Highlights

  • Second quarter revenue rose 112% to $2.58 billion, while the company reported an operating loss of $49 million.
  • Net loss widened to $626 million, or $1.14 per share, from $290 million, and net interest expense reached $640 million.
  • Remaining performance obligations stood at $103.7 billion on June 30, 2026, and total liquidity reached $15.6 billion including undrawn facilities.
  • The filing discloses continuing material weaknesses in internal control and a putative securities class action filed in January 2026.

CoreWeave (NASDAQ:CRWV) shares were trading near their 52-week low at USD 62.13 on October 21, 2026, up 0.01%. The AI cloud infrastructure company reported second quarter 2026 results in its quarterly filing on August 12, with revenue more than doubling, a larger net loss and new borrowing arranged in August.

Based in Livingston, New Jersey, CoreWeave is a Delaware corporation founded in September 2017. It describes itself as the Essential Cloud for AI, offering GPU-based infrastructure, storage, networking and software that AI labs and enterprises use to build and run models. It leases or licenses data centers in the United States, Canada, Europe and the United Kingdom, and its fiscal year ends December 31.

Revenue Doubles While Losses Widen

Revenue for the quarter ended June 30, 2026 was $2.58 billion, up from $1.21 billion a year earlier, and six-month revenue reached $4.65 billion, up 112%. About 93% of the increase came from existing customers, and 98% of revenue came from committed contracts. Customer concentration remains high: one customer accounted for 36% of second quarter revenue, down from 71% a year earlier, a second for 26% and a third for 10%.

Costs grew faster than sales in the quarter. Cost of revenue rose 181% to $879 million, mainly on data center rent, power and related depreciation. Technology and infrastructure expense rose 125% to $1.51 billion, including about $1.3 billion of depreciation and amortization. The result was an operating loss of $49 million, compared with operating income of $19 million a year earlier.

Net interest expense more than doubled to $640 million on higher borrowings. Other income of $125 million, mostly unrealized gains on strategic investments and foreign exchange gains, partly offset this, and the company still recorded a $62 million tax provision despite a pretax loss of $564 million. Net loss was $626 million against $290 million, and the loss per share was $1.14 versus $0.60. For six months, the net loss was $1.37 billion, and the accumulated deficit was $4.0 billion.

Financing, Liquidity and Risk Disclosures

Operating activities generated $3.66 billion of cash in the first half, against a $190 million outflow a year earlier. Investing outflows were $14.87 billion and financing inflows were $13.99 billion. Cash and equivalents ended June at $5.52 billion, and total liquidity of $15.55 billion included $10.0 billion of availability under existing facilities. The company says its cash and borrowing capacity should cover obligations for at least the next year.

Debt is substantial. CoreWeave had $13.6 billion outstanding under delayed draw term loans and $16.6 billion of senior and convertible notes, with $2.0 billion available under its $2.5 billion revolving credit facility. It also raised equity in the first half, selling roughly 23 million shares to NVIDIA for $2.0 billion in January and about 9 million shares in a private placement for $1.0 billion in April. Management says future needs may require significant debt or equity financing, and that additional equity sales would dilute stockholders. After quarter end, in August, it signed a $2.6 billion delayed draw term loan, drew $1.2 billion of it, and also drew $1.2 billion on the revolver.

The filing carries two notable risk items. The company reports that material weaknesses in internal control over financial reporting, covering IT general controls, segregation of duties and accounting staffing, still existed at June 30, 2026, with remediation expected to continue through the rest of 2026. It also disclosed a putative securities class action filed January 12, 2026 in New Jersey and related stockholder derivative suits, which it calls without merit, and it has not accrued a material loss.

Contracted Backlog and Capital Plans

Remaining performance obligations were $103.7 billion, of which 41% is expected to be recognized within 24 months, 39% in months 25 to 48 and the rest through month 78. The company expects to increase technology and infrastructure investment relative to 2025, funded through debt, equity, delayed draw loans, vendor financing and balance sheet cash. The filing includes no numerical revenue or earnings guidance.