A maker of cloud computing built around powerful graphics chips (GPUs), CoreWeave rents out its data-center muscle and software so companies can train and run AI models. It grew out of a crypto-mining venture started by commodities traders who plugged their first graphics card into a pool table in a Manhattan office; they later bought discounted chips from struggling miners and rebranded as CoreWeave in 2019. Today its Mission Control software and developer tools like Weights & Biases help AI teams, and it also owns the Weights & Biases MLOps platform.
CoreWeave's Q2 revenue doubled to $2.6B, but net loss widened to $626M as depreciation and interest costs from its infrastructure buildout continued to outrun revenue gains.
doubled again, but the cost of that growth is mounting. Revenue rose 112% to $2.6 billion, yet narrowed 8.3 points to 65.9% and net loss widened to $626 million as and consumed the gains. The company has $15.6 billion in liquidity to fund its buildout, but $35.6 billion in total debt means the gap between growth and profitability is still widening.
Key takeaways
rose 112% to $2.6 billion, with approximately 93% of the increase coming from expansion by existing customers under multi-year contracts.
narrowed 8.3 points to 65.9%, driven by a 181% increase in cost of to $879 million, including $335 million in additional rent and $87 million in higher utilities from new and expanded data centers.
Technology and infrastructure expense rose 125% to $1.5 billion, primarily from a $752 million increase in and on servers and networking equipment placed in service.
Section summaries
Management's Discussion and Analysis
Revenue doubled to $2.6B in Q2 FY2026 driven by existing customer expansion, but higher infrastructure costs widened net loss to $626M.
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grew 112% to $2.6B in Q2 FY2026, with approximately 93% of the increase coming from expansion within the existing customer base.
Net loss widened to $626 million from $290 million a year earlier, as net rose $373 million to $640 million on higher debt balances.
Total liquidity stood at $15.6 billion, including $5.5 billion in cash, $10.0 billion in undrawn debt facilities, and $3.0 billion in equity raised during the quarter.
Total indebtedness reached $35.6 billion, and a 100-basis-point increase in interest rates would raise quarterly by approximately $30 million based on floating-rate debt outstanding.
What changed
continued to narrow, falling to 65.9% from 65.5% in Q1 2026 and 74.2% a year ago, as the rent and power costs flagged in prior quarters continued to rise faster than .
The top-two customer concentration figure was not updated this quarter, but the company reiterated that new large-scale contracts with OpenAI and Meta will likely sustain concentration risk.
reached $640 million for the quarter, up from $536 million in Q1 2026, as total indebtedness rose to $35.6 billion from $25.1 billion at the end of Q1.
The material weaknesses in internal control over financial reporting, flagged across multiple prior quarters, persisted without remediation.
What to watch
Whether stabilizes as new data centers reach full utilization, or continues to narrow from the current 65.9% as additional capacity comes online.
The split among Microsoft, OpenAI, Meta, and other customers in Q3, to see whether the top-two concentration figure rises as new contracts scale.
The trajectory of relative to , given $35.6 billion in total indebtedness and a quarterly interest expense run rate of $640 million.
Any progress on remediating the material weaknesses in internal control over financial reporting, which have now persisted across multiple quarters without update.
Cost of surged 181% to $879M, driven by $335M in additional rent and $87M in higher utilities from new and expanded data centers.
Technology and infrastructure expense rose 125% to $1.5B, primarily due to a $752M increase in from servers and networking equipment placed in service.
Net loss widened to $626M from $290M, as a $373M increase in net to $640M and higher operating costs more than offset gains.
Total liquidity stood at $15.6B as of June 30, 2026, supported by $5.5B in cash, $10.0B in available debt facilities, and $3.0B in equity raised during the period.
Quantitative and Qualitative Disclosures About Market Risk
The company faces interest rate and foreign currency risks, using swaps and derivatives to partially hedge floating-rate debt and multi-currency exposures.
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A 100-basis-point rate move would change by ~$30M (quarter) and ~$61M (six months) based on floating-rate debt outstanding as of June 30, 2026.
The company uses interest rate swaps to mitigate the impact of rate changes on certain floating-rate borrowings.
Foreign currency risk arises mainly from operating expenses in GBP, CAD, EUR, and SEK, and from remeasuring non-functional-currency assets and liabilities.
Foreign exchange derivative contracts with a total notional of $1.8B are used to reduce, but not eliminate, currency exposure.
A hypothetical 10% adverse FX move would cause ~$180M in derivative losses, expected to be offset by an inverse change in the underlying exposure.
Cash, equivalents, and marketable securities totaled $5.5B, with an additional $1.4B in restricted cash, and are not held for trading or speculation.
From time to time, we are involved in various legal proceedings arising from the normal course of business activities. We are not presently a party to any litigation the outcome of which, we believe, if determined adversely to us, would individually or taken together have a mate…
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From time to time, we are involved in various legal proceedings arising from the normal course of business activities. We are not presently a party to any litigation the outcome of which, we believe, if determined adversely to us, would individually or taken together have a material adverse effect on our business, results of operations, cash flows or financial condition. For more information, refer to Note 9—Commitments and Contingencies–Litigation to the condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
CoreWeave faces material risks from power access, supplier concentration, customer concentration, heavy debt, and rapid AI market evolution.
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Power procurement, outages, and cost volatility could severely disrupt data center operations and expansion plans.
Dependence on a limited number of suppliers, notably NVIDIA for all GPUs, exposes the business to supply chain disruptions and technological shifts.
A substantial portion of is driven by a few top customers, with new large contracts from OpenAI and Meta expected to increase concentration risk.
The company's $35.6 billion in total indebtedness and significant lease obligations create substantial financial risk and restrict operational flexibility.
Rapid growth and a limited operating history at current scale make future performance difficult to predict, with net losses of $626 million in Q2 2026.
Material weaknesses in persist, related to IT controls, segregation of duties, and accounting personnel.