NeocloudsCRWVFilings through August 12, 2026
CoreWeave capital spending
In the quarter ended June 30, 2026, CoreWeave spent $6.4 billion on capital equipment, 946% of its $0.7 billion of operating cash flow and up 162% from a year earlier. Free cash flow was −$5.7 billion.
Next report: November 10, 2026. Provider schedule, not yet confirmed by the company. The full calendar.
Sources, method and freshnessFilings through August 12, 2026
CoreWeave’s 10-Q and 10-K filings, latest-filed value per period. Filing history at SEC EDGAR.
Cite as The Capex Report, CoreWeave capital spending, filings through August 12, 2026.
Spending against cash flow
$ billion, quarterlyBars are capital spending, the line is operating cash flow, red below the axis is free cash flow when negative. Hover a quarter to read it. 10 reported quarters shown.
CoreWeave’s quarterly capital spending has been above the same quarter a year earlier for five consecutive quarters. Over the latest four quarters it generated $6.9 billion from operations and spent $20.6 billion, leaving −$13.7 billion of free cash flow against −$7.9 billion over the four before.
Financing the build
The five hyperscalers combinedThe dot is the quarter’s change in cash. Hover a quarter to read it.
| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | 641 | 187 | 61 | (251) | 1,689 | 1,559 | 2,984 | 679 |
| Long-term debt issued | 1,508 | 3,689 | 785 | 3,611 | 3,167 | 4,266 | 3,290 | 13,457 |
| Short-term borrowing, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock issued | 0 | 0 | 0 | 0 | 68 | (68) | 1,985 | 997 |
| Capital spending | 1,215 | 3,498 | 1,407 | 2,453 | 2,389 | 4,060 | 7,695 | 6,422 |
| Finance-lease principal | 0 | 54 | 14 | 14 | 0 | 30 | 15 | 18 |
| Long-term debt repaid | 290 | 225 | 271 | 1,304 | 1,404 | 420 | 1,335 | 3,884 |
| Share repurchases | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends | 29 | 29 | 26 | 3 | 0 | 0 | 0 | 0 |
| Free cash flow | (574) | (3,311) | (1,346) | (2,704) | (700) | (2,501) | (4,711) | (5,743) |
| Net long-term debt issued | 1,218 | 3,464 | 514 | 2,307 | 1,763 | 3,846 | 1,955 | 9,573 |
| Returned to shareholders | 31 | 29 | 26 | 3 | 0 | 0 | 0 | 0 |
| Outside funding needed | 605 | 3,394 | 1,386 | 2,721 | 700 | 2,531 | 4,726 | 5,761 |
| Change in cash | 682 | 113 | 482 | (463) | 914 | 1,162 | (810) | 3,584 |
| Interest expense | 102 | 139 | 257 | 256 | 283 | 351 | 427 | 558 |
| Stock-based compensation | 8 | 8 | 184 | 145 | 144 | 157 | 153 | 165 |
Millions of dollars, outflows positive as reported in the cash flow statement.
Capex including finance leases
Across the hyperscalers| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cash capital spending | 1,215 | 3,498 | 1,407 | 2,453 | 2,389 | 4,060 | 7,695 | 6,422 |
| Equipment acquired under finance leases | — | — | — | — | 0 | 220 | — | — |
| Capital spending including finance leases | — | — | — | — | 2,389 | 4,280 | — | — |
| Finance-lease principal paid | 0 | 54 | 14 | 14 | 0 | 30 | 15 | 18 |
| Finance-lease liability | — | 92 | 78 | 64 | 49 | 254 | 238 | 221 |
| Operating-lease liability | — | 2,602 | 3,107 | 3,447 | 4,724 | 8,195 | 10,050 | 16,319 |
Equipment acquired under finance leases is a non-cash addition disclosed in the filings; it is not in cash capital spending. Reported in 2 of 10 quarters on file, so the series shows only the quarters the company disclosed.
The balance sheet
The five hyperscalers combined| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 1,355 | 1,361 | 1,276 | 1,153 | 1,894 | 3,127 | 2,244 | 5,524 |
| Short-term investments | — | 0 | — | — | 47 | 34 | 22 | 15 |
| Long-term investments | — | 29 | 0 | 0 | 0 | 0 | — | — |
| Cash and investments | 1,355 | 1,390 | 1,276 | 1,153 | 1,942 | 3,161 | 2,266 | 5,539 |
| Long-term debt | — | 5,458 | 4,935 | 7,424 | 10,323 | 14,665 | 17,312 | — |
| Current debt | — | 2,468 | 3,777 | 3,628 | 3,712 | 6,708 | 7,547 | — |
| Gross debt | — | 7,926 | 8,712 | 11,052 | 14,035 | 21,373 | 24,859 | — |
| Finance-lease liability | — | 92 | 78 | 64 | 49 | 254 | 238 | 221 |
| Net debt | — | 6,536 | 7,436 | 9,899 | 12,093 | 18,212 | 22,593 | — |
| Property and equipment, net, as reported | — | 11,915 | 14,211 | 16,632 | 20,659 | 30,557 | 36,424 | 46,736 |
| Accumulated depreciation | — | 965 | 1,400 | 1,954 | 2,575 | 3,384 | 4,509 | 5,886 |
| Total assets | — | 17,833 | 21,860 | 26,241 | 32,910 | 49,302 | 55,573 | 77,070 |
| Shareholders’ equity | (344) | (414) | 1,906 | 2,658 | 3,878 | 3,335 | 4,759 | 5,024 |
| Interest expense | 102 | 139 | 257 | 256 | 283 | 351 | 427 | 558 |
| Interest paid | 73 | 87 | 142 | 220 | 195 | 312 | 364 | 442 |
| Effective interest cost | — | 6.9% | 11.7% | 9.2% | 8.1% | 6.5% | 6.8% | — |
| Stock-based compensation | 8 | 8 | 184 | 145 | 144 | 157 | 153 | 165 |
Quarter-end balances. Gross debt is long-term plus current debt as reported; net debt is gross debt less cash and investments, negative when the company holds more than it owes.
What the asset base is made of
Across the hyperscalers| Millions of dollars | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|
| Servers and network equipment | 9,646 | 11,281 | 14,001 | 15,768 | 23,745 | 30,505 | 39,820 |
| Construction in progress | 3,201 | 4,074 | 4,111 | 6,910 | 9,376 | 9,581 | 11,918 |
| Software | 140 | 245 | 460 | 542 | 802 | 827 | 859 |
| Other | 9 | 11 | 13 | 14 | 18 | 20 | 25 |
| Classes combined | 12,996 | 15,611 | 18,585 | 23,234 | 33,941 | 40,933 | 52,622 |
| Property and equipment, gross, as reported | 12,880 | 15,611 | 18,585 | 23,234 | 33,941 | 40,933 | 52,622 |
| Accumulated depreciation | 965 | 1,400 | 1,954 | 2,575 | 3,384 | 4,509 | 5,886 |
| Share of the balance the classes explain | 100.9% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
Gross cost before depreciation, by the classes the company reports.Servers and network equipment are 75.7% of the classes combined at Jun 2026. Classes read: Construction In Progress, Critical Infrastructure Assets, Data Center Equipment and Leasehold Improvements, Furniture and Fixtures, Software and Software Development Costs, Technology Equipment.
Largest customers
Share of revenue or receivables, as disclosed| Period | Customer | Benchmark | Share | Filing |
|---|---|---|---|---|
| Half-year to Jun 2026 | Customer A | Accounts receivable | 32.0% | 10-Q |
| Half-year to Jun 2026 | Customer B | Accounts receivable | 32.0% | 10-Q |
| Half-year to Jun 2026 | Customer A | Revenue | 40.0% | 10-Q |
| Quarter to Jun 2026 | Customer A | Revenue | 36.0% | 10-Q |
| Quarter to Jun 2026 | Customer B | Revenue | 26.0% | 10-Q |
| Half-year to Jun 2026 | Customer B | Revenue | 23.0% | 10-Q |
| Quarter to Jun 2026 | Customer C | Revenue | 10.0% | 10-Q |
CoreWeave does not name these customers, and “Customer A” in one period need not be the same customer in another. Shares are as disclosed under the concentration-of-risk note; a quarter and a year-to-date share can appear for the same period end. 5 customer labels seen in filings since 2023.
Debt issued
The ledger across all companies| Priced | Type | Tranches and maturities | Coupons | Amount, $ millions | Confidence | Filing |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | Term loan | — | — | 2,600 | Low: one amount read from the filing text | 8-K |
| Jun 18, 2026 | Notes (amendment) | —, EUR converted | — | 2,294 | Low: one amount read from the filing text | 8-K |
| May 18, 2026 | Term loan | — | — | 3,100 | Low: one amount read from the filing text | 8-K |
| Apr 21, 2026 | Notes | 1 tranche, 2031 to 2031 | 9.75% | 1,000 | Medium: closing 8-K | 8-K |
| Apr 14, 2026 | Notes | 2 tranches, 2031 to 2032 | 1.75 to 9.75% | 4,002 | Medium: closing 8-K | 8-K |
| Mar 31, 2026 | Term loan | — | — | 8,500 | Low: one amount read from the filing text | 8-K |
| Oct 2, 2025 | Term loan (amendment) not counted | — | — | 3,000 | Low: one amount read from the filing text | 8-K |
| Jul 31, 2025 | Term loan | — | — | 2,600 | Low: one amount read from the filing text | 8-K |
| Jul 28, 2025 | Notes | 1 tranche, 2031 to 2031 | 9.00% | 1,750 | Medium: closing 8-K | 8-K |
| May 28, 2025 | Notes | 1 tranche, 2030 to 2030 | 9.25% | 2,000 | Medium: closing 8-K | 8-K |
| May 6, 2025 | Revolving facility (amendment) not counted | — | — | 1,500 | Low: one amount read from the filing text | 8-K |
In 2026 CoreWeave has priced $21.5B of notes and term loans in 6 filings. Read from pricing term sheets, prospectus supplements and 8-K filings; commercial paper and bank lines drawn without an 8-K are not here, and the cash flow statement above remains the complete record.
Demand behind the capex
All companies, side by side| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 584 | 747 | 982 | 1,212 | 1,365 | 1,572 | 2,078 | 2,575 |
| Remaining performance obligations | — | — | 14,700 | 30,100 | 50,000 | 60,700 | 98,800 | 103,700 |
| Backlog over trailing revenue | — | — | 5.4× | 8.5× | 11.6× | 11.8× | 15.9× | 13.7× |
| Deferred revenue, current | — | 769 | 437 | 951 | 1,108 | 1,709 | 2,130 | 2,686 |
| Deferred revenue | — | 4,100 | 4,000 | 4,800 | 5,300 | 8,200 | 7,500 | 9,700 |
At Jun 2026 CoreWeave carried $103.7B of remaining performance obligations, 13.7× its trailing four quarters of revenue. Remaining performance obligations are contracted revenue not yet recognised, under the company’s own definition; deferred revenue is the part already billed. Neither is comparable across companies.
Depreciation against capex
The five hyperscalers combined| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Capital spending | 1,215 | 3,498 | 1,407 | 2,453 | 2,389 | 4,060 | 7,695 | 6,422 |
| Depreciation of property and equipment | 253 | 365 | 443 | 553 | 621 | 800 | 1,100 | 1,400 |
| Capex to depreciation | 4.8× | 9.6× | 3.2× | 4.4× | 3.8× | 5.1× | 7.0× | 4.6× |
| Amortization of intangibles | 1 | (2) | 1 | 6 | 10 | 10 | — | — |
| Depreciation and amortization, as reported | 254 | 365 | 443 | 560 | 630 | 821 | 1,147 | 1,393 |
| Property and equipment, net, as reported | — | 11,915 | 14,211 | 16,632 | 20,659 | 30,557 | 36,424 | 46,736 |
| Property and equipment, gross | — | 12,880 | 15,611 | 18,585 | 23,234 | 33,941 | 40,933 | 52,622 |
In Jun 2026 CoreWeave spent 4.6× what it recorded as depreciation of property and equipment. Depreciation of property and equipment excludes amortization of acquired intangibles, shown separately. Depreciation reported in 10 of 12 quarters on file.
The statement
Download the source data| Millions of dollars | Sep 2024 Q3 FY2024 | Dec 2024 Q4 FY2024 | Mar 2025 Q1 FY2025 | Jun 2025 Q2 FY2025 | Sep 2025 Q3 FY2025 | Dec 2025 Q4 FY2025 | Mar 2026 Q1 FY2026 | Jun 2026 Q2 FY2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 584 | 747 | 982 | 1,212 | 1,365 | 1,572 | 2,078 | 2,575 |
| Operating cash flow | 641 | 187 | 61 | (251) | 1,689 | 1,559 | 2,984 | 679 |
| Capital spending | 1,215 | 3,498 | 1,407 | 2,453 | 2,389 | 4,060 | 7,695 | 6,422 |
| Free cash flow | (574) | (3,311) | (1,346) | (2,704) | (700) | (2,501) | (4,711) | (5,743) |
| Depreciation and amortization | 254 | 365 | 443 | 560 | 630 | 821 | 1,147 | 1,393 |
| Long-term debt | — | 5,458 | 4,935 | 7,424 | 10,323 | 14,665 | 17,312 | — |
| First filed / release date | Nov 13, 2025 | May 15, 2025 | May 15, 2025 | Aug 13, 2025 | Nov 13, 2025 | Mar 2, 2026 | May 8, 2026 | Aug 12, 2026 |
Millions of dollars. Negatives in parentheses. A dash means the filing did not report it or the extract withheld it. Fiscal quarter labels follow the company’s calendar.
Questions this page answers
- How much did CoreWeave spend on capital expenditures last quarter?
- CoreWeave spent $6.4 billion on purchases of property and equipment in the quarter ended June 30, 2026, up 162% from the same quarter a year earlier. Over its latest four reported quarters it spent $20.6 billion.
- Did CoreWeave's capital spending exceed its operating cash flow?
- Yes. In the quarter ended June 30, 2026 CoreWeave spent 946% of its $0.7 billion of operating cash flow on capital equipment, leaving free cash flow of −$5.7 billion.
- What is CoreWeave's free cash flow?
- −$5.7 billion in the quarter ended June 30, 2026, and −$13.7 billion over the latest four reported quarters, against −$7.9 billion over the four before. Free cash flow here is operating cash flow less purchases of property and equipment, as the company reports them. Four of the last four quarters were negative.
- Is CoreWeave's capital spending still rising?
- Yes. CoreWeave's quarterly capital spending has been above the same quarter a year earlier for five consecutive quarters. The latest four quarters' spending is 140% above the four before.
- How does CoreWeave's capital spending compare with its depreciation?
- In the quarter ended June 30, 2026 CoreWeave spent 4.6 times its depreciation and amortization of $1.4 billion. A ratio well above one means the asset base is growing faster than it is being written off, and depreciation will keep rising as the new assets enter service.
- Is this CoreWeave's AI spending?
- No. These are CoreWeave's company-wide purchases of property and equipment from its cash flow statement, which include everything from data centers to offices and vehicles. The company does not report an AI line, and this page does not estimate one.
Terms used on this page
Capital expenditures (capex)Free cash flowCapex versus depreciationLong-term debt. The methodology sets out every definition and its limits.