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CoreWeave

CRWV · Nasdaq

Interest, not operations, drives the $626M loss

The operating loss was only $49M, but interest expense of $640M, equal to 24.9% of revenue, accounts for most of the $626M net loss.

Q2 FY2026, the quarter to Jun 30, 2026 · 10-Q filed Aug 12, 2026

Q2 FY2026 · revenue
$2.6B+162.2% on the year
Operating margin
-1.9%
Net income
-$626.0M
Free cash flow, quarter
-$5.7B
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Key insights · Q2 FY2026
  1. 01

    Interest, not operations, drives the $626M loss

    The operating loss was only $49M, but interest expense of $640M, equal to 24.9% of revenue, accounts for most of the $626M net loss.

    Why it matters

    The operating line moved from income of $19M a year earlier to a loss of $49M. Interest expense, net was $640M against $267M, which the filing attributes to higher borrowing levels and total debt. Interest grew faster than revenue and reached 24.9% of it. Other income of $125M, mostly gains on strategic investments and foreign exchange, offset part of it, and a $62M tax provision was recorded despite a $564M pre-tax loss.1

    The filing ties its competitive position to what it pays for money: "If we are unable to continue lowering our cost of capital, our ability to effectively compete, especially with larger competitors that have greater financial and other resources, as well as our operating results, financial condition, and business, may be adversely impacted."1

    AnalysisThe business works as a spread: contracted capacity has to earn an operating profit larger than the interest on the debt that built it. Today capacity still under construction already carries interest while the operating line is slightly negative, so part of the gap is timing. Whether it closes depends on sites reaching full billing and on new borrowing getting cheaper while contract prices hold.

  2. 02

    The 65.9% gross margin leaves out the GPUs

    Cost of revenue covers rent and power; server and GPU depreciation sits in technology and infrastructure at 58.5% of revenue, lifting total operating costs to 101.9%.

    Why it matters

    Cost of revenue was $879M, 34.1% of revenue; the filing attributes its rise to new and expanded data centers, through rent, power and the depreciation of power systems. Technology and infrastructure was $1.51B, 58.5% of revenue, mainly depreciation on equipment placed in service. With sales and marketing at 2.3% and general and administrative at 6.9%, total operating expenses were 101.9% of revenue.1

    A year earlier cost of revenue was 25.8% of revenue and technology and infrastructure 55.3%. Both shares rose because the two lines grew 180.8% and 124.9% against revenue growth of 112.5%.1

    AnalysisRead alone, 65.9% looks like a software margin. The closer measure of the economics is the operating margin of -1.9%, because the hardware that produces the revenue is depreciated below the gross line. Any comparison with other cloud providers should first check where each one books equipment depreciation.

  3. 03

    Operating cash funded 10.6% of the quarter's build

    Capital spending of $6.42B, 249.4% of revenue, met operating cash flow of $679M, leaving free cash flow of -$5.74B for debt and equity to cover.

    Why it matters

    Capital spending was $6.42B and operating cash flow $679M, so operations covered 10.6% of the build. Free cash flow was -$5.74B, or -223.0% of revenue. The cash line swings between quarters: in the March quarter operating cash flow was $2.98B against capital spending of $7.70B.1

    The filing describes delayed draw term loans "drawn as we build infrastructure to support customer requirements" and repaid from contracted cash flows, and adds: "We anticipate that future investments may require significant debt and/or equity financing." Weighted shares rose to 551M from 487M, with private placements of stock this year.1

    The pattern is not new. Free cash flow was -$5.95B and -$7.25B in the two prior full years, and the June quarter alone came to -$5.74B, so the pace of building has risen rather than eased.1

  4. 04

    The top customer's share fell from 71% to 36%

    Revenue more than doubled while the largest customer's share halved, two others reached 26% and 10%, and 93% of the increase came from existing customers.

    Why it matters

    The largest customer was 36% of revenue against 71% a year earlier. A second customer was 26% and a third 10%, and neither crossed the reporting threshold a year earlier. Approximately 93% of the revenue increase came from expansion within the existing customer base, the rest from new customers.1

    AnalysisApplied to revenue of $2.58B and $1.21B, those shares put the largest customer's spending roughly level with a year earlier. Its share fell because other accounts grew, not because it shrank. Concentration has widened from one buyer to three rather than gone away.

    The filing expects a small number of customers to keep carrying most of the revenue, and notes that large customers may build their own infrastructure, move work to competitors or redesign systems to need less capacity.1

Sources

  1. 1.CoreWeave 10-Q for the period to 2026-06-30 (the filing), Aug 12, 2026, read Nov 2, 2026

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Business performance

Growth, profit and margin

Revenue went from $229.0M in FY2023 to $5.1B in FY2025, the operating margin from -6.1% to -0.9%, over 2 years.

  • Revenue$5.1B
  • Operating income-$46.0M
  • Operating margin-0.9%
Period
Q2 FY2026
Revenue
$2.6B
Operating income
-$49.0M
Operating margin
-1.9%
Net income
-$626.0M
Free cash flow
-$5.7B
Business performance

Does the profit turn into cash?

Q2 FY2026: free cash flow of -$5.7B against net income of -$626.0M in the quarter.

  • Operating cash flow$3.1B
  • Capital expenditure$10.3B
  • Free cash flow-$7.3B
  • Net income-$1.2B

Capital expenditure is drawn below the axis as cash out. Cash conversion is operating cash flow over net income, shown in the tooltip for years with a profit.

Financial data and sources

The figures

Margins, cash and growth for the period, each with what it was computed from.

Gross margin
65.9%
Source10-Q, Derived from Revenue and Cost of revenue in the 10-Q filed 2026-08-12
Operating margin
-1.9%
Source10-Q, Derived from Operating income (loss) and Revenue in the 10-Q filed 2026-08-12
Net margin
-24.3%
Source10-Q, Derived from Net loss and Revenue in the 10-Q filed 2026-08-12
Free cash flow, quarter
-$5.7B
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-12
Free cash flow margin, quarter
-223.0%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-12
Cash conversion, quarter
-1.08x
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-12
Capital spending, quarter
249.4%
Source10-Q, Derived from the prior period in the history in the 10-Q filed 2026-08-12
Revenue growth
+162.2%
From the record's own history, against the prior year.

Where revenue comes from

Every breakdown the filing reports for the period, with each item's share.

This filing reports no breakdown of revenue by product, segment or region for the period.

What it costs

The cost lines beneath operating income, each as a share of revenue, then the operating result.

Costs are reported by function: what it cost to make what was sold, then the expenses of selling, developing and administering.

Cost lineQ2 FY2026Of revenueSource
Total operating expenses$2.6B101.9%Source10-Q, us-gaap:CostsAndExpenses, as reported in the 10-Q filed 2026-08-12
Operating income (loss)-$49.0M-1.9%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-08-12

Operating figures the company states

From the text of the filing rather than its statements, each with the sentence that states it.

Contracted backlog (remaining performance obligations)
$103.7B
As of Jun 30, 2026
View source
As of June 30, 2026, the Company had $ 103.7 billion of unsatisfied RPO, of which 41 % was expected to be recognized over the initial 24 months ending June 30, 2028, 39 % between months 25 and 48, and the remaining balance recognized between months 49 and 78.
Contracted power not yet delivered, largest single-site lease
393 mw
As of Jun 30, 2026
View source
As of June 30, 2026, 393 MW of electrical power remained undelivered at the site and was expected to be delivered in phases in 2026 and 2028.
Contracted power not yet delivered, other construction-cost leases
355 mw
As of Jun 30, 2026
View source
As of June 30, 2026, 355 MW of electrical power remains undelivered at these sites and are expected to be delivered in phases between 2026 and 2028.
Largest customer's share of revenue
36.0%
As of Jun 30, 2026
View source
Customer A 36 % 71 % 40 % 72 %
Second-largest customer's share of revenue
26.0%
As of Jun 30, 2026
View source
Customer B 26 % * 23 % *
Share of backlog expected within 24 months
41.0%
As of Jun 30, 2026
View source
As of June 30, 2026, the Company had $ 103.7 billion of unsatisfied RPO, of which 41 % was expected to be recognized over the initial 24 months ending June 30, 2028, 39 % between months 25 and 48, and the remaining balance recognized between months 49 and 78.
Share of revenue from committed contracts
98.0%
As of Jun 30, 2026
View source
Revenue recognized related to customer commitments, including revenue from delivering capacity prior to commitment start dates, represented 98 % of total revenue for the three months ended June 30, 2026 and 2025, and 98 % of total revenue for the six months ended June 30, 2026 and 2025.
Share of revenue increase from existing customers
93.0%
As of Jun 30, 2026
View source
Approximately 93% of the revenue increase in both the three and six months ended June 30, 2026 was attributable to expansion within our existing customer base, with the remainder attributable to new customers.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations, 10-Q filed Aug 12, 2026
Third-largest customer's share of revenue
10.0%
As of Jun 30, 2026
View source
Customer C 10 % * * *

The statements, as filed

The income statement, cash flow statement and balance sheet in the company's own order and words. Every line links to the filing.

Income statement21 lines, as presented in the 10-Q
LineQ2 FY2026A year earlierChangeOf revenueSource
Income Statement
Revenue$2.58B$1.21B+112%100%Source10-Q, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, as reported in the 10-Q filed 2026-08-12
Operating expenses:
Cost of revenue$879.0M$313.0M+181%34.1%Source10-Q, us-gaap:CostOfGoodsAndServicesSold, as reported in the 10-Q filed 2026-08-12
Technology and infrastructure$1.51B$670.0M+125%58.5%Source10-Q, crwv:TechnologyAndInfrastructure, as reported in the 10-Q filed 2026-08-12
Sales and marketing$60.0M$36.0M+67%2.3%Source10-Q, us-gaap:SellingAndMarketingExpense, as reported in the 10-Q filed 2026-08-12
General and administrative$178.0M$174.0M+2.3%6.9%Source10-Q, us-gaap:GeneralAndAdministrativeExpense, as reported in the 10-Q filed 2026-08-12
Total operating expenses$2.62B$1.19B+120%101.9%Source10-Q, us-gaap:CostsAndExpenses, as reported in the 10-Q filed 2026-08-12
Income Statement
Operating income (loss)-$49.0M$19.0M1.9%Source10-Q, us-gaap:OperatingIncomeLoss, as reported in the 10-Q filed 2026-08-12
Gain (loss) on fair value adjustments$0$00.0%Source10-Q, us-gaap:UnrealizedGainLossOnDerivatives, as reported in the 10-Q filed 2026-08-12
Interest expense, net-$640.0M-$267.0M+140%24.9%Source10-Q, us-gaap:InterestIncomeExpenseNonoperatingNet, as reported in the 10-Q filed 2026-08-12
Other income (expense), net$125.0M$6.0M+1,983%4.9%Source10-Q, us-gaap:OtherNonoperatingIncomeExpense, as reported in the 10-Q filed 2026-08-12
Loss before income taxes-$564.0M-$242.0M+133%21.9%Source10-Q, us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest, as reported in the 10-Q filed 2026-08-12
Provision for income taxes$62.0M$48.0M+29%2.4%Source10-Q, us-gaap:IncomeTaxExpenseBenefit, as reported in the 10-Q filed 2026-08-12
Net loss-$626.0M-$290.0M+116%24.3%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-08-12
Other comprehensive loss-$23.0M$00.9%Source10-Q, us-gaap:OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent, as reported in the 10-Q filed 2026-08-12
Total comprehensive loss-$649.0M-$290.0M+124%25.2%Source10-Q, us-gaap:ComprehensiveIncomeNetOfTax, as reported in the 10-Q filed 2026-08-12
Net loss attributable to common stockholders, basic-$626.0M-$290.0M+116%24.3%Source10-Q, us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic, as reported in the 10-Q filed 2026-08-12
Net loss attributable to common stockholders, diluted-$626.0M-$290.0M+116%24.3%Source10-Q, us-gaap:NetIncomeLossAvailableToCommonStockholdersDiluted, as reported in the 10-Q filed 2026-08-12
Net loss per share attributable to common stockholders, basic (usd per share)-$1-$1+90%0.0%Source10-Q, us-gaap:EarningsPerShareBasic, as reported in the 10-Q filed 2026-08-12
Net loss per share attributable to common stockholders, diluted (usd per share)-$1-$1+90%0.0%Source10-Q, us-gaap:EarningsPerShareDiluted, as reported in the 10-Q filed 2026-08-12
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares)551,000,000487,000,000+13%Source10-Q, us-gaap:WeightedAverageNumberOfSharesOutstandingBasic, as reported in the 10-Q filed 2026-08-12
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares)551,000,000487,000,000+13%Source10-Q, us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding, as reported in the 10-Q filed 2026-08-12
Cash flow statement7 lines, as presented in the 10-Q

Year to date, as a quarterly filing reports it.

LineQ2 FY2026A year earlierChangeSource
Cash flows from operating activities:
Net loss-$626.0M-$290.0M+116%Source10-Q, us-gaap:NetIncomeLoss, as reported in the 10-Q filed 2026-08-12
Adjustments to reconcile net loss to net cash provided by operating activities
Amortization of debt discounts and issuance costs and accretion of redemption premiums$45.0M$29.0M+55%Source10-Q, us-gaap:AmortizationOfFinancingCostsAndDiscounts, as reported in the 10-Q filed 2026-08-12
Statement of Cash Flows
Cash, cash equivalents, and restricted cash—end of period$6.90B$2.05B+236%Source10-Q, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-Q filed 2026-08-12
Reconciliation of cash, cash equivalents, and restricted cash to condensed consolidated balance sheets:
Cash and cash equivalents$5.52B$1.15B+379%Source10-Q, us-gaap:CashAndCashEquivalentsAtCarryingValue, as reported in the 10-Q filed 2026-08-12
Restricted cash and cash equivalents, current$873.0M$560.0M+56%Source10-Q, us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue, as reported in the 10-Q filed 2026-08-12
Restricted cash and cash equivalents, non-current$507.0M$341.0M+49%Source10-Q, us-gaap:RestrictedCashAndCashEquivalentsNoncurrent, as reported in the 10-Q filed 2026-08-12
Total cash, cash equivalents, and restricted cash$6.90B$2.05B+236%Source10-Q, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-Q filed 2026-08-12
Balance sheet40 lines, as presented in the 10-Q
LineQ2 FY2026A year earlierChangeSource
Current assets
Cash and cash equivalents$5.52B$1.15B+379%Source10-Q, us-gaap:CashAndCashEquivalentsAtCarryingValue, as reported in the 10-Q filed 2026-08-12
Restricted cash and cash equivalents, current$873.0M$560.0M+56%Source10-Q, us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue, as reported in the 10-Q filed 2026-08-12
Marketable securities$15.0MSource10-Q, us-gaap:MarketableSecuritiesCurrent, as reported in the 10-Q filed 2026-08-12
Accounts receivable, net$2.54BSource10-Q, us-gaap:AccountsReceivableNetCurrent, as reported in the 10-Q filed 2026-08-12
Prepaid expenses and other current assets$567.0MSource10-Q, us-gaap:PrepaidExpenseAndOtherAssetsCurrent, as reported in the 10-Q filed 2026-08-12
Total current assets$9.52BSource10-Q, us-gaap:AssetsCurrent, as reported in the 10-Q filed 2026-08-12
Assets
Restricted cash and cash equivalents, non-current$507.0M$341.0M+49%Source10-Q, us-gaap:RestrictedCashAndCashEquivalentsNoncurrent, as reported in the 10-Q filed 2026-08-12
Property and equipment, net$46.74BSource10-Q, us-gaap:PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization, as reported in the 10-Q filed 2026-08-12
Operating lease right-of-use assets$16.60BSource10-Q, us-gaap:OperatingLeaseRightOfUseAsset, as reported in the 10-Q filed 2026-08-12
Intangible assets, net$245.0MSource10-Q, us-gaap:IntangibleAssetsNetExcludingGoodwill, as reported in the 10-Q filed 2026-08-12
Goodwill$1.10BSource10-Q, us-gaap:Goodwill, as reported in the 10-Q filed 2026-08-12
Other non-current assets$2.37BSource10-Q, us-gaap:OtherAssetsNoncurrent, as reported in the 10-Q filed 2026-08-12
Total assets$77.07BSource10-Q, us-gaap:Assets, as reported in the 10-Q filed 2026-08-12
Current liabilities
Accounts payable$3.63BSource10-Q, us-gaap:AccountsPayableCurrent, as reported in the 10-Q filed 2026-08-12
Accrued liabilities$6.42BSource10-Q, us-gaap:AccruedLiabilitiesCurrent, as reported in the 10-Q filed 2026-08-12
Recourse debt, current$6.24BSource10-Q, crwv:RecourseDebtCurrent, as reported in the 10-Q filed 2026-08-12
Non-recourse debt, current$1.28BSource10-Q, crwv:NonRecourseDebtCurrent, as reported in the 10-Q filed 2026-08-12
Deferred revenue, current$2.69BSource10-Q, us-gaap:ContractWithCustomerLiabilityCurrent, as reported in the 10-Q filed 2026-08-12
Operating lease liabilities, current$584.0MSource10-Q, us-gaap:OperatingLeaseLiabilityCurrent, as reported in the 10-Q filed 2026-08-12
Finance lease liabilities, current$7.0MSource10-Q, us-gaap:FinanceLeaseLiabilityCurrent, as reported in the 10-Q filed 2026-08-12
Other current liabilities$70.0MSource10-Q, us-gaap:OtherLiabilitiesCurrent, as reported in the 10-Q filed 2026-08-12
Total current liabilities$20.92BSource10-Q, us-gaap:LiabilitiesCurrent, as reported in the 10-Q filed 2026-08-12
Liabilities and stockholders' equity
Recourse debt, non-current$25.17BSource10-Q, crwv:RecourseDebtNonCurrent, as reported in the 10-Q filed 2026-08-12
Non-recourse debt, non-current$2.39BSource10-Q, crwv:NonRecourseDebtNonCurrent, as reported in the 10-Q filed 2026-08-12
Deferred revenue, non-current$7.01BSource10-Q, us-gaap:ContractWithCustomerLiabilityNoncurrent, as reported in the 10-Q filed 2026-08-12
Operating lease liabilities, non-current$15.74BSource10-Q, us-gaap:OperatingLeaseLiabilityNoncurrent, as reported in the 10-Q filed 2026-08-12
Finance lease liabilities, non-current$214.0MSource10-Q, us-gaap:FinanceLeaseLiabilityNoncurrent, as reported in the 10-Q filed 2026-08-12
Deferred tax liabilities, non-current$256.0MSource10-Q, us-gaap:DeferredIncomeTaxLiabilitiesNet, as reported in the 10-Q filed 2026-08-12
Other non-current liabilities$363.0MSource10-Q, us-gaap:OtherLiabilitiesNoncurrent, as reported in the 10-Q filed 2026-08-12
Total liabilities$72.05BSource10-Q, us-gaap:Liabilities, as reported in the 10-Q filed 2026-08-12
Stockholders' equity
Preferred stock$0Source10-Q, us-gaap:PreferredStockValue, as reported in the 10-Q filed 2026-08-12
Common Class A$0Source10-Q, us-gaap:CommonStockValue [us-gaap:CommonClassAMember], as reported in the 10-Q filed 2026-08-12
Common Class B$0Source10-Q, us-gaap:CommonStockValue [us-gaap:CommonClassBMember], as reported in the 10-Q filed 2026-08-12
Common Class C$0Source10-Q, us-gaap:CommonStockValue [us-gaap:CommonClassCMember], as reported in the 10-Q filed 2026-08-12
Treasury stock, at cost (shown as a deduction)($34.0M)Source10-Q, us-gaap:TreasuryStockCommonValue, as reported in the 10-Q filed 2026-08-12
Additional paid-in capital$9.09BSource10-Q, us-gaap:AdditionalPaidInCapital, as reported in the 10-Q filed 2026-08-12
Accumulated other comprehensive loss-$18.0MSource10-Q, us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax, as reported in the 10-Q filed 2026-08-12
Accumulated deficit-$4.01BSource10-Q, us-gaap:RetainedEarningsAccumulatedDeficit, as reported in the 10-Q filed 2026-08-12
Total stockholders' equity$5.02B$2.66B+89%Source10-Q, us-gaap:StockholdersEquity, as reported in the 10-Q filed 2026-08-12
Liabilities and stockholders' equity
Total liabilities and stockholders' equity$77.07BSource10-Q, us-gaap:LiabilitiesAndStockholdersEquity, as reported in the 10-Q filed 2026-08-12

About this data

Source
CoreWeave 10-Q, accession 0001769628-26-000366, filed Aug 12, 2026, read on Nov 2, 2026.
History
From the SEC's XBRL company facts, the value from the latest filing that stated each period.
Reading
Paragraphs marked Analysis are CXProWealth's reading; everything else is the filing's own numbers and words, or a cited source.
Version
methodology business-lens-1.0 · schema 1.2.0 · run business-lens-2026-11-02
Edge and risks

What holds CoreWeave's model up, and what could bend it

Competitive edge

  • 98% of revenue comes from committed contracts

    Remaining performance obligations of $103.7B, 41% due within two years, mean capacity is built for signed demand rather than expected demand.

    The detail

    The filing says "Our revenue primarily comes from committed contracts." Revenue tied to customer commitments was 98% of the quarter's revenue, the same share as a year earlier. Remaining performance obligations stood at $103.7B at the end of June, with 41% expected to be recognized within the next two years and the rest further out.1

    AnalysisSigning first moves the main risk from finding demand to delivering on schedule and at the planned cost, and the same contracts serve as security for the debt that funds the build.

  • Existing customers supplied 93% of revenue growth

    Sales and marketing cost $60M, 2.3% of revenue, while existing accounts supplied 93% of the increase, so growth needs little selling effort.

    The detail

    Sales and marketing was $60M against $36M a year earlier, 2.3% of revenue. Approximately 93% of the revenue increase came from expansion within the existing customer base.1

    AnalysisOnce a customer's AI workloads run on these clusters and software, moving them means migrating data, retuning jobs and requalifying performance. That incumbency makes the next block of capacity easiest to sell to the same buyer.

  • Overhead grew 2.3% while revenue grew 112.5%

    General and administrative cost was $178M against $174M, falling 7.4 points to 6.9% of revenue, so scale already shows in overhead.

    The detail

    General and administrative cost was $178M against $174M a year earlier, up 2.3%, and fell 7.4 points to 6.9% of revenue while revenue rose 112.5%.1

    AnalysisThe saving is real but small next to delivery costs, with cost of revenue at 34.1% and technology and infrastructure at 58.5% of revenue. The margin on each new contracted block, after its own depreciation and financing, decides the result.

What to watch

  • The backlog waits on power still undelivered

    At leased sites, 393 MW and 355 MW of contracted power remained undelivered at the end of June, and revenue starts only once capacity is handed over.

    The detail

    The filing reports 393 MW of power still undelivered at its largest single-site lease and 355 MW at other sites, to be delivered in phases. It depends on utilities, grid operators and third-party data center providers, names a past provider delay, and commits to sites and power before customers sign: "This asymmetric dynamic could adversely affect our business, financial position, results from operations and prospects."1

    AnalysisA slip would first show as revenue arriving later than the backlog implies, while rent and power on handed-over sites keep running.

  • One chip vendor and an assumed equipment life

    Every GPU in use is NVIDIA's, and depreciation, mostly in the 58.5% technology line, rests on estimates of how long that hardware keeps earning.

    The detail

    Customer contracts specify the chip vendor, so "all of the GPUs used in our infrastructure today are NVIDIA GPUs." The filing also warns: "Any changes to the significant assumptions underlying our estimates or to the estimates of our components' useful lives, or any inability to redeploy components of our existing infrastructure to extend past their contracted life could significantly affect our business."1

    AnalysisIf newer chip generations shorten the earning life of the installed fleet, today's depreciation would understate the true cost, and the gap would surface later as write-downs or weaker pricing on recontracted capacity.

  • The build keeps needing new debt and shares

    Weighted shares rose to 551M from 487M and the loss per share widened to $1.14 from $0.60, and the filing expects significant further financing.

    The detail

    The filing says its substantial debt could limit flexibility and divert cash to debt payments, that new equity or convertible debt would dilute existing holders, and that recent growth is no guide: "Our revenue may stop increasing or may decrease in the future."1

Sources

  1. 1.CoreWeave 10-Q for the period to 2026-06-30 (the filing), Aug 12, 2026, read Nov 2, 2026
Go deeper

CoreWeave, further in

Member research, then your own questions on ChatGPT.

What could change the outlook

What CoreWeave's numbers depend on from here, read from the filing: the conditions behind this period's margins and growth, and where a change would show first.

  • What has to go right for $103.7B of backlog to carry its debt

    How delivery timing, equipment life and the cost of new borrowing decide whether contracted capacity earns more than it costs to finance, and which figures show it first.

  • How much rests on three customers

    What the shift from one dominant buyer to three means for revenue stability, and the signals that a large customer may be moving work elsewhere.

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Questions to start with
  • What operating margin would CoreWeave need for its operating income to cover $640M of quarterly interest expense?
  • How would CoreWeave's results change if its GPUs earned for fewer years than its depreciation assumes?
  • Why did CoreWeave's largest customer fall from 71% to 36% of revenue while its spending held roughly level?

Business Lens describes CoreWeave from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing, the dates and the version are under the financial data above.