01—Abstract
Summary
Summary of the 10-Q filed August 12, 2026. Cited figures are marked; the original filing is the authoritative source.
CoreWeave, Inc. demonstrated robust revenue growth of 112% in the first half of 2026 compared to the same period in 2025, reaching $4.7 billiona.
This growth was primarily driven by expansion within its existing customer base. However, the company reported a net loss of $1.37 billionb 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 billionc 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 billiond. 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.
02—Key points
Key Highlights
- Revenue grew 112% year-over-year to $4.7 billion for the first six months of 2026.
- Net loss widened significantly to $1.37 billion in the first half of 2026 from $605 million in the same period of 2025.
- Total assets increased substantially to $77.1 billion by June 30, 2026, driven by heavy investment in property and equipment and operating lease ROU assets.
- Total debt increased to $31.4 billion by June 30, 2026, reflecting aggressive financing for expansion.
- Cash and cash equivalents improved to $5.5 billion, with significant available credit facilities providing ample liquidity.
- The company reported previously identified material weaknesses in internal controls over financial reporting, which are currently being remediated.
- Remaining Performance Obligations (RPO) reached $103.7 billion as of June 30, 2026, indicating substantial future revenue potential.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q2 FY2026, CoreWeave lost $0.24.
- Revenue$2.58B100.0%
- Cost of revenue−$879.0M34.1%
- Gross profit$1.70B65.9%
- Operating costs−$1.75B67.8%
- Operating income−$49.0M1.9%
- Interest, other & tax−$577.0M22.4%
- Net income−$626.0M24.3%
04—Financials
Financial Highlights
Figures from 10-QQ2 FY2026filed August 12, 2026Financial Statements
Q2 FY2026 against Q2 FY2025
| Line item | Q2 FY2026Q2 FY2025 | Change |
|---|---|---|
| Revenue | $2.58B$1.21B | +112.5% |
| Cost of Revenue | $879.00M$313.00M | +180.8% |
| Gross Profit | $1.70B$899.00M | +88.7% |
| R&D Expenses | $117.00M$80.00M | +46.3% |
| Operating Expenses | $2.62B$1.19B | +119.9% |
| Operating Income | -$49.00M$19.00M | −357.9% |
| Interest Expense | $558.00M$256.00M | +118.0% |
| Net Income | -$626.00M-$290.00M | −115.9% |
| EPS (Basic) | $-1.14$-0.60 | −90.0% |
| EPS (Diluted) | $-1.14$-0.60 | −90.0% |
| Shares Outstanding (Basic) | 551.00M487.00M | +13.1% |
| Shares Outstanding (Diluted) | 551.00M487.00M | +13.1% |
05—Questions
Frequently Asked Questions
What is the primary driver of CoreWeave's significant revenue growth?
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.
Why has CoreWeave's net loss increased significantly despite strong revenue growth?
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.
How is CoreWeave financing its aggressive expansion, and what are the associated risks?
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.
What is the significance of the large Remaining Performance Obligations (RPO)?
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.
06—Continue