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CoreWeaveCRWV

Legal name
CoreWeave, Inc.
Sector
Technology
Industry
Services-Prepackaged Software

Stock Price $CRWV

Latest filings

You are here#65 of 88 in Technology by market cap

Filing record · 2025–202610-K110-Q58-K38

CRWV filed 1 annual reports (10-K), 5 quarterly reports (10-Q) and 38 current reports (8-K) between 2025 and 2026.

  1. Material agreement8-K · Jan ’26Jan ’26
  2. Material agreement8-K · Jun ’26Jun ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  3. $5.13B
YoY changeLargest recent move+736.2%in FY24Latest +167.9%

2 older moves run past ±150% (largest +736.2%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All CRWV Financial Metrics60 metrics

Income Statement16

Balance Sheet25

Cash Flow14

Per Share5

02—Overview

CoreWeave Financial Overview 2025–2025

Updated Aug 15, 2026

CoreWeave amassed $103.7 billiona in remaining performance obligations by June 30, 2026, locking in years of contracted AI infrastructure demand. The central investment thesis is clear: the company is executing a highly leveraged, capital-intensive land grab, sacrificing near-term profitability to rapidly capture market share in the cloud sector.

This aggressive strategy is visible in the company's financial arc, as revenue grew from $1.9 billion in FY2024 to $5.1 billionb in FY2025. Top-line momentum continued to accelerate, delivering 112% revenue growth to hit $4.7 billion in H1 2026. To fund this expansion, CoreWeave raised $1.4 billion during its March 2025 initial public offering and unleashed a relentless borrowing spree, pushing total debt to $31.4 billion by Q2 2026.

Heavy reliance on leverage to finance server acquisitions across its 43 data centers took a direct toll on profitability. Net losses widened from $863 millionc in FY2024 to a $1.2 billion net loss in FY2025, driving the total accumulated deficit to $4.0 billion by the close of Q2 2026. Despite this heavy capital burn, equity markets rewarded the top-line execution, with shares closing at $71.61 against a $-2.81 EPS at the end of FY2025.

Recent Developments (Q1 and Q2 2026)

CoreWeave locked in a $21 billiond cloud computing commitment from Meta in Q1 2026, guaranteeing capacity demand through 2032. Total assets swelled to $77.1 billion by mid-year, driven by a $16.2 billion jump in property and equipment. This infrastructure buildout outpaced top-line expansion, causing H1 2026 cost of revenue to spike 177% and pushing the net loss to $1.37 billion. To sustain this deployment, the company orchestrated multiple capital raises, including an $8.5 billion delayed draw term loan and a $4 billion convertible note offering.

Bulls argue the hyperscaler commitments validate the capital expenditure and secure long-term monetization. Bears warn the escalating operating costs make the stock look richly valued, trading at a -38.3x P/E ratio as of the August 12, 2026 reporting date.

What to watch: remediation of material weaknesses in internal controls; adherence to debt service coverage ratios commencing in late 2026

03—Filings

Recent SEC Filings

  1. 8-KCoreWeave 8-K Report, Material Agreement (Sep 22, 2026)CoreWeave, Inc. (CRWV) completed a private offering on September 22, 2026 of $4.2 billion aggregate principal amount of 2.875% Convertible Senior Notes due April 1, 2033, including the $500 million over-allotment option exercised in full. The notes are general senior unsecured obligations, guaranteed by CoreWeave's wholly owned subsidiaries that guarantee its existing senior and convertible notes. Net proceeds were $4,137.0 million before estimated offering expenses. The company intends to use part of the proceeds to fund capped call transactions (about $566.2 million total cost) and the remainder for general corporate purposes. The initial conversion price is approximately $97.85 per share, a 22.50% premium to the $79.88 closing price on September 17, 2026. Conversion settlement is at CoreWeave's election in cash, shares, or a combination. The maximum share issuance is 52,578,540 shares at the maximum conversion rate of 12.5187 shares per $1,000 principal. The capped calls, with a cap price of $199.70 per share (150% premium), are designed to reduce dilution up to that level. Investors should note that the notes can be redeemed for cash after April 5, 2030 under a 130% stock price trigger, and that holders have a put right at par plus accrued interest upon a fundamental change. For investors, the key considerations are the scale of the new debt load, which is layered on top of several existing high-yield and convertible issues, and the dilution profile above the conversion price, which is partly mitigated by the capped call structure. The filing does not disclose how the company plans to deploy the general corporate proceeds, so the use of capital will be an important item to track in future filings.
  2. 8-KCoreWeave 8-K Report, Regulation FD Disclosure (Sep 17, 2026)CoreWeave (CRWV) announced on September 17, 2026 that it intends to sell $3.0 billion of convertible senior notes due April 1, 2033 in a Rule 144A private offering, with a $500 million greenshoe. The notes will be senior unsecured obligations guaranteed by certain wholly owned subsidiaries, and conversions may be settled in cash, stock, or a combination at the company's election. Proceeds will partly fund capped call transactions, which are designed to reduce dilution, with the remainder going to general corporate purposes. Per the supplemental investor deck, the expected coupon is 2.375%–2.875% and the expected conversion premium is 22.5%–27.5%, with pricing expected after market close that day. The same filing discloses an Equity Distribution Agreement allowing the company to sell up to 35,000,000 shares of Class A common stock through at-the-market sales, privately negotiated transactions, and collared forward sale agreements. Sales agent commissions are up to 2.0%, and no sales may occur until at least 30 days after the convertible purchase agreement. The company will receive no proceeds from forward-seller hedging until settlement, and the forward structure introduces future dilution and share-settlement mechanics that investors should model carefully. Stated uses include general corporate purposes and support for migrating the enterprise credit profile toward investment grade. The deck supports the financing rationale with Q2 2026 results: revenue of $2.6 billion (up 112% YoY), revenue backlog of $104.2 billion (up 246% YoY), and more than $25 billion of additional net new commitments added in early Q3. Adjusted operating margin was 5%, adjusted net loss was $(567) million, and capex was $9.4 billion. Total debt is about $38.6 billion, against weighted average interest of 7.8% (Q2-26 pro forma for the convertible). Investors should weigh strong backlog growth against heavy capital needs, persistent GAAP losses, and substantial leverage.
  3. 8-KCoreWeave 8-K Report, Financial Results (Aug 11, 2026)CoreWeave (CRWV) reported Q2 2026 revenue of $2.575 billion, up roughly 112% year over year from $1.212 billion, with the company showing its first operating-income swing toward breakeven at the GAAP level: operating loss of $49 million versus operating income of $19 million a year earlier. Operating expenses rose sharply, growing about 120% to $2.624 billion, driven mainly by cost of revenue and technology and infrastructure costs as capacity scaled. Net loss widened to $626 million (-$1.14 per share) from $290 million (-$0.60 per share), primarily because interest expense, net, more than doubled to $640 million, reflecting heavy debt issuance to fund buildout. Non-GAAP adjusted EBITDA grew to $1.510 billion from $753 million, though adjusted EBITDA margin compressed to 59% from 62%, and adjusted operating income fell to $128 million from $200 million. The balance sheet and cash flow show an aggressive, debt- and equity-funded expansion. Property and equipment, net, rose to $46.7 billion from $30.6 billion at year-end 2025, and operating lease right-of-use assets nearly doubled to $16.6 billion. Capital expenditures were $6.4 billion in the quarter and $14.1 billion year to date. Operating cash flow was positive at $679 million in Q2 and $3.66 billion for the first half, but free cash flow remains deeply negative. Recourse debt (current and non-current) totaled about $31.4 billion, and total liabilities reached $72.0 billion against $5.0 billion of stockholders' equity. Cash and equivalents rose to $5.5 billion, supported by $13.5 billion of gross debt proceeds and $1.0 billion of common stock issued in private placements during the quarter. Management emphasized demand and scale. Revenue backlog was approximately $104 billion as of June 30, 2026, excluding more than $25 billion of net new customer commitments added in early Q3. Active power grew by nearly 500 MW to 1.5 GW, and contracted power reached about 3.7 GW. The company also cited the first bring-up of NVIDIA Vera Rubin NVL72, new cross-cloud products, a $3.1 billion publicly syndicated delayed draw term loan, a $1 billion strategic investment from Jane Street, and inclusion in the Nasdaq-100. Guidance was not included in the release and will be provided on the earnings call. Investors should weigh the strong backlog and growth against rising leverage, widening GAAP losses, heavy capital intensity, and the dependence on continued access to capital.
  4. 8-KCoreWeave 8-K Report, Material Agreement (Aug 10, 2026)On August 7, 2026, CoreWeave Financing DDTL V-V, LLC, an indirect subsidiary of CoreWeave, Inc. (CRWV), entered into a $2.6 billion delayed draw term loan facility (the "DDTL 5.5 Facility") with JPMorgan Chase Bank, N.A. as administrative agent and a syndicate of lenders. The company announced the closing via press release on August 10, 2026. The facility is intended to finance capital expenditures needed to perform certain customer contracts, primarily GPU servers and related infrastructure. Draws are available until a commitment termination date in December 2026, with a maturity of September 1, 2031. Borrowings bear interest at Term SOFR (0.00% floor) plus a 5.50% margin, or a base rate plus 4.50%, with a 0.50% undrawn fee. The facility is fully guaranteed by the parent and secured by substantially all assets of the borrower and its subsidiaries. The key structural feature is that the facility's roughly five-year maturity extends beyond the average three-year length of the underlying customer contracts. Management frames this as lender willingness to underwrite GPU renewal and re-leasing risk, which would allow CoreWeave to finance shorter-dated, often higher-priced contracts and broaden its customer base to global enterprises that prefer shorter terms. The company also cited Ba2 (Moody's) and BB+ (Fitch) ratings and said the deal was meaningfully oversubscribed. From an investor standpoint, the facility adds significant secured debt at a relatively high spread of SOFR + 5.50%, and it includes a debt service coverage ratio covenant of at least 1.35x starting after the earlier of full commitment reduction or December 31, 2026. Investors should weigh the financing flexibility and margin benefits against the increased leverage, the reliance on contract renewals or re-leasing to service debt beyond the initial contract terms, and cross-default and material-contract event-of-default risks. The filing does not disclose the amount drawn to date.
  5. 8-KCoreWeave 8-K Report, Material Agreement (Jun 18, 2026)CoreWeave, Inc. (CRWV) announced the successful completion of a significant private offering of Senior Notes on June 18, 2026. The offering comprises $1,250 million in dollar-denominated notes with a 9.625% interest rate and €2,000 million in euro-denominated notes with an 8.500% interest rate, both maturing in July 2032. These notes were issued to qualified institutional buyers under Rule 144A. The substantial proceeds from this offering are earmarked for general corporate purposes, including the repayment of existing indebtedness and covering expenses related to the issuance itself. The notes are senior unsecured obligations and are guaranteed by certain wholly-owned subsidiaries of CoreWeave, which also guarantee the company's existing revolving credit facility, providing an additional layer of credit support for noteholders. This move signals a strategic financial maneuver by CoreWeave to bolster its capital structure and potentially optimize its debt profile.
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04—See also

Related Companies

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