CoreWeave: revenue doubled, but net loss widens and leverage remains high

11 августа CoreWeave раскрыла результаты за второй квартал 2026 года: выручка выросла на 112,5% год к году до 2 575 млн долларов, однако чистый убыток составил 626 млн долларов, а маржа по нему осталась на уровне минус 24,3%. При текущей капитализации в 52,4 млрд долларов и EV/EBITDA LTM на уровне 31,1 акция выглядит скорее непривлекательно: рост пока не конвертируется в прибыль, а долговая нагрузка остаётся высокой.

Key takeaways

— Revenue doubled year-over-year, but growth is slowing from 420% to 112%

— Net loss widens alongside revenue, margin remains deeply negative

— Operating cash flow turned positive for the first time, but capital expenditures consume it

— Debt rose to $22.6 billion, with net debt/EBITDA LTM at 8.05

— Company raised $10 billion in debt and convertible bonds, including inaugural Eurobond

— Revenue backlog reached $104 billion, excluding another $25 billion in new commitments

— Portal model implies 29% downside to fair value

Attractiveness

Key figures, USD bn

Revenue doubled year-over-year, but growth is slowing from 420% to 112%

In Q2 2026, CoreWeave's revenue reached $2,575 million, up 112.5% year-over-year. This marks the fourth consecutive quarter of decelerating growth: from 420.4% in Q1 2025 to 112.5% in Q2 2026. Absolute growth remains significant, with quarterly revenue increasing by nearly $500 million from the prior quarter.

The company attributes the growth to accelerating demand from both existing and new customers, including enterprises and AI labs. However, growth rates, while still triple-digit, are no longer what they were at the dawn of the AI infrastructure boom. The question is how long such a pace can be sustained on a growing base.

Net loss widens alongside revenue, margin remains deeply negative

Net loss in Q2 2026 was $626 million, compared to $290 million a year earlier. The net margin remained virtually unchanged: -24.3% versus -23.9% in Q2 2025. The main driver is rising operating expenses, which increased from $1,193 million to $2,624 million, including technology infrastructure costs and depreciation.

Adjusted EBITDA in Q2 2026 reached $1,510 million, with a margin of 59%. However, the GAAP loss remains deep due to high interest expenses and depreciation, which are excluded from non-GAAP metrics. Until the company reaches net profitability, its ability to create shareholder value remains an open question.

Operating cash flow turned positive for the first time, but capital expenditures consume it

Over the trailing twelve months, CoreWeave's operating cash flow reached $3,100 million — the first time it has turned positive on a sustained basis. In Q2 2026 alone, operating cash flow was $679 million, compared to a negative figure a year earlier.

However, capital expenditures remain enormous: $6,422 million in Q2 2026 alone, and over $20 billion over the trailing twelve months. The company continues to aggressively build data centers and purchase equipment, requiring constant external financing. Free cash flow remains deeply negative, a key risk for shareholders.

Debt rose to $22.6 billion, with net debt/EBITDA LTM at 8.05

At the end of Q1 2026, CoreWeave's net debt stood at $22,615 million, up $4.4 billion quarter-over-quarter and $15.2 billion over the trailing twelve months. Net debt/EBITDA LTM stands at 8.05 — a high leverage level, especially for a company that has yet to reach net profitability.

The debt increase is tied to the massive investment program: the company is building new data centers and purchasing NVIDIA equipment. In Q2 2026, CoreWeave raised $13.5 billion through debt issuance, including its inaugural Eurobond. As long as operating cash flow cannot cover capital expenditures, debt will continue to grow.

Company raised $10 billion in debt and convertible bonds, including inaugural Eurobond

In Q2 2026, CoreWeave raised over $10 billion through unsecured debt and convertible bonds. Among other things, the company placed its inaugural Eurobond, expanding its access to international capital markets. Additionally, a $3.1 billion syndicated term loan was completed — the first publicly syndicated delayed draw facility backed by HPC infrastructure.

These funds will finance data center construction and equipment purchases. Raising capital on such a scale demonstrates investor confidence in the business model, but it also increases debt burden and interest expenses, which reached $640 million in Q2 2026. The sustainability of this model depends on whether the company can convert growing revenue into positive free cash flow.

Revenue backlog reached $104 billion, excluding another $25 billion in new commitments

As of June 30, 2026, CoreWeave's revenue backlog was approximately $104 billion. This figure includes remaining performance obligations and other amounts the company estimates will be recognized as revenue in future periods under committed customer contracts. In early Q3, the company added another $25 billion in new customer commitments, which are not included in the backlog.

A backlog of this scale provides revenue visibility for years ahead and confirms strong demand for AI infrastructure. However, its realization depends on the company's ability to bring capacity online in a timely manner and meet contract terms. Additionally, part of the backlog could be revised or terminated if customers change their plans.

Portal model implies 29% downside to fair value

Our valuation model, based on EBITDA growth and a target multiple, indicates that the stock trades 29% above its fair value. With a current market cap of $52.4 billion and EV/EBITDA LTM of 31.1, the market values the company at a premium not supported by current profitability.

For comparison, the average EV/EBITDA multiple over the past three years is around 25, also below the current level. To justify such a valuation, CoreWeave must not only sustain high growth rates but also significantly improve margins. Until then, the stock appears overvalued.

Valuation on the latest reported figures

Bottom line

CoreWeave continues to deliver impressive revenue growth, doubling it year-over-year, and a $104 billion backlog provides long-term visibility. Operating cash flow turned positive for the first time, an important step toward financial sustainability. However, the company still generates a deep net loss, and capital expenditures are several times operating cash flow, forcing it to take on more debt. At the current valuation, with EV/EBITDA LTM at 31.1 and the portal model indicating 29% downside, the stock looks rather unattractive. A change in verdict would require sustained margin improvement and a slowdown in debt growth.