CoreWeave Hits Profitability While Applied Digital Burns Cash Building Data Centers

3 days ago 6

William Temple

Sat, December 6, 2025 astatine 8:45 AM CST 4 min read

A graphic comparing Applied Digital and CoreWeave's roles successful AI infrastructure. On the left, Applied Digital's CEO Wes Cummins is shown with server racks and a $64.2M Q1 revenue. On the right, CoreWeave's CEO Michael Intrator is displayed with a unreality web diagram and $1.36B Q3 revenue. The halfway rubric reads 'AI Infrastructure: Opposite Ends,' each against a inheritance of banal marketplace data.

Applied Digital (APLD) posted $64.2M successful Q1 gross with 84% maturation portion CoreWeave (CRWV) reported $1.36B successful Q3 gross with 134% growth.
CoreWeave generated $51.9M successful operating income and doubled its backlog to $55B. Applied Digital mislaid $27.8M operationally.
Applied Digital trades astatine 50x income contempt antagonistic 141% margins. CoreWeave trades astatine 22x income with improving operating leverage.
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Applied Digital (Nasdaq: APLD) and CoreWeave (Nasdaq: CRWV) reported net showing 2 companies attacking AI infrastructure from other ends. Applied Digital builds and leases monolithic information centers to hyperscalers. CoreWeave operates the unreality level moving AI workloads for developers and enterprises.

CoreWeave reported $1.36 cardinal successful Q3 revenue, beating estimates by 9.6% and increasing 134% twelvemonth implicit year. The institution generated affirmative operating income of $51.9 cardinal and astir doubled its gross backlog to implicit $55 billion. CEO Michael Intrator stated the institution "delivered an exceptional 3rd quarter, mounting caller records for revenue" portion highlighting expanded partnerships with Meta and OpenAI.

Applied Digital posted $64.2 cardinal successful Q1 2026 revenue, crushing estimates by 32% with 84% year-over-year growth. Revenue included $26 cardinal from tenant fit-out services successful its HPC Hosting Business. The institution secured a caller 150 MW lease with CoreWeave astatine Polaris Forge 1, contributing to $11 cardinal successful anticipated lease revenue. Applied Digital mislaid $27.8 cardinal connected an operating ground compared to CoreWeave's profit.

Metric	Applied Digital	CoreWeave
Q3/Q1 Revenue	$64.2M	$1.36B
YoY Growth	84%	134%
Operating Income	-$18.3M	$51.9M
Cash Position	$286.2M	$1.89B

Applied Digital focuses connected semipermanent lease commitments with hyperscalers needing carnal information halfway capacity. The CoreWeave lease validates this strategy. Management initiated operation connected Polaris Forge 2 with $50 cardinal successful secured funding. CEO Wes Cummins emphasized the institution is positioning itself "as a trusted strategical spouse to the world's largest exertion companies."

CoreWeave sells compute straight to AI labs, startups, and enterprises done a unreality platform. The $6.3 cardinal collaboration with NVIDIA deepens its hardware access. The institution launched CoreWeave Ventures to enactment AI innovation crossed its lawsuit base. This creates recurring gross streams tied to existent AI workload depletion alternatively than fixed lease payments.