COREWEAVE, INC., 10-Q filed on 5/8/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 30, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-42563  
Entity Registrant Name CoreWeave, Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 82-3060021  
Entity Address, Address Line One 290 W Mt. Pleasant Ave.  
Entity Address, Address Line Two Suite 4100  
Entity Address, City or Town Livingston  
Entity Address, State or Province NJ  
Entity Address, Postal Zip Code 07039  
City Area Code 973  
Local Phone Number 270-9737  
Title of 12(b) Security Class A common stock, $0.000005 par value per share  
Trading Symbol CRWV  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001769628  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   447,573,939
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   97,996,407
Common Class C    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   0
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 2,244,000 $ 3,127,000
Restricted cash and cash equivalents, current 777,000 819,000
Marketable securities 22,000 34,000
Accounts receivable, net 2,120,000 3,169,000
Prepaid expenses and other current assets 446,000 339,000
Total current assets 5,609,000 7,488,000
Restricted cash and cash equivalents, non-current 299,000 184,000
Property and equipment, net 36,424,000 30,557,000
Operating lease right-of-use assets 10,182,000 8,231,000
Intangible assets, net 224,000 235,000
Goodwill 1,101,000 1,101,000
Other non-current assets 1,734,000 1,506,000
Total assets 55,573,000 49,302,000
Current liabilities    
Accounts payable 3,371,000 1,623,000
Accrued liabilities 2,726,000 5,773,000
Debt, current 7,547,000 6,708,000
Deferred revenue, current 2,130,000 1,709,000
Operating lease liabilities, current 487,000 427,000
Finance lease liabilities, current 23,000 38,000
Other current liabilities 1,534,000 162,000
Total current liabilities 17,818,000 16,440,000
Debt, non-current 17,312,000 14,665,000
Deferred revenue, non-current 5,393,000 6,476,000
Operating lease liabilities, non-current 9,563,000 7,768,000
Finance lease liabilities, non-current 215,000 216,000
Deferred tax liabilities, non-current 194,000 115,000
Other non-current liabilities 319,000 287,000
Total liabilities 50,814,000 45,967,000
Commitments and contingencies (Note 9)
Stockholders' equity    
Preferred stock 0 0
Treasury stock, at cost (34,000) (34,000)
Additional paid-in capital 8,171,000 6,012,000
Accumulated other comprehensive income 5,000 0
Accumulated deficit (3,383,000) (2,643,000)
Total stockholders' equity 4,759,000 3,335,000
Total liabilities and stockholders' equity 55,573,000 49,302,000
Common Class A    
Stockholders' equity    
Common stock 0 0
Common Class B    
Stockholders' equity    
Common stock 0 0
Common Class C    
Stockholders' equity    
Common stock $ 0 $ 0
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Preferred stock, par value (usd per share) $ 0.000005 $ 0.000005
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common shares, par value (usd per share) $ 0.000005 $ 0.000005
Common shares, shares authorized (in shares) 3,400,000,000 3,400,000,000
Treasury stock, at cost (in shares) 7,000,000 7,000,000
Common Class A    
Common shares, par value (usd per share) $ 0.000005 $ 0.000005
Common shares, shares authorized (in shares) 3,000,000,000  
Common shares, shares issued (in shares) 435,000,000 401,000,000
Common shares, shares outstanding (in shares) 428,000,000 394,000,000
Common Class B    
Common shares, par value (usd per share) $ 0.000005 $ 0.000005
Common shares, shares authorized (in shares)   200,000,000
Common shares, shares issued (in shares) 104,000,000 108,000,000
Common shares, shares outstanding (in shares) 104,000,000 108,000,000
Common Class C    
Common shares, par value (usd per share) $ 0.000005 $ 0.000005
Common shares, shares authorized (in shares) 200,000,000 200,000,000
Common shares, shares issued (in shares) 0 0
Common shares, shares outstanding (in shares) 0 0
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Revenue $ 2,078 $ 982
Operating expenses:    
Cost of revenue 716 262
Technology and infrastructure 1,273 561
Sales and marketing 69 11
General and administrative 164 175
Total operating expenses 2,222 1,009
Operating loss (144) (27)
Gain (loss) on fair value adjustments 0 27
Interest expense, net (536) (264)
Other income (expense), net 24 (5)
Loss before income taxes (656) (269)
Provision for income taxes 84 46
Net loss (740) (315)
Other comprehensive income 5 0
Total comprehensive loss (735) (315)
Net loss attributable to common stockholders, basic (740) (343)
Net loss attributable to common stockholders, diluted $ (740) $ (370)
Net loss per share attributable to common stockholders, basic (usd per share) $ (1.40) $ (1.40)
Net loss per share attributable to common stockholders, diluted (usd per share) $ (1.40) $ (1.49)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 527 246
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 527 249
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Millions
Total
IPO
Private Placement
Redeemable Convertible Preferred Stock
Redeemable Class A Common Stock
Common Stock
Common Stock
IPO
Common Stock
Private Placement
Treasury Stock
Additional Paid-in Capital
Additional Paid-in Capital
IPO
Additional Paid-in Capital
Private Placement
Accumulated Other Comprehensive Income
Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024       185,000,000 0                  
Beginning balance at Dec. 31, 2024       $ 1,722 $ 0                  
Temporary Equity                            
Conversion of redeemable convertible preferred stock in connection with initial public offering (in shares)       (185,000,000) 30,000,000                  
Conversion of redeemable convertible preferred stock in connection with initial public offering       $ (1,722) $ 1,163                  
Ending balance (in shares) at Mar. 31, 2025       0 30,000,000                  
Ending balance at Mar. 31, 2025       $ 0 $ 1,163                  
Beginning balance (in shares) at Dec. 31, 2024           233,000,000                
Beginning balance at Dec. 31, 2024 $ (414)         $ 0     $ (34) $ 1,096       $ (1,476)
Total Stockholders' Equity                            
Cash dividend on Series C redeemable convertible preferred stock (29)                 (29)        
Reclassification of warrant liabilities to equity 173                 173        
Issuance of common stock, net of issuance costs (in shares)             36,000,000              
Issuance of common stock, net of issuance costs   $ 1,392                 $ 1,392      
Conversion of redeemable convertible preferred stock in connection with initial public offering (in shares)           155,000,000                
Conversion of redeemable convertible preferred stock in connection with initial public offering 559                 559        
Issuance of common stock for contract incentive (in shares)           9,000,000                
Issuance of common stock for contract incentive 350                 350        
Tax withholdings on settlement of restricted stock units (16)                 (16)        
Exercise of stock options (in shares)           2,000,000                
Exercise of stock options 3                 3        
Stock-based compensation expense 203                 203        
Other comprehensive income (loss) 0                          
Net loss (315)                         (315)
Ending balance (in shares) at Mar. 31, 2025           435,000,000                
Ending balance at Mar. 31, 2025 $ 1,906         $ 0     (34) 3,731       (1,791)
Ending balance (in shares) at Mar. 31, 2026 0                          
Beginning balance (in shares) at Dec. 31, 2025           502,000,000                
Beginning balance at Dec. 31, 2025 $ 3,335         $ 0     (34) 6,012     $ 0 (2,643)
Total Stockholders' Equity                            
Issuance of common stock, net of issuance costs (in shares)               23,000,000            
Issuance of common stock, net of issuance costs     $ 1,985                 $ 1,985    
Issuance of common stock upon vesting of restricted stock units (in shares)           2,000,000                
Exercise of stock options (in shares) 5,000,000         5,000,000                
Exercise of stock options $ 8                 8        
Stock-based compensation expense 166                 166        
Other comprehensive income (loss) 5                       5  
Net loss (740)                         (740)
Ending balance (in shares) at Mar. 31, 2026           532,000,000                
Ending balance at Mar. 31, 2026 $ 4,759         $ 0     $ (34) $ 8,171     $ 5 $ (3,383)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (740) $ (315)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 1,147 443
Amortization of debt discounts and issuance costs and accretion of redemption premiums 41 38
Stock-based compensation expense 153 184
Non-cash lease expense 167 67
Deferred income taxes 79 45
Gain on fair value adjustments 0 (27)
Other non-cash reconciling items 121 23
Changes in operating assets and liabilities, net of effect of business acquisitions:    
Accounts receivable 1,042 (639)
Prepaid expenses and other assets (471) 247
Accounts payable and accrued expenses 960 62
Deferred revenue 575 (16)
Lease liabilities (90) (51)
Net cash provided by operating activities 2,984 61
Cash flows from investing activities:    
Purchase of property and equipment, including capitalized internal-use software (7,695) (1,407)
Maturities and sales of marketable securities 12 29
Issuance of notes receivable 0 (55)
Other investing activities (25) 0
Net cash used in investing activities (7,708) (1,433)
Cash flows from financing activities:    
Proceeds from issuance of debt, net 3,290 785
Repayments of debt (1,335) (271)
Issuance of common stock in a private placement, net of issuance costs 1,985 0
Proceeds from initial public offering, net of underwriting discounts and commissions 0 1,423
Redeemable convertible preferred stock cash dividends paid 0 (26)
Payment of tax withholdings on settlement of RSUs 0 (16)
Other financing activities (26) (41)
Net cash provided by financing activities 3,914 1,854
Net increase (decrease) in cash, cash equivalents, and restricted cash (810) 482
Cash, cash equivalents, and restricted cash—beginning of period 4,130 2,035
Cash, cash equivalents, and restricted cash—end of period 3,320 2,517
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of capitalized amounts 364 142
Non-cash investing and financing activities:    
Liabilities related to property and equipment additions, including OEM financed additions 4,592 2,019
Reclassification of liabilities related to property and equipment additions to debt upon execution of OEM financing arrangements 1,469 0
Operating lease right-of-use assets acquired through lease liability 1,988 536
Conversion of redeemable convertible preferred stock in connection with initial public offering 0 1,722
Issuance of common stock for contract incentive 0 350
Reclassification of warrant liabilities to equity 0 173
Reclassification of customer deposit to debt 0 230
Reconciliation of cash, cash equivalents, and restricted cash to condensed consolidated balance sheets:    
Cash and cash equivalents 2,244 1,276
Restricted cash and cash equivalents, current 777 624
Restricted cash and cash equivalents, non-current 299 617
Total cash, cash equivalents, and restricted cash $ 3,320 $ 2,517
v3.26.1
Overview and Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Overview and Summary of Significant Accounting Policies Overview and Summary of Significant Accounting Policies
Organization and Description of Business
CoreWeave, Inc. (together with its subsidiaries, the "Company" or "CoreWeave"), was originally formed as a Delaware limited liability company in 2017 and then converted to a Delaware corporation in 2018. The Company is headquartered in Livingston, New Jersey. The Company is a modern cloud infrastructure technology company that offers the CoreWeave Cloud Platform that consists of proprietary software and cloud services that deliver the automation and efficiency needed to manage complex artificial intelligence ("AI") infrastructure at scale.
Initial Public Offering
In March 2025, the Company completed its initial public offering ("IPO"), in which the Company issued and sold 37 million shares of its Class A common stock at a public offering price of $40.00 per share, which resulted in net proceeds of $1.4 billion after deducting the underwriting discounts and commissions and before deducting offering costs payable by the Company of $31 million. In April 2025, the underwriters exercised a portion of their over-allotment option and purchased from the Company an additional 2 million shares of Class A common stock at the IPO price, which resulted in net proceeds to the Company of $68 million after deducting the underwriting discounts and commissions.
In connection with the IPO, all outstanding shares of the Company's Series Seed, Series A, Series B, and Series B-1 redeemable convertible preferred stock automatically converted into 155 million shares of Class A common stock, and all outstanding shares of the Company's Series C redeemable convertible preferred stock were automatically converted into 30 million shares of redeemable Class A common stock. Refer to Note 11—Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders' Equity (Deficit) for additional information.
In connection with the IPO, the Company recognized $177 million of stock-based compensation expense, net of $17 million of capitalized costs, primarily related to the development of internal-use software, associated with vested restricted stock units ("RSUs") with a liquidity-event performance-based vesting condition which was satisfied in connection with the IPO and for which the service-based vesting condition had also been satisfied as of that date. Concurrently with the IPO, the Company issued shares of its Class A common stock upon settlement of RSUs subject to such performance-based vesting conditions. To meet the related tax withholding requirements for the net settlement of the vested RSUs, the Company withheld 0.4 million shares underlying such equity awards, resulting in the net issuance of 0.5 million shares of Class A common stock. Based on the IPO price of $40.00 per share, the Company’s related tax withholding obligation was $16 million and was paid during the three months ended March 31, 2025. Refer to Note 11—Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders' Equity (Deficit) for additional information.
In March 2025, the Company also entered into a commercial agreement (the "Commercial Agreement") with a strategic customer to provide AI infrastructure services. In connection with the Commercial Agreement, the Company issued 9 million shares of the Company’s Class A common stock on March 31, 2025, with an aggregate value of $350 million at the time of issuance based on a price per share equal to the IPO price.
Prior to the IPO, deferred offering costs, which consisted of accounting, legal and other fees directly related to the IPO, were capitalized as other non-current assets on the condensed consolidated balance sheets. In connection with the IPO, $31 million of deferred offering costs were reclassified to stockholders' equity (deficit) as a reduction of the net proceeds received from the IPO.
Basis of Presentation and Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and include the accounts of the Company and its wholly and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
These unaudited interim condensed consolidated financial statements are presented in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited
condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on March 2, 2026. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and include all adjustments, which include only normal recurring adjustments, necessary to fairly state the Company’s financial position and results of operations. The interim results are not necessarily indicative of the operating results expected for the full year or any future period. Certain prior period amounts reported in our condensed consolidated financial statements and notes thereto have been reclassified to conform to the current period presentation.
During the year ended December 31, 2025, the Company elected to change the presentation of its financial statements and accompanying footnote disclosures from thousands to millions. The change in presentation had no material impact on previously reported financial information, but certain amounts reported for prior periods may differ by insignificant amounts due to the nature of rounding relative to the change in presentation. In addition, historical percentages and per share amounts presented may not add to their respective totals or recalculate due to rounding.
The Company determines at inception of each arrangement whether an entity in which the Company has made an investment or in which the Company has other variable interests is considered a variable interest entity ("VIE"). Investments that are considered VIEs are evaluated to determine whether the Company is the primary beneficiary of the VIE, in which case it would be required to consolidate the entity. The Company evaluates whether it has (1) the power to direct the activities that most significantly impact the VIE's economic performance, and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. If the Company is not the primary beneficiary of the VIE, the investment or other variable interest is accounted for in accordance with applicable U.S. GAAP.
In circumstances where an entity does not have the characteristics of a VIE, it would be considered a voting interest entity ("VOE"). The Company would consolidate a VOE when the Company has a majority equity interest and has control over significant operating, financial, and investing decisions of the entity.
Stock Split
In March 2025, the Company effected a twenty-for-one stock split of its common stock and redeemable convertible preferred stock. All share and per share information has been retroactively adjusted to reflect the stock split for all periods presented.
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ materially from these estimates. Significant estimates include the useful lives assigned to property and equipment; the fair value of lease assets; the discount rates used for operating and finance leases; accounting for income taxes, including the valuation allowance on deferred tax assets and the measurement of uncertain tax positions; stock-based compensation, including the determination of the fair value of the Company's common stock prior to the IPO; the fair value of financial assets and liabilities; valuation of acquired intangible assets; and the assessment of recoverability of intangible assets and their estimated useful lives. Assumptions are reviewed regularly to ensure they remain relevant and reasonable, particularly in areas of high subjectivity. The Company bases its estimates on historical experience and assumptions that management considers reasonable.
Significant Accounting Policies
The Company's significant accounting policies are discussed in "Note 1—Overview and Summary of Significant Accounting Policies" included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025. During the three months ended March 31, 2026, there have been no material changes to the Company's accounting policies.
Research and Development
Research and development costs were $104 million and $70 million for the three months ended March 31, 2026 and 2025, respectively, and are included within technology and infrastructure expense in the condensed consolidated statements of operations and comprehensive loss.
Segment Information
The Company's chief operating decision maker ("CODM"), the chief executive officer, reviews discrete financial information presented on a consolidated basis for purposes of regularly making operating decisions, allocation of resources, and assessing financial performance. The Company operates its business in one operating segment and, therefore, has one reportable segment.
The CODM uses consolidated net loss to measure segment profit or loss in order to identify underlying trends in the performance of the business for purposes of allocating resources and evaluating financial performance. The Company's objective in making resource allocation decisions is to optimize the consolidated financial results. Significant segment expenses that the CODM reviews and utilizes to manage the Company's operations are cost of revenue, technology and infrastructure, sales and marketing, and general and administrative expenses at the consolidated level, which are presented in the Company's condensed consolidated statements of operations and comprehensive loss. Other segment items included in consolidated net loss include gain (loss) on fair value adjustments, interest expense, net, other income (expense), net, and provision for income taxes, which are presented in the Company's condensed consolidated statements of operations and comprehensive loss.
Recent Accounting Pronouncements Adopted
In July 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which introduces a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, including those recognized in a business combination. The guidance is effective for annual periods beginning after December 15, 2025, including interim periods within those annual periods, with early adoption permitted. Upon adoption, the guidance should be applied prospectively. The Company determined the ASU did not have a material impact on its condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed disclosures, on an annual and interim basis, about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the condensed consolidated statements of operations and comprehensive loss. This guidance as further clarified through ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) will be effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the guidance can be applied either prospectively or retrospectively. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The Company primarily generates its revenue through providing cloud computing services, which include both committed contracts and on-demand services. Revenue recognized related to customer commitments, including revenue from delivering capacity prior to commitment start dates, represented 98% of total revenue for the three months ended March 31, 2026 and 2025.
Significant Customers
The following customers accounted for 10% or more of the Company's revenue for the periods presented:
Three Months Ended March 31,
20262025
Customer A45%72%
Customer B20%*
Customer C **
Customer D **

* Customer did not represent 10% or more of revenue.
The customer references of A through D may represent different customers than those reported in a previous period.

Customer A, B, and C accounted for 39%, 17%, and 22% of accounts receivable, net, respectively, as of March 31, 2026. Customer A and D accounted for 68% and 11% of accounts receivable, net, respectively, as of December 31, 2025.
Contract Balances
Deferred revenue, including current and non-current balances as of March 31, 2026 and December 31, 2025 was $7.5 billion and $8.2 billion, respectively. The change in deferred revenue in the three months ended March 31, 2026 was primarily driven by reclassification of $1.3 billion to customer liabilities, revenue recognized from deferred revenue at the beginning of the period of $304 million, partially offset by invoicing in advance of performance under contracts.
Remaining Performance Obligations ("RPO")
RPO represents the aggregate amount of the transaction price, net of estimated variable consideration, allocated to performance obligations not delivered, or partially undelivered, as of the end of the reporting period. Variable consideration primarily consists of potential reductions to the transaction price in the future, such as estimates of future potential credits to customers under availability of service agreements, amounts that may not be recognized as revenue due to delivery delays, and estimates of committed cloud computing capacity that the Company has the right to resell. The Company's estimate of such variable consideration is based on both historical experience and the specific facts and circumstances of the committed contracts included in the Company's RPO. RPO includes both billed and unbilled consideration from the Company's committed contracts.
As of March 31, 2026, the Company had $98.8 billion of unsatisfied RPO, of which 36% is expected to be recognized over the initial 24 months ending March 31, 2028, 39% between months 25 and 48, and the remaining balance recognized between months 49 and 84.
v3.26.1
Investments and Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Investments and Fair Value Measurements
Marketable Securities
For the three months ended March 31, 2026 and 2025, the realized or unrealized gains or losses related to the Company's debt securities were not material. As of March 31, 2026 and December 31, 2025, there were no allowance for credit losses related to the Company's debt securities. The weighted-average remaining maturity of the Company's debt securities was less than one year as of March 31, 2026.
Unconsolidated Variable Interest Entities
The Company has entered into various lease agreements with data center developers and operators that are VIEs. The Company does not have the power to direct the activities that most significantly impact the data center developer and operators' economic performance and is not the primary beneficiary. Therefore, the Company has not consolidated the VIEs within the condensed consolidated financial statements. The Company has lease prepayments of $82 million associated with these lease agreements as of March 31, 2026.
Additionally, during the three months ended March 31, 2026, the Company committed to invest up to $1.2 billion to acquire equity interests in two separate joint ventures that each hold a data center development project. These funding commitments are expected to be satisfied during 2026, at which time the Company will be admitted as a member of these joint ventures and will be required to provide additional capital contributions in accordance with the applicable joint venture agreements to fund the further development of these projects. As of March 31, 2026, the Company was not the
primary beneficiary of these unconsolidated VIEs and the carrying amount of the Company's variable interests in these VIEs was not material.
Unconsolidated Joint Venture
Additionally, in June 2025, the Company entered into a joint venture (the "JV") with a data center developer and operator to support the acquisition and development of a multi-phase data center campus in New Jersey. Upon formation, the third-party infrastructure developer obtained an 85% equity interest in the JV, while the Company held the remaining 15% equity interest in the JV, for which the Company contributed net assets worth $57 million. As of March 31, 2026, the Company's ownership interest was 20%. The JV expects to construct and develop the campus using a combination of additional debt and equity capital. The Company provides construction management, administrative and property management services to the JV.
The Company is not the primary beneficiary and does not consolidate the VIE as it does not have the power to direct the activities that most significantly impact the JV's economic performance. Accordingly, the investment in the JV is accounted for as an equity method investment included in other non-current assets on the condensed consolidated balance sheets. The carrying value of the Company's investment in the JV was $34 million and $51 million as of March 31, 2026 and December 31, 2025, respectively. Equity method losses during the three months ended March 31, 2026 were not material.
The Company also entered into a lease agreement with the JV that commences upon completion of construction. Once commenced, the new lease will have an initial lease term of 15 years with base rent payments that are based on a percentage of construction costs incurred.
The Company's maximum exposure to loss with respect to the JV includes (i) the carrying value of the Company's investment, (ii) up to $95 million related to a guarantee for certain contingent consideration payable to a third-party by the JV upon the achievement of certain milestones, (iii) lease prepayment of $32 million, and (iv) potential requirements to fund the construction and development of the data center campus to the extent the JV is unable to secure third-party financing. Based on current projected development costs and third-party financing secured by the JV as of March 31, 2026, the Company estimates that the maximum funding exposure to fund construction and development costs is up to $200 million.
Assets Measured at Fair Value on a Recurring Basis
The Company measures certain financial assets and liabilities at fair value on a recurring basis in accordance with ASC 820, Fair Value Measurement, which establishes a framework for measuring fair value and a fair value hierarchy based on the observability of inputs. This hierarchy prioritizes the use of observable inputs and minimizes the use of unobservable inputs when determining fair value as follows:
Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities.
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3—Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation.
The following table presents information about the Company's financial assets and liabilities that are measured at fair value on a recurring basis within the fair value hierarchy as of the end of each reporting period (in millions):
Fair Value
Hierarchy 		March 31,
2026		December 31,
2025
Financial assets:
Marketable securities
Commercial paperLevel 2$4 $12 
Corporate bondsLevel 218 22 
Prepaid expenses and other current assets
Foreign exchange forward contracts not designated as accounting hedgesLevel 24 5 
Other non-current assets
Interest rate swaps designated as cash flow hedgesLevel 25 — 
Strategic investmentsLevel 110 — 
Power purchase agreementsLevel 3— 2 
Total financial assets$41 $41 
Financial liabilities:
Other current liabilities
Foreign exchange forward contracts not designated as accounting hedgesLevel 2$43 $4 
Contingent considerationLevel 321 20 
Other non-current liabilities
Interest rate swaps designated as accounting hedgesLevel 2— 1 
Total financial liabilities$64 $25 
The notional amounts of the Company's outstanding interest rate swaps and foreign exchange forward contracts were as follows (in millions):

March 31,
2026		December 31, 2025
Derivative instruments designated as accounting hedges
Interest rate swaps $1,285 $319 
Derivative instruments not designated as accounting hedges
Foreign exchange forward contracts$1,565 $1,213 
Gain (loss) associated with interest rate swaps and foreign exchange forward contracts were as follows (in millions):
Three Months Ended
March 31, 2026
Interest rate swaps designated as accounting hedges
Gain recognized in other comprehensive income (loss)$5 
Foreign exchange forward contracts not designated as accounting hedges
Loss recognized in other income (expense), net$(35)
For the three months ended March 31, 2026, the amount reclassified out of accumulated other comprehensive loss into earnings was not material. As of March 31, 2026, the amount the Company expects to reclassify out of accumulated other comprehensive income (loss) into earnings within the next twelve months is not material.
The Company's valuation of the warrant liabilities utilized the Black-Scholes option-pricing model that relied on the following significant inputs:
March 21,
2025
Stock price$41 
Volatility60%
Risk-free rate4%
Dividend yield—%
The following tables present summaries of the changes in the fair value of the Company's Level 3 financial instruments for the periods presented (in millions):
Contingent Consideration
Balance at December 31, 2025$20 
Adjustment to fair value1 
Balance at March 31, 2026$21 

Power Purchase
Agreements –
Asset		Warrant
Liabilities
Balance at December 31, 2024$3 $200 
Adjustment to fair value2 (27)
Reclassification— (173)
Balance at March 31, 2025$5 $— 
Notes Receivable
Notes receivable are primarily related to the DCSP Financing Arrangements (as defined in Note 10—Debt) and are reported at their amortized costs basis. As of March 31, 2026 and December 31, 2025, the Company determined that the fair values of its notes receivable approximate the carrying values.
v3.26.1
Business Combinations
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations Business Combinations
Weights and Biases, Inc.
On May 5, 2025, the Company acquired all of the outstanding equity interests of Weights and Biases, Inc. ("Weights & Biases"), an AI developer platform. The transaction extended the Company's application software services offering to include additional developer-focused capabilities for the training of models and development of AI applications. The aggregate purchase consideration was $1.0 billion, which was comprised of the following (in millions):
Cash paid by the Company$96 
Fair value of Class A common stock and restricted stock awards issued by the Company929 
Fair value of replacement restricted stock units 4 
Total purchase price$1,029 
In connection with the acquisition, the Company entered into compensation arrangements for stock-based awards with a value totaling $123 million. Of this amount, $33 million was recognized in the total purchase price. The remaining compensation expense of $79 million will be recognized on a straight-line basis over the respective awards' remaining requisite service period. Certain stock-based awards are in the form of restricted stock awards ("RSAs"). The RSAs represent legally outstanding common shares that are subject to service-based vesting conditions and repurchase rights held by the Company, which lapse upon vesting.
The acquisition-related costs were $29 million, and were recorded in general and administrative expense in the condensed consolidated statements of operations and comprehensive loss during the year ended December 31, 2025.
The fair values of assets acquired and liabilities assumed on the acquisition date are summarized as follows (in millions):
Cash and cash equivalents$51 
Accounts receivable, net13 
Prepaid expenses and other current assets2 
Property and equipment, net1 
Operating lease right-of-use assets1 
Intangible assets, net208 
Goodwill793 
Total assets acquired$1,069 
Accounts payable1 
Accrued liabilities7 
Deferred revenue, current25 
Operating lease liabilities, non-current1 
Deferred tax liabilities, non-current6 
Total liabilities assumed$40 
Total purchase price$1,029 
The acquired assets and assumed liabilities were recorded at their estimated fair values. The following table presents the amounts allocated to the intangible assets identified as of the date of acquisition and the estimated useful lives (in millions):
Fair ValueUseful Lives
(in years)
Customer relationships$36 12
Developed technology162 
5 - 7
Trade name10 5
Total $208 
The excess of the purchase price over the fair value of the net assets acquired was allocated to goodwill, none of which is expected to be deductible for tax purposes. Goodwill is primarily attributable to the assembled workforce as well as the anticipated synergies from the integration of Weights & Biases’ technology with the Company’s technology.
From the date of the acquisition, the financial results of Weights & Biases are not material to the Company’s consolidated financial statements. Pro forma revenue and net income have not been presented because the historical results would not have been material to the condensed consolidated financial statements in any period presented.
v3.26.1
Property and Equipment, Net
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net, consisted of the following (in millions):
March 31,
2026		December 31,
2025
Technology equipment$26,627 $20,903 
Software827 802 
Data center equipment and leasehold improvements3,878 2,842 
Furniture, fixtures, and other assets20 18 
Construction in progress9,581 9,376 
Total property and equipment40,933 33,941 
Less: accumulated depreciation and amortization(4,509)(3,384)
Total property and equipment, net$36,424 $30,557 
Depreciation and amortization on property and equipment was $1.1 billion and $443 million for the three months ended March 31, 2026 and 2025, respectively.
The Company capitalizes interest associated with the construction of data centers and purchases of related technology equipment. There was $97 million and $13 million of interest capitalized during the three months ended March 31, 2026 and 2025, respectively.
Asset Retirement Obligations
The following is a summary of activity relating to the liability for asset retirement obligations, included in other non-current liabilities on the condensed consolidated balance sheets, which the Company expects to incur primarily in connection with the expected removal of certain equipment related to its data center fit outs (in millions):
March 31,
2026		December 31,
2025
Beginning balance
$62 $36 
Additions
29 21 
Accretion expense
2 5 
Ending balance
$93 $62 
v3.26.1
Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
Goodwill
There were no additions or impairment charges recorded to goodwill for any of the periods presented.
Intangible Assets, Net
Intangible assets, net consisted of the following (in millions, except years):
March 31, 2026December 31, 2025
Weighted-Average Remaining Useful Lives (in years)Acquired
Intangibles,
Gross 		Accumulated
Amortization 		Acquired
Intangibles,
Net 		Acquired
Intangibles,
Gross 		Accumulated
Amortization 		Acquired
Intangibles,
Net
Acquired technologies5$206 $(36)$170 $206 $(27)$179 
Other (1)
961 (7)54 61 (5)56 
Total$267 $(43)$224 $267 $(32)$235 
(1) Includes customer relationships and trade names.
Amortization expenses for intangible assets were not material for the three months ended March 31, 2026 and 2025.
As of March 31, 2026, the expected future amortization expense related to intangible assets was as follows (in millions):
Years Ending December 31,Amount
Remaining portion of 2026$34 
202745 
202843 
202943 
203023 
Thereafter36 
Total expected future amortization expense$224 
v3.26.1
Condensed Consolidated Balance Sheets Components
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidated Balance Sheets Components Condensed Consolidated Balance Sheets Components
Accrued Liabilities
Accrued liabilities consisted of the following (in millions):

March 31,
2026		December 31,
2025
Accrued purchases$1,953 $5,196 
Accrued interest362 332 
Other accrued liabilities411 245 
Total accrued liabilities$2,726 $5,773 
Other Current Liabilities
Other current liabilities consisted of the following (in millions):
March 31,
2026		December 31,
2025
Customer liabilities$1,469 $137 
Other current liabilities65 25 
Total other current liabilities$1,534 $162 
v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
The Company enters into leases as a lessee for data centers, office buildings, storage spaces, and technology equipment. In accounting for these arrangements, the Company applied judgment in performing the lease classification tests related to transfer of ownership, bargain purchase option, lease term assessment, estimated fair value, and the specialized nature of the underlying asset.
Leases for office and storage spaces generally have an initial term of one to fifteen years, often with multi-year renewal periods. Data center leases generally have an initial term from five to fifteen years, some of which include options to extend the leases for up to ten years. The Company's equipment leases generally have an initial term of two years and include the option to purchase the asset. Additionally, the Company's land lease contains a purchase option at the end of the lease term that it is reasonably certain to exercise. As such, the purchase option is included in the measurement of the finance lease liability. Certain lease agreements include variable costs, which generally relate to costs associated with Common Area Maintenance, utilities reimbursed to the landlord, and physical security expenses. These variable costs are not included in operating or finance lease cost and are expensed as incurred. 
The components of total lease cost related to leases for the periods presented were as follows (in millions):
Three Months Ended March 31,
20262025
Operating lease cost:
Operating lease cost$388 $155 
Finance lease cost:
Amortization of ROU assets$11 $7 
Interest on lease liabilities8 2 
Total finance lease cost $19 $9 
Variable lease cost$132 $44 
Total lease cost$539 $208 
The components of total lease cost related to leases for the periods presented were as follows (in millions):
March 31,
2026		December 31,
2025
Operating leases:
Operating lease ROU assets
$10,182 $8,231 
Operating lease liabilities, current
$487 $427 
Operating lease liabilities, non-current
9,563 7,768 
Total operating lease liabilities
$10,050 $8,195 
Finance leases:
Property and equipment
$500 $500 
Less: amortization
(67)(56)
Property and equipment, net
$433 $444 
Finance lease liabilities, current
$23 $38 
Finance lease liabilities, non-current
215 216 
Total finance lease liabilities
$238 $254 
Supplemental condensed consolidated cash flow and other information related to leases for the periods presented were as follows (in millions):
Three Months Ended March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases$317 $139 
Operating cash flows used in finance leases1 2 
Financing cash flows used in finance leases15 14 
Information relating to the lease term and discount rate for leases were as follows:
March 31,
2026		December 31,
2025
Weighted-average remaining lease term (in years):
Operating leases1111
Finance leases55
Weighted-average discount rate:
Operating leases10%10%
Finance leases10%10%
The future lease payments included in the measurement of the Company’s operating lease liabilities and finance lease liabilities as of March 31, 2026, were as follows (in millions):
Future Payments
Years Ending December 31,Operating
Leases 		Finance Leases
Remaining portion of 2026$1,048 $33 
20271,450 223 
20281,570 — 
20291,553 — 
20301,447 — 
Thereafter9,910 — 
Total undiscounted lease payments16,978 256 
Less: imputed interest(6,928)(18)
Present value of lease liabilities$10,050 $238 
The interest expense incurred on the Company's finance leases was not material for the three months ended March 31, 2026 and 2025.
In April 2025, the Company entered into a finance lease for data center infrastructure assets with DCSP (as defined in Note 10—Debt). Refer to Note 10—Debt for additional information.
Leases Not Yet Commenced
As of March 31, 2026, the Company executed additional lease agreements, primarily for data centers and office buildings, that had not yet commenced. The aggregate amount of estimated future undiscounted lease payments associated with such leases is $40.7 billion. These leases will commence between 2026 and 2029 with estimated lease terms of five to sixteen years. Not included in the preceding amounts are the following lease arrangements, which include significant uncertainties regarding the amount of future lease payments.
As of March 31, 2026, the Company also entered into a lease agreement for various buildings located at a single site intended to be used as a data center. The agreement provides access to 525 MW of electrical power, which is expected to be delivered in phases in 2026 and 2028. The Company will make contractual rent payments based on construction costs incurred by the lessor, subject to a contractual maximum. The total contractual rent payments range from $18.7 billion to $19.6 billion over the sixteen year term of this lease.
Additionally, the Company has lease agreements where the lease payments are based on a portion of the construction costs incurred by the lessor, including during the construction period. The payments during the construction period are variable and subject to contingencies, which are expected to be resolved at or near the lease commencement date. As of March 31, 2026, these lease agreements provide access to 363 MW of electrical power, which is expected to be delivered in phases between 2026 and 2028.
In connection with certain data center lease arrangements, the Company has contractual obligations to procure and install equipment at the leased premises. These obligations represent commitments for lessee-owned assets that are separate from the Company's lease obligations. As of March 31, 2026, the Company estimates that it will incur between $900 million and $1.6 billion to fulfill these commitments, with expenditures expected to be incurred in phases through 2028.
Leases Leases
The Company enters into leases as a lessee for data centers, office buildings, storage spaces, and technology equipment. In accounting for these arrangements, the Company applied judgment in performing the lease classification tests related to transfer of ownership, bargain purchase option, lease term assessment, estimated fair value, and the specialized nature of the underlying asset.
Leases for office and storage spaces generally have an initial term of one to fifteen years, often with multi-year renewal periods. Data center leases generally have an initial term from five to fifteen years, some of which include options to extend the leases for up to ten years. The Company's equipment leases generally have an initial term of two years and include the option to purchase the asset. Additionally, the Company's land lease contains a purchase option at the end of the lease term that it is reasonably certain to exercise. As such, the purchase option is included in the measurement of the finance lease liability. Certain lease agreements include variable costs, which generally relate to costs associated with Common Area Maintenance, utilities reimbursed to the landlord, and physical security expenses. These variable costs are not included in operating or finance lease cost and are expensed as incurred. 
The components of total lease cost related to leases for the periods presented were as follows (in millions):
Three Months Ended March 31,
20262025
Operating lease cost:
Operating lease cost$388 $155 
Finance lease cost:
Amortization of ROU assets$11 $7 
Interest on lease liabilities8 2 
Total finance lease cost $19 $9 
Variable lease cost$132 $44 
Total lease cost$539 $208 
The components of total lease cost related to leases for the periods presented were as follows (in millions):
March 31,
2026		December 31,
2025
Operating leases:
Operating lease ROU assets
$10,182 $8,231 
Operating lease liabilities, current
$487 $427 
Operating lease liabilities, non-current
9,563 7,768 
Total operating lease liabilities
$10,050 $8,195 
Finance leases:
Property and equipment
$500 $500 
Less: amortization
(67)(56)
Property and equipment, net
$433 $444 
Finance lease liabilities, current
$23 $38 
Finance lease liabilities, non-current
215 216 
Total finance lease liabilities
$238 $254 
Supplemental condensed consolidated cash flow and other information related to leases for the periods presented were as follows (in millions):
Three Months Ended March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases$317 $139 
Operating cash flows used in finance leases1 2 
Financing cash flows used in finance leases15 14 
Information relating to the lease term and discount rate for leases were as follows:
March 31,
2026		December 31,
2025
Weighted-average remaining lease term (in years):
Operating leases1111
Finance leases55
Weighted-average discount rate:
Operating leases10%10%
Finance leases10%10%
The future lease payments included in the measurement of the Company’s operating lease liabilities and finance lease liabilities as of March 31, 2026, were as follows (in millions):
Future Payments
Years Ending December 31,Operating
Leases 		Finance Leases
Remaining portion of 2026$1,048 $33 
20271,450 223 
20281,570 — 
20291,553 — 
20301,447 — 
Thereafter9,910 — 
Total undiscounted lease payments16,978 256 
Less: imputed interest(6,928)(18)
Present value of lease liabilities$10,050 $238 
The interest expense incurred on the Company's finance leases was not material for the three months ended March 31, 2026 and 2025.
In April 2025, the Company entered into a finance lease for data center infrastructure assets with DCSP (as defined in Note 10—Debt). Refer to Note 10—Debt for additional information.
Leases Not Yet Commenced
As of March 31, 2026, the Company executed additional lease agreements, primarily for data centers and office buildings, that had not yet commenced. The aggregate amount of estimated future undiscounted lease payments associated with such leases is $40.7 billion. These leases will commence between 2026 and 2029 with estimated lease terms of five to sixteen years. Not included in the preceding amounts are the following lease arrangements, which include significant uncertainties regarding the amount of future lease payments.
As of March 31, 2026, the Company also entered into a lease agreement for various buildings located at a single site intended to be used as a data center. The agreement provides access to 525 MW of electrical power, which is expected to be delivered in phases in 2026 and 2028. The Company will make contractual rent payments based on construction costs incurred by the lessor, subject to a contractual maximum. The total contractual rent payments range from $18.7 billion to $19.6 billion over the sixteen year term of this lease.
Additionally, the Company has lease agreements where the lease payments are based on a portion of the construction costs incurred by the lessor, including during the construction period. The payments during the construction period are variable and subject to contingencies, which are expected to be resolved at or near the lease commencement date. As of March 31, 2026, these lease agreements provide access to 363 MW of electrical power, which is expected to be delivered in phases between 2026 and 2028.
In connection with certain data center lease arrangements, the Company has contractual obligations to procure and install equipment at the leased premises. These obligations represent commitments for lessee-owned assets that are separate from the Company's lease obligations. As of March 31, 2026, the Company estimates that it will incur between $900 million and $1.6 billion to fulfill these commitments, with expenditures expected to be incurred in phases through 2028.
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Indemnifications
The Company enters into indemnification provisions under certain agreements with other parties in the ordinary course of business. In its customer agreements, the Company has agreed to indemnify, defend, and hold harmless the indemnified party for third party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party intellectual property infringement claims. For certain large or strategic customers, the Company has agreed to indemnify, defend, and hold harmless the indemnified party for noncompliance with certain additional representations and warranties made by the Company. In addition, the Company indemnifies its officers, directors, and certain key employees while they are serving in good faith in their respective capacities.
While the Company has entered into various indemnification agreements, it has not incurred any material costs or claims under these agreements to date, and management does not expect any future claims to have a material adverse effect on the Company's financial position or results of operations. It is not possible to determine the maximum potential amount under these indemnification provisions due to the Company's limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, there have been no material claims under any indemnification provisions.
Litigation
From time to time, the Company may be subject to various proceedings, lawsuits, disputes, or claims in the ordinary course of business. The Company investigates these claims as they arise.
On January 12, 2026, a putative class action Raymond Masaitis v. CoreWeave, Inc. et al (the "Securities Action") was filed in the U.S. District Court for the District of New Jersey against the Company and certain of its officers generally alleging that the defendants made false and misleading statements in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder and seeking unspecified damages along with payment of attorneys' fees and other costs. On February 10, 2026, two stockholder derivative actions were filed in the U.S. District Court for the District of New Jersey and on March 5, 2026 a third stockholder derivative action was filed in the same court. Each of the derivative actions was purportedly filed on behalf of the Company against certain of the Company's officers and directors and, as a nominal defendant, the Company, and seeks unspecified damages along with payment of attorneys' fees and other costs on behalf of the Company based on substantially the same allegations as the Securities Action. On April 1, 2026, the U.S. District Court for the District of New Jersey consolidated the derivative actions using the name In Re CoreWeave, Inc. Stockholder Derivative Litigation (the "Derivative Action"). The Company believes that the claims made in the Securities Action and the Derivative Action are without merit and intends to defend itself vigorously. Any possible loss or range of loss in these matters cannot be reasonably estimated at this time.
Although claims are inherently unpredictable, the Company is currently not aware of any other matters that would, individually or taken together, have a material adverse effect on its business, financial position, results of operations, or cash flows. As of March 31, 2026 and December 31, 2025, the Company has not accrued for any material potential loss.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
The total debt obligations are as follows (dollars in millions):
Maturities Effective
Interest
Rates 		March 31,
2026		December 31,
2025
DDTL 1.0 FacilityMarch 202815%$1,438 $1,553 
DDTL 2.0 FacilityAugust 203011%4,425 5,037 
DDTL 2.1 FacilityMarch 20319%3,000 2,741 
DDTL 3.0 FacilityAugust 20309%1,700 340 
DDTL 4.0 Facility(1)
March 20327%1,260 — 
2030 Senior NotesJune 203010%2,000 2,000 
2031 Senior NotesFebruary 203110%1,750 1,750 
2031 Convertible Senior NotesDecember 20312%2,588 2,588 
Convertible Promissory NotesApril 20267%171 168 
Revolving Credit FacilityNovember 20296%1,500 1,000 
OEM and Software License Financing ArrangementsJuly 2026 - July 2030
10%
5,036 4,165 
Magnetar LoanJanuary 202912%281 273 
Total principal of debt25,149 21,615 
Less: Unamortized discount and issuance costs(290)(242)
Total debt, net of unamortized discount and issuance costs24,859 21,373 
Less: Debt, current(7,547)(6,708)
Total debt, non-current$17,312 $14,665 
(1) DDTL 4.0 Facility is a non-recourse delayed draw term loan facility with an outstanding balance of $1.3 billion as of March 31, 2026.
As of March 31, 2026, the future principal payments for the Company's total debt were as follows (in millions):
Years Ending December 31,Amount
Remaining portion of 2026$6,066 
20275,652 
20283,802 
20292,894 
20302,348 
Thereafter4,387 
Total$25,149 
The total interest expense for the Company's debt obligations was as follows (in millions):
Three Months Ended March 31,
20262025
Contractual interest expense$483 $232 
Amortization of debt discounts and issuance costs and accretion of redemption premiums41 38 
Less: capitalized interest(97)(13)
Total$427 $257 
Delayed Draw Term Loans
In March 2026, one of the Company's subsidiaries, CoreWeave Compute Acquisition Co. VIII, LLC ("CCAC VIII"), entered into a delayed draw term loan facility agreement with various lenders and MUFG Bank, LTD, as the administrative agent. The agreement provides an $8.5 billion delayed draw term loan facility (the “DDTL 4.0 Facility”) available in one or more draws through June 30, 2027, the commitment termination date. The facility is comprised of approximately $4.5 billion of floating-rate commitments and approximately $4.0 billion of fixed-rate commitments. Amounts borrowed under the floating-rate commitments bear interest, at the Company’s option, at daily compounded SOFR plus 2.25% per annum or the alternative base rate plus 1.25% per annum. Amounts borrowed under the fixed-rate commitments bear interest at 2.00% per annum plus a blended rate based upon the applicable United States Treasury securities per the credit agreement at the time of the borrowing.
The DDTL 4.0 Facility matures in March 2032. Principal is payable monthly beginning on the first payment date following the earliest of (i) the commitment termination date, (ii) the applicable amortization commencement date for each data center site that did not meet certain delivery requirements by a specified date (each, a “delayed data center site amortization date”), and (iii) for data center sites that met such delivery requirements, the date of any related incremental draw (each, a “top-up draw date”). Any remaining unpaid principal is due at maturity. The timing and amount of future principal payments, including the determination of the current portion of the outstanding balance, require management judgment and are based on the Company’s best estimates of the occurrence and timing of these events and related payment obligations. The Company is also required to pay an undrawn fee of 0.50% per annum on the undrawn portion of the commitments through the end of the availability period. In conjunction with the issuance of the DDTL 4.0 Facility, the Company capitalized $142 million in deferred financing costs.
Borrowings under the DDTL 4.0 Facility are primarily used to finance the acquisition and installation of computing infrastructure and related fees and expenses and are subject to borrowing conditions and debt-sizing limitations tied to the purchase price of eligible assets for which the loans are being used to finance with such percentage based upon the depreciable cost of computing equipment, projected debt service coverage and project-level conditions.
The DDTL 4.0 Facility also requires the Company to enter into interest rate hedge agreements covering at least 95% of reasonably anticipated outstanding floating-rate borrowings within specified time periods following the commitment termination date. In addition, the agreement includes certain power cost hedging requirements. As of March 31, 2026, the Company is in compliance with these requirements.
The outstanding loan amounts are prepayable at any time, from time to time, at the Company's option, and are required to be prepaid upon the occurrence of an event of default or change in control as defined in the credit agreement, or with the proceeds of certain asset dispositions or incurrences of indebtedness.
Obligations outstanding under the DDTL 4.0 Facility are secured by perfected first priority pledges of and security interests in (i) the equity interests of CCAC VIII held by its direct parent and (ii) substantially all of the assets of CCAC VIII. The DDTL 4.0 Facility is non-recourse, except for limited guarantees related to customary non-recourse carve-out obligations.
The DDTL 4.0 Facility contains covenants that restrict the ability of CCAC VIII and/or its subsidiaries to incur or guarantee additional indebtedness; pay dividends and make other distributions or repurchase stock; make certain investments; create or incur liens; sell assets; enter into certain transactions with affiliates; and merge, consolidate, transfer, or sell all or substantially all of its assets.
The DDTL 4.0 Facility requires the maintenance of restricted cash balances primarily based on a forward-looking three-month coverage of scheduled cash interest and principal payments, periodic swap settlements, and operating expenses. Following the commitment termination date, the requirement is based on the maximum projected three-month amounts of such obligations through the term maturity date.
Revolving Credit Facility
As of March 31, 2026 and December 31, 2025, the outstanding balances associated with letters of credit were $314 million and $294 million, respectively. The letters of credit issued were primarily in support of certain lease obligations from separate lease agreements. These letters of credit remain outstanding, continue to secure the related lease obligations, and reduce availability under the senior secured revolving credit facility (as amended, the "Revolving Credit Facility"),
with no change to the underlying lease terms or obligations. These letters of credit renew annually and expire on various dates through 2041.
As of March 31, 2026, the Company had drawn $1.5 billion and had $686 million of remaining capacity under the Revolving Credit Facility. As of December 31, 2025, the Company had drawn $1.0 billion and had $1.2 billion of remaining capacity under the Revolving Credit Facility. Obligations outstanding under the Revolving Credit Facility are secured by pledges of certain assets as collateral. The Company is required to pay a fee of 0.25% per annum on the undrawn commitment.
OEM and Software License Financing Arrangements
The Company had entered into various agreements with original equipment manufacturers (the "OEM Financing Arrangements"), whereby the Company obtained financing for certain equipment. The Company had an outstanding balance of $4.7 billion and $3.8 billion as of March 31, 2026 and December 31, 2025, respectively. The Company also had entered into various arrangements with a software license vendor (the "Software License Financing Arrangements"), whereby the Company obtained financing for certain software licenses. The Company had an outstanding balance of $358 million and $368 million as of March 31, 2026 and December 31, 2025, respectively.
Convertible Promissory Notes
In connection with an acquisition during the year ended December 31, 2025, the Company issued non-interest-bearing convertible promissory notes with an aggregate principal amount of $172 million to certain former shareholders of the acquiree. In April 2026, the Company settled in full the convertible promissory notes at a conversion price of $106.61 per share. Accordingly, the notes were settled through the issuance of shares of the Company's Class A common stock, with the number of shares determined by dividing the aggregate principal balance by the conversion price.
DCSP Financing Arrangements
In June 2023, the Company entered into a service agreement (the "DCSP Service Agreement") with a data center service provider (the "DCSP"). Under the DCSP Service Agreement, the DCSP will design, purchase, build, and manage a data center providing access to up to 78 MW of electrical power to be delivered in phases. Separately, during the year ended December 31, 2024, the Company purchased $116 million of critical infrastructure assets to support the data center site (the "Existing Critical Infrastructure Assets").
In October 2024, the Company, as a lender, entered into a Senior Secured Delayed Draw Term Loan Credit Agreement (the "DCSP Note Receivable," and collectively, with the DCSP Service Agreement, the "DCSP Financing Arrangements") with the DCSP to facilitate the purchase of critical infrastructure assets. The DCSP Note Receivable provides for a total commitment of up to $305 million in delayed draw term loan funding for a term of seven years with a stated interest rate of 13.00% per annum.
The DCSP Note Receivable is secured by the new and existing critical infrastructure assets that support current and future phases of the build out at the data center and is prepayable at any time by the DCSP with no penalty.
The DCSP has borrowed under the DCSP Note Receivable to settle amounts previously advanced to the DCSP by the Company, finance purchases of additional critical infrastructure assets, and purchase the Existing Critical Infrastructure Assets. Under the terms of the DCSP Service Agreement, the Company continues to control the Existing Critical Infrastructure Assets and the Company recorded a financing obligation related to the consideration received for the Existing Critical Infrastructure Assets. The financing obligation is payable over a term of 14 years and has an imputed interest rate of 15%. The Existing Critical Infrastructure Assets are included in property and equipment, net, on the condensed consolidated balance sheets and are depreciated over their estimated useful life.
Additionally, the Company entered into a lease for data center infrastructure assets with the DCSP. The arrangement commenced in April 2025 and is accounted for as a finance lease, with an initial term of 14 years and an imputed interest rate of 13%. The Company did not record any finance lease right-of-use assets acquired through lease liability for the three months ended March 31, 2026 and 2025. For the three months ended March 31, 2026 and 2025, the amortization expense related to finance lease right-of-use assets were not material and none, respectively.
As of March 31, 2026, the future contractual principal payments under the financing obligation and finance lease due to the DCSP were as follows (in millions):
Years Ending December 31,Financing obligationFinance lease
Remaining portion of 2026$15 $14 
202720 19 
202820 19 
202920 19 
203020 19 
Thereafter156 150 
Total future payments251 240 
Less: amount representing interest(137)(119)
Total financing obligation$114 $121 
Less: current portion(3)(4)
Long-term portion$111 $117 
The DCSP Financing Arrangements allow for the net settlement of amounts due between the parties and meet the criteria for right of setoff in accordance with ASC 210, Balance Sheet. As of March 31, 2026, the gross amount of the DCSP Note Receivable was $303 million, which is presented net of the financing obligation and finance lease of $232 million. As of December 31, 2025, the gross amount of the DCSP Note Receivable was $304 million, which is presented net of the financing obligation of $234 million. Prior to March 2025, the Company did not recognize any interest income associated with this arrangement as the Company did not expect to be entitled to the accrued interest. In March 2025, the Company began recognizing interest income associated with this arrangement. For the three months ended March 31, 2026 and 2025, interest income recognized in other income (expense), net in the condensed consolidated statements of operations and comprehensive loss was not material. The total interest expense related to the financing obligation and finance lease associated with this arrangement for the three months ended March 31, 2026 and 2025 was not material.
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders' Equity (Deficit)
Redeemable Convertible Preferred Stock and Redeemable Common Stock
As discussed in Note 1—Overview and Summary of Significant Accounting Policies, in connection with the IPO, all shares of the Company's Series Seed, Series A, Series B, and Series B-1 redeemable convertible preferred stock then outstanding, totaling 155 million shares, were automatically converted into an equivalent number of shares of the Company's Class A common stock. The carrying value of $559 million was reclassified into stockholders' equity (deficit). All shares of the Company's Series C redeemable convertible preferred stock then outstanding, totaling 30 million shares, were automatically converted into 30 million shares of the Company's redeemable Class A common stock. As a result of these conversions, no shares of redeemable convertible preferred stock remain issued and outstanding upon completion of the IPO.
The redeemable Class A common stock was subject to a right to be "put" to the Company on the first trading day immediately after the second anniversary of the closing of the IPO (the "Put Right"). Upon exercise of the Put Right, holders of these shares would be entitled to receive from the Company an amount in cash equal to the original issue price per share of the Series C redeemable convertible preferred stock of $38.95 per share, representing an aggregate price of $1.2 billion. In connection with the IPO and conversion of the redeemable convertible preferred stock, the $1.2 billion carrying value of the redeemable convertible preferred stock was reclassified to redeemable Class A common stock and continued to be presented as mezzanine equity due to the shares being redeemable outside of the Company's control under the outstanding Put Right.
The rights of the holders of the Company's redeemable Class A common stock were identical to the Company's Class A common stock, except with respect to the Put Right. The Put Right with respect to each share was subject to a lock-up period after the IPO and automatically terminated in September 2025 when the Company's Class A common stock achieved a 20 day volume-weighted average price in a consecutive 30 trading day period of at least $68.16. Upon
termination of the Put Right, the Company's redeemable Class A common stock was reclassified into Class A common stock within stockholders' equity (deficit).
Dividends
Holders of the redeemable convertible preferred stock were entitled to participate in any dividends distributed to holders of common stock, as if converted.
Holders of the Series C redeemable convertible preferred stock were entitled to a cumulative dividend that accrued from day-to-day at a rate of 10% per annum of the accumulated stated value, equal to $38.95 per share (the accumulated stated value is the defined "original issue price" at the time of conversion). Cumulative dividends were payable quarterly from the time the shares were issued until the completion of an IPO. These dividends could be paid in cash or in kind by being added to the accumulated stated value. After the IPO and conversion to redeemable Class A common stock, these dividend rights ceased. For the three months ended March 31, 2026, the Company paid no dividends. For the three months ended March 31, 2025, the Company paid cash dividends of $29 million.
Preferred Stock
In connection with the IPO, the Company's amended and restated certificate of incorporation became effective, which authorized the issuance of 100 million shares of preferred stock with a par value of $0.000005 per share with rights and preferences, including voting rights, designated from time to time by the Company's board of directors (the "Board"). As of March 31, 2026, there were no shares of preferred stock issued and outstanding.
Common Stock
As of March 31, 2026 and December 31, 2025, the Company was authorized to issue 3.4 billion shares of common stock, with a par value of $0.000005 per share. In March 2025, the Company's certificate of incorporation was amended such that the Company's common stock consisted of Class A common stock, Class B common stock, and Class C common stock. As of March 31, 2026 and December 31, 2025, there were no shares of Class C common stock issued and outstanding.
Common stockholders are entitled to receive any dividends if and when declared by the Board, and upon liquidation or dissolution, are also entitled to receive all assets legally available for distribution to stockholders, ratably in proportion to the number of shares held, subject to the rights of preferred stockholders (if then outstanding). As of March 31, 2026 and December 31, 2025, no dividends on the Company's common stock had been declared by the Board.
Voting
Holders of Class A common stock are entitled to one vote per share. Prior to the completion of the Company's IPO, holders of Class B common stock were entitled to one vote per share. Upon the completion of the IPO, holders of Class B common stock are entitled to ten votes per share. Holders of Class A common stock and Class B common stock vote together as a single class, except where otherwise required by law. Holders of Class C common stock have no voting rights. 
Private Placement
In January 2026, the Company entered into a securities purchase agreement for a private placement of 23 million shares of its Class A common stock at a purchase price of $87.20 per share, for aggregate gross proceeds of $2.0 billion. The par value of the shares issued was recorded to Class A common stock, with the remainder recorded to additional paid-in capital.
Warrants to Purchase Common Stock
As of December 31, 2024, the Company had outstanding warrants to purchase shares of the Company's Class A common stock that were classified as liabilities. These warrants were issued in connection with the 2022 Senior Secured Notes, as disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
On March 21, 2025, the Company executed an amendment with the warrant holders to fix the exercise price to $1.5495 per share, subject to adjustments for standard anti-dilution adjustments. As a result of the amendment, the Company concluded that the warrants met the requirements for equity classification for contracts that are indexed to the Company's own stock. The Company recognized a net gain of $27 million for the final fair value adjustment pre-modification, and modification and fixing of the exercise price, which was recorded in gain (loss) on fair value adjustments in the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2025, and reclassified the final value of the warrants to additional paid-in capital.
2019 Stock Option Plan and 2025 Equity Incentive Plan
In July 2019, the Company adopted a stock option plan (the "2019 Plan"). The purpose of the 2019 Plan is to provide incentives to attract, retain, and motivate eligible persons whose potential contributions are important to the success of the Company by offering those eligible persons an opportunity to participate in the Company's future performance through the grant of awards of common stock. Prior to the IPO, in the event that shares previously issued under the 2019 Plan were reacquired by the Company pursuant to a forfeiture provision, right of first refusal, or repurchase by the Company, such shares were added back to the number of shares then available for issuance under the 2019 Plan. In March 2025, in connection with the IPO and the adoption of the 2025 Plan (as defined below), the Company ceased granting awards under the 2019 Plan. Following the effective date of the 2025 Plan, any outstanding awards granted under the 2019 Plan remain subject to the terms of the 2019 Plan, and any shares that are forfeited or repurchased by the Company under the 2019 Plan will be automatically transferred to be available for issuance under the 2025 Plan.
In March 2025, the Company adopted the 2025 Equity Incentive Plan (the "2025 Plan") as a successor to the 2019 Plan, which became effective in connection with the IPO. The 2025 Plan authorizes the award of incentive stock options ("ISOs"), nonqualified stock options ("NQSOs"), RSAs, stock appreciation rights, and RSUs, as well as performance and stock bonus awards. Pursuant to the 2025 Plan, the ISOs may be granted only to employees of the Company, while all other award types may be granted to employees, directors, and consultants. A total of 50 million shares of the Company's Class A common stock were initially reserved, plus any reserved shares of Class A common stock not issued or subject to outstanding grants under the 2019 Plan on the effective date of the 2025 Plan. The number of shares reserved for issuance under the 2025 Plan will increase automatically on January 1 of each of 2026 through 2035 by the number of shares equal to the lesser of (a) five percent of the aggregate number of outstanding shares of all classes of common stock plus the total number of shares of Class A common stock issuable upon conversion of preferred stock (if any), in each case as of the immediately preceding December 31, or (b) such number of shares of Class A common stock as may be determined by the Board or the compensation committee of the Board (the "Compensation Committee"). In the event that shares previously issued under the 2025 Plan are reacquired by the Company pursuant to a forfeiture provision, right of first refusal, or repurchase by the Company, such shares shall be added back to the number of shares then available for issuance under the 2025 Plan. As of March 31, 2026, 65 million shares were available for issuance under the 2025 Plan.
The Company may grant stock options to employees, contractors, or other entities in order to incentivize them to increase their efforts on behalf of the Company and to promote the success of the Company's business. Stock options may be treated as ISO or NQSO depending on the specific circumstances of an optionee's relationship with the Company and the number of stock options vesting or exercised in a calendar year. Stock options granted under the 2019 and 2025 Plans generally vest either over a three-year or four-year period. The Company may award stock options that are immediately exercisable, subject to a repurchase right. The Company may also grant stock options that allow for acceleration of vesting. The stock options granted under the 2019 and 2025 Plans will expire after ten years from the time of their grant. The Company issues Class A common stock upon the exercise of stock options. Pursuant to the equity exchange agreement between the Company and each of its co-founders, each co-founder has the right to exchange any shares of Class A common stock received upon the exercise of certain option awards granted prior to September 2024 and held by such co-founder into an equal number of shares of Class B common stock.
Stock Options
The following table summarizes stock option activity under the 2019 Plan (share data and aggregate intrinsic value in millions):
Stock
Options
Outstanding		Weighted-Average
Exercise Price		Weighted-Average
Remaining
Contractual Term
(Years)		Aggregate
Intrinsic Value
Balance at December 31, 202534$1.76 6$2,381 
Granted—— 
Exercised(5)1.45 
Forfeited, expired, or canceled(1)3.77 
Outstanding at March 31, 2026 28$1.78 6$2,151 
Vested and expected to vest at March 31, 2026 28$1.78 6$2,151 
Exercisable at March 31, 2026 21$1.25 6$1,633 
The table above does not include 0.4 million shares subject to options outstanding as of March 31, 2026 that were issued in connection with the 2021 Convertible Senior Secured Notes. Refer to Note 14—Related-Party Transactions for additional information.
The Company did not grant any stock options during the three months ended March 31, 2026 and 2025.
The aggregate grant date fair value of stock options that vested during the three months ended March 31, 2026 and 2025 was not material.
The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2026 and 2025 was $389 million and $70 million, respectively. The intrinsic value for options exercised is the difference between the estimated fair value of the stock and the exercise price of the stock option at the date of exercise.
Employee Stock Purchase Plan
In March 2025, the Company adopted the 2025 Employee Stock Purchase Plan (the "2025 ESPP"), which became effective in connection with the IPO. The 2025 ESPP enables eligible employees to purchase shares of the Company's Class A common stock with accumulated payroll deductions. A total of 10 million shares of the Company's Class A common stock are reserved for issuance under the 2025 ESPP.
The number of shares reserved for issuance and sale under the 2025 ESPP will increase automatically on January 1st of each of 2026 through 2035 by the number of shares equal to the lesser of (a) the number of shares equal to 1% of the sum of the total number of outstanding shares of all classes of the Company's common stock plus the total number of shares of the Company's Class A common stock issuable upon conversion of preferred stock (if any), in each case outstanding as of the immediately preceding December 31 and (b) such number of shares of the Company's Class A common stock determined by the Board or Compensation Committee; provided, that the Board or Compensation Committee may in its sole discretion reduce the amount of the increase in any particular calendar year. Subject to stock splits, recapitalizations, or similar events, no more than 100 million shares of the Company's Class A common stock may be issued over the term of the 2025 ESPP.
The purchase price for shares purchased under the 2025 ESPP during any given purchase period is 85% of the lesser of the fair market value of the Company's Class A common stock on (1) the first trading day of the applicable offering period or (2) the last trading day of the applicable purchase period. Each offering period may itself consist of one or more purchase periods. The 2025 ESPP had an initial offering period beginning on March 28, 2025 and ending on November 15, 2025, with a purchase date of November 15, 2025. The initial enrollment period began on the date of the IPO and ended on April 18, 2025. As of March 31, 2026 and December 31, 2025, the amount withheld on behalf of employees for future purchases under the ESPP was not material. There was no stock-based compensation expense related to the 2025 ESPP during the three months ended March 31, 2025. Stock-based compensation expense during the three months ended March
31, 2026 and unrecognized stock-based compensation expense as of March 31, 2026 related to the 2025 ESPP were not material. There were no purchases under the 2025 ESPP during the three months ended March 31, 2026 and 2025.
Restricted Stock Units
RSUs granted typically vest over four years. The following table summarizes restricted stock unit activity under the 2019 and 2025 Plans for the periods presented (share data in millions):
SharesWeighted-
Average Fair
Value Per Share
Balance at December 31, 202526$62.06 
Granted792.82 
Vested(2)46.91 
Forfeited, expired, or canceled(1)64.35 
Unvested balance at March 31, 202630$69.98 
Restricted Stock Awards
During the three months ended March 31, 2026 and 2025, no RSAs were granted in connection with the Company's acquisitions. RSAs typically vest over a four-year service period. The grant date fair value of RSAs is based on the Company's closing stock price on the grant date and is recognized as stock-based compensation expense over the vesting period. The aggregate grant date fair value of RSAs that vested during the three months ended March 31, 2026 and 2025 was not material. As of March 31, 2026 and December 31, 2025, 2 million RSAs remained unvested. Refer to Note 4—Business Combinations for additional information.
Stock-Based Compensation Expense
As of March 31, 2026, unrecognized stock-based compensation expense related to unvested stock options was $40 million, which is expected to be recognized over a weighted-average period of one year.
As of March 31, 2026, unrecognized stock-based compensation expense related to unvested RSUs and RSAs was $1.7 billion, which is expected to be recognized over a weighted-average period of three years.
Total stock-based compensation expense, net of capitalized costs, recognized in the Company's condensed consolidated statements of operations and comprehensive loss was as follows (in millions):
Three Months Ended March 31,
20262025
Cost of revenue$8 $3 
Technology and infrastructure55 55 
Sales and marketing13 3 
General and administrative77 123 
Total stock-based compensation expense (1)(2)
$153 $184 
(1) Stock-based compensation expense was net of capitalized costs primarily related to the development of internal-use software of $15 million and $19 million during the three months ended March 31, 2026 and 2025, respectively.
(2) The Company recognized $177 million of stock-based compensation expense, net of $17 million of capitalized costs primarily related to the development of internal-use software, during the three months ended March 31, 2025, associated with vested RSUs as a result of the satisfaction of the liquidity-event performance-based vesting condition which was satisfied in connection with the IPO.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's effective tax rate was (13)% and (17)% for the three months ended March 31, 2026 and 2025, respectively.
The Company recorded income tax expense in all periods presented despite experiencing losses before income taxes primarily due to limitations on the Company's ability to realize certain tax benefits, which has resulted in the Company maintaining a valuation allowance on its U.S. deferred tax assets. The increase in period-over-period income tax expense primarily resulted from an increase in losses before income taxes, an increase in tax depreciation expense from new assets placed in service, and the inability to record a tax benefit from deferred tax assets generated.
Beginning in 2026, the Company is in scope of Organization of Economic Co-operation and Development (“OECD”) Pillar Two Model Rules (“Pillar Two”) as it now meets the consolidated revenue threshold of EUR 750 million. Based on the most recently available financial information of the Company, management determined the impact on Pillar Two income taxes was not material. The Transitional Country-by-Country Reporting Safe Harbor relief applied to all of the Company’s subsidiary jurisdictions.
v3.26.1
Net Loss Per Share Attributable to Common Stockholders
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Net Loss Per Share Attributable to Common Stockholders Net Loss Per Share Attributable to Common Stockholders
The Company computes net loss per share utilizing the two-class method required for participating securities. The two-class method determines net loss per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed income. The rights, including the liquidation and dividend rights, of the holders of the Company's Class A common stock and Class B common stock are identical, except with respect to voting. As a result, the basic and diluted net loss per share of Class A common stock and Class B common stock are the same and therefore presented on a combined basis.
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in millions, except per share data):
Three Months Ended March 31,
20262025
Numerator:
Net loss$(740)$(315)
Dividends and accretion on Series C redeemable convertible preferred stock— (28)
Net loss attributable to common stockholders, basic$(740)$(343)
Change in fair value of common stock warrants— (27)
Net loss attributable to common stockholders, diluted$(740)$(370)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic527246
Effect of dilutive securities:
Common stock warrants— 3 
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted527249
Net loss per share attributable to common stockholders, basic$(1.40)$(1.40)
Net loss per share attributable to common stockholders, diluted$(1.40)$(1.49)
 
The number of securities that were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive are as follows (in millions):
March 31,
20262025
Outstanding convertible notes26 — 
Outstanding stock options29 46
Outstanding RSUs and RSAs32 23
Outstanding warrants to purchase common stock4 — 
Over-allotment options to purchase common stock— 6
Total91 75
v3.26.1
Related-Party Transactions
 3 Months Ended
Mar. 31, 2026
Related Party Transactions [Abstract]  
Related-Party Transactions Related-Party Transactions
Magnetar
The Company has entered into certain transactions, as further described below, with Magnetar Financial LLC ("Magnetar") and certain funds or accounts managed or advised by Magnetar, and such funds or accounts collectively held a significant equity interest in the Company.
Magnetar was a related party of the Company through March 2025, as Magnetar-affiliated funds collectively held a significant equity interest in the Company and Magnetar had representation on the Company's Board. Effective March 2025, Magnetar relinquished its Board seat, held less than 10% of the total voting power, and no longer had the ability to exercise significant influence over the Company. Accordingly, Magnetar no longer met the definition of a related party per ASC 850, Related Party Disclosures.
Senior Secured Notes
In connection with the issuance of the 2021 Convertible Senior Secured Notes in October 2021, the Company granted Magnetar an option to purchase up to $15 million of the Company's Class A common stock at the IPO price, which is equal to 0.4 million shares at the IPO price of $40.00 per share, which is exercisable until the one-year anniversary of the IPO. This option was exercised by Magnetar in March 2026, and the shares were issued in April 2026.
In October 2022, the Company executed a note issuance agreement and a note purchase agreement (the "2022 Senior Secured Notes") and between October 2022 and April 2023, the Company issued $125 million of 2022 Senior Secured Notes with maturity dates between October 2025 and April 2026 to funds or accounts managed or advised by Magnetar, along with warrants to purchase 12 million shares of the Company's Class A common stock. In March 2025, the warrants were amended to fix the exercise price per share, and the Company concluded that these warrants met the requirements for equity classification. Refer to Note 11—Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders' Equity (Deficit) for additional information. In July 2024, the Company redeemed these notes in full, paying $137 million. In connection with the issuance of the 2022 Senior Secured Notes, the Company granted Magnetar the right to purchase up to 5% of the Company's Class A common stock issued at a price equal to the price per share in the Company's IPO. This option expired unexercised in connection with the IPO.
Equity Exchange Agreement
In September 2024, the Company entered into an equity exchange right agreement with each of its co-founders. This agreement grants each co-founder the right, but not the obligation, to exchange shares of Class A common stock received upon the exercise or settlement of equity awards for shares of Class B common stock. This right applies to equity awards previously granted to the Company's co-founders and to equity awards that may be granted to the Company's co-founders in the future.
Unconsolidated Joint Venture
In June 2025, the Company entered into a forward-starting lease and a development management agreement in connection with an unconsolidated joint venture, which is an unconsolidated joint venture of the Company and a related party. These agreements are deemed to be priced at market terms as they were negotiated as part of an arms-length negotiations with the other investor in the JV. During the three months ended March 31, 2026, the Company did not recognize any material income or expenses in the condensed consolidated statements of operations and comprehensive loss pursuant to these agreements. Refer to Note 3—Investments and Fair Value Measurements for additional information.
v3.26.1
Geographic Information
 3 Months Ended
Mar. 31, 2026
Risks and Uncertainties [Abstract]  
Geographic Information Geographic Information
Revenue by geography is based on the address of the customer as specified in the Company's customer contracts. The following table sets forth revenue by geographic area (in millions):
Three Months Ended March 31,
20262025
United States$1,900 $929 
All other countries178 53 
Total revenue$2,078 $982 

The Company's long-lived assets are attributed to a country based on the physical location of the assets. It defines long-lived assets as property and equipment and lease right-of-use assets because many of these assets cannot be readily moved and are relatively illiquid, subjecting them to geographic risk.
As of March 31, 2026 and December 31, 2025, 88% of the Company's long-lived assets were located in the United States, with no other single country accounting for more than 10% of these assets.
v3.26.1
Subsequent Events
 3 Months Ended
Mar. 31, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In April 2026, the Company completed a private offering of $4.0 billion aggregate principal amount of 1.75% Convertible Senior Notes due 2032 (the "2032 Convertible Senior Notes"). The Company intends to use the net proceeds for general corporate purposes. The 2032 Convertible Senior Notes were offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). In conjunction with the issuance of the 2032 Convertible Senior Notes, the Company entered into separately negotiated capped call transactions with certain financial institutions at a total cost of $492 million.
In April 2026, the Company completed two private offerings for a total of $2.8 billion aggregate principal amount of 9.75% Senior Notes due 2031 (the "9.75% 2031 Senior Notes"). The Company intends to use the net proceeds for general corporate purposes. The 9.75% 2031 Senior Notes were offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act.
In April 2026, the Company issued 9 million shares of the Company's Class A common stock in a private placement at a price of $109.00 per share for aggregate gross proceeds of $1.0 billion.
In April 2026, the Company repaid the $1.5 billion balance under the Revolving Credit Facility that was outstanding as of March 31, 2026. The Revolving Credit Facility continues to be available for future borrowings in accordance with its terms.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Jack Cogen [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
As previously disclosed, on September 4, 2025, Jack Cogen, a member of our board of directors, entered into a Rule 10b5-1 Plan (the "September 2025 Cogen Plan") providing for the potential sale of up to 2,000,000 shares of our Class A common stock directly held by CW Holding 987 LLC, of which Mr. Cogen is the managing member. The September 2025 Cogen Plan was terminated on March 3, 2026.

On March 3, 2026, after terminating the September 2025 Cogen Plan, Mr. Cogen entered into a Rule 10b5-1 Plan (the "March 2026 Cogen Plan") providing for the potential sale of up to 6,000,000 shares of our Class A common stock directly held by CW Holding 987 LLC so long as the market price our Class A common stock satisfies certain threshold prices specified in the Cogen Plan between an estimated start date of June 8, 2026 and November 30, 2026, or earlier, upon the completion of all transactions subject to the trading arrangements specified in the March 2026 Cogen Plan or the occurrence of certain events set forth therein.
Arrangement Duration 272 days
Brannin McBee [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 5, 2026, Brannin McBee, our Chief Development Officer, entered into a Rule 10b5-1 Plan (the "McBee Plan") providing for the potential sale of up to (a) 59,234 shares of our Class A common stock directly held by Mr. McBee and 3,360,766 shares of our Class A Common Stock issuable upon the conversion of shares of our Class B common stock directly held by Mr. McBee, (b) 600,000 shares of our Class A common stock issuable upon conversion of shares of our Class B common stock directly held by Mr. McBee's spouse, (c) 600,000 shares of our Class A common stock issuable upon conversion of shares of our Class B common stock directly held by the Brannin J. McBee 2022 Irrevocable Trust, of which Mr. McBee's spouse and minor child are beneficiaries and for which Mr. McBee's spouse is trustee, (d) 72,000 shares of our Class A common stock issuable upon conversion of shares of our Class B common stock directly held by the Canis Major 2024 Irrevocable Trust, of which Mr. McBee and his minor child are beneficiaries, (e) 12,000 shares of our Class A common stock directly held by the Canis Major SM Trust, an irrevocable trust with a third-party trustee, of which Mr. McBee’s minor child is beneficiary, (f) 18,000 shares of our Class A common stock issuable upon conversion of shares of our Class B common stock directly held by the Canis Major 2025 Family Trust LLC, of which Mr. McBee serves as manager, (g) 18,000 shares of our Class A common stock issuable upon conversion of shares of our Class B common stock directly held by the Canis Minor 2025 Family Trust LLC, of which Mr. McBee serves as manager, (h) 960,000 shares of our Class A common stock issuable upon conversion of shares of our Class B common stock directly held by the Canis Major 2025 GRAT, of which Mr. McBee is the sole trustee and beneficiary, and (i) 300,000 shares of our Class A common stock issuable upon conversion of shares of our Class B common stock directly held by the Canis Minor 2025 GRAT, of which Mr. McBee’s spouse is the sole trustee and beneficiary, so long as the market price of our Class A common stock satisfies certain threshold prices specified in the McBee Plan, between an estimated start date of June 8, 2026 and August 26, 2026, or earlier, upon the completion of all transactions subject to the trading arrangements specified in the McBee Plan or the occurrence of certain events set forth therein.
Name Brannin McBee
Title Chief Development Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date On March 5, 2026
Expiration Date August 26, 2026
Arrangement Duration 174 days
September 2025 Cogen Plan [Member] | Jack Cogen [Member]  
Trading Arrangements, by Individual  
Name Jack Cogen
Title member of our board of directors
Rule 10b5-1 Arrangement Terminated true
Termination Date March 3, 2026
Aggregate Available 2,000,000
March 2026 Cogen Plan [Member] | Jack Cogen [Member]  
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 3, 2026
Expiration Date November 30, 2026
Aggregate Available 6,000,000
Brannin McBee Rule Trading Arrangement, Class A Common Stock, Directly Held by Mr. McBee [Member] | Brannin McBee [Member]  
Trading Arrangements, by Individual  
Aggregate Available 59,234
Brannin McBee Rule Trading Arrangement, Common Stock [Member] | Brannin McBee [Member]  
Trading Arrangements, by Individual  
Aggregate Available 3,360,766
Brannin McBee Rule Trading Arrangement, Class A Common Stock, Directly Held by Mr. McBee's Spouse [Member] | Brannin McBee [Member]  
Trading Arrangements, by Individual  
Aggregate Available 600,000
Brannin McBee Rule Trading Arrangement, Common Stock 2022 Irrevocable Trust [Member] | Brannin McBee [Member]  
Trading Arrangements, by Individual  
Aggregate Available 600,000
Brannin McBee Rule Trading Arrangement, Common Stock, Canis Major 2024 Irrevocable Trust [Member] | Brannin McBee [Member]  
Trading Arrangements, by Individual  
Aggregate Available 72,000
Brannin McBee Rule Trading Arrangement, Common Stock, Canis Major SM Trust [Member] | Brannin McBee [Member]  
Trading Arrangements, by Individual  
Aggregate Available 12,000
Brannin McBee Rule Trading Arrangement, Common Stock, Canis Major 2025 Family Trust LLC [Member] | Brannin McBee [Member]  
Trading Arrangements, by Individual  
Aggregate Available 18,000
Brannin McBee Rule Trading Arrangement, Common Stock, Canis Minor 2025 Family Trust LLC [Member] | Brannin McBee [Member]  
Trading Arrangements, by Individual  
Aggregate Available 18,000
Brannin McBee Rule Trading Arrangement, Common Stock, Canis Major 2025 GRAT [Member] | Brannin McBee [Member]  
Trading Arrangements, by Individual  
Aggregate Available 960,000
Brannin McBee Rule Trading Arrangement, Common Stock, Canis Minor 2025 GRAT [Member] | Brannin McBee [Member]  
Trading Arrangements, by Individual  
Aggregate Available 300,000
v3.26.1
Overview and Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
Basis of Presentation and Consolidation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") and include the accounts of the Company and its wholly and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
These unaudited interim condensed consolidated financial statements are presented in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. Therefore, these unaudited
condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, which was filed with the SEC on March 2, 2026. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual financial statements and include all adjustments, which include only normal recurring adjustments, necessary to fairly state the Company’s financial position and results of operations. The interim results are not necessarily indicative of the operating results expected for the full year or any future period. Certain prior period amounts reported in our condensed consolidated financial statements and notes thereto have been reclassified to conform to the current period presentation.
During the year ended December 31, 2025, the Company elected to change the presentation of its financial statements and accompanying footnote disclosures from thousands to millions. The change in presentation had no material impact on previously reported financial information, but certain amounts reported for prior periods may differ by insignificant amounts due to the nature of rounding relative to the change in presentation. In addition, historical percentages and per share amounts presented may not add to their respective totals or recalculate due to rounding.
Consolidation
The Company determines at inception of each arrangement whether an entity in which the Company has made an investment or in which the Company has other variable interests is considered a variable interest entity ("VIE"). Investments that are considered VIEs are evaluated to determine whether the Company is the primary beneficiary of the VIE, in which case it would be required to consolidate the entity. The Company evaluates whether it has (1) the power to direct the activities that most significantly impact the VIE's economic performance, and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. If the Company is not the primary beneficiary of the VIE, the investment or other variable interest is accounted for in accordance with applicable U.S. GAAP.
In circumstances where an entity does not have the characteristics of a VIE, it would be considered a voting interest entity ("VOE"). The Company would consolidate a VOE when the Company has a majority equity interest and has control over significant operating, financial, and investing decisions of the entity.
Use of Estimates
Use of Estimates
The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and the accompanying notes. Actual results could differ materially from these estimates. Significant estimates include the useful lives assigned to property and equipment; the fair value of lease assets; the discount rates used for operating and finance leases; accounting for income taxes, including the valuation allowance on deferred tax assets and the measurement of uncertain tax positions; stock-based compensation, including the determination of the fair value of the Company's common stock prior to the IPO; the fair value of financial assets and liabilities; valuation of acquired intangible assets; and the assessment of recoverability of intangible assets and their estimated useful lives. Assumptions are reviewed regularly to ensure they remain relevant and reasonable, particularly in areas of high subjectivity. The Company bases its estimates on historical experience and assumptions that management considers reasonable.
Research and Development
Research and Development
Research and development costs were $104 million and $70 million for the three months ended March 31, 2026 and 2025, respectively, and are included within technology and infrastructure expense in the condensed consolidated statements of operations and comprehensive loss.
Segment Information
Segment Information
The Company's chief operating decision maker ("CODM"), the chief executive officer, reviews discrete financial information presented on a consolidated basis for purposes of regularly making operating decisions, allocation of resources, and assessing financial performance. The Company operates its business in one operating segment and, therefore, has one reportable segment.
The CODM uses consolidated net loss to measure segment profit or loss in order to identify underlying trends in the performance of the business for purposes of allocating resources and evaluating financial performance. The Company's objective in making resource allocation decisions is to optimize the consolidated financial results. Significant segment expenses that the CODM reviews and utilizes to manage the Company's operations are cost of revenue, technology and infrastructure, sales and marketing, and general and administrative expenses at the consolidated level, which are presented in the Company's condensed consolidated statements of operations and comprehensive loss. Other segment items included in consolidated net loss include gain (loss) on fair value adjustments, interest expense, net, other income (expense), net, and provision for income taxes, which are presented in the Company's condensed consolidated statements of operations and comprehensive loss.
Recent Accounting Pronouncements Adopted and Recent Accounting Pronouncements Not Yet Adopted
Recent Accounting Pronouncements Adopted
In July 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which introduces a practical expedient for estimating expected credit losses on current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, including those recognized in a business combination. The guidance is effective for annual periods beginning after December 15, 2025, including interim periods within those annual periods, with early adoption permitted. Upon adoption, the guidance should be applied prospectively. The Company determined the ASU did not have a material impact on its condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed disclosures, on an annual and interim basis, about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the condensed consolidated statements of operations and comprehensive loss. This guidance as further clarified through ASU No. 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) will be effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the guidance can be applied either prospectively or retrospectively. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.
Assets Measured at Fair Value on a Recurring Basis
Assets Measured at Fair Value on a Recurring Basis
The Company measures certain financial assets and liabilities at fair value on a recurring basis in accordance with ASC 820, Fair Value Measurement, which establishes a framework for measuring fair value and a fair value hierarchy based on the observability of inputs. This hierarchy prioritizes the use of observable inputs and minimizes the use of unobservable inputs when determining fair value as follows:
Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities.
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3—Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation.
v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Customer Concentration Risk
The following customers accounted for 10% or more of the Company's revenue for the periods presented:
Three Months Ended March 31,
20262025
Customer A45%72%
Customer B20%*
Customer C **
Customer D **

* Customer did not represent 10% or more of revenue.
The customer references of A through D may represent different customers than those reported in a previous period.
v3.26.1
Investments and Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Balance Sheet Grouping
The following table presents information about the Company's financial assets and liabilities that are measured at fair value on a recurring basis within the fair value hierarchy as of the end of each reporting period (in millions):
Fair Value
Hierarchy 		March 31,
2026		December 31,
2025
Financial assets:
Marketable securities
Commercial paperLevel 2$4 $12 
Corporate bondsLevel 218 22 
Prepaid expenses and other current assets
Foreign exchange forward contracts not designated as accounting hedgesLevel 24 5 
Other non-current assets
Interest rate swaps designated as cash flow hedgesLevel 25 — 
Strategic investmentsLevel 110 — 
Power purchase agreementsLevel 3— 2 
Total financial assets$41 $41 
Financial liabilities:
Other current liabilities
Foreign exchange forward contracts not designated as accounting hedgesLevel 2$43 $4 
Contingent considerationLevel 321 20 
Other non-current liabilities
Interest rate swaps designated as accounting hedgesLevel 2— 1 
Total financial liabilities$64 $25 
Schedule of Notional Amount Outstanding Interest Rate Swaps and Foreign Exchange Forward Contracts
The notional amounts of the Company's outstanding interest rate swaps and foreign exchange forward contracts were as follows (in millions):

March 31,
2026		December 31, 2025
Derivative instruments designated as accounting hedges
Interest rate swaps $1,285 $319 
Derivative instruments not designated as accounting hedges
Foreign exchange forward contracts$1,565 $1,213 
Schedule of Gain (Loss) Associated With Interest Rate Swaps and Foreign Exchange Forward Contracts
Gain (loss) associated with interest rate swaps and foreign exchange forward contracts were as follows (in millions):
Three Months Ended
March 31, 2026
Interest rate swaps designated as accounting hedges
Gain recognized in other comprehensive income (loss)$5 
Foreign exchange forward contracts not designated as accounting hedges
Loss recognized in other income (expense), net$(35)
Schedule of Valuation of Warrant Liabilities
The Company's valuation of the warrant liabilities utilized the Black-Scholes option-pricing model that relied on the following significant inputs:
March 21,
2025
Stock price$41 
Volatility60%
Risk-free rate4%
Dividend yield—%
Schedule of Change in the Fair Value of the Assets, Measured Using Level 3 Inputs
The following tables present summaries of the changes in the fair value of the Company's Level 3 financial instruments for the periods presented (in millions):
Contingent Consideration
Balance at December 31, 2025$20 
Adjustment to fair value1 
Balance at March 31, 2026$21 

Power Purchase
Agreements –
Asset		Warrant
Liabilities
Balance at December 31, 2024$3 $200 
Adjustment to fair value2 (27)
Reclassification— (173)
Balance at March 31, 2025$5 $— 
Schedule of Change in the Fair Value of the Liabilities, Measured Using Level 3 Inputs
The following tables present summaries of the changes in the fair value of the Company's Level 3 financial instruments for the periods presented (in millions):
Contingent Consideration
Balance at December 31, 2025$20 
Adjustment to fair value1 
Balance at March 31, 2026$21 

Power Purchase
Agreements –
Asset		Warrant
Liabilities
Balance at December 31, 2024$3 $200 
Adjustment to fair value2 (27)
Reclassification— (173)
Balance at March 31, 2025$5 $— 
v3.26.1
Business Combinations (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Aggregate Purchase Consideration The aggregate purchase consideration was $1.0 billion, which was comprised of the following (in millions):
Cash paid by the Company$96 
Fair value of Class A common stock and restricted stock awards issued by the Company929 
Fair value of replacement restricted stock units 4 
Total purchase price$1,029 
Schedule of Fair Values of Assets Acquired and Liabilities Assumed
The fair values of assets acquired and liabilities assumed on the acquisition date are summarized as follows (in millions):
Cash and cash equivalents$51 
Accounts receivable, net13 
Prepaid expenses and other current assets2 
Property and equipment, net1 
Operating lease right-of-use assets1 
Intangible assets, net208 
Goodwill793 
Total assets acquired$1,069 
Accounts payable1 
Accrued liabilities7 
Deferred revenue, current25 
Operating lease liabilities, non-current1 
Deferred tax liabilities, non-current6 
Total liabilities assumed$40 
Total purchase price$1,029 
Schedule of Intangible Assets and Estimated Useful Lives The following table presents the amounts allocated to the intangible assets identified as of the date of acquisition and the estimated useful lives (in millions):
Fair ValueUseful Lives
(in years)
Customer relationships$36 12
Developed technology162 
5 - 7
Trade name10 5
Total $208 
v3.26.1
Property and Equipment, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net, consisted of the following (in millions):
March 31,
2026		December 31,
2025
Technology equipment$26,627 $20,903 
Software827 802 
Data center equipment and leasehold improvements3,878 2,842 
Furniture, fixtures, and other assets20 18 
Construction in progress9,581 9,376 
Total property and equipment40,933 33,941 
Less: accumulated depreciation and amortization(4,509)(3,384)
Total property and equipment, net$36,424 $30,557 
Schedule of Asset Retirement Obligations
The following is a summary of activity relating to the liability for asset retirement obligations, included in other non-current liabilities on the condensed consolidated balance sheets, which the Company expects to incur primarily in connection with the expected removal of certain equipment related to its data center fit outs (in millions):
March 31,
2026		December 31,
2025
Beginning balance
$62 $36 
Additions
29 21 
Accretion expense
2 5 
Ending balance
$93 $62 
v3.26.1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets, Net
Intangible assets, net consisted of the following (in millions, except years):
March 31, 2026December 31, 2025
Weighted-Average Remaining Useful Lives (in years)Acquired
Intangibles,
Gross 		Accumulated
Amortization 		Acquired
Intangibles,
Net 		Acquired
Intangibles,
Gross 		Accumulated
Amortization 		Acquired
Intangibles,
Net
Acquired technologies5$206 $(36)$170 $206 $(27)$179 
Other (1)
961 (7)54 61 (5)56 
Total$267 $(43)$224 $267 $(32)$235 
(1) Includes customer relationships and trade names.
Schedule of Expected Future Amortization Expense Related to Intangible Assets
As of March 31, 2026, the expected future amortization expense related to intangible assets was as follows (in millions):
Years Ending December 31,Amount
Remaining portion of 2026$34 
202745 
202843 
202943 
203023 
Thereafter36 
Total expected future amortization expense$224 
v3.26.1
Condensed Consolidated Balance Sheets Components (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following (in millions):

March 31,
2026		December 31,
2025
Accrued purchases$1,953 $5,196 
Accrued interest362 332 
Other accrued liabilities411 245 
Total accrued liabilities$2,726 $5,773 
Schedule of Other Current Liabilities
Other current liabilities consisted of the following (in millions):
March 31,
2026		December 31,
2025
Customer liabilities$1,469 $137 
Other current liabilities65 25 
Total other current liabilities$1,534 $162 
v3.26.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Components of Total Lease Cost and Supplemental Condensed Consolidated Cash Flow and Other Information and Information Relating To Lease Term and Discount Rate
The components of total lease cost related to leases for the periods presented were as follows (in millions):
Three Months Ended March 31,
20262025
Operating lease cost:
Operating lease cost$388 $155 
Finance lease cost:
Amortization of ROU assets$11 $7 
Interest on lease liabilities8 2 
Total finance lease cost $19 $9 
Variable lease cost$132 $44 
Total lease cost$539 $208 
Supplemental condensed consolidated cash flow and other information related to leases for the periods presented were as follows (in millions):
Three Months Ended March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases$317 $139 
Operating cash flows used in finance leases1 2 
Financing cash flows used in finance leases15 14 
Information relating to the lease term and discount rate for leases were as follows:
March 31,
2026		December 31,
2025
Weighted-average remaining lease term (in years):
Operating leases1111
Finance leases55
Weighted-average discount rate:
Operating leases10%10%
Finance leases10%10%
Schedule of Components of Total Lease Cost Related to Leases
The components of total lease cost related to leases for the periods presented were as follows (in millions):
March 31,
2026		December 31,
2025
Operating leases:
Operating lease ROU assets
$10,182 $8,231 
Operating lease liabilities, current
$487 $427 
Operating lease liabilities, non-current
9,563 7,768 
Total operating lease liabilities
$10,050 $8,195 
Finance leases:
Property and equipment
$500 $500 
Less: amortization
(67)(56)
Property and equipment, net
$433 $444 
Finance lease liabilities, current
$23 $38 
Finance lease liabilities, non-current
215 216 
Total finance lease liabilities
$238 $254 
Schedule of Future Lease Payments of Operating Lease Liabilities
The future lease payments included in the measurement of the Company’s operating lease liabilities and finance lease liabilities as of March 31, 2026, were as follows (in millions):
Future Payments
Years Ending December 31,Operating
Leases 		Finance Leases
Remaining portion of 2026$1,048 $33 
20271,450 223 
20281,570 — 
20291,553 — 
20301,447 — 
Thereafter9,910 — 
Total undiscounted lease payments16,978 256 
Less: imputed interest(6,928)(18)
Present value of lease liabilities$10,050 $238 
Schedule of Future Lease Payments of Finance Lease Liabilities
The future lease payments included in the measurement of the Company’s operating lease liabilities and finance lease liabilities as of March 31, 2026, were as follows (in millions):
Future Payments
Years Ending December 31,Operating
Leases 		Finance Leases
Remaining portion of 2026$1,048 $33 
20271,450 223 
20281,570 — 
20291,553 — 
20301,447 — 
Thereafter9,910 — 
Total undiscounted lease payments16,978 256 
Less: imputed interest(6,928)(18)
Present value of lease liabilities$10,050 $238 
As of March 31, 2026, the future contractual principal payments under the financing obligation and finance lease due to the DCSP were as follows (in millions):
Years Ending December 31,Financing obligationFinance lease
Remaining portion of 2026$15 $14 
202720 19 
202820 19 
202920 19 
203020 19 
Thereafter156 150 
Total future payments251 240 
Less: amount representing interest(137)(119)
Total financing obligation$114 $121 
Less: current portion(3)(4)
Long-term portion$111 $117 
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The total debt obligations are as follows (dollars in millions):
Maturities Effective
Interest
Rates 		March 31,
2026		December 31,
2025
DDTL 1.0 FacilityMarch 202815%$1,438 $1,553 
DDTL 2.0 FacilityAugust 203011%4,425 5,037 
DDTL 2.1 FacilityMarch 20319%3,000 2,741 
DDTL 3.0 FacilityAugust 20309%1,700 340 
DDTL 4.0 Facility(1)
March 20327%1,260 — 
2030 Senior NotesJune 203010%2,000 2,000 
2031 Senior NotesFebruary 203110%1,750 1,750 
2031 Convertible Senior NotesDecember 20312%2,588 2,588 
Convertible Promissory NotesApril 20267%171 168 
Revolving Credit FacilityNovember 20296%1,500 1,000 
OEM and Software License Financing ArrangementsJuly 2026 - July 2030
10%
5,036 4,165 
Magnetar LoanJanuary 202912%281 273 
Total principal of debt25,149 21,615 
Less: Unamortized discount and issuance costs(290)(242)
Total debt, net of unamortized discount and issuance costs24,859 21,373 
Less: Debt, current(7,547)(6,708)
Total debt, non-current$17,312 $14,665 
(1) DDTL 4.0 Facility is a non-recourse delayed draw term loan facility with an outstanding balance of $1.3 billion as of March 31, 2026.
Schedule of Maturities of Long-Term Debt
As of March 31, 2026, the future principal payments for the Company's total debt were as follows (in millions):
Years Ending December 31,Amount
Remaining portion of 2026$6,066 
20275,652 
20283,802 
20292,894 
20302,348 
Thereafter4,387 
Total$25,149 
Schedule of Debt Interest Expense
The total interest expense for the Company's debt obligations was as follows (in millions):
Three Months Ended March 31,
20262025
Contractual interest expense$483 $232 
Amortization of debt discounts and issuance costs and accretion of redemption premiums41 38 
Less: capitalized interest(97)(13)
Total$427 $257 
Schedule of Future Contractual Principal Payments Under the Financing Obligation
The future lease payments included in the measurement of the Company’s operating lease liabilities and finance lease liabilities as of March 31, 2026, were as follows (in millions):
Future Payments
Years Ending December 31,Operating
Leases 		Finance Leases
Remaining portion of 2026$1,048 $33 
20271,450 223 
20281,570 — 
20291,553 — 
20301,447 — 
Thereafter9,910 — 
Total undiscounted lease payments16,978 256 
Less: imputed interest(6,928)(18)
Present value of lease liabilities$10,050 $238 
As of March 31, 2026, the future contractual principal payments under the financing obligation and finance lease due to the DCSP were as follows (in millions):
Years Ending December 31,Financing obligationFinance lease
Remaining portion of 2026$15 $14 
202720 19 
202820 19 
202920 19 
203020 19 
Thereafter156 150 
Total future payments251 240 
Less: amount representing interest(137)(119)
Total financing obligation$114 $121 
Less: current portion(3)(4)
Long-term portion$111 $117 
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Stock Options Activity
The following table summarizes stock option activity under the 2019 Plan (share data and aggregate intrinsic value in millions):
Stock
Options
Outstanding		Weighted-Average
Exercise Price		Weighted-Average
Remaining
Contractual Term
(Years)		Aggregate
Intrinsic Value
Balance at December 31, 202534$1.76 6$2,381 
Granted—— 
Exercised(5)1.45 
Forfeited, expired, or canceled(1)3.77 
Outstanding at March 31, 2026 28$1.78 6$2,151 
Vested and expected to vest at March 31, 2026 28$1.78 6$2,151 
Exercisable at March 31, 2026 21$1.25 6$1,633 
Schedule of Restricted Stock Unit Activity The following table summarizes restricted stock unit activity under the 2019 and 2025 Plans for the periods presented (share data in millions):
SharesWeighted-
Average Fair
Value Per Share
Balance at December 31, 202526$62.06 
Granted792.82 
Vested(2)46.91 
Forfeited, expired, or canceled(1)64.35 
Unvested balance at March 31, 202630$69.98 
Schedule of Stock-Based Compensation Expense
Total stock-based compensation expense, net of capitalized costs, recognized in the Company's condensed consolidated statements of operations and comprehensive loss was as follows (in millions):
Three Months Ended March 31,
20262025
Cost of revenue$8 $3 
Technology and infrastructure55 55 
Sales and marketing13 3 
General and administrative77 123 
Total stock-based compensation expense (1)(2)
$153 $184 
(1) Stock-based compensation expense was net of capitalized costs primarily related to the development of internal-use software of $15 million and $19 million during the three months ended March 31, 2026 and 2025, respectively.
(2) The Company recognized $177 million of stock-based compensation expense, net of $17 million of capitalized costs primarily related to the development of internal-use software, during the three months ended March 31, 2025, associated with vested RSUs as a result of the satisfaction of the liquidity-event performance-based vesting condition which was satisfied in connection with the IPO.
v3.26.1
Net Loss Per Share Attributable to Common Stockholders (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Loss Per Share
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in millions, except per share data):
Three Months Ended March 31,
20262025
Numerator:
Net loss$(740)$(315)
Dividends and accretion on Series C redeemable convertible preferred stock— (28)
Net loss attributable to common stockholders, basic$(740)$(343)
Change in fair value of common stock warrants— (27)
Net loss attributable to common stockholders, diluted$(740)$(370)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic527246
Effect of dilutive securities:
Common stock warrants— 3 
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted527249
Net loss per share attributable to common stockholders, basic$(1.40)$(1.40)
Net loss per share attributable to common stockholders, diluted$(1.40)$(1.49)
Schedule of Antidilutive Securities Excluded from Computation
The number of securities that were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive are as follows (in millions):
March 31,
20262025
Outstanding convertible notes26 — 
Outstanding stock options29 46
Outstanding RSUs and RSAs32 23
Outstanding warrants to purchase common stock4 — 
Over-allotment options to purchase common stock— 6
Total91 75
v3.26.1
Geographic Information (Tables)
 3 Months Ended
Mar. 31, 2026
Risks and Uncertainties [Abstract]  
Schedule of Revenue By Geography
Revenue by geography is based on the address of the customer as specified in the Company's customer contracts. The following table sets forth revenue by geographic area (in millions):
Three Months Ended March 31,
20262025
United States$1,900 $929 
All other countries178 53 
Total revenue$2,078 $982 
v3.26.1
Overview and Summary of Significant Accounting Policies (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
Mar. 31, 2025
USD ($)
$ / shares
Apr. 30, 2025
USD ($)
shares
Mar. 31, 2025
USD ($)
$ / shares
shares
Mar. 31, 2026
USD ($)
segment
Mar. 31, 2025
USD ($)
$ / shares
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Compensation expense       $ 153 $ 184
Tax withholdings on settlement of shares         16
Issuance of common stock for contract incentive         350
Conversion ratio     20    
Research and development expense       $ 104 $ 70
Number of operating segments | segment       1  
Number of reportable segments | segment       1  
AI Infrastructure Services          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Issuance of common stock for contract incentive (in shares) | shares     9,000,000    
IPO          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Compensation expense     $ 177    
Capitalized costs     $ 17    
Tax withholdings on settlement of restricted stock units (in shares) | shares     400,000    
Shares issued (in shares) | shares     500,000    
Deferred offering costs       $ 31  
Common Class A          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Issuance of common stock for contract incentive $ 350        
Common Class A | IPO          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Shares issued in transaction (in shares) | shares     37,000,000    
Sale of stock price (usd per share) | $ / shares $ 40.00   $ 40.00   $ 40.00
Proceeds from sale of stock     $ 1,400    
Payments of stock issuance costs     $ 31    
Conversion of stock, shares issued (in shares) | shares     155,000,000    
Tax withholdings on settlement of shares     $ 16    
Common Class A | Over-allotment options to purchase common stock          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Shares issued in transaction (in shares) | shares   2,000,000      
Proceeds from sale of stock   $ 68      
Redeemable Class A Common Stock | IPO          
Organization, Consolidation and Presentation of Financial Statements [Line Items]          
Conversion of stock, shares issued (in shares) | shares     30,000,000    
v3.26.1
Revenue - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Concentration Risk [Line Items]      
Revenue recognized, customer commitments (in percentage) 98.00% 98.00%  
Deferred revenue $ 7,500   $ 8,200
Change in deferred revenue 1,300    
Deferred revenue recognized 304    
Remaining performance obligation, amount $ 98,800    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01      
Concentration Risk [Line Items]      
Remaining performance obligation (in percentage) 36.00%    
Remaining performance obligation, expected timing of satisfaction 24 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-04-01      
Concentration Risk [Line Items]      
Remaining performance obligation (in percentage) 39.00%    
Remaining performance obligation, expected timing of satisfaction 48 months    
Customer A | Accounts Receivable | Customer Concentration Risk      
Concentration Risk [Line Items]      
Concentration risk (in percentage) 39.00%   68.00%
Customer B | Accounts Receivable | Customer Concentration Risk      
Concentration Risk [Line Items]      
Concentration risk (in percentage) 17.00%    
Customer C | Accounts Receivable | Customer Concentration Risk      
Concentration Risk [Line Items]      
Concentration risk (in percentage) 22.00%    
Customer D | Accounts Receivable | Customer Concentration Risk      
Concentration Risk [Line Items]      
Concentration risk (in percentage)     11.00%
v3.26.1
Revenue - Schedule of Customer Concentration Risk (Details) - Customer Concentration Risk - Revenue from Contract with Customer Benchmark
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Customer A    
Concentration Risk [Line Items]    
Concentration risk (in percentage) 45.00% 72.00%
Customer B    
Concentration Risk [Line Items]    
Concentration risk (in percentage) 20.00%  
v3.26.1
Investments and Fair Value Measurements - Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended
Jun. 30, 2025
USD ($)
Mar. 31, 2026
USD ($)
jointVenture
Dec. 31, 2025
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Lease prepayments   $ 82  
Joint Venture      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Investment committed   $ 1,200  
Number of separate joint ventures | jointVenture   2  
Equity interest (in percentage) 15.00% 20.00%  
Equity method investments   $ 34 $ 51
Contingent consideration   95  
Lease prepayment   32  
Construction and development cost, maximum loss exposure   $ 200  
Joint Venture | Construction      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Lease not yet commenced term   15 years  
Joint Venture | Equity Method Investment, Nonconsolidated Investee or Group of Investees      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Contributed net assets worth $ 57    
Joint Venture | Developer      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Equity interest (in percentage) 85.00%    
v3.26.1
Investments and Fair Value Measurements - Schedule of Balance Sheet Grouping (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Financial assets:    
Total financial assets $ 41 $ 41
Financial liabilities:    
Total financial liabilities 64 25
Level 1    
Financial assets:    
Strategic investments 10 0
Level 2    
Financial liabilities:    
Other current and non-current liabilities 0 1
Level 2 | Commercial paper    
Financial assets:    
Marketable securities 4 12
Level 2 | Corporate bonds    
Financial assets:    
Marketable securities 18 22
Level 2 | Foreign exchange forward contracts not designated as accounting hedges    
Financial assets:    
Prepaid expenses and other current assets and other non-current assets 4 5
Financial liabilities:    
Other current and non-current liabilities 43 4
Level 2 | Interest rate swaps designated as cash flow hedges    
Financial assets:    
Prepaid expenses and other current assets and other non-current assets 5 0
Level 3 | Power purchase agreements    
Financial assets:    
Prepaid expenses and other current assets and other non-current assets 0 2
Level 3 | Contingent consideration    
Financial liabilities:    
Other current and non-current liabilities $ 21 $ 20
v3.26.1
Investments and Fair Value Measurements - Schedule of Notional Amount Outstanding Interest Rate Swaps and Foreign Exchange Forward Contracts (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Interest rate swaps | Derivative instruments designated as accounting hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notional amount $ 1,285 $ 319
Foreign exchange forward contracts | Derivative instruments not designated as accounting hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notional amount $ 1,565 $ 1,213
v3.26.1
Investments and Fair Value Measurements - Schedule of Gain (Loss) Associated With Interest Rate Swaps and Foreign Exchange Forward Contracts (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2026
USD ($)
Interest rate swaps designated as accounting hedges | Cash Flow Hedging  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Gain recognized in other comprehensive income (loss) $ 5,000
Foreign exchange forward contracts not designated as accounting hedges | Other Income (Expense), Net  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Loss recognized in other income (expense), net $ (35,000)
v3.26.1
Investments and Fair Value Measurements - Schedule of Valuation of Warrant Liabilities (Details) - Level 3
Mar. 21, 2025
$ / shares
Stock price  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Warrants, measurement input 41
Volatility  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Warrants, measurement input 0.60
Risk-free rate  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Warrants, measurement input 0.04
Dividend yield  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Warrants, measurement input 0
v3.26.1
Investments and Fair Value Measurements - Schedule of Change in the Fair Value of the Assets and Liabilities, Measured Using Level 3 Inputs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Power Purchase Agreements – Asset    
Assets    
Beginning balance   $ 3
Adjustment to fair value   2
Reclassification   0
Ending balance   5
Contingent Consideration    
Liabilities    
Beginning balance $ 20  
Adjustment to fair value 1  
Ending balance $ 21  
Warrant Liabilities    
Liabilities    
Beginning balance   200
Adjustment to fair value   (27)
Reclassification   (173)
Ending balance   $ 0
v3.26.1
Business Combinations - Schedule of Aggregate Purchase Consideration (Details) - Weights and Biases, Inc.
$ in Millions
May 05, 2025
USD ($)
Business Combination [Line Items]  
Cash paid by the Company $ 96
Total purchase price 1,029
Common Stock  
Business Combination [Line Items]  
Fair value of the company 929
Restricted Stock Units (RSUs)  
Business Combination [Line Items]  
Fair value of the company $ 4
v3.26.1
Business Combinations - Narrative (Details) - Weights and Biases, Inc. - USD ($)
$ in Millions
 3 Months Ended
May 05, 2025
Mar. 31, 2026
Business Combination [Line Items]    
Compensation arrangements for stock-based awards $ 123  
Stock based award purchase price $ 33  
Compensation expenses on straight-line basis   $ 79
Acquisition-related costs   $ 29
v3.26.1
Business Combinations - Schedule of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
May 05, 2025
Business Combination [Line Items]      
Goodwill $ 1,101 $ 1,101  
Weights and Biases, Inc.      
Business Combination [Line Items]      
Cash and cash equivalents     $ 51
Accounts receivable, net     13
Prepaid expenses and other current assets     2
Property and equipment, net     1
Operating lease right-of-use assets     1
Intangible assets, net     208
Goodwill     793
Total assets acquired     1,069
Accounts payable     1
Accrued liabilities     7
Deferred revenue, current     25
Operating lease liabilities, non-current     1
Deferred tax liabilities, non-current     6
Total liabilities assumed     40
Total purchase price     $ 1,029
v3.26.1
Business Combinations - Schedule of Intangible Assets and Estimated Useful Lives (Details) - Weights and Biases, Inc.
$ in Millions
May 05, 2025
USD ($)
Business Combination [Line Items]  
Fair Value $ 208
Customer relationships  
Business Combination [Line Items]  
Fair Value $ 36
Useful Lives (in years) 12 years
Developed technology  
Business Combination [Line Items]  
Fair Value $ 162
Developed technology | Minimum  
Business Combination [Line Items]  
Useful Lives (in years) 5 years
Developed technology | Maximum  
Business Combination [Line Items]  
Useful Lives (in years) 7 years
Trade name  
Business Combination [Line Items]  
Fair Value $ 10
Useful Lives (in years) 5 years
v3.26.1
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 40,933 $ 33,941
Less: accumulated depreciation and amortization (4,509) (3,384)
Total property and equipment, net 36,424 30,557
Technology equipment    
Property, Plant and Equipment [Line Items]    
Total property and equipment 26,627 20,903
Software    
Property, Plant and Equipment [Line Items]    
Total property and equipment 827 802
Data center equipment and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property and equipment 3,878 2,842
Furniture, fixtures, and other assets    
Property, Plant and Equipment [Line Items]    
Total property and equipment 20 18
Construction in progress    
Property, Plant and Equipment [Line Items]    
Total property and equipment $ 9,581 $ 9,376
v3.26.1
Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Property, Plant and Equipment [Abstract]    
Depreciation $ 1,100 $ 443
Interest costs capitalized $ 97 $ 13
v3.26.1
Property and Equipment, Net - Schedule of Asset Retirement Obligations (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
Beginning balance $ 62 $ 36
Additions 29 21
Accretion expense 2 5
Ending balance $ 93 $ 62
v3.26.1
Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Acquired Intangibles, Gross $ 267 $ 267
Accumulated Amortization (43) (32)
Acquired Intangibles, Net $ 224 235
Acquired technologies    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Remaining Useful Lives (in years) 5 years  
Acquired Intangibles, Gross $ 206 206
Accumulated Amortization (36) (27)
Acquired Intangibles, Net $ 170 179
Other    
Finite-Lived Intangible Assets [Line Items]    
Weighted-Average Remaining Useful Lives (in years) 9 years  
Acquired Intangibles, Gross $ 61 61
Accumulated Amortization (7) (5)
Acquired Intangibles, Net $ 54 $ 56
v3.26.1
Goodwill and Intangible Assets - Schedule of Expected Future Amortization Expense Related to Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Remaining portion of 2026 $ 34  
2027 45  
2028 43  
2029 43  
2030 23  
Thereafter 36  
Acquired Intangibles, Net $ 224 $ 235
v3.26.1
Condensed Consolidated Balance Sheets Components - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued purchases $ 1,953 $ 5,196
Accrued interest 362 332
Other accrued liabilities 411 245
Total accrued liabilities $ 2,726 $ 5,773
v3.26.1
Condensed Consolidated Balance Sheets Components - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Customer liabilities $ 1,469,000 $ 137,000
Other current liabilities 65,000 25,000
Total other current liabilities $ 1,534,000 $ 162,000
v3.26.1
Leases - Narrative (Details)
$ in Millions
Mar. 31, 2026
USD ($)
MW
Lessee, Lease, Description [Line Items]  
Electrical power access | MW 363
Data Center  
Lessee, Lease, Description [Line Items]  
Renewal term 10 years
Equipment  
Lessee, Lease, Description [Line Items]  
Term of contract 2 years
Data Center and Office Buildings  
Lessee, Lease, Description [Line Items]  
Lease not yet commenced, liability $ 40,700
Single Site, Data Center  
Lessee, Lease, Description [Line Items]  
Lease not yet commenced term 16 years
Electrical power access | MW 525
Minimum | Office Building  
Lessee, Lease, Description [Line Items]  
Term of contract 1 year
Minimum | Data Center  
Lessee, Lease, Description [Line Items]  
Term of contract 5 years
Lease not yet commenced, liability $ 900
Minimum | Data Center and Office Buildings  
Lessee, Lease, Description [Line Items]  
Lease not yet commenced term 5 years
Minimum | Single Site, Data Center  
Lessee, Lease, Description [Line Items]  
Lease not yet commenced, liability $ 18,700
Maximum | Office Building  
Lessee, Lease, Description [Line Items]  
Term of contract 15 years
Maximum | Data Center  
Lessee, Lease, Description [Line Items]  
Term of contract 15 years
Lease not yet commenced, liability $ 1,600
Maximum | Data Center and Office Buildings  
Lessee, Lease, Description [Line Items]  
Lease not yet commenced term 16 years
Maximum | Single Site, Data Center  
Lessee, Lease, Description [Line Items]  
Lease not yet commenced, liability $ 19,600
v3.26.1
Leases - Schedule of Components of Total Lease Cost (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Leases [Abstract]    
Operating lease cost $ 388 $ 155
Amortization of ROU assets 11 7
Interest on lease liabilities 8 2
Total finance lease cost 19 9
Variable lease cost 132 44
Total lease cost $ 539 $ 208
v3.26.1
Leases - Schedule of Components of Total Lease Cost Related to Leases (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Operating leases:    
Operating lease ROU assets $ 10,182 $ 8,231
Operating lease liabilities, current 487 427
Operating lease liabilities, non-current 9,563 7,768
Total operating lease liabilities 10,050 8,195
Finance leases:    
Property and equipment 500 500
Less: amortization (67) (56)
Property and equipment, net 433 444
Finance lease liabilities, current 23 38
Finance lease liabilities, non-current 215 216
Present value of lease liabilities $ 238 $ 254
v3.26.1
Leases - Schedule of Supplemental Condensed Consolidated Cash Flow and Other Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows used in operating leases $ 317 $ 139
Operating cash flows used in finance leases 1 2
Financing cash flows used in finance leases $ 15 $ 14
v3.26.1
Leases - Schedule of Information Relating To Lease Term and Discount Rate (Details)
Mar. 31, 2026
Dec. 31, 2025
Weighted-average remaining lease term (in years):    
Operating leases 11 years 11 years
Finance leases 5 years 5 years
Weighted-average discount rate:    
Operating leases 10.00% 10.00%
Finance leases 10.00% 10.00%
v3.26.1
Leases - Schedule of Future Lease Payments of Operating and Finance Lease Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Operating Leases    
Remaining portion of 2026 $ 1,048  
2027 1,450  
2028 1,570  
2029 1,553  
2030 1,447  
Thereafter 9,910  
Total undiscounted lease payments 16,978  
Less: imputed interest (6,928)  
Present value of lease liabilities 10,050 $ 8,195
Finance Leases    
Remaining portion of 2026 33  
2027 223  
2028 0  
2029 0  
2030 0  
Thereafter 0  
Total future payments 256  
Less: imputed interest (18)  
Present value of lease liabilities $ 238 $ 254
v3.26.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Total principal of debt $ 25,149 $ 21,615
Less: Unamortized discount and issuance costs (290) (242)
Total debt, net of unamortized discount and issuance costs 24,859 21,373
Less: Debt, current (7,547) (6,708)
Total debt, non-current $ 17,312 14,665
OEM and Software License Financing Arrangements    
Debt Instrument [Line Items]    
Effective Interest Rates 1000.00%  
Total principal of debt $ 5,036 4,165
Magnetar Loan    
Debt Instrument [Line Items]    
Effective Interest Rates 12.00%  
Total principal of debt $ 281 273
Line of Credit | Revolving Credit Facility    
Debt Instrument [Line Items]    
Effective Interest Rates 6.00%  
Total principal of debt $ 1,500 1,000
Line of Credit | DDTL 1.0 Facility    
Debt Instrument [Line Items]    
Effective Interest Rates 15.00%  
Total principal of debt $ 1,438 1,553
Line of Credit | DDTL 2.0 Facility    
Debt Instrument [Line Items]    
Effective Interest Rates 11.00%  
Total principal of debt $ 4,425 5,037
Line of Credit | DDTL 2.1 Facility    
Debt Instrument [Line Items]    
Effective Interest Rates 9.00%  
Total principal of debt $ 3,000 2,741
Line of Credit | DDTL 3.0 Facility    
Debt Instrument [Line Items]    
Effective Interest Rates 9.00%  
Total principal of debt $ 1,700 340
Line of Credit | DDTL 4.0 Facility    
Debt Instrument [Line Items]    
Effective Interest Rates 7.00%  
Total principal of debt $ 1,260 0
Senior Notes | 2030 Senior Notes    
Debt Instrument [Line Items]    
Effective Interest Rates 10.00%  
Total principal of debt $ 2,000 2,000
Senior Notes | 2031 Senior Notes    
Debt Instrument [Line Items]    
Effective Interest Rates 10.00%  
Total principal of debt $ 1,750 1,750
Convertible Debt | 2031 Convertible Senior Notes    
Debt Instrument [Line Items]    
Effective Interest Rates 2.00%  
Total principal of debt $ 2,588 2,588
Convertible Debt | Convertible Promissory Notes    
Debt Instrument [Line Items]    
Effective Interest Rates 7.00%  
Total principal of debt $ 171 $ 168
v3.26.1
Debt - Schedule of Maturities of Long-Term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Maturities of Long-Term Debt [Abstract]    
Remaining portion of 2026 $ 6,066  
2027 5,652  
2028 3,802  
2029 2,894  
2030 2,348  
Thereafter 4,387  
Total $ 25,149 $ 21,615
v3.26.1
Debt - Schedule of Debt Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Debt Disclosure [Abstract]    
Contractual interest expense $ 483 $ 232
Amortization of debt discounts and issuance costs and accretion of redemption premiums 41 38
Less: capitalized interest (97) (13)
Total $ 427 $ 257
v3.26.1
Debt - Delayed Draw Term Loans (Details) - Line of Credit - DDTL 4.0 Facility
$ in Millions
 1 Months Ended
Mar. 31, 2026
USD ($)
Line of Credit Facility [Line Items]  
Maximum borrowing capacity $ 8,500
Interest rate (in percentage) 2.00%
Commitment fee (in percentage) 0.50%
Debt issuance costs $ 142
Anticipated outstanding on notional amount (in percentage) 0.95
Floating-Rate Commitments  
Line of Credit Facility [Line Items]  
Maximum borrowing capacity $ 4,500
Fixed-Rate Commitments  
Line of Credit Facility [Line Items]  
Maximum borrowing capacity $ 4,000
SOFR  
Line of Credit Facility [Line Items]  
Basis spread rate (in percentage) 2.25%
Base Rate  
Line of Credit Facility [Line Items]  
Basis spread rate (in percentage) 1.25%
v3.26.1
Debt - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Line of Credit Facility [Line Items]    
Outstanding amount $ 314 $ 294
Line of credit amount outstanding 1,500 1,000
Remaining borrowing capacity $ 686 $ 1,200
Commitment fee (in percentage) 0.25%  
v3.26.1
Debt - OEM and Software License Financing Arrangements (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
OEM Financing Arrangements    
Debt Instrument [Line Items]    
Outstanding amount $ 4,700 $ 3,800
Software License Financing Arrangements    
Debt Instrument [Line Items]    
Outstanding amount $ 358 $ 368
v3.26.1
Debt - Convertible Promissory Notes (Details) - Convertible Promissory Notes - USD ($)
$ / shares in Units, $ in Millions
Apr. 30, 2026
Dec. 31, 2025
Line of Credit Facility [Line Items]    
Debt face amount   $ 172
Subsequent Event    
Line of Credit Facility [Line Items]    
Conversion price (usd per share) $ 106.61  
v3.26.1
Debt - DCSP Financing Arrangements (Details)
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Apr. 30, 2025
Dec. 31, 2024
USD ($)
Oct. 31, 2024
USD ($)
Jun. 30, 2023
MW
Line of Credit Facility [Line Items]            
Electrical power expected to be received in phases | MW           78
Total property and equipment $ 40,933,000,000 $ 33,941,000,000        
Financing obligation            
Line of Credit Facility [Line Items]            
Term of contract         14 years  
Interest rate (in percentage)         15.00%  
Lessee, finance lease term     14 years      
Lessee, imputed interest rate (in percentage)     0.13      
DCSP Note Receivable            
Line of Credit Facility [Line Items]            
Financing receivable 303,000,000 304,000,000        
Financing receivable, term         7 years  
Financing receivable, stated rate (in percentage)         13.00%  
DCSP Note Receivable | Financing obligation            
Line of Credit Facility [Line Items]            
Financing receivable $ 232,000,000 $ 234,000,000        
DCSP Note Receivable | Unfunded Loan Commitment            
Line of Credit Facility [Line Items]            
Financing receivable         $ 305,000,000  
Critical Infrastructure Assets            
Line of Credit Facility [Line Items]            
Total property and equipment       $ 116,000,000    
v3.26.1
Debt - Schedule of Future Contractual Principal Payments Under the Financing Obligation (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Lessor, Lease, Description [Line Items]    
Remaining portion of 2026 $ 33  
2027 223  
2028 0  
2029 0  
2030 0  
Thereafter 0  
Total future payments 256  
Less: imputed interest (18)  
Total financing obligation 238 $ 254
Less: current portion (23) (38)
Long-term portion 215 $ 216
Financing obligation    
Lessor, Lease, Description [Line Items]    
Remaining portion of 2026 15  
2027 20  
2028 20  
2029 20  
2030 20  
Thereafter 156  
Total future payments 251  
Less: imputed interest (137)  
Total financing obligation 114  
Less: current portion (3)  
Long-term portion 111  
Finance lease    
Lessor, Lease, Description [Line Items]    
Remaining portion of 2026 14  
2027 19  
2028 19  
2029 19  
2030 19  
Thereafter 150  
Total future payments 240  
Less: imputed interest (119)  
Total financing obligation 121  
Less: current portion (4)  
Long-term portion $ 117  
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Redeemable Convertible Preferred Stock and Redeemable Common Stock (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended
Mar. 31, 2025
USD ($)
shares
Mar. 31, 2026
USD ($)
$ / shares
shares
Mar. 31, 2025
USD ($)
shares
Sep. 30, 2025
d
$ / shares
Dec. 31, 2024
shares
Class of Stock [Line Items]          
Conversion of redeemable convertible preferred stock in connection with initial public offering | $     $ 559    
Temporary equity, shares outstanding (in shares)   0      
Temporary equity, shares issued (in shares)   0      
Temporary equity, volume-weighted average price days | d       20  
Temporary equity, consecutive trading days | d       30  
Volume- weighted average price, per share (usd per share) | $ / shares       $ 68.16  
IPO          
Class of Stock [Line Items]          
Conversion of redeemable convertible preferred stock in connection with initial public offering | $ $ 559        
Common Class A | IPO          
Class of Stock [Line Items]          
Conversion of stock, shares issued (in shares) 155,000,000        
Series C Preferred Stock          
Class of Stock [Line Items]          
Issuance price (usd per share) | $ / shares   $ 38.95      
Aggregate price | $   $ 1,200      
Dividend rate (in percentage)   10.00%      
Series C Preferred Stock | IPO          
Class of Stock [Line Items]          
Temporary equity, shares outstanding (in shares) 30,000,000   30,000,000    
Redeemable Class A Common Stock          
Class of Stock [Line Items]          
Temporary equity, shares outstanding (in shares) 30,000,000   30,000,000   0
Cash dividends paid | $   $ 0 $ 29    
Redeemable Class A Common Stock | IPO          
Class of Stock [Line Items]          
Conversion of stock, shares issued (in shares) 30,000,000        
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Preferred Stock (Details) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Equity [Abstract]    
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, par value (usd per share) $ 0.000005 $ 0.000005
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Common Stock (Details)
$ / shares in Units, $ in Billions
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 31, 2026
USD ($)
$ / shares
shares
Mar. 31, 2026
voting_right
$ / shares
shares
Dec. 31, 2025
voting_right
$ / shares
shares
Class of Stock [Line Items]      
Common shares, shares authorized (in shares)   3,400,000,000 3,400,000,000
Common shares, par value (usd per share) | $ / shares   $ 0.000005 $ 0.000005
Common stock dividends declared (usd per share) | $ / shares   $ 0 $ 0
Private Placement      
Class of Stock [Line Items]      
Shares issued in transaction (in shares) 23,000,000    
Stock price (usd per share) | $ / shares $ 87.20    
Aggregate gross proceeds | $ $ 2.0    
Common Class C      
Class of Stock [Line Items]      
Common shares, shares authorized (in shares)   200,000,000 200,000,000
Common shares, par value (usd per share) | $ / shares   $ 0.000005 $ 0.000005
Common shares, shares issued (in shares)   0 0
Common shares, shares outstanding (in shares)   0 0
Voting rights for common stock | voting_right   0  
Common Class A      
Class of Stock [Line Items]      
Common shares, shares authorized (in shares)   3,000,000,000  
Common shares, par value (usd per share) | $ / shares   $ 0.000005 $ 0.000005
Common shares, shares issued (in shares)   435,000,000 401,000,000
Common shares, shares outstanding (in shares)   428,000,000 394,000,000
Voting rights for common stock | voting_right   1  
Common Class B      
Class of Stock [Line Items]      
Common shares, shares authorized (in shares)     200,000,000
Common shares, par value (usd per share) | $ / shares   $ 0.000005 $ 0.000005
Common shares, shares issued (in shares)   104,000,000 108,000,000
Common shares, shares outstanding (in shares)   104,000,000 108,000,000
Voting rights for common stock | voting_right   10 1
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Warrants to Purchase Common Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 21, 2025
Equity [Abstract]    
Exercise price of warrants (usd per share)   $ 1.5495
Fair value adjustment of warrants, before modification $ 27  
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - 2019 Stock Option Plan and 2025 Equity Incentive Plan (Details) - Outstanding stock options - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
2025 Plan    
Class of Stock [Line Items]    
Shares reserved for future issuance (in shares)   50
Capital shares reserved for future issuance annual increase (in percentage)   5.00%
Number of shares available for grant (in shares) 65  
2019 And 2025 Plans | Minimum    
Class of Stock [Line Items]    
Vesting period 3 years  
2019 And 2025 Plans | Maximum    
Class of Stock [Line Items]    
Vesting period 4 years  
Expiration period 10 years  
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Schedule of Stock Options Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Stock Options Outstanding      
Beginning balance (in shares) 34,000,000    
Granted (in shares) 0 0  
Exercised (in shares) (5,000,000)    
Forfeited, expired, or canceled (in shares) (1,000,000)    
Ending balance (in shares) 28,000,000   34,000,000
Vested and expected to vest (in shares) 28,000,000    
Exercisable (in shares) 21,000,000    
Weighted-Average Exercise Price      
Beginning balance (usd per share) $ 1.76    
Granted (usd per share) 0    
Exercised (usd per share) 1.45    
Forfeited, expired, or canceled (usd per share) 3.77    
Ending balance (usd per share) 1.78   $ 1.76
Vested and expecting to vest (usd per share) 1.78    
Exercisable (usd per share) $ 1.25    
Weighted-Average Remaining Contractual Term (Years) and Aggregate Intrinsic Value      
Outstanding, Weighted average remaining contractual term 6 years   6 years
Vested and expected to vest, Weighted average remaining contractual term 6 years    
Exercisable, Weighted average remaining contractual term 6 years    
Outstanding, Aggregate intrinsic value $ 2,151   $ 2,381
Vested and expected to vest, Aggregate intrinsic value 2,151    
Exercisable, Aggregate intrinsic value $ 1,633    
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Stock Options (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Class of Stock [Line Items]      
Shares outstanding (in shares) 28,000,000   34,000,000
Granted (in shares) 0 0  
Fair value of shares vested $ 0 $ 0  
Intrinsic value of stock options exercised $ 389,000,000 $ 70,000,000  
Related Party      
Class of Stock [Line Items]      
Shares outstanding (in shares) 400,000    
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Employee Stock Purchase Plan (Details) - USD ($)
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Unrecognized compensation costs, stock options $ 40,000,000  
Compensation expense $ 153,000,000 $ 184,000,000
Over-allotment options to purchase common stock | 2025 Employee Stock Purchase Plan    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Number of shares authorized (in shares) 10  
Outstanding stock maximum (in percentage) 1.00%  
Maximum number of shares allowable under plan (in shares) 100  
Purchase price of common stock (in percentage) 85.00%  
Unrecognized compensation costs, stock options $ 0 0
Compensation expense $ 0 $ 0
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Restricted Stock Units (Details)
 3 Months Ended
Mar. 31, 2026
Restricted Stock Units (RSUs)  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Vesting period 4 years
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Schedule of Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs)
shares in Millions
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Shares  
Beginning balance (in shares) | shares 26
Granted (in shares) | shares 7
Vested (in shares) | shares (2)
Forfeited, expired, or canceled (in shares) | shares (1)
Ending balance (in shares) | shares 30
Weighted- Average Fair Value Per Share  
Beginning balance (usd per share) | $ / shares $ 62.06
Granted (usd per share) | $ / shares 92.82
Vested (usd per share) | $ / shares 46.91
Forfeited, expired, or canceled (usd per share) | $ / shares 64.35
Ending balance (usd per share) | $ / shares $ 69.98
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Restricted Stock Awards (Details) - Restricted Stock - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Granted (in shares) 0 0
Vesting period 4 years  
RSAs unvested (in shares) 2  
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Stock-Based Compensation Expense (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation costs, stock options $ 40
Outstanding stock options  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized cost, recognition period 1 year
RSUs and RSAs  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized cost, recognition period 3 years
Unrecognized compensation costs $ 1,700
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense $ 153 $ 184
Capitalized stock-based compensation expense 15 19
Software    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense 177  
Capitalized stock-based compensation expense 17  
Cost of revenue    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense 8 3
Technology and infrastructure    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense 55 55
Sales and marketing    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense 13 3
General and administrative    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Total stock-based compensation expense $ 77 $ 123
v3.26.1
Income Taxes (Details)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Effective tax rate (in percentage) (13.00%) (17.00%)
v3.26.1
Net Loss Per Share Attributable to Common Stockholders - Schedule of Calculation of Basic and Diluted Net Loss Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator:    
Net loss $ (740) $ (315)
Dividends and accretion on Series C redeemable convertible preferred stock 0 (28)
Net loss attributable to common stockholders, basic (740) (343)
Change in fair value of common stock warrants 0 (27)
Net loss attributable to common stockholders, diluted $ (740) $ (370)
Denominator:    
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 527 246
Effect of dilutive securities:    
Common stock warrants (in shares) 0 3
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 527 249
Net loss per share attributable to common stockholders, basic (in usd per share) $ (1.40) $ (1.40)
Net loss per share attributable to common stockholders, diluted (in usd per share) $ (1.40) $ (1.49)
v3.26.1
Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive shares (in shares) 91 75
Outstanding convertible notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive shares (in shares) 26 0
Outstanding stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive shares (in shares) 29 46
Outstanding RSUs and RSAs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive shares (in shares) 32 23
Outstanding warrants to purchase common stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive shares (in shares) 4 0
Over-allotment options to purchase common stock    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive shares (in shares) 0 6
v3.26.1
Related-Party Transactions (Details) - Senior Secured Notes Involving Magnetar - Related Party - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Jul. 31, 2024
Oct. 31, 2022
Oct. 31, 2021
2021 Convertible Senior Secured Notes        
Related Party Transaction [Line Items]        
Term of right 1 year      
2021 Convertible Senior Secured Notes | Common Class A        
Related Party Transaction [Line Items]        
Warrants       $ 15
Number of issuable shares by rights (in shares)       0.4
Stock price (usd per share) $ 40.00      
2022 Senior Secured Notes        
Related Party Transaction [Line Items]        
Debt face amount     $ 125  
Repurchase amount   $ 137    
2022 Senior Secured Notes | Common Class A        
Related Party Transaction [Line Items]        
Number of issuable shares by rights (in shares)     12.0  
Right for common stock outstanding (in percentage)     5.00%  
v3.26.1
Geographic Information - Schedule of Revenue By Geography (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Total revenue $ 2,078 $ 982
United States    
Disaggregation of Revenue [Line Items]    
Total revenue 1,900 929
All other countries    
Disaggregation of Revenue [Line Items]    
Total revenue $ 178 $ 53
v3.26.1
Geographic Information - Narrative (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Geographic Concentration Risk | Long Lived Assets Benchmark | United States    
Concentration Risk [Line Items]    
Concentration risk (in percentage) 88.00% 88.00%
v3.26.1
Subsequent Events (Details)
$ / shares in Units, shares in Millions, $ in Millions
 1 Months Ended
Apr. 30, 2026
USD ($)
offering
$ / shares
shares
Jan. 31, 2026
USD ($)
$ / shares
shares
Private Placement    
Subsequent Event [Line Items]    
Shares issued in transaction (in shares) | shares   23
Stock price (usd per share) | $ / shares   $ 87.20
Proceeds from sale of stock   $ 2,000
Subsequent Event    
Subsequent Event [Line Items]    
Number of private offerings | offering 2  
Subsequent Event | Revolving Credit Facility    
Subsequent Event [Line Items]    
Repayment of revolving credit facility $ 1,500  
Subsequent Event | Private Placement    
Subsequent Event [Line Items]    
Shares issued in transaction (in shares) | shares 9  
Stock price (usd per share) | $ / shares $ 109.00  
Proceeds from sale of stock $ 1,000  
Subsequent Event | 2032 Convertible Senior Note | Convertible Debt    
Subsequent Event [Line Items]    
Debt face amount $ 4,000  
Interest rate (in percentage) 1.75%  
Total cost $ 492  
Subsequent Event | 2031 Senior Notes | Senior Notes    
Subsequent Event [Line Items]    
Debt face amount $ 2,800  
Interest rate (in percentage) 9.75%