CoreWeave, Inc. (CRWV)

CoreWeave reported second-quarter 2026 revenue of $2,575 million on 11 August, up from $1,212 million a year earlier, and a net loss of $626 million 1. Revenue backlog, the contracted revenue still to be delivered, was approximately $104 billion at 30 June, before more than $25 billion of net new commitments added early in the third quarter 1.

Chief executive Michael Intrator said near-term capacity is effectively sold out, and that pricing and margins on the newest NVIDIA systems were reaching new highs, as MarketBeat summarised the call 4. The company said it passes higher component costs through to customers 4.

Growth came with heavy borrowing, and interest expense was $640 million in the quarter, against $267 million a year before 1. Future principal payments on its debt totalled $35,551 million at 30 June 2.

CNN reported in October that the interest on some of CoreWeave's bonds had surged to 15 percent, which it called a level that signals distress or a higher risk of default 5. Analyst Gil Luria told CNN the company is a bad apple rather than proof the whole AI economy is at risk 5.

The company's own guidance for that quarter was revenue of $3.45 billion to $3.6 billion 4.

CoreWeave began as a crypto-mining side project, and co-founder Brian Venturo told TechCrunch the team first mined on a pool table in a Manhattan office, then in a New Jersey garage 6. He said they were the largest Ethereum miner in the world for about two and a half years, at one point with 50,000 Nvidia consumer GPUs 6.

The Next Web wrote that Michael Intrator, Brian Venturo and Brannin McBee founded Atlantic Crypto in 2017 as a GPU-based Ethereum mining business 7. It added that the company rebranded to CoreWeave in 2021 and rebuilt itself as a GPU cloud provider 7.

The turn to AI started with EleutherAI, an open-source group, to which CoreWeave offered GPU access in exchange for help learning AI training, a partnership announced in 2022 6. The goodwill led AI startups to become paid customers, and Stability AI heard of CoreWeave through EleutherAI and signed on 6.

Revenue then compounded, from $229 million in 2023 to $1.9 billion in 2024 and $5.1 billion in 2025 3. Net losses in those years were $594 million, $863 million and $1.2 billion 3. Revenue for 2025 rose 168 percent, which the company ties to demand from existing and new customers, met by more data centers 3.

About 85 percent of the 2025 increase came from customers it already had, with the rest from new ones 3. That is the pattern of the business: customers sign, then add capacity as their AI workloads grow 3.

Capacity grew with it: at the end of 2023 CoreWeave ran 10 data centers with about 70 MW of active power, meaning the electricity available to the computers 3. A year later it ran 32 with about 360 MW, and at the end of 2025 it ran 43 with over 850 MW 3.

Signed future work grew faster, as remaining performance obligations, the value of contracts signed but not yet delivered, rose from $15.1 billion at the end of 2024 to $60.7 billion a year later 3.

CoreWeave listed on Nasdaq in March 2025, and TechCrunch reported that it raised $1.5 billion in an IPO that was the largest AI-related listing to date 6.

On 5 May 2025 it acquired Weights and Biases, an AI developer platform, for aggregate consideration of $1.0 billion 2. It bought OpenPipe, which trains AI agents, in September 2025 and Monolith, an industrial simulation platform, in November 2025 3.

CoreWeave had agreed to acquire the data-center company Core Scientific in an all-stock transaction 8. On 30 October 2025 it said Core Scientific's stockholders had not given the necessary approval, so the agreement was terminated 8.

In January 2026 NVIDIA invested $2 billion in CoreWeave's Class A common stock 3. In March 2026 Meta Platforms committed to pay up to about $21.0 billion under an order form, and in April 2026 Jane Street committed about $6.0 billion 2.

What CoreWeave sells

CoreWeave rents computing power built for artificial intelligence: racks of NVIDIA graphics chips, called GPUs, plus the networking, storage and software to run them 3. All of the GPUs in its infrastructure today are NVIDIA's 3. Customers mostly sign multi-year contracts to pay for a set amount of capacity, a take-or-pay model, and the committed contracts averaged about five years, while it also sells pay-as-you-go access 3.

Its own software sits on top: Mission Control monitors and manages the machines, and SUNK runs the Slurm job scheduler on Kubernetes for large training jobs 3. A storage layer called LOTA caches data on the GPU machines to speed up training 3.

In the second quarter it launched CoreWeave Interconnect, private fiber to other hyperscale clouds starting with Google Cloud, and SUNK Anywhere, which lets teams use SUNK across clouds 1. It also launched agent tools named ARIA and Sandboxes 1.

The company says it was the first to bring up and validate the NVIDIA Vera Rubin NVL72 platform 1. SemiAnalysis gave it a Platinum ClusterMAX rating in 2025, and the company says it remains the only Platinum provider 3.

Software, inference and acquired tools

Weights & Biases, which CoreWeave bought in 2025, gives AI developers tools to train, serve and monitor models 3. MarketBeat reported that booked annual recurring revenue for managed inference, which runs finished models for customers, rose from $1 million to more than $100 million in the months since launch 4.

MarketBeat also reported that products beyond GPUs, including storage, CPU, networking and software, exceeded $400 million in annual recurring revenue in the second quarter, and carry higher margins 4.

Customers

One unnamed customer, called Customer A in the filing, was 67 percent of 2025 revenue and 62 percent of 2024 revenue 3. The Next Web reported that Microsoft accounted for roughly 67 percent of 2025 revenue 7.

In the second quarter, Customer A was 36 percent of revenue, Customer B 26 percent and Customer C 10 percent 2. The filing names OpenAI, Microsoft, Meta and Jane Street among significant customers, with OpenAI committed to up to about $6.5 billion through May 2031 2.

The second-quarter release lists Bentley Systems, Caterpillar, Grammarly, Isomorphic Labs and Sunday Robotics as new customers, and Databricks and Runway ML among those that expanded 1.

Data centers and power

At the end of 2025 CoreWeave operated 43 data centers with over 850 MW of active power and about 3.1 GW of total contracted power 3. At 30 June 2026 active power was 1.5 GW, after nearly 500 MW were added in the quarter, and contracted power was about 3.7 GW 1.

It leases data-center space in the United States, the United Kingdom, Spain, Sweden and Norway, and its headquarters is in Livingston, New Jersey 3. MarketBeat reported more than one gigawatt of contracted power outside the United States, including 360 MW in Indonesia 4.

People

Michael Intrator is co-founder, chairman, chief executive and president, Brian Venturo is chief strategy officer and Brannin McBee is chief development officer 3. Nitin Agrawal is chief financial officer 4.

The company had 2,189 employees at the end of 2025, 1,967 of them in the United States 3.

The Next Web, citing Bloomberg, reported that the three co-founders have sold $2.3 billion of stock since the lockup ended in August 2025, under pre-arranged 10b5-1 plans 7.

Rivals

The filing names Amazon (AWS), Google Cloud Platform, Microsoft Azure and Oracle as key competitors offering general-purpose cloud, and says several are also CoreWeave customers 2. CoreWeave also competes with smaller cloud providers 3.

Problems and open questions

A securities class action filed on 12 January 2026 in federal court in New Jersey alleges false and misleading statements by the company and certain officers, and four stockholder derivative suits make similar claims 2. The company calls the claims without merit 2.

Management concluded that disclosure controls were not effective at 30 June 2026 because of material weaknesses in internal control over financial reporting 2. CNN put debt and lease liabilities at roughly $52 billion in the second quarter, up from roughly $30 billion at the end of 2025 5.

The umbrella, in words

The brands are CoreWeave Cloud and the tools built or bought around it: Weights & Biases, OpenPipe, Marimo and Monolith AI 3. CoreWeave owns Weights and Biases outright, having acquired all of its equity in May 2025 2.

Exhibit 21.1 to the annual report lists twelve subsidiaries, among them five Delaware CoreWeave Compute Acquisition companies and entities in the United Kingdom, Sweden, Spain and Norway 9. The exhibit does not say which are listed 9.

Agreed ties: CoreWeave agreed to invest up to $1.7 billion for equity in two joint ventures that each hold a data center development project, and is not the primary beneficiary of either 2.

Others invested in CoreWeave: NVIDIA put $2 billion into its Class A common stock in January 2026 3, and Jane Street made a $1 billion strategic investment 1.

The co-founders control the vote: Class B common stock has ten votes per share, Class A has one and Class C has none, and the co-founders collectively own all the Class B 2.

Its leased space includes data centers and offices in New York, Washington State, California and the United Kingdom 3.

For the third quarter the company guided to revenue of $3.45 billion to $3.6 billion and adjusted operating income of $200 million to $260 million 4. It guided to interest expense of $860 million to $940 million and capital spending of $11.5 billion to $13.5 billion 4.

For 2026 it raised revenue guidance to $12.4 billion to $13.2 billion and adjusted operating income to $960 million to $1.15 billion 4. It expects capital spending of $35 billion to $39 billion and a year-end annualized run rate of revenue of $18.5 billion to $19.5 billion 4.

The finance chief, Nitin Agrawal, said adjusted operating margin should keep rising each quarter, reaching the low teens in the fourth quarter 4. Management said it remains on track for at least 8 gigawatts of active power by 2030 4.

It expects year-end active power of more than 1.85 gigawatts, up from earlier guidance of more than 1.7 gigawatts 4. It expects to exit 2026 with at least $250 million in managed inference annual recurring revenue 4.

It said it signed its first CoreWeave Omni agreement, which is expected to begin scaling in 2027, and that the 360 MW site in Indonesia is expected to start coming online in about 18 months 4.

Its joint-venture funding commitments are expected to be satisfied during 2026, when it will be admitted as a member of both ventures 2. Debt principal due in the rest of 2026 is $4,413 million and in 2027 is $6,184 million 2.

Of the $103.7 billion in remaining performance obligations at 30 June 2026, 41 percent was expected to be recognized as revenue by 30 June 2028 and 39 percent in the following two years 2. The securities and derivative suits remain pending 2.