Coreweave detailed analysis

	A	B	C	D	E	G	H	I	J
1	CoreWeave Inc. - Financial Analysis - 6 Months Ended June 30 2025 (based on most recent Q-10 SEC filing)
2	All figures in thousands USD unless otherwise noted
3
4	Headline data extracted from Q-10					Analysis of key metrics
5
6	INCOME STATEMENT - 6 MONTHS ENDED JUNE 30 2025					Opperating cost ratio calculations
7	Line Item	Amount ($000s)				Total value of AI infrastructure (before accumulated depreciation and excluding infrasctructure under construction)	$14,473,861,000
8	Revenue	2,194,420
9							6 months	Annual	Operating cost ratios (% of infrastructure capital)
10	Operating Expenses:					Cost of revenue (includes power)	$575,061,000	$1,150,122,000	8%
11	Cost of revenue	575,061				Technology and infrastructure (includes depreciation)	$1,231,315,000	$2,462,630,000	17%
12	Technology and infrastructure	1,231,315				Other (staff, sales & marketing and other administrative expenses)	$396,305,000	$792,610,000	5%
13	Sales and marketing	47,348					$2,202,681,000	$4,405,362,000	30%
14	General and administrative	348,957
15	Total Operating Expenses	2,202,681				Net interest expenses	$530,801,000	$1,061,602,000	7%
16							$2,733,482,000	$5,466,964,000	38%
17	Operating Income (Loss)	-8,261
18	Interest expense net	-530,801				Revenue	$2,194,420,000	$4,388,840,000
19	Gain on fair value adjustments	26,837				Profit / loss before income taxes	-$511,339,000	-$1,022,678,000
20	Other income net	886
21	Loss Before Income Taxes	-511,339				Total debt	$11,051,501,000
22	Provision for income taxes	93,811
23	Net Loss	-605,150				Caveats (revenue sustainability analysis)
24
25	EXPENSE BREAKDOWN BY CATEGORY - 6 MONTHS ENDED JUNE 30 2025					Filing does not separate inference vs training Revenue (the latter would be more subject to a market downturn as training revenue is more likely to be indirectly VC / investor funded)
26	Expense Category	Amount ($000s)	Notes			Filing does not separate owned vs leased infrastructure Revenue (this could affect the calculated
27						One customer (Customer A) represents 72% of revenue (concentration risk - especially as highly likely to be a related party, OpenAI)
28	1. Interest Payments on Debt
29	Contractual interest expense	483,084	Cash paid: $361	557k
30	Amortization of debt discounts/issuance costs	66,727
31	Less: Capitalized interest	-36,278
32	SUBTOTAL - Interest (per Note 10)	513,533	Per Note 10 in 10-Q
33	Interest expense net (per Income Statement)	530,801	Per Income Statement
34
35	2. Power / Electricity
36	NOTE: Not separately disclosed for 6-month period		See MD&A: $54M for Q2 only
37	Included within Cost of Revenue		Embedded in $575M cost of revenue
38
39	3. Leases - Cloud Compute from Others
40	NOTE: Not separately disclosed		No specific disclosure in 10-Q
41	Operating lease cost (data centers + offices)	335,502	All leases (data centers + offices)
42	Variable lease cost	101,780	Variable components
43	SUBTOTAL - Total lease costs	437,282	From Note 8
44
45	4. Depreciation & Amortization
46	Depreciation on property & equipment	996,000	From Note 5
47	Amortization of intangible assets	7,000	From Note 6
48	SUBTOTAL - Total D&A	1,003,000	From Cash Flow Statement: $1	2	978k
49
50	5. Other Operating Expenses
51	Total Operating Expenses	2,202,681	From Income Statement
52	Less: Depreciation & Amortization	-1,003,000	Remove depreciation
53	Less: Estimated lease costs in operations	-437,282	Remove lease costs
54	SUBTOTAL - Other expenses (estimated)	762,399	Residual (personnel, utilities, other)
55
56	TOTAL OUTGOINGS (Operating Expenses + Interest)	2,733,482	Operating + Interest (excludes tax)
57
58	BALANCE SHEET DATA - INFRASTRUCTURE ASSETS - JUNE 30 2025
59	Asset Category	Amount ($000s)
60
61	Property and Equipment (Gross):
62	Technology equipment (GPUs servers)	13,170,295
63	Software	459,742
64	Data center equipment & leasehold improvements	830,875
65	Furniture fixtures other	12,949
66	Construction in progress	4,111,256
67	Total PP&E (Gross)	18,585,117
68
69	Less: Accumulated depreciation	-1,953,607
70	Property and Equipment Net	16,631,510
71
72	Total Assets (all categories)	26,241,363
73
74	KEY METRICS & CALCULATIONS
75	Metric	Value	Notes
76
77	Total Revenue (6 months)	$2,194,420k	All figures in $000s
78	Pre-Tax Loss	$-511,339k	Before tax provision
79	Net Loss	$-605,150k	After tax provision of $93	811k
80
81	Owned vs Leased Infrastructure Revenue Split	NOT DISCLOSED IN 10-Q	CoreWeave does not separately disclose owned vs leased/resold infrastructure revenue
82
83	Cash paid for interest (6 months)	$361,557k	Net of capitalized amounts
84	Depreciation & Amortization (6 months)	$1,002,978k	Includes property & intangibles
85
86	Total Debt Outstanding (June 30 2025)	11,051,501	Net of discounts & issuance costs
87	Total PP&E Net (June 30 2025)	$16,631,510k	Primarily AI compute infrastructure
88
89	SUMMARY CALCULATIONS FOR AI INFRASTRUCTURE ANALYSIS
90	Calculation	Amount ($000s)	Methodology
91
92	Total outgoings (6 months)	2,733,482	Operating expenses ($2,202,681k) + Interest expense net ($530,801k)
93	Interest on debt	530,801	From Income Statement
94	Depreciation & Amortization	1,002,978	From Cash Flow Statement
95	Power/electricity costs	NOT SEPARATELY DISCLOSED	Included in Cost of Revenue ($575,061k). Q2 only was $54M per MD&A
96	Lease costs (all types)	437,282	From Note 8 - includes data center and office leases, cannot separate compute-only leases
97	Other expenses (estimated)	762,399	Residual after removing D&A and lease costs from operating expenses
98
99	Total infrastructure capital (net)	16,631,510	Property & Equipment net from Balance Sheet
100	Total infrastructure capital (gross)	18,585,117	Before accumulated depreciation