**CoreWeave, Inc. (CRWV)** has seen its shares decline 17.4% over the past three months, raising concerns about the sustainability of its growth amidst rising infrastructure costs. In Q2, the company reported revenues of $2.575 billion, a 112% year-over-year increase, and a revenue backlog of $104.2 billion, up 246%. More than half of this backlog is tied to contracts where delivery has commenced, but the challenge lies in converting these commitments into live capacity.
Capital expenditures reached $9.4 billion in Q2, with full-year 2026 guidance projected between $35-$39 billion. Net interest costs surged to $640 million from $267 million a year prior, with expected Q3 interest expenses of $860-$940 million. Despite a liquidity position of over $6.9 billion and approximately $18 billion raised during the last quarter, challenges persist due to customer concentration—three customers constituted 72% of Q2 revenues—and declining operating margins, which fell to 5% from 16% year-over-year.
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