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    CRWV
    Earnings call· Jun 2026(Q2 FY26)

    CoreWeave Q2 FY26 earnings call CRWV

    Aug 11, 2026 Source

    Executive summary

    CoreWeave Q2 FY26 — Record Revenue and Expanding Margins Driven by AI Demand

    CoreWeave delivered an exceptional quarter, marked by record financial performance and significant capacity expansion, driven by intensifying demand for AI cloud infrastructure. The company demonstrated strong operating leverage and rapid growth in its managed inference platform, while strategically managing its supply chain and securing substantial financing. Management expressed confidence in its long-term growth trajectory and ability to meet evolving customer needs across the full AI life cycle.

    Highlights

    5

    • Generated record revenue of $2.6 billion, up 112% year-over-year.

    • Increased revenue backlog to $104.2 billion, with an additional $25 billion in net new customer commitments in early Q3.

    • Reached 1.5 gigawatts of active power, adding nearly 500 megawatts in Q2, the most in company history.

    • Adjusted operating income grew to $128 million, with margins expanding meaningfully.

    • Managed inference platform booked ARR grew from $1 million to over $100 million in a single quarter.

    Concerns

    3

    • Reported a net loss of $626 million for Q2, compared to $290 million in Q2 FY25.

    • Interest expense for Q2 was $640 million, significantly up from $267 million in Q2 FY25 due to increased debt.

    • Capital expenditures in Q2 totaled $9.4 billion, slightly above the guided range due to accelerated customer deliveries.

    Guidance & targets

    14
    CategoryTargetConfidence
    Active power
    more than 1.85 gigawatts
    high materiality
    High
    Q3 Revenue
    $3.45 billion to $3.6 billion
    high materiality
    High
    Q3 Adjusted operating income
    $200 million to $260 million
    medium materiality
    High
    Adjusted operating margin
    low teens
    high materiality
    High
    Q3 Interest expense
    $860 million to $940 million
    medium materiality
    High
    Q3 CapEx
    $11.5 billion to $13.5 billion
    high materiality
    High
    Full-year 2026 Revenue
    $12.4 billion to $13.2 billion
    high materiality
    High
    Full-year 2026 Adjusted operating income
    $960 million to $1.15 billion
    high materiality
    High
    Full-year 2026 CapEx
    $35 billion to $39 billion
    high materiality
    High
    End of year 2026 Annualized Run Rate Revenue
    $18.5 billion to $19.5 billion
    high materiality
    High
    Managed inference platform ARR
    at least $250 million
    medium materiality
    High
    Active power
    at least 8 gigawatts
    high materiality
    High
    Demand vs. Supply
    meaningfully exceed supply
    high materiality
    High
    International markets growth
    major driver of growth
    medium materiality
    Medium

    Operational metrics

    24
    Revenue
    $2.6 billionup 112% year-over-year, 24% sequentially
    Q2 FY26

    Record revenue driven by strong execution and customer demand.

    Non-GAAP operating income
    $128 millionup from $21 million last quarter
    Q2 FY26

    Well above the high end of guidance, showing operating leverage.

    Non-GAAP operating margin
    5%
    Q2 FY26

    Margins expanded despite significant ramp costs.

    Adjusted EBITDA
    $1.5 billioncompared to $753 million in Q2 of 2025, doubling year-over-year
    Q2 FY26

    Strong growth in adjusted EBITDA.

    Adjusted EBITDA margin
    59%
    Q2 FY26

    High adjusted EBITDA margin reflecting strong profitability.

    Net loss
    $626 millioncompared to $290 million in Q2 of 2025
    Q2 FY26

    Net loss increased year-over-year.

    Interest expense
    $640 millioncompared to $267 million in Q2 of 2025
    Q2 FY26

    Driven by increased debt to support infrastructure scaling.

    Adjusted net loss
    $567 millioncompared to $130 million in Q2 of 2025
    Q2 FY26

    Adjusted net loss increased year-over-year.

    CapEx
    $9.4 billionslightly above the high end of our guided range
    Q2 FY26

    Higher CapEx reflects accelerating customer deliveries.

    Construction in progress (CIP)
    $11.9 billionfrom $9.6 billion quarter-over-quarter
    Q2 FY26

    Signaling significant PP&E deployment expected early in Q3.

    Cash and investments balance
    $6.9 billion
    as of June 30

    Includes cash, cash equivalents, restricted cash and marketable securities.

    Capital raised in Q2
    $18 billion
    Q2 FY26

    Raised across a combination of debt, convertibles and equity.

    Total debt and equity capital secured to date
    $32 billion
    to date

    Total capital secured to support CoreWeave's journey.

    Weighted average cost of debt reduction
    300
    past year

    Reduced over the past year.

    Annualized interest savings
    $1.1 billion
    annualized

    Based on end of Q2 debt load due to reduced cost of debt.

    Managed inference platform booked ARR
    $100 millionfrom $1 million
    Q2 FY26

    Rapid growth in booked ARR for the managed inference platform since its launch.

    AI products and services ARR (non-GPU)
    $400 million
    Q2 FY26

    Margin-accretive businesses including storage, CPU, networking and software.

    Pricing increase
    25%
    July

    Increase across SKUs in response to demand and ROI for customers.

    Contribution margins on new contracts
    5 to 10above those added in recent quarters
    Q2 FY26

    New customer contracts signed in Q2 have higher expected contribution margins.

    Active power
    1.5 gigawattsadding nearly 500 megawatts
    Q2 FY26

    Record quarterly addition of active power, more than tripling year-over-year.

    Contracted power
    4.2 gigawattsup from 3.7 gigawatts in Q2, adding roughly 500 megawatts since quarter end
    as of call date

    Total contracted power, including recent additions.

    Powered land options
    1.5 gigawatts
    future

    Potential power from accumulated powered land, options, and LOIs.

    Model training runs tracked
    1 billion
    to date

    Surpassed 1 billion model training runs tracked on the platform, indicating strong adoption of AI development tools.

    Total Cost of Ownership (TCO) vs. hyperscalers
    47%lower
    current

    Estimated TCO advantage compared to the average hyperscaler, according to Signal65.

    Industry KPIs

    10
    MetricValueDetails
    Headcount dso—
    Infra economics1.5 gigawattsGW
    Rpo current rpo$104.2 billionUSD
    Customer logo metrics—
    Software recurring arr$400 millionUSD
    Bookings tcv book to bill$104.2 billionUSD
    Genai ai book of business—
    Consumption revenue growth$100 millionUSD
    Net revenue dollar retention—
    Ai agentic channel product adoption1 billionruns

    Orderbook & backlog

    2
    Revenue backlog$104.2 billionQ2 FY26 end

    up 246% year-over-year

    More than 50% is attached to a contract where customer delivery has commenced; expected to reach more than 2/3 of Q2 backlog by end of FY26.

    Net new customer commitments$25 billionearly Q3 FY26

    Added in the early weeks of Q3, not included in the Q2 backlog figure.

    Product announcements

    5
    ProductTypeDetails
    AI platform capabilitieslaunch
    CoreWeave ARIAlaunch
    CoreWeave Omnilaunch
    NVIDIA Vera Rubin NVL72milestone
    MLPerf recordsmilestone

    Deals & partnerships

    10
    CaterpillarDeploy NVIDIA's Vera Rubin platform for physical AI training and inference.

    Caterpillar will use CoreWeave's AI cloud infrastructure as its data factory to train specialized models for autonomous construction equipment.

    Isomorphic LabsNew customer in life sciences.

    CoreWeave will support Isomorphic Labs in their mission to solve diseases.

    Flow TradersNew customer in financial services (systematic trading firm).

    Using CoreWeave to develop and deploy next-generation AI models for quantitative trading.

    IMCNew customer in financial services (systematic trading firm).

    Using CoreWeave to develop and deploy next-generation AI models for quantitative trading.

    LeidosCollaboration for CoreWeave Federal.

    Working to accelerate the delivery of secure AI capabilities for defense, national security, and intelligence missions.

    DecartUsing CoreWeave platform to develop Oasis 3.

    Decart is developing Oasis 3, the first API accessible world model for physical AI, on CoreWeave's platform.

    IBMUsing CoreWeave for AI experimentation.

    IBM is using CoreWeave to experiment securely with reinforcement learning, agent tool use, and model evaluation.

    NissanMonolith field engineers work alongside customers.

    Through Monolith, CoreWeave's specialist field engineers work directly with Nissan to accelerate the development of enterprise-ready AI applications.

    ZFMonolith field engineers work alongside customers.

    Through Monolith, CoreWeave's specialist field engineers work directly with ZF to accelerate the development of enterprise-ready AI applications.

    SolidigmLong-term agreement for critical inputs.

    Agreement to derisk access to critical inputs needed to serve customers, illustrating supply chain management.

    Capital programs

    2
    Self-build data centersunderway

    First several self-builds are well underway, with the first site expected to come online later this year, forming the foundation for deeper vertical integration.

    APAC expansion (Indonesia)underway

    Benefit: 360 megawatts

    Contracted 360 megawatts in Indonesia, part of over 1 gigawatt of power contracted outside the United States, expected to begin coming online in approximately 18 months.

    Risks & headwinds

    3
    Regulatory backdrop for data centers (local opposition/moratoriums)Current and ongoing

    Not quantified, but noted as impacting where infrastructure gets built.

    Mitigation: Collaborative engagement with communities, local governments, utilities, and policymakers; ensuring payment for grid upgrades; creating construction and long-term jobs; contributing to the tax base.

    Global supply chain complexityOngoing

    Not quantified, but noted as a challenge.

    Mitigation: Operational discipline and leveraging partner relationships, including new ones like Solidigm, to strategically source required inputs.

    Increased interest expenseOngoing, expected to be $860 million to $940 million in Q3 FY26.

    $640 million in Q2 FY26, up from $267 million in Q2 FY25.

    Mitigation: Securing financing at lower weighted average cost of debt (reduced by 300 bps over past year, saving ~$1.1 billion annually).

    What to watch in Q3 FY26

    5

    Managed inference platform ARR

    by year-end 2026
    Current$100 million
    Targetat least $250 million

    Why it matters

    Indicates the rapid monetization and scalability of CoreWeave's consumption-based AI services, a key growth driver.

    We expect to exit 2026 with at least $250 million of managed inference ARR.

    Q&A highlights

    6

    What is the typical customer intent for contract periods on renewed older-generation equipment, and what is the magnitude of this opportunity? Also, how is CoreWeave managing its broader supply chain beyond the Solidigm agreement to ensure future supply?

    Management noted that older GPU generations retain significant value for various AI use cases, citing a 2020 A100 GPU contract extending to 2029 at an attractive price. The capacity coming up for renewal is a limited part of the fleet, and ASPs for older generations remain high. They also highlighted the managed inference product as a way to monetize these older fleets. For supply chain, CoreWeave maintains deep relationships with ODMs, OEMs, NVIDIA, and memory suppliers, strategically sourcing inputs to ensure product delivery. The value of CoreWeave's output has outpaced input cost increases, leading to margin expansion.

    “the fact that we have been able to go ahead and sell a GPU whose architecture was from 2020 in a contract that was fully priced out to 2029, really provides some insight into what the future is going to look like as this infrastructure comes off contract.”

    asked by Samik Chatterjee · answered by Michael Intrator

    2 min read5 chapters

    Detailed Narrative

    01

    Broadening Demand and Customer Adoption

    CoreWeave is observing a significant broadening of AI demand across various sectors, geographies, and GPU architectures. AI is now embedded in software, industrial systems, financial markets, and national security missions, moving beyond frontier model labs. The company highlighted new customer engagements with Caterpillar for physical AI training, Isomorphic Labs in life sciences, Flow Traders and IMC in financial services, and a collaboration with Leidos for CoreWeave Federal. Additionally, CoreWeave Omni secured its first deal, expected to scale in 2027, indicating expansion beyond core infrastructure offerings.

    02

    Continuous AI Development Tools and Platform Innovation

    The company's AI-native platform is designed to support the continuous AI life cycle, where training, inference, evaluation, and improvement form an integrated loop. CoreWeave introduced seven new AI platform capabilities in Q2, including CoreWeave ARIA (AI Research and Iteration Agent) to accelerate experimentation. The platform surpassed 1 billion model training runs tracked, demonstrating strong adoption of its developer tooling. This approach allows customers to compress the time from idea to production improvement, fostering deeper relationships with developers who are future AI cloud infrastructure customers.

    03

    Performance, Economics, and Industry Recognition

    CoreWeave emphasizes its leadership in performance and cost efficiency, achieving new MLPerf records and the lowest cost per token for inference on NVIDIA Grace Blackwell. The platform offers a total cost of ownership estimated to be up to 47% lower than the average hyperscaler, integrating enterprise-grade security, reliability, and a broad portfolio of services. Gartner recognized CoreWeave as a visionary in its 2026 Magic Quadrant for Cloud AI infrastructure, validating its purpose-built approach to AI cloud.

    04

    Power and Supply Chain Foundation for Growth

    CoreWeave significantly expanded its active power capacity, reaching 1.5 gigawatts by adding nearly 500 megawatts in Q2, with 300 megawatts coming online in June alone. Contracted power grew to 4.2 gigawatts as of the call date, with an additional 1.5 gigawatts from powered land options. The company is undertaking its first self-build data centers, with the first site expected online later this year, and is expanding globally with over 1 gigawatt contracted outside the US, including 360 megawatts in Indonesia. Strategic partnerships, like the long-term agreement with Solidigm, are crucial for derisking access to critical supply chain inputs.

    05

    Strategic Financing and Capital Structure

    In Q2, CoreWeave raised approximately $18 billion through a combination of debt, convertibles, and equity, bringing total capital secured to date to over $32 billion. These transactions included inaugural Eurobonds and the first publicly syndicated delayed draw term loan (DDTL) backed by HPC infrastructure. The recent DDTL 5.5 specifically supports shorter-duration customer contracts, enabling CoreWeave to serve the enterprise market at scale and accelerate its managed inference platform, while reducing its weighted average cost of debt by almost 300 basis points, resulting in approximately $1.1 billion in annualized interest savings.

    AI-generated summary of the company’s earnings call. Not investment advice.