Key Highlights

  • Second-quarter 2026 Revenue was $2,575 million, up about 112 per cent, with a revenue Backlog of about $104 billion.
  • Purchases of property and equipment were $6,422 million, about 2.5 times revenue, and the net loss was $626 million.
  • Funding included a $3.1 billion term loan, a $1 billion Investment from Jane Street and more than $10 billion of unsecured Debt and convertible bonds.

Second-quarter results

CoreWeave (NASDAQ:CRWV), the AI cloud infrastructure provider, last reported results for the second quarter of 2026, which ended on 30 June. Revenue was $2,575 million, up from $1,212 million a year earlier, an increase of about 112 per cent. Revenue backlog was about $104 billion at quarter-end, and the company said it excludes more than $25 billion of net new customer commitments added in early third quarter.

Chief executive Michael Intrator described the quarter as an important inflection point as scale begins to produce operating leverage. The figures give a more mixed picture.

Profitability: margins and losses

GAAP Operating Income was negative $49 million, a Margin of negative 2 per cent, against positive $19 million, or 2 per cent, a year earlier. The net loss was $626 million, or $1.14 per share, compared with $290 million, or $0.60. Adjusted EBITDA was $1,510 million, a 59 per cent margin, down from 62 per cent. Adjusted operating income was $128 million, a 5 per cent margin, compared with $200 million, or 16 per cent.

Adjusted operating income was lower than a year earlier despite revenue more than doubling. The roughly $1.38 billion gap between adjusted EBITDA and adjusted operating income is consistent with a heavy Depreciation charge on the asset base.

Capital intensity and funding

Purchases of property and equipment were $6,422 million in the quarter, about 2.5 times revenue. Active power rose by nearly 500 megawatts to 1.5 gigawatts, and total contracted power is about 3.7 gigawatts, so a large share of contracted capacity is yet to be energised.

Funding was extensive. CoreWeave secured a $3.1 billion term loan, described as the first publicly syndicated delayed-draw Facility backed by high-performance computing infrastructure, received a $1 billion strategic investment from Jane Street, and raised more than $10 billion of unsecured debt and convertible bonds, including an inaugural Eurobond. Cash was $5,524 million at 30 June, up from $3,127 million at 31 December 2025, while balance-sheet debt was about $35.1 billion according to the release's tables. The release gave no third-quarter or full-year guidance and said guidance would be provided on the earnings call.

Products

The company completed what it called the industry's first bring-up and validation of NVIDIA Vera Rubin NVL72, launched CoreWeave Interconnect, which starts with Google Cloud, and introduced agentic AI tools including CoreWeave ARIA and CoreWeave Sandboxes.

Backlog against cost of delivery

The case for the Business rests on the backlog: $104 billion is about 40 times second-quarter revenue, and more than $25 billion has been added since. The cautionary case rests on the gap between revenue and the cost of delivering it. Adjusted operating income fell as a share of revenue, net losses widened, and spending far exceeded revenue.

Neither case can be settled from one quarter. Backlog is a contractual commitment from customers, but converting it into revenue depends on building and powering data centres, and on the financing remaining available.

What to watch

Several measurable items can be monitored. These are active power against the 3.7 gigawatts contracted, adjusted Operating Margin against the 5 per cent reported, the cost and Maturity profile of the roughly $35 billion of debt, and the pace of conversion of backlog into revenue.