CoreWeave, Inc. Class A Common Stock

Q2 revenue was $2.6 billion, up 112% year over year and 24% sequentially. Adjusted EBITDA was $1.5 billion versus $753 million in Q2 2025, with a 59% margin. Adjusted operating income was $128 million versus $200 million in Q2 2025 and up from $21 million last quarter; adjusted operating margin was 5%. Net loss was $626 million versus a net loss of $290 million in Q2 2025, and adjusted net loss was $567 million versus a net loss of $130 million in Q2 2025. Revenue backlog ended at $104.2 billion, up 246% year over year. CapEx was $9.4 billion, and cash, cash equivalents, restricted cash and marketable securities were more than $6.9 billion at June 30. For guidance, CoreWeave now expects 2026 revenue of $12.4 billion to $13.2 billion, adjusted operating income of $960 million to $1.15 billion, CapEx of $35 billion to $39 billion, and year-end active power of more than 1.85 gigawatts. Q3 revenue is guided to $3.45 billion to $3.6 billion, with Q3 adjusted operating income of $200 million to $260 million and Q3 interest expense of $860 million to $940 million. Management also raised expected end-of-year annualized run-rate revenue to $18.5 billion to $19.5 billion.

Mike Intrator framed the quarter as evidence that CoreWeave’s AI-native strategy is working, saying the company outperformed plan across the board and is seeing operating leverage from scale. He emphasized broadening demand across industries, the shift from AI experimentation to production, and growing adoption of newer products like managed inference and CoreWeave Omni. His tone was highly confident and expansive, with repeated assertions that demand exceeds supply and that CoreWeave is positioned to gain share for years.

Nitin Agrawal highlighted that margins inflected in Q2, with adjusted EBITDA of $1.5 billion and adjusted operating income of $128 million, and said the company expects sequential margin expansion to continue into Q3 and Q4. He pointed to over $400 million of ARR from storage, CPU, networking and software, plus a July pricing increase of about 25% across SKUs, as support for improved economics. He also discussed capital structure progress, including approximately $18 billion raised in Q2 and over $32 billion of debt and equity secured to date, while noting weighted average debt cost is down almost 300 basis points, or about $1.1 billion of annualized interest savings based on end-of-Q2 debt load.

Analysts focused on renewal economics, managed inference, pricing, supply chain, and whether CoreWeave can keep expanding power and margins amid regulatory pushback. Management said only a very limited part of the fleet is coming up for renewal, older-generation ASPs remain at or above levels seen about a year ago, and managed inference should reach about $250 million of ARR by year-end. On supply and regulation, management said it is aggressively managing a complex supply chain, sees moratoriums as affecting where infrastructure gets built rather than demand, and believes current plans for more than 8 gigawatts by 2030 remain on track. Questions also probed shorter-duration contracts and DDTL 5.5; management said that financing expands the set of enterprise contracts they can support and helps unlock additional margin opportunities.