What CoreWeave is up to now

The purest neocloud wager: $99.4B backlog (OpenAI, Meta $21B-to-2032, Jane Street) against $2.08B quarterly revenue and a $740M loss — everything rides on conversion. Financed at 9.75% on GPU-collateralized debt just as Nvidia's CDS widened and Moody's named it AI's weakest credit link. Customers newly anonymized to 'A-D' in the 10-Q — a disclosure retreat. Nvidia is supplier, customer, and largest outside holder at once — the loop the whole bet runs through. Q2 print 08-11.

as of 2026-07-28