CoreWeave Inc (CRWV) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the CoreWeave third-quarter 2025 earnings call. (Operator Instructions)

感謝您的耐心等待。我叫蒂娜，今天我將擔任你們的會議接線生。在此，我謹代表 CoreWeave 公司歡迎各位參加 2025 年第三季財報電話會議。（操作說明）

Thank you. It is now my pleasure to turn the calls over to CoreWeave.

謝謝。現在我很高興將呼叫處理工作交給 CoreWeave。

Thank you. Good afternoon, and welcome to CoreWeave's third-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 年第三季財報電話會議。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. 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 to be filed with the SEC.

在正式開始之前，我想藉此機會提醒各位，我們今天的發言將包含一些前瞻性陳述。實際結果可能與這些前瞻性陳述所設想的結果有重大差異。可能導致這些結果與預期存在重大差異的因素已在今天的獲利新聞稿和我們將向美國證券交易委員會提交的 10-Q 表格季度報告中列出。

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. 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.

我們在本次電話會議中所做的任何前瞻性陳述均基於截至今日的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。在本次電話會議中，我們將介紹 GAAP 財務指標和某些非 GAAP 財務指標。今天的獲利新聞稿中包含了GAAP與非GAAP指標的調節表。

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.

獲利新聞稿及相關投資人簡報可在我們的網站 investors.coreweave.com 上查閱。本次電話會議的錄音回放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.

現在我想把電話交給麥克。

Good afternoon, everyone, and thank you for joining us. CoreWeave once again delivered an exceptional quarter, showcasing the accelerating momentum underlying our business as AI adoption proliferates globally across industries.

各位下午好，感謝各位的參與。CoreWeave 再次取得了卓越的季度業績，展現了隨著人工智慧在全球各行業的普及，我們業務發展勢頭日益強勁。

We continue to operate in a highly supply-constrained environment, where the demand for CoreWeave best-in-class AI cloud platform far exceeds available capacity. This insatiable customer demand is a clear signal that the world's leading companies trust CoreWeave to power their most critical AI workloads.

我們繼續在高度供應受限的環境中運營，對 CoreWeave 一流 AI 雲端平台的需求遠遠超過了可用容量。這種永無止境的客戶需求清楚地表明，世界領先的公司信賴 CoreWeave 來支援他們最關鍵的 AI 工作負載。

In Q3, we beat expectations, delivering revenue of $1.4 billion, up 134% year-over-year. We added over $25 billion in revenue backlog in the third quarter alone, bringing us to over $55 billion in revenue backlog to end Q3, almost double Q2 and approaching 4 times year-to-date. Further, CoreWeave has reached $50 billion in RPO, faster than any cloud in history. These results demonstrate the deep confidence customers have in CoreWeave, the company they trust as their essential cloud for artificial intelligence.

第三季度，我們超出預期，營收達 14 億美元，年增 134%。光是第三季度，我們就新增了超過 250 億美元的營收積壓訂單，使第三季末的營收積壓訂單超過 550 億美元，幾乎是第二季的兩倍，接近年初至今的 4 倍。此外，CoreWeave 的 RPO 已達 500 億美元，比歷史上任何雲端平台都快。這些結果表明，客戶對 CoreWeave 充滿信心，他們信賴 CoreWeave，並將其視為人工智慧領域不可或缺的雲端平台。

We continue to scale aggressively even as the industry remains capacity constrained. We expanded our active power footprint by 120 megawatts sequentially to approximately 590 megawatts, while growing our contracted power capacity over 600 megawatts to 2.9 gigawatts. This leaves us well positioned for future growth with more than 1 gigawatt of contracted capacity available to be sold to customers that we expect to largely come online within the next 12 to 24 months.

即使產業產能仍受限，我們仍將繼續積極擴大規模。我們連續增加了 120 兆瓦的運作功率，達到約 590 兆瓦；同時，我們的合約供電能力增加了 600 多兆瓦，達到 2.9 吉瓦。這使我們為未來的成長做好了充分準備，我們擁有超過 1 吉瓦的合約容量可供出售給客戶，我們預計這些客戶將在未來 12 至 24 個月內大部分上線。

In Q3, we executed large-scale compute contracts with many of our largest customers, including Meta and OpenAI. Each represents a meaningful expansion of existing relationships and a diversification away from any single customer. We also grew our relationship with a leading hyperscaler, marking the sixth contract with this customer to date. In fact, 9 of our 10 largest customers have now executed multiple agreements with us. The only exception being a new customer we onboarded in Q3.

第三季度，我們與包括 Meta 和 OpenAI 在內的許多最大客戶簽訂了大規模計算合約。每一項都代表著對現有關係的有意義的拓展，以及擺脫對單一客戶的依賴。我們還與一家領先的超大規模資料中心營運商加強了合作關係，這是迄今為止與該客戶簽訂的第六份合約。事實上，我們十大客戶中有九家已經與我們簽訂了多份協議。唯一的例外是我們第三季新引進的一位客戶。

CoreWeave is the force multiplier that empowers pioneers to accelerate breakthroughs in AI innovation. These are the world's most sophisticated AI organizations, and once they experience the performance, flexibility and reliability of CoreWeave Cloud, they consistently expand with us. That is the strongest validation we could ask for.

CoreWeave 是一個倍增器，它能幫助先驅者加速人工智慧創新領域的突破。這些都是世界上最先進的人工智慧組織，一旦他們體驗到 CoreWeave Cloud 的效能、靈活性和可靠性，他們就會持續與我們共同擴展業務。這是我們所能要求的最強而有力的驗證。

Our exceptional growth illustrates just how quickly AI adoption is progressing beyond the frontier AI labs and hyperscalers. Broader global demand and our recent large wins are driving diversification of our revenue base. For example, the number of customers that exceeded $100 million of revenue over the last 12 months tripled year-over-year.

我們卓越的成長表明，人工智慧的應用正在迅速超越前沿人工智慧實驗室和超大規模資料中心。全球需求的擴大以及我們近期的重大成功，正在推動我們收入來源的多元化。例如，過去 12 個月中收入超過 1 億美元的客戶數量年增了兩倍。

AI-native enterprises across sectors are embracing CoreWeave to transform operations and unlock new sources of innovation, productivity and growth. At the forefront of foundation model development, Poolside selected CoreWeave to power its mission to build artificial general intelligence and enable the deployment of agents across enterprises, while Periodic Labs is using CoreWeave to push boundaries of scientific discovery and computational research.

各行各業的 AI 原生企業都在採用 CoreWeave 來轉變營運方式，並釋放新的創新、生產力和成長來源。Poolside 處於基礎模型開發的前沿，選擇 CoreWeave 來支援其構建通用人工智慧並實現跨企業部署代理的使命，而 Periodic Labs 則使用 CoreWeave 來推動科學發現和計算研究的邊界。

At the application layer, we added AI-native customers like Jasper, who chose CoreWeave as their cloud partner as they transform the digital marketing landscape. We are also seeing incredible momentum within enterprises. CrowdStrike chose CoreWeave to advance the development of AI agents for cybersecurity, while Rakuten is using our platform to transform their visual language models, helping to achieve greater transparency, reproducibility and speed in their AI workloads.

在應用程式層，我們新增了像 Jasper 這樣的 AI 原生客戶，他們選擇 CoreWeave 作為其雲端合作夥伴，以改變數位行銷格局。我們也看到企業內部呈現強勁的發展動能。CrowdStrike 選擇 CoreWeave 來推進網路安全 AI 代理程式的開發，而 Rakuten 正在使用我們的平台來轉換其視覺語言模型，從而幫助其 AI 工作負載實現更高的透明度、可複現性和速度。

We also saw further expansion with a wide range of enterprise customers, including a leading software design platform and a large telco operator in the US. Our reach now extends into the public sector, a market with unique performance and security requirements. We recently launched CoreWeave Federal to bring our cloud services to the US government agencies and the defense industrial base.

我們也與眾多企業客戶建立了進一步的合作關係，其中包括一家領先的軟體設計平台和美國一家大型電信業者。我們的業務範圍現已擴展到公共部門，這是一個對性能和安全性有獨特要求的市場。我們最近推出了 CoreWeave Federal，旨在將我們的雲端服務帶給美國政府機構和國防工業基礎。

Already, NASA is leveraging our services to advance scientific exploration at its Jet Propulsion Lab. We are honored to help strengthen America's AI infrastructure, enabling agencies to accelerate innovation and address critical missions and our national interests. These recent wins underscore that we are enterprise-ready.

目前，NASA 正在利用我們的服務來推進其噴射推進實驗室的科學探索。我們很榮幸能夠協助強化美國的人工智慧基礎設施，使各機構能夠加速創新，應對關鍵任務，維護國家利益。這些近期的成功顯示我們已經做好了服務企業的準備。

With our customer base broadening across verticals and geographies, we are excited to welcome Jon Jones as our first Chief Revenue Officer. Jon joins us from AWS, where he served as Global Head of Startups and Venture Capital. Jon is a strong addition to our team and will play an important role scaling our global revenue organization and driving expansion through this next phase of growth.

隨著我們的客戶群在各個垂直領域和地理位置不斷擴大，我們很高興地歡迎 Jon Jones 擔任我們的首位首席營收長。Jon 先前在 AWS 擔任全球新創公司和創投主管。Jon 的加入將大大增強我們的團隊實力，他將在擴大我們全球收入組織規模和推動下一階段成長方面發揮重要作用。

Next, as I move to discuss our growing data center footprint, I want to briefly touch on our previously proposed acquisition of Core Scientific, which was terminated in October. While the deal made sense strategically for both companies, the valuation required by their shareholders was simply not a price that was appropriate for CoreWeave, particularly because the outcome of the transaction in no way adversely impacts our ability to achieve our growth ambitions in the coming years. Instead, we will continue to work closely with Core Scientific on the approximately 590 megawatts of capacity we have already leased.

接下來，在討論我們不斷擴大的資料中心規模時，我想簡要提及我們先前提出的對 Core Scientific 的收購計劃，該計劃已於 10 月終止。雖然這筆交易對兩家公司來說在策略上都很有意義，但股東要求的估值對 CoreWeave 來說並不合適，尤其是考慮到交易結果不會對我們在未來幾年實現成長目標的能力產生任何不利影響。相反，我們將繼續與 Core Scientific 密切合作，利用我們已經租賃的約 590 兆瓦的發電容量。

Our disciplined approach to expanding our capacity footprint ensures we are meeting the surging global demand for CoreWeave's cloud services. As I mentioned, we grew our contracted power capacity to 2.9 gigawatts this quarter as we diversified across size, geography and developers, enhancing resilience and flexibility across our portfolio.

我們以嚴謹的態度擴展產能，確保滿足全球對 CoreWeave 雲端服務日益增長的需求。正如我之前提到的，本季我們透過擴大規模、地理和開發商範圍，將合約電力容量增加到 2.9 吉瓦，從而增強了我們投資組合的韌性和靈活性。

As of Q3, no single data center provider represents more than approximately 20% of our contracted power portfolio. In the past quarter, we added eight new data centers across the US, strengthening our domestic coverage, with additional expansions underway across Europe, including a major new presence in Scotland, which is being developed in partnership with the UK government. And as we announced over the course of the summer, we have embarked on self-build projects to further accelerate our footprint and provide us greater operational control.

截至第三季度，沒有一家資料中心供應商在我們簽約電力組合中所佔比例超過 20%。上個季度，我們在美國新增了八個資料中心，加強了國內覆蓋範圍；同時，我們在歐洲也進行了進一步的擴張，包括在蘇格蘭建立一個新的大型資料中心，該資料中心是與英國政府合作開發的。正如我們在今年夏天宣布的那樣，我們已經啟動了自建項目，以進一步擴大我們的業務版圖，並賦予我們更大的營運控制權。

While we are experiencing relentless demand for our platform, data center developers across the industry are also enduring unprecedented pressure across supply chains. In our case, we are affected by temporary delays related to a third-party data center developer who is behind schedule. This impacts fourth quarter expectations, which Nitin will discuss shortly.

雖然我們的平台需求持續旺盛，但整個產業的資料中心開發商也正承受著供應鏈前所未有的壓力。就我們而言，我們受到了與第三方資料中心開發商進度落後相關的暫時性延誤的影響。這會影響第四季的預期，Nitin稍後會對此進行討論。

Having said that, the customer affected by the current delays has agreed to adjust the delivery schedule and extend the expiration date. As a result, we maintain the total value of the original contract and the customer preserves their capacity for the full duration of the initial agreement, demonstrating the confidence they have in our ability to provide the most performant solutions in market.

儘管如此，受當前延誤影響的客戶已同意調整交貨時間表並延長有效期限。因此，我們維持了原合約的總價值，客戶也得以在原協議的整個期限內保持其產能，這表明他們對我們有能力提供市場上性能最佳的解決方案充滿信心。

We are incredibly proud of our technical accomplishments and our customers continue to tell us that CoreWeave is the absolute best place to run AI workloads. In the third quarter, we continued to deliver many of the initial scale deployments of the GB200s, while once again being first to market this time with the GB300s, further highlighting our incredible track record of operational excellence. CoreWeave's industry leadership is unmatched. We are the only cloud provider to submit MLPerf Inference result for GB300s, setting the benchmark for real-world AI performance.

我們為自己的技術成就感到無比自豪，我們的客戶也不斷告訴我們，CoreWeave 是運行 AI 工作負載的最佳平台。第三季度，我們繼續交付了許多 GB200 的初始規模部署，同時再次率先將 GB300 推向市場，進一步凸顯了我們卓越的營運記錄。CoreWeave在業界的領先地位無人能及。我們是唯一提交 GB300 的 MLPerf 推理結果的雲端服務供應商，為現實世界的 AI 效能設定了基準。

And just last week, SemiAnalysis once again recognized our dominance, awarding CoreWeave its highest possible distinction, it's Platinum ClusterMAX ranking for the second time, ahead of more than 200 providers, including the hyperscalers and emerging neoclouds. No other cloud has achieved this once. CoreWeave has done it twice, underscoring yet again that CoreWeave stands alone at the forefront of the AI cloud.

就在上週，SemiAnalysis 再次認可了我們的主導地位，第二次授予 CoreWeave 最高榮譽——白金 ClusterMAX 排名，領先 200 多家供應商，其中包括超大規模雲端和新興的雲端服務提供商。此前沒有任何一家雲端平台達到這樣的成就。CoreWeave 已經兩次做到這一點，再次強調了 CoreWeave 在 AI 雲端領域的領先地位。

Demand for AI cloud technology remains robust across generations of GPUs. For example, in Q3, we saw our first 10,000-plus H-100 contract approaching exploration. Two quarters in advance, the customer proactively recontracted for the infrastructure at a price within 5% of the original agreement. This is a powerful indicator of customer satisfaction as well as the long-term utility and differentiated value of the GPUs run on CoreWeave's platform.

各代GPU對AI雲端技術的需求依然強勁。例如，在第三季度，我們看到了第一個超過 10,000 份 H-100 合約即將進入勘探階段。提前兩個季度，客戶主動續簽​​了基礎設施合同，價格與原合約價格相差不到 5%。這有力地表明了客戶滿意度，以及在 CoreWeave 平台上運行的 GPU 的長期實用性和差異化價值。

CoreWeave is the world's first AI cloud at hyperscale, comprising compute, storage, networking and software purpose-built for AI workloads. Our growing cloud portfolio is underpinned by an expanding suite of software and services that help our customers build, train and deploy new products faster.

CoreWeave 是全球首個超大規模 AI 雲端平台，包含專為 AI 工作負載建構的運算、儲存、網路和軟體。我們不斷成長的雲端產品組合以不斷擴展的軟體和服務套件為基礎，幫助我們的客戶更快地建置、培訓和部署新產品。

In addition to mission control, our proprietary orchestration solution, which is critical to autonomously operate our AI cloud at the bleeding edge. We recently launched CoreWeave AI Object Storage, a fully managed storage service that eliminates any friction of moving data between regions, clouds and tiers with zero egress or transaction fees.

除了任務控制之外，我們專有的編排解決方案對於自主運行我們處於最前沿的 AI 雲端至關重要。我們最近推出了 CoreWeave AI 物件存儲，這是一種完全託管的存儲服務，它消除了在不同區域、雲端和層級之間移動數據的任何摩擦，並且零出口費用或交易費用。

CoreWeave's AI Object Storage delivers the highest amount of throughput for AI workloads while cutting the customers' costs by more than 75%. We have already seen tremendous interest in this offering, adding a number of initial customers, including frontier AI labs like Mistral.

CoreWeave 的 AI 物件儲存可為 AI 工作負載提供最高的吞吐量，同時為客戶降低 75% 以上的成本。我們已經看到大家對這項服務表現出極大的興趣，並新增了一些客戶，其中包括像 Mistral 這樣的前沿人工智慧實驗室。

Across our entire storage platform, we have seen rapid customer adoption, eclipsing $100 million in ARR in Q3, combined with our unique global network backbone, purpose-built for AI, this positions CoreWeave as the hub for customers and their key AI workloads, enabling consistent best-in-class performance and seamless user experiences when utilizing CoreWeave cloud or a secondary provider.

在整個儲存平台上，我們看到了客戶的快速採用，第三季 ARR 超過 1 億美元。再加上我們專為 AI 構建的獨特全球網路骨幹網，這使得 CoreWeave 成為客戶及其關鍵 AI 工作負載的中心，無論使用 CoreWeave 雲端還是輔助供應商，都能實現始終如一的一流效能和無縫的用戶體驗。

We supplemented these capabilities with further expansion of our observability and security suites to ensure that CoreWeave is best positioned to handle all of our customers' critical workloads regardless of the use case or geography.

我們進一步擴展了可觀測性和安全套件，以增強這些功能，確保 CoreWeave 能夠最好地處理所有客戶的關鍵工作負載，無論用例或地理位置如何。

Our role over the last few years has been to support the pioneers who are developing and improving AI. Now we are expanding our role to help put AI to work. From the tools that developers require to build AI to the solutions that the physical world requires to adopt AI, we've used M&A as a key tool to accelerate this journey, including the recently announced acquisitions of OpenPipe, Marimo and Monolith.

過去幾年，我們一直致力於支援那些開發和改進人工智慧的先驅者。現在，我們正在擴大自身角色，幫助人工智慧發揮作用。從開發者建構人工智慧所需的工具到實體世界採用人工智慧所需的解決方案，我們一直將併購作為加速這一進程的關鍵工具，包括最近宣布收購 OpenPipe、Marimo 和 Monolith。

With OpenPipe, we quickly integrated their solutions into our broader fine-tuning product suite and introduced the first publicly available serverless reinforcement learning tool. With Marimo, we are expanding CoreWeave's exposure to and impact within the open-source community, starting with entry-level exploration and prototyping. Both OpenPipe and Marimo fit seamlessly with the capabilities of Weights & Biases, where we are rapidly growing the developer base reliant on CoreWeave's holistic platform.

借助 OpenPipe，我們迅速將其解決方案整合到我們更廣泛的微調產品套件中，並推出了第一個公開可用的無伺服器強化學習工具。透過 Marimo，我們正在擴大 CoreWeave 在開源社群中的影響力，從入門級的探索和原型設計開始。OpenPipe 和 Marimo 都與 Weights & Biases 的功能完美契合，我們正在迅速壯大依賴 CoreWeave 整體平台的開發者群體。

With Monolith, we are expanding these capabilities into the physical world to unlock the monetization of AI today, initially focusing on industrial use cases with an established enterprise customer base and mature workloads, including leading auto OEMs like Nissan and Stellantis.

透過 Monolith，我們將這些能力擴展到物理世界，以釋放人工智慧在當今的商業價值，最初專注於擁有成熟企業客戶群和成熟工作負載的工業用例，包括日產和 Stellantis 等領先的汽車 OEM 廠商。

Through the rapid and successful launch of new products and services, we are expanding our addressable market and growing with our customers. We are fundamentally evolving the capabilities of CoreWeave, which is creating beachheads and expansion opportunities into new markets, all in the service of further supporting the rapid growth of AI and enabling AI builders and innovators to get to market faster and more reliably and drive ROI.

透過快速成功地推出新產品和服務，我們正在擴大目標市場，並與客戶共同成長。我們正在從根本上發展 CoreWeave 的功能，這為進入新市場創造了灘頭陣地和擴張機會，所有這些都是為了進一步支持人工智慧的快速發展，並使人工智慧建構者和創新者能夠更快、更可靠地進入市場並提高投資回報率。

Our engagements are getting more sophisticated as evidenced by our partnership with CrowdStrike, which will unlock and accelerate partner-driven growth. Our new storage product and partnership with Vast Data is another example of accelerating both our product portfolio and partner go-to-market motions and allows us to compete in new markets where we previously had limited or no offerings. This facilitates customer-driven platform adoption and product-led growth, creating tailwinds for our business.

我們的合作方式變得越來越複雜，例如我們與 CrowdStrike 的合作，這將釋放並加速合作夥伴驅動的成長。我們與 Vast Data 合作推出的全新儲存產品，再次體現了我們加速產品組合和合作夥伴市場拓展步伐的決心，使我們能夠在以前產品有限或沒有產品的新市場中展開競爭。這有助於推動以客戶為導向的平台採用和以產品為導向的成長，從而為我們的業務創造順風。

As I close, I want to emphasize what truly sets CoreWeave apart. We are The Essential Cloud for AI, combining unmatched technical and operational excellence with a rapidly diversifying customer base. We deliver the most performant infrastructure, the fastest time to market and the most advanced capabilities in the industry. The world's leading AI innovators choose CoreWeave because we enable them to move faster, scale smarter and achieve outcomes that simply are not possible anywhere else. Our momentum has never been stronger, and the opportunities ahead continue to expand.

最後，我想強調CoreWeave真正的獨特之處。我們是人工智慧領域不可或缺的雲端平台，擁有無與倫比的技術和營運優勢，以及快速成長的客戶群。我們提供業界表現最強的基礎設施、最快的上市速度和最先進的功能。全球領先的人工智慧創新者選擇 CoreWeave，因為我們能夠幫助他們更快地行動、更聰明地擴展規模，並取得其他任何地方都無法實現的成果。我們的發展勢頭從未如此強勁，未來的機會也不斷擴大。

Powered by exceptional products, an extraordinary team and unrivaled execution, CoreWeave is ready to enter the next phase of growth as a full-stack AI service provider and hyperscale. The future runs on CoreWeave, and we are just getting started.

憑藉卓越的產品、傑出的團隊和無與倫比的執行力，CoreWeave 已準備好作為全端 AI 服務提供者和超大規模企業進入下一個成長階段。未來將基於 CoreWeave 運行，而我們才剛剛起步。

With that, here's Nitin.

接下來，讓我們來認識尼丁。

Thanks, Mike, and good afternoon, everyone. Our impressive third quarter results reinforce the relentless demand for CoreWeave and our focused execution in building the essential cloud for AI. As Mike shared, we continue to execute within a highly supply-constrained environment, which we expect to persist for an extended period of time.

謝謝你，麥克，大家下午好。我們令人矚目的第三季業績進一步印證了市場對 CoreWeave 的持續需求，以及我們在建構人工智慧關鍵雲端平台方面所採取的專注措施。正如麥克所說，我們繼續在高度供應受限的環境下開展業務，我們預計這種情況將持續相當長一段時間。

Our continued focus on delivering the most performant solution in the market and investing up and down the stack is spurring growth and diversification across our customer base from new enterprises and AI-natives to expansion with existing customers. Now turning to Q3 results. Q3 revenue was $1.4 billion, up 134% year-over-year, driven by robust customer demand and strong execution.

我們持續專注於提供市場上最佳表現的解決方案，並在整個技術堆疊上進行投資，這促進了我們客戶群的成長和多元化，從新興企業和人工智慧原生企業到現有客戶的擴張。現在來看第三季業績。第三季營收達 14 億美元，年增 134%，這主要得益於強勁的客戶需求和出色的執行力。

Revenue backlog for the quarter ended at $55.6 billion, almost doubling in the third quarter alone. Demand remains robust for not just the Blackwell platform but across our GPU portfolio. In the third quarter, we signed a number of deals for older generations of GPUs, adding new customers and recontracting existing capacity.

本季營收積壓達到 556 億美元，光是第三季就幾乎翻了一番。不僅 Blackwell 平台，我們整個 GPU 產品組合的需求依然強勁。第三季度，我們簽署了多項舊款 GPU 的交易，新增了客戶並續簽了現有產能合約。

The breadth of demand for CoreWeave's cloud services has enabled us to reduce our customer concentration significantly. Today, no single customer represents more than approximately 35% of our revenue backlog, down from approximately 50% last quarter and even more meaningfully from approximately 85% to begin the year. Additionally, as of Q3, more than 60% of our revenue backlog is tied to investment-grade customers. This is what successful execution against our stated goal of platform and customer diversification looks like.

CoreWeave 雲端服務的廣泛需求使我們能夠大幅降低客戶集中度。目前，沒有任何一個客戶的收入佔比超過我們積壓訂單的 35%，低於上個季度的約 50%，更遠低於年初的約 85%。此外，截至第三季度，我們超過 60% 的收入積壓都與投資等級客戶有關。這就是我們成功實現平台和客戶多元化目標的成果。

Operating expenses in the third quarter were $1.3 billion, including stock-based compensation expense of $144 million. We continue to ramp our investments in data center and server infrastructure to execute against our growing revenue backlog, which contributed to the increase in our cost of revenue and technology and infrastructure spend in Q3.

第三季營運支出為 13 億美元，其中包括 1.44 億美元的股票選擇權費用。為了因應不斷增長的收入積壓訂單，我們持續增加對資料中心和伺服器基礎設施的投資，這也導致了我們第三季收入成本以及技術和基礎設施支出的增加。

In addition, the increase in sales and marketing was driven by investments in marketing and scaling our go-to-market organization to capture the rapid growth of AI opportunities across enterprises and AI natives. The increase in G&A was driven by professional services and head count.

此外，銷售和行銷的成長得益於對行銷的投資以及擴大我們的行銷組織規模，以抓住企業和人工智慧原生企業中人工智慧機會的快速成長。一般及行政費用的成長是由專業服務增加和人員編制增加所推動的。

Adjusted operating income for Q3 was $217 million compared to $125 million in Q3 of 2024. Our Q3 adjusted operating margin was 16%. Adjusted operating income was better than expected due to higher revenue, lower costs due to timing of data center deliveries from our third-party partners and improved fleet efficiencies.

第三季調整後營業收入為 2.17 億美元，而 2024 年第三季為 1.25 億美元。我們第三季調整後的營業利益率為16%。由於收入增加、第三方合作夥伴資料中心交付時間表合理導致成本降低以及車隊效率提高，調整後的營業收入好於預期。

Net loss for the third quarter was $110 million, compared to $360 million net loss in Q3 of 2024. Interest expense for Q3 was $311 million compared to $104 million in Q3 of 2024 due to increased debt to support the scaling of our infrastructure, partly offset by the benefit from better interest rates on our debt as we make further progress in lowering our cost of capital.

第三季淨虧損為 1.1 億美元，而 2024 年第三季淨虧損為 3.6 億美元。由於為支持基礎設施規模擴張而增加債務，第三季利息支出為 3.11 億美元，而 2024 年第三季為 1.04 億美元；隨著我們在降低資本成本方面取得進一步進展，債務利率改善帶來的好處部分抵消了這一增加。

Adjusted net loss for Q3 was $41 million compared to approximately breakeven in Q3 of 2024, while adjusted EBITDA for Q3 was $838 million compared to $379 million in Q3 of 2024, increasing more than 2x year-over-year. Our adjusted EBITDA margin was 61%.

經調整後，第三季淨虧損為 4,100 萬美元，而 2024 年第三季則基本實現盈虧平衡；經調整後，第三季 EBITDA 為 8.38 億美元，而 2024 年第三季為 3.79 億美元，年成長超過 2 倍。我們調整後的 EBITDA 利潤率為 61%。

Turning to capital expenditures. CapEx in Q3 totaled $1.9 billion, lower than anticipated due to the delays Mike mentioned related to deliveries from a third-party data center provider. The meaningful growth in construction in progress to $6.9 billion, an increase of $2.8 billion quarter-over-quarter, is a direct result. As a reminder, construction in progress represents infrastructure not yet in service and is excluded from CapEx until it is deployed.

接下來談談資本支出。第三季資本支出總額為 19 億美元，低於預期，這是由於 Mike 提到的第三方資料中心供應商的交付延遲所造成的。在建工程項目價值顯著增長至 69 億美元，環比增長 28 億美元，這是直接結果。需要提醒的是，在建工程是指尚未投入使用的基礎設施，投入使用前不計入資本支出。

Now let's turn to our balance sheet and strong liquidity position. As of September 30, we had $3 billion in cash, cash equivalents, restricted cash and marketable securities. Growing rapidly and operating at scale demands a strategic approach to securing capital. CoreWeave has established itself as the leading AI cloud and the leading innovator in financing the infrastructure required to power the world's most advanced workloads for enterprises and AI labs.

現在讓我們來看看我們的資產負債表和強勁的流動性狀況。截至9月30日，我們擁有30億美元的現金、現金等價物、受限現金和有價證券。快速成長和規模化營運需要採取策略性方法來獲取資金。CoreWeave 已成為領先的 AI 雲端平台和領先的創新者，致力於為企業和 AI 實驗室提供支援全球最先進工作負載所需的基礎設施融資。

We continue to make great progress in strengthening our capital structure and lowering our cost of capital. In Q3, we amended the DDTL 2.0 Facility by increasing its remaining drawable capacity by over $400 million to create a new $3 billion tranche at SOFR plus 4.25%, which is significantly below the original cost of the facility. As we discussed previously, we also closed DDTL 3.0 in the third quarter priced at SOFR plus [400], which represents a 900-basis point decrease from the noninvestment-grade portion of our prior facility.

我們在加強資本結構和降低資本成本方面持續取得巨大進展。第三季度，我們對 DDTL 2.0 整合機制進行了修訂，將其剩餘可提取額度增加了 4 億美元以上，以 SOFR 加 4.25% 的利率創建了一個新的 30 億美元融資批次，這遠低於該融資機制的原始成本。正如我們之前討論的那樣，我們在第三季度完成了 DDTL 3.0 的融資，定價為 SOFR 加 [400]，這比我們先前融資安排的非投資級部分降低了 900 個基點。

Going forward, we expect to continue to be able to finance at lower spreads as our capital providers increasingly appreciate our best-in-class execution as well as durable cash flow and visibility that underpin our take-or-pay customer contracts. Further, we raised $1.75 billion in senior notes in July, extending our exposure to the high-yield market at a cost 25 basis points lower than our inaugural offering in May.

展望未來，我們預計能夠繼續以較低的利差進行融資，因為我們的資金提供者越來越認可我們一流的執行力以及支撐我們照付不議客戶合約的穩定現金流和可見性。此外，我們在 7 月發行了 17.5 億美元的優先票據，擴大了我們在高收益債券市場的投資，成本比 5 月的首次發行低 25 個基點。

Year-to-date, CoreWeave has successfully secured $14 billion in debt and equity transactions to support our execution on our rapidly growing backlog and efficient scaling for long-term growth. Other than payments related to OEM vendor financing and self-amortizing debt through committed contract payments, we have no debt maturities until 2028.

今年以來，CoreWeave 已成功獲得 140 億美元的債務和股權交易，以支持我們快速成長的積壓訂單的執行和長期成長的有效擴展。除了與 OEM 供應商融資相關的付款和透過承諾的合約付款進行自我攤銷的債務外，我們在 2028 年之前沒有到期債務。

Turning to tax. In Q3, we recorded a noncash tax benefit, primarily due to the impact of One Big Beautiful Bill. While the size of the impact to Q3 was onetime in nature due to a year-to-date catch-up, we expect the change in law to enable CoreWeave to realize cash tax savings in future periods.

轉而討論稅務問題。第三季度，我們獲得了一項非現金稅收優惠，這主要是由於《一項偉大的法案》的影響。雖然由於年初至今的業績追趕，第三季受到的影響是一次性的，但我們預計法律的改變將使 CoreWeave 在未來的時期實現現金稅收節省。

Now turning to guidance. As mentioned, the delays in powered-shell delivery associated with the data center provider will have an impact on our fourth quarter results. These delays are temporary, and as Mike noted, the affected customer has agreed to adjust the delivery schedule to preserve their capacity for the full duration and the total value of the original agreement.

現在進入指導環節。如前所述，與資料中心供應商相關的 PowerShell 交付延遲將對我們的第四季業績產生影響。這些延誤是暫時的，正如麥克指出的那樣，受影響的客戶已同意調整交貨計劃，以在原始協議的整個期限內保持其產能和總價值。

With that backdrop, we now expect 2025 revenue in the range of $5.05 billion to $5.15 billion. In addition, we anticipate 2025 adjusted operating income between $690 million to $720 million and expect to end the year with over 850 megawatts of active power.

在此背景下，我們現在預計 2025 年的營收將在 50.5 億至 51.5 億美元之間。此外，我們預計 2025 年調整後營業收入將在 6.9 億美元至 7.2 億美元之間，並預計到年底活躍發電量將超過 850 兆瓦。

In Q4, we will be bringing online some of the largest scale deployment in our company's history. This will have a near-term impact on adjusted operating margin due to the timing difference between when data center costs are first incurred and when we start recognizing revenue. We expect 2025 interest expense in the range of $1.21 billion to $1.25 billion, driven by increased debt to support our demand-led CapEx growth, partly offset by an increasingly lower cost of capital.

第四季度，我們將推出公司史上規模最大的部署項目之一。由於資料中心成本首次發生的時間與我們開始確認收入的時間之間存在時間差，這將對調整後的營業利潤率產生短期影響。我們預計 2025 年利息支出將在 12.1 億美元至 12.5 億美元之間，這主要是由於為支持需求驅動的資本支出增長而增加的債務，部分被不斷下降的資本成本所抵消。

Moving to CapEx. We now expect 2025 CapEx in the range of $12 billion to $14 billion. We expect this reduction in CapEx from our prior guidance will be mostly reflected by a corresponding increase in construction in progress due to the buildup of infrastructure waiting to be deployed following the delivery of powered-shell capacity. As such, the vast majority of the remaining CapEx we had previously anticipated to land in Q4 will now be recognized in Q1.

轉為資本支出。我們現在預計 2025 年資本支出將在 120 億美元至 140 億美元之間。我們預計，與先前的預期相比，資本支出的減少將主要體現在在建工程的相應增加上，這是由於在交付動力外殼產能後，等待部署的基礎設施建設所致。因此，我們先前預計在第四季度實現的剩餘資本支出的大部分現在將在第一季確認。

In addition, given the significant growth in our backlog and continued insatiable demand for our cloud services, we expect CapEx in 2026 to be well in excess of double that of 2025. These investments in our infrastructure platform will strengthen our competitive moats and support our continued hyper growth.

此外，鑑於我們的積壓訂單大幅成長，以及市場對我們雲端服務持續旺盛的需求，我們預計 2026 年的資本支出將遠遠超過 2025 年的兩倍。這些對我們基礎設施平台的投資將增強我們的競爭優勢，並支持我們持續的高速成長。

In closing, we delivered a record third quarter and remain more confident than ever in the long-term trajectory of our business. Over the course of this year, we've made tremendous progress accelerating our revenue backlog growth that now exceeds $55 billion while diversifying our customer base, executing strategic partnerships and acquisitions to strengthen and broaden our platform, accessing new capital pools that meaningfully reduce our cost of capital and scaling both our capacity and organization at an unprecedented pace. This progress enables us to seize the opportunities in front of us today and create a strong foundation for years to come.

總之，我們第三季業績創歷史新高，對公司業務的長期發展前景比以往任何時候都更充滿信心。今年以來，我們在加速收入積壓成長方面取得了巨大進展，目前已超過 550 億美元；同時，我們也實現了客戶群多元化，開展了戰略合作和收購，以加強和擴大我們的平台，獲得了新的資金池，從而顯著降低了我們的資本成本，並以前所未有的速度擴大了我們的產能和組織規模。這項進展使我們能夠抓住眼前的機遇，並為未來幾年奠定堅實的基礎。

Our addressable market continues to expand, not only as AI adoption proliferates across industries and use cases, but also through deliberate business decisions we've made to broaden our product portfolio and capture greater wallet share across the industry. CoreWeave is reaching escape velocity, scaling more rapidly and efficiently and solidifying our leadership as the essential cloud for AI.

我們的潛在市場不斷擴大，這不僅是因為人工智慧在各行各業和各種應用場景中的普及，也是因為我們做出了深思熟慮的商業決策，以擴大我們的產品組合，並在整個行業中贏得更大的市場份額。CoreWeave 正在加速發展，以更快、更有效率的方式擴展規模，並鞏固我們作為人工智慧必備雲端平台的領先地位。

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.

感謝各位投資人與分析師的支持與參與。我們期待在接下來的幾個季度向您報告我們的進展。

With that, we move to Q&A.

接下來，我們進入問答環節。

(Operator Instructions)

（操作說明）

Mark Murphy, JPMorgan.

馬克墨菲，摩根大通。

Thank you, Michael. Every discussion we have across the AI landscape, we hear that bookings are booming, and obviously, that applies to CoreWeave. But the bottlenecks around power and manpower are just becoming so severe.

謝謝你，麥可。在人工智慧領域，我們每次討論都會聽到預訂量激增的說法，顯然，CoreWeave 也是如此。但是，電力和人力的瓶頸問題正變得越來越嚴重。

Can you speak to that situation relating to the third-party provider. Specifically, is it a shortage of power or manpower? Is it something outside of that with GPUs, remember your storage?

您能否談談與第三方供應商相關的情況？具體來說，是電力短缺還是人力短缺？除了GPU之外，還有儲存方面的問題嗎？

And then have you spoken to your other third-party providers to get a sense of their own trending relative to schedule and whether they think they can hold on their or deliver on their commitments into early next year?

那麼，您是否與其他第三方供應商溝通過，了解他們自身的進度安排情況，以及他們是否認為自己能夠堅持或履行到明年初的承諾？

Let me kind of take that question apart a few different ways, right? So first of all, you're correct. It is very frustrating for our clients. It's very frustrating for us because of the kind of systemic challenges that exist within the supply chains that are necessary to deliver a -- the global infrastructure that's required for artificial intelligence.

讓我從幾個不同的角度來分析這個問題，好嗎？首先，你說得對。這令我們的客戶非常沮喪。這讓我們非常沮喪，因為在提供人工智慧所需的全球基礎設施所需的供應鏈中存在著各種系統性挑戰。

Having said that, we have taken a number of steps along the way here to really drive home our ability to manage that environment, which is going to be challenging into the future. We've really spent a lot of time diversifying our data center providers. We have created a significant portion the company dedicated to being able to facilitate and assist with the operational component of delivering infrastructure. We set up our own self-build efforts, including Kenilworth and Lancaster, Pennsylvania. Lancaster, Pennsylvania.

話雖如此，我們一路也採取了一系列措施，以真正增強我們應對未來挑戰性環境的能力。我們確實花了很多時間來使我們的資料中心供應商多元化。我們已在公司內部設立了相當一部分專門用於促進和協助基礎設施交付的營運環節。我們開展了自己的自建項目，包括賓州的肯尼爾沃思和蘭開斯特。賓州蘭開斯特。

So you see us kind of really spreading out our -- and ensuring that we're doing everything that is possible to limit the damage associated with or the delays associated with delivering this infrastructure, which is just overwhelming the supply chains.

所以你會看到我們正在盡最大努力擴大規模，確保我們盡一切可能減少與交付這項基礎設施相關的損害或延誤，因為這給供應鏈帶來了巨大壓力。

Now when you have a diversified portfolio of paths to infrastructure, the relative impact of each delay becomes smaller. You'd just be able to draw on different data centers as you're getting delivered. And so we really look at this as, this is a significant block of infrastructure that's come on late. But the fact that the ultimate end customer that's going to be consuming this infrastructure has shifted the contract back to allow us to be able to deliver the full contract value in spite of the delays really speaks to the value that the customers get out of our infrastructure.

現在，當您擁有多元化的基礎設施建設路徑時，每次延誤的相對影響就會減少。您可以根據資料交付情況，從不同的資料中心取得資料。因此，我們認為這是一個姍姍來遲的重要基礎建設。但最終使用該基礎設施的終端客戶已經將合約期限延後，以便我們能夠在延誤的情況下交付全部合約價值，這充分說明了客戶從我們的基礎設施中獲得的價值。

So you're going to be hearing this theme repeated again and again as you talk to not just CoreWeave, but you talk across the space. And it is a real challenge at the powered-shell level. It's not a challenge for power, right? There's plenty of power right now, and we believe that there will be ample power for the next couple of years. But really where the challenge is, is the powered shell.

因此，當你與 CoreWeave 以及整個空間進行交流時，你會一遍又一遍地聽到這個主題。在動力外殼層面，這確實是一個真正的挑戰。這不是權力之爭，對吧？目前電力供應充足，我們相信未來幾年電力供應也會很充足。但真正的挑戰在於動力外殼。

And so Michael, does this not relate to Core Scientific in any way? Or is this totally removed from that situation that you've gone through?

那麼邁克爾，這件事和Core Scientific公司沒有任何關係嗎？還是這與你經歷過的情況完全無關？

So I'm not going to speak to any specific one of the data center providers. We're working with all of our data center providers to do everything we can to facilitate the ultimate delivery of the infrastructure that they're going to deliver to us. We've had some incredible success getting infrastructure delivered to us as you continue to see us scaling. You saw us hit 500 -- approximately 590 megawatts. We're up 120 megawatts since the last call.

所以我不會具體談論任何一家資料中心提供者。我們正在與所有資料中心供應商合作，盡一切努力促成他們最終向我們交付基礎設施。隨著我們規模的不斷擴大，我們在基礎設施交付方面取得了令人矚目的成功。你們都看到了我們達到了 500——大約 590 兆瓦。自上次通話以來，我們增加了 120 兆瓦。

So you are seeing a significant amount of success as we continue to scale delivery. But I don't think it really matters who the individual data center provider is. This is a systemic problem that the industry is going to have to deal with for the foreseeable future.

隨著我們不斷擴大交付規模，我們看到了顯著的成功。但我認為具體是哪家資料中心供應商其實並不重要。這是該產業在可預見的未來都必須面對的系統性問題。

The important part here is that or the important part from my seat is that the infrastructure, which is undergoing a delay is not going to impact our backlog and our ability to extract the full value from the contracts that we're going to deliver on.

關鍵在於，或者說在我看來，關鍵在於，目前基礎設施建設的延誤不會影響我們的積壓訂單，也不會影響我們從即將交付的合約中獲取全部價值的能力。

Keith Weiss, Morgan Stanley.

基斯‧韋斯，摩根士丹利。

Excellent, thank you guys for taking the question and congratulations on another super impressive quarter in terms of building out that backlog. You're right, we just -- we've never seen this in terms of any cloud provider being able to build out that quickly.

太好了，感謝各位回答這個問題，也祝賀你們在完成積壓訂單方面又取得了令人矚目的季度成績。你說得對，我們——我們從未見過任何雲端服務供應商能夠如此迅速地進行擴展。

Mike, I wanted to ask you a question that's been asked to us a lot that we're hearing a lot on CNBC. And it's really about sort of the risk of overcapacity. But I think it's more narrow than that people are worried about overcapacity from -- of what's being contracted by AI labs out there.

麥克，我想問你一個我們常被問到的問題，這個問題我們在CNBC也常聽到。實際上，這關乎產能過剩的風險。但我認為人們擔心的不僅是產能過剩，而是人工智慧實驗室承包的項目數量過多。

The question I want to ask you, though, is how we should think about your guys' infrastructure and the infrastructure that you build? And how fungible that infrastructure really is? When you're building out for a particular customer, do those data centers, is that usable for any customer? Is it usable for inference and training? Or do you really build-to-suit to a certain customer that would lock you in and give you kind of less degrees of freedom, if you will, if one customer is doing better or worse?

不過，我想問你們的問題是，我們該如何看待你們的基礎設施以及你們正在建造的基礎設施？這種基礎設施的可替代性究竟有多強？在為特定客戶建置資料中心時，這些資料中心是否也適用於其他客戶？它是否可用於推理和訓練？或者，你真的會為了迎合某個特定客戶而量身定制產品，這樣一來，如果某個客戶的業績更好或更差，你就會受到限制，自由度也會降低嗎？

Yeah, Keith, that's an excellent question. It's actually something that we've spent a lot of time thinking about here as we kind of proceed with our relationships with all our customers.

是的，基思，這是一個很好的問題。事實上，在我們與所有客戶建立關係的過程中，我們花了很多時間思考這個問題。

And so in short, the infrastructure is fungible. It would be able to be transferred from one client to another. The infrastructure is built to the most demanding specs. So it's able to be used for training. It's able to be used for inference. We really have thought a lot about making sure that we maintain as much optionality, as much flexibility within our infrastructure build as possible.

簡而言之，基礎設施是可替代的。它可以從一個客戶轉移到另一個客戶。該基礎設施按照最嚴格的標準建造。所以它可以用於訓練。它可以用於推理。我們確實認真考慮過，要確保在基礎設施建設中保持盡可能多的選擇和靈活性。

And I want to highlight for everyone that a lot of that flexibility, a lot of that fungibility really does tie back to the incredible software suite that we provide that allows for such effective use of the infrastructure, right?

我想向大家強調，這種靈活性和可替代性很大程度上都歸功於我們提供的出色軟體套件，該套件能夠如此有效地利用基礎設施，對吧？

Like when SemiAnalysis did their annual kind of review of the alternatives out there, there's a reason that CoreWeave has come back time and time again as singular, as the best solution for this type of infrastructure that exists in the world. And that includes the hyperscalers, the neoclouds and everyone else that's trying to deliver this infrastructure. We just do a great job, and we believe that there's a lot of value that we are protecting by providing such a robust software suite to be able to deliver infrastructure.

就像 SemiAnalysis 每年對現有替代方案進行審查時一樣，CoreWeave 一次又一次地被評為世界上此類基礎設施的最佳解決方案是有原因的。這其中也包括超大規模資料中心、新型雲端服務商以及所有其他試圖提供這種基礎設施的公司。我們只是做得非常出色，我們相信，透過提供如此強大的軟體套件來交付基礎設施，我們正在保護很多價值。

Kasthuri Rangan, Goldman Sachs.

卡斯圖裡·蘭甘，高盛。

Hi, thank you very much and impressive backlog growth. Two things that I wanted to just touch upon. One is, Mike, I think you've talked about how you're going to be diversifying your contractors and the latest to decide. Maybe you could give us an honestly goodness update on how far are we away from potentially reaching a point where any disruptions that have nothing to do with your business should not affect your revenue outlook? How far away are we from that point?

您好，非常感謝，積壓訂單成長令人印象深刻。我想簡單提兩件事。一是，麥克，我想你已經談到你將如何使你的承包商多元化，以及最新的決定。或許您可以坦誠地告訴我們，距離實現任何與貴公司業務無關的干擾都不會影響貴公司收入前景的目標還有多遠？我們距離那個點還有多遠？

And secondly, when you look at the developments, I mean, nobody expected, maybe some did, but a $250 billion contract for OpenAI with Microsoft, nobody expected a $300 billion contract, OpenAI with Oracle. All of a sudden, the -- certainly, CoreWeave has got a unique value proposition being able to stand up GPU clusters very quickly and very effectively at the speed of thought almost.

其次，看看這些發展，我的意思是，沒人預料到，也許有些人預料到了，OpenAI 與微軟簽訂了價值 2500 億美元的合同，也沒人預料到 OpenAI 與 Oracle 簽訂了價值 3000 億美元的合同。突然之間，CoreWeave 確實擁有獨特的價值主張，它能夠以幾乎瞬息萬變的速度快速有效地建立 GPU 叢集。

But in a landscape, we're talking hundreds of millions of dollars being awarded to the hyperscaler giants, what gives you the uniqueness three to four years from now when things have sort of settled into a supply equals demand? When we look back at CoreWeave, what will be the shining value proposition that keeps you in the game at that point in time? And thank you so much, and that's it for me.

但在一個數億美元被授予超大規模資料中心巨頭的環境下，三到四年後，當供需趨於平衡時，是什麼讓你擁有獨特性呢？當我們回顧 CoreWeave 的發展歷程時，屆時能夠讓你繼續留在市場中的閃光價值主張是什麼？非常感謝，我的話就說到這裡。

Yeah, thank you. Let me break that question into 2 pieces, right? The first question you asked is about diversification and when does it start -- when does it stop kind of causing dislocation in our numbers as we're delivering them quarter-to-quarter.

是啊，謝謝。讓我把這個問題分成兩個部分來回答，好嗎？你問的第一個問題是關於多元化，以及多元化何時開始——何時停止，以免在我們按季度提交數據時造成數據混亂。

And what I would like to focus you on here is, as the individual builds becomes smaller relative to the size of the entire portfolio of data centers that we are running, the impact of being a couple of weeks late will become less and less meaningful in the general accounting of what's going on, right?

我想讓大家關注的是，隨著單一資料中心相對於我們營運的整個資料中心組合的規模越來越小，延遲幾週的影響在整體情況的統計中將變得越來越不重要，對吧？

So when you're delivering 590 megawatts of power, and you have a step function of 200 or 300, it's a material percentage that's going to be delivered over the next quarter, right? As we become larger and larger and start to build out the full 2.9 gigawatts of power that we have, having a data center that's 100 megawatts delayed a week or 2 is not going to have a material impact.

所以，當你輸送 590 兆瓦的電力，並且你的階躍函數為 200 或 300 時，這部分電力將在接下來的一個季度內輸送，對吧？隨著我們規模越來越大，並開始充分利用我們擁有的 2.9 吉瓦電力，一個 100 兆瓦的資料中心延遲一兩週不會產生實質影響。

And as Nitin said, we expect the overwhelming majority of that 2.9 gigawatts of power to be brought into service over the next 12 to 24 months. And so that will give you a really good idea of how the curve begins to become more smooth as we get larger and the relative impact of each data center becomes smaller. And so that's the first part on the scaling side.

正如尼廷所說，我們預計這 2.9 吉瓦電力中的絕大部分將在未來 12 至 24 個月內投入使用。這樣一來，你就能很好地了解隨著規模的擴大，曲線是如何變得越來越平滑，每個資料中心的相對影響又是如何減少的。這就是規模化的第一部分。

The second part is the question you're asking has been asked of us since we started this business. Why is CoreWeave going to be able to deliver GPUs faster? Why are we going to be able to deliver the GPUs that NVIDIA uses to run its MLPerf? Why are we going to be able to create software that is going to define the space?

第二部分，也就是你提出的問題，自從我們創辦這家公司以來，就一直有人問我們。CoreWeave為何能更快交付GPU？我們為什麼能夠提供NVIDIA用於運行其MLPerf的GPU？我們為什麼能夠創造出定義該領域的軟體？

And with each quarter, you see us extending the lead with which we have because of the customization of our cloud to the use case that is required. And once again, you saw us in the SemiAnalysis, like we're singular in this. We are out there building our product offering. We're building or buying additional capacity to further decommoditize the compute that we're delivering. And so a company that's built singularly to deliver this type of compute will be effective on a go-forward basis.

每個季度，您都會看到我們不斷擴大領先優勢，因為我們的雲端服務能夠根據所需的用例進行客製化。你們再次在《半分析》中看到了我們，彷彿我們在這方面獨樹一格。我們正在積極拓展產品線。我們正在建立或購買額外的運算能力，以進一步降低我們提供的運算能力的商品化程度。因此，一家專門提供此類計算服務的公司，在未來的發展中將會非常有效。

Amit Daryanani.

阿米特·達裡亞納尼。

Ahmed, are you on mute?

艾哈邁德，你是不是靜音了？

Operator, let's go to the next question, and we'll come back to Amit.

接線員，我們進入下一個問題，稍後再回覆 Amit。

Operator, can we go to the next question, and we'll come back to Ahmed?

接線員，我們可以進入下一個問題，稍後再回來問艾哈邁德嗎？

Tyler Radke, Citi.

泰勒‧拉德克，花旗集團。

Hey, hopefully you can hear me okay. Thanks for taking the question. So double-clicking on some of the delays that you called out in the quarter. Can you just help us understand the implications on 2026? I know, Nitin, you provided some high-level commentary on CapEx.

嘿，希望你能聽清楚我說話。感謝您回答這個問題。所以，我們再仔細看看你在本季指出的一些延誤情況。您能幫我們了解一下這對 2026 年的影響嗎？我知道，Nitin，你對資本支出問題發表了一些高水準的評論。

But I mean, just given the visibility you have, particularly on the 24-month component of RPO, how should we be thinking about sort of the revenue implications of the shift? Is this a delay that you think kind of gets fully resolved into Q1? And should we see sort of a step up in growth rate next year relative to this year? Just any color on that would be helpful.

但我的意思是，鑑於您目前掌握的信息，特別是 RPO 的 24 個月組成部分，我們應該如何看待這種轉變對收入的影響？你認為這種延誤會在第一季徹底解決嗎？那麼，我們是否會看到明年的成長率比今年有所提高呢？任何顏色都可以。

Yeah. So I'll start and then I'll hand it over to Nitin. I think it's important to understand that the ramp that we are seeing is that a -- is associated with the infrastructure from a single provider. And we are parallel pathing with other providers for other contracts. And so you are going to see a short-term impact associated with this delivery. And then what you're going to see is the -- our ability to accelerate through the year back schedule. So the overwhelming majority of the delay that you're seeing should be taken care of within Q1 of next year.

是的。那我先開始，然後交給尼丁。我認為重要的是要理解，我們看到的這種成長趨勢是——與來自單一供應商的基礎設施相關。我們與其他供應商在其他合約方面也採取了並行方案。因此，你會看到這次交付會帶來一些短期影響。然後你們將會看到──我們加快完成年度複賽計畫的能力。因此，您看到的絕大多數延誤問題應該會在明年第一季解決。

Yeah, Tyler, that is correct. The vast majority of the CapEx pushout that we experienced in Q4 will be done in Q1. And as you can imagine, we're going to ramp the capacity through the course of Q1 for this.

是的，泰勒，你說得對。我們在第四季經歷的大部分資本支出提前釋放將在第一季完成。正如你所想，我們將在第一季逐步提高產能。

As Mike earlier mentioned, the impact on the total revenue associated with the customer is not impacted here because we've been able to adjust the delivery dates associated with the customer so that the customer keeps the full capacity as well as the contract value associated with it.

正如 Mike 之前提到的，由於我們已經能夠調整與客戶相關的交貨日期，因此客戶的總收入不會受到影響，以便客戶可以保留全部產能以及與之相關的合約價值。

We will share more details around the 2026 build and our revenue plan associated in the next earnings. But as we highlighted in this quarter, given the strong customer demand that you see, given that is demonstrated in our revenue backlog growth as well as the continued customer demand we see, we expect 2026 CapEx to be well more than double of that of 2025.

我們將在下一份財報中分享更多關於 2026 年建設和相關收入計劃的細節。但正如我們在本季度強調的那樣，鑑於強勁的客戶需求，鑑於我們的收入積壓增長以及我們看到的持續客戶需求，我們預計 2026 年的資本支出將是 2025 年的兩倍多。

Michael Turrin, Wells Fargo.

邁克爾圖林，富國銀行。

Hey, thanks very much. I want to just try to tie some of the commentary together because the bookings growth clearly stands out, and there are a lot of questions just around the sequencing. And so it sounds like what you're saying is the supply chain impacts you're seeing are more single customer specific.

嘿，非常感謝。我想嘗試把一些評論串聯起來，因為預訂量的增長非常突出，而且圍繞預訂順序也有很多問題。所以聽起來你的意思是，你看到的供應鏈影響更多是針對單一客戶的。

What I'm trying to get a better sense of is, does this at all impact the cadence at which you're able to sign on new customers? Or is this more tied to post ramp signing and one more specific customer environment?

我想更了解的是，這是否會對您招攬新客戶的節奏產生任何影響？或者這與坡道標誌簽署後的特定客戶環境有關？

And just as a small follow-up, does the NVIDIA deal specifically show up in the backlog metric? It might be useful to hear you expand on what that deal opens up given it's a bit of a different structure there as well. Thanks very much.

還有一個小問題，NVIDIA 的這筆交易是否具體體現在積壓訂單指標中？考慮到那裡的結構也略有不同，或許聽你詳細說說這筆交易會帶來哪些影響會很有幫助。非常感謝。

Sure. So the -- there is no impact on our ability to bring on more clients. I think it's important to understand that we're parallelizing the build of infrastructure. There was a problem at one data center that's impacting us. But there are 32 data centers in our portfolio, all of them are progressing to one extent or another. And so that is -- each one of those is independent.

當然。所以——這不會影響我們招攬更多客戶的能力。我認為重要的是要理解，我們正在並行建立基礎設施。其中一個資料中心出現問題，對我們造成了影響。但我們旗下共有 32 個資料中心，它們都在不同程度上取得進展。所以，它們每一個都是獨立的。

And as Nitin spoke earlier, we have 2.9 gigawatts worth of contracted power that will come on in the next 12 to 24 months. And we are going to be looking to fill that with clients that are going to be using that, which will have a substantial impact on our revenue on a go-forward basis. This one data center will catch up and then we will move forward from there.

正如尼廷之前所說，我們有 2.9 吉瓦的合約電力將在未來 12 到 24 個月內投入使用。我們將努力吸引使用該服務的客戶，這將對我們未來的收入產生重大影響。這個資料中心會先趕上進度，然後我們再以此為基礎繼續前進。

Do you want to talk about the NVIDIA deal?

你想談談英偉達的交易嗎？

Yes. Michael, from the NVIDIA deal perspective, we're really excited about this deal. This contract allows for the capacity contracted and reserved for NVIDIA to be interrupted and resold to different customers. So the nature of this contract allows us to offer our services profitably to a wide range of smaller customers, such as high-growth AI labs that prefer shorter and lower upfront commitments, while eliminating any utilization risks for capacity from our side. So we're really excited about this.

是的。邁克爾，從英偉達的交易角度來看，我們對這筆交易感到非常興奮。該合約允許中斷為 NVIDIA 預留的容量，並將其轉售給不同的客戶。因此，該合約的性質使我們能夠盈利地向眾多小型客戶提供服務，例如那些喜歡短期和較低前期投入的高成長人工智慧實驗室，同時消除我們這邊的任何產能利用風險。我們對此感到非常興奮。

Given the flexibility in the contract to interrupt and to resell capacity, accounting rules require us that we exclude the amount we expect to be resold to other customers from RPO. To be clear, if not resold, this capacity will remain committed to NVIDIA and will be recognized as revenue. So you see this NVIDIA contract in our revenue backlog, but not in our RPO to a large extent.

鑑於合約中允許中斷和轉售容量的靈活性，會計規則要求我們從 RPO 中排除預期轉售給其他客戶的數量。需要明確的是，如果不轉售，這部分產能將繼續歸英偉達所有，並將計入收入。所以，您可以看到 NVIDIA 的這份合約計入了我們的收入儲備，但在我們的 RPO 中卻沒有得到很大程度的體現。

So just to follow up with that for a moment there. As Nitin said, we're extremely excited about this because what this contract is going to allow us to do is to provide infrastructure to emerging companies, startups, companies that are struggling to get access to the computing infrastructure that they require to be able to build their business.

那麼，我再補充一下剛才的內容。正如尼廷所說，我們對此感到非常興奮，因為這份合約將使我們能夠為新興公司、新創公司以及那些難以獲得發展業務所需計算基礎設施的公司提供基礎設施。

And so the interruptibility here is an incredibly powerful tool for the resiliency and opportunities for new companies to become part of CoreWeave's broader offering. And we're really excited about this. We think it's a great structure. It is a deal with NVIDIA. They fully underwrite the economics because we will sell the compute to them.

因此，這種可中斷性對於增強韌性以及為新公司提供加入 CoreWeave 更廣泛產品的機會來說，這是一個極其強大的工具。我們對此感到非常興奮。我們認為這是一個很棒的建築結構。這是與英偉達達成的協議。他們完全承擔經濟成本，因為我們將把計算能力賣給他們。

And I want to be clear that this really does represent an incredibly disciplined way of financing the compute in order to be able to reach parts of the market that we have been unable to reach or anyone for that matter, has been unable to reach up to this point.

我想明確指出，這確實代表了一種極其嚴謹的計算融資方式，以便能夠觸及我們或任何人迄今為止都無法觸及的市場領域。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

Nitin, I just wanted to be clear. You cut CapEx by 40% for the year. And just to be clear, this is from one customer, correct? This is -- you're not assuming other delays across the board, correct?

尼丁，我只是想說清楚。今年資本支出削減了40%。再說一遍，這是來自一位顧客的訊息，對嗎？也就是說——你沒有假設其他方面也會有全面延誤，對嗎？

That's correct. So this is associated with a single provider -- data center provider partner and the delays associated with that. And as we talked in our prepared remarks, most of it, a vast majority of it is going to be recognized in Q1. And in Q4, we're going to see a major impact on buildup of construction and progress associated with the buildup related to it.

沒錯。所以這與單一供應商（資料中心供應商合作夥伴）以及與之相關的延遲有關。正如我們在準備好的演講稿中所說，其中大部分，絕大多數將在第一季得到認可。第四季度，我們將看到建築業的建設和與之相關的進展受到重大影響。

Okay. Terrific.

好的。了不起。

Raimo Lenschow, Barclays.

雷莫·倫肖，巴克萊銀行。

Perfect. Thank you. As we think about CapEx next year, Nitin and Michael, can you speak as well about the sources of funding a little bit because what we've seen for a lot of the other players is that leasing is coming up a lot more? You talked about CapEx, which is kind of what you need to do. How do you think about that path for you going forward between the different ways of kind of funding the business, which might give you even more flexibility? Thank you.

完美的。謝謝。Nitin 和 Michael，在考慮明年的資本支出時，你們能否也談談資金來源？因為我們看到其他許多參與者都越來越多地選擇租賃。你提到了資本支出，這正是你需要做的。您如何看待未來發展道路中不同的融資方式，這些方式可能會為您帶來更大的彈性？謝謝。

Thank you. So look, we've driven innovation on the technology side, and we've driven innovation on the financing side, right? The way that I look at this is that we will look at the full suite of potential ways of financing and expanding our footprint. And then we will choose whatever is the most cost-effective way of increasing our scale and serving our clients.

謝謝。所以你看，我們在技術方面推動了創新，我們在融資方面也推動了創新，對吧？我的看法是，我們將考慮所有可能的融資和擴大業務範圍的方式。然後，我們將選擇最具成本效益的方式來擴大規模並更好地服務客戶。

And so if leasing is the path, that's the path we'll go. But we've seen a lot of different structures. We've created a lot of different structures that have given us access to capital over the past 3 years and we believe that we're going to explore the full suite of those as we look forward.

所以，如果租賃是可行的途徑，那我們就走租賃這條路。但我們已經見過很多不同的結構。過去三年，我們創建了許多不同的結構，使我們能夠獲得資金，我們相信，展望未來，我們將探索所有這些結構的全部可能性。

We don't sign customers without knowing where the financing is going to come from. We go deal by deal, and we make sure that we have the physical data center spoken for, we have the power spoken for, we have the GPUs spoken for, and we have the financing spoken for in order to ensure that we are able to successfully deliver compute to them.

我們不會在不清楚資金來源的情況下與客戶簽訂合約。我們逐筆交易進行，確保我們已經預訂了實體資料中心、電力、GPU 和融資，以確保我們能夠成功地向他們提供運算服務。

Amit Daryanani, Evercore.

Amit Daryanani，Evercore。

Yes, hopefully this works better.

希望這樣效果會更好。

We got you.

我們罩著你。

All right, perfect. Mike, I was hoping if you could just talk about as you shift from third-party data center providers to perhaps do more of your own self-build. How does that impact your CapEx and time to market for power as you go forward?

好的，完美。麥克，我希望你能談談你從第三方資料中心供應商轉向更多地進行自建資料中心的情況。隨著您未來的發展，這將如何影響您的資本支出和電力產品上市時間？

I would love to just understand how do you think that optimal mix looks like and what the CapEx requirements could be as you perhaps go more to its self-build versus third-party data center providers?Thank you.

我想了解您認為最佳的組合方案是什麼樣的，以及如果您傾向於自建資料中心而不是使用第三方資料中心供應商，資本支出方面可能需要哪些投入？謝謝。你。

Yeah. So I want to be clear. We're not saying that we're going to go self-build and not use third-party data center providers. What we are saying is that self-build is a component of the way that you go about derisking delivery across the broader portfolio.

是的。所以我想把話說清楚。我們並不是說我們要自行建造資料中心，而不用第三方資料中心供應商。我們想說的是，自建是降低整個專案組合交付風險的一種方式。

And so we're going to go ahead, and we're going to continue to work with our partners who provide data center capacity that allow us to co-locate at their facilities that build facilities for us. All of that is going to continue to be true. We need that capacity in order to be able to continue to move and operate at the speed and scale that we are.

因此，我們將繼續與我們的合作夥伴合作，他們提供資料中心容量，使我們能夠在他們的設施中進行託管，他們為我們建造設施。所有這些都將繼續維持現狀。我們需要這種能力才能繼續以目前的速度和規模開展業務和營運。

We just look at self-build as an additional piece of the puzzle. It puts us closer to the physical infrastructure. It embeds us deeper into the supply chain around the world so that we have firsthand information. We just think that you need to be on both sides of this fence in order to be as effective as you can be derisking what is a complicated supply chain environment.

我們只是把自建房看成是拼圖中的一塊額外拼圖。它使我們更接近實體基礎設施。它使我們更深入地融入世界各地的供應鏈，從而獲得第一手資訊。我們認為，為了盡可能有效地降低複雜供應鏈環境的風險，您需要同時了解供應鏈和供應鏈的運作方式。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great, thank you so much for taking the question. Mike, with 2.9 gigawatts in committed power, and over 1 gigawatt yet to be contracted out to customers. Meanwhile, we continue to see a number of other large deals get announced industry wide. How do you think about and how might you frame for us the pacing on contracting out the remaining capacity, given the demand is insatiable out there?

太好了，非常感謝您回答這個問題。Mike 已承諾供電 2.9 吉瓦，還有超過 1 吉瓦的電力尚未與客戶簽訂合約。同時，我們看到業內其他一些大型交易也陸續宣布。鑑於市場需求永無止境，您如何看待以及如何為我們制定剩餘產能外包的進度安排？

Yeah. So look -- thanks for the question here. The fact that there are other deals getting contracted out there is incredible validation for the supply-demand environment that we have been describing for years now, right? There is no entity that has the capacity to be able to deliver infrastructure globally in order to meet the demand that's being driven by the largest technology companies in the world, by the largest AI labs in the world, by government, by enterprise, all of these things are coming to bear.

是的。所以，謝謝你的提問。其他交易的達成，無疑是對我們多年來所描述的供需環境的有力驗證，對吧？目前沒有任何一個實體有能力在全球範圍內提供基礎設施，以滿足全球最大的科技公司、全球最大的人工智慧實驗室、政府、企業等各方日益增長的需求。

And so your -- the fact that there are other deals going to other players is part and parcel for the fact that we, like the hyperscalers, like the AI labs, like the data centers are being overwhelmed by demand. It is just reinforcing and validating the theme that we've been talking about. We think that at the end of the day, the product that we deliver, right, which is a full stack everything from the hardware, all the way through the software is the most valuable representation of this infrastructure that can be delivered to the market.

所以，其他交易流向其他參與者這一事實，與我們（像超大規模資料中心、人工智慧實驗室、資料中心一樣）被需求壓垮這一事實密不可分。這只是在強化和驗證我們一直在討論的主題。我們認為，最終我們交付的產品，也就是從硬體到軟體的全端產品，是能夠交付給市場的這種基礎設施最有價值的代表。

And we continue to think that, that will drive a significant amount of demand for our infrastructure. As far as the remaining capacity goes, we're being very thoughtful about continuing to drive diversification across our cloud. We're continuing to think about different applications that are going to be meaningful contributors to the way the world will work in the future. And we are allocating that infrastructure to those parties as quickly as we can in order to ensure that they are successfully able to launch their products, their enterprises.

我們仍然認為，這將極大地推動對我們基礎設施的需求。至於剩餘的容量，我們正在非常謹慎地繼續推動雲端業務的多元化發展。我們不斷思考各種應用，這些應用將對未來世界的運作方式做出有意義的貢獻。我們正在盡快將這些基礎設施分配給相關各方，以確保他們能夠成功推出他們的產品和企業。

And Brad, a couple of things to kind of keep in mind here as we kind of talked about in our prepared remarks. Today, approximately -- no customer represents greater than approximately 35% of our revenue backlog, which is meaningfully down from where we began the year at 85%. And 60% of our revenue backlog is with investment-grade customers. So vectors that we are very thoughtful around as we take care of the capacity that we have available to be sold.

布拉德，正如我們在準備好的演講稿中提到的，這裡有幾件事需要記住。目前，沒有一個客戶的訂單占我們收入缺口的35%左右，這比年初的85%大幅下降。我們60%的營收積壓來自投資等級客戶。因此，我們在處理可供出售的產能時，會非常謹慎地考慮各種因素。

Bradley Sills, Bank of America.

布拉德利·西爾斯，美國銀行。

Oh great, thank you so much. I did want to ask a question around this concept of the powered-shell as a bottleneck here, Mike. Is there any IP that CoreWeave has that you contribute to the build-out of these data centers? Any learnings from this delay that you might be able to apply to other contracts?

哦，太好了，非常感謝。麥克，我確實想就動力外殼這個概念提出一個問題，看看它是否會成為瓶頸。CoreWeave 是否有任何智慧財產權被您用於這些資料中心的建置？從這次延誤你吸取了哪些經驗教訓，可以應用到其他合約中？

Just trying to get a sense for how much is in your control here to kind of solve for this bottleneck issue that you're experiencing with this one contract itself? Thank you.

我只是想了解一下，對於您目前遇到的這個合約瓶頸問題，您能採取多少措施來解決？謝謝。

Yes. What I would say is, Brad, I don't think that I would say that our learning has come from this one delay. We've been operating in a systemically supply-constrained market globally now for 3 years. We understand how difficult it is. And with each additional wave of demand, the market gets tighter and tight.

是的。我想說的是，布拉德，我不認為我們的經驗教訓來自於這次延誤。我們已經在全球供應系統性受限的市場中營運了3年。我們明白這有多難。隨著需求的不斷增加，市場也變得越來越緊張。

So when you ask what are we doing to position ourselves on a go-forward basis, what I would really encourage you to think about is the fact that we've built out an entire organization within CoreWeave that is capable of helping us build and deliver additional capacity on the self-build side.

所以，當您問我們為了未來發展將採取哪些措施時，我真正想鼓勵您思考的是，我們已經在 CoreWeave 內部建立了一個完整的組織，能夠幫​​助我們在自建方面建立和提供額外的能力。

That's where you embed yourself into the supply chains, you understand where the power is, how it's being contracted. You understand what it takes to build the powered shells because you're doing it yourself in addition to the fact that you're using other third-party providers, those are the type of relationships that will enable us to be as successful as possible in what is going to be a challenging environment for quite a while.

在那裡，你要讓自己融入供應鏈，了解權力在哪裡，權力是如何被分配的。您了解建立 Powered Shell 需要什麼，因為您自己動手，而且您還使用了其他第三方供應商，正是這種關係將使我們能夠在相當長的一段時間內充滿挑戰的環境中取得盡可能大的成功。

Thank you. And that concludes our question-and-answer session for today. I would now like to turn the conference over to Michael Intrator for closing remarks.

謝謝。今天的問答環節到此結束。現在我謹將會議交給麥可‧因特拉托先生，請他作閉幕致詞。

Thank you all for joining us today. As we wrap up, I want to emphasize how proud we are of the strong foundation we built this year and the incredible momentum driving our business forward.

感謝各位今天蒞臨。最後，我想強調，我們為今年建立的堅實基礎以及推動我們業務向前發展的巨大勢頭感到無比自豪。

Our team's exceptional execution to build the essential AI cloud has positioned CoreWeave to capture a significant and expanding market opportunity. We appreciate your support and engagement, and we look forward to updating you on progress next quarter. Thank you. Have a good night.

我們團隊在建立必要的 AI 雲端方面展現了卓越的執行力，使 CoreWeave 能夠抓住一個巨大且不斷增長的市場機會。感謝您的支持和參與，我們期待在下個季度向您報告進度。謝謝。祝你晚安。

This does conclude today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。