What happened
CoreWeave (CRWV) buys GPUs in bulk and rents computing capacity to AI companies. Since its 2025 listing it has drawn strong interest from Korean retail investors.
CRWVCoreWeave·2026Q2 10-QPaidFiling score 79 · Large change
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CoreWeave's $640m quarterly interest bill is 25% of revenue — $35.6bn of debt principal at 9%–15%
Q2 10-Q: revenue $2,575m (2.1×), net loss $626m. Four bond issues of more than $10bn between April and June, and a large share of the backlog is due to become revenue within two years. The filing also discloses the concentration in its top three customers
AI cloud provider CoreWeave (CRWV) reported revenue of $2,575m for the second quarter of 2026, 2.1 times a year earlier — and a net loss of $626m, more than double the $290m of a year earlier. In the 10-Q, the largest item between revenue and the bottom line is not operating cost. It is interest.
In plain terms
A quarter of what CoreWeave earns goes straight out as interest on borrowed money. The share was similar a year ago, but the amount has more than doubled. The debt grew as fast as the business.
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79 Filing score · Large change
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FAQ
Where is the $640m of interest disclosed?
On the statement of operations, under 'Interest expense, net'. The quarterly and half-year amounts, and the contractual interest in the debt note, are in the subscriber section.
Why are the rates so high?
The debt table lists a rate for each facility, and the notes issued this quarter carry their own coupon. The rates are in the subscriber section.
Why is revenue growing so fast?
It is backed by contracted work not yet recorded as revenue. The amount is in the subscriber section.
Where can I verify these numbers?
On SEC EDGAR: CoreWeave's Q2 2026 Form 10-Q (accession 0001769628-26-000366), statement of operations, the debt note's table and maturity schedule, the RPO paragraph of the revenue note, and the customer-concentration risk factor.
How aiSwingX™ wrote this
- We read the filing on SEC EDGAR in full — statements, notes, MD&A. Press releases and news are not used as sources.
- Every figure is reconciled to its location in the filing and to XBRL data. One mismatch means no publication.
- An editor reviews before publication; any later change is recorded in the revision history.
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CoreWeave Form 10-Q for Q2 2026: consolidated statement of operations and cash flows, 'Debt' note (debt table, principal maturities, 2026 issuances), 'Revenue' note (RPO), risk factors (customer concentration), MD&A · SEC EDGAR · This article is not investment advice. Disclaimer