Key Highlights

  • CoreWeave reported second-quarter 2026 revenue of $2.575 billion, up 112% from $1.212 billion a year earlier.
  • Revenue backlog was approximately $104 billion, and early third-quarter commitments added more than $25 billion to it.
  • Adjusted EBITDA was $1.510 billion, a 59% margin, while the GAAP net loss was $626 million.
  • Capital expenditure was $6.422 billion in the quarter, and active power reached about 1.5 gigawatts against 3.7 gigawatts contracted.

CoreWeave, Inc. (NASDAQ:CRWV) published second-quarter 2026 results on August 11, 2026, and two figures in the release frame the story: a revenue backlog of approximately $104 billion, and quarterly interest expense of $640 million.

The first indicates contracted demand for the company's AI computing capacity; the second shows what it costs to finance the equipment needed to serve that demand. Read together, they explain why the company describes its results as strong while still reporting a net loss.

What CoreWeave Does

CoreWeave operates a specialized cloud platform built for artificial intelligence workloads, offering access to large clusters of graphics processors in data centers it leases or builds. Customers range from AI developers to established enterprises; the release named Bentley Systems, Caterpillar and Grammarly among new wins, alongside expanded work with existing clients. In sector terms it is an infrastructure services provider, and its business model depends on securing long-term contracts, power and financing.

Second-quarter Figures

Revenue was $2.575 billion, up 112% from $1.212 billion a year earlier, and revenue for the first half was $4.653 billion, also up 112%. Adjusted EBITDA, a non-GAAP measure, was $1.510 billion, a margin of 59%, compared with $753 million and 62% in the second quarter of 2025. On a GAAP basis the company recorded an operating loss of $49 million, against operating income of $19 million a year earlier, and a net loss of $626 million, against $290 million.

Interest expense was $640 million for the quarter, compared with $267 million, and $1.176 billion for the half year. Capital expenditure was $6.422 billion in the quarter and $14.117 billion for the six months. The difference between the strong adjusted EBITDA and the GAAP loss reflects depreciation, interest and other items, which are the ongoing costs of a capital-intensive model.

Capacity and Financing

The company reported active power of about 1.5 gigawatts, an expansion of roughly 500 megawatts, and contracted power of about 3.7 gigawatts. It said early third-quarter commitments added more than $25 billion to backlog. On financing, it raised over $10 billion of unsecured debt and convertible bonds and received a $1 billion strategic investment from Jane Street.

Pressure Points

Leverage is the most visible risk. Interest costs have more than doubled year on year, and further borrowing to fund the gap between contracted and active power would add to them. If customers delay deployments, or if data center construction and power connections run late, revenue recognition could be postponed while financing costs continue. Backlog is a contractual measure and depends on customers' performance and on contract terms that may include termination rights.

Supply concentration is another concern, as advanced processors come from a very small group of manufacturers. Customer concentration among a few large AI developers can make revenue sensitive to individual contracts. Competition from major cloud providers and other specialist operators may pressure pricing, and rapid chip generations can shorten the useful life of equipment. Convertible bonds may dilute shareholders on conversion.

CoreWeave's Backlog Against Its Interest Bill

The third-quarter 2026 results will show how quickly backlog converts into revenue and whether active power moves toward the contracted 3.7 gigawatts. Other markers include the direction of interest expense, the balance between operating loss and adjusted EBITDA, capital expenditure relative to the $6.422 billion spent in the second quarter, the terms of any new financing, and the guidance management provides for the coming periods.