10-QPeriod: Q2 FY2026

CoreWeave, Inc. Quarterly Report for Q2 Ended Jun 30, 2026

Filed August 12, 2026For Securities:CRWV

Summary

CoreWeave, Inc. demonstrated robust revenue growth of 112% in the first half of 2026 compared to the same period in 2025, reaching $4.7 billion. This growth was primarily driven by expansion within its existing customer base. However, the company reported a net loss of $1.37 billion for the first six months of 2026, a significant increase from $605 million in the prior year. This widening net loss is attributed to substantial increases in cost of revenue (up 177%) and technology and infrastructure expenses (up 126%), largely due to significant capital investments in expanding data center footprints and infrastructure. Financially, CoreWeave significantly increased its total assets to $77.1 billion by June 30, 2026, up from $49.3 billion at the end of 2025, primarily driven by a massive increase in property and equipment (up $16.2 billion) and operating lease right-of-use assets (up $8.4 billion). This expansion has been funded by substantial debt and equity raises, with total debt rising to $31.4 billion by mid-2026. The company's cash position also strengthened, reaching $5.5 billion, with significant availability under its credit facilities, indicating ample liquidity to support its aggressive growth strategy. Despite the rapid revenue expansion and liquidity, the company continues to grapple with profitability, marked by an accumulated deficit of $4.0 billion. Investors should monitor the company's ability to manage its escalating debt obligations and operating expenses while scaling its infrastructure to meet growing AI demand. The company also disclosed previously reported material weaknesses in internal controls, which it is actively working to remediate.

Key Highlights

  • 1Revenue grew 112% year-over-year to $4.7 billion for the first six months of 2026.
  • 2Net loss widened significantly to $1.37 billion in the first half of 2026 from $605 million in the same period of 2025.
  • 3Total assets increased substantially to $77.1 billion by June 30, 2026, driven by heavy investment in property and equipment and operating lease ROU assets.
  • 4Total debt increased to $31.4 billion by June 30, 2026, reflecting aggressive financing for expansion.
  • 5Cash and cash equivalents improved to $5.5 billion, with significant available credit facilities providing ample liquidity.
  • 6The company reported previously identified material weaknesses in internal controls over financial reporting, which are currently being remediated.
  • 7Remaining Performance Obligations (RPO) reached $103.7 billion as of June 30, 2026, indicating substantial future revenue potential.

Frequently Asked Questions

CoreWeave's revenue growth of 112% in the first half of 2026 was primarily driven by increased demand from existing customers expanding their usage of its AI cloud infrastructure services. This expansion within the customer base accounted for approximately 93% of the revenue increase.

The significant increase in net loss is primarily due to substantial investments in expanding the company's data center infrastructure and technology. Cost of revenue and technology and infrastructure expenses have risen sharply (177% and 126% respectively) to support this growth, leading to higher depreciation and amortization charges and increased operating costs.

CoreWeave is financing its expansion through a combination of debt and equity. Total debt increased to $31.4 billion by June 30, 2026, and the company raised significant proceeds from equity placements. While this provides ample liquidity, the substantial debt load increases financial risk, including higher interest expenses and potential limitations on future financing and operational flexibility. The company also disclosed material weaknesses in internal controls, which require ongoing remediation efforts.

The $103.7 billion in Remaining Performance Obligations (RPO) as of June 30, 2026, represents contracted revenue for services not yet delivered. This indicates a substantial backlog of future committed revenue, providing strong visibility into future business and demonstrating significant customer commitment to CoreWeave's services.