CoreWeave Q2 Loss Widens to $626M; $103.7B Backlog and Heavy Capex Underscore AI Infrastructure Bet
CRWV sits 77% above its 52-week low of $60.55.
Summary
CoreWeave's Q2 revenue hit $2.58B, but net loss deepened to $626M amid heavy infrastructure spending. A $103.7B backlog shows massive demand, while $35.6B in debt and unremediated material weaknesses add risk.
Key Events · Earnings and Guidance · CRWV
-
Revenue Doubles, Losses Deepen
Q2 revenue rose 112% YoY to $2.58 billion, but net loss widened to $626 million from $290 million a year ago, driven by surging depreciation and interest expense.
-
Massive Backlog, Massive Capex
Remaining performance obligations reached $103.7 billion, while capital expenditures hit $14.1 billion in the first half—far exceeding operating cash flow of $3.7 billion.
-
Debt Load Balloons to $35.6B
Total debt stood at $35.6 billion as of June 30, 2026, up from $21.4 billion at year-end 2025, with interest expense of $1.18 billion for the half.
-
Material Weaknesses Unresolved
The company confirmed that previously disclosed material weaknesses in internal control over financial reporting remain unremediated as of June 30, 2026.
Analysis · CRWV · Technology
CoreWeave's Q2 results show a company spending massively to capture AI cloud demand. Revenue more than doubled to $2.58 billion, but net loss swelled to $626 million as depreciation and interest costs surged. The $103.7 billion remaining performance obligation backlog signals enormous contracted future revenue, but the balance sheet is stretched with $35.6 billion in total debt. Operating cash flow turned positive at $3.7 billion for the half, yet capital expenditures of $14.1 billion far outstrip it, requiring continuous external financing. The filing also discloses that previously identified material weaknesses in internal controls remain unremediated, and multiple executives adopted 10b5-1 trading plans. Subsequent events reveal an additional $2.6 billion delayed-draw term loan and a $1.2 billion revolver draw, highlighting ongoing liquidity needs.
How filings like this one have moved
In the 30 days to Nov 2, 2026, 40.4% of the 1069 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.35%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, CRWV was trading at $107.05 on NASDAQ in the Technology sector, with a market capitalization of approximately $49.3B. The 52-week trading range was $60.55 to $153.20. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.