CoreWeave

Financial disclosures

Q2 2026 (quarter ended June 30, 2026) — reported Aug 11, 2026 · As of Oct 28, 2026

CoreWeave closed out the second quarter of 2026 with revenue of $2.58 billion, more than double the $1.21 billion it booked a year earlier — a 112% year-over-year gain that again outpaced Wall Street's models for the AI-cloud specialist. The growth came with an equally dramatic widening of losses: a GAAP net loss of $626 million (diluted EPS -$1.14), up from a $290 million loss a year earlier, as interest expense ballooned to $640 million (up roughly 140% YoY), even as adjusted EBITDA reached a healthy $1.51 billion (59% margin). Revenue backlog, the metric investors watch most closely as a proxy for demand visibility, stood at roughly $104 billion at quarter-end, with management saying it had already layered on more than $25 billion of additional commitments early in Q3 — including deals tied to a hyperscaler and OpenAI — not yet reflected in that figure.

The quarter's real story was the balance sheet. CoreWeave spent $6.4 billion on property and equipment in the quarter alone (mostly Nvidia GPUs and data-center buildout), pushing six-month capex to $14.1 billion and raising FY2026 capex guidance to $35–39 billion. To fund that, total borrowings nearly doubled from $21.4 billion at the end of 2025 to roughly $35.1 billion at June 30, 2026. That debt is getting more expensive to carry: management guided Q3 2026 interest expense to $860–940 million against only $200–260 million of expected adjusted operating income — a gap that, combined with bond-market jitters in October, drove the stock down roughly 25% in a single week even as equity analysts' price targets barely moved.

CoreWeave's 10-Q discloses that its single largest customer accounted for 36% of Q2 revenue, with Microsoft and OpenAI separately named as other significant customers. Nvidia continues to be both a major supplier/investor and a backstop buyer, obligated to purchase residual unsold capacity through April 2032. CoreWeave's Q3 2026 results are due November 9, 2026 and will be the market's first real test of whether operating income can start closing the gap with interest costs.

Key figures

Source: CoreWeave investor relations press release / SEC 10-Q