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×), operating loss $49m, net loss $626m. Four bond issues of more than $10bn between April and June at coupons up to 9.75%. 41% of a $103.7bn backlog is due to become revenue within two years; the top three customers are 72% of sales
aiSwingX™ Editorial · Reviewed
Published
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
aiSwingX™ analyzes US filings and reports them as news investors can read.
–
4 0
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.
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.
Its 10-Q for the second quarter of 2026 shows revenue of $2,575m, 2.1 times the $1,212m of a year earlier. The operating loss was small, $49m. The net loss, however, was $626m, 2.2 times the $290m of a year earlier.
The largest item between the operating loss and the net loss is net interest expense of $640m — 24.9% of revenue, up from $267m (22.0%) a year earlier. The debt note explains why: $35,551m of debt principal at June 30, facility rates of 9% to 15%, and coupons of 9.625%–9.75% on notes issued during the quarter.
What the numbers meanSubscribers
Why it mattersSubscribers
Company contextSubscribers
What to watchSubscribers
Arithmetic table · quarterly metricsSubscribers
End of the free preview
What the numbers mean — for subscribers
We find the numbers that are in the filing but not in the news, and analyze what they mean, how big they are and what to watch next quarter — with the arithmetic and quarterly metrics. Cancel any time.
On the statement of operations, 'Interest expense, net' is $(640)m for Q2 and $(1,176)m for the first half. The debt note puts contractual interest expense at $592m for the quarter.
Why are the rates so high?
The debt table lists facility rates of 9%, 11% and 15%, and the notes issued in Q2 carry coupons of 9.625%–9.75%. The company discloses floating-rate exposure, so a 100 basis-point move changes interest paid. What this structure means for earnings is explained in the subscriber section.
Why is revenue growing so fast?
It is backed by $103.7bn of remaining performance obligations. The company says most revenue comes from long-term contracts with a few large AI customers; the top three were 72% of Q2 revenue.
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.
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
Frequently asked questions
Where can I verify the figures in this article?
Open the filing cited at the bottom of the article (e.g. the 10-Q note number) on SEC EDGAR via the link at the end of the article.
What is the at-a-glance box?
A four-item summary of the article: the key figure, what it means, the source, and what to watch next quarter. If you are short on time, read just that.
May I quote or share this article?
Customary quotation and sharing are fine with attribution (aiSwingX™ and the article URL). Republishing the full text elsewhere requires the License plan.
aiSwingX™ analyzes US filings and reports them as news investors can read.
