CoreWeave, Inc.

First quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. To ask a question, simply press star followed by the number one on your telephone keypad. We do respectfully ask that you keep your questions to one. Thank you. I will now turn the conference over to Deborah Crawford, Vice President and Head of Investor Relations. Please go ahead.

Good afternoon and welcome to CoreWeave's first quarter 2025 earnings conference call. Joining me today to discuss our results are Mike Entrader, CEO, and Nitin Agrawal, CFO. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these forward-looking statements. 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. During this call, we will present both GAAP and certain non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in today's earnings press release. The earnings press release and an accompanying investor presentation are available on our website at investors.coreweave.com. A replay of this call will also be available on our investor relations website. And now I'd like to turn the call over to Mike.

Thank you, Deborah, and welcome, everyone. We appreciate you joining us for our first call as a public company following our March IPO. We are looking forward to a productive ongoing dialogue with all of you. We are off to an amazing start in 2025. The company has continued its momentum of the last few years. My remarks are going to highlight significant milestones and achievements. We delivered outstanding Q1 financial performance highlighted by record revenue of $982 million and a record adjusted operating income of $163 million, up 420% and 550%, respectively, year on year. In Q1, we completed a strategic deal with OpenAI, the contract value for which is up to $11.9 billion. We have also added new enterprise customers and a new hyperscaler. and sign expansion agreements with several large customers, including a recent $4 billion expansion with a large AI enterprise, the details of which will be included in our 10Q. We announced and completed our acquisition of Weights & Biases, one of the industry's leading platforms for AI developers with more than 1,400 customers. We are confident Our combined companies will allow us to provide additional value to our joint customer base. And we have continued to set new technology performance benchmarks, including being the first to deploy GB200 Grace Blackwell systems at scale on our AI cloud platform, supporting leading AI developers Mistral, IBM, and Cohere. Overall, our financial performance combined with the continued strong trajectory of customer growth and technical achievements demonstrate outstanding execution by our team. Coreweave's platform enables the world leading artificial intelligence companies to train AI models and run inference at scale. We are just getting started and demand for our platform is robust and accelerating. In particular, we are excited to see the broad-based increase in demand for inference, as well as the accelerating adoption of AI by our enterprise customers. AI growth and adoption remain severely limited by capacity constraints. CoreWeave is scaling as fast as it can to meet the demands of our customers. While the company is scaling at an unprecedented rate, we are aware of the uncertainties caused by the ongoing volatility in the global trade policy environment. However, in spite of the uncertainties, customer demand is accelerating, which is reflected in the guidance we are issuing today. Because this is our first earnings call, I'd like to take a moment to frame our mission and describe our strategy to drive long-term shareholder value. CoreWeave is powering AI innovation at scale. Our cloud platform is purpose-built for AI workloads, delivering infrastructure as a service with highly differentiated cloud software and services on top. Yesterday's general purpose cloud infrastructure, which is still used to power much of the digital world, was not built to support the scale and complexity of artificial intelligence. These clouds were built to host websites and run SaaS applications, not to run high-performance training and inference workloads. The exponential growth and success of our customers' AI products are driving demand for our differentiated services. With a deep understanding of AI customers and workloads, our cloud platforms has been architected to optimize for the needs of AI at every layer. As inference has become more compute intensive, the ability to run both research and production workloads on the same infrastructure provides our customers with the flexibility to optimize their total cost of ownership. Our cloud software and infrastructure services abstract away the complexity of running infrastructure at massive scale and are significantly differentiated in the market. We believe that CoreWeave does this better than anyone else, and industry experts agree. In March, Semi Analysis awarded CoreWeave its highest rating, Platinum, based on its ClusterMax rating system. We were the only cloud provider to receive this rating. Semi Analysis highlighted our industry leadership in operating large-scale 10K plus H100 clusters with high reliability. We are proud that we were rated above the established hyperscalers as well as the Neo GPU clouds. Why is all of this important? AI is the greatest technological revolution of our lifetime, and we believe that the company can create tremendous shareholder value by growing its leadership position. Today, we benefit from a network of 33 purpose-built AI data centers across the US and Europe, supported by 420 megawatts of active power. Our total contracted power extends to approximately 1.6 gigawatts, providing us with a durable multi-year runway in power capacity. CoreWeave operates at the bleeding edge of technology, ensuring we deliver superior performance and efficiency to our customers every day. The world's most sophisticated AI leaders understand the power of our platform. This has enabled CoreWeave to grow at an unprecedented rate. Today, we serve the most important AI companies in the world, and with weights and biases acquisition, we welcome nearly 1400 more AI labs and enterprises as customers. We see immense growth opportunity in our future. AI is expected to have a cumulative global economic impact of $20 trillion by 2030. The total addressable market is expected to grow to 400 billion by 2028. To seize this opportunity and to serve more customers, CoreWeave has led the way in developing innovative financial mechanism to expand our platform. Today, to date, we have already raised over $21 billion to expand our infrastructure and data center capacity. The IPO was an important milestone in our financing strategy because it expands our access to pools of low cost capital to fuel our planned rapid expansion. Additionally, and importantly, for companies scaling at our pace, Coreweave is already profitable and on an adjusted operating income basis. Our business model features strong revenue visibility and attractive, sustainable unit economics. We continue to focus on four key areas. This includes scaling our capacity, financing our infrastructure, further differentiating our platform, and expanding our go-to-market capabilities. I will focus on each of these areas. First, scaling CoreWeave's capacity. In Q1, we added approximately 300 megawatts of incremental contracted power to our portfolio. In order to efficiently scale our capacity, we will work to secure the power resources necessary to expand our data center footprint and deploy industry-leading next-generation compute to serve the requirements of the industry. Second, financing our infrastructure. Our capital expenditures are success-based substantially we enter into compute CapEx programs when we sign multi-year contracted revenue that more than covers the cost of the CapEx within the contract terms. This enables us to responsibly scale our debt structures that support this contractual revenue and utilize naturally deleveraging, self-amortizing debt facilities that allow for us to maintain a relatively low leverage multiples. Third, differentiating our platform. Our rapid adoption and scaling of bleeding edge technology is central to our competitive advantage. After being the first to deliver NVIDIA's H100s and H200s GPUs at scale, we were the first to make NVIDIA's GB200 NVL72 instances generally available and begin ramping Blackwell revenue in the first quarter. Our superior performance better scalability, and time to market provides our customers with a competitive advantage to capture new AI opportunities. We also recently announced that our MLPerf inference V5.0 results set a new industry benchmark with NVIDIA's GB200 Grace Blackwell Superchips. As we continue to build our infrastructure and software differentiation, we released our next generation CoreWeave AI object storage, purpose-built for the most demanding training and inference use cases. Pairing CoreWeave AI object storage with CoreWeave's Kubernetes services provides the most demanding AI customers with an out-of-the-box experience that is production ready on day one. In the quarter, we also announced support for NVIDIA's AI enterprise software and NVIDIA's cloud functions, NVCF, as we continue to enable ecosystem solutions on our platform. Fourth, expanding Coreweave's go-to-market capabilities. There is enormous growing demand for advanced AI infrastructure. In addition to the enterprises and labs that we serve, CoreWeave has recently expanded its global footprint. This has enabled the company to expand its offerings in new markets, growing our business with current customers while reaching new ones. In fact, yesterday, we announced the opening of a new data center in Spain in partnership with Merlin Edged, with Mistral AI as our anchor client. As demand for AI infrastructure continues to aggressively grow, CoreWeave will succeed based on its ability to execute and solve the world's most demanding AI infrastructure challenges. Today we have grown our team to about 1,400, including some of the most accomplished and talented in the AI space. I also want to thank our investors and analysts for your interest in CoreWeave. I look forward to updating you on our progress as we continue to drive innovation and deliver purpose-built cloud platform powering the AI revolution. I will now turn the call over to Nitin, who will discuss our Q1 financial performance and our outlooks for the remainder of the year.