Key Highlights

● Revenue was $2.575 billion, up about 112% from $1.212 billion.

● Revenue backlog stood at about $104 billion at 30 June 2026.

● Capital expenditure reached $6.422 billion, up from $2.453 billion a year earlier.

● Net loss was $626 million, or $1.14 per share.

Backlog growth and heavy investment

CoreWeave, Inc. (NASDAQ:CRWV) reported second-quarter 2026 results on 11 August 2026, with revenue of $2.575 billion, up about 112% from $1.212 billion a year earlier. Its revenue backlog stood at about $104 billion at 30 June 2026, excluding more than $25 billion of net new customer commitments added early in the third quarter. The company also spent $6.42 billion on capital equipment in the quarter.

Business and sector

CoreWeave operates a specialised cloud platform designed for artificial intelligence workloads, supplying large clusters of graphics-processing units, networking and software to AI laboratories, technology groups and enterprises. Customers typically sign multi-year contracts, which is why backlog is a central measure for investors.

The sector is defined by shortages of power, data-centre space and advanced chips. Providers such as CoreWeave borrow heavily to build capacity ahead of revenue, so access to financing, the speed of data-centre delivery and the creditworthiness of customers are as important to performance as demand itself.

Latest reported results

Operating loss was $49 million, compared with operating income of $19 million a year earlier. Net loss was $626 million, or $1.14 per share, compared with $290 million, or $0.60 per share. On a non-GAAP basis, adjusted operating income was $128 million, a 5% margin, down from $200 million and 16%, while adjusted EBITDA was $1.51 billion, a 59% margin, up from $753 million and 62%.

Active power expanded by nearly 500 megawatts to 1.5 gigawatts, and contracted power was about 3.7 gigawatts. The gap between active and contracted power indicates how much capacity remains to be built and energised, which is a measure of future delivery risk as well as growth potential.

Financial performance and industry context

Capital expenditure was $6.422 billion in the quarter, compared with $2.453 billion a year earlier, and $14.117 billion for the first half. Total debt was roughly $35.1 billion at 30 June, comprising about $31.4 billion of recourse and $3.7 billion of non-recourse debt, against about $21.4 billion at the end of 2025, a rise of roughly $13.7 billion calculated from the reported balances. Cash and cash equivalents were $5.524 billion.

Financing activity included a $3.1 billion term loan described as the first publicly syndicated delayed draw facility backed by high-performance computing infrastructure, more than $10 billion of unsecured debt and convertible bonds, including an inaugural Eurobond, and a $1 billion strategic investment from Jane Street. The release contained no numerical guidance and said guidance would be provided on the earnings call.

The difference between adjusted EBITDA and operating results reflects heavy depreciation and interest-related costs, which are characteristic of capital-intensive infrastructure businesses. Access to capital markets therefore remains central, although terms and appetite can change.

Risks and uncertainties

CoreWeave's leverage is its most visible risk, since fixed interest and repayment obligations rise as borrowing grows. Delays in data-centre construction, power availability or chip supply could postpone revenue recognition from contracted capacity.

Customer concentration is another concern, as a small number of large customers may account for much of the backlog, and backlog itself is a commitment that depends on counterparties meeting their obligations. Competition from hyperscale cloud providers, rapid technology change in AI hardware and shifting AI investment sentiment could affect pricing and utilisation. Dilution from convertible securities and equity investments is a further consideration.

Backlog conversion and the funding bill

The next scheduled event is the third-quarter 2026 report. Readers may follow conversion of backlog into revenue, active power relative to the 3.7 gigawatts contracted, capital expenditure against operating cash generation, interest costs, further debt and equity raises, the guidance management provides on its calls, and any change in the composition or concentration of its customers.