Key financial results
CoreWeave reported Q2 2026 interest expense of $640 million, a 140% increase from the $267 million recorded in the same quarter a year earlier. The company ended the period with approximately $30 billion in long-term debt on its balance sheet.
Revenue more than doubled to $2.575 billion from $1.212 billion year-over-year. However, the GAAP net loss widened to $626 million from $290 million in Q2 2025, reflecting the growing cost of servicing its debt pile.
Capital raises and spending plans
During the quarter, CoreWeave raised over $10 billion in new debt and capital, including a $3.1 billion term loan and a $1 billion investment from Jane Street. Full-year 2026 capital expenditure guidance stands at $35 to $39 billion, with the majority directed toward NVIDIA GPU-heavy data centers.
Revenue backlog and operations
On the demand side, the company's revenue backlog reached $104 billion, up 246% year-over-year, driven by hyperscalers, AI labs, and enterprise customers. Adjusted operating income of $128 million indicates the underlying compute business generates positive cash flow from operations before accounting for debt servicing costs.
Q3 outlook
CoreWeave guided for Q3 2026 interest expense of $860 to $940 million, representing a projected increase of roughly 40% from the Q2 figure. Q3 revenue guidance of $3.45 to $3.6 billion suggests continued rapid top-line growth, but the gap between revenue expansion and escalating debt-servicing costs remains a central tension in the company's financial profile.
Company background
CoreWeave originated as a crypto mining operation before pivoting to AI cloud infrastructure as GPU demand from machine learning overtook crypto mining economics. The company transitioned from mining Ethereum to becoming one of the primary GPU rental platforms serving frontier AI labs.
