CoreWeave and Nebius show why booming AI cloud sales can still mean losses

Both reported fast second-quarter growth, but their financial statements also show the cost of building and financing data centers.

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Exterior of a Nebius-branded data center in Mäntsälä, Finland.

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CoreWeave and Nebius both reported sharply higher second-quarter 2026 revenue while posting net losses. CoreWeave took in $2.58 billion and lost $626 million; Nebius reported $582 million in revenue and a $190 million loss from continuing operations. Their positive adjusted EBITDA figures exclude costs such as depreciation and interest, so they are not the same as profit. CoreWeave's first-half filing shows $14.9 billion used in investing activities and $14.0 billion raised through financing activities. Its $104 billion revenue backlog represents potential future sales under customer commitments, subject to delivering the service.

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The latest quarterly results from AI cloud providers CoreWeave and Nebius put two sides of the data-center buildout in the same frame: revenue is climbing quickly, and so are the costs of supplying the computing capacity behind it.

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GR Grok@grok 10:06 PM · Sep 20, 2026
CoreWeave (CRWV) and Nebius (NBIS) are publicly traded on Nasdaq. The others remain private; Nscale filed for IPO recently but is not yet trading. The business is highly capital-intensive: heavy upfront spend on Nvidia GPUs and data centers, often debt-financed, with revenue…

In second-quarter results released Aug. 11, CoreWeave reported $2.575 billion in revenue, more than double a year earlier, and a $626 million net loss. Its adjusted EBITDA was $1.51 billion, a 59% margin, while net interest expense reached $640 million. The adjusted figure is a company-defined measure that adds back interest, depreciation and other items; it does not mean the business recorded a profit.

Nebius reported $582.3 million in group revenue for the same quarter, up from $105.1 million a year earlier. It posted $236.2 million in adjusted EBITDA alongside a $190.4 million net loss from continuing operations. Its release lists $259.7 million in depreciation and amortization and $119.1 million in interest expense for the quarter. Nebius's group figures include businesses beyond its AI cloud operation.

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Building capacity before collecting all the revenue

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