Reports › CRWV › 10-Q FY2026

SEC filings, compared

What changed in Coreweave,'s 10-Q for the quarter ended June 30, 2026

Compared with the 10-Q for the quarter ended June 30, 2025. Part I, Item 2 and Part II, Item 1A analysed; every summary checked against the quoted filing text.

Registrant: CoreWeave, Inc. · CRWV
This filing: 0001769628-26-000366 ↗ · filed Aug 12, 2026
Compared with: 0001769628-25-000041 ↗ · filed Aug 13, 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

76 material changes among 109 changed paragraphs · 2 held for review

18 shown by default across the three sections below; each section's "Show all" reaches the rest, in filing order. 2 held for review appear as diffs at the end.

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	Change (our arithmetic)
Revenueus-gaap:RevenueFromContractWithCustomerExcludingAssessedTax	2,575,000,000USD · Apr 1, 2026 to Jun 30, 2026	1,212,788,000USD · Apr 1, 2025 to Jun 30, 2025	+1,362,212,000+112.3%
Net income or lossus-gaap:NetIncomeLoss	(626,000,000)USD · Apr 1, 2026 to Jun 30, 2026	(290,509,000)USD · Apr 1, 2025 to Jun 30, 2025	−335,491,000−115.5%
Cash and cash equivalentsus-gaap:CashAndCashEquivalentsAtCarryingValue	5,524,000,000USD · at Jun 30, 2026	1,152,883,000USD · at Jun 30, 2025	+4,371,117,000+379.1%
Net cash from operating activitiesus-gaap:NetCashProvidedByUsedInOperatingActivities	3,663,000,000USD · Jan 1, 2026 to Jun 30, 2026	(190,083,000)USD · Jan 1, 2025 to Jun 30, 2025	+3,853,083,000+2,027.1%

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: 0001769628-26-000366 · FY2025: 0001769628-25-000041

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 › Equity Financing

Summary · quote-checked

Added disclosure of a January 2026 private placement with NVIDIA Corporation generating $2.0 billion in gross proceeds.

The paragraph introduces a new securities issuance, named counterparty, share purchase terms, and financing proceeds, changing disclosed capital structure and funding obligations.

Why the model ranked it here

The private placement introduces a major equity financing transaction with a named counterparty, materially changing the disclosed capital structure and funding profile.

Filing text · FY2025 10-Q · filed Aug 13, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 12, 2026

[added] 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. The par value of the shares issued was recorded to Class A common 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 0001769628-26-000366, filed 12 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

02AddedPart I, Item 2 › Debt Financing

Summary · quote-checked

Added disclosure of $4.0 billion aggregate principal amount of 2032 Convertible Senior Notes.

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

Why the model ranked it here

The newly disclosed convertible notes add a substantial debt obligation and materially change the company’s financing exposure.

Filing text · FY2025 10-Q · filed Aug 13, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 12, 2026

[added] • $4.0 billion aggregate principal amount of 2032 Convertible Senior Notes.

Cite this change

"• $4.0 billion aggregate principal amount of 2032 Convertible Senior Notes."

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000366, filed 12 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

03AddedPart 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 identifies infrastructure investments supporting AI models and states specific debt, equity, financing, and cash funding dependencies and expectations.

Why the model ranked it here

The disclosure shows that continued AI infrastructure investment depends on a mix of debt, equity, vendor financing, and cash resources.

Filing text · FY2025 10-Q · filed Aug 13, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 12, 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 0001769628-26-000366, filed 12 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

04AddedPart 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 paragraph identifies previously undisclosed commitments and off-balance-sheet obligations, changing the disclosed exposure and dependency profile.

Why the model ranked it here

The added disclosure reveals lease and unconsolidated-investment commitments that are excluded from the balance sheet, expanding the company’s disclosed obligations.

Filing text · FY2025 10-Q · filed Aug 13, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 12, 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; and"

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000366, filed 12 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

05AddedPart I, Item 2 › Contractual Obligations

Summary · quote-checked

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

The new bullet identifies borrowing and interest-payment obligations, adding substantive information about the company’s commitments rather than merely updating wording or formatting.

Why the model ranked it here

The contractual-obligations disclosure identifies borrowings and related interest payments as commitments requiring future cash outflows.

Filing text · FY2025 10-Q · filed Aug 13, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 12, 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 0001769628-26-000366, filed 12 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

06AddedPart I, Item 2 › Contractual Obligations

Summary · quote-checked

Added lease liabilities to the contractual obligations disclosure.

The new bullet identifies lease liabilities as an obligation included in the condensed consolidated balance sheet, adding substantive disclosure about the company’s commitments.

Why the model ranked it here

Adding lease liabilities makes another category of balance-sheet obligations explicit in the company’s contractual commitments.

Filing text · FY2025 10-Q · filed Aug 13, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 12, 2026

[added] • lease liabilities that are included in our condensed consolidated balance sheet;

Cite this change

"• lease liabilities that are included in our condensed consolidated balance sheet;"

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000366, filed 12 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

07AddedPart I, Item 2 › Debt Financing

Summary · quote-checked

Added disclosure of OEM and software license financing arrangements used to finance certain equipment and software licenses.

The new paragraph identifies financing agreements and related counterparties, revealing a previously undisclosed financing arrangement and obligation.

Why the model ranked it here

The disclosure identifies equipment and software financing arrangements, adding a previously undisclosed financing dependency and obligation.

Filing text · FY2025 10-Q · filed Aug 13, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 12, 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 0001769628-26-000366, filed 12 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

08AddedPart I, Item 2 › Capital Investments

Summary · quote-checked

Added disclosure of capital spending and expected increases in technology and infrastructure investment.

The new paragraph introduces cash investment amounts and management’s expectation of increased spending to support business growth and long-term initiatives.

Why the model ranked it here

Management’s stated intention to increase technology and infrastructure investment signals a changed spending direction tied to business growth.

Filing text · FY2025 10-Q · filed Aug 13, 2025

No corresponding language in the FY2025 10-Q.

Filing text · FY2026 10-Q · filed Aug 12, 2026

[added] During the six months ended June 30, 2026 and 2025, cash paid for property and equipment was $14.1 billion and $3.9 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

"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 0001769628-26-000366, filed 12 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?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.

22 material removals

Part I, Item 2 · MD&A

5 of 22 shown · Ordered by the model, quote-checked

01RemovedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Removed disclosure addressing liquidity sufficiency, anticipated financing needs, dilution, debt covenants, and the risk of being unable to raise capital.

The removed paragraph substantively disclosed liquidity, funding dependencies, financing consequences, and capital-raising risk, rather than merely updating wording or periods.

Why the model ranked it here

Clients should read this because removing the liquidity and capital-raising discussion changes the disclosed assessment of funding sufficiency, dilution, debt constraints, and financing risk.

Filing text · FY2025 10-Q · filed Aug 13, 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 Aug 12, 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 0001769628-25-000041, filed 13 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962825000041/crwv-20250630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

02RemovedPart I, Item 2 › Additional Secured Commitments

Summary · quote-checked

The disclosure of borrowings and remaining availability under the DDTL 2.0 Facility was removed.

The removed paragraph disclosed debt drawn and borrowing capacity, changing the filing’s stated liquidity and secured-commitment information.

Why the model ranked it here

Clients should read this because removing the disclosed borrowings and remaining availability obscures the company’s secured debt usage and available liquidity.

Filing text · FY2025 10-Q · filed Aug 13, 2025

[removed] As of June 30, 2025 and December 31, 2024, we had borrowed $5.0 billion and $3.8 billion, respectively, against the DDTL 2.0 Facility and $2.6 billion and $3.8 billion, respectively, remained available for borrowing.

Filing text · FY2026 10-Q · filed Aug 12, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"As of June 30, 2025 and December 31, 2024, we had borrowed $5.0 billion and $3.8 billion, respectively, against the DDTL 2.0 Facility and $2.6 billion and $3.8 billion, respectively, remained available for borrowing."

Coreweave,, Form 10-Q for FY2025, Part I, Item 2, accession 0001769628-25-000041, filed 13 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962825000041/crwv-20250630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

03RemovedPart 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 permitted uses.

Removing this paragraph eliminates disclosure of a financing facility, related obligations, collateral, and borrowing capacity, substantively changing the stated commitments.

Why the model ranked it here

Clients should read this because removing the facility’s capacity, guarantees, collateral, and permitted uses eliminates important disclosure about secured financing commitments and acquisition-related funding dependence.

Filing text · FY2025 10-Q · filed Aug 13, 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 Aug 12, 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 0001769628-25-000041, filed 13 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962825000041/crwv-20250630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

04RemovedPart I, Item 2 › Business Combinations

Summary · quote-checked

The disclosure of the planned all-stock acquisition of Core Scientific and its expected strategic benefits and closing conditions was removed.

The removed paragraph described a specific pending transaction, its expected effects, timing, regulatory and stockholder approvals, and other closing conditions; its absence changes disclosed obligations and events.

Why the model ranked it here

Clients should read this because removing the planned acquisition disclosure changes the company’s stated strategic transactions, expected effects, approval requirements, and closing obligations.

Filing text · FY2025 10-Q · filed Aug 13, 2025

[removed] On July 7, 2025, we entered into a definitive agreement to acquire Core Scientific, Inc. ("Core Scientific"), a leading data center infrastructure provider, in an all-stock transaction (the "Core Scientific Acquisition"). The Core Scientific Acquisition is expected to help us verticalize our data center footprint to support revenue growth and improve operational profitability. The Core Scientific Acquisition is expected to close in the fourth quarter of 2025, subject to regulatory and Core Scientific stockholder approval and certain other closing conditions.

Filing text · FY2026 10-Q · filed Aug 12, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"On July 7, 2025, we entered into a definitive agreement to acquire Core Scientific, Inc. ("Core Scientific"), a leading data center infrastructure provider, in an all-stock transaction (the "Core Scientific Acquisition")."

Coreweave,, Form 10-Q for FY2025, Part I, Item 2, accession 0001769628-25-000041, filed 13 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962825000041/crwv-20250630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

05RemovedPart I, Item 2 › Business Combinations

Summary · quote-checked

The filing removed disclosure of the acquisition of Weights and Biases, Inc., including its consideration and a financial-statement reference.

Removing this paragraph eliminates disclosure of a business combination, an obligation or transaction relevant to understanding the company’s reported activities.

Why the model ranked it here

Clients should read this because removing the completed acquisition disclosure eliminates information about a significant business combination, its consideration, and its financial-statement treatment.

Filing text · FY2025 10-Q · filed Aug 13, 2025

[removed] On May 5, 2025, we acquired all of the outstanding equity interests of Weights and Biases, Inc., an AI developer platform. The aggregate purchase consideration was $1.0 billion in cash, stock, and fair value replacement of restricted stock units. Refer to Note 4-Business Combination to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for more information.

Filing text · FY2026 10-Q · filed Aug 12, 2026

No corresponding language in the FY2026 10-Q.

Cite this change

"On May 5, 2025, we acquired all of the outstanding equity interests of Weights and Biases, Inc., an AI developer platform. The aggregate purchase consideration was $1.0 billion in cash, stock, and fair value replacement of restricted stock units. Refer to Note 4-Business Combination to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for more information."

Coreweave,, Form 10-Q for FY2025, Part I, Item 2, accession 0001769628-25-000041, filed 13 August 2025.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962825000041/crwv-20250630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

Show all 22 in Part I, Item 2 (17 more, in filing order)

What the company says differently

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

36 material changes

Part I, Item 2 · MD&A

5 of 36 shown · Ordered by the model, quote-checked

01ChangedPart I, Item 2 › Debt Financing

Summary · quote-checked

Disclosure changes from DDTL 1.0 Facility borrowings to $16.6 billion of aggregate outstanding Notes principal.

The financing exposure and disclosed instrument change substantively; this is not merely a date roll-forward because the paragraph shifts from a facility balance to Notes outstanding.

Why the model ranked it here

The financing disclosure now centers on substantial Notes outstanding rather than facility borrowings, materially changing the picture of the company’s debt exposure.

Filing text · FY2025 10-Q · filed Aug 13, 2025

As of June 30, ~~[removed] 2025 and December 31, 2024,~~ we had ~~[removed] $1.8 billion and $2.0 billion outstanding, respectively, under the DDTL 1.0 Facility.~~

Filing text · FY2026 10-Q · filed Aug 12, 2026

As of June 30, [added] 2026, we had [added] $16.6 billion aggregate outstanding principal amount of Notes composed of the following:

Cite this change

"As of June 30, 2026, we had $16.6 billion aggregate outstanding principal amount of Notes composed of the following:"

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000366, filed 12 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

02ChangedPart I, Item 2 › Operating Activities

Summary · quote-checked

Operating cash flow changed from a $190 million use to $3.7 billion provided, with stated drivers shifting from working-capital effects to customer receipts and payment timing.

The direction of cash flow reversed and the disclosed drivers changed, asserting a substantively different liquidity outcome rather than merely updating periods or figures.

Why the model ranked it here

Operating cash flow changed from a use of cash to a significant source of cash, reversing the disclosed liquidity trend and changing its stated drivers.

Filing text · FY2025 10-Q · filed Aug 13, 2025

Net cash provided by ~~[removed] (used in)~~ operating activities was ~~[removed] $(190) million~~ for the six months ended June 30, ~~[removed] 2025~~ as compared to net cash ~~[removed] provided by~~ operating activities of ~~[removed] $1.9 billion~~ for the six months ended June 30, ~~[removed] 2024. The decrease was~~ driven by an increase in ~~[removed] accounts receivable, decrease in accounts payable and accrued expenses, and fewer committed contracts from new customer contracts involving upfront payments.~~

Filing text · FY2026 10-Q · filed Aug 12, 2026

Net cash provided by operating activities was [added] $3.7 billion for the six months ended June 30, [added] 2026, as compared to net cash [added] used in operating activities of [added] $190 million for the six months ended June 30, [added] 2025. The increase was primarily driven by an increase in [added] cash received from customers and timing of payments for operating expenses.

Cite this change

"Net cash provided by operating activities was $3.7 billion for the six months ended June 30, 2026, as compared to net cash used in operating activities of $190 million for the six months ended June 30, 2025. The increase was primarily driven by an increase in cash received from customers and timing of payments for operating expenses."

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000366, filed 12 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

03ChangedPart I, Item 2 › Liquidity and Capital Resources

Summary · quote-checked

Accumulated deficit was updated, and the paragraph added liquidity sufficiency, borrowing availability, future financing needs, and potential equity dilution disclosures.

The added statements introduce substantive claims about liquidity, debt capacity, financing requirements, and dilution; these are material despite the fiscal-year and accumulated-deficit updates.

Why the model ranked it here

The company newly states that cash, investments, and borrowing availability should cover near-term obligations while also addressing future financing and dilution.

Filing text · FY2025 10-Q · filed Aug 13, 2025

We have generated significant losses from operations, as reflected in our accumulated deficit of ~~[removed] $2.1~~ billion as of June 30, ~~[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 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 Aug 12, 2026

We have generated significant losses from operations, as reflected in our accumulated deficit of [added] $4.0 billion as of June 30, [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 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 0001769628-26-000366, filed 12 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

04ChangedPart I, Item 2 › Debt Financing

Summary · quote-checked

Specific facility terms were replaced by aggregate outstanding debt, collateral, drawdown, amortization and cash-flow descriptions.

The disclosure changes the asserted debt exposure and adds substantive information about collateral, customer requirements, repayment mechanics and cash availability.

Why the model ranked it here

The disclosure now describes substantial delayed-draw debt as collateralized and tied to infrastructure construction and contracted cash flows, clarifying the obligations supporting growth.

Filing text · FY2025 10-Q · filed Aug 13, 2025

~~[removed] In July 2025, we entered into an additional Delayed Draw Term Loan 3.0 Facility (as amended, "DDTL 3.0 Facility"), which provides for a~~ delayed draw term loan [removed] facility of up to $2.6 billion. We intend to use borrowings under the DDTL 3.0 Facility to fund the purchase and maintenance of certain equipment, hardware, infrastructure and other systems to be utilized by us in order to provide a strategic customer with certain services ordered by such strategic customer. We will pay interest at a rate per annum equal to daily compounded SOFR plus an Applicable Margin of 4.00%. We are required to pay an undrawn fee of 0.50% per annum on the average daily undrawn portion of the DDTL 3.0 Facility. We will commence repayments of DDTL 3.0 Facility on the first Monthly Payment Date on or after April 1, 2026. Any remaining unpaid principal is due on the term maturity date, August 21, 2030. Our DDTL 3.0 Facility requires us to maintain certain restricted cash balances based on a yearly schedule. We are also required to enter secured swap agreements to cover at least 75% of the reasonably anticipated outstanding principal amount of floating rate loans within 45 days of the closing date and subsequent Credit Events.

Filing text · FY2026 10-Q · filed Aug 12, 2026

[added] As of June 30, 2026, we had $13.6 billion outstanding under our delayed draw term loan 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 June 30, 2026, we had $13.6 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 0001769628-26-000366, filed 12 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

05ChangedPart I, Item 2 › Equity Financing

Summary · quote-checked

The disclosure changes from a March 2025 IPO and related strategic-customer share issuance to an April 2026 private placement with different proceeds and accounting treatment.

The financing type, timing, share issuance, proceeds, and accounting treatment changed, while the prior strategic-customer transaction and IPO details were removed.

Why the model ranked it here

The equity financing disclosure changed from a public offering to a private placement, materially changing the stated funding transaction and its accounting treatment.

Filing text · FY2025 10-Q · filed Aug 13, 2025

In ~~[removed] March 2025, we completed our IPO, in which we issued and sold an aggregate of 36,590,000~~ shares of our Class A common stock ~~[removed] at a 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 us an additional 1,760,000 shares of Class A common ~~[removed] stock at the IPO price, which resulted in net proceeds to us of $68 million after deducting the underwriting discounts and commissions.~~

Filing text · FY2026 10-Q · filed Aug 12, 2026

In [added] April 2026, we issued approximately 9 million shares of our Class A common stock [added] in a private placement at a price of [added] $109.00 per share, for aggregate gross proceeds of [added] $1.0 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 April 2026, we issued approximately 9 million shares of our Class A common stock in a private placement at a price of $109.00 per share, for aggregate gross proceeds of $1.0 billion."

Coreweave,, Form 10-Q for FY2026, Part I, Item 2, accession 0001769628-26-000366, filed 12 August 2026.

Filing: https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm

Comparison: https://yearover.com/reports/crwv/0001769628-26-000366?ref=quote

Show all 36 in Part I, Item 2 (31 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

Held for review

These changes failed one of our checks: the model's summary did not match the filing text. The diff is shown; the model text is withheld until a person has looked.

2 changes held

HeldPart I, Item 2 › Debt Financing

Filing text · FY2025 10-Q · filed Aug 13, 2025

~~[removed] 2030 Senior Notes~~

Filing text · FY2026 10-Q · filed Aug 12, 2026

[added] • $2.3 billion aggregate principal amount of 2032 EUR Senior Notes;

HeldPart I, Item 2 › Debt Financing

Filing text · FY2025 10-Q · filed Aug 13, 2025

~~[removed] 2031 Senior Notes~~

Filing text · FY2026 10-Q · filed Aug 12, 2026

[added] • $2.8 billion aggregate principal amount of 2031 9.75% Senior Notes;

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