CoreWeave (CRWV) | Credit Investor

Capital Structure

Cap Structure	Amt Out.	Mkt Price	Yield	Lev. Through	View
Unrestricted Cash	$5,524.0
Debt, current portion	0.0	100.0%	N/a	0.0x	Neutral
Debt, long-term	0.0	100.0%	N/a	0.0x	Neutral
Total Debt	$0.0			0.0x
Net Debt	($5,524.0)			-1.3x

Last Twelve Months

Revenue	$7,590
Implied Costs	(3,210)
Adj. EBITDA	$4,380
(-) Interest Expense	(1,313)
(-) Capex	(20,566)
Memo: FCF	($13,655)
Total Liquidity	$7,524.0

CoreWeave

			6/30/26				Face Value / Adj. EBITDA
Cap Structure	Coupon	Maturity	Amt Out.	Mkt Price	YTM	View	2023A	2024A	2025A	LTM
Unrestricted Cash			$5,524.0
Undrawn Revolver ($2,500mm facility)			2,000.0
Total Liquidity			$7,524.0

Debt, current portion	N/a	N/a	0.0	100.0%	N/a	Neutral
Debt, long-term	N/a	N/a	0.0	100.0%	N/a	Neutral
Total Debt			$0.0				0.0x	0.0x	0.0x	0.0x
Net Debt			($5,524.0)				-53.1x	-4.5x	-1.8x	-1.3x
				Adj. EBITDA			$104	$1,218	$3,038	$4,380

Key Financials

	2023A	2024A	2025A	LTM
Revenue	$229	$1,915	$5,131	$7,590
Y/Y Growth		736.2%	167.9%
(-) Cost of Revenue	(69)	(493)	(1,453)	(2,473)
Gross Profit	$160	$1,422	$3,678	$5,117
Gross Margin	69.9%	74.3%	71.7%	67.4%
(+/-) Other Operating Costs, net of D&A	(71)	(235)	(1,270)	(1,356)
EBITDA	$89	$1,187	$2,408	$3,761
(+) Add-backs: stock comp, restructuring, impairments	15	31	630	619
Adj. EBITDA	$104	$1,218	$3,038	$4,380
Margin	45.4%	63.6%	59.2%	57.7%
(-) Restructuring and other cash add-backs	--	--	--	--
Cash EBITDA	$104	$1,218	$3,038	$4,380
(-) Interest Expense (Cash Only)	--	(184)	(869)	(1,313)
(-) Cash Taxes	--	(14)	1	(4)
(-) Capex	(2,943)	(8,702)	(10,309)	(20,566)
(+/-) Working Capital and Other	1,729	1,729	888	3,848
Memo: FCF	($1,110)	($5,953)	($7,251)	($13,655)
% of Debt

Liquidity

Unrestricted Cash	$5,524.0
Undrawn Revolver	2,000.0
Total Liquidity	$7,524.0
(-) Debt due through 2028	-0.0
(+/-) Free cash flow, last twelve months	(13,655.0)
Liquidity after maturities and a year of cash flow	($6,131.0)

The latest filing does not itemise tranches in a form that ties to the balance sheet, so debt is shown as reported there.Blue figures are inputs in the model. Price is 100% of face unless marked *, which is a bond fund's own valuation from its SEC holdings report, not a traded price.Secured and unsecured are judged from each instrument's name. Adj. EBITDA is operating income plus D&A, stock compensation, restructuring and impairment charges as tagged in SEC filings; it is not the company's own adjusted figure. Free cash flow is cash from operations less capital spending.

The basket review for this company has not finished yet. When it does, this tab shows the dollar capacity to move value or prime lenders, the playbook moves that fit, and what they would do to each tranche. Meanwhile, see the liability management playbook.

Key Financials

	2023A	2024A	2025A	LTM
Revenue	$229	$1,915	$5,131	$7,590
Y/Y Growth		736.2%	167.9%
(-) Cost of Revenue	(69)	(493)	(1,453)	(2,473)
Gross Profit	$160	$1,422	$3,678	$5,117
Gross Margin	69.9%	74.3%	71.7%	67.4%
(+/-) Other Operating Costs, net of D&A	(71)	(235)	(1,270)	(1,356)
EBITDA	$89	$1,187	$2,408	$3,761
(+) Add-backs: stock comp, restructuring, impairments	15	31	630	619
Adj. EBITDA	$104	$1,218	$3,038	$4,380
Margin	45.4%	63.6%	59.2%	57.7%
(-) Restructuring and other cash add-backs	--	--	--	--
Cash EBITDA	$104	$1,218	$3,038	$4,380
(-) Interest Expense (Cash Only)	--	(184)	(869)	(1,313)
(-) Cash Taxes	--	(14)	1	(4)
(-) Capex	(2,943)	(8,702)	(10,309)	(20,566)
(+/-) Working Capital and Other	1,729	1,729	888	3,848
Memo: FCF	($1,110)	($5,953)	($7,251)	($13,655)
% of Debt

Earnings call: Q3 2026 · Nov 10, 2026

Slides Webcast and audio replay Transcript Investor relations site

Revenue jumped 168% to $3.7 billion and adjusted operating margin passed 10%; CoreWeave raised 2026 guidance and said it will not issue more parent-level unsecured debt at current yields.

Takeaways

Revenue was $3.7 billion, up 168% year over year and above guidance. Backlog grew to about $133 billion, up 138%.
Adjusted operating margin rose to 10%, from 5% in Q2 and 1% in Q1. Adjusted EBITDA was $2.3 billion, a 62% margin. Operating cash flow was $2 billion.
Net loss widened to $709 million. Interest expense was $846 million, up from $310 million a year ago, and is guided to $1.05 to $1.15 billion in Q4.
Capex was $14.5 billion in the quarter, above guidance, as deliveries were pulled forward. Liquidity was $6.5 billion of cash and securities plus nearly $5 billion undrawn under delayed draw term loans (DDTLs).
Management expects about $9 billion of customer prepayments and deposits over the next three months. More than $3 billion relates to re-contracting older GPUs that are already paid off.
Pricing is rising. Long-term contracts now price at $20 to $25 million per megawatt a year and short-term deals above $40 million. Older Ampere and Hopper GPUs re-priced 30% to 50% higher in the quarter.

Debt and capital

Weighted average cost of debt was 7.9% at quarter end, down 250 basis points year over year.
No new parent-level unsecured debt planned through 2027 at current yields. The company expects to raise less than $5 billion of parent-level capital through 2027.
Most remaining capex is to be funded with contract-matched DDTLs. These have priced at 225 to 550 basis points over SOFR and fund 70% to 100% of the related capex.
A new DDTL is expected to launch in the coming weeks. Management expects a high investment-grade rating, a 7% to 7.5% yield and funding of more than 90% of the related capex.
More than $4 billion of DDTL debt has already been repaid from contract cash flow, including nearly half of the first two and most expensive facilities.
Management says contracted cash flow should cover service and repayment of both the asset-level secured debt and the parent-level unsecured debt, before renewals.
Other funding sources are customer prepayments (collected on 70% of deals this year), OEM financing, and Omni, which runs the platform on infrastructure owned by others.

Guidance

FY2026 revenue raised to $13.0 to $13.3 billion.
FY2026 adjusted operating income raised to $1.275 to $1.375 billion, up 26% at the midpoint.
FY2026 capex now $37 to $39 billion; the low end was raised from $35 billion.
Exit-2026 annualized run-rate revenue raised to $20 to $21 billion.
Active power of more than 1.85 gigawatts at year-end, held.
Q4 2026 interest expense of $1.05 to $1.15 billion.
If it funds only the committed backlog, 2027 capex would be roughly in line with 2026.
Adjusted net loss to shrink in 2027; adjusted net income expected to turn positive in the first half of 2028 and for full-year 2028.

What analysts asked

What happens to the model if new industry supply leads to normal or excess capacity.
How cost risk is managed between signing a contract and bringing capacity online.
Whether recent stress in credit markets changes how capacity after 2027 is contracted and funded.
How much of the margin beat came from short-term contracts versus execution.
US regulatory and permitting risk after the elections, including Texas exposure, and the role of international sites.
Customer mix as frontier labs build their own compute, and the shift toward enterprise customers.
Vera Rubin deliveries and their role in the raised guidance.
Payback and returns on short-term versus long-term contracts, and what the GPU renewal revenue figures mean.

Tone: Confident and defensive about funding: management stressed contract-backed secured debt and prepayments while pulling back from the unsecured market.

Q2 2026Slides · Webcast
Q1 2026Slides · Webcast
Q4 2025Slides · Webcast

Summary written with AI from Company-published full transcript of the Q3 2026 earnings call, posted on the CoreWeave IR site.. Slides, audio and any transcript are the company's and open on its own site. Full transcripts from transcript vendors are not reproduced here.

Last quarter: Third quarter 2026

CoreWeave revenue rose 168% to $3.7bn and it raised full-year revenue guidance, but interest costs drove a $709mm net loss.

Results

Revenue was $3,661mm, up from $1,365mm a year earlier and from $2,575mm in the second quarter.
Adjusted EBITDA was $2,256mm, a 62% margin, against $838mm (61%) a year earlier.
Operating income was $207mm, but net interest expense of $846mm led to a net loss of $709mm, versus a $110mm loss a year earlier.
Adjusted operating income was $379mm, a 10% margin, down from 16% a year earlier.
Revenue backlog was about $132.5bn at September 30, 2026.

Why

The company added more than 200 MW of active power, reaching over 1.7 GW, and grew contracted power by more than 900 MW to over 4.6 GW.
Depreciation and amortization rose to $1,889mm from $630mm a year earlier as new capacity came online, which keeps GAAP operating margin thin at 6%.
Net interest expense rose to $846mm from $310mm as borrowing grew to fund the build-out.
Operating cash flow of $1,975mm was helped by a $2,127mm increase in deferred revenue (customer prepayments), offset by a $1,741mm rise in receivables.

Balance sheet and guidance

Cash and cash equivalents were $4,122mm, plus $2,282mm of restricted cash; the release does not state total liquidity.
Recourse debt was $41,600mm ($9,183mm current) and non-recourse debt $5,273mm, for $46,873mm in total, up from $21,373mm at December 31, 2025 (our sum of the stated lines).
During the quarter the company raised about $4.2bn of convertible senior notes, closed a $2.6bn DDTL 5.5 facility, and set up an at-the-market program for up to 35 million Class A shares.
Full-year 2026 revenue raised to $13.0bn to $13.3bn; the release does not restate the prior range.
Full-year 2026 adjusted operating income raised to $1,275mm to $1,375mm, which the company says is 26% higher at the midpoint than prior guidance.
Full-year 2026 capex now $37bn to $39bn, with the low end raised from the prior $35bn to $39bn range.
Fourth quarter 2026 interest expense expected at $1.05bn to $1.15bn; year-end active power above 1.85 GW; exit-2026 annualized run-rate revenue raised to $20bn to $21bn.

What to watch

Interest burden: guided fourth quarter interest expense of $1.05bn to $1.15bn compares with $846mm in the third quarter and $379mm of adjusted operating income.
Cash burn and funding: third quarter equipment purchases of $9,441mm far exceeded $1,975mm of operating cash flow, and the company is counting on about $9bn of customer prepayments and deposits in the next three months.
Current maturities and receivables: $9,183mm of recourse debt is due within a year, and receivables grew $1,741mm in the quarter to $4,280mm.

From the company's press release filed Nov 10, 2026. Figures in this section are as the company reports them, including its own adjusted EBITDA.

Filings

Earnings releases 5

Nov 10, 20268-K for Nov 10, 2026: Results · Presentation or supplement
Aug 11, 20268-K for Aug 11, 2026: Results · Presentation or supplement
May 7, 20268-K for May 7, 2026: Results · Presentation or supplement
Feb 26, 20268-K for Feb 26, 2026: Results · Presentation or supplement
Nov 10, 20258-K for Nov 10, 2025: Results · Presentation or supplement

Annual reports (10-K) 1

Mar 2, 202610-K for Dec 31, 2025

Quarterly reports (10-Q) 3

Current reports (8-K) 20

Sep 22, 20268-K for Sep 17, 2026: Material agreement; Equity sold; Other event
Sep 17, 20268-K for Sep 17, 2026: Regulation FD; Other event
Aug 10, 20268-K for Aug 7, 2026: Material agreement; New debt; Regulation FD
Jun 18, 20268-K for Jun 18, 2026: Material agreement; New debt
Jun 11, 20268-K for Jun 11, 2026: Regulation FD
Jun 10, 20268-K for Jun 8, 2026: Shareholder vote
May 18, 20268-K for May 15, 2026: Material agreement; New debt; Regulation FD
Apr 21, 20268-K for Apr 16, 2026: Material agreement; New debt; Other event
Apr 15, 20268-K for Apr 15, 2026: Equity sold; Regulation FD
Apr 14, 20268-K for Apr 9, 2026: Material agreement; New debt; Equity sold
Apr 9, 20268-K for Apr 9, 2026: Regulation FD; Other event
Apr 9, 20268-K for Mar 31, 2026: Regulation FD; Other event
Mar 31, 20268-K for Mar 30, 2026: Material agreement; New debt; Regulation FD
Jan 26, 20268-K for Jan 23, 2026: Equity sold; Regulation FD; Other event
Jan 2, 20268-K for Dec 31, 2025: Material agreement
Dec 11, 20258-K for Dec 8, 2025: Material agreement; Equity sold; Other event
Oct 31, 20258-K for Oct 30, 2025: Agreement terminated; Regulation FD
Oct 6, 20258-K for Sep 25, 2025: Other event
Oct 2, 20258-K for Sep 29, 2025: Material agreement; New debt
Sep 30, 20258-K for Sep 25, 2025: Material agreement

Proxy statements 1

Apr 22, 2026DEF 14A for Dec 31, 2025

Other filings 4

Sep 17, 2026424B5
Sep 26, 2025424B3
Sep 25, 2025S-4/A
Sep 17, 2025S-4/A

Links open the document on SEC EDGAR. Earnings call transcripts are not SEC filings and belong to their publishers, so they are not reproduced here; the press release and slides filed with each results 8-K are.

Rating actions

Aug 10, 2026Moody's: Rated DDTL 5.5 Facility Ba2. Company says the rating reflects the collateral package and structural protections of the contract-backed GPU financing. · source
Aug 10, 2026Fitch: Rated DDTL 5.5 Facility BB+. Company says the rating reflects the collateral package and structural protections of the contract-backed GPU financing. · source
May 18, 2026Moody's: Rated DDTL 5.0 Facility Ba2. First publicly syndicated GPU infrastructure-backed loan, secured by servers dedicated to two customer contracts. · source
May 18, 2026Fitch: Rated DDTL 5.0 Facility BB+. First publicly syndicated GPU infrastructure-backed loan, secured by servers dedicated to two customer contracts. · source
Mar 31, 2026Moody's: Rated DDTL 4.0 Facility A3 (investment grade). Secured by GPU infrastructure and an associated contract with a highly rated customer, which lifts it far above a corporate-level rating. · source

Coming up

Nov 12, 2026Results. Quarterly results for the period ending 2026-09-30. The date is an estimate: last year's filing date moved forward a year.

Recent 8-K filings

Nov 10, 2026Reported results
Sep 22, 2026Entered into a material agreement; Sold unregistered equity; Other event
Sep 17, 2026Regulation FD disclosure; Other event
Aug 11, 2026Reported results
Aug 10, 2026Entered into a material agreement; Took on new debt or an obligation; Regulation FD disclosure
Jun 18, 2026Entered into a material agreement; Took on new debt or an obligation