞻性陳述。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和我們向美國證券交易委員會提交的 10-Q 表季度報告中列出。我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，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.

在本次電話會議中，我們將介紹 GAAP 和某些非 GAAP 財務指標。今天的收益新聞稿中包含了 GAAP 與非 GAAP 指標的對帳。收益新聞稿及隨附的投資者簡報可在我們的網站 investors.coreweave.com 上查閱。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。

And now I'd like to turn the call over to Mike.

現在我想把電話轉給麥克。

Thanks, Deborah, and good afternoon, everyone.

謝謝，黛博拉，大家下午好。

CoreWeave had a standout second quarter as we continue our hypergrowth journey against the backdrop of unprecedented demand for our AI cloud services. Adoption is expanding rapidly, with the enterprise increasingly viewing AI as a strategic imperative and CoreWeave as the force multiplier that enables adoption, innovation and growth for training as well as inference workloads.

在人工智慧雲端服務需求空前高漲的背景下，CoreWeave 在第二季度表現出色，並持續保持高速成長。採用範圍正在迅速擴大，企業越來越多地將人工智慧視為戰略要務，並將 CoreWeave 視為推動培訓和推理工作負載的採用、創新和成長的力量倍增器。

As a result, revenue grew a better-than-expected 207% year-over-year to $1.2 billion for the second quarter with adjusted operating income of $200 million. This marks the first quarter in which we reached both $1 billion in revenue and $200 million of adjusted operating income.

因此，第二季營收年增 207%，達到 12 億美元，超出預期，調整後的營業收入為 2 億美元。這是我們首次實現營收 10 億美元、調整後營業收入 2 億美元的季度。

Scaling our capacity and services remains a key ingredient for our success in this structurally undersupplied market. To that end, we ended the quarter with nearly 470 megawatts of active power, and we increased total contracted power approximately 600 megawatts to 2.2 gigawatts. We are aggressively expanding our footprint on the back of intensifying demand signals from our customers, ensuring that we maintain a durable multiyear runway for growth. We are now on track to deliver over 900 megawatts of active power before the end of the year.

擴大我們的產能和服務仍然是我們在這個結構性供應不足的市場中取得成功的關鍵因素。為此，我們在本季結束時擁有近 470 兆瓦的有功功率，我們將總合約功率增加了約 600 兆瓦，達到 2.2 千兆瓦。在客戶需求日益增強的背景下，我們正在積極擴大我們的業務範圍，確保我們能夠保持多年持久的成長勢頭。我們目前預計在今年年底前提供超過 900 兆瓦的有功功率。

We ended the second quarter with $30.1 billion in contracted backlog, up $4 billion from Q1 and doubling year to date. This includes not only the $4 billion expansion with OpenAI we previously discussed but new customer wins ranging from large enterprise to AI startup. Importantly, we've also signed expansion contracts with both of our hyperscale customers in the past eight weeks. Our pipeline remains robust, growing and increasingly diverse driven by a full range of customers from media and entertainment to health care, to finance, to industrials and everything in between.

截至第二季度，我們的合約未完成訂單總額為 301 億美元，較第一季增加 40 億美元，較年初至今翻了一番。這不僅包括我們之前討論過的與 OpenAI 合作的 40 億美元擴張，還包括從大型企業到 AI 新創公司的新客戶。重要的是，在過去的八週內，我們還與兩家超大規模客戶簽署了擴展合約。我們的產品線保持強勁、不斷成長且日益多樣化，受到來自媒體和娛樂、醫療保健、金融、工業等各個領域的客戶的推動。

The proliferation of AI capabilities into new use cases and industries is driving increased demand for our specialized cloud infrastructure and services. For instance, while it's early stages, in the first half of 2025, we saw more than a 4x increase in our VFX cloud service product conductor and entered a multiyear contract for NVIDIA's GB200 NVL72 system with Moonvalley, an AI video generation startup that lets filmmakers craft professional-grade clips with granular cinematic control.

人工智慧功能在新用例和行業中的擴散正在推動對我們專業雲端基礎設施和服務的需求增加。例如，雖然還處於早期階段，但在 2025 年上半年，我們的 VFX 雲端服務產品指揮器增長了 4 倍以上，並與 Moonvalley 簽訂了 NVIDIA GB200 NVL72 系統的多年合同，Moonvalley 是一家 AI 級視頻生成初創公司，可讓具有精細電影製作人製作具有精細剪輯。

We are seeing an increased adoption in the financial services sector as we expand our relationship in proprietary trading like Jane Street and are adding mega-cap bank clients like Morgan Stanley and Goldman Sachs. We are also seeing significant growth from health care and life science verticals and are proud of our partnership with customers like Hippocratic AI, who built safe and secure AI agents to enable better health care outcomes.

隨著我們擴大在 Jane Street 等自營交易領域的合作關係，並增加摩根士丹利和高盛等大型銀行客戶，我們看到金融服務領域的採用率正在提高。我們也看到醫療保健和生命科學垂直領域的顯著增長，並為與 Hippocratic AI 等客戶的合作感到自豪，他們建立了安全可靠的人工智慧代理，以實現更好的醫療保健結果。

In short, AI applications are beginning to permeate all areas of the economy, both through startups and enterprise, and demand for our cloud AI services is aggressively growing. Our cloud portfolio is critical to CoreWeave's ability to meet this growing demand. Our focus on delivering the industry's most performing, purpose-built AI cloud infrastructure makes us the platform of choice for both training and inference across incumbent AI labs and new entrants alike. We're helping these customers redefine how data is consumed and utilized globally as their critical innovation partner, and we are being rewarded for our efforts as they shift additional spend to our platform.

簡而言之，人工智慧應用開始滲透到經濟的各個領域，無論是透過新創公司還是企業，對我們的雲端人工智慧服務的需求也急劇增長。我們的雲端產品組合對於 CoreWeave 滿足這一日益增長的需求的能力至關重要。我們專注於提供業界效能最高、專用的 AI 雲端基礎設施，這使我們成為現有 AI 實驗室和新進業者進行訓練和推理的首選平台。作為這些客戶的關鍵創新合作夥伴，我們正在幫助他們重新定義資料在全球範圍內的使用和利用方式，並且隨著他們將更多支出轉移到我們的平台，我們的努力也獲得了回報。

We continue to execute and invest aggressively in our platform, up and down the stack, to deliver the bleeding-edge AI cloud services performance and reliability that our customers require to power their AI innovations. For example, during the second quarter, we delivered NVIDIA's GB200 NVL72 and HGX B200 at-scale deployments, fully integrated into CoreWeave's Mission Control for reliability and performance management. Mission Control continues to be the cornerstone of CoreWeave's ability to scale at breakneck speed, building a fully automated and rigorous process for cluster life cycle management with unmatched visibility for our customers.

我們將繼續積極執行並投資於我們的平台，從上到下，提供客戶所需的尖端人工智慧雲端服務效能和可靠性，以推動他們的人工智慧創新。例如，在第二季度，我們交付了 NVIDIA 的 GB200 NVL72 和 HGX B200 大規模部署，並將其完全整合到 CoreWeave 的任務控制中，以實現可靠性和效能管理。任務控制繼續成為 CoreWeave 以極快速度擴展能力的基石，為叢集生命週期管理建立一個完全自動化且嚴格的流程，為我們的客戶提供無與倫比的可視性。

In addition to [chaos], we began our private preview of an innovative archive tier object storage product with automatic tiering and industry-leading economics, and with a simplified cost structure that makes optimizing storage costs for startups and enterprises seamless. As a result, customers are shifting petabytes of their core storage to CoreWeave in the form of multiyear contracts. We are providing support for additional third-party storage systems tightly integrated into CoreWeave's technology stack, with large-scale production deployments of VAST, WECA, IBM Spectrum Scale, DDN and Pure Storage.

除了[混亂]之外，我們還開始對創新的歸檔層物件儲存產品進行私人預覽，該產品具有自動分層和行業領先的經濟性，並具有簡化的成本結構，可以無縫優化新創公司和企業的儲存成本。因此，客戶正在以多年合約的形式將其核心儲存的數 PB 轉移到 CoreWeave。我們正在為緊密整合到 CoreWeave 技術堆疊的其他第三方儲存系統提供支持，並大規模部署 VAST、WECA、IBM Spectrum Scale、DDN 和 Pure Storage。

With Weights & Biases, we deliver an integrated full stack observability feature, giving researchers immediate feedback to diagnose the factors impacting performance and reliability of their AI workloads from the data center through network fabrics and storage, GPUs and up to their machine learning code. We launched the CoreWeave and Weights & Biases Inference service, utilizing our incredibly reliable compute platform to power research-friendly API for state-of-the-art AI models, including OpenAI's new open source model, Meta's Llama 4, DeepSeek, Kimi K2, and Qwen3. This new product allows customers to easily bring AI inference into production on their applications with tight integration into our Weave product, ensuring visibility into the service, quality and safety.

借助 Weights & Biases，我們提供了整合的全端可觀察性功能，為研究人員提供即時回饋，以診斷影響其 AI 工作負載效能和可靠性的因素，從資料中心到網路結構和儲存、GPU 直至機器學習程式碼。我們推出了 CoreWeave 和 Weights & Biases Inference 服務，利用我們極其可靠的運算平台為最先進的 AI 模型提供研究友善 API，包括 OpenAI 的新開源模型、Meta 的 Llama 4、DeepSeek、Kimi K2 和 Qwen3。這款新產品與我們的 Weave 產品緊密整合，讓客戶能夠輕鬆地將 AI 推理應用於其應用程式的生產中，確保服務、品質和安全的可見性。

We continue our investment in SUNK, Slurm on Kubernetes, which is used by many of the largest AI labs and enterprises in the world, providing improved identity federation, research segmentation and scale. We began introducing flexible capacity products to help our customers better manage their end customer demand. In addition to our on-demand and reserved inference offering, our spot product is in customer preview and we'll be introducing additional capacity products over the second half of the year. We also saw significant growth in our backbone and networking service as one of our largest AI lab customers leveraged our networking backbone to connect its multi-cloud inference infrastructure.

我們繼續投資 SUNK、Kubernetes 上的 Slurm，它被世界上許多最大的人工智慧實驗室和企業使用，提供改進的身份聯合、研究細分和規模。我們開始推出靈活容量產品，以幫助我們的客戶更好地管理其最終客戶需求。除了我們的按需和預留推理產品外，我們的現貨產品也已進入客戶預覽階段，我們將在今年下半年推出更多容量產品。我們的主幹網路和網路服務也實現了顯著成長，因為我們最大的人工智慧實驗室客戶之一利用我們的網路主幹網路連接其多雲推理基礎設施。

Our product development road map is robust, and we are excited to announce new cloud services and capabilities over the remainder of the year that will further accelerate growth within the AI ecosystem and empower customers to meet their evolving business needs. We have entered new parts of the capital markets and accessed new pools of capital, driving our cost of capital lower. We priced both of our inaugural and second high-yield bond offerings in the past three months. These transactions were upsized due to strong demand and were priced at lower interest rates.

我們的產品開發路線圖非常強大，我們很高興在今年剩餘時間內宣布新的雲端服務和功能，這將進一步加速人工智慧生態系統的發展，並使客戶能夠滿足其不斷變化的業務需求。我們進入了資本市場的新領域並獲得了新的資本池，從而降低了資本成本。在過去三個月中，我們對首次和第二次高收益債券的發行進行了定價。由於需求強勁，這些交易規模擴大，且利率較低。

More recently, we closed on a landmark secure GPU financing with many of the world's leading banks, a novel financing structure that CoreWeave has pioneered. As evidenced by these transactions, our access to the capital markets not only remains robust but is deepening. We are grateful for this support in our mission and expect to continue to access less expensive capital sources as we continue to execute.

最近，我們與多家世界領先銀行達成了具有里程碑意義的安全 GPU 融資，這是 CoreWeave 開創的一種新穎的融資結構。這些交易證明，我們進入資本市場的管道不僅保持強勁，而且正在不斷深化。我們非常感謝對我們使命的支持，並期望在繼續執行的過程中繼續獲得更便宜的資金來源。

We will continue to verticalize our platform and enhance our control efficiency and differentiation fueled by our investment both up the stack, as you saw with our acquisition of Weights & Biases last quarter; and down the stack, as highlighted by our proposed acquisition of Core Scientific last month. Our ability to scale state-of-the-art infrastructure will further be bolstered by the more than $6 billion data center investment we've announced in Lancaster, Pennsylvania as well as a large data center project in Kenilworth, New Jersey, that we are co-developing via a joint venture with Blue AL. These new sites are perfect examples of our broader data center strategy, which allow us to provide a mix of both large-scale training and low-latency inference compute across the country.

我們將繼續垂直化我們的平台，並透過對上層的投資來提高我們的控制效率和差異化，正如您在上個季度對 Weights & Biases 的收購中所看到的那樣；以及對下層的投資，正如我們上個月提議收購 Core Scientific 所強調的那樣。我們宣佈在賓州蘭開斯特投資超過 60 億美元建造資料中心，並與 Blue AL 合資在新澤西州凱尼爾沃思共同開發大型資料中心項目，這將進一步增強我們擴展最先進基礎設施的能力。這些新站點是我們更廣泛的資料中心策略的完美例證，使我們能夠在全國範圍內提供大規模訓練和低延遲推理計算的組合。

Now, I'd like to come back to our proposed acquisition of Core Scientific. We believe the combination will accelerate value creation for shareholders of both companies. Both the CoreWeave and Core Scientific management teams and Boards have evaluated this transaction extensively and concluded this is the best for both companies and their shareholders.

現在，我想回到我們對 Core Scientific 的收購提議。我們相信，此次合併將加速為兩家公司的股東創造價值。CoreWeave 和 Core Scientific 管理團隊和董事會都對此交易進行了廣泛評估，並得出結論，這對公司及其股東來說都是最好的選擇。

The rationale behind the deal is quite simple and powerful: verticalization creates tremendous operational and financial efficiencies that will strengthen our ability to serve our customers at scale. Owning the infrastructure will allow CoreWeave to scale faster and more efficiently. The integration of Core Scientific meaningfully advances our capacity to operate one of the largest and most sophisticated AI cloud platforms in the world. Upon closing, CoreWeave would own approximately 1.3 gigawatts of gross power capacity across Core Scientific's national data center footprint with an incremental 1 gigawatt or more available for future expansion. This scale enhances our flexibility to take on new projects and meet accelerated customer demand.

這筆交易背後的理由非常簡單而有力：垂直化創造了巨大的營運和財務效率，這將增強我們大規模服務客戶的能力。擁有基礎設施將使 CoreWeave 能夠更快、更有效率地擴展。Core Scientific 的整合顯著提升了我們營運全球最大、最先進的人工智慧雲端平台之一的能力。交易完成後，CoreWeave 將在 Core Scientific 的全國資料中心內擁有約 1.3 千兆瓦的總發電容量，並有 1 千兆瓦或更多的增量可供未來擴展。這種規模增強了我們承接新專案和滿足日益增長的客戶需求的靈活性。

In addition, the acquisition would drive the immediate elimination of more than $10 billion in future lease liability overhead as well as a more streamlined and efficient operating model. As a result, we anticipate $500 million in fully ramped annual run rate cost savings by the end of 2027, benefiting both the Core Scientific and CoreWeave shareholders directly. Vertical integration will allow us to finance infrastructure more efficiently, furthering one of our key objectives in lowering our cost of capital and enabling us to grow in a more capital-efficient manner.

此外，此次收購將立即消除未來超過 100 億美元的租賃負債開銷，並實現更精簡和高效的營運模式。因此，我們預計到 2027 年底，每年的營運成本節省將達到 5 億美元，Core Scientific 和 CoreWeave 的股東都將直接受益。垂直整合將使我們能夠更有效地為基礎設施融資，進一步實現我們降低資本成本的關鍵目標之一，並使我們能夠以更具資本效率的方式發展。

We and Core Scientific look forward to discussing the transaction with you in the months ahead. Our respective teams are already engaged in pre-integration planning to ensure we're ready to hit the ground running.

我們和 Core Scientific 期待在未來幾個月與您討論此交易。我們各自的團隊已開始進行整合前的規劃，以確保我們已做好充分準備立即開始工作。

To that end, we are executing with pace and purpose amidst the market in which the supply/demand imbalance is only deepening as new enterprise adopters increasingly compete with large AI labs for limited capacity and services. We're building on our leadership across all key success criteria from power access to AI cloud service performance, to revenue and backlog growth. And we will keep getting stronger as we verticalize our data center infrastructure and cloud services.

為此，我們在市場中快速且有目的地執行，隨著新企業採用者越來越多地與大型人工智慧實驗室爭奪有限的產能和服務，供需失衡正在加劇。我們正在所有關鍵成功標準上鞏固我們的領導地位，從電力獲取到人工智慧雲端服務效能，再到收入和積壓成長。隨著我們資料中心基礎設施和雲端服務的垂直化，我們將繼續變得更加強大。

I am excited about the momentum that we are building upon. I want to thank our customers, teams and business and financial partners for making it possible.

我對我們正在建立的勢頭感到興奮。我要感謝我們的客戶、團隊以及商業和金融合作夥伴，是他們讓這一切成為可能。

Now, here's Nitin.

現在，這是尼廷。

Thanks, Mike, and good afternoon, everyone.

謝謝，麥克，大家下午好。

Our strong second quarter results highlight the unprecedented demand environment we are seeing and our continued execution to rapidly scale our AI cloud platform to meet that customer demand. Our growth continues to be capacity constrained, with demand outstripping supply.

我們強勁的第二季業績凸顯了我們所看到的前所未有的需求環境，以及我們持續執行快速擴展我們的人工智慧雲端平台以滿足客戶需求的舉措。我們的成長持續受到產能限制，需求超過供應。

Since our Q1 call, we have signed expansion contracts with both our hyperscaler customers. We also closed our acquisition of Weights & Biases and announced our proposed Core Scientific acquisition. In addition, we successfully raised $6.4 billion in the capital markets through 2 high-yield offerings and a delayed draw term loan, all of which have opened access to new capital pools at an increasingly lower cost of capital.

自第一季電話會議以來，我們已經與超大規模客戶簽署了擴展合約。我們也完成了對 Weights & Biases 的收購，並宣布了擬議的 Core Scientific 收購。此外，我們透過兩次高收益債券發行和一次延期提取定期貸款在資本市場上成功籌集了 64 億美元，所有這些都以越來越低的資本成本打開了進入新資本池的管道。

Turning now to Q2 results. Q2 revenue was $1.2 billion, growing 207% year-over-year driven by strong customer demand. Revenue backlog was $30.1 billion, up 86% year-over-year and doubled year-to-date. While our revenue backlog is expected to scale rapidly over time, growth rates will fluctuate from quarter-to-quarter given the nature of our large committed contract business model, timing and size of new contract signings and revenue recognition.

現在來看看第二季的業績。第二季營收為 12 億美元，受強勁客戶需求推動，較去年同期成長 207%。營收積壓為 301 億美元，年增 86%，年初至今翻了一番。雖然我們的收入積壓預計將隨著時間的推移而迅速擴大，但考慮到我們的大型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，成長率將逐季度波動。

Operating expenses in the second quarter were $1.2 billion, including stock-based compensation expense of $145 million. We continue to ramp our investments in data center and server infrastructure to meet growing customer demand, which contributed to the increase in our cost of revenue and technology and infrastructure spend in Q2. In addition, the increase in sales and marketing was largely driven by marketing spend to accelerate new customer acquisition and raise awareness of our differentiated capabilities. The increase in G&A was largely driven by professional services.

第二季營運費用為 12 億美元，其中包括 1.45 億美元的股票薪資費用。我們繼續增加對資料中心和伺服器基礎設施的投資，以滿足不斷增長的客戶需求，這導致我們第二季度的收入成本以及技術和基礎設施支出增加。此外，銷售和行銷的成長主要是由於行銷支出的增加，以加速新客戶的獲取並提高對我們差異化能力的認識。一般及行政費用的成長主要由專業服務所推動。

Adjusted operating income for Q2 was $200 million compared to $85 million in Q2 2024. Our Q2 2025 adjusted operating income margin was 16%. Net loss for the quarter was $291 million compared to $323 million net loss in Q2 of 2024. Interest expense for Q2 was $267 million compared to $67 million in Q2 of 2024 due to increased debt to support our infrastructure scaling, partly offset by lower cost of capital. Adjusted net loss for Q2 was $131 million compared to a $5 million adjusted net loss in Q2 of 2024.

第二季調整後的營業收入為 2 億美元，而 2024 年第二季為 8,500 萬美元。我們 2025 年第二季的調整後營業收入利潤率為 16%。本季淨虧損為 2.91 億美元，而 2024 年第二季淨虧損為 3.23 億美元。第二季的利息支出為 2.67 億美元，而 2024 年第二季的利息支出為 6,700 萬美元，原因是為支持基礎設施擴張而增加的債務，但資本成本的降低部分抵消了這一影響。第二季調整後淨虧損為 1.31 億美元，而 2024 年第二季調整後淨虧損為 500 萬美元。

The adjusted net loss was impacted by increases in interest expense due to scaling of our infrastructure, partly offset by growth in adjusted operating income. Adjusted EBITDA for Q2 was $753 million compared to $250 million in Q2 of 2024, scaling more than 3x year over year. And our adjusted EBITDA margin was 62%, roughly in line with Q2 of last year.

調整後的淨虧損受到基礎設施擴張導致的利息支出增加的影響，但調整後的營業收入成長部分抵銷了這一影響。第二季調整後的 EBITDA 為 7.53 億美元，而 2024 年第二季為 2.5 億美元，年成長 3 倍以上。我們的調整後 EBITDA 利潤率為 62%，與去年第二季大致持平。

Turning to capital expenditures, CapEx in Q2 totaled $2.9 billion, which is up over $1 billion quarter over quarter as we scale rapidly to meet our accelerating customer demand. We are executing at a massive scale and the demand continues to outpace supply. As a reminder, CapEx consists primarily of investments in property and technology equipment and is calculated as a change in gross PP&E minus the change in construction in progress. Construction in progress represents infrastructure not yet in service so it's not revenue generating.

談到資本支出，第二季的資本支出總計 29 億美元，季增超過 10 億美元，因為我們迅速擴大規模以滿足不斷增長的客戶需求。我們正在大規模執行，需求仍然超過供應。提醒一下，資本支出主要包括對財產和技術設備的投資，其計算方法是總 PP&E 的變化減去在建工程的變化。在建工程代表尚未投入使用的基礎設施，因此無法產生收入。

In addition, the timing of data center capacity coming online and generations of GPUs being placed into service could drive significant variation quarter-to-quarter, an example of which you will see in our Q4 CapEx ramp.

此外，資料中心容量上線的時間和各代 GPU 投入使用的時間可能會導致季度間出現顯著變化，您可以在我們的第四季資本支出成長中看到一個例子。

Now let's turn to our balance sheet and strong liquidity position. We have designed our capital structure to enable rapid scaling. As of June 30, we had $2.1 billion in cash, cash equivalents and restricted cash. Other than payments on OEM vendor financing and self-amortizing debt through committed contract payments, we have no debt maturities until 2028. As Mike mentioned, we continue to see strong success in the capital markets.

現在讓我們來看看我們的資產負債表和強大的流動性狀況。我們設計了資本結構以實現快速擴展。截至 6 月 30 日，我們擁有 21 億美元的現金、現金等價物和受限現金。除了支付 OEM 供應商融資和透過承諾的合約付款自行攤銷的債務外，我們在 2028 年之前沒有債務到期。正如麥克所提到的，我們在資本市場繼續取得強勁成功。

Growing at a rapid pace and executing at scale requires a unique and sophisticated approach to securing the funding required. CoreWeave continues to be not only the leading AI technology partner but also the leading innovator in financing the infrastructure required by the world's most advanced AI labs and enterprises.

快速發展和大規模執行需要獨特而複雜的方法來確保所需的資金。CoreWeave 不僅繼續成為領先的人工智慧技術合作夥伴，而且還是為世界上最先進的人工智慧實驗室和企業所需的基礎設施提供融資的領先創新者。

Since the beginning of 2024, we have secured over $25 billion of debt and equity to fund the build-out and scale the leading AI cloud platform. In May, we launched and closed our first unsecured high-yield offering of $2 billion, which was upsized by $500 million due to strong demand. In July, we reentered the market and raised an additional $1.75 billion, also oversubscribed, at a lower interest rate. More recently, we closed our third delayed draw term loan facility. This $2.6 billion facility completes the financing for the $11.9 billion OpenAI contract we announced in March.

自 2024 年初以來，我們已獲得超過 250 億美元的債務和股權，用於資助建造和擴展領先的 AI 雲端平台。5 月份，我們啟動並完成了首次 20 億美元無擔保高收益債券發行，由於需求強勁，發行規模增加了 5 億美元。7月份，我們重新進入市場，以較低的利率額外籌集了17.5億美元，同樣獲得超額認購。最近，我們關閉了第三次延期提取定期貸款。這筆 26 億美元的貸款完成了我們 3 月宣布的 119 億美元 OpenAI 合約的融資。

Notably, the transaction was completed at a cost of capital of SOFR plus 400, a 900 basis point decrease from the noninvestment-grade portion of our prior facility, DDTL 2, and was the first one to be fully underwritten by top-tier banks. Together, these financings highlight our ability to drive a sustained reduction in our cost of capital and the increasing depth of access we have to the capital markets, both of which was stated goals during our IPO.

值得注意的是，該交易的資本成本為 SOFR 加 400，比我們之前的 DDTL 2 的非投資級部分降低了 900 個基點，並且是第一筆由頂級銀行全額承銷的交易。總之，這些融資凸顯了我們推動持續降低資本成本和不斷擴大資本市場准入的能力，這兩者都是我們在首次公開募股期間提出的目標。

Turning to tax, again, in Q2, 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.

再次談到稅收，在第二季度，儘管由於不可扣除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，但我們仍記錄了所得稅準備金。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 Q3 and for full year 2025. As Mike mentioned, we are seeing an acceleration of customer demand, and our pipeline remains robust and increasingly diversified. We are still operating in a structurally supply-constrained environment where demand far outstrips supply for our products and services. Our operations and engineering teams are working relentlessly to deploy more capacity faster for our customers.

現在談談第三季和 2025 年全年的指引。正如麥克所提到的，我們看到客戶需求正在加速成長，我們的產品線仍然強勁且日益多樣化。我們仍然處於結構性供應受限的環境中，對我們的產品和服務的需求遠遠超過供應。我們的營運和工程團隊正在不懈地努力，為我們的客戶更快部署更多容量。

With the strong demand backdrop, we expect Q3 revenue in the range of $1.26 billion to $1.30 billion. In addition, we anticipate Q3 adjusted operating income between $160 million to $190 million as we are quickly ramping our capacity to meet customer demand. As we have discussed earlier, as we deploy scale capacity and bring large chunks of capacity online, we incur some costs prior to revenue generation. The scale of our deployments relative to our base implies that these costs ahead of revenue have a short-term impact on our margins.

在強勁的需求背景下，我們預計第三季營收將在 12.6 億美元至 13 億美元之間。此外，由於我們正在迅速提高產能以滿足客戶需求，我們預計第三季調整後的營業收入將在 1.6 億美元至 1.9 億美元之間。正如我們之前所討論的，當我們部署規模容量並將大量容量上線時，我們會在產生收入之前產生一些成本。相對於我們的基地，我們的部署規模意味著這些超出收入的成本會對我們的利潤率產生短期影響。

We expect our Q3 interest expense to be in the range of $350 million to $390 million impacted by increased debt to support our demand-led CapEx growth, partly offset by increasingly lower cost of capital. We expect our CapEx for the third quarter to be $2.9 billion and $3.4 billion. In addition, like last quarter, we expect stock-based compensation to remain slightly elevated throughout the year for grants issued in connection with the IPO and incremental hiring to support our growth.

我們預計第三季的利息支出將在 3.5 億美元至 3.9 億美元之間，這受到增加債務的影響，以支持我們的需求主導的資本支出增長，但部分被不斷降低的資本成本所抵消。我們預計第三季的資本支出分別為 29 億美元和 34 億美元。此外，與上一季一樣，我們預計，由於與 IPO 相關的授予以及為支持我們的成長而進行的增量招聘，全年的股票薪酬將保持略高水平。

Moving to full year guidance. For the second quarter in a row, we are raising our full year revenue guidance. For 2025, we now expect revenue in the range of $5.15 billion to $5.35 billion, a $250 million increase from our prior guidance of $4.9 billion to $5.1 billion, driven by continued strong customer demand. We expect adjusted operating income in the range of $800 million to $830 million, unchanged from our prior guidance as we remain cost disciplined while rapidly scaling our deployments at an unprecedented rate to end the year with over 900 megawatts of active power.

轉向全年指導。我們連續第二季上調了全年收入預期。對於 2025 年，我們目前預計營收將在 51.5 億美元至 53.5 億美元之間，比先前預測的 49 億美元至 51 億美元增加 2.5 億美元，這得益於持續強勁的客戶需求。我們預計調整後的營業收入將在 8 億美元至 8.3 億美元之間，與先前的預期持平，因為我們繼續嚴格控製成本，同時以前所未有的速度迅速擴大部署規模，力爭到年底實現超過 900 兆瓦的有功功率。

We expect CapEx in the range of $20 billion to $23 billion, unchanged from our prior guidance in the backdrop of continued strong customer demand. A significant portion of our full-year CapEx will fall in Q4 due to the timing of go-live dates of our infrastructure.

我們預計資本支出將在 200 億美元至 230 億美元之間，在客戶需求持續強勁的背景下，與我們先前的預期相同。由於我們基礎設施上線日期的時間安排，我們全年資本支出的很大一部分將在第四季度下降。

We had an outstanding first half of the year, and our outlook remains strong. We are entering the second half of the year in an excellent position with strong execution in delivering at scale for our customers as well as execution in the capital markets and a robust backlog coupled with a very healthy demand pipeline. As we move into the second half, we'll continue investing to meet the needs of our growing customer base while reinforcing our leadership in this transformational market.

我們上半年表現非常出色，前景依然光明。我們正以極好的地位進入下半年，在為客戶提供大規模交付以及在資本市場上的執行方面表現出色，並且擁有強勁的積壓訂單和非常健康的需求管道。進入下半年，我們將繼續投資以滿足不斷成長的客戶群的需求，同時鞏固我們在這個轉型市場中的領導地位。

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.

感謝我們的投資者和分析師的支持和參與。我們期待在未來幾季向您通報我們的進展。

With that, we will move to Q&A.

接下來，我們將進入問答環節。

(Operator Instructions) Keith Weiss, Morgan Stanley.

（操作員指示） 摩根士丹利的 Keith Weiss。

Keith, we can't hear you.

基思，我們聽不到你說話。

Perhaps we can go to the next question and then we can come back to Keith.

也許我們可以進入下一個問題，然後再回到基斯。

Kash Rangan, Goldman Sachs.

高盛的卡什·蘭根 (Kash Rangan)。

Congrats on a really spectacular finish to second quarter. Wondering if you could talk about the renewal of the hyperscaler contracts. I think one of the two is a particularly larger one. And curious to see if this means that you have greater confidence that they will renew, not just expand the interim motion. But how is it more likely that they renew the big contract that they first signed with you in 2024?

恭喜第二季度取得如此輝煌的成績。想知道您是否可以談談超大規模合約的續約。我認為其中一個特別大。我很好奇，這是否意味著您更加相信他們會更新而不是只是擴大臨時動議。但是他們續簽 2024 年與你簽訂的大合約的可能性有多大呢？

And one thing for Nitin, how do you look at the tweaks that you can put into the business to achieve even better return on assets as the company continues to lower its cost of capital? When you look at the core deployment model, maybe that has something to do with how quickly you can translate the bookings into revenue. Clearly, you saw upside in the quarter on that front. But what are the things that the company has uncovered to continue to give you conviction that the company can earn a higher and higher rate of return on your capital going forward as it translates the revenue line item?

我想問 Nitin 一個問題，隨著公司不斷降低資本成本，您如何看待業務可以進行哪些調整以實現更好的資產回報率？當您查看核心部署模型時，這可能與您將預訂轉化為收入的速度有關。顯然，您看到了本季在這方面的上升空間。但是，公司發現了哪些事情可以讓您繼續相信，隨著公司收入項目的轉化，未來可以獲得越來越高的資本報酬率？

Thank you, Kash, and I appreciate the comments on the second quarter. We're really excited about how we've closed out the first half of the year. When we think about contracts with our hyperscaler clients, for that matter, really with any of our clients, we generally don't focus on the concept of renewals; we focus on the concept of expansion. =

謝謝你，卡什，我很感謝你對第二季的評論。我們對上半年的結束感到非常興奮。當我們考慮與超大規模客戶簽訂合約時，實際上與任何客戶簽訂合約時，我們通常不會關注續約的概念；我們關注的是擴張的概念。=

And the reason that we focus on the concept of expansion is because, generally speaking, the clients are purchasing hardware that is appropriately state-of-the-art for their use case. And as new hardware comes out, as new hardware architectures are released, they tend to come back in and purchase the same top-tier infrastructure in their next renewal.

我們之所以關注擴展的概念，是因為一般來說，客戶購買的硬體是適合其用例的最先進的。隨著新硬體的出現，隨著新硬體架構的發布，他們往往會在下一次更新時回來購買相同的頂級基礎設施。

And so we're excited about renewals when we get them with our hyperscale clients. We're excited about the renewals that we get with any of our clients across the board.

因此，當我們與超大規模客戶續約時，我們感到非常興奮。我們很高興能與所有客戶達成續約。

Thanks, Mike. And Kash, to the second part of your question, there are a few things that we are already executing on. You've seen us kind of acquire Weights & Biases, which is our attempt to go up stack and deliver more value-added services for our customers. You've seen us with our proposed acquisition of going down the stack and verticalizing and continuing to get cost savings. We've talked about the anticipated fully ramped $500 million by the end of 2025 in terms of savings.

謝謝，麥克。卡什，關於你問題的第二部分，我們已經在執行一些事情了。您已經看到我們收購了 Weights & Biases，這是我們進一步提升並為客戶提供更多增值服務的嘗試。您已經看到，我們提出的收購將逐步深入並垂直化，從而繼續節省成本。我們已經討論過到 2025 年底預計節省 5 億美元。

In addition to that, we also talked about how we continue to scale rapidly for our customers and continue to reduce the time from when we start deployment to when customers go online. In addition, we remain cost conscious and disciplined across every vector in our business as we continue to scale this business at an unprecedented rate. All of those factors are working great for us, and we continue to deliver great results for the company.

除此之外，我們也討論瞭如何繼續為客戶快速擴展，並繼續縮短從開始部署到客戶上線的時間。此外，隨著我們繼續以前所未有的速度擴大業務規模，我們在業務的各個方面都保持成本意識和紀律性。所有這些因素都對我們非常有利，我們將繼續為公司創造優異的業績。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

All right. Can you guys hear me now?

好的。你們現在聽得到我說話嗎？

Yes.

是的。

Excellent. All right. Sorry about that technical difficulty. Congratulations on a fantastic Q2, guys, really putting a lot of emphasis on the growth side of the equation there, so great to see. I wanted to ask one question on the kind of demand side of the equation, one on the supply side of the equation.

出色的。好的。抱歉，出現技術問題。恭喜你們取得了出色的第二季業績，大家真的非常重視成長方面，很高興看到這一點。我想問一個有關等式需求方的問題，以及一個有關等式供應方的問題。

On the demand side of the equation, I think a lot of investors have the impression that CoreWeave is handling a lot of training revenues. But a lot of the stuff that, Mike, you were talking to in terms of what you guys are doing with the software as well as the customers coming in the door speak to doing more inference, more applications being built on the platform. So can you talk to us a little bit about sort of the mix of business that you're seeing and also the fungibility of the platform, the ability to handle both the pretraining and the inference workloads over time?

從需求方面來看，我認為許多投資人都有這樣的印象：CoreWeave 正在處理大量的培訓收入。但是，麥克，你談到的很多內容，例如你們對軟體所做的事情，以及進門的客戶，都表明要進行更多的推理，在平台上建立更多的應用程式。那麼，您能否向我們簡單介紹一下您所看到的業務組合以及平台的可替代性，以及隨著時間的推移處理預訓練和推理工作負載的能力？

And then on the supply side of the equation, you talked about being supply constrained. Can you give us some sense of where the most acute supply challenges are? Is it on the chip level? Is it on the power level? Like, where do you guys expect to see those constraints in the near term?

然後，在供應方面，您談到了供應受限的問題。您能否告訴我們最嚴峻的供應挑戰在哪裡？是晶片級的嗎？是在功率水平上嗎？例如，你們預計在短期內會在哪裡看到這些限制？

And how much of that can you guys work against? Like, is there any fungibility of where you could more quickly or where would it take longer to solve those supply constraints?

你們能對抗多少這樣的情況呢？例如，是否有可以更快解決這些供應限制的方法，或者哪些地方需要更長的時間來解決這些供應限制？

Sure. Thank you for the question. Let me start off with some comments around our infrastructure and the way in which we see our clients consuming the compute that we're able to provide. So when we build our infrastructure, we really build our infrastructure to be fungible to be able to be moved back and forth seamlessly between training and inference, right? Like, our intention is to build AI infrastructure, not training infrastructure, not inference infrastructure. It's really infrastructure that allows our clients to be able to support the workloads that they need to be able to drive to be successful.

當然。謝謝你的提問。首先，我想談談我們的基礎設施以及客戶使用我們能夠提供的計算的方式。因此，當我們建造基礎設施時，我們實際上將基礎設施建構成可替代的，以便能夠在訓練和推理之間無縫地來回移動，對嗎？例如，我們的目的是建構人工智慧基礎設施，而不是訓練基礎設施，也不是推理基礎設施。它實際上是一個基礎設施，使我們的客戶能夠支援他們成功所需的工作負載。

We have seen a massive increase in our workloads that are being used for inference. And we're able to monitor that by the profile that the power is being consumed within the data centers. So when you have big training runs that come on and off, that's a step function of power consumption, either up or down, as opposed to when you are using your compute for inference, which is much more incremental in its nature.

我們發現用於推理的工作負載大幅增加。我們可以透過資料中心內的電力消耗概況來監控這一點。因此，當您進行時斷時續的大規模訓練時，這就是功耗的階躍函數，要么上升，要么下降，這與使用計算進行推理時相反，後者的性質更具增量性。

In addition to that, the infrastructure that we're building has increasingly been used for chain of reasoning, which is driving a substantial amount of consumption on the inference level. And that's very exciting for us. As I always say, inference is the monetization of artificial intelligence. And we are extremely excited to see that use case expanding within our infrastructure.

除此之外，我們正在建構的基礎設施越來越多地用於推理鏈，這推動了推理層面的大量消費。這對我們來說非常令人興奮。正如我常說的，推理是人工智慧的貨幣化。我們非常高興地看到該用例在我們的基礎設施內不斷擴展。

On the second question in terms of the supply side, at the end of the day, right now, it's the powered shells that are the choke point that is causing the struggle to get enough infrastructure online for the demand signals that we are seeing, not just within our company, it's the massive demand signals that you're seeing across the industry. And at the end of the day, what we are looking at, and I think what you're hearing across the board is that this is a structurally supply-constrained market.

關於供應方面的第二個問題，歸根結底，現在，動力外殼是一個瓶頸，它導致我們難以獲得足夠的在線基礎設施來滿足我們看到的需求信號，不僅僅是在我們公司內部，而是在整個行業中都看到了巨大的需求信號。最終，我們看到的是，而且我認為大家普遍聽到的是，這是一個結構性供應受限的市場。

It is a market that is really working hard to try and balance and there are fundamental components at the powered shell, at the power in terms of the electrons moving through the grid, at the supply chains that exist within the GPUs, the supply chains that exist within the mid-voltage transformers. There's a lot of different pieces that are constrained. But ultimately, the piece that is the most significant challenge right now is accessing powered shells that are capable of delivering the scale of infrastructure that our clients are requiring.

這是一個正在努力嘗試平衡的市場，在供電外殼、通過電網的電子的電力、GPU 內部的供應鏈、中壓變壓器內部的供應鏈中都有基本的組件。有很多不同的部分受到限制。但最終，目前最大的挑戰是取得能夠滿足客戶所需規模的基礎設施的動力外殼。

Mark Murphy, JPMorgan.

摩根大通的馬克墨菲。

Congratulations on a robust RPO backlog figures and declining cost of capital. It's a great combination. Mike, we've heard commentary that many governments actually around the world want to build their own version of Stargate and that they've begun to reach out. Can you comment on any developments with respect to some of the sovereign governments that want to build modern AI data centers? And what do you think might determine whether they're comfortable using a US-based provider such as CoreWeave?

恭喜 RPO 積壓數據​​強勁且資本成本下降。這是一個很棒的組合。麥克，我們聽到評論說，世界上許多政府實際上都想建立自己的星際之門版本，他們已經開始著手了。您能否評論一些主權政府想要建立現代人工智慧資料中心的進展？您認為什麼因素可能決定是否願意使用 CoreWeave 等美國供應商？

And then I have a quick follow-up.

然後我有一個快速的跟進。

Yes. So it's a very broad question. And you're going to have different jurisdictions, different sovereigns that are going to react differently to that question. What we have seen is that many of the sovereigns are really looking for best-in-class technical solutions to allow them to build the infrastructure that will allow their aspirations within artificial intelligence to be as successful as possible. We have a tremendous number of sovereigns that are beginning and discussing and talking through how to go about doing this, what technology to use, what software stack to use, where it should be placed right up and down the line.

是的。所以這是一個非常廣泛的問題。不同的司法管轄區、不同的主權國家對這個問題的反應也會不同。我們看到，許多主權國家都在尋求一流的技術解決方案，以便他們能夠建立基礎設施，使他們在人工智慧領域的願望盡可能地成功。我們有大量的主權國家正在開始討論和談論如何做到這一點，使用什麼技術，使用什麼軟體堆疊，以及應該把它放在哪裡。

And we are very confident that we will continue to expand our footprint within the sovereign cloud universe.

我們非常有信心，我們將繼續擴大我們在主權雲端領域的影響力。

There are other jurisdictions that are going to be less welcoming to tech coming out of the US And that's just the nature of the way the world is going to unfold for this. We've had some success in Canada. We're really excited about our partnership with Cohere up there. We think they're doing a wonderful job and that infrastructure is really well positioned to be successful.

其他司法管轄區對來自美國的技術將不那麼歡迎，而這正是世界將要發生的事情的本質。我們在加拿大取得了一些成功。我們對與 Cohere 的合作感到非常興奮。我們認為他們做得非常出色，而且他們的基礎設施確實具備成功的條件。

We've done a really good job expanding infrastructure across Europe. We feel like we'll be able to reach clients across the European theater, and we look for our clients to lead us into new jurisdictions where they will become the anchor tenants that will allow us to expand the build that we do and the software delivery systems that we create in order to let them become as successful as they would like to be within the AI infrastructure component of the market.

我們在擴大歐洲基礎設施建設方面做得非常出色。我們覺得我們將能夠接觸到整個歐洲戰場的客戶，我們希望我們的客戶能夠帶領我們進入新的司法管轄區，在那裡他們將成為主力租戶，這將使我們能夠擴展我們所做的構建和我們創建的軟體交付系統，以便讓他們能夠在市場的人工智慧基礎設施組件中取得他們想要的成功。

Okay. Understood. And as a follow-up, I believe that you said CoreWeave have signed expansion contracts with both hyperscaler customers in the past 8 weeks. And just since it's August 12, could you clarify -- did you mean that those expansions are already reflected in the Q2 backlog figures? In other words, you're saying that you did incremental business in the month of June or did you mean that those expansions were signed in July and August?

好的。明白了。作為後續問題，我相信您說過 CoreWeave 在過去 8 週內已經與兩家超大規模客戶簽署了擴展合約。而且由於現在是 8 月 12 日，您能否澄清一下——您的意思是這些擴張已經反映在第二季度積壓數據中了嗎？換句話說，您是說您在六月做了增量業務，還是說這些擴展是在七月和八月簽署的？

Thanks, Mark, for your question. One of those contracts was signed in Q2 and is reflected in the Q2 revenue backlog number. The other one was signed in Q3 and will be reflected in our Q3 revenue backlog number.

謝謝馬克的提問。其中一份合約是在第二季簽署的，並反映在第二季的收入積壓數字中。另一份合約是在第三季簽署的，並將反映在我們第三季的收入積壓數字中。

And is there any sense of scale on those, Nitin, or whether it's core GPU services versus an expansion into Weights & Biases? Or are you unable to give that kind of detail yet?

Nitin，這些是否有任何規模感，或者它是核心 GPU 服務還是擴展到權重和偏差？或者您還無法提供此類細節？

It does include services elements of our portfolio, and we'll give a fulsome update in Q3 earnings on the revenue backlog at the end of Q3.

它確實包括我們投資組合的服務元素，我們將在第三季收益中對第三季末的收入積壓情況進行全面更新。

These contracts are for GPU compute.

這些合約用於 GPU 計算。

Raimo Lenschow, Barclays.

巴克萊銀行的 Raimo Lenschow。

Obviously, we have like this big debate about this imbalance of demand and supply, and you talked about it a little bit. Like, from listening to you, it sounds more structural, i.e., that it's kind of out longer. Can you talk a little bit about that? Because we obviously have like Microsoft who is like, yes, maybe we are in balance soon, but then they pushed it out by another six months. Listening to you, it sounds a little bit longer.

顯然，我們就供需不平衡問題進行了激烈的辯論，您也對此進行了一點討論。就像，從你的說法來看，它聽起來更有結構性，也就是說，它有點更長。你能稍微談談這個嗎？因為我們顯然有像微軟這樣的人，他們是這樣的，是的，也許我們很快就會達到平衡，但他們又將其推遲了六個月。聽你這麼說，聽起來有點長。

Kind of what are the data points for you on that one? And then the other follow-up I had was, as you do more inference, how important is latency and hence, location of data centers? That's another debate that's coming up a lot with us. Congrats.

您對此有什麼數據點？然後我的另一個後續問題是，當你做更多的推論時，延遲和資料中心的位置有多重要？這是我們經常討論的另一個話題。恭喜。

Sure. So we have been unwavering in our assessment of the structural supply constraint that exists in this market. I think that there are other entities that have repositioned, restated and rethought how they are going to deliver infrastructure and when they are going to deliver infrastructure. But we have never wavered from our belief that the market is structurally supply constrained, and that is based on our discussions and relationships with the largest, most important consumers of this infrastructure in the world. And so I can't speak to how other organizations are thinking about it.

當然。因此，我們始終堅定地評估這個市場存在的結構性供應限制。我認為其他實體已經重新定位、重申和重新思考他們將如何以及何時交付基礎設施。但我們從未動搖過這樣的信念：市場在結構上受到供應限制，這是基於我們與世界上最大、最重要的基礎設施消費者的討論和關係。所以我無法談論其他組織對此的看法。

I can only speak to it from what our position is based on our relationships with the buyers that come in, looking for the specific solution that we provide. And that is that this market has significant structural supply constraints.

我只能根據我們與買家的關係來談論這個問題，尋求我們提供的具體解決方案。那就是這個市場存在明顯的結構性供應限制。

As far as the latency goes, I would encourage you to think about latency through a lens of use case, right? And so when you are in a chain of reasoning query, latency is not particularly important. The compute is going to be more impactful than the latency and the relative distance to the query. If you're in a different type of workload, latency becomes more important. Our approach has been, since the early days, to try and place our infrastructure as close to the population centers as we can in order to have the optionality associated with a low latency solution.

就延遲而言，我鼓勵您從用例的角度來考慮延遲，對嗎？因此，當您處於推理查詢鏈中時，延遲並不是特別重要。計算的影響將比延遲和與查詢的相對距離更大。如果您處於不同類型的工作負載，延遲就會變得更加重要。從早期開始，我們的做法就是嘗試將我們的基礎設施盡可能靠近人口中心，以便獲得與低延遲解決方案相關的可選性。

Having said that, as we move through this cycle of developing artificial intelligence, as we see new models coming out, as we see chain of reasoning gaining more traction, there's definitely going to be significant demand for latency-insensitive workloads that will be able to live in more remote regions.

話雖如此，隨著我們經歷人工智慧發展的這個週期，隨著我們看到新模型的出現，隨著我們看到推理鏈獲得更多的關注，對於能夠在更偏遠地區生存的延遲不敏感的工作負載的需求肯定會很大。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

I'll echo my congrats as well. My question follows Keith's and Raimo's about inference. How should we think about the economics of inferencing versus training? And then I have a follow-up as well.

我也會表達我的祝賀。我的問題與 Keith 和 Raimo 的推理問題相同。我們該如何看待推理與訓練的經濟性？然後我還有一個後續行動。

Yes. So look, for our business model, the inference consumption and the training consumption, the economics are identical. The overwhelming majority, and we spoke about this in our last earnings call, the overwhelming majority of our infrastructure has been sold in long-term structured contracts in order to be able to deliver compute to our clients that need to consume it for training and for inference over time. And so we don't see a real fluctuation in the economics associated with inference or training.

是的。所以，對於我們的商業模式來說，推理消費和訓練消費的經濟性是相同的。絕大多數，我們在上次財報電話會議上談到了這一點，絕大多數基礎設施都是以長期結構化合約的形式出售的，以便能夠向需要將其用於訓練和推理的客戶提供計算能力。因此，我們沒有看到與推理或訓練相關的經濟出現真正的波動。

Having said that, I think that it stands to reason to think that when a new model is released, and there is a rush to explore the new model, to use the new model, to kind of drive new queries into it, you will see a spike in demand within a given AI lab that may cause there to be a spike in the short-term pricing associated with inference. And we see those. But as we've said before, the on-demand component of compute is a very small percentage of our overall workloads. And we are observing inference cases on older generations of hardwares, the A100s, the H100s. They're still being re-contracted out.

話雖如此，我認為有理由認為，當一個新模型發佈時，人們會急於探索新模型、使用新模型、向其中提出新的查詢，你會看到特定人工智慧實驗室內的需求激增，這可能會導致與推理相關的短期定價飆升。我們看到了這些。但正如我們之前所說，按需運算部分只占我們整體工作負載的一小部分。我們正在觀察老一代硬體 A100、H100 上的推理案例。他們仍在重新簽訂合約。

They're being bought on term in order to serve the inference loads that people continue to have, continue to see and need compute to be able to serve.

他們按期購買是為了滿足人們持續擁有、持續看到和需要計算才能提供的推理負載。

And that actually relates to my follow-up question because in your prepared remarks, you talked about flexible capacity products coming online in the back half and a spot product in customer preview. Can you just expand on what that looks like maybe different than what you're already offering, what GPU generations will be available and how we might think about pricing versus reserved or the take-or-pay style contracts that you more typically do?

這實際上與我的後續問題有關，因為在您準備好的演講中，您談到了下半年上線的靈活容量產品和客戶預覽中的現貨產品。您能否詳細說明這與您已經提供的產品有何不同，有哪些 GPU 版本可用，以及我們如何看待定價與預留或您通常採用的照付不議式合約？

Yes. So look, we're going to continue to build up our on-demand and spot pricing offering, right? It's going to take time. The biggest challenge that we have is that every time we're able to build capacity, it is immediately consumed by one of our existing or a new client that wants to expand their exposure to additional compute to be able to serve their models. And so that has been a continual challenge for us.

是的。所以，我們將繼續建立我們的按需和現貨定價服務，對嗎？這需要時間。我們面臨的最大挑戰是，每當我們能夠建立容量時，它就會立即被我們的現有客戶或新客戶所消耗，他們希望擴大其對額外計算的接觸，以便能夠為他們的模型提供服務。所以這對我們來說一直是一個持續的挑戰。

I guess it's a good problem to have, but it's a problem for us.

我想這是一個好問題，但對我們來說卻是一個問題。

But that product, we're working diligently to be able to expand that capacity so that we're able to provide more of a spot product. A big part of that, just so you understand, is so that we can identify new users of compute, identify new companies that are coming into existence, identify new use cases that need compute so that we can build services that are appropriate for them that allow them to build their businesses and sell their product into the market. And so we really want to be able to do that. And we want to be able to have that offering, but it is challenging in a market that is so demand constrained.

但對於該產品，我們正在努力擴大產能，以便能夠提供更多的現貨產品。其中很大一部分，正如你所理解的，是為了讓我們能夠識別新的計算用戶，識別正在出現的新公司，識別需要計算的新用例，以便我們可以建立適合他們的服務，使他們能夠建立自己的業務並將產品銷售到市場上。因此我們確實希望能夠做到這一點。我們希望能夠提供這樣的產品，但在需求如此受限的市場中，這很有挑戰性。

Michael Turrin, Wells Fargo.

邁克爾圖林，富國銀行。

You mentioned we'll see some variability on the backlog number, $30 billion, nearly 2x where you were a year ago, but also fairly consistent with where you were last quarter when you add on the OpenAI expansion. So I think it would just be useful, as we're all getting to know CoreWeave, just if you could help us calibrate a bit more on what to expect from that metric going forward. How often is it the case that you can find a customer of scale to move the needle sequentially there? And where does that $30 billion sit relative to the opportunities you still see in front of you?

您提到我們會看到積壓訂單數量有所變化，為 300 億美元，幾乎是一年前的 2 倍，但也與上一季加上 OpenAI 擴充後的訂單數量相當一致。因此，我認為這會很有用，因為我們都在了解 CoreWeave，如果您能幫助我們進一步校準對該指標未來發展的期望。您多久能找到一個有規模的客戶來逐步推動發展？那麼，相對於您面前仍存在的機會而言，這 300 億美元處於什麼位置？

So first of all, it's important to understand that the demand for compute, that we're seeing is from our largest, most important clients, is expanding in scale, in magnitude. This is a planetary rebuild of the infrastructure that they require in order to be able to deliver their products to the market. And so when we're looking at our pipeline, and we are looking at the contracts that are in that pipeline that we are working on, they are extremely significant. They will move the needle.

因此，首先，重要的是要了解，我們看到的來自我們最大、最重要的客戶的計算需求正在規模和數量級上不斷擴大。這是他們為了能夠將產品推向市場而需要進行的全球基礎設施重建。因此，當我們審視我們的管道，並審視我們正在處理的管道中的合約時，它們非常重要。他們會推動事態發展。

Having said that, these contracts are heavily negotiated, and they do take a significant amount of time in order to move through the cycle, to make sure that everything is done correctly so that we can successfully deliver the product and quality that our clients require. And so we think that you're going to continue to see step functions in compute as these large clients take large blocks of compute over long periods of time from CoreWeave. They like our product. They like the way we deliver compute. They like the performance of the compute.

話雖如此，這些合約經過了嚴格的談判，並且確實需要花費大量時間才能完成整個週期，以確保一切都正確完成，以便我們能夠成功交付客戶所需的產品和品質。因此我們認為，您將繼續看到計算中的階躍函數，因為這些大型用戶端會在很長一段時間內從 CoreWeave 取得大量計算區塊。他們喜歡我們的產品。他們喜歡我們提供計算的方式。他們喜歡計算機的性能。

And they will continue to buy from us as long as we can continue to build and deliver this infrastructure.

只要我們能夠繼續建造和交付這些基礎設施，他們就會繼續從我們這裡購買。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

Great. And I'll add my congratulations. In the Q2, can you give us a sense of how successfully you were able to repurpose older GPU clusters that had come off contract? Any changes today vis-a-vis how this was trending around the start of the year?

偉大的。我還要表示祝賀。在第二季度，您能否向我們介紹一下您如何成功地重新利用已經到期合約的舊 GPU 叢集？與年初的趨勢相比，今天有什麼改變嗎？

Yes, thank you for the question. It's a great question. So what we are seeing is we are seeing the infrastructure that is being delivered off of these contracts being re-contracted out for additional term in order to be able to continue to deliver that compute largely for inference. And so we're talking about the H100s. We're talking about the A100s.

是的，謝謝你的提問。這是一個很好的問題。因此，我們看到的是，這些合約所交付的基礎設施被重新簽訂了額外的合同，以便能夠繼續提供主要用於推理的計算。所以我們談的是 H100。我們正在談論 A100。

We're talking about delivery of this compute into contracts that are anywhere between one and 3 years in extension after the initial contract is over. And so we're pretty excited about that. We've also seen things, and this came up in the last call, where the OpenAI contract was contracted out for five years with two additional one-year extensions, which also provides a significant amount of transparency into how people view the runout of compute as it becomes an older generation.

我們正在討論將這些計算交付到合約中，合約期限在初始合約結束後延長 1 至 3 年。因此我們對此感到非常興奮。我們也看到了一些事情，這在上次電話會議中出現過，OpenAI 的合約簽訂了五年，另外還有兩次一年的延期，這也為人們如何看待計算能力隨著年齡增長而耗盡提供了相當大的透明度。

Tyler Radke, Citi.

花旗銀行的泰勒拉德克 (Tyler Radke)。

Two for me. So one question just on timing. You talked about the big CapEx ramp in Q4. Obviously, the revenue guide also implies a pretty big step-up in Q4. Can you just help us understand the timing aspect there, particularly with CapEx a little bit lighter than we expected in Q2. Is this simply kind of delays related to Blackwell? Or is it specific to kind of contracts that you're expecting to ramp in Q4?

對我來說是兩個。所以我只有一個關於時間的問題。您談到了第四季度資本支出的大幅成長。顯然，收入指南也暗示第四季將出現相當大的成長。您能否幫助我們了解時間方面的情況，特別是第二季的資本支出比我們預期的要少一些。這只是與布萊克威爾有關的延誤嗎？或者它是否特定於您預計在第四季度增加的合約類型？

And then the second question, just on the cost side. Nitin, you did highlight some increased costs. Obviously, you took up the revenue guide, but left operating income unchanged for the full year. So could you just elaborate like, what are those specific costs that you have to incur ahead of these contracts? Like, what is kind of coming in a bit higher than you expected? Just that would help us out in thinking through the mechanics.

第二個問題是關於成本方面。Nitin，你確實強調了一些增加的成本。顯然，您採用了收入指南，但全年營業收入保持不變。那麼，您能否詳細說明一下，在簽訂這些合約之前您必須承擔的具體成本有哪些？例如，什麼東西比你預期的高一點？這將有助於我們思考其中的機制。

Yes. So I'll take the first one and then Nitin can follow up on the cost side. So when we're looking at our build-out and ramp, it goes through a series of necessary steps, right? And so the way that this is going to work is we are going to build, from where we are right now, an additional 400-plus megawatts of power into our online and delivered compute and power. That is followed by the CapEx spend when the power is available, which is then followed by the revenue.

是的。因此，我將選擇第一個，然後 Nitin 可以跟進成本方面的問題。因此，當我們考慮擴建和建造時，它會經歷一系列必要的步驟，對嗎？因此，我們計劃以目前的情況為基礎，為我們的線上和交付計算和電力系統增加額外 400 多兆瓦的電力。接下來是電力可用時的資本支出，然後是收入。

And so we are very comfortable with the ramp that we are seeing in front of us in order to deliver the 900 megawatts-plus of power as we go through Q4. It is going to be backloaded, as Nitin said. We knew that it was going to be backloaded as we came in. And we're watching the build-out and scaling of that infrastructure very systematically as we continue to move through the year.

因此，我們對眼前的成長前景感到非常滿意，以便在第四季度提供超過 900 兆瓦的電力。正如尼廷所說，它將被推遲。當我們進來時，我們就知道它會被重新裝載。隨著時間的推移，我們正在非常系統地觀察該基礎設施的建設和擴展。

Thanks, Mike. And the other piece I would add to that is that we've been operationally preparing for this ramp-up, in executing and delivering this power by the end of the year. So we are ready to kind of go through that exercise at this moment. When we think about the costs, in particular, we do incur costs, especially associated with data center leases and expenses coming online as we deploy this infrastructure and get it ready for our customers before we start generating revenue on that infrastructure. That does create a timing mismatch, especially when you're adding capacity at the unprecedented scale we are adding, which is what you see reflected in our margin profile for the short duration as these customer contracts ramp up and the infrastructure associated with them is delivered to these customers.

謝謝，麥克。我想補充的另一點是，我們一直在為這次升級進行營運準備，以便在年底前執行並交付這項電力。所以我們現在已經準備好進行這項練習了。當我們考慮成本時，我們確實會產生成本，特別是與資料中心租賃相關的成本，以及在我們部署該基礎設施並為客戶做好準備然後開始在該基礎設施上產生收入時產生的費用。這確實會造成時間上的不匹配，特別是當你以我們前所未有的規模增加產能時，隨著這些客戶合約的增加以及與之相關的基礎設施交付給這些客戶，你會在我們的短期利潤率狀況中看到這種現象。

Brad Sills with Bank of America.

美國銀行的布拉德·西爾斯。

Wonderful. And I'll echo the congratulations on a real solid Q2 here. I wanted to ask about the different segments of the market here. You think about that in the big 3, the big enterprise AI companies or hyperscalers, if you will, and then you have the AI labs and then the enterprises themselves. As you've been embarking on this more product-led, software-led sale with Weights & Biases and the investment in Kubernetes, Slurm for Kubernetes, for example, are you seeing more of the pipeline, more of the business coming in weighted towards that next wave of AI lab and then eventually enterprises themselves?

精彩的。我在此再次對第二季的穩健表現表示祝賀。我想詢問一下這裡的不同市場部分。你可以想像三大巨頭，大型企業人工智慧公司或超大規模公司，如果你願意的話，然後你就有了人工智慧實驗室，然後是企業本身。當您開始透過 Weights & Biases 進行這種更以產品和軟體為主導的銷售，並投資 Kubernetes、Slurm for Kubernetes 時，您是否看到更多的管道、更多的業務轉向下一波人工智慧實驗室，並最終轉向企業本身？

Any commentary on just the end segments.

對結尾部分有任何評論嗎？

Yes. We're seeing incredibly broad-based demand for the compute, and it is coming from the massive labs, right? Like, that's clear. But what is less probably recognized in the market is that you're getting real green shoots in the sectorial growth of different parts of this market. And like, we try to make a little bit of a reference in the initial statement, right?

是的。我們看到對計算的需求非常廣泛，而且它來自大型實驗室，對嗎？就像，這很清楚。但市場上可能不太意識到的是，這個市場不同領域的產業成長正在出現真正的復甦跡象。就像，我們試圖在初始聲明中做一點參考，對嗎？

Like, within our VFX, we saw companies like Moonvalley, right? Like, that's incredible, right? Like, it's a new area of real growth from a new lab that's building products for a different part of the market, and that's really exciting.

例如，在我們的視覺特效中，我們看到了像 Moonvalley 這樣的公司，對吧？這太不可思議了，對吧？就像，這是一個來自新實驗室的真正成長的新領域，它正在為不同的市場部分打造產品，這真的令人興奮。

The financial players are really great to see. That's an enterprise type of client, but it also represents a different use for the actual computing infrastructure, an uncorrelated revenue source for us that we're really excited about. The big banks are starting to really show up, and they are massive consumers of compute. And so the productization within the enterprise companies like Hippocratic AI, these are really representative of different parts of the economy starting to adopt AI, using it to deliver services to different parts of the economy. And we think that's tremendously exciting.

看到金融界的參與者真是太棒了。這是一種企業類型的客戶，但它也代表了實際計算基礎設施的不同用途，這對我們來說是一個不相關的收入來源，我們對此感到非常興奮。大型銀行開始真正出現，它們是計算的巨大消費者。因此，像 Hippocratic AI 這樣的企業公司內部的產品化，實際上代表了經濟的不同部分開始採用人工智慧，並利用人工智慧為經濟的不同部分提供服務。我們認為這非常令人興奮。

Keep in mind that you've got a scale problem, right? And that when you have a company like OpenAI or an entity like OpenAI consuming compute, they're just doing it at an order of magnitude that these other companies have not achieved yet. And so we're excited to see the green shoots. We think it's fantastic. We love that it is broadening the consumption of compute.

請記住，您有一個規模問題，對嗎？當你擁有像 OpenAI 這樣的公司或像 OpenAI 這樣的實體來消耗計算時，他們只是以其他公司尚未達到的數量級來做到這一點。因此我們很高興看到復甦的曙光。我們認為這太棒了。我們很高興它能夠擴大計算的消耗。

But we are also well aware that for the time being, these really large consumers of compute will dominate the client component of our pipeline.

但我們也清楚知道，就目前而言，這些真正龐大的運算消費者將主導我們管道的客戶端元件。

One of the things that we're incredibly excited about is how Weights & Biases has, like, impacted our pipeline, right? Weights & Biases brings in 1,600 new clients. They bring in clients like British Telecom. It's just fantastic to see us forming relationships with these enterprise clients that are experimenting or learning or integrating AI into what they do, and it gives us an opportunity to position ourselves to become a supplier to them of the software and the hardware that they're going to require to be successful.

讓我們非常興奮的事情之一是 Weights & Biases 如何影響了我們的管道，對嗎？Weights & Biases 吸引了 1,600 名新客戶。他們引進了英國電信等客戶。看到我們與這些正在試驗、學習或將人工智慧融入其工作的企業客戶建立關係真是太棒了，這讓我們有機會成為他們成功所需的軟體和硬體的供應商。

Super exciting. And then one more, if I may, please. I know cost of debt is a big focus for you. And congratulations on the last two capital raises, bringing that down. As equity investors, we're not in those conversations with creditors.

超級刺激。如果可以的話，請再說一句。我知道債務成本是您關注的重點。恭喜最近兩次融資成功，實現了這個目標。作為股權投資者，我們不會與債權人進行這些對話。

Would love to get your kind of sense from those conversations. What are the puts and takes that are driving that cost of debt down?

很想從這些對話中了解您的感受。哪些因素會降低債務成本？

It's hard to overstate how excited I am about the progress that we have been able to make within the capital markets, within the debt markets. In a very fundamental way, what we have been doing is we have been bringing to bear the largest part of the capital markets, the debt markets, to the problem of building and scaling infrastructure. And it is an absolute necessity that, that part of the market, those pools of capital are able to come to bear because of the size, scale and cost of what needs to be done to build compute at a planetary scale.

我對我們在資本市場和債務市場所取得的進展感到十分興奮。從根本上來說，我們一直在做的是讓資本市場、債務市場的大部分力量來應對基礎建設和擴大的問題。而且，由於建構行星規模的計算所需的規模和成本，這部分市場、這些資本池必須能夠發揮作用。

And so it's just an incredible progress, and I'm incredibly proud of the team here that has been able to deliver the quality of infrastructure that lenders can understand, get their arms around and underwrite. And it's been three deals that have really gone through this step function. There were two deals within the high-yield space. And then there was the new DDTL, the delayed draw term loan, and that came in at SOFR plus 400. That entirely changes the economics that are embedded in the contracts that we are delivering to the market.

所以，這是一個令人難以置信的進步，我為這裡的團隊感到無比自豪，他們能夠提供貸款人能夠理解、掌握和承保的高品質基礎設施。已經有三筆交易真正經歷了這個步驟。高收益領域有兩筆交易。然後還有新的 DDTL，即延期提取定期貸款，其利率為 SOFR 加 400。這徹底改變了我們向市場交付的合約中的經濟原理。

And it is a step function of massive importance when Nitin is able to say, hey, we were able to drop our non-investment-grade borrowing cost by 900 basis points. That's a seismic level shift in the cost of capital.

當尼廷能夠說，嘿，我們能夠將非投資級借貸成本降低 900 個基點時，這是一個非常重要的步驟。這是資本成本的巨大轉變。

Mike Cikos, Needham & Company.

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

A bit of a two-parter. I just wanted to come back to the Weights & Biases. Great to hear on the 1,600 clients and how that's impacting the pipeline. Imagine this goes hand-in-hand with some of the increased OpEx investment we're seeing. But can you talk about where we are on the sales front as far as getting in front of those customers?

有點像兩個部分。我只是想回到權重和偏差。很高興聽到有關 1,600 名客戶的消息以及這對管道的影響。想像一下，這與我們所看到的一些增加的營運支出投資齊頭並進。但是您能否談談我們在銷售方面取得的進展以及在吸引這些客戶方面取得的進展？

You obviously had the Fully Connected developer event. But how is that tracking?

您顯然已經舉辦了完全連結的開發者活動。但追蹤效果如何？

And then the second piece I wanted to ask you about, for on-demand and spot availability, again, I think, Mike, you had said it's a high-quality problem, for sure, that as soon as it comes off contract, it's going back on. Would you need on-demand and spot availability to increase as another avenue for new logo acquisition to tie to inference with these newer customers or not necessarily?

然後我想問您的第二個問題，關於按需和現貨供應的問題，我想，邁克，您說過這肯定是一個高品質的問題，一旦合約到期，它就會重新開始。您是否需要增加按需和現貨可用性作為獲取新標誌的另一種途徑，以便與這些新客戶進行推理，或者不一定？

Yes. So look, the integration with Weights & Biases, between the two companies, has been fantastic. It's been one of the things that is so exciting to the legacy CoreWeave employees and the legacy Weights & Biases employees. I think that putting two organizations into a room that are so incredibly focused on the clients leads to incredible outcomes. And there have been three real products that have been developed by the combination of the Weights & Biases and the CoreWeave teams, right?

是的。所以看起來，兩家公司與 Weights & Biases 的整合非常順利。這是讓 CoreWeave 和 Weights & Biases 員工興奮不已的事情之一。我認為，將兩個如此關注客戶的組織放在一個房間裡會帶來令人難以置信的結果。而且 Weights & Biases 和 CoreWeave 團隊共同開發了三種真正的產品，對嗎？

And so we've integrated Weights & Biases into the Mission Control integration, which gives Weights & Biases clients, historically, the ability to now access the incredible observability in the Mission Control product to improve the performance of their use of the AI infrastructure. We've built a Weights & Biases inference product, which once again allows them an incredible amount of control over how they're using compute, what they're using compute, how it's impacting from really the data center all the way up.

因此，我們將 Weights & Biases 整合到 Mission Control 整合中，這使得 Weights & Biases 客戶能夠存取 Mission Control 產品中令人難以置信的可觀察性，從而提高他們使用 AI 基礎設施的效能。我們已經建立了一個權重和偏差推理產品，這再次讓他們能夠對如何使用計算、使用什麼計算以及它如何從資料中心一直向上產生影響進行大量控制。

And that level of transparency, clarity, is just an incredible differentiator for the services that we provide that differentiate our compute from other providers. And that's been a huge step function. And then the final product is actually the Weave product that has been pushed out by Weights & Biases and CoreWeave, which will allow folks to really make massive strides in optimizing all the way from their GPU through the code in their model to be able to drive performance. And so that's super exciting for us. And we do think that it will lead to increased traction.

這種透明度和清晰度是我們所提供的服務的一個令人難以置信的差異化因素，使我們的計算服務有別於其他提供者。這是一個巨大的進步。然後，最終產品實際上是由 Weights & Biases 和 CoreWeave 推出的 Weave 產品，它將允許人們在從 GPU 到模型中的程式碼的整個優化過程中真正取得巨大進步，從而能夠提高效能。這對我們來說非常令人興奮。我們確實認為它會帶來更大的吸引力。

We have always been an organization that has leaned on the concept of land and expand. We get a client to come in and try our infrastructure. The incredible performance of our infrastructure leads to a deeper relationship, leads to larger contracts, leads to a broadening of how they use us to drive their business.

我們一直是一個依賴土地和擴張理念的組織。我們讓客戶進來嘗試我們的基礎設施。我們的基礎設施的出色性能帶來了更深層次的關係，帶來了更大的合同，也帶來了他們利用我們來推動業務發展的更廣泛的方式。

And that's tried and true. I'll go back to the Moonvalley and the VFX side of the house, it's the same concept when we acquired Conductor. It's how you go about introducing yourself to this new area of the market and build upon it and expand upon it and bring in new clients. And so that acquisition is really moving along exactly how we had hoped it would.

這是經過驗證的。我會回到 Moonvalley 和房子的 VFX 一側，這與我們收購 Conductor 時的概念相同。這就是您如何將自己介紹到這個新的市場領域，並在此基礎上發展、擴展並吸引新客戶。因此，此次收購確實按照我們所希望的方式順利進行。

With regards to your question around on-demand and spot, like, I tried to say this earlier, and I'll go about it in a different way. Like, different use cases approach compute in different ways. They need different things. The profile of compute, the tooling that they're going to require, all of those things are incredibly important. And by having on-demand, what you're doing is you're creating a portion of our infrastructure that new players can use so that they can build new product.

關於您關於按需和現貨的問題，我之前曾嘗試過這麼說，現在我將以不同的方式來回答。例如，不同的用例以不同的方式進行計算。他們需要不同的東西。計算的概況、它們所需的工具，所有這些都非常重要。透過按需服務，您所做的就是創建我們基礎設施的一部分，新玩家可以使用該部分基礎設施來建立新產品。

They can open up new markets. And we really want to be able to continue to expand our footprint there because we think it's important. We've been very successful with it in the early days of our growth, and we think that it's an important part of what we will need to do to continue to provide such incredible productization of our compute over time.

他們可以開拓新的市場。我們確實希望能夠繼續擴大我們在那裡的影響力，因為我們認為這很重要。在我們發展的早期階段，我們已經取得了巨大的成功，我們認為這是我們繼續提供如此令人難以置信的運算產品化所需要做的重要部分。

All right. So thank you for coming through the Q2 earnings call with us. We appreciate the questions and your interest. Our standout second quarter results reflected continued execution across every dimension of the business. We're scaling rapidly to meet unprecedented demand for our purpose-built AI cloud platform, which continues to lead the industry in both performance and scale.

好的。非常感謝您參加我們第二季財報電話會議。我們感謝您的提問和關注。我們第二季的出色業績反映了我們業務各個方面的持續執行。我們正在迅速擴展以滿足對我們專用 AI 雲端平台的空前需求，該平台在性能和規模方面繼續引領業界。

We remain confident that 2025 will be a landmark year for CoreWeave. Our momentum is real. Our strategy is working, and we are just getting started.

我們堅信 2025 年將成為 CoreWeave 的里程碑。我們的勢頭是真實的。我們的策略正在發揮作用，而且我們才剛開始。

Thank you again for joining us today. I look forward to speaking to you at the next quarterly earnings call. Thank you.

再次感謝您今天加入我們。我期待在下次季度收益電話會議上與您交談。謝謝。