CNBC / CoreWeave IR (Q2 2026 Earnings Release & Transcript) · 2026-08-12
CoreWeave Q2 2026: $35B in Balance-Sheet Debt, Full-Year CapEx Guidance Raised to $35–$39B, Interest Expense Surges to $640M in Quarter
CoreWeave now carries $35B of on-balance-sheet debt — overwhelmingly GPU-collateralised high-yield obligations — while full-year capex guidance of $35–39B runs at ~2.9x projected revenue of $12.8B. Quarterly interest expense of $640M is compressing free cash flow to deeply negative territory. The raised capex range signals continued heavy debt-market reliance and is a direct credit-quality read-across for the entire neocloud sector.
FXStreet · 2026-08-13
SpaceX Bond Markets Flash Warning: H1 2026 CapEx at $28.5B vs. $12.5B Revenue; Interest Consumes ~48% of Operating Cash Flow
Analysis of SpaceX's H1 2026 filing shows capex running at 2.28x revenue and having quadrupled year-on-year. Interest paid of $1.667B consumed roughly half of $3.466B in H1 operating cash flow, and 'other financings' off the headline $25B bond figure have ballooned to $13.4B. Bond-market pricing has drifted lower every month since June's $25B debut deal, signalling that credit investors are increasingly sceptical of the return timeline on debt-funded AI/space infrastructure.
Yahoo Finance / CoreWeave IR (Q2 2026 Earnings Call Transcript) · 2026-08-12
CoreWeave Q2 Earnings Call: $104B Revenue Backlog, $9.4B Q2 CapEx, Q3 Interest Expense Guided to $860M–$940M
The Q2 earnings call (August 11 after close, reported August 12) revealed Q3 interest-expense guidance of $860M–$940M — annualising above $3.5B — on a debt stack rated BB- (Fitch IDR) and B+ (S&P ICR). The $104B backlog supports the bull case but the $11.5–13.5B Q3 capex range implies ongoing negative free cash flow and further debt issuance, keeping refinancing risk and covenant scrutiny elevated across the AI-capex credit complex.