Second Quarter 2026 Q2’26 Earnings Presentation

Q2 2026

August 11, 2026

© 2026 CoreWeave, Inc. All rights reserved

CoreWeave - The Essential Cloud for AI

Cloud Platform Purpose-Built for Artificial Intelligence Delivering Unmatched Performance1

Rapidly Delivering New Generations of Infrastructure at Scale with Unparalleled Track Record of Being Among the First to Market

AI-Native Platform Offers Unmatched Product Market Depth across Managed Inference, Development Tools, Orchestration, and Observability

Serving Most of the World's Leading AI Labs, Hyperscalers and AI Enterprises

Systematic Approach to

Financing at Scale

Unique Combination of Growth at Scale with Attractive Unit Economics

Note:

1. Based on MLPerf benchmark results, NVIDIA Exemplar Cloud status, and SemiAnalysis ClusterMAX™ rating 3

Our Platform is Purpose-Built for AI

Every layer is purpose-built for AI workloads. CoreWeave Cloud is optimized for low latency, high throughput, and operational efficiency to support the complexity of large-scale AI training and inference.

Model and Agent Development

Tools for teams to build, evaluate, deploy, and monitor models and agents-speeding time to production Key Product: W&B Models

Runtime Acceleration

AI-native software that accelerates training and inference by reducing startup latency, improving throughput, and increasing utilization at runtime

Key Product: Slurm on Kubernetes (SUNK)

Infrastructure Control

Integrated, AI-native orchestration and bare-metal control that deliver reliability, flexibility, and efficiency for complex workloads Key Product: CoreWeave Kubernetes Service (CKS)

Data and Storage

Purpose-built storage services combining exascale, AI-optimized object and file storage with GPU-local caching to deliver high-throughput data access, cross-cloud reach, and predictable economics for training and inference workloads Key Product: CoreWeave AI Object Storage

Foundational Infrastructure

Purpose-built data centers and infrastructure that maximize performance with first-to-market GPU clusters, ultra-high density, and high-speed interconnects that enable AI breakthroughs and lowering TCO

CoreWeave Mission Control®

Security, Talent Services, Observability

CoreWeave Mission Control™ integrates security, observability, and talent services-including node, rack, and fleet lifecycle management-to enable intelligent, unified orchestration from foundational infrastructure to agent development

4

Large and Growing Footprint of AI Data Centers

Technologies to Maximize Rack Density

Systematized Processes and Modular Deployments

Embedded Security

Broad Geographical Footprint Minimizing End User Latency

Cutting-Edge Liquid Cooling Technology

1.5GW+

~3.7GW

Our Extensive Data Center Network Enables Artificial Intelligence Across Use Cases and Geographies

Massive Scale

Active Power Contracted Power

Added an additional ~500 MW

High-Speed Interconnects

Notes: Figures as of June 30, 2026 (other than Contracted Power since quarter end which is as of August 11,2026). This graphic provides an illustrative representation of our infrastructure footprint and may not precisely reflect all current locations or capacities

1. Region represents a local grouping of data centers where customers can deploy services. Point of Presence represents a network entry and exit point

   51

   Active

   Data Centers

   8

   Data Centers Added in 2026

   since quarter end, bringing Contracted Power to ~4.2 GW as of August 11, 2026

2. Represents the core, high-capacity network infrastructure that interconnects data centers and carries primary inter-data-center traffic

Data Center Region and/or Point of Presence1

Backbone2 5

Continued Momentum with Exceptional Execution in Q2

Customer Wins Across AI Labs, Hyperscalers, and Enterprises

• Partner of choice for leading enterprises and AI pioneers, including Bentley Systems, Caterpillar, Grammarly, Isomorphic Labs, and Sunday Robotics

• Expanded relationships with existing enterprise and AI native customers including Cognition, Databricks, Hudson River Trading, Periodic Labs, Rescale, and Runway ML

Key Technology Leadership Milestones

• Successfully completed industry's first bring-up and validation of NVIDIA Vera Rubin NVL72

• Launched new capabilities to make it easier for enterprises to run AI workloads cross-cloud, allowing customers to balance performance, reliability, and cost through CoreWeave Interconnect, SUNK Anywhere, and LOTA Cross-Cloud

• Launched unified agentic AI capabilities that connect training, inference, observability, and reinforcement learning to empower agents to continuously learn and improve in production, including CoreWeave ARIA and CoreWeave Sandboxes

• Set new MLPerf® records for training and inference with open-source models running on the NVIDIA Grace Blackwell platform, achieving the lowest cost per token for inference in our tests

Strengthened Financial Position

• Milestone $3.1 billion term loan, the first ever publicly syndicated delayed draw facility backed by HPC infrastructure

• $1 billion strategic investment from Jane Street following the expansion of commercial relationship in Q1 2026

• More than $10 billion of unsecured debt and convertible bonds, including CoreWeave's inaugural Eurobond issuance

Other Noteworthy Updates

• Expanded active power by nearly

  500 MWs to reach 1.5 GW

• Grew total contracted power to approximately 3.7 GW while further diversifying portfolio of providers and expanding powered land footprint

• Selected for inclusion in the Nasdaq-100 Index, as one of the 100 largest non-financial companies listed on the Nasdaq Stock Market

6

Q2'26 Highlights

Revenue Revenue Backlog1 2 Capital Expenditures3

Up 112% YoY Up 246% YoY

Adjusted EBITDA4 Adjusted Operating Income4 Adjusted Net Loss4

59% Margin

5% Margin

(22)% Margin

Notes:

1. Does not include more than $25 billion of net new customer commitments added in early Q3

2. See Slide 13 for definition of Revenue Backlog

3. Capital expenditures are additions to property and equipment plus assets acquired under finance leases, less changes to construction in progress

   
   
   

4. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Loss and Adjusted Net Loss Margin are non-GAAP financial measures. Please see the reconciliation from GAAP to non-GAAP measures

contained in the Appendix 8

$2,575

$2,078

Revenue:

$2.6 billion, up 112% YoY, driven by continued strong execution and customer demand for CoreWeave's AI cloud platform

$1,212

$1,365

$1,572

Q2'25 Q3'25 Q4'25 Q1'26 Q2'26

Note: $ in millions 9

$200

$217

Adjusted Operating Income:

$128 million, compared to $200 million in Q2'25

Adjusted Operating Margin:

5% margin; QoQ expansion a result of increased operating leverage as a result of continued scaling

$88

$128

$21

Q2'25 Q3'25 Q4'25 Q1'26 Q2'26

Note: $ in millions

1. Adjusted Operating Income and Adjusted Operating Income Margin are non-GAAP financial measures. Please see the reconciliation from GAAP to non-GAAP measures

contained in the Appendix 10

Q2'25

Q3'25

Q4'25

Q1'26

Q2'26

$(41)

$(130)

Adjusted Net Loss:

$(567) million, compared to $(130) million in Q2'25

Adjusted Net Loss Margin:

(22)%

$(284)

$(589)

$(567)

Note: $ in millions

1. Adjusted Net Loss and Adjusted Net Loss Margin are non-GAAP financial measures. Please see the reconciliation from GAAP to non-GAAP measures contained in the

Appendix 11

$1,510

$1,157

Adjusted EBITDA:

$1.5 billion compared to $753 million in Q2'25

Adjusted EBITDA Margin:

59%

$753

$838

$898

Q2'25 Q3'25 Q4'25 Q1'26 Q2'26

Note: $ in millions

1. Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Please

see the reconciliation from GAAP to non-GAAP measures contained in the Appendix 12

< 24 months

25-48 months

> 48 months

$104.2

21%

Revenue Backlog:

$104.2 billion, up 246% YoY, driven by continued diversification from enterprise and AI-natives customers

Does not include more than $25 billion of net new customer commitments added in early Q3

+246%

YoY Growth

39%

$30.1

40%

Note: $ in billions

1. Revenue backlog includes remaining performance obligations, plus other amounts we estimate will be recognized as revenue in future periods under committed customer contracts, in each case, subject to the satisfaction of delivery and availability of service requirements. Revenue backlog is expected to fluctuate from period to period, given the nature of our committed contract business and the size of committed contracts. The percentages shown in the bar charts represent the percentage of revenue backlog we expect to recognize in the months following the end of the quarterly reporting period

Q2'25 Q2'26

13

$9.4

$8.2

$6.8

Capital Expenditures:

$9.4 billion as we continued to execute on schedule

$2.9

$1.9

Q2'25 Q3'25 Q4'25 Q1'26 Q2'26

Note: $ in billions

1. Capital expenditures are additions to property and equipment including assets acquired

under finance leases, less changes in construction in progress 14

(in billions)

Other amounts of estimated future revenue to be recognized from existing committed customer contracts - 0.5

Revenue backlog1, 2 $30.1 $104.2

Note:

1. Does not include more than $25 billion of net new customer commitments added in early Q3

   
   
   

2. Revenue backlog includes remaining performance obligations, plus other amounts we estimate will be recognized as revenue in future periods under committed customer contracts, in each case, subject to the satisfaction of delivery and availability of service

requirements 15

(in millions)

Less: Change in construction in progress 37 2,337 910 2,542

Capital expenditures1 $2,938 $9,352 $4,795 $16,139

Note:

1. Capital expenditures are additions to property and equipment including assets acquired under finance leases, less changes in construction in progress 16

(in millions, except percentages and per share amounts)

Note:

1. Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Net Loss and Adjusted Net Loss Margin are non-GAAP financial measures. Please see the reconciliation from GAAP to non-GAAP measures

contained in the Appendix 17

Non-GAAP Financial Measures

We use non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.

Adjusted Operating Income and Adjusted Operating Income Margin

We define adjusted operating income as operating income, excluding (i) stock-based compensation, (ii) acquisition related costs, and (iii) amortization of acquired intangibles. Adjusted operating income margin is defined as adjusted operating income divided by revenue.

Adjusted Net Loss and Adjusted Net Loss Margin

We define adjusted net loss as net loss attributable to common stockholders, excluding (i) stock-based compensation, (ii) loss on extinguishment of debt, (iii) acquisition related costs, (iv) amortization of acquired intangibles, (v) (gain) loss on fair value adjustments, (vi) income tax, inclusive of the tax effect of the above adjustments, and (vii) other adjustments for certain non-cash or non-routine items that are not reflective of our ongoing operational results. Adjusted net loss margin is defined as adjusted net loss divided by revenue.

Adjusted EBITDA and Adjusted EBITDA Margin

We define adjusted EBITDA as net loss, excluding (i) depreciation and amortization, (ii) interest expense, net, (iii) stock-based compensation, (iv) acquisition related costs, (v) (gain) loss on fair value adjustments, (vi) other income, net, and (vii) provision for (benefit from) income taxes. We define adjusted EBITDA margin as adjusted EBITDA divided by revenue.

19

Adjusted Operating Income (Loss) and Adjusted Operating Income (Loss) Margin

The following table presents a reconciliation of operating income (loss) and operating income (loss) margin, the most directly comparable financial measures stated in accordance with GAAP, to adjusted operating income and adjusted operating income margin, respectively, for each of the periods presented:

Note: The components of Adjusted Operating Income may not add up to 100% due to rounding

(in millions, except percentages)

20

Adjusted Net Loss and Adjusted Net Loss Margin

The following table presents a reconciliation of net loss and net loss margin, the most directly comparable financial measures stated in accordance with GAAP, to adjusted net loss and adjusted net loss margin, respectively, for each of the periods presented:

Note: The components of Adjusted Net Loss may not add up to 100% due to rounding

(in millions, except percentages)

21

Adjusted EBITDA and Adjusted EBITDA Margin

The following table presents a reconciliation of net loss and net loss margin, the most directly comparable financial measures stated in accordance with GAAP, to adjusted EBITDA and adjusted EBITDA margin, respectively, for each of the periods presented:

Note: The components of Adjusted EBITDA may not add up to 100% due to rounding

(in millions, except percentages)

22

res