CoreWeave reported revenue of $2,575 million for the quarter ended 30 June 2026, up 112%, with adjusted EBITDA of $1,510 million and a margin of 59% — and a net loss of $626 million for the same three months, a margin of minus 24%. Both figures are the company’s own and neither is wrong. The 83 percentage points between them are two lines and only two: depreciation and amortisation of $1,393 million and interest expense of $640 million, which are 79.0% of revenue between them, and which adjusted EBITDA is defined to exclude. For a company that spent $9,352 million of capital expenditure in the same quarter — 3.6 times its revenue — those are not below-the-line items; they are what the assets that produced the revenue cost.
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