# CoreWeave's $640m quarterly interest bill is 25% of revenue — $35.6bn of debt principal at 9%–15%

![CoreWeave's $640m quarterly interest bill is 25% of revenue — $35.6bn of debt principal at 9%–15%](https://aiswingx.com/static/covers/crwv-2026q2_cover.jpg?v=1790009666)

**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**

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.

- 종목: CRWV (CoreWeave)
- 분기: 2026Q2 · 10-Q
- 작성: 2026-09-21 17:08 UTC
- 원문: https://aiswingx.com/p/crwv-2026q2

## 숫자 하나
Q2 2026 interest expense, net $640m = 24.9% of revenue of $2,575m (Q2 2025: $267m, 22.0%). Debt principal at June 30 $35,551m; facility rates 9%–15%; principal due in the rest of 2026 $4,413m.

## 비유 하나
(구독자 전용)

## 출처 하나
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

## 다음 분기에 볼 것
(구독자 전용)

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## 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.

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(End of free preview. What the numbers mean, why it matters, company context, the next-quarter checklist and the arithmetic are available to subscribers — https://aiswingx.com/pricing)

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## FAQ

**Q. Where is the $640m of interest disclosed?**

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.

**Q. 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.

**Q. 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.

**Q. 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.