Reports › CRWV › 10-Q FY2026

SEC filings, compared

What changed in Coreweave,'s 10-Q for the quarter ended March 31, 2026

Compared with the 10-Q for the quarter ended March 31, 2025. Part I, Item 2 analysed; every summary checked against the quoted filing text.

Registrant: CoreWeave, Inc. · CRWV
This filing: 0001769628-26-000222 ↗ · filed May 8, 2026
Compared with: 0001769628-25-000014 ↗ · filed May 15, 2025
Processed: Sep 20, 2026 UTC · parser-v5 · classify-v4 · select-v1

Research tool. Describes what filings say. Not investment advice. Verify independently. Read the cited paragraph before relying on it.

How a report is made

67 material changes among 98 changed paragraphs

18 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order.

Numbers from XBRL

Each figure is the one the filing itself tagged, taken from the filing that reported it. Not written by a model.

Concept	FY2026	FY2025
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	2,078,000,000USD · Jan 1, 2026 to Mar 31, 2026	981,632,000USD · Jan 1, 2025 to Mar 31, 2025
Net income or lossus-gaap:NetIncomeLoss	(740,000,000)USD · Jan 1, 2026 to Mar 31, 2026	(314,641,000)USD · Jan 1, 2025 to Mar 31, 2025
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	2,244,000,000USD · at Mar 31, 2026	1,276,456,000USD · at Mar 31, 2025
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	2,984,000,000USD · Jan 1, 2026 to Mar 31, 2026	61,168,000USD · Jan 1, 2025 to Mar 31, 2025

Not compared. A change is shown only when both filings state the prior year identically, which is our check that the two columns describe the same reporting entity. That check did not pass for this pair, so each figure stands on its own filing. How a report is made

Values as tagged in the filing's inline XBRL, resolved by accession rather than by period matching. When a value is not tagged, we show that instead of estimating it. FY2026: 0001769628-26-000222 · FY2025: 0001769628-25-000014

What the company says for the first time

Paragraphs with no counterpart in the prior filing.

18 material additions

Part I, Item 2 · MD&A

8 of 18 shown · Ordered by the model, quote-checked

01AddedPart I, Item 2 › Capital Investments

Summary · quote-checked

Added disclosure of capital expenditures and an expected increase in technology and infrastructure investment relative to 2025.

The new paragraph introduces cash investment figures and a forward-looking commitment to increase technology and infrastructure spending, changing disclosed capital requirements and outlook.

Why the model ranked it here

The disclosure changes the company’s capital requirements and signals substantially greater technology and infrastructure investment.

Filing text · FY2025 10-Q · filed May 15, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 8, 2026

[added] During the three months ended March 31, 2026 and 2025, cash paid for property and equipment was $7.7 billion and $1.4 billion, respectively. We expect to increase, relative to 2025, our investment in our technology and infrastructure, including servers, network equipment, and data center related expenses, to support the growth of our business and our long-term initiatives.

Cite this change

"During the three months ended March 31, 2026 and 2025, cash paid for property and equipment was $7.7 billion and $1.4 billion, respectively. We expect to increase, relative to 2025, our investment in our technology and infrastructure, including servers, network equipment, and data center related expenses, to support the growth of our business and our long-term initiatives."

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000222, filed 8 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

02AddedPart I, Item 2 › Capital Investments

Summary · quote-checked

Added disclosure describing AI-related capital investments and their current and expected financing sources.

The new paragraph introduces substantive information about infrastructure investments, financing arrangements, and the expected continuation of that funding mix.

Why the model ranked it here

The disclosure explains how expanding AI infrastructure investments are funded and indicates continued reliance on a mixed financing structure.

Filing text · FY2025 10-Q · filed May 15, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 8, 2026

[added] Our capital investments in property and equipment consist primarily of technology and infrastructure, which consist of our investments in servers and network equipment for computing, storage, and networking requirements that collectively enable the development and deployment of AI models. We fund these capital investments through a mix of debt and equity securities issuances, delayed draw term loan facilities, OEM financing arrangements, and cash from our balance sheet. We expect capital investments will continue to be financed through a similar mix of debt and equity securities issuances, delayed draw term loan facilities, OEM financing arrangements, and cash from our balance sheet.

Cite this change

"Our capital investments in property and equipment consist primarily of technology and infrastructure, which consist of our investments in servers and network equipment for computing, storage, and networking requirements that collectively enable the development and deployment of AI models. We fund these capital investments through a mix of debt and equity securities issuances, delayed draw term loan facilities, OEM financing arrangements, and cash from our balance sheet. We expect capital investments will continue to be financed through a similar mix of debt and equity securities issuances, delayed draw term loan facilities, OEM financing arrangements, and cash from our balance sheet."

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000222, filed 8 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

03AddedPart I, Item 2 › Contractual Obligations

Summary · quote-checked

Added disclosure of uncommenced lease commitments and commitments related to unconsolidated variable interest entities and joint ventures excluded from the balance sheet.

The new bullet identifies previously undisclosed contractual commitments and obligations, including commitments omitted from the condensed consolidated balance sheet.

Why the model ranked it here

The disclosure adds contractual commitments outside the balance sheet, including obligations tied to unconsolidated entities and ventures.

Filing text · FY2025 10-Q · filed May 15, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 8, 2026

[added] • lease commitments that have not yet commenced and commitments related to our unconsolidated variable interest entities and joint ventures, which were not included in our condensed consolidated balance sheet; and

Cite this change

"lease commitments that have not yet commenced and commitments related to our unconsolidated variable interest entities and joint ventures, which were not included in our condensed consolidated balance sheet;"

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000222, filed 8 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

04AddedPart I, Item 2 › Contractual Obligations

Summary · quote-checked

Adds disclosure of enforceable contractual commitments for routine goods, services, technology equipment, enterprise software and service arrangements.

The new paragraph identifies legally binding contractual obligations and examples of commitments, changing disclosure about the company’s obligations and dependencies.

Why the model ranked it here

The disclosure identifies enforceable commitments for equipment, software, services, and other purchases that create binding obligations.

Filing text · FY2025 10-Q · filed May 15, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 8, 2026

[added] • other contractual commitments associated with agreements that are enforceable and legally binding, such as routine commitments for the purchase of goods or services entered into in the ordinary course of business including the purchase of technology equipment and enterprise software and service arrangements.

Cite this change

"• other contractual commitments associated with agreements that are enforceable and legally binding, such as routine commitments for the purchase of goods or services entered into in the ordinary course of business including the purchase of technology equipment and enterprise software and service arrangements."

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000222, filed 8 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

05AddedPart I, Item 2 › Debt Financing

Summary · quote-checked

Added disclosure of financing agreements with equipment manufacturers and a software license vendor for equipment and software licenses.

The new paragraph discloses previously unstated financing arrangements and counterparties, changing the filing’s description of obligations and dependencies.

Why the model ranked it here

The disclosure reveals financing arrangements with equipment and software vendors, adding new financing dependencies and obligations.

Filing text · FY2025 10-Q · filed May 15, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 8, 2026

[added] We have also entered into various agreements with original equipment manufacturers and a software license vendor, (the "OEM and Software License Financing Arrangements"), pursuant to which we obtained financing for certain equipment and software license.

Cite this change

"We have also entered into various agreements with original equipment manufacturers and a software license vendor, (the "OEM and Software License Financing Arrangements"), pursuant to which we obtained financing for certain equipment and software license."

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000222, filed 8 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

06AddedPart I, Item 2 › Contractual Obligations

Summary · quote-checked

Added disclosure of notes and other borrowings, including related periodic interest payments, as contractual obligations.

The new bullet identifies borrowing obligations and associated interest payments, adding substantive information about the company’s obligations and financial commitments.

Why the model ranked it here

The disclosure newly identifies borrowings and related interest payments as contractual obligations.

Filing text · FY2025 10-Q · filed May 15, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 8, 2026

[added] • our Notes and other borrowings that are included in our condensed consolidated balance sheet and the related periodic interest payments;

Cite this change

"• our Notes and other borrowings that are included in our condensed consolidated balance sheet and the related periodic interest payments;"

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000222, filed 8 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

07AddedPart I, Item 2 › Debt Financing

Summary · quote-checked

Added disclosure of $2.6 billion aggregate principal amount of 2031 Convertible Senior Notes.

The new paragraph identifies a debt financing instrument and its principal amount, adding an obligation not disclosed in the prior paragraph.

Why the model ranked it here

The disclosure adds a substantial convertible debt obligation that changes the company’s stated financing commitments.

Filing text · FY2025 10-Q · filed May 15, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 8, 2026

[added] • $2.6 billion aggregate principal amount of 2031 Convertible Senior Notes.

Cite this change

"• $2.6 billion aggregate principal amount of 2031 Convertible Senior Notes."

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000222, filed 8 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

08AddedPart I, Item 2 › Debt Financing

Summary · quote-checked

Added disclosure of $2.0 billion aggregate principal amount of 2030 Senior Notes.

The new paragraph identifies a debt instrument and its principal amount, adding a financing obligation not disclosed in the prior paragraph.

Why the model ranked it here

The disclosure adds a substantial senior-notes obligation that was not previously identified.

Filing text · FY2025 10-Q · filed May 15, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed May 8, 2026

[added] • $2.0 billion aggregate principal amount of 2030 Senior Notes;

Cite this change

"• $2.0 billion aggregate principal amount of 2030 Senior Notes;"

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000222, filed 8 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

Show all 18 in Part I, Item 2 (10 more, in filing order)

What the company no longer says

Paragraphs of the prior filing that this filing dropped. Only last year's text can show these.

17 material removals

Part I, Item 2 · MD&A

5 of 17 shown · Ordered by the model, quote-checked

01RemovedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Removed disclosure describing expected liquidity sufficiency, future financing needs, dilution, debt covenants, and risks if additional capital cannot be raised.

The removed paragraph substantively disclosed liquidity, capital-raising dependency, potential dilution, debt obligations, covenant restrictions, and consequences of financing failure.

Why the model ranked it here

The filing no longer states that available liquidity will cover near-term obligations or explains dependence on future financing, dilution, covenants, and the consequences of failing to raise capital.

Filing text · FY2025 10-Q · filed May 15, 2025

[removed] We believe our existing balance of cash and cash equivalents and short-term investments, in addition to amounts available for borrowing under our various debt agreements, will be sufficient to meet our obligations due or anticipated to be due within one year from the date of this Quarterly Report on Form 10-Q, including operating expenses, working capital, and current commitments for capital expenditures. Our future capital requirements may depend on many factors, including those set forth in the section of this Quarterly Report on Form 10-Q entitled "Risk Factors." We anticipate that future investments may require significant debt and/or equity financing. The sale of additional equity would result in dilution to our stockholders. The incurrence of additional debt would result in debt service obligations, and the instruments governing such debt could provide for operational and/or financial covenants that further restrict our operations. There can be no assurances that we will be able to raise additional capital on favorable terms or at all. The inability to raise capital could adversely affect our ability to achieve our business objectives.

Filing text · FY2026 10-Q · filed May 8, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"We believe our existing balance of cash and cash equivalents and short-term investments, in addition to amounts available for borrowing under our various debt agreements, will be sufficient to meet our obligations due or anticipated to be due within one year from the date of this Quarterly Report on Form 10-Q, including operating expenses, working capital, and current commitments for capital expenditures. Our future capital requirements may depend on many factors, including those set forth in the section of this Quarterly Report on Form 10-Q entitled "Risk Factors." We anticipate that future investments may require significant debt and/or equity financing. The sale of additional equity would result in dilution to our stockholders. The incurrence of additional debt would result in debt service obligations, and the instruments governing such debt could provide for operational and/or financial covenants that further restrict our operations. There can be no assurances that we will be able to raise additional capital on favorable terms or at all. The inability to raise capital could adversely affect our ability to achieve our business objectives."

Coreweave,, Form 10-Q for FY2025, Part I, Item 2, accession 0001769628-25-000014, filed 15 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962825000014/crwv-20250331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

02RemovedPart I, Item 2 › Additional Secured Commitments

Summary · quote-checked

The filing removed disclosure of the DDTL 2.0 Facility, including its $7.6 billion capacity, guarantees, collateral and intended use.

Removing this paragraph eliminates disclosure of a financing commitment, related guarantees and security interests, changing the stated obligations and liquidity dependencies.

Why the model ranked it here

Removing the DDTL facility disclosure obscures a major financing commitment along with its guarantees, collateral, and intended dependence on equipment financing.

Filing text · FY2025 10-Q · filed May 15, 2025

[removed] On May 16, 2024, another of our subsidiaries entered into a second delayed draw term loan facility with various lenders and U.S. Bank, N.A. as the administrative agent. The agreement provides for a delayed draw term loan facility of up to $7.6 billion assuming the relevant collateralization requirements are met (as amended, the "DDTL 2.0 Facility"). Under the DDTL 2.0 Facility, additional loans may be drawn until June 2025, with an option to extend the commitment period by three months subject to lender consent. The total loans available are limited to a percentage of the depreciated purchase price of GPU servers and related infrastructure for the contract that the loans are being used to finance, with such percentage based upon the credit rating of the applicable customer. All obligations under the DDTL 2.0 Facility are unconditionally guaranteed by us and secured, subject to certain exceptions, by substantially all of the subsidiary's assets and a pledge of 100% of the equity interests in the subsidiary. Borrowings under the DDTL 2.0 Facility will be used to finance a portion of the purchase consideration, fees, and expenses relating to the acquisition of computing equipment.

Filing text · FY2026 10-Q · filed May 8, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"On May 16, 2024, another of our subsidiaries entered into a second delayed draw term loan facility with various lenders and U.S. Bank, N.A. as the administrative agent. The agreement provides for a delayed draw term loan facility of up to $7.6 billion assuming the relevant collateralization requirements are met (as amended, the "DDTL 2.0 Facility"). Under the DDTL 2.0 Facility, additional loans may be drawn until June 2025, with an option to extend the commitment period by three months subject to lender consent. The total loans available are limited to a percentage of the depreciated purchase price of GPU servers and related infrastructure for the contract that the loans are being used to finance, with such percentage based upon the credit rating of the applicable customer. All obligations under the DDTL 2.0 Facility are unconditionally guaranteed by us and secured, subject to certain exceptions, by substantially all of the subsidiary's assets and a pledge of 100% of the equity interests in the subsidiary. Borrowings under the DDTL 2.0 Facility will be used to finance a portion of the purchase consideration, fees, and expenses relating to the acquisition of computing equipment."

Coreweave,, Form 10-Q for FY2025, Part I, Item 2, accession 0001769628-25-000014, filed 15 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962825000014/crwv-20250331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

03RemovedPart I, Item 2 › Additional Secured Commitments

Summary · quote-checked

Removed disclosure of borrowings and remaining borrowing availability under the DDTL 2.0 Facility.

The paragraph disclosed secured borrowings and available capacity, changing the filing’s statements about debt and liquidity when removed.

Why the model ranked it here

The filing no longer shows the company’s borrowings or remaining capacity under the DDTL facility, directly changing the reader’s view of debt and liquidity.

Filing text · FY2025 10-Q · filed May 15, 2025

[removed] As of March 31, 2025 and December 31, 2024, we had borrowed $4.4 billion and $3.8 billion, respectively, against the DDTL 2.0 Facility and $3.2 billion and $3.8 billion, respectively, remained available for borrowing.

Filing text · FY2026 10-Q · filed May 8, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"As of March 31, 2025 and December 31, 2024, we had borrowed $4.4 billion and $3.8 billion, respectively, against the DDTL 2.0 Facility and $3.2 billion and $3.8 billion, respectively, remained available for borrowing."

Coreweave,, Form 10-Q for FY2025, Part I, Item 2, accession 0001769628-25-000014, filed 15 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962825000014/crwv-20250331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

04RemovedPart I, Item 2 › Additional Secured Commitments

Summary · quote-checked

A paragraph describing secured-loan interest, repayment, prepayment, default, change-of-control, and premium obligations was removed.

The removed paragraph disclosed specific debt obligations and prepayment consequences; under the rubric, removing an obligation or liability disclosure is material.

Why the model ranked it here

Removing the secured-loan terms eliminates disclosure of repayment requirements, default and change-of-control triggers, and potentially costly prepayment obligations.

Filing text · FY2025 10-Q · filed May 15, 2025

[removed] On May 15, 2024, the interest rate was modified to term SOFR plus 9.62% or the alternative base rate plus 8.62%. The principal amount of the loans is required to be repaid in quarterly installments, with the final balloon payment due on March 29, 2028. The loans are prepayable at any time, from time to time, at our option, and are required to be prepaid upon the occurrence of an event of default or change of control of us, or with the proceeds of certain asset dispositions or incurrences of indebtedness. If the loans are prepaid prior to the fourth anniversary of the loan commitment termination date, in addition to principal and accrued interest, we are required to pay an applicable premium equal to (a) with respect to prepayments made prior to the third anniversary of the loan commitment termination date, an amount equal to the present value of future interest payments that would have accrued on the principal amount of the loans being prepaid through the third anniversary of the loan commitment termination date based on the interest rate in effect plus 1.00% of the principal amount of the loans being prepaid and (b) with respect to prepayments made between the third and fourth anniversary of the loan commitment termination date, an amount equal to 1.00% of the principal amount of the loans being prepaid.

Filing text · FY2026 10-Q · filed May 8, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"On May 15, 2024, the interest rate was modified to term SOFR plus 9.62% or the alternative base rate plus 8.62%. The principal amount of the loans is required to be repaid in quarterly installments, with the final balloon payment due on March 29, 2028. The loans are prepayable at any time, from time to time, at our option, and are required to be prepaid upon the occurrence of an event of default or change of control of us, or with the proceeds of certain asset dispositions or incurrences of indebtedness. If the loans are prepaid prior to the fourth anniversary of the loan commitment termination date, in addition to principal and accrued interest, we are required to pay an applicable premium equal to (a) with respect to prepayments made prior to the third anniversary of the loan commitment termination date, an amount equal to the present value of future interest payments that would have accrued on the principal amount of the loans being prepaid through the third anniversary of the loan commitment termination date based on the interest rate in effect plus 1.00% of the principal amount of the loans being prepaid and (b) with respect to prepayments made between the third and fourth anniversary of the loan commitment termination date, an amount equal to 1.00% of the principal amount of the loans being prepaid."

Coreweave,, Form 10-Q for FY2025, Part I, Item 2, accession 0001769628-25-000014, filed 15 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962825000014/crwv-20250331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

05RemovedPart I, Item 2 › Additional Secured Commitments

Summary · quote-checked

Removed disclosure of the $1.0 billion term loan facility, its borrowing, potential increase, uses, accelerated maturity, and outstanding balance.

The removed paragraph describes a secured and unsecured borrowing, repayment timing, collateral arrangements, permitted uses, and outstanding debt, so its substance concerns financing obligations and liquidity.

Why the model ranked it here

The filing no longer describes a substantial term-loan facility, its secured and unsecured components, permitted uses, maturity mechanics, and outstanding debt.

Filing text · FY2025 10-Q · filed May 15, 2025

[removed] On December 16, 2024, we entered into a credit agreement providing for a $1.0 billion term loan facility (the "2024 Term Loan Facility") consisting of (i) a $229 million secured facility and (ii) a $771 million unsecured facility, with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, the guarantors party thereto, and the lenders party thereto. On December 16, 2024, we borrowed the full $1.0 billion of loans available under the 2024 Term Loan Facility. Our 2024 Term Loan Facility may be increased by $500 million pursuant to the exercise of an uncommitted accordion feature. The proceeds of our 2024 Term Loan Facility may be used for working capital and general corporate purposes (including the financing of acquisitions and investments). In connection with the IPO, the maturity date of the 2024 Term Loan Facility was accelerated and became due on April 14, 2025. As of March 31, 2025, $1.0 billion was outstanding under our 2024 Term Loan Facility.

Filing text · FY2026 10-Q · filed May 8, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"On December 16, 2024, we entered into a credit agreement providing for a $1.0 billion term loan facility (the "2024 Term Loan Facility") consisting of (i) a $229 million secured facility and (ii) a $771 million unsecured facility, with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, the guarantors party thereto, and the lenders party thereto."

Coreweave,, Form 10-Q for FY2025, Part I, Item 2, accession 0001769628-25-000014, filed 15 May 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962825000014/crwv-20250331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

Show all 17 in Part I, Item 2 (12 more, in filing order)

What the company says differently

Paragraphs that changed between the two filings, shown as a word diff.

32 material changes

Part I, Item 2 · MD&A

5 of 32 shown · Ordered by the model, quote-checked

01MergedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Added disclosures assert sufficient near-term funding, identify potential debt or equity financing needs, and state that additional equity would dilute stockholders.

The added text substantively changes liquidity and financing disclosure by describing available funding, potential financing requirements, and dilution; the accumulated deficit update is secondary.

Why the model ranked it here

This adds management’s assertion of sufficient near-term funding while acknowledging possible future debt or equity financing and dilution of stockholders.

Filing text · FY2025 10-Q · filed May 15, 2025

We have generated significant losses from operations, as reflected in our accumulated deficit of ~~[removed] $1.8~~ billion as of March 31, ~~[removed] 2025.~~ Additionally, we have generated significant negative cash flows from investing activities as we continue to support the growth of our CoreWeave Cloud Platform. We anticipate making significant investments for the foreseeable~~[removed]~~ future, including in our infrastructure and go-to-market capabilities, to maintain our leadership and position us to continue to capitalize on the AI revolution.

Filing text · FY2026 10-Q · filed May 8, 2026

We have generated significant losses from operations, as reflected in our accumulated deficit of [added] $3.4 billion as of March 31, [added] 2026. Additionally, we have generated significant negative cash flows from investing activities as we continue to support the growth of our CoreWeave Cloud Platform. We anticipate making significant investments for the foreseeable[added] future, including in our infrastructure and go-to-market capabilities, to maintain our leadership and position us to continue to capitalize on the AI revolution.[added] We believe our existing balance of cash and cash equivalents and short-term investments, in addition to amounts available for borrowing under our various debt agreements, will be sufficient to meet our obligations due or anticipated to be due within one year from the date of this Quarterly Report on Form 10-Q, including operating expenses, working capital, and current commitments for capital expenditures. Our future capital requirements may depend on many factors, including those set forth in the section of this Quarterly Report on Form 10-Q entitled "Risk Factors." We anticipate that future investments may require significant debt and/or equity financing. The sale of additional equity would result in dilution to our stockholders.

Cite this change

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000222, filed 8 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

02ChangedPart I, Item 2 › Debt Financing

Summary · quote-checked

Disclosure shifts from a $2.3 billion acquisition-financing facility to $11.8 billion outstanding facilities supporting infrastructure and secured by contributed-contract assets and cash flows.

The disclosure changes the debt amount, collateral, purpose, counterparties, and repayment mechanics, materially altering the stated financing obligations and dependencies.

Why the model ranked it here

This materially changes the disclosed debt exposure, collateral, purpose, and repayment mechanics supporting infrastructure investment.

Filing text · FY2025 10-Q · filed May 15, 2025

~~[removed] On July 30, 2023, one of our subsidiaries entered into a~~ delayed draw term loan ~~[removed] with various lenders and U.S. Bank, N.A., as the administrative agent. The agreement provides for a~~ delayed draw term loan [removed] facility of up to $2.3 billion (as amended, the "DDTL 1.0 Facility"). All obligations under the DDTL 1.0 Facility are unconditionally guaranteed by us and secured, subject to certain exceptions, by substantially all of the subsidiary's assets and a pledge of 100% of the equity interests in the subsidiary. Borrowings under the DDTL 1.0 Facility were used to finance a portion of the purchase consideration, fees, and expenses relating to the acquisition of computing equipment.

Filing text · FY2026 10-Q · filed May 8, 2026

[added] As of March 31, 2026, we had $11.8 billion outstanding under our delayed draw term loan [added] facilities. These delayed draw term loan [added] facilities are collateralized with the assets underlying the contributed contracts and the pledged contractual cash flows, generally from investment grade counterparties. They are drawn as we build infrastructure to support customer requirements, and amortize over time as contracted cash flows are generated in a regular and predictable manner, with excess cash made available to us.

Cite this change

"As of March 31, 2026, we had $11.8 billion outstanding under our delayed draw term loan facilities. These delayed draw term loan facilities are collateralized with the assets underlying the contributed contracts and the pledged contractual cash flows, generally from investment grade counterparties. They are drawn as we build infrastructure to support customer requirements, and amortize over time as contracted cash flows are generated in a regular and predictable manner, with excess cash made available to us."

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000222, filed 8 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

03ChangedPart I, Item 2 › Debt Financing

Summary · quote-checked

The disclosure changed from DDTL 1.0 Facility borrowings to $6.4 billion of aggregate outstanding Notes principal.

The paragraph now identifies a different debt instrument and outstanding principal amount, changing the disclosed financing exposure rather than merely rolling forward the date.

Why the model ranked it here

This replaces disclosure of one borrowing arrangement with a substantially different outstanding notes obligation, changing the reported financing exposure.

Filing text · FY2025 10-Q · filed May 15, 2025

As of March 31, ~~[removed] 2025 and December 31, 2024,~~ we had ~~[removed] $1.9 billion and $2.0 billion outstanding, respectively, under the DDTL 1.0 Facility.~~

Filing text · FY2026 10-Q · filed May 8, 2026

As of March 31, [added] 2026, we had [added] $6.4 billion aggregate outstanding principal amount of Notes composed of the following:

Cite this change

"$6.4 billion aggregate outstanding principal amount of Notes composed of the following:"

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000222, filed 8 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

04ChangedPart I, Item 2 › Equity Financing

Summary · quote-checked

The disclosure changes from a March 2025 IPO and related share issuance to a January 2026 private placement with NVIDIA Corporation.

The financing type, counterparty, share issuance, proceeds, pricing, and accounting treatment changed, describing a different equity transaction and dependency.

Why the model ranked it here

This identifies a new private-placement financing with a specific strategic counterparty, materially changing the company’s equity funding and dependency disclosure.

Filing text · FY2025 10-Q · filed May 15, 2025

In ~~[removed] March 2025, we completed our IPO, in which we issued and sold an aggregate of 37,500,000~~ shares of our Class A common stock at a ~~[removed] public offering~~ price of ~~[removed] $40.00 per share. We received aggregate~~ proceeds of [removed] $1.4 billion after deducting the underwriting discounts and commissions and offering expenses payable by us. In connection with a commercial agreement with a strategic customer to provide AI infrastructure services, we also issued 8,750,000 shares of Class A common stock on March 31, 2025, with an aggregate value of [removed] $350 million at the time of issuance based on a price per share equal to the IPO price. In April 2025, the underwriters exercised a portion of their over-allotment option and purchased from the Company an additional 1,760,000 shares of Class A common ~~[removed] stock at the IPO price, which resulted in net proceeds to the Company of $68 million after deducting the underwriting discounts and commissions.~~

Filing text · FY2026 10-Q · filed May 8, 2026

In [added] January 2026, we entered into a securities purchase agreement with NVIDIA Corporation for a private placement of approximately 23 million shares of our Class A common stock at a [added] purchase price of [added] $87.20 per share, for aggregate gross proceeds of [added] $2.0 billion. The par value of [added] the shares issued was recorded to Class A common [added] stock, with the remainder recorded to additional paid-in capital.

Cite this change

"In January 2026, we entered into a securities purchase agreement with NVIDIA Corporation for a private placement of approximately 23 million shares of our Class A common stock at a purchase price of $87.20 per share, for aggregate gross proceeds of $2.0 billion."

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000222, filed 8 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

05ChangedPart I, Item 2 › Investing Activities

Summary · quote-checked

Investing cash use increased, with the stated driver changing from unpaid infrastructure investments to higher capital investments and additional equipment for infrastructure asset security.

The direction changes from a decrease to an increase, and the explanation changes materially by removing unpaid investments and adding servers, switches, and infrastructure asset security equipment.

Why the model ranked it here

This reverses the direction of investing cash flow and attributes the change to substantially greater infrastructure investment and equipment spending.

Filing text · FY2025 10-Q · filed May 15, 2025

Net cash used in investing activities was ~~[removed] approximately $1.4~~ billion for the three months ended March 31, ~~[removed] 2025,~~ as compared to ~~[removed] $1.8~~ billion for the three months ended March 31, ~~[removed] 2024. The decrease~~ was driven by ~~[removed] an increase of the unpaid portion of~~ capital investments in our infrastructure, including our ~~[removed] graphics processing unit ("GPU")~~ fleet, networking equipment, ~~[removed] and software development.~~

Filing text · FY2026 10-Q · filed May 8, 2026

Net cash used in investing activities was [added] $7.7 billion for the three months ended March 31, [added] 2026, as compared to [added] $1.4 billion for the three months ended March 31, [added] 2025. The increase was driven by [added] higher capital investments in our infrastructure, including our [added] GPU fleet, networking equipment, [added] servers, switches and other necessary equipment for infrastructure asset security compared to the three months ended March 31, 2025.

Cite this change

"Net cash used in investing activities was $7.7 billion for the three months ended March 31, 2026, as compared to $1.4 billion for the three months ended March 31, 2025. The increase was driven by higher capital investments in our infrastructure, including our GPU fleet, networking equipment, servers, switches and other necessary equipment for infrastructure asset security compared to the three months ended March 31, 2025."

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000222, filed 8 May 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000222/crwv-20260331.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000222?ref=quote

Show all 32 in Part I, Item 2 (27 more, in filing order)

What the company reported as changed this quarter

We have not parsed the annual report this quarter's risk factors refers to, so we cannot tell whether it restates the section or reports changes to it. Nothing is compared until we can.

Part II, Item 1A · Risk Factors

Get this when CRWV files next

At most one email a day, and only when a company we cover files. Over the last twelve months that averaged about 5 days a month, unevenly: 13 in the busiest month and 1 in the quietest. You confirm by email first; nothing is sent until you do.