CoreWeave
CRWV-🇺🇸 USA
- Price
- $46.20
- as of Nov 6, 2026
- Market cap
- $25.5B
- as of Nov 6, 2026
- Next earnings
- Tue, Nov 10
- Q3 2026
Estimated total debt principal$49.30Bfacilities drawn: $16.04B of $31.10B
Trailing 12-month dilution+12.9%Aug 5, 2025 → Jul 31, 2026
Cash & equivalents$4.20Bas of Feb 26, 2026
Estimated cost of debt5.93%incl. floating estimate
Basic shares outstanding - Evolution
Funding the build to end-2030
The Valuation tab's cash flows, year by year: capex for the fleet the guidance and the blocks give, at the pace the capex guidance sets for 2026; operating cash from that fleet at the run-rate the ARR guidance anchors, less taxes and the interest on today's debt.
Capex to fund$40.59bn2,703 MW to deliver · 2026 at the guided pace
Equity raised$15.56bn10% dilution a year
Debt to raise$0m888.3m shares at end-2030
Sources and uses
| Year | Capex | Operating cash | Cash used | Equity raised | Debt to raise | Shares out | Closing cash |
|---|---|---|---|---|---|---|---|
| 2026from Jul | $19.62bnguided | $2.85bn | $16.77bn | $2.55bn · +55.2m | — | 606.7m | $20.24bn |
| 2027 | $4.44bn | $10.3bn | — | $2.8bn · +60.7m | — | 667.4m | $28.9bn |
| 2028 | $3.75bn | $14.72bn | — | $3.08bn · +66.7m | — | 734.1m | $42.96bn |
| 2029 | $8.1bn | $18.24bn | — | $3.39bn · +73.4m | — | 807.5m | $56.49bn |
| 2030 | $4.68bn | $24.39bn | — | $3.73bn · +80.8m | — | 888.3m | $79.93bn |
Cash on hand is the balance sheet's cash plus committed undrawn facilities, capital closed since and customer prepayments. Equity at 10% of the share count a year at the latest close; the DCF charges the cost of the capital still to raise as its own line rather than growing the count. No deal records a customer prepayment yet — filling them in on the Deals tab cuts the raise dollar for dollar.
Debt stack
Secured notes
Total: $7.75B| Instrument | Principal | Rate | Maturity | Stage | Source |
|---|---|---|---|---|---|
$1.25B | 9.625% | Jul 15, 2032 | Closed | Jun 18, 2026 | |
| 8.5% | Jul 15, 2032 | Closed | Jun 18, 2026 | ||
$1.00B | 9.75% | Oct 1, 2031 | Closed | Apr 21, 2026 | |
$1.75B | 9.75% | 2031 | Closed | Apr 14, 2026 | |
$1.75B | 9% | 2031 | Closed | Jul 25, 2025 | |
$2.00B | 9.25% | 2030 | Closed | May 27, 2025 |
Convertible notes
Total: $10.45B · net: $8.08B| Instrument | Principal | Rate | Reference price | Conversion price | Capped call | Prepaid forward repurchase | Maturity | Stage | Source |
|---|---|---|---|---|---|---|---|---|---|
Convertible senior notes due 2033Corporate | $4.20Bnet $4.14B | 2.875% | $79.88Sep 17, 2026 | $97.85 | $199.7Cost $566.2M | Apr 1, 2033 | Closed | Sep 22, 2026 | |
$4.00Bnet $3.94B | 1.75% | $119.6 | 2032 | Closed | Apr 14, 2026 | ||||
$2.25B | 1.75% | $107.8 | 2031 | Closed | Dec 11, 2025 |
Term loan / DDTL
Total: $29.60B| Instrument | Principal | Rate | Maturity | Stage | Source |
|---|---|---|---|---|---|
$2.60B | Closed | Aug 10, 2026 | |||
Delayed Draw Term Loan Facility ("DDTL 5.0") (CoreWeave Financing DDTL V, LLC)SPV · CoreWeave Financing DDTL V, LLC | $3.10B | Nov 15, 2031 | Closed | May 1, 2026 | |
Delayed Draw Term Loan Facility ("DDTL 4.0") (CoreWeave Compute Acquisition Co. VIII, LLC)SPV · CoreWeave Compute Acquisition Co. VIII, LLC | $8.50B | Mar 31, 2032 | Closed | Mar 31, 2026 | |
Fifth Amendment DDTL — incremental $3.0B tranche to DDTL 2.0SPV · CoreWeave Compute Acquisition Co. IV, LLC | $3.00B | 3-month term SOFR + 425 bps | Upsized | Sep 29, 2025 | |
Delayed Draw Term Loan Facility ("DDTL 3.0") (CoreWeave Compute Acquisition Co. VII, LLC)SPV · CoreWeave Compute Acquisition Co. VII, LLC | $2.60B | SOFR + 400 bps | Aug 21, 2030 | Closed | Jul 31, 2025 |
Delayed Draw Term Loan Facility ("DDTL 2.0") (CoreWeave Compute Acquisition Co. IV, LLC)SPV · CoreWeave Compute Acquisition Co. IV, LLC | $7.50B | floating | Closed | May 17, 2024 | |
$2.30B | floating | Mar 28, 2028 | Closed | Aug 3, 2023 |
Revolver
Total: $1.50B| Instrument | Principal | Rate | Maturity | Secured | Ratings | Stage | Source |
|---|---|---|---|---|---|---|---|
$1.50B | May 2, 2028 | Upsized | May 2, 2025 |
Equity & warrants
| Instrument | Description | Status | Source |
|---|---|---|---|
| CoreWeave authorized the ongoing sale of ordinary shares through an at-the-market program, at prevailing market prices. | Sep 17, 2026 | ||
Jane Street private placement of Class A common stockEquity offering | CoreWeave raised approximately $1.00B by issuing 9,174,311 shares at $109 each (~1.7% of basic shares outstanding at the time). | Apr 15, 2026 | |
Nvidia private placement of Class A sharesEquity offering | CoreWeave raised approximately $2.00B. | Jan 26, 2026 | |
IPO — Class A common stock, Nasdaq: CRWVEquity offering | CoreWeave raised approximately $1.50B. | Mar 31, 2025 | |
Series C preferred equity (post-money valuation $19B)Equity offering | CoreWeave issued shares. | May 1, 2024 |