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CoreWeave (Nasdaq: CRWV) posts $2,575M Q2 revenue and $104B AI cloud backlog

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

CoreWeave, Inc. reported very strong growth for the quarter ended June 30, 2026, with revenue of $2,575 million compared with $1,212 million a year earlier. Despite the rapid expansion, the company posted a GAAP net loss of $626 million, similar to a net loss margin of 24% in both periods, as interest and infrastructure costs scaled sharply.

On a non-GAAP basis, CoreWeave generated adjusted EBITDA of $1,510 million, up from $753 million, for an adjusted EBITDA margin of 59%. Adjusted operating income was $128 million, down from $200 million, and the adjusted operating income margin contracted to 5% from 16%, reflecting higher technology, infrastructure and other operating expenses.

The company highlighted a sizeable revenue backlog of approximately $104 billion as of June 30, 2026, excluding more than $25 billion of additional customer commitments signed early in the third quarter. The balance sheet showed total assets of $77,070 million, including $46,736 million of property and equipment and $5,524 million of cash and cash equivalents, alongside substantial recourse and non-recourse debt and growing lease obligations supporting its AI-focused cloud infrastructure build-out.

Positive

  • Revenue surged to $2,575 million for Q2 2026 from $1,212 million a year earlier, reflecting rapid demand growth for CoreWeave’s AI cloud services.
  • CoreWeave delivered adjusted EBITDA of $1,510 million with a 59% margin, up from $753 million, indicating strong underlying profitability despite GAAP losses.
  • The company reported a revenue backlog of approximately $104 billion as of June 30, 2026, providing substantial contracted visibility into future revenue.
  • Net cash provided by operating activities for the first half of 2026 reached $3,663 million, a significant improvement from a use of cash of $190 million in the prior-year period.
  • Cash and cash equivalents increased to $5,524 million at June 30, 2026 from $3,127 million at December 31, 2025, supporting continued infrastructure expansion.

Negative

  • Net loss widened to $626 million in Q2 2026 from $290 million a year earlier, with net loss margin remaining at 24%.
  • Interest expense rose to $640 million in Q2 2026 from $267 million, reflecting a materially higher debt load and financing costs.
  • CoreWeave swung to an operating loss of $49 million versus operating income of $19 million in Q2 2025, and adjusted operating margin fell to 5% from 16%.
  • Total liabilities increased to $72,046 million, driven by higher recourse and non-recourse debt and lease obligations, raising leverage and fixed financial commitments.

Filing Explained

Net common-stock issuance added dilution while financing investment outflows far above operating cash inflow.

A private placement is a sale of securities to selected investors outside a public offering. Issuing additional shares increases the total share count and reduces existing holders’ percentage ownership absent offsetting changes; the filing does not disclose the issued-share count or resulting ownership percentage, so the dilution cannot be sized from this document.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q2 2026 Revenue $2,575 million Three months ended June 30, 2026 revenue compared with $1,212 million in 2025
Q2 2026 Net Loss $626 million Three months ended June 30, 2026 net loss versus $290 million in 2025
Q2 2026 Adjusted EBITDA $1,510 million Non-GAAP adjusted EBITDA for the quarter ended June 30, 2026; margin 59%
Revenue Backlog $104 billion Approximate revenue backlog as of June 30, 2026, excluding >$25 billion added early Q3
Cash and Cash Equivalents $5,524 million Cash and cash equivalents balance at June 30, 2026
Total Assets $77,070 million Total assets as of June 30, 2026, including $46,736 million of property and equipment
Total Liabilities $72,046 million Total liabilities as of June 30, 2026, including recourse and non-recourse debt and leases
Operating Cash Flow H1 2026 $3,663 million Net cash provided by operating activities for the six months ended June 30, 2026
Adjusted EBITDA financial
"Adjusted EBITDA margin was 59 % compared with 62 % in 2025"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
revenue backlog financial
"Revenue backlog was approximately $104 billion as of June 30, 2026"
Revenue backlog is the total value of confirmed sales, contracts, or orders that a company has committed to deliver but has not yet recognized as revenue; think of it as a queue of future income the business has already promised to customers. Investors care because backlog shows near-term sales visibility and growth potential—like knowing how many jobs are already scheduled—and it helps assess whether reported results are likely to continue, slow, or be at risk from cancellations or delays.
recourse debt financial
"Recourse debt, non-current was 25,170 as of June 30, 2026"
Recourse debt is a loan that allows the lender to pursue the borrower’s other assets or income if the collateral doesn’t fully cover what’s owed. For investors, it matters because it increases the borrower’s personal or corporate liability and reduces the lender’s risk—like a co-signer who can be held responsible beyond one pledged item—affecting credit risk, potential losses, and the value of equity or credit claims.
non-recourse debt financial
"Non-recourse debt, non-current was 2,385 as of June 30, 2026"
A non-recourse debt is a loan where the lender can seize only the specific asset pledged as security (for example, a building or equipment) if the borrower defaults, and cannot pursue the borrower’s other assets or income. Investors care because this limits how much downside the borrower’s other holdings absorb and changes who bears loss in trouble: lenders face higher recovery risk while equity holders can be wiped out more easily, affecting valuation and risk assessment.
capped calls financial
"Purchase of capped calls related to convertible senior notes was (492)"
A capped call is a type of option tied to a company’s convertible securities that gives the holder the right to buy shares up to a set price, but with a fixed ceiling on the payout. Companies commonly use capped calls to reduce the number of new shares that would dilute existing shareholders if convertibles turn into stock; for investors this matters because capped calls can limit dilution, affect share supply, and alter the potential upside and risk of owning the stock.
One Big Beautiful Bill Act regulatory
"includes an adjustment for amounts related to the impact of the passage of the One Big Beautiful Bill Act"
A "one big beautiful bill act" is a single, large piece of legislation that bundles many policy changes and measures into one package instead of passing them separately. For investors, it matters because such omnibus bills can swiftly change tax rules, spending levels, industry regulations or subsidies all at once—like a single shopping cart that suddenly adds many items to a household budget—creating broad, rapid shifts in company costs, revenues and market expectations.
Revenue $2,575 million for Q2 2026 up from $1,212 million in Q2 2025
Net loss $626 million for Q2 2026 worsened from $290 million in Q2 2025
Adjusted EBITDA $1,510 million for Q2 2026 up from $753 million in Q2 2025
Revenue backlog approximately $104 billion as of June 30, 2026 excludes more than $25 billion of net new commitments added early Q3 2026

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

How did CoreWeave (CRWV) perform financially in Q2 2026?
CoreWeave reported Q2 2026 revenue of $2,575 million, up from $1,212 million in Q2 2025, but recorded a net loss of $626 million. Net loss margin was 24% in both periods, reflecting higher interest and infrastructure costs alongside rapid growth.

What was CoreWeave (CRWV)’s adjusted EBITDA for Q2 2026?
CoreWeave generated adjusted EBITDA of $1,510 million in Q2 2026, compared with $753 million a year earlier. The adjusted EBITDA margin was 59%, slightly below 62% in Q2 2025, indicating strong but moderating non-GAAP profitability as the platform scales.

How large is CoreWeave (CRWV)’s revenue backlog as of June 30, 2026?
CoreWeave reported a revenue backlog of approximately $104 billion as of June 30, 2026. This figure excludes more than $25 billion of net new customer commitments added in early Q3, and reflects contracted amounts expected to convert into revenue over future periods.

What is CoreWeave (CRWV)’s current cash and debt position?
At June 30, 2026, CoreWeave held $5,524 million of cash and cash equivalents and total assets of $77,070 million. Liabilities totaled $72,046 million, including significant recourse and non-recourse debt and lease obligations to finance AI infrastructure expansion.

Did CoreWeave (CRWV) improve operating cash flow in 2026?
Yes. Net cash provided by operating activities was $3,663 million for the first six months of 2026, compared with a use of cash of $190 million in the same period of 2025. Higher scale and strong collections helped turn operating cash flow positive despite ongoing net losses.

How did CoreWeave’s operating margins change year over year in Q2 2026?
CoreWeave’s GAAP operating margin declined to -2% in Q2 2026 from 2% a year earlier. Adjusted operating income margin fell to 5% from 16%, reflecting higher technology, infrastructure, and other operating costs as the company rapidly scaled capacity.
FALSE000176962800017696282026-08-112026-08-11

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
___________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): August 11, 2026
___________________________________
CoreWeave, Inc.
(Exact name of registrant as specified in its charter)
___________________________________

Delaware

001-42563

82-3060021
(State or other jurisdiction of
incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification Number)
290 W Mt. Pleasant Ave., Suite 4100
Livingston, NJ
07039
(Address of registrant's principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (973) 270-9737
___________________________________
Not Applicable
(Former name or former address, if changed since last report)
___________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Class A Common Stock, $0.000005 par value per share
CRWV
The Nasdaq Stock Market LLC


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition

On August 11, 2026, CoreWeave, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information contained in this Item 2.02 of this Current Report on Form 8-K, including the accompanying Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filings, unless expressly incorporated by specific reference in such filings.


Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

Exhibit No.
Description
99.1
Press release issued by CoreWeave, Inc., dated August 11, 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 11, 2026

COREWEAVE, INC.
By:
/s/ Nitin Agrawal
Name:
Nitin Agrawal
Title:
Chief Financial Officer


CoreWeave Reports Strong Second Quarter 2026 Results
Record Second Quarter Revenue and Revenue Backlog Highlight Unprecedented Demand for CoreWeave Cloud
LIVINGSTON, N.J., – August 11, 2026 – CoreWeave, Inc. (Nasdaq: CRWV), The Essential Cloud for AI™, today reported financial results for the second quarter ended June 30, 2026.
"CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage. Customer demand is accelerating, as enterprise adoption broadens and we continue to deepen our technology platform," said Michael Intrator, co-founder, chairman, and chief executive officer of CoreWeave. "CoreWeave is built on the conviction that AI is foundational to every industry and that realizing its full potential requires a purpose-built platform. This quarter reinforced that conviction."
Second Quarter 2026 Financial Highlights
(In millions, except percentages and per share amounts)
Three Months Ended June 30,
2026
2025
Revenue
$
2,575 
$
1,212 
Operating expenses
2,624 
1,193 
Operating income (loss)
$
(49)
$
19 
Operating income (loss) margin
(2)
%
2 
%
Interest expense, net
$
(640)
$
(267)
Net loss
$
(626)
$
(290)
Net loss margin
(24)
%
(24)
%
Basic net loss per share
$
(1.14)
$
(0.60)
Diluted net loss per share
$(1.14)
$(0.60)
Non-GAAP Financial Measures
(In millions, except percentages)
Three Months Ended June 30,
2026
2025
Adjusted EBITDA
$
1,510 
$
753 
Adjusted EBITDA margin
59 
%
62 
%
Adjusted operating income
$
128 
$
200 
Adjusted operating income margin
5 
%
16 %
Adjusted net loss
$
(567)
$
(130)
Adjusted net loss margin
(22)
%
(11)
%
(See “Non-GAAP Financial Measures” and the reconciliation of GAAP to non-GAAP results table in this press release for additional information.)
Additional Second Quarter 2026 Financial Highlights
Revenue backlog1 was approximately $104 billion as of June 30, 2026.
1 Does not include more than $25 billion of net new customer commitments added in early Q3. Revenue backlog includes remaining performance obligations, plus other amounts we estimate will be recognized as revenue in future periods under committed customer contracts, in each case, subject to the satisfaction of delivery and availability of service requirements.


Second Quarter 2026 Highlights
•Customer Wins across AI Labs, Hyperscalers, and Enterprises
◦Partner of choice for leading enterprises and AI pioneers, including Bentley Systems, Caterpillar, Grammarly, Isomorphic Labs, and Sunday Robotics
◦Expanded relationships with existing enterprise and AI native customers including Cognition, Databricks, Hudson River Trading, Periodic Labs, Rescale, and Runway ML
•Continued Rapid Scaling of Purpose-Built AI Infrastructure
◦Expanded active power by nearly 500 MWs to reach 1.5 GW
◦Grew total contracted power to approximately 3.7 GW while further diversifying portfolio of providers and expanding powered land footprint
•Key Technology Leadership Milestones
◦Successfully completed industry's first bring-up and validation of NVIDIA Vera Rubin NVL72
◦Launched new capabilities to make it easy for enterprises to run AI workloads cross-cloud, allowing customers to balance performance, reliability, and cost across their AI cloud footprint through:
▪CoreWeave Interconnect: offering private, high-performance fiber linking directly to other hyperscale platforms, beginning with Google Cloud
▪SUNK Anywhere: enabling AI research and platform teams to leverage CoreWeave's leading SUNK platform across their AI cloud portfolio
▪LOTA (Local Object Transport Accelerator) Cross-Cloud: providing near-local data access across clouds, backed by CoreWeave's Zero Egress Migration program
◦Launched unified agentic AI capabilities that connect training, inference, observability, and reinforcement learning to empower agents to continuously learn and improve in production, including:    
▪CoreWeave ARIA (AI Research and Iteration Agent) that reads experiment data, uncovers hidden insights, and drives continuous model and agent improvement
▪CoreWeave Sandboxes, the execution layer that gives AI researchers and platform teams secure, isolated environments for running reinforcement learning, agent tool use, and model evaluation
◦Set new MLPerf records for training and inference with open-source models running on the NVIDIA Grace Blackwell platform, achieving the lowest cost per token for inference in test runs
•Strengthening Financial Position
◦Milestone $3.1 billion term loan, the first ever publicly syndicated delayed draw facility backed by HPC infrastructure
◦$1 billion strategic investment from Jane Street following the expansion of commercial relationship in Q1 2026
◦Raised more than $10 billion of unsecured debt and convertible bonds, including CoreWeave's inaugural Eurobond issuance
•Other Noteworthy Updates
◦Selected for inclusion in the Nasdaq-100 Index, as one of the 100 largest non-financial companies listed on the Nasdaq Stock Market

Business Outlook
CoreWeave will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.



Webcast and Conference Call Information
CoreWeave will host an audio webcast to discuss the results for the second quarter of 2026, provide a business update, and share forward-looking guidance at 2:00 pm PT / 5:00 pm ET today. The live webcast of CoreWeave’s earnings conference call can be accessed via the CoreWeave Investor Relations website at investors.coreweave.com, along with the earnings press release and accompanying presentation.
Following the call, a replay will be available at the same website. A transcript of the conference call will be posted to the investors.coreweave.com website.

Disclosure Information
CoreWeave uses its investor relations page (investors.coreweave.com), its X account (@CoreWeave), and its LinkedIn page (linkedin.com/company/coreweave/) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, in addition to following CoreWeave's press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts.


About CoreWeave  
CoreWeave is The Essential Cloud for AI™. Built for pioneers by pioneers, CoreWeave delivers a platform of technology, tools, and teams that enables innovators to move at the pace of innovation, building and scaling AI with confidence. Trusted by leading AI labs, startups, and global enterprises, CoreWeave serves as a force multiplier by combining superior infrastructure performance with deep technical expertise to accelerate breakthroughs. Established in 2017, CoreWeave completed its public listing on Nasdaq (CRWV) in March 2025. Learn more at www.coreweave.com.
 
Investor Relations contact:
Investor-Relations@coreweave.com / https://investors.coreweave.com/

Media contact:
Press@coreweave.com / https://www.coreweave.com/about-us




Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of applicable securities laws. Such statements are based on our current expectations, forecasts and assumptions and involve risks and uncertainties. These statements include, but are not limited to, statements related to our business; our strategy; our capital structure; our future growth; our technology; our operating leverage; customer demand; changes in enterprise adoption; and other estimated amounts included in our revenue backlog figure. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “will,” “would,” “should,” “could,” “can,” “predict,” “potential,” “target,” “explore,” “continue,” “outlook,” “guidance,” or the negative of these terms, where applicable, and similar expressions intended to identify forward-looking statements.

Our expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include but are not limited to our ability to execute our business strategies and manage our growth, our ability to maintain and grow our customer base, continued demand for AI infrastructure, any disruption in our strategic relationships or disruptions with our third-party providers, including our suppliers and data center partners, our ability to develop and maintain our corporate infrastructure and internal controls, our financial performance, capital requirements and ability to raise additional capital and the impact of global political and macroeconomic conditions, including the effects of global geopolitical conflicts, inflation, tariffs, interest rates, any instability in the global banking sector and foreign currency exchange rates. More information about factors that could affect our operating results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent filings with the SEC, including in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, copies of which may be obtained by visiting our Investor Relations website at https://investors.coreweave.com or the SEC's website at www.sec.gov. Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management’s good faith belief as of that time with respect to future events. Additionally, the forward-looking statements in this press release do not include the potential impact of any acquisitions that may be announced and/or completed after the date hereof. We assume no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law. Our results for the fiscal quarter ended June 30, 2026 are not necessarily indicative of our operating results for any future periods.



Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use adjusted EBITDA and adjusted EBITDA margin, adjusted operating income (loss) and adjusted operating income (loss) margin, adjusted net income (loss) and adjusted net income (loss) margin, collectively, to help us evaluate our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliation due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Accordingly, a reconciliation of these forward-looking non-GAAP financial measures are not available without unreasonable effort.
A reconciliation is provided below for each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. CoreWeave encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate CoreWeave’s business.



COREWEAVE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data) (unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Revenue
$2,575 $1,212 $4,653 $2,194 
Operating expenses:
Cost of revenue
879 313 1,595 575 
Technology and infrastructure
1,507 670 2,780 1,231 
Sales and marketing
60 36 129 47 
General and administrative
178 174 342 349 
Total operating expenses
2,624 1,193 4,846 2,202 
Operating income (loss)
(49)19 (193)(8)
Gain (loss) on fair value adjustments
— — — 27 
Interest expense, net
(640)(267)(1,176)(531)
Other income (expense), net
125 6 149 1 
Loss before income taxes
(564)(242)(1,220)(511)
Provision for income taxes
62 48 146 94 
Net loss
$(626)$(290)$(1,366)$(605)
Net loss attributable to common stockholders, basic
$(626)$(290)$(1,366)$(634)
Net loss attributable to common stockholders, diluted
$(626)$(290)$(1,366)$(661)
Net loss per share attributable to common stockholders, basic
$(1.14)$(0.60)$(2.53)$(1.73)
Net loss per share attributable to common stockholders, diluted
$(1.14)$(0.60)$(2.53)$(1.79)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic
551487539367
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted
551487539369


COREWEAVE, INC.
CONSOLIDATED BALANCE SHEETS
(in millions) (unaudited)
June 30,
2026
December 31,
2025
Assets
Current assets
Cash and cash equivalents
$5,524 $3,127 
Restricted cash and cash equivalents, current
873 819 
Marketable securities
15 34 
Accounts receivable, net
2,541 3,169 
Prepaid expenses and other current assets
567 339 
Total current assets
9,520 7,488 
Restricted cash and cash equivalents, non-current
507 184 
Property and equipment, net
46,736 30,557 
Operating lease right-of-use assets
16,595 8,231 
Intangible assets, net
245 235 
Goodwill
1,101 1,101 
Other non-current assets
2,366 1,506 
Total assets
$77,070 $49,302 
Liabilities and stockholders' equity
Current liabilities
Accounts payable
$3,633 $1,623 
Accrued liabilities
6,424 5,773 
Recourse debt, current
6,235 6,118 
Non-recourse debt, current
1,278 590 
Deferred revenue, current
2,686 1,709 
Operating lease liabilities, current
584 427 
Finance lease liabilities, current
7 38 
Other current liabilities
70 162 
Total current liabilities
20,917 16,440 
Recourse debt, non-current
25,170 14,608 
Non-recourse debt, non-current
2,385 57 
Deferred revenue, non-current
7,006 6,476 
Operating lease liabilities, non-current
15,735 7,768 
Finance lease liabilities, non-current
214 216 
Deferred tax liabilities, non-current
256 115 
Other non-current liabilities
363 287 
Total liabilities
72,046 45,967 
Commitments and contingencies
Stockholders' equity
Preferred stock
— — 


Class A common stock
— — 
Class B common stock
— — 
Class C common stock
— — 
Treasury stock
(34)(34)
Additional paid-in capital
9,085 6,012 
Accumulated other comprehensive loss
(18)— 
Accumulated deficit
(4,009)(2,643)
Total stockholders' equity
5,024 3,335 
Total liabilities and stockholders' equity
$77,070 $49,302 






















COREWEAVE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions) (unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Cash flows from operating activities:
Net loss
$(626)$(290)$(1,366)
$(605)
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation and amortization
1,393 560 2,540 
1,003 
Amortization of debt discounts and issuance costs and accretion of redemption premiums
45 29 86 
67 
Stock-based compensation expense
165 145 318 
329 
Non-cash lease expense
198 77 365 
144 
Deferred income taxes
61 46 140 
91 
Gain on fair value adjustments
— — — 
(27)
Other non-cash reconciling items
(24)
17 
97 
39 
Changes in operating assets and liabilities, net of effect of business acquisitions:
Accounts receivable
(435)(866)607 
(1,505)
Prepaid expenses and other assets
(140)(317)(611)
(70)
Accounts payable and accrued expenses
(656)(351)304 
(289)
Deferred revenue
790 759 1,365 
743 
Lease liabilities
(92)(60)(182)
(110)
Net cash provided by (used in) operating activities
$679 
$(251)$3,663 
$(190)
Cash flows from investing activities:
Purchase of property and equipment, including capitalized internal-use software
(6,422)(2,453)(14,117)
(3,860)
Maturities and sales of marketable securities
6 — 18 
29 
Investments related to joint ventures
(550)(32)(550)
(32)
Purchase of strategic investments
(138)— (138)
— 
Sales of warrants received as lease incentive
— 101 — 
101 
Issuance of notes receivable
— (18)— (73)
Business combination, net of cash acquired
— (46)— (46)
Other investing activities
(62)6 (87)
6 


Net cash used in investing activities
$(7,166)
$(2,442)$(14,874)
$(3,875)
Cash flows from financing activities:
Proceeds from issuance of debt, net
13,457 3,611 16,747 
4,396 
Repayments of debt
(3,884)(1,304)(5,219)
(1,575)
Purchase of capped calls related to convertible senior notes
(492)— (492)
— 
Issuance of common stock in private placements, net of issuance costs
997 — 2,982 
— 
Payment of tax withholdings on settlement of restricted stock units
— (117)— 
(133)
Proceeds from initial public offering, net of underwriting discounts and commissions
— 68 — 
1,491 
Redeemable convertible preferred stock cash dividends paid
— (3)— 
(29)
Other financing activities
(7)(25)(33)
(66)
Net cash provided by financing activities
$10,071 $2,230 $13,985 $4,084 
Net increase (decrease) in cash, cash equivalents, and restricted cash
$3,584 $(463)$2,774 $19 
Cash, cash equivalents, and restricted cash—beginning of period
3,320 
2,517 4,130 
2,035 
Cash, cash equivalents, and restricted cash—end of period
$6,904 $2,054 $6,904 $2,054 



Reconciliation of GAAP to Non-GAAP Results
Reconciliation of Net Loss to Adjusted EBITDA
(in millions, except percentages)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net loss
$(626)
$(290)$(1,366)$(605)
Depreciation and amortization
1,393 559 2,540 1,003 
Interest expense, net
640 267 1,176 531 
Stock-based compensation
165 145 318 329 
Provision for income taxes
62 48 146 94 
Acquisition related costs(1)
1 
30 
2 
36 
Other (income) expense, net
(125)(6)(149)(1)
(Gain) loss on fair value adjustments(2)
— — — (27)
Adjusted EBITDA
$1,510 $753 $2,667 $1,360 
Revenue
$2,575 $1,212 $4,653 $2,194 
Net loss margin
(24)%(24)%(29)%(28)%
Adjusted EBITDA margin
59 %62 %57 %62 %
(1) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.
(2) Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B redeemable convertible preferred stock. Refer to Note 3. Investments and Fair Value Measurements to our consolidated financial statements included in our Quarterly Report on Form 10-Q filed or to be filed with the SEC for the quarter ended June 30, 2026 for additional information.


Reconciliation of Operating Loss to Adjusted Operating Income
(in millions, except percentages)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Operating income (loss)
$(49)$19 $(193)$(8)
Stock-based compensation
165 145 318 329 
Acquisition related costs(1)
1 30 2 36 
Amortization of acquired intangibles(2)
11 6 22 6 
Adjusted operating income
$128 $200 $149 $363 
Revenue
$2,575 $1,212 $4,653 $2,194 
Operating income (loss) margin
(2)%2 %(4)%0 %
Adjusted operating income margin
5 %16 %3 %17 %
(1) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.
(2) In the second quarter of 2025, we began including an adjustment for the amortization of acquired intangibles in our calculation of adjusted operating income. Prior period non-GAAP calculations for acquired intangible amortization are not being adjusted as these amounts were insignificant.


Reconciliation of Net Loss to Adjusted Net Loss
(in millions, except percentages)
Three Months Ended June 30,
Six Months Ended June 30,
2026
2025
2026
2025
Net loss
$(626)$(290)$(1,366)$(605)
Stock-based compensation
165 145 318 329 
Loss on extinguishment of debt(1)
— 9 — 10 
Acquisition related costs(2)
1 30 2 36 
Amortization of acquired intangibles(3)
11 6 22 6 
(Gain) loss on fair value adjustments(4)
— — — (27)
Other adjustments(5)
(109)(11)(109)(11)
Income tax, inclusive of the tax effect of the above adjustments(6)
(9)(19)(23)(19)
Adjusted net loss
(567)(130)(1,156)(281)
Revenue
$2,575 $1,212 $4,653 $2,194 
Net loss margin
(24)%(24)%(29)%(28)%
Adjusted net loss margin
(22)%(11)%(25)%(13)%
(1) Primarily relates to losses recognized upon the early extinguishment of certain OEM financing arrangements, as well as accelerated amortization of debt discount and debt issuance costs related to our 2024 Term Loan, which was repaid in connection with the IPO.
(2) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.
(3) In the second quarter of 2025, we began including an adjustment for the amortization of acquired intangibles in our calculation of adjusted net loss. Prior period non-GAAP calculations for acquired intangible amortization are not being adjusted as these amounts were insignificant.
(4) Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B redeemable convertible preferred stock. Refer to Note 3. Investments and Fair Value Measurements to our consolidated financial statements included in our Quarterly Report on Form 10-Q filed or to be filed with the SEC for the quarter ended June 30, 2026 for additional information.
(5) Primarily relates to a net unrealized gain on our investments.
(6) In the second quarter of 2025, we began including an adjustment for the income tax effect related to our non-GAAP adjustments. Prior period non-GAAP calculations for the income tax effects on our non-GAAP adjustments are not being adjusted as these amounts were not material. Additionally, the third quarter of 2025 includes an adjustment for amounts related to the impact of the passage of the One Big Beautiful Bill Act on the first and second quarters of 2025, that were recorded in third quarter of 2025.




Source: View Original Filing on SEC EDGAR

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