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Get filing alertsCoreWeave reports $2.6B Q2 revenue (up 113% YoY) with $104B backlog, but posts $626M loss
Filed August 11, 2026 · Period ending August 11, 2026 · ~1 min read
Key Changes
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high
Q2 2026 revenue reached $2.6B, up 113% YoY, driven by enterprise AI adoption. However, net loss widened to $626M from $290M as interest expense more than doubled to $640M.
Exhibit 99.1 view on EDGAR → -
high
Revenue backlog stood at $104B as of June 30, 2026, excluding over $25B in new Q3 customer commitments, signaling sustained demand for AI cloud infrastructure.
Exhibit 99.1 view on EDGAR → -
high
Raised over $10B through unsecured debt and convertible bonds, plus a $3.1B term loan (first publicly syndicated delayed draw facility backed by HPC infrastructure) and $1B strategic investment from Jane Street.
Exhibit 99.1 view on EDGAR → -
medium
Adjusted EBITDA grew 101% to $1.5B, though margin compressed to 59% from 62% YoY as the company scales infrastructure investments.
Exhibit 99.1 view on EDGAR → -
medium
Expanded active power capacity by nearly 500 MW to 1.5 GW, with total contracted power reaching 3.7 GW to support accelerating customer demand.
Exhibit 99.1 view on EDGAR →
Summary
CoreWeave disclosed Q2 2026 results showing explosive revenue growth alongside mounting losses as the AI infrastructure provider scales aggressively. Revenue more than doubled year-over-year to $2.6 billion, while the company accumulated a $104 billion revenue backlog (excluding another $25 billion in early Q3 commitments).
However, profitability remains elusive: the quarter swung to a $49 million operating loss from $19 million operating income a year earlier, and net loss widened to $626 million as interest expense surged to $640 million on the company's expanding debt load. The financing activity underscores both the capital intensity of the business and investor appetite for AI infrastructure exposure.
CoreWeave raised over $10 billion in unsecured debt and convertibles, closed a $3.1 billion term loan backed by its computing hardware, and secured a $1 billion strategic investment from Jane Street. The company deployed this capital to expand active power capacity by 500 megawatts to 1.5 gigawatts. For holders, the key tension is whether the $104 billion backlog converts to profitable revenue faster than interest costs compound—adjusted EBITDA margin already compressed 300 basis points to 59% despite strong absolute growth.
Section-by-Section Diff
Event · Exhibit 99.1
CoreWeave reported Q2 2026 revenue of $2.6B (up 113% YoY) with $104B revenue backlog, but posted a $626M net loss amid rising interest costs.
Added in current filing · view on EDGAR →
Revenue | $ 2,575 | $ 1,212 | Operating expenses | 2,624 | 1,193 | Operating income (loss) | $ (49) | $ 19 | Operating income (loss) margin | (2)% | 2% | Interest expense, net | $ (640) | $ (267) | Net loss | $ (626) | $ (290) | Net loss margin | (24)% | (24)%
CoreWeave reported Q2 2026 revenue of $2,575 million, up 113% from $1,212 million in Q2 2025, driven by accelerating customer demand and enterprise AI adoption. However, the company posted an operating loss of $49 million (versus $19 million operating income in Q2 2025) and a net loss of $626 million (versus $290 million net loss in Q2 2025), as interest expense more than doubled to $640 million from $267 million year-over-year.
Added in current filing · view on EDGAR →
Adjusted EBITDA | $ 1,510 | $ 753 | Adjusted EBITDA margin | 59% | 62%
CoreWeave reported adjusted EBITDA of $1,510 million for Q2 2026, up 101% from $753 million in Q2 2025. However, adjusted EBITDA margin declined to 59% from 62% year-over-year, reflecting the company's scaling investments in infrastructure and technology.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 12, 2026 · How we verify