CoreWeave, Inc.CRWV

CoreWeave, Inc. Financial Overview 2025–2025

Updated Aug 15, 2026

CoreWeave amassed $103.7 billion 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 billion 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 million 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 billion 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

Rev

$5.13B

+167.9% YoY

FY2025

NI

$-1.20B

-27.6% YoY

FY2025

EPS

$-2.75

+36.0% YoY

FY2025

OCF

$3.06B

+11.2% YoY

FY2025

Revenue Trend
Beta

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

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Data from SEC Company Facts

All CRWV Financial Metrics(60)

Recent SEC Filings

CoreWeave, Inc. 8-K Report, Regulation FD Disclosure (Sep 17, 2026)

CoreWeave, Inc. (CRWV) has announced significant financing activities through a Current Report on Form 8-K filed on September 17, 2026. The company intends to raise $3.0 billion in aggregate principal amount of convertible senior notes due 2033 through a private offering to qualified institutional buyers, with an option to purchase an additional $500 million. These notes will be general senior unsecured obligations, guaranteed by certain subsidiaries. To manage the dilution from potential conversion of these notes, CoreWeave plans to enter into privately negotiated capped call transactions. The net proceeds are earmarked for funding these capped call transactions and general corporate purposes. This move signals a substantial capital infusion to support the company's growth and operational needs. In parallel, CoreWeave has also entered into an Equity Distribution Agreement with a syndicate of Sales Agents, allowing for the offering and sale of up to 35 million shares of its common stock over time. This "at-the-market" (ATM) offering, or similar methods including forward sale agreements, provides flexibility to raise capital as needed, subject to market conditions. Sales under this agreement are expected to commence at least 30 days after the purchase agreement for the convertible notes offering. The company intends to use net proceeds from these equity sales for general corporate purposes, which may include debt repayment, operating expenses, capital expenditures, investments, acquisitions, and advancing its objective of migrating its credit profile towards investment grade. Both financing strategies indicate CoreWeave's proactive approach to securing capital for future expansion and strategic initiatives.

CoreWeave, Inc. 8-K Report, Financial Results (Aug 11, 2026)

CoreWeave, Inc. (CRWV) filed an 8-K on August 11, 2026, to announce its financial results for the fiscal quarter ended June 30, 2026. This filing is primarily a vehicle to incorporate a press release containing these results, which are crucial for investors to assess the company's performance in the rapidly evolving AI infrastructure market. While the full details are within the referenced press release (Exhibit 99.1), the 8-K signals the company's public disclosure of its latest financial standing. Investors should pay close attention to the financial performance metrics detailed in the press release, as they will provide insight into CoreWeave's revenue growth, profitability, and operational efficiency. Given the company's focus on providing specialized cloud infrastructure for AI and machine learning workloads, the results will likely reflect demand trends and competitive positioning within this high-growth sector. The 8-K itself does not contain the financial data but serves as the official notification of its public release.

CoreWeave, Inc. 8-K Report, Material Agreement (Aug 10, 2026)

CoreWeave, Inc. (CRWV) has announced the successful closing of a $2.6 billion delayed draw term loan facility (DDTL 5.5 Facility) on August 7, 2026. This significant financing round, led by JPMorgan Chase Bank, N.A. and MUFG Bank, Ltd., is primarily earmarked to fund crucial capital expenditures, specifically for the acquisition of GPU servers and related infrastructure. This expansion is expected to directly support CoreWeave's ability to fulfill existing customer contracts, signaling a commitment to scaling its operations to meet increasing demand in the high-performance computing sector. The facility matures on September 1, 2031, with draws available until December 2026. The loan carries interest rates based on SOFR or a base rate, plus applicable margins, and includes a 0.50% annual fee on undrawn amounts. The Parent, CoreWeave, Inc., has provided an unconditional guarantee, and the loan is secured by substantially all assets of the borrower and its subsidiaries, offering strong collateralization for lenders. The agreement also includes customary covenants, such as a debt service coverage ratio of at least 1.35x, to ensure financial stability and repayment capacity.

CoreWeave, Inc. 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.

CoreWeave, Inc. 8-K Report, Regulation FD Disclosure (Jun 11, 2026)

CoreWeave, Inc. (CRWV) announced on June 11, 2026, its intention to launch a private offering of $3.5 billion (or euro equivalents) in aggregate principal amount of senior notes due 2032. These notes will be offered to qualified institutional buyers and non-U.S. persons. The proceeds are intended for general corporate purposes, including potential repayment of existing debt and covering offering-related expenses. This offering represents a significant financing event for CoreWeave, providing capital for its ongoing operations and strategic initiatives. Investors should note that the notes are unsecured and guaranteed by certain subsidiaries, making them general senior unsecured obligations of the company. The offering is subject to customary market conditions and is being conducted through a private placement under Rule 144A and Regulation S.

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