active_power_mw_2026q2 | 300 | MW | derived; proposed; range 250 to 400 | 6-K EX-99.2 2026-02-12 (~170 MW active at Dec 31 2025; ARR 1.25 USD bn); 6-K EX-99.2 2026-08-12 (ARR 3.0 USD bn; 2026 base ACV 12 USD m per MW) | Active power at June 30 2026 is not disclosed, so it is inferred from ARR. The fleet earned 7.4 USD m of ARR per active MW at Dec 31 2025 (1,250 / 170); the company shows its 2026 base contracts at about 12 USD m of annual contract value per MW. ARR of 3.0 USD bn at 10 USD m per MW, between the two, gives 300 MW. The forecast rolls forward from this number, so every per-MW line in the estimates depends on it; the range brackets the two rates. |
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mw_added_per_quarter | 200 | MW | derived; proposed; range 150 to 300 | 6-K EX-99.2 2026-05-13 and 2026-08-12 (800 MW to 1 GW connected by end 2026; more than 1 GW a year from 2027) | Active power going live per quarter. The company expects 800 MW to 1 GW of CONNECTED power by December 2026 (built and equipped) and to deploy more than 1 GW a year from 2027. Active power lags connected power by GPU installation, so from 300 MW at June 2026, 200 MW a quarter reaches 700 MW active by December 2026 and 800 MW a year afterwards, a little under the 2027 deployment pace. Held flat. |
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arr_per_new_mw_year_usd_m | $14,000,000 | USD m | derived; proposed; range 10 to 22 | 6-K EX-99.2 2026-08-12 (Q2 deals above 20 USD m of annual contract value per MW; 2026 base 12 USD m; ARR guidance 7 to 9 USD bn at end 2026) | Annualised revenue a newly live MW adds to ARR in the quarter it goes live. Contracts signed in Q2 2026 carry 20 to 25 USD m of annual contract value per MW, the 2026 base about 12, and a MW takes a quarter or two to fill. From 3.0 USD bn at June 2026 with 200 MW a quarter, 14 lands year-end 2026 ARR at 8.6 USD bn, inside the 7 to 9 USD bn guidance; 10 gives the bottom of the range and 17.5 the top. |
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revenue_to_midpoint_arr | 0.96 | ratio | derived; proposed; range 0.9 to 1 | 6-K EX-99.2 2026-02-12 to 2026-08-12 (AI cloud revenue and ARR) | Quarterly AI cloud revenue as a share of one quarter of the average of opening and closing ARR: 0.95, 0.99 and 0.94 over the three quarters to June 2026 (Outputs sheet). Below 1 because ARR is the last month annualised and revenue grows through the quarter. |
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ai_cloud_share_of_revenue | 98.0% | share | derived; proposed; range 0.95 to 1 | 6-K EX-99.2 2026-02-12 to 2026-08-12 | AI cloud revenue over group revenue: 0.94, 0.98 and 0.99 over the three quarters to June 2026. The other businesses (Avride, TripleTen) are small and growing slower, so the share drifts towards 1. |
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adjusted_ebitda_margin | 45.0% | share | derived; proposed; range 0.35 to 0.55 | 6-K EX-99.1 and EX-99.2 2026-02-12 to 2026-08-12 | Group adjusted EBITDA margin was 6.6%, 32.5% and 40.6% over the three quarters to June 2026; the AI cloud segment reached 49.7% in Q2 2026 and the company guides to about 40% for 2026 as a whole. 45% from Q3 2026, held flat: the segment margin less the drag of the other businesses and of newly live capacity that has not filled. |
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capex_per_mw_usd_m | $25,000,000 | USD m | derived; proposed; range 18 to 35 | 6-K EX-99.1 2025-05-20 to 2026-08-12 (purchases of property and equipment); assumptions/CRWV.csv capex_per_mw_usd_m | Capital expenditure per MW of active power added, applied in the quarter the MW goes live. Cumulative capex from Q1 2025 to Q2 2026 was 12,196 USD m against roughly 270 MW brought live (about 30 MW to the inferred 300), 45 per MW, but much of that spend is for capacity not yet live and for owned sites (New Jersey, Pennsylvania, Finland). CoreWeave's cumulative figure is 21.4 on leased sites with the same GPU generations. 25 allows for Nebius owning more of its data centres; a spend-to-live lag is not modelled. |
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prepayment_share_of_capex | 40.0% | share | derived; proposed; range 0.2 to 0.55 | 6-K EX-99.2 2026-08-12 (70% of deals include prepayments covering 50 to 60% of the associated capex; over 9 USD bn of prepayments expected in 2026) | Customer prepayments received as a share of the quarter's capex. 70% of Q2 2026 deals carried prepayments covering 50 to 60% of their capex, 0.7 x 0.55 = 0.385. The 9 USD bn the company expects in 2026 against 4.4 USD bn of deferred revenue added in H1 leaves about 4.6 USD bn for H2, 46% of the model's H2 capex. Prepayments are cash before revenue; they sit in deferred revenue until the capacity is delivered. |
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prepaid_revenue_recognised_share_per_quarter | 6.0% | share | judgment; proposed; range 0.03 to 0.12 | | Prepaid revenue recognised in a quarter as a share of the opening deferred-revenue balance (non-cash revenue). Not disclosed. Deferred revenue was 5,975 USD m at June 2026 against contracts that run three to five years and capacity that is still being built, so most of it has not started to unwind; 6% a quarter unwinds a balance over about four years. CoreWeave's measured share is 1% to 4%. |
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other_operating_cash_share_of_capex | -10.0% | share | derived; proposed; range -0.2 to 0 | 6-K EX-99.1 2025-05-20 to 2026-08-12 (cash flow statements) | What cash from operations leaves unexplained after adjusted EBITDA and the change in deferred revenue: -1,344 USD m over the six quarters to June 2026 (Drivers sheet, other operating cash items). Receivables, supplier deposits and other assets that grow with the build-out, and interest paid. Expressed per dollar of capex (-11% over the period) rather than of revenue (-89%), because the items scale with the build, not with sales. In the forecast interest is shown separately, so this share carries the working capital only. |
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cost_of_debt | 2.0% | decimal | judgment; proposed; range 0.01 to 0.05 | 6-K EX-99.1 2026-08-12 (balance sheet; proceeds from issuance of convertible notes) | Interest on the average debt balance. Debt of 8,546 USD m at June 2026 is almost entirely convertible notes issued in 2025 and Q1 2026, which carry low coupons; 2% is a round figure for the blend. Conventional GPU-backed debt, if added, would cost 7% to 10% (CoreWeave's stack). |
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debt_share_of_capex | 40.0% | share | derived; proposed; range 0.2 to 0.8 | 6-K EX-99.1 2025-11-12 to 2026-08-12 (cash flow statements) | Net debt raised as a share of capex. Over the four quarters to June 2026 the company raised 8,500 USD m of convertible notes (76% of the 11,142 USD m of capex) and 6,000 USD m of equity and warrants, and now holds 8,042 USD m of cash. With prepayments covering 40% of capex the remaining need is smaller; 40% keeps net debt to EBITDA below 2x through 2028. Whatever the plan still lacks to hold minimum cash appears as external funding required, which is equity-like. |
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minimum_cash_usd_bn | $2 | USD bn | judgment; proposed; range 1 to 4 | | Cash the company is assumed to keep on hand. Quarter-end cash was between 1.4 and 9.3 USD bn over the six quarters to June 2026. When the forecast cash balance would fall below this, the model shows the shortfall as external funding required: equity-like money that bears no interest and is not repaid, so it does not enter debt or leverage. |
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disclosed_payback_months | 22 | months | disclosed; proposed | 6-K EX-99.2 2026-08-12 | Not an input. The company's expected payback on the capex and related operating costs of the deals signed in Q2 2026: 1 year and 10 months, down from two to three years before. Shown beside the model's per-MW payback as a check; the company's figure is per deal, at the new contracts' 20 to 25 USD m of annual contract value per MW and net of their prepayments. |
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arr_guidance_ye2026_low_usd_m | $7,000,000,000 | USD m | disclosed; proposed | 6-K EX-99.2 2025-11-12; reaffirmed 2026-08-12 | Not an input. The bottom of the company's 7 to 9 USD bn ARR guidance for the end of 2026, shown on the Outputs sheet against the model's ARR. |
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arr_guidance_ye2026_high_usd_m | $9,000,000,000 | USD m | disclosed; proposed | 6-K EX-99.2 2025-11-12; reaffirmed 2026-08-12 | Not an input. The top of the same guidance. |
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revenue_guidance_2026_low_usd_m | $3,000,000,000 | USD m | disclosed; proposed | 6-K EX-99.2 2026-05-13; reaffirmed 2026-08-12 | Not an input. The bottom of the company's 3.0 to 3.4 USD bn revenue guidance for 2026, shown on the Outputs sheet against the model's revenue. The model's straight-line ramp runs above it because the company's own ARR guidance implies most of the year's new capacity bills only in the fourth quarter. |
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revenue_guidance_2026_high_usd_m | $3,400,000,000 | USD m | disclosed; proposed | 6-K EX-99.2 2026-05-13; reaffirmed 2026-08-12 | Not an input. The top of the same guidance. |
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mw_added_2026q3 | 50 | MW | derived; proposed; range 25 to 200 | 6-K EX-99.2 2026-05-13 and 2026-08-12 (2026 revenue guidance 3.0 to 3.4 USD bn; ARR guidance 7 to 9 USD bn; capacity added in Q3 to expand the footprint) | Active power going live in Q3 2026, overriding the flat pace for this quarter. The company guides to 3.0 to 3.4 USD bn of 2026 revenue and 7 to 9 USD bn of ARR at year end. With 981 USD m booked in the first half, both hold only if little new capacity bills in Q3 and most of it arrives in Q4: 200 MW in each quarter gives 3.8 USD bn of revenue, above the range, while 50 then 350 gives 3.3 USD bn and the same 8.6 USD bn of ARR. The split is inferred from the guidance, not disclosed. |
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mw_added_2026q4 | 350 | MW | derived; proposed; range 200 to 500 | 6-K EX-99.2 2026-05-13 and 2026-08-12 (800 MW to 1 GW connected by end 2026) | Active power going live in Q4 2026, overriding the flat pace for this quarter; see mw_added_2026q3. Takes active power from 350 MW to 700 MW at December 2026, inside the 800 MW to 1 GW of connected power the company expects by then. |
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