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CoreWeave
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Latest analysis
Updated Aug 12, 2026
CoreWeave Q2 2026: Revenue doubles YoY to $2.6B as $35.6B debt load and material weaknesses shadow hypergrowth trajectory
CoreWeave delivered 112% revenue growth in both Q2 and H1 2026, driven almost entirely (93%) by expansion within existing customers, with Meta's $21.0B committed contract and OpenAI's $6.5B commitment anchoring the demand base. The growth engine runs on $35.6B in total indebtedness and $14.1B in H1 capex — a capital structure that consumed $6.2B in debt service in the first half alone against $3.7B in operating cash flow. Unresolved material weaknesses in internal controls, flagged as of June 30, 2026, introduce additional execution risk precisely as the company prepares for its first SOX 404 attestation in the FY2026 annual report.
Tone: mixedRevenue
$5.1B
CRWV 10-K · FY 2025
Employees
2,189
Revenue growth YoY
+168%
Founded
2017
Profile
CRWV 10-K Item 1 · Mar 2, 2026CoreWeave is a purpose-built AI cloud provider offering a vertically integrated platform that combines proprietary software, advanced GPU infrastructure, and managed cloud services to support the full lifecycle of AI workloads including training, inference, and agentic applications. The company operates a distributed network of high-density data centers across the United States, Europe, and Canada, interconnected through a proprietary global network backbone. Its customer base includes leading AI labs, enterprises, and technology companies that access the platform primarily through multi-year take-or-pay committed contracts.
Read filing description ↓ Collapse description ↑
CoreWeave is The Essential Cloud for AI, purpose-built to accelerate breakthroughs by AI pioneers, from leading research labs to enterprises fueling business growth. Our CoreWeave Cloud platform enables the full lifecycle of AI, including large-scale model training, inference, data movement, continuous iteration, and agentic workflows. CoreWeave Cloud combines proprietary software and orchestration, advanced infrastructure, and managed cloud services within a highly secure environment to deliver best-in-class high-performance computing, enabling our customers to develop, deploy, and operate advanced AI models and applications at scale. AI workloads demand a fundamentally different approach to infrastructure versus general purpose cloud environments. Both training and inference require high-density compute, advanced networking, optimized storage, and software capable of managing complex distributed systems. General-purpose cloud infrastructure was not designed to meet these requirements. We address them by integrating purpose-built infrastructure with AI-native software and managed services into a single, vertically integrated platform optimized for performance, reliability, and scalability. Software underpins our platform and differentiates our ability to operate AI infrastructure at scale. Our proprietary orchestration, automation, and observability software, CoreWeave Mission Control, enables CoreWeave and our customers to efficiently provision infrastructure, schedule and manage workloads, and monitor performance across training and inference environments. We deliver our cloud services through Infrastructure Services, Managed Software Services, and Application Software Services, including proprietary storage solutions, CoreWeave Mission Control, as well as developer tools, all critical to unlocking continued innovation of AI products. We operate our platform across a distributed network of purpose-built data centers interconnected through a proprietary global network backbone and largely located near major metropolitan areas.
Primary products
- CoreWeave Cloud Platform
- Infrastructure Services
- Managed Software Services
- Application Software Services
- CoreWeave Mission Control
- CoreWeave Kubernetes Service (CKS)
End markets
Geographies
Named customers
A substantial portion of our revenue is driven by a limited number of our customers, and the loss of, or a significant reduction in, spending from one or a few of our top customers would adversely affect our business, operating results, financial condition, and prospects.
Named competitors
“CoreWeave's competitive advantage is a result of our platform being purpose-built for AI and accelerated compute use cases.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Revenue increased by $3.2 billion, or 168%, in 2025 versus 2024, driven by increased demand from both existing and new customer contracts and expanded data center capacity.
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