CoreWeave Reports Strong Second Quarter 2026 Results
Record Second Quarter Revenue and Revenue Backlog Highlight Unprecedented Demand for CoreWeave Cloud
LIVINGSTON, N.J., – August 11, 2026 – CoreWeave, Inc. (Nasdaq: CRWV), The Essential Cloud for AI™, today reported financial results for the second quarter ended June 30, 2026.
"CoreWeave reached an important inflection point this quarter as our scale began to translate into expanding operating leverage. Customer demand is accelerating, as enterprise adoption broadens and we continue to deepen our technology platform," said Michael Intrator, co-founder, chairman, and chief executive officer of CoreWeave. "CoreWeave is built on the conviction that AI is foundational to every industry and that realizing its full potential requires a purpose-built platform. This quarter reinforced that conviction."
Second Quarter 2026 Financial Highlights
| (In millions, except percentages and per share amounts) | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 |
|---|---|---|
| Revenue | $2,575 | $1,212 |
| Operating expenses | 2,624 | 1,193 |
| Operating income (loss) | $(49) | $19 |
| Operating income (loss) margin | (2)% | 2% |
| Interest expense, net | $(640) | $(267) |
| Net loss | $(626) | $(290) |
| Net loss margin | (24)% | (24)% |
| Basic net loss per share | $(1.14) | $(0.60) |
| Diluted net loss per share | $(1.14) | $(0.60) |
Non-GAAP Financial Measures
| (In millions, except percentages) | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 |
|---|---|---|
| Adjusted EBITDA | $1,510 | $753 |
| Adjusted EBITDA margin | 59% | 62% |
| Adjusted operating income | $128 | $200 |
| Adjusted operating income margin | 5% | 16% |
| Adjusted net loss | $(567) | $(130) |
| Adjusted net loss margin | (22)% | (11)% |
(See “Non-GAAP Financial Measures” and the reconciliation of GAAP to non-GAAP results table in this press release for additional information.)
Additional Second Quarter 2026 Financial Highlights
Revenue backlog¹ was approximately $104 billion as of June 30, 2026.
¹ Does not include more than $25 billion of net new customer commitments added in early Q3. Revenue backlog includes remaining performance obligations, plus other amounts we estimate will be recognized as revenue in future periods under committed customer contracts, in each case, subject to the satisfaction of delivery and availability of service requirements.
Second Quarter 2026 Highlights
- Customer Wins across AI Labs, Hyperscalers, and Enterprises - Partner of choice for leading enterprises and AI pioneers, including Bentley Systems, Caterpillar, Grammarly, Isomorphic Labs, and Sunday Robotics - Expanded relationships with existing enterprise and AI native customers including Cognition, Databricks, Hudson River Trading, Periodic Labs, Rescale, and Runway ML
- Continued Rapid Scaling of Purpose-Built AI Infrastructure - Expanded active power by nearly 500 MWs to reach 1.5 GW - Grew total contracted power to approximately 3.7 GW while further diversifying portfolio of providers and expanding powered land footprint
- Key Technology Leadership Milestones - Successfully completed industry's first bring-up and validation of NVIDIA Vera Rubin NVL72 - Launched new capabilities to make it easy for enterprises to run AI workloads cross-cloud, allowing customers to balance performance, reliability, and cost across their AI cloud footprint through:
- CoreWeave Interconnect: offering private, high-performance fiber linking directly to other hyperscale platforms, beginning with Google Cloud
- SUNK Anywhere: enabling AI research and platform teams to leverage CoreWeave's leading SUNK platform across their AI cloud portfolio
- LOTA (Local Object Transport Accelerator) Cross-Cloud: providing near-local data access across clouds, backed by CoreWeave's Zero Egress Migration program - Launched unified agentic AI capabilities that connect training, inference, observability, and reinforcement learning to empower agents to continuously learn and improve in production, including:
- CoreWeave ARIA (AI Research and Iteration Agent) that reads experiment data, uncovers hidden insights, and drives continuous model and agent improvement
- CoreWeave Sandboxes, the execution layer that gives AI researchers and platform teams secure, isolated environments for running reinforcement learning, agent tool use, and model evaluation - Set new MLPerf records for training and inference with open-source models running on the NVIDIA Grace Blackwell platform, achieving the lowest cost per token for inference in test runs
- Strengthening Financial Position - Milestone $3.1 billion term loan, the first ever publicly syndicated delayed draw facility backed by HPC infrastructure - $1 billion strategic investment from Jane Street following the expansion of commercial relationship in Q1 2026 - Raised more than $10 billion of unsecured debt and convertible bonds, including CoreWeave's inaugural Eurobond issuance
- Other Noteworthy Updates - Selected for inclusion in the Nasdaq-100 Index, as one of the 100 largest non-financial companies listed on the Nasdaq Stock Market
Business Outlook
CoreWeave will provide forward-looking guidance in connection with this quarterly earnings announcement on its earnings conference call and webcast.
Webcast and Conference Call Information
CoreWeave will host an audio webcast to discuss the results for the second quarter of 2026, provide a business update, and share forward-looking guidance at 2:00 pm PT / 5:00 pm ET today. The live webcast of CoreWeave’s earnings conference call can be accessed via the CoreWeave Investor Relations website at investors.coreweave.com, along with the earnings press release and accompanying presentation.
Following the call, a replay will be available at the same website. A transcript of the conference call will be posted to the investors.coreweave.com website.
Disclosure Information
CoreWeave uses its investor relations page (investors.coreweave.com), its X account (@CoreWeave), and its LinkedIn page (linkedin.com/company/coreweave/) to disclose material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, investors should monitor these channels, in addition to following CoreWeave's press releases, Securities and Exchange Commission (SEC) filings, public conference calls and public webcasts.
About CoreWeave
CoreWeave is The Essential Cloud for AI™. Built for pioneers by pioneers, CoreWeave delivers a platform of technology, tools, and teams that enables innovators to move at the pace of innovation, building and scaling AI with confidence. Trusted by leading AI labs, startups, and global enterprises, CoreWeave serves as a force multiplier by combining superior infrastructure performance with deep technical expertise to accelerate breakthroughs. Established in 2017, CoreWeave completed its public listing on Nasdaq (CRWV) in March 2025. Learn more at www.coreweave.com.
Investor Relations contact:
Investor-Relations@coreweave.com / https://investors.coreweave.com/
Media contact:
Press@coreweave.com / https://www.coreweave.com/about-us
Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use adjusted EBITDA and adjusted EBITDA margin, adjusted operating income (loss) and adjusted operating income (loss) margin, adjusted net income (loss) and adjusted net income (loss) margin, collectively, to help us evaluate our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Forward-looking non-GAAP financial measures are presented on a non-GAAP basis without reconciliation due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. Accordingly, a reconciliation of these forward-looking non-GAAP financial measures are not available without unreasonable effort.
A reconciliation is provided below for each historical non-GAAP financial measure to the most directly comparable financial measure stated in accordance with GAAP. CoreWeave encourages investors to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate CoreWeave’s business.
CONSOLIDATED STATEMENTS OF OPERATIONS
in millions, except per share data) (unaudited
| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | $2,575 | $1,212 | $4,653 | $2,194 |
| Operating expenses: | ||||
| Cost of revenue | 879 | 313 | 1,595 | 575 |
| Technology and infrastructure | 1,507 | 670 | 2,780 | 1,231 |
| Sales and marketing | 60 | 36 | 129 | 47 |
| General and administrative | 178 | 174 | 342 | 349 |
| Total operating expenses | 2,624 | 1,193 | 4,846 | 2,202 |
| Operating income (loss) | (49) | 19 | (193) | (8) |
| Gain (loss) on fair value adjustments | — | — | — | 27 |
| Interest expense, net | (640) | (267) | (1,176) | (531) |
| Other income (expense), net | 125 | 6 | 149 | 1 |
| Loss before income taxes | (564) | (242) | (1,220) | (511) |
| Provision for income taxes | 62 | 48 | 146 | 94 |
| Net loss | $(626) | $(290) | $(1,366) | $(605) |
| Net loss attributable to common stockholders, basic | $(626) | $(290) | $(1,366) | $(634) |
| Net loss attributable to common stockholders, diluted | $(626) | $(290) | $(1,366) | $(661) |
| Net loss per share attributable to common stockholders, basic | $(1.14) | $(0.60) | $(2.53) | $(1.73) |
| Net loss per share attributable to common stockholders, diluted | $(1.14) | $(0.60) | $(2.53) | $(1.79) |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic | 551 | 487 | 539 | 367 |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted | 551 | 487 | 539 | 369 |
CONSOLIDATED BALANCE SHEETS
in millions) (unaudited
| Line item | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets | ||
| Cash and cash equivalents | $5,524 | $3,127 |
| Restricted cash and cash equivalents, current | 873 | 819 |
| Marketable securities | 15 | 34 |
| Accounts receivable, net | 2,541 | 3,169 |
| Prepaid expenses and other current assets | 567 | 339 |
| Total current assets | 9,520 | 7,488 |
| Restricted cash and cash equivalents, non-current | 507 | 184 |
| Property and equipment, net | 46,736 | 30,557 |
| Operating lease right-of-use assets | 16,595 | 8,231 |
| Intangible assets, net | 245 | 235 |
| Goodwill | 1,101 | 1,101 |
| Other non-current assets | 2,366 | 1,506 |
| Total assets | $77,070 | $49,302 |
| Liabilities and stockholders' equity | ||
| Current liabilities | ||
| Accounts payable | $3,633 | $1,623 |
| Accrued liabilities | 6,424 | 5,773 |
| Recourse debt, current | 6,235 | 6,118 |
| Non-recourse debt, current | 1,278 | 590 |
| Deferred revenue, current | 2,686 | 1,709 |
| Operating lease liabilities, current | 584 | 427 |
| Finance lease liabilities, current | 7 | 38 |
| Other current liabilities | 70 | 162 |
| Total current liabilities | 20,917 | 16,440 |
| Recourse debt, non-current | 25,170 | 14,608 |
| Non-recourse debt, non-current | 2,385 | 57 |
| Deferred revenue, non-current | 7,006 | 6,476 |
| Operating lease liabilities, non-current | 15,735 | 7,768 |
| Finance lease liabilities, non-current | 214 | 216 |
| Deferred tax liabilities, non-current | 256 | 115 |
| Other non-current liabilities | 363 | 287 |
| Total liabilities | 72,046 | 45,967 |
| Commitments and contingencies | ||
| Stockholders' equity | ||
| Preferred stock | — | — |
| Class A common stock · Class B common stockClass C common stock | — | — |
|---|---|---|
| Treasury stock | (34) | (34) |
| Additional paid-in capital | 9,085 | 6,012 |
| Accumulated other comprehensive loss | (18) | — |
| Accumulated deficit | (4,009) | (2,643) |
| Total stockholders' equity | 5,024 | 3,335 |
| Total liabilities and stockholders' equity | $77,070 | $49,302 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
in millions) (unaudited
| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Net loss | $(626) | $(290) | $(1,366) | $(605) |
| Adjustments to reconcile net loss to net cash provided by operating activities | ||||
| Depreciation and amortization | 1,393 | 560 | 2,540 | 1,003 |
| Amortization of debt discounts and issuance costs and accretion of redemption premiums | 45 | 29 | 86 | 67 |
| Stock-based compensation expense | 165 | 145 | 318 | 329 |
| Non-cash lease expense | 198 | 77 | 365 | 144 |
| Deferred income taxes | 61 | 46 | 140 | 91 |
| Gain on fair value adjustments | — | — | — | (27) |
| Other non-cash reconciling items | (24) | 17 | 97 | 39 |
| Changes in operating assets and liabilities, net of effect of business acquisitions: | ||||
| Accounts receivable | (435) | (866) | 607 | (1,505) |
| Prepaid expenses and other assets | (140) | (317) | (611) | (70) |
| Accounts payable and accrued expenses | (656) | (351) | 304 | (289) |
| Deferred revenue | 790 | 759 | 1,365 | 743 |
| Lease liabilities | (92) | (60) | (182) | (110) |
| Net cash provided by (used in) operating activities | $679 | $(251) | $3,663 | $(190) |
| Cash flows from investing activities: | ||||
| Purchase of property and equipment, including capitalized internal-use software | (6,422) | (2,453) | (14,117) | (3,860) |
| Maturities and sales of marketable securities | 6 | — | 18 | 29 |
| Investments related to joint ventures | (550) | (32) | (550) | (32) |
| Purchase of strategic investments | (138) | — | (138) | — |
| Sales of warrants received as lease incentive | — | 101 | — | 101 |
| Issuance of notes receivable | — | (18) | — | (73) |
| Business combination, net of cash acquired | — | (46) | — | (46) |
| Other investing activities | (62) | 6 | (87) | 6 |
| Net cash used in investing activities | $(7,166) | $(2,442) | $(14,874) | $(3,875) |
| Cash flows from financing activities: | ||||
| Proceeds from issuance of debt, net | 13,457 | 3,611 | 16,747 | 4,396 |
| Repayments of debt | (3,884) | (1,304) | (5,219) | (1,575) |
| Purchase of capped calls related to convertible senior notes | (492) | — | (492) | — |
| Issuance of common stock in private placements, net of issuance costs | 997 | — | 2,982 | — |
| Payment of tax withholdings on settlement of restricted stock units | — | (117) | — | (133) |
| Proceeds from initial public offering, net of underwriting discounts and commissions | — | 68 | — | 1,491 |
| Redeemable convertible preferred stock cash dividends paid | — | (3) | — | (29) |
| Other financing activities | (7) | (25) | (33) | (66) |
| Net cash provided by financing activities | $10,071 | $2,230 | $13,985 | $4,084 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $3,584 | $(463) | $2,774 | $19 |
| Cash, cash equivalents, and restricted cash—beginning of period | 3,320 | 2,517 | 4,130 | 2,035 |
| Cash, cash equivalents, and restricted cash—end of period | $6,904 | $2,054 | $6,904 | $2,054 |
Reconciliation of GAAP to Non-GAAP Results
Reconciliation of Net Loss to Adjusted EBITDA
(in millions, except percentages)
| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|---|---|---|---|
| Net loss | $(626) | $(290) | $(1,366) | $(605) |
| Depreciation and amortization | 1,393 | 559 | 2,540 | 1,003 |
| Interest expense, net | 640 | 267 | 1,176 | 531 |
| Stock-based compensation | 165 | 145 | 318 | 329 |
| Provision for income taxes | 62 | 48 | 146 | 94 |
| Acquisition related costs(1) | 1 | 30 | 2 | 36 |
| Other (income) expense, net | (125) | (6) | (149) | (1) |
| (Gain) loss on fair value adjustments(2) | — | — | — | (27) |
| Adjusted EBITDA | $1,510 | $753 | $2,667 | $1,360 |
| Revenue | $2,575 | $1,212 | $4,653 | $2,194 |
| Net loss margin | (24)% | (24)% | (29)% | (28)% |
| Adjusted EBITDA margin | 59% | 62% | 57% | 62% |
(1) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.
(2) Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B redeemable convertible preferred stock. Refer to Note 3. Investments and Fair Value Measurements to our consolidated financial statements included in our Quarterly Report on Form 10-Q filed or to be filed with the SEC for the quarter ended June 30, 2026 for additional information.
Reconciliation of Operating Loss to Adjusted Operating Income
(in millions, except percentages)
| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|---|---|---|---|
| Operating income (loss) | $(49) | $19 | $(193) | $(8) |
| Stock-based compensation | 165 | 145 | 318 | 329 |
| Acquisition related costs(1) | 1 | 30 | 2 | 36 |
| Amortization of acquired intangibles(2) | 11 | 6 | 22 | 6 |
| Adjusted operating income | $128 | $200 | $149 | $363 |
| Revenue | $2,575 | $1,212 | $4,653 | $2,194 |
| Operating income (loss) margin | (2)% | 2% | (4)% | 0% |
| Adjusted operating income margin | 5% | 16% | 3% | 17% |
(2) In the second quarter of 2025, we began including an adjustment for the amortization of acquired intangibles in our calculation of adjusted operating income. Prior period non-GAAP calculations for acquired intangible amortization are not being adjusted as these amounts were insignificant.
Reconciliation of Net Loss to Adjusted Net Loss
(in millions, except percentages)
| Line item | Three Months Ended June 30, 2026 | Three Months Ended June 30, 2025 | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|---|---|---|---|
| Net loss | $(626) | $(290) | $(1,366) | $(605) |
| Stock-based compensation | 165 | 145 | 318 | 329 |
| Loss on extinguishment of debt(1) | — | 9 | — | 10 |
| Acquisition related costs(2) | 1 | 30 | 2 | 36 |
| Amortization of acquired intangibles(3) | 11 | 6 | 22 | 6 |
| (Gain) loss on fair value adjustments(4) | — | — | — | (27) |
| Other adjustments(5) | (109) | (11) | (109) | (11) |
| Income tax, inclusive of the tax effect of the above adjustments(6) | (9) | (19) | (23) | (19) |
| Adjusted net loss | (567) | (130) | (1,156) | (281) |
| Revenue | $2,575 | $1,212 | $4,653 | $2,194 |
| Net loss margin | (24)% | (24)% | (29)% | (28)% |
| Adjusted net loss margin | (22)% | (11)% | (25)% | (13)% |
(1) Primarily relates to losses recognized upon the early extinguishment of certain OEM financing arrangements, as well as accelerated amortization of debt discount and debt issuance costs related to our 2024 Term Loan, which was repaid in connection with the IPO.
(2) Acquisition related costs include direct transaction costs, such as due diligence, advisory, and professional services fees, and certain compensation and integration related expenses. We exclude acquisition related costs, as we believe these transaction-specific expenses are inconsistent in amount and frequency, and do not correlate to the operation of our business.
(3) In the second quarter of 2025, we began including an adjustment for the amortization of acquired intangibles in our calculation of adjusted net loss. Prior period non-GAAP calculations for acquired intangible amortization are not being adjusted as these amounts were insignificant.
(4) Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B redeemable convertible preferred stock. Refer to Note 3. Investments and Fair Value Measurements to our consolidated financial statements included in our Quarterly Report on Form 10-Q filed or to be filed with the SEC for the quarter ended June 30, 2026 for additional information.
(5) Primarily relates to a net unrealized gain on our investments.
(6) In the second quarter of 2025, we began including an adjustment for the income tax effect related to our non-GAAP adjustments. Prior period non-GAAP calculations for the income tax effects on our non-GAAP adjustments are not being adjusted as these amounts were not material. Additionally, the third quarter of 2025 includes an adjustment for amounts related to the impact of the passage of the One Big Beautiful Bill Act on the first and second quarters of 2025, that were recorded in third quarter of 2025.