Q2 2026 revenue was $2,575M, up 112% year-over-year, with approximately 93% of the increase driven by expansion within the existing customer base. Material new commitments included a March 2026 order form with Meta Platforms for up to ~$21.0B of AI infrastructure services through December 2032 (inclusive of an existing capacity option through April 2032) and an April 2026 commitment from Jane Street of approximately $6.0B. Total unsatisfied remaining performance obligations reached $103.7B as of June 30, 2026, with 41% expected to be recognized in the first 24 months.
H1 2026 cash paid for property and equipment was $14.1B (vs. $3.9B in H1 2025), driving net PP&E to $46.7B at quarter-end (from $30.6B at year-end 2025). Operating lease right-of-use assets nearly doubled to $16.6B from $8.2B. As of June 30, 2026, the company had $35.5B in undiscounted lease payments for data center, equipment, and office leases not yet commenced (to commence 2026–2029, terms of 7–16 years), including a single-site data center lease with a contractual rent cap of $14.7B over 16 years where 393 MW of electrical power remains undelivered, expected in phases through 2026 and 2028.
In January 2026, CoreWeave announced a collaboration framework with NVIDIA to expand their long-standing complementary relationship to advance AI adoption at global scale; NVIDIA also participated in a $2.0B private placement of CoreWeave Class A common stock at $87.20 per share (Q1 2026). The company stated it expects to deploy the NVIDIA Rubin GPU platform in the second half of 2026.
During H1 2026, CoreWeave committed up to $1.7B (including ~$500M of incremental funding during Q2) to acquire equity interests in two separate data center development joint ventures. In the Kenilworth, New Jersey multi-phase data center campus JV (formed June 2025 with a third-party developer), CoreWeave's ownership increased from 15% to 35%; the JV will lease the campus back to CoreWeave on a 15-year term upon construction completion, and the company estimated its maximum remaining funding exposure at up to $160M based on projected development costs and third-party financing secured as of June 30, 2026.
H1 2026 debt and equity financings included: $8.5B DDTL 4.0 Facility (March), $3.1B DDTL 5.0 Facility (May), $2.8B 9.75% Senior Notes due 2031 (April), $4.0B 1.75% Convertible Senior Notes due 2032 with associated $492M capped call transactions (April), $1.3B 9.625% Senior Notes due 2032 (June), and €2.0B 8.50% EUR Senior Notes due 2032 (June). An additional $1.0B equity private placement closed in April 2026. Total debt stood at $35.6B and total liquidity (cash plus undrawn facility availability) at $15.6B as of June 30, 2026. In August 2026 (subsequent event), a new $2.6B DDTL 5.5 Facility was entered with $1.2B drawn.
Previously identified material weaknesses in internal control over financial reporting (IT general controls, segregation of duties, and insufficient qualified accounting/finance personnel) continued as of June 30, 2026; remediation efforts including external SOX consultants, IT control implementation, and additional hiring remain in progress. In July 2026, New York State announced a moratorium on data center development using 50 MW or more of power, which the company noted could increase costs or delay its New Jersey and other projects.
(Filed on May 8, 2026)
+111.6%
65.5%
$2.2B
Revenue grew 112% year-over-year to $2,078 million for Q1 2026 (vs. $982 million in Q1 2025), with 98% derived from committed contracts; approximately 38% of the increase was from existing-customer expansion and the remainder from new customers. In March 2026, CoreWeave entered an order form under an existing master services agreement with Meta committing up to approximately $21 billion (inclusive of new computing capacity through December 2032 and an existing option through April 2032). Unsatisfied remaining performance obligations stood at $98.8 billion, of which 36% is expected to be recognized over the first 24 months, 39% over months 25-48, and the remainder over months 49-84. The top two customers accounted for approximately 65% of Q1 2026 revenue.
Capital expenditure on property and equipment was $7,708 million in Q1 2026 (vs. $1,433 million a year earlier), driving net PP&E to $36,424 million (from $30,557 million at year-end 2025). Technology equipment rose to $26,627 million and construction in progress to $9,581 million. Depreciation and amortization expense was $1,147 million (vs. $443 million prior year). Operating lease right-of-use assets grew to $10,182 million. As of March 31, 2026, CoreWeave had executed additional data center and office lease agreements not yet commenced with aggregate undiscounted future payments of $40.7 billion (commencing 2026-2029, 5-16 year terms), including a 525 MW single-site data center lease with total contractual rent of $18.7-19.6 billion over 16 years and additional construction-cost-based leases providing access to 363 MW of power expected to be delivered in phases between 2026 and 2028.
In March 2026, CoreWeave entered into an $8.5 billion non-recourse delayed draw term loan facility (DDTL 4.0, maturing March 2032), with $1,260 million drawn as of quarter-end; total debt principal reached $25,149 million. In January 2026, the company completed a private placement with NVIDIA Corporation for 23 million shares of Class A common stock at $87.20 per share, raising $2.0 billion in gross proceeds, and announced a collaboration framework with NVIDIA to expand their complementary relationship to advance AI adoption at global scale. Net cash provided by operating activities was $2,984 million, while net cash used in investing activities was $7,708 million.
During Q1 2026, CoreWeave committed to invest up to $1.2 billion to acquire equity interests in two separate joint ventures each holding a data center development project, with funding expected to be satisfied during 2026. The company's existing Kenilworth, New Jersey multi-phase data center campus joint venture (formed June 2025) saw its ownership interest increase from 15% to 20%; the JV's maximum funding exposure to CoreWeave for construction and development costs was estimated at up to $200 million, and a 15-year lease (base rent tied to construction costs) will commence upon completion. The company also acquired Marimo Inc. (shares issued February 2026) and previously acquired Weights & Biases (May 2025, $1.0 billion) and Monolith AI Limited (November 2025), extending its platform into developer tools and physics/engineering HPC applications.
The company disclosed that its previously identified material weaknesses in internal control over financial reporting (insufficient IT general controls, inadequate segregation of duties, and lack of sufficiently qualified accounting/finance personnel) continued to exist as of March 31, 2026. Remediation efforts include engaging external SOX consultants, implementing IT general controls and segregation-of-duties processes, designing controls over significant accounts and disclosures, and hiring additional qualified staff. In January 2026, a putative securities class action was filed in the District of New Jersey alleging false and misleading statements; three related stockholder derivative actions were filed in February and March 2026 and consolidated in April 2026. CoreWeave stated the claims are without merit and no material loss has been accrued.
Management indicated (as a forward-looking plan) that it expects to deploy the NVIDIA Rubin platform in the second half of 2026. Total lease cost for the quarter was $539 million (vs. $208 million prior year), and the company estimated $900 million to $1.6 billion in lessee-owned equipment installation obligations across certain data center leases, with expenditures phased through 2028. In subsequent April 2026 events, CoreWeave issued $4.0 billion of 1.75% Convertible Senior Notes due 2032 (with $492 million in capped call transactions), $2.8 billion of 9.75% Senior Notes due 2031, completed a $1.0 billion equity private placement at $109.00 per share, and repaid the outstanding $1.5 billion Revolving Credit Facility.
(Filed on March 2, 2026)
+110.4%
67.6%
$3.1B
[Annual context] CoreWeave expanded its operational footprint to 43 data centers with over 850 MW of active power and approximately 3.1 GW of total contracted power capacity as of December 31, 2025, up from 32 data centers and ~360 MW a year prior. The company had $38.5 billion in uncommenced data center lease obligations (commencing 2026–2029), including a single 393 MW site with total contractual rent of $13.5–14.4 billion over a 16-year term, and an estimated $1.1–1.7 billion in lessee-owned equipment commitments through 2027.
[2025 acquisitions, two in Q4] CoreWeave completed four acquisitions to extend its full-stack AI platform: Weights & Biases ($1.0B, May), OpenPipe (September, RL-based agent training), Marimo (October 30, AI-native notebook environment), and Monolith AI (November 5, industrial physics simulation and ML). The Q4 additions broadened capabilities into reinforcement-learning agent training, unified AI development workflows, and enterprise industrial workloads.
[Annual RPO; Q3 contract signings] Remaining performance obligations reached $60.7 billion (up 302% from $15.1B at year-end 2024), with a weighted-average committed-contract duration of approximately five years. In September 2025, the company signed order forms with OpenAI (up to ~$6.5B through May 2031) and Meta (up to ~$14.2B through December 2031). Microsoft accounted for 67% of full-year 2025 revenue; committed contracts represented over 98% of revenue.
[Annual validation; forward-looking roadmap] CoreWeave deployed NVIDIA GB200 and GB300 NVL72 systems first-to-market and achieved its second SemiAnalysis Platinum ClusterMAX rating in 2025, remaining the industry's sole Platinum-rated provider. The company stated it expects to be among the first cloud providers to deploy the NVIDIA Rubin platform in the second half of 2026 to support large-scale inference, reasoning, and agentic AI workloads.
[Q4 event] In November 2025, CoreWeave publicly disclosed delays in the delivery of certain data centers to be provided by a third-party data center provider, which the filing identifies as a potential adverse factor affecting capacity deployment timelines and ability to meet contractual delivery schedules.
[Subsequent events, Jan–Feb 2026] NVIDIA invested $2 billion in CoreWeave Class A common stock at $87.20 per share (January 2026) and the two companies announced a collaboration framework to expand their relationship and advance AI adoption at global scale. CoreWeave also executed $8.8 billion in additional data center and office lease agreements and entered $1.5 billion in new OEM equipment financing arrangements.
(Filed on November 13, 2025)
+133.7%
73.0%
$1.9B
Q3 2025 revenue reached $1.36B, up 134% YoY, with Customer A (Microsoft) accounting for 67%. In September 2025, CoreWeave signed an OpenAI order form committing up to ~$6.5B through May 2031 and a Meta order form for up to ~$14.2B through December 2031. Total remaining performance obligations stood at $50.0B as of September 30, 2025, with 42% expected to be recognized over the next 24 months.
Infrastructure buildout accelerated significantly: property and equipment (net) grew to $20.7B from $11.9B at year-end 2024, with construction in progress at $6.9B. CoreWeave had $39.1B in signed but uncommenced data center lease agreements (commencing 2025-2029), including a new single-site lease for 393 MW of power with total contractual rent of $13.5-14.4B over 16 years (phased delivery in 2026) and additional agreements for 232 MW of power (2025-2027). In June 2025, the company formed a 15%-equity joint venture ($57M contribution) with a third-party infrastructure developer for a multi-phase data center campus in Kenilworth, NJ.
CoreWeave completed the acquisition of Weights & Biases (May 2025, ~$1.0B in cash and stock) to extend its AI developer platform and issued shares for OpenPipe Inc. (September 2025). Subsequent events include the acquisition of Marimo Inc. (October 2025) and Monolith AI Limited (November 2025, targeting industrial/manufacturing AI). The planned all-stock acquisition of Core Scientific, announced July 2025, was terminated October 30, 2025 after Core Scientific stockholders rejected the merger proposal at a special meeting.
Total debt principal reached $14.2B as of September 30, 2025. During Q3, the company added a $3.0B tranche to its DDTL 2.0 Facility (DDTL 2.1, September 2025, $1.2B drawn) and established the DDTL 3.0 Facility ($2.6B capacity, July 2025, $359M drawn). It also issued $2.0B of 9.25% 2030 Senior Notes (May 2025) and $1.75B of 9.0% 2031 Senior Notes (July 2025). The Revolving Credit Facility was upsized to $1.5B in May 2025 ($700M drawn at quarter-end) and subsequently amended to $2.5B with maturity extended to November 2029 (November 2025). Q3 interest expense was $310.6M, up 198% YoY.
Management concluded that disclosure controls and procedures were not effective as of September 30, 2025 due to previously identified material weaknesses in internal control over financial reporting (IT general controls, segregation of duties, and insufficient qualified accounting/finance personnel). Remediation efforts include hiring a Chief Accounting Officer, Chief Operating Officer, and Chief Information Officer, deploying an enhanced ITGC framework, and engaging external SOX consultants; full remediation is expected to extend into 2026, with SOX 404(b) attestation not required until the FY2026 10-K.
