CoreWeave Posts $5.1B Revenue, $1.2B Loss in 2025
CoreWeave grew revenue 168% to $5.1 billion but posted a $1.2 billion net loss, while D-Wave Quantum reported $24.6 million in sales.
Key points
- CoreWeave revenue reached $5.1 billion in 2025, up 168%, with a net loss of $1.2 billion.
- D-Wave Quantum revenue grew 179% to $24.6 million, with a net loss of $355.1 million.
- CoreWeave debt-to-equity ratio is 8.9x, while D-Wave's is 0.1x, indicating different leverage strategies.
CoreWeave reported fiscal 2025 revenue of $5.1 billion, marking a 168% year-over-year increase. Despite this top-line expansion, the company recorded a net loss of $1.2 billion, reflecting the substantial capital expenditures required to scale its global data center footprint for AI training workloads.
In contrast, D-Wave Quantum generated $24.6 million in revenue for the same period, a 179% increase, while posting a net loss of $355.1 million. The disparity in scale highlights the difference between established GPU cloud infrastructure and early-stage quantum computing adoption.
CoreWeave faces high leverage and concentration
Microsoft accounted for approximately 67% of CoreWeave's total revenue in 2025, creating significant customer concentration risk. The company’s balance sheet reflects aggressive expansion, with a debt-to-equity ratio of 8.9x and a current ratio of 0.5x as of December 2025. Free cash flow was negative $7.3 billion, a figure inflated by stock-based compensation which represented 20.6% of operating cash flow.
D-Wave maintains strong liquidity position
D-Wave Quantum maintains a much stronger liquidity profile, with a current ratio of 42.4x and a debt-to-equity ratio of just 0.1x. Its free cash flow was negative $75.8 million in fiscal 2025, driven by prioritized research and development spending over immediate cash generation. The company serves enterprise and government clients, including Mastercard, Pfizer, and Siemens Healthineers, through its Leap cloud service.
Risk profiles diverge sharply
CoreWeave’s primary risks include reliance on Nvidia for hardware supply and exposure to securities class action lawsuits regarding scaling capabilities. D-Wave faces early-stage market adoption uncertainties and dependence on third-party manufacturing providers. The Motley Fool notes that both companies represent high-growth, high-risk opportunities within the evolving computing landscape.
