CoreWeave rents out GPU computing capacity under multi-year take-or-pay contracts, so the crwv stock question is whether those contracts can carry about $35 billion of debt. Committed contracts produced 98% of revenue in the June 2026 quarter, per the company’s 10-Q.
What CoreWeave Actually Sells
CoreWeave calls itself a cloud infrastructure company built around the CoreWeave Cloud Platform, per Note 1 of its Q2 2026 10-Q. In practice, customers rent time on Nvidia GPU clusters housed in data centers CoreWeave leases from third parties.
Every GPU in the fleet is an NVIDIA GPU, which the filing ties to customer contract obligations. The company does not own its buildings and states that it does not control how the leased facilities are operated.
Active power grew from about 70 MW at the end of 2023 to over 850 MW across 43 data centers at the end of 2025, per the FY2025 10-K. The August 2026 earnings release puts it at 1.5 GW, with 3.7 GW contracted.
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How the Contract Structure Differs From a Hyperscaler
A traditional cloud provider sells mostly pay-as-you-go consumption. CoreWeave sells committed capacity: contracts with a predetermined term that start on a fixed date or when the capacity is delivered. They made up 98% of revenue in both the June 2026 and June 2025 quarters.
That structure shows up as remaining performance obligations of $103.7 billion at June 30, 2026. The 10-Q expects 41% to be recognized over the 24 months to June 2028, 39% in months 25 to 48, and the rest by month 78.
Customers also pay ahead. Deferred revenue reached $9.7 billion at quarter end, up from $8.2 billion at December 31, 2025, which helped push first-half operating cash flow to $3.7 billion from a $190 million outflow.
The filing flags the exposure itself: nothing guarantees customers keep accepting take-or-pay terms, and a shift toward consumption pricing would hurt forecasting and margins. Diversified cloud computing stocks do not carry that single-model risk.
Who the Named Customers Are
Microsoft supplied about 67% of 2025 revenue, per the FY2025 10-K. By the June 2026 quarter the top three customers were 36%, 26% and 10% of revenue, down from 71% for the single largest customer a year earlier.
The 10-Q names the contracts behind that shift: OpenAI, up to about $6.5 billion through May 2031; Meta Platforms, up to about $21.0 billion with capacity access running to December 2032; Jane Street, about $6.0 billion committed in April 2026.
Amazon, Google, Microsoft and Oracle are listed as competitors, and the same filing notes that several of them are also current customers.
CoreWeave vs Two Data Center Peers
The table sets CoreWeave beside two AI hosts in the same category, using only what each company discloses. Applied Digital leases whole buildings to tenants; TeraWulf converted bitcoin-mining sites into AI hosting.
| Metric | CoreWeave (CRWV) | Applied Digital (APLD) | TeraWulf (WULF) |
|---|---|---|---|
| Exchange listing | Nasdaq | Nasdaq | Nasdaq |
| Fiscal year end | December 31 | May 31 | December 31 |
| Disclosed customer concentration | Top three customers 36%, 26% and 10% of Q2 2026 revenue; Microsoft 67% of FY2025 revenue | One HPC customer 59% and one crypto-hosting customer 25% of FY2026 revenue | HPC lease revenue from two customers; no percentage disclosed |
| Source | Q2 2026 10-Q; FY2025 10-K | FY2026 10-K, filed July 29, 2026 | Q2 2026 10-Q, filed August 5, 2026 |
Exchange and fiscal-year data come from SEC EDGAR registrant records. All three sit in the same AI data center stocks group, yet TeraWulf alone withholds a revenue percentage.
The Debt Behind the GPUs
Future principal payments on total debt were $35.6 billion at June 30, 2026, per Note 10 of the 10-Q: $4.4 billion falls due in the rest of 2026 and $6.2 billion in 2027. The term loans carry effective rates of 9% to 15%.
Contractual interest expense was $592 million in the quarter. Revenue was $2.58 billion and adjusted EBITDA $1.51 billion, yet the GAAP operating line was a $49 million loss and net loss reached $626 million, per the earnings release.
Two more items belong on any watch list. Management reports material weaknesses in internal control over financial reporting as of June 30, 2026. And Nvidia bought about 23 million shares in a $2.0 billion January 2026 private placement, so the sole GPU supplier is also a shareholder.
FAQ
What does CoreWeave do?
CoreWeave rents access to Nvidia GPU clusters through its CoreWeave Cloud Platform, mostly under multi-year take-or-pay contracts, in data center space leased from third parties.
Who are CoreWeave’s biggest customers?
Microsoft was about 67% of 2025 revenue, per the FY2025 10-K. The Q2 2026 10-Q names OpenAI, Meta Platforms and Jane Street as committed customers and puts the top three at 36%, 26% and 10% of revenue.
Is CoreWeave profitable?
Not on a GAAP basis. The June 2026 quarter showed a $49 million operating loss and a $626 million net loss on $2.58 billion of revenue, per the earnings release; adjusted EBITDA was $1.51 billion.
Daniel Reyes is a markets writer for S4Tips covering the AI infrastructure and semiconductor supply chain. He focuses on the companies that build and power the AI compute stack. His articles are for information only and are not financial advice.