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.

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.

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.

CoreWeave, quarter ended June 30, 2026

946%

Share of operating cash flow

Above 100%: spending exceeded what operations generated

Capital spending, quarter: $6.4B; +161.8% against the same quarter a year earlier
Free cash flow, quarter: −$5.7B; Operating cash flow less purchases of property and equipment
Capital spending, four quarters: $20.6B; +139.9% against the four quarters before
Long-term debt, change: Not reported; Balance-sheet change over the quarter, a proxy for net borrowing
Spend to depreciation: 4.6×; Capital spending as a multiple of the quarter’s depreciation of property and equipment

Spending against cash flow

$ billion, quarterly

CoreWeave, quarterly capital spending and operating cash flow through Jun 2026

Jun 2026Capital spending $6.4BOperating cash flow $679.0MFree cash flow −$5.7B

Bars 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 combined

CoreWeave, sources and uses of cash by quarter through Jun 2026

$ billion, quarterly. Sources above the axis, uses below.

Jun 2026Operating cash flow $679.0MLong-term debt issued $13.5BShort-term borrowing, net $0.0MCapital spending $6.4BFinance-lease principal $18.0MLong-term debt repaid $3.9BReturned to shareholders $0.0MChange in cash $3.6B

Operating cash flowLong-term debt issuedShort-term borrowing, netCapital spendingFinance-lease principalLong-term debt repaidReturned to shareholdersChange in cash

The dot is the quarter’s change in cash. Hover a quarter to read it.

Sources and uses of cash by quarter, millions of US dollars. Outflows are shown as positive amounts, as the filings report them.
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

CoreWeave, cash capital spending and equipment acquired under finance leases, by fiscal quarter

$ billion, quarterly

Jun 2026Cash capital spending $6.4B

Cash capital spendingAcquired under finance leases

CoreWeave capital spending including finance leases, millions of US dollars
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

CoreWeave, net debt by fiscal quarter; below zero is net cash

$ billion at quarter end

Jun 2026

Net debtNet cashGross debt

CoreWeave balance sheet, millions of US dollars
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

CoreWeave, property and equipment at cost by class, by fiscal quarter

$ billion at quarter end

Jun 2026Servers and network equipment $39.8BConstruction in progress $11.9BSoftware $859.0MOther $25.0M

Servers and network equipmentConstruction in progressSoftwareOther

CoreWeave property and equipment by class, millions of US dollars
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

CoreWeave bonds, notes, term loans and facilities since 2025
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

CoreWeave, remaining performance obligations (bars) and quarterly revenue (line), by fiscal quarter

$ billion, quarterly

Jun 2026Remaining performance obligations $103.7BQuarterly revenue $2.6B

Remaining performance obligationsQuarterly revenue

CoreWeave contracted revenue, millions of US dollars
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

CoreWeave, depreciation of property and equipment (bars) and capital spending (line), by fiscal quarter

$ billion, quarterly

Jun 2026Depreciation of property and equipment $1.4BCapital spending $6.4B

Depreciation of property and equipmentCapital spending

CoreWeave capital spending and depreciation, millions of US dollars
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

Quarterly financial statement in millions of US dollars. Negative amounts are in parentheses.
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 flow Capex versus depreciation Long-term debt. The methodology sets out every definition and its limits.

SEC filing history Full financials on thetrading.tools