COREWEAVE, INC., 10-Q filed on 8/12/2026
Quarterly Report
v3.26.1
Cover - shares
 6 Months Ended
Jun. 30, 2026
Jul. 31, 2026
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 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, $0.000005 par value per share  
Trading Symbol CRWV  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0001769628  
Common Class A    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   458,871,690
Common Class B    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   92,664,912
Common Class C    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   0
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 5,524 $ 3,127
Restricted cash and cash equivalents, current 873 819
Marketable securities 15 34
Accounts receivable, net 2,541 3,169
Prepaid expenses and other current assets 567 339
Total current assets 9,520 7,488
Restricted cash and cash equivalents, non-current 507 184
Property and equipment, net 46,736 30,557
Operating lease right-of-use assets 16,595 8,231
Intangible assets, net 245 235
Goodwill 1,101 1,101
Other non-current assets 2,366 1,506
Total assets 77,070 49,302
Current liabilities    
Accounts payable 3,633 1,623
Accrued liabilities 6,424 5,773
Recourse debt, current 6,235 6,118
Non-recourse debt, current 1,278 590
Deferred revenue, current 2,686 1,709
Operating lease liabilities, current 584 427
Finance lease liabilities, current 7 38
Other current liabilities 70 162
Total current liabilities 20,917 16,440
Recourse debt, non-current 25,170 14,608
Non-recourse debt, non-current 2,385 57
Deferred revenue, non-current 7,006 6,476
Operating lease liabilities, non-current 15,735 7,768
Finance lease liabilities, non-current 214 216
Deferred tax liabilities, non-current 256 115
Other non-current liabilities 363 287
Total liabilities 72,046 45,967
Commitments and contingencies (Note 9)
Stockholders' equity    
Preferred stock 0 0
Treasury stock, at cost (34) (34)
Additional paid-in capital 9,085 6,012
Accumulated other comprehensive loss (18) 0
Accumulated deficit (4,009) (2,643)
Total stockholders' equity 5,024 3,335
Total liabilities and stockholders' equity 77,070 49,302
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
Jun. 30, 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) 464,000,000 401,000,000
Common shares, shares outstanding (in shares) 457,000,000 394,000,000
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) 94,000,000 108,000,000
Common shares, shares outstanding (in shares) 94,000,000 108,000,000
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 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Statement [Abstract]        
Revenue $ 2,575 $ 1,212 $ 4,653 $ 2,194
Operating expenses:        
Cost of revenue 879 313 1,595 575
Technology and infrastructure 1,507 670 2,780 1,231
Sales and marketing 60 36 129 47
General and administrative 178 174 342 349
Total operating expenses 2,624 1,193 4,846 2,202
Operating income (loss) (49) 19 (193) (8)
Gain (loss) on fair value adjustments 0 0 0 27
Interest expense, net (640) (267) (1,176) (531)
Other income (expense), net 125 6 149 1
Loss before income taxes (564) (242) (1,220) (511)
Provision for income taxes 62 48 146 94
Net loss (626) (290) (1,366) (605)
Other comprehensive loss (23) 0 (18) 0
Total comprehensive loss (649) (290) (1,384) (605)
Net loss attributable to common stockholders, basic (626) (290) (1,366) (634)
Net loss attributable to common stockholders, diluted $ (626) $ (290) $ (1,366) $ (661)
Net loss per share attributable to common stockholders, basic (usd per share) $ (1.14) $ (0.60) $ (2.53) $ (1.73)
Net loss per share attributable to common stockholders, diluted (usd per share) $ (1.14) $ (0.60) $ (2.53) $ (1.79)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 551 487 539 367
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 551 487 539 369
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK, REDEEMABLE COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Millions
Total
Private Placement
IPO
Redeemable Convertible Preferred Stock
Redeemable Class A Common Stock
Common Stock
Common Stock
Private Placement
Common Stock
IPO
Treasury Stock
Additional Paid-in Capital
Additional Paid-in Capital
Private Placement
Additional Paid-in Capital
IPO
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     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        
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)
Beginning balance (in shares) at Dec. 31, 2024       185,000,000 0                  
Beginning balance at Dec. 31, 2024       $ 1,722 $ 0                  
Ending balance (in shares) at Jun. 30, 2025       0 30,000,000                  
Ending balance at Jun. 30, 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                            
Other comprehensive income (loss) 0                          
Net loss (605)                          
Ending balance (in shares) at Jun. 30, 2025           458,000,000                
Ending balance at Jun. 30, 2025 $ 2,658         $ 0     (34) 4,773       (2,081)
Beginning balance (in shares) at Mar. 31, 2025 0     0 30,000,000                  
Beginning balance at Mar. 31, 2025       $ 0 $ 1,163                  
Ending balance (in shares) at Jun. 30, 2025       0 30,000,000                  
Ending balance at Jun. 30, 2025       $ 0 $ 1,163                  
Beginning balance (in shares) at Mar. 31, 2025           435,000,000                
Beginning balance at Mar. 31, 2025 $ 1,906         $ 0     (34) 3,731       (1,791)
Total Stockholders' Equity                            
Issuance of common stock, net of issuance costs (in shares)           2,000,000                
Issuance of common stock, net of issuance costs 68                 68        
Issuance of common stock and restricted stock awards for business combination (in shares)           19,000,000                
Issuance of common stock and restricted stock awards for business combination 929                 929        
Issuance of replacement restricted stock units for business combination 4                 4        
Tax withholdings on issuance of common stock and restricted stock awards for business combination (24)                 (24)        
Issuance of common stock upon vesting of restricted stock units (in shares)           2,000,000                
Tax withholdings on settlement of restricted stock units (in shares)           (1,000,000)                
Tax withholdings on settlement of restricted stock units (93)                 (93)        
Exercise of stock options (in shares)           1,000,000                
Exercise of stock options 1                 1        
Stock-based compensation expense 157                 157        
Other comprehensive income (loss) 0                          
Net loss (290)                         (290)
Ending balance (in shares) at Jun. 30, 2025           458,000,000                
Ending balance at Jun. 30, 2025 2,658         $ 0     (34) 4,773       (2,081)
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                
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)
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                            
Exercise of stock options (in shares) 9,000,000                          
Other comprehensive income (loss) $ (18)                          
Net loss (1,366)                          
Ending balance (in shares) at Jun. 30, 2026           551,000,000                
Ending balance at Jun. 30, 2026 5,024         $ 0     (34) 9,085     (18) (4,009)
Beginning balance (in shares) at Mar. 31, 2026           532,000,000                
Beginning balance at Mar. 31, 2026 4,759         $ 0     (34) 8,171     5 (3,383)
Total Stockholders' Equity                            
Issuance of common stock, net of issuance costs (in shares)             9,000,000              
Issuance of common stock, net of issuance costs   $ 997                 $ 997      
Conversion of redeemable convertible preferred stock in connection with initial public offering (in shares)           2,000,000                
Conversion of redeemable convertible preferred stock in connection with initial public offering 195                 195        
Issuance of common stock upon vesting of restricted stock units (in shares)           3,000,000                
Issuance of common stock under ESPP 8                 8        
Purchase of capped calls related to convertible senior notes (492)                 (492)        
Exercise of non-employee option and warrants (in shares)           1,000,000                
Exercise of non-employee option and warrants 15                 15        
Exercise of stock options (in shares)           4,000,000                
Exercise of stock options 6                 6        
Stock-based compensation expense 185                 185        
Other comprehensive income (loss) (23)                       (23)  
Net loss (626)                         (626)
Ending balance (in shares) at Jun. 30, 2026           551,000,000                
Ending balance at Jun. 30, 2026 $ 5,024         $ 0     $ (34) $ 9,085     $ (18) $ (4,009)
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (1,366,000) $ (605,000)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation and amortization 2,540,000 1,003,000
Amortization of debt discounts and issuance costs and accretion of redemption premiums 86,000 67,000
Stock-based compensation expense 318,000 329,000
Non-cash lease expense 365,000 144,000
Deferred income taxes 140,000 91,000
Gain on fair value adjustments 0 (27,000)
Other non-cash reconciling items 97,000 39,000
Changes in operating assets and liabilities, net of effect of business acquisitions:    
Accounts receivable 607,000 (1,505,000)
Prepaid expenses and other assets (611,000) (70,000)
Accounts payable and accrued expenses 304,000 (289,000)
Deferred revenue 1,365,000 743,000
Lease liabilities (182,000) (110,000)
Net cash provided by (used in) operating activities 3,663,000 (190,000)
Cash flows from investing activities:    
Purchase of property and equipment, including capitalized internal-use software (14,117,000) (3,860,000)
Maturities and sales of marketable securities 18,000 29,000
Investments related to joint ventures (550,000) (32,000)
Purchase of strategic investments (138,000) 0
Sales of warrants received as lease incentive 0 101,000
Issuance of notes receivable 0 (73,000)
Business combination, net of cash acquired 0 (46,000)
Other investing activities (87,000) 6,000
Net cash used in investing activities (14,874,000) (3,875,000)
Cash flows from financing activities:    
Proceeds from issuance of debt, net 16,747,000 4,396,000
Repayments of debt (5,219,000) (1,575,000)
Purchase of capped calls related to convertible senior notes (492,000) 0
Issuance of common stock in private placements, net of issuance costs 2,982,000 0
Payment of tax withholdings on settlement of restricted stock units 0 (133,000)
Proceeds from initial public offering, net of underwriting discounts and commissions 0 1,491,000
Redeemable convertible preferred stock cash dividends paid 0 (29,000)
Other financing activities (33,000) (66,000)
Net cash provided by financing activities 13,985,000 4,084,000
Net increase (decrease) in cash, cash equivalents, and restricted cash 2,774,000 19,000
Cash, cash equivalents, and restricted cash—beginning of period 4,130,000 2,035,000
Cash, cash equivalents, and restricted cash—end of period 6,904,000 2,054,000
Supplemental disclosures of cash flow information:    
Cash paid for interest, net of capitalized amounts 806,000 362,000
Non-cash investing and financing activities:    
Liabilities related to property and equipment additions, including OEM financed additions 9,796,000 2,155,000
Reclassification of liabilities related to property and equipment additions to debt upon execution of OEM financing arrangements 1,469,000 0
Operating lease right-of-use assets acquired through lease liability 8,359,000 969,000
Conversion of convertible promissory notes 195,000 0
Conversion of redeemable convertible preferred stock in connection with initial public offering 0 1,722,000
Issuance of common stock, restricted stock units, and restricted stock awards for business combinations 0 933,000
Issuance of common stock for contract incentive 0 350,000
Reclassification of warrant liabilities to equity 0 173,000
Reclassification of customer deposit to debt 0 230,000
Warrants received as lease incentive 0 90,000
Non-cash investments 0 72,000
Reconciliation of cash, cash equivalents, and restricted cash to condensed consolidated balance sheets:    
Cash and cash equivalents 5,524,000 1,153,000
Restricted cash and cash equivalents, current 873,000 560,000
Restricted cash and cash equivalents, non-current 507,000 341,000
Total cash, cash equivalents, and restricted cash $ 6,904,000 $ 2,054,000
v3.26.1
Overview and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 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.
Beginning in the second quarter of 2026, the Company elected to present its current and non-current debt as recourse and non-recourse and also reclassified the respective balances as of December 31, 2025 to conform to the current period's presentation in the condensed consolidated balance sheets. The reclassification had no impact on the Company's previously reported total current liabilities or total liabilities as of December 31, 2025.
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
There have been no material changes to the Company's significant accounting policies as discussed in "Note 1—Overview and Summary of Significant Accounting Policies" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Research and Development
Research and development costs were $117 million and $80 million for the three months ended June 30, 2026 and 2025, respectively, and $221 million and $150 million for the six months ended June 30, 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 by 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
 6 Months Ended
Jun. 30, 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 June 30, 2026 and 2025, and 98% of total revenue for the six months ended June 30, 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 June 30,Six Months Ended June 30,
2026202520262025
Customer A36%71%40%72%
Customer B26%*23%*
Customer C 10%***
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.

Customers A and B accounted for 32% and 32%, of accounts receivable, net, respectively, as of June 30, 2026. Customers 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 June 30, 2026 and December 31, 2025, was $9.7 billion and $8.2 billion, respectively. For the six months ended June 30, 2026 and 2025, revenue recognized from deferred revenue at the beginning of the period was $554 million and $603 million, respectively. Contract assets, including current and non-current balances, as of June 30, 2026 were $179 million. Contract assets, including current and non-current balances, as of December 31, 2025 were not material.
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 June 30, 2026, the Company had $103.7 billion of unsatisfied RPO, of which 41% was expected to be recognized over the initial 24 months ending June 30, 2028, 39% between months 25 and 48, and the remaining balance recognized between months 49 and 78.
v3.26.1
Investments and Fair Value Measurements
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Investments and Fair Value Measurements Investments and Fair Value Measurements
Marketable Securities
For the three months and six months ended June 30, 2026 and 2025, the realized or unrealized gains or losses related to the Company's debt securities were not material. As of June 30, 2026 and December 31, 2025, there was 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 June 30, 2026.
Unconsolidated Variable Interest Entities
During the six months ended June 30, 2026, the Company committed to invest up to $1.7 billion, which includes incremental funding commitments of approximately $500 million during the three months ended June 30, 2026, 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 June 30, 2026, the Company was not the primary beneficiary of these VIEs and did not consolidate them, as it lacked the power to direct the activities that most significantly impact the VIEs' economic performance. The Company's maximum exposure to loss related to these joint ventures is limited to its total funding commitments of $1.7 billion as of June 30, 2026. The carrying value of the Company's investment in these VIEs was $479 million as of June 30, 2026, of which $221 million is accounted for as an equity method investment and is included in other non-current assets on the condensed consolidated balance sheets.
Unconsolidated Joint Venture
Additionally, in June 2025, the Company entered into a joint venture (the "JV") that is a VIE, 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, for which the Company contributed net assets worth $57 million. As of June 30, 2026, the Company's ownership interest was 35%. 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 lacks 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 and is included in other non-current assets on the condensed consolidated balance sheets. During the six months ended June 30, 2026, the Company made additional capital contributions to the JV, and incurred equity method losses. The carrying value of the Company's investment in the JV was $44 million and $51 million as of June 30, 2026 and December 31, 2025, respectively.
The Company also entered into a data center lease agreement with the JV in June 2025 which will commence upon completion of construction. Once commenced, the lease will have an initial lease term of 15 years with base rent payments that are based on a percentage of construction costs incurred. Additionally, in November 2025, the Company entered into a ground lease with the unconsolidated joint venture covering a separate parcel for a potential future development. Refer to Note 8—Leases for additional information on the ground lease.
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 $37 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 June 30, 2026, the Company estimated that the maximum funding exposure to fund construction and development costs is up to $160 million.
Financial Instruments Measured at Fair Value
The Company measures certain financial assets and liabilities at fair value 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.
Financial Instruments Measured at Fair Value on a Recurring Basis
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 		June 30,
2026		December 31,
2025
Financial assets:
Cash and cash equivalents
Commercial paperLevel 2$299 $— 
Marketable securities
Commercial paperLevel 22 12 
Corporate bondsLevel 213 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 213 — 
Power swaps not designated as accounting hedgesLevel 21 — 
Marketable equity securitiesLevel 145 — 
Power purchase agreementsLevel 3— 2 
Total financial assets$377 $41 
Financial liabilities:
Other current liabilities
Foreign exchange forward contracts not designated as accounting hedgesLevel 2$45 $4 
Contingent considerationLevel 3— 20 
Other non-current liabilities
Interest rate swaps designated as cash flow hedgesLevel 25 1 
Cross currency swaps designated as fair value hedgesLevel 261 — 
Total financial liabilities$111 $25 
Financial Instruments Measured at Fair Value on a Non-recurring Basis
Our strategic investments primarily consist of non-marketable equity securities accounted for under the measurement alternative, which are investments in privately-held companies without readily determinable market values and classified within Level 3 of the fair value hierarchy. The carrying value of these non-marketable equity securities is adjusted upward or downward to fair value upon observable transactions for identical or similar investments of the same issuer or impairment. As of June 30, 2026 and December 31, 2025, the carrying value of our non-marketable equity securities
accounted for under measurement alternative were $315 million and $117 million respectively, and is included in other non-current assets in our consolidated balance sheets.
Derivative Instruments
The notional amounts of the Company's outstanding derivative instruments were as follows (in millions):

June 30,
2026		December 31,
2025
Derivative instruments designated as accounting hedges
Interest rate swaps$4,661 $319 
Cross currency swaps2,314 — 
Total$6,975 $319 
Derivative instruments not designated as accounting hedges
Foreign exchange forward contracts$1,835 $1,213 
Power swaps104 — 
Total$1,939 $1,213 
Gains (losses) associated with derivative instruments were as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest rate swaps designated as accounting hedges
Gain recognized in other comprehensive income (loss)$5 $— $10 $— 
Cross currency swaps designated as accounting hedges
Loss recognized in other comprehensive income (loss)$(27)$— $(27)$— 
Loss recognized in other income (expense), net$(34)$— $(34)$— 
Foreign exchange forward contracts not designated as accounting hedges
Gain (loss) recognized in other income (expense), net$(28)$2 $(63)$2 
In June 2026, the Company entered into a cross currency interest rate swap with a notional amount of €2.0 billion that matures in 2032. The swap is designated as a fair value hedge of 2032 EUR Senior Notes (as defined in Note 10—Debt) to hedge changes in the fair value of the 2032 EUR Senior Notes attributable to changes in the spot exchange rate. Changes in the fair value of the swap attributable to spot exchange rate changes are recorded in foreign exchange gain or loss within other income (expense) and offset the currency exchange remeasurement gain or loss on the €2.0 billion senior notes. Changes in the fair value of the excluded component are recorded in accumulated other comprehensive income (loss) and are amortized over the life of the swap.
For the three and six months ended June 30, 2026 and 2025, gains and losses on the Company's power swaps, which are not designated as accounting hedges and are recognized in cost of revenue, were not material.
For the three and six months ended June 30, 2026 and 2025, the amount reclassified out of accumulated other comprehensive loss into earnings was not material. As of June 30, 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 on a recurring basis of the Company's Level 3 financial instruments for the periods presented (in millions):
Power Purchase
Agreements –
Asset		Contingent Consideration
Balance at December 31, 2025$2 $20 
Adjustment to fair value— 1 
Reclassification(2)$— 
Balance at March 31, 2026$— $21 
Settlements— (21)
Balance at June 30, 2026$— $— 
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 $— 
Adjustment to fair value(1)— 
Balance at June 30, 2025$4 $— 
Notes Receivable
Notes receivable are primarily related to the DCSP Financing Arrangements (as defined in Note 10—Debt) and are reported at their amortized cost basis. As of June 30, 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
 6 Months Ended
Jun. 30, 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
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
Property and equipment, net, consisted of the following (in millions):
June 30,
2026		December 31,
2025
Technology equipment$33,823 $20,903 
Software859 802 
Data center equipment and leasehold improvements5,997 2,842 
Furniture, fixtures, and other assets25 18 
Construction in progress11,918 9,376 
Total property and equipment52,622 33,941 
Less: accumulated depreciation and amortization(5,886)(3,384)
Total property and equipment, net$46,736 $30,557 
Depreciation and amortization on property and equipment was $1.4 billion and $553 million for the three months ended June 30, 2026 and 2025, respectively, and $2.5 billion and $996 million for the six months ended June 30, 2026 and 2025, respectively.
The Company capitalizes interest associated with the construction of data centers and purchases of related technology equipment. There was $79 million and $23 million of interest capitalized during the three months ended June 30, 2026 and 2025, respectively, and $176 million and $36 million of interest capitalized during the six months ended June 30, 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):
June 30,
2026		December 31,
2025
Beginning balance
$62 $36 
Additions
53 21 
Accretion expense
5 5 
Ending balance
$120 $62 
v3.26.1
Goodwill and Intangible Assets
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [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):
June 30, 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 technologies4$208 $(46)$162 $206 $(27)$179 
Other (1)
961 (8)53 61 (5)56 
Finite-lived intangible assets269 (54)215 267 (32)235 
Indefinite-lived intangible assetsN/A30 — 30 — — — 
Total$299 $(54)$245 $267 $(32)$235 
(1) Includes customer relationships and trade names.
Amortization expenses for intangible assets were not material for the three months ended June 30, 2026 and 2025. Amortization expenses for intangible assets were $22 million for the six months ended June 30, 2026 and not material for the six months ended June 30, 2025.
As of June 30, 2026, the expected future amortization expense related to intangible assets was as follows (in millions):
Years Ending December 31,Amount
Remaining portion of 2026$24 
202746 
202843 
202943 
203023 
Thereafter36 
Total expected future amortization expense$215 
v3.26.1
Condensed Consolidated Balance Sheets Components
 6 Months Ended
Jun. 30, 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):

June 30,
2026		December 31,
2025
Accrued purchases$5,520 $5,196 
Accrued interest410 332 
Other accrued liabilities494 245 
Total accrued liabilities$6,424 $5,773 
v3.26.1
Leases
 6 Months Ended
Jun. 30, 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 ground 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 June 30,Six Months Ended June 30,
2026202520262025
Operating lease cost:
Operating lease cost$500 $180 $888 $336 
Finance lease cost:
Amortization of ROU assets9 9 19 16 
Interest on lease liabilities8 6 16 8 
Total finance lease cost 17 15 35 24 
Variable lease cost150 58 282 102 
Total lease cost$667 $253 $1,205 $462 
Supplemental condensed consolidated balance sheet information related to leases were as follows (in millions):
June 30,
2026		December 31,
2025
Operating leases:
Operating lease ROU assets
$16,595 $8,231 
Operating lease liabilities, current
$584 $427 
Operating lease liabilities, non-current
15,735 7,768 
Total operating lease liabilities
$16,319 $8,195 
Finance leases:
Property and equipment
$500 $500 
Less: amortization
(75)(56)
Property and equipment, net
$425 $444 
Finance lease liabilities, current
$7 $38 
Finance lease liabilities, non-current
214 216 
Total finance lease liabilities
$221 $254 
Supplemental condensed consolidated cash flow and other information related to leases for the periods presented were as follows (in millions):
Six Months Ended June 30,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases$707 $301 
Operating cash flows used in finance leases8 4 
Financing cash flows used in finance leases33 28 
Information relating to the lease term and discount rate for leases were as follows:
June 30,
2026		December 31,
2025
Weighted-average remaining lease term (in years):
Operating leases1211
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 June 30, 2026, were as follows (in millions):
Future Payments
Years Ending December 31,Operating
Leases 		Finance Leases
Remaining portion of 2026$1,028 $12 
20272,116 223 
20282,306 — 
20292,373 — 
20302,289 — 
Thereafter19,023 — 
Total undiscounted lease payments29,135 235 
Less: imputed interest(12,816)(14)
Present value of lease liabilities$16,319 $221 
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 on this financing arrangement, including the right of setoff in accordance with ASC 210, Balance Sheet.
Leases Not Yet Commenced
As of June 30, 2026, the Company executed additional lease agreements, primarily for data centers, equipment, and office buildings, that had not yet commenced. The aggregate amount of estimated future undiscounted lease payments associated with such leases is $35.5 billion. These leases will commence between 2026 and 2029 with estimated lease terms of seven to sixteen years. Not included in the preceding amount of estimated future undiscounted lease payments are the following lease arrangements, which include significant uncertainties regarding the amount of future lease payments.
As of June 30, 2026, the Company also had a lease agreement for various buildings located at a single site intended to be used as a data center. As of June 30, 2026, 393 MW of electrical power remained undelivered at the site and was 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 of $14.7 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. 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 June 30, 2026, 355 MW of electrical power remains undelivered at these sites and are 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 June 30, 2026, the Company estimated that it would incur between $500 million and $1.2 billion to fulfill these commitments, with expenditures expected to be incurred in phases through 2028.
Unconsolidated Variable Interest Entities
The Company has entered into various leases with data center developers and operators that are VIEs. The Company lacks the power to direct the activities that most significantly impact these data center developers’ and operators’ economic performance and is not the primary beneficiary; therefore, the Company has not consolidated these VIEs within the condensed consolidated financial statements. Upon lease commencement the Company will make contractual rent payments based on construction costs incurred by the lessor. Additionally, the Company’s maximum exposure to loss under these leases consists of its prepayments of $108 million associated with these lease agreements as of June 30, 2026.
The Company also entered into an equipment lease with a group of special-purpose entities (the “Equipment Lessor”) sponsored by a third-party financial investor related to the mechanical, electrical, and plumbing infrastructure for a data center. The Equipment Lessor is a VIE and the Company obtains substantially all of the economic benefits of the leased equipment but lacks the power to direct the activities that most significantly impact the Equipment Lessor’s economic performance. Accordingly, the Company is not the primary beneficiary and does not consolidate the Equipment Lessor. The Company’s maximum exposure to loss under this lease consists of its committed payments, which total approximately $1.8 billion as of June 30, 2026 and are included within aggregate estimated future undiscounted lease payments, as disclosed in the Leases Not Yet Commenced section.
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 ground 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 June 30,Six Months Ended June 30,
2026202520262025
Operating lease cost:
Operating lease cost$500 $180 $888 $336 
Finance lease cost:
Amortization of ROU assets9 9 19 16 
Interest on lease liabilities8 6 16 8 
Total finance lease cost 17 15 35 24 
Variable lease cost150 58 282 102 
Total lease cost$667 $253 $1,205 $462 
Supplemental condensed consolidated balance sheet information related to leases were as follows (in millions):
June 30,
2026		December 31,
2025
Operating leases:
Operating lease ROU assets
$16,595 $8,231 
Operating lease liabilities, current
$584 $427 
Operating lease liabilities, non-current
15,735 7,768 
Total operating lease liabilities
$16,319 $8,195 
Finance leases:
Property and equipment
$500 $500 
Less: amortization
(75)(56)
Property and equipment, net
$425 $444 
Finance lease liabilities, current
$7 $38 
Finance lease liabilities, non-current
214 216 
Total finance lease liabilities
$221 $254 
Supplemental condensed consolidated cash flow and other information related to leases for the periods presented were as follows (in millions):
Six Months Ended June 30,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases$707 $301 
Operating cash flows used in finance leases8 4 
Financing cash flows used in finance leases33 28 
Information relating to the lease term and discount rate for leases were as follows:
June 30,
2026		December 31,
2025
Weighted-average remaining lease term (in years):
Operating leases1211
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 June 30, 2026, were as follows (in millions):
Future Payments
Years Ending December 31,Operating
Leases 		Finance Leases
Remaining portion of 2026$1,028 $12 
20272,116 223 
20282,306 — 
20292,373 — 
20302,289 — 
Thereafter19,023 — 
Total undiscounted lease payments29,135 235 
Less: imputed interest(12,816)(14)
Present value of lease liabilities$16,319 $221 
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 on this financing arrangement, including the right of setoff in accordance with ASC 210, Balance Sheet.
Leases Not Yet Commenced
As of June 30, 2026, the Company executed additional lease agreements, primarily for data centers, equipment, and office buildings, that had not yet commenced. The aggregate amount of estimated future undiscounted lease payments associated with such leases is $35.5 billion. These leases will commence between 2026 and 2029 with estimated lease terms of seven to sixteen years. Not included in the preceding amount of estimated future undiscounted lease payments are the following lease arrangements, which include significant uncertainties regarding the amount of future lease payments.
As of June 30, 2026, the Company also had a lease agreement for various buildings located at a single site intended to be used as a data center. As of June 30, 2026, 393 MW of electrical power remained undelivered at the site and was 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 of $14.7 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. 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 June 30, 2026, 355 MW of electrical power remains undelivered at these sites and are 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 June 30, 2026, the Company estimated that it would incur between $500 million and $1.2 billion to fulfill these commitments, with expenditures expected to be incurred in phases through 2028.
Unconsolidated Variable Interest Entities
The Company has entered into various leases with data center developers and operators that are VIEs. The Company lacks the power to direct the activities that most significantly impact these data center developers’ and operators’ economic performance and is not the primary beneficiary; therefore, the Company has not consolidated these VIEs within the condensed consolidated financial statements. Upon lease commencement the Company will make contractual rent payments based on construction costs incurred by the lessor. Additionally, the Company’s maximum exposure to loss under these leases consists of its prepayments of $108 million associated with these lease agreements as of June 30, 2026.
The Company also entered into an equipment lease with a group of special-purpose entities (the “Equipment Lessor”) sponsored by a third-party financial investor related to the mechanical, electrical, and plumbing infrastructure for a data center. The Equipment Lessor is a VIE and the Company obtains substantially all of the economic benefits of the leased equipment but lacks the power to direct the activities that most significantly impact the Equipment Lessor’s economic performance. Accordingly, the Company is not the primary beneficiary and does not consolidate the Equipment Lessor. The Company’s maximum exposure to loss under this lease consists of its committed payments, which total approximately $1.8 billion as of June 30, 2026 and are included within aggregate estimated future undiscounted lease payments, as disclosed in the Leases Not Yet Commenced section.
v3.26.1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 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 and data center 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. On February 10, 2026, two stockholder derivative actions were filed against certain of the Company’s current and former directors and officers 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 (collectively, the “New Jersey Derivative Actions”). On April 1, 2026, the U.S. District Court for the District of New Jersey consolidated the New Jersey Derivative Actions under the name In Re CoreWeave, Inc. S’holder Deriv. Litig. (the "Consolidated Derivative Action") and on May 21, 2026, the court approved a stay of further proceedings until final resolution of the Securities Action. On May 12, 2026, another stockholder derivative action was filed in the U.S. District Court for the District of Delaware (together with the Consolidated Derivative Action, the “Derivative Actions”). The Derivative Actions collectively assert claims purportedly on behalf of the Company against certain of the Company's current and former officers and directors and, as a nominal defendant, the Company, and seek unspecified damages based on substantially the same allegations as the Securities Action. The Company believes that the claims made in the Securities Action and the Derivative Actions 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 June 30, 2026 and December 31, 2025, the Company has not accrued any material potential loss.
v3.26.1
Debt
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Debt Debt
The total debt obligations are as follows (dollars in millions):
Maturities Effective
Interest
Rates 		June 30,
2026		December 31,
2025
Recourse debt:
DDTL 1.0 FacilityMar 202815%$1,300 $1,553 
DDTL 2.0 FacilityAug 203011%3,190 5,037 
DDTL 2.1 FacilityMar 20319%3,000 2,741 
DDTL 3.0 FacilityAug 20309%2,215 340 
DDTL 5.0 FacilityNov 20319%1,101 — 
2030 Senior NotesJun 203010%2,000 2,000 
2031 9.00% Senior Notes
Feb 203110%1,750 1,750 
2031 9.75% Senior Notes
Oct 203110%2,750 — 
2032 9.625% Senior Notes
Jul 203210%1,250 — 
2032 EUR Senior Notes(1)
Jul 20329%2,279 — 
2031 Convertible Senior NotesDec 20312%2,588 2,588 
2032 Convertible Senior NotesOct 20322%4,000 — 
Convertible Promissory NotesApr 20267%— 168 
Revolving Credit FacilityNov 20297%— 1,000 
OEM and Software License Financing ArrangementsDec 2026 - Jul 203011%4,220 3,518 
Magnetar LoanJan 202912%189 273 
Less: Unamortized discount and issuance costs(427)(242)
Total recourse debt, net of unamortized discount and issuance costs31,405 20,726 
Less: Recourse debt, current(6,235)(6,118)
Total recourse debt, non-current$25,170 $14,608 
Non-recourse debt:
DDTL 4.0 FacilityMar 20327%2,837 — 
OEM and Software License Financing ArrangementsAug 2026 - Aug 20289%882 647 
Less: Unamortized discount and issuance costs(56)— 
Total non-recourse debt, net of unamortized discount and issuance costs$3,663 $647 
Less: Non-recourse debt, current$(1,278)$(590)
Total non-recourse debt, non-current$2,385 $57 
(1) In June 2026, the Company entered into cross currency interest rate swaps designated as a fair value hedge, to hedge changes in the fair value on the 2032 EUR Senior Notes, attributable to changes in foreign currency exchange rate.
As of June 30, 2026, the Company's weighted-average interest rate on short-term debt instruments related to certain of the OEM Financing Arrangements was 9%.
Non-recourse debt represents debt facilities and financing arrangements entered into by certain of the Company’s subsidiaries for which recourse is limited to the assets of the applicable subsidiaries. CoreWeave, Inc., the ultimate parent company, is not otherwise liable for such debt, except in cases where the Company provides limited guarantees under which recourse may arise only upon specified events, such as actual fraud, willful misconduct, misappropriation of collateral, certain voluntary or consented bankruptcy actions, or other customary non-recourse carve-out obligations. These limited guarantees do not represent general guarantees of repayment of principal, interest or other ordinary debt service payments. Recourse debt represents debt facilities and financing arrangements that are either direct obligations of
CoreWeave, Inc. or obligations of certain of the Company’s subsidiaries that are unconditionally and irrevocably guaranteed by CoreWeave, Inc.
As of June 30, 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$4,413 
20276,184 
20284,416 
20292,421 
20303,221 
Thereafter14,896 
Total$35,551 
The total interest expense for the Company's debt obligations was as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Contractual interest expense$592 $250 $1,075 $483 
Amortization of debt discounts and issuance costs and accretion of redemption premiums45 29 86 67 
Less: capitalized interest(79)(23)(176)(36)
Total$558 $256 $985 $514 
During the six months ended June 30, 2026, the Company entered into DDTL facilities and issued senior notes (each as defined in this Note 10—Debt) as follows (dollars in millions):
Date of Issuance
Stated Interest Rates(1)
Amount(2)
DDTL 4.0 FacilityMarch 2026
SOFR + 2.25%; Treasury + 2.00%
$8,500 
DDTL 5.0 FacilityMay 2026
SOFR + 4.50%
$3,100 
2031 9.75% Senior Notes
April 20269.75%$2,750 
2032 9.625% Senior Notes
June 20269.625%$1,250 
2032 EUR Senior NotesJune 20268.50%€2,000 
2032 Convertible Senior NotesApril 20261.75%$4,000 
(1) DDTL Facility floating-rate commitments are subject to an interest rate per annum equal to, at the Company's option, either the SOFR or the alternative base rate plus a spread. For the DDTL 4.0 Facility, refer to the Delayed Draw Term Loans below for further details on interest rates.
(2) Amounts represent borrowing capacity for the DDTL Facilities and the principal amounts for the Senior Notes.

Delayed Draw Term Loans ("DDTL")
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. As of June 30, 2026, the facility has $1.4 billion of outstanding floating-rate loan and $1.5 billion of outstanding fixed-rate loan. 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 $151 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.
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. As of June 30, 2026 the assets of CCAC VIII securing the DDTL 4.0 Facility consisted of $3.3 billion of non-current assets, primarily consisting of property and equipment, net, and $155 million of current assets, primarily consisting of restricted cash and cash equivalents. 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.
In May 2026, one of the Company's subsidiaries, CoreWeave Financing DDTL V, LLC ("CFD V") entered into a delayed draw term loan facility agreement with various lenders and Morgan Stanley Senior Funding, Inc., as the administrative agent. The agreement provides a $3.1 billion delayed draw term loan facility (the “DDTL 5.0 Facility”) available in one or more draws through September 30, 2026, the commitment termination date. The principal amount of the DDTL 5.0 Facility is required to be repaid in monthly installments, beginning in November 2026, with the expected final payment due in May 2031. The Company is required to pay a fee of 0.50% per annum on the undrawn commitment. As of June 30, 2026, the Company had capitalized $25 million of debt discount and issuance costs associated with the DDTL 5.0 facility. Under the DDTL 5.0 Facility, the Company is required to enter into interest rate swap agreements within specified time periods following the closing date covering a notional amount of not less than 95% of the reasonably anticipated outstanding floating-rate loans until the maturity date.
The DDTL 5.0 Facility is constrained by the purchase price of assets for which the loans are being used to finance with such percentage based upon the depreciable cost of graphics processing unit servers. Borrowings under the DDTL 5.0 Facility are used to finance a portion of the purchase considerations, fees, and expenses relating to the acquisition of computing equipment. Obligations outstanding under the DDTL 5.0 Facility are secured by perfected first priority pledges of and security interests in (i) the equity interests of the respective subsidiaries held by its direct parent and (ii) substantially all of the assets of the respective subsidiaries.
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 of control of the Company, or with the proceeds of certain asset dispositions or incurrences of indebtedness.
Furthermore, all obligations under the DDTL 5.0 Facility are unconditionally guaranteed by the Company. They contain covenants that restrict the ability of the Company and/or the respective 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 carrying value of the fixed-rate borrowing under the DDTL 4.0 Facility approximates its estimated fair value, which was determined using a discounted cash flow method based on current market rates and is categorized as Level 3 in the fair value hierarchy. The carrying value of the variable-rate borrowings under the delayed draw term loans approximates fair value because the interest rates reset periodically to market rates.
As of June 30, 2026, the Company was in compliance with all covenants under its delayed draw term loan facility agreements.
In addition to DDTL 4.0, certain of the Company's debt facilities are entered into by bankruptcy-remote, special-purpose consolidated subsidiaries formed to hold the financed infrastructure and the related customer contracts. Certain assets of these consolidated entities may be used only to settle the obligations of those entities. As of June 30, 2026, the debt of these entities was secured by $18.2 billion of non-current assets, primarily consisting of property and equipment, net, and $2.6 billion of current assets primarily consisting of accounts receivable and restricted cash and cash equivalents, which is included in the Company’s condensed consolidated balance sheets. As of December 31, 2025, these balances were $12.7 billion and $1.8 billion, respectively.
Revolving Credit Facility
As of June 30, 2026 and December 31, 2025, the outstanding balances associated with letters of credit were $533 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 2037.
In April 2026, the Company repaid the remaining balance under the Revolving Credit Facility that was previously outstanding. As of June 30, 2026, the Company had no borrowings outstanding under the Revolving Credit Facility and had $2.0 billion of remaining capacity. 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 $4.8 billion and $3.8 billion as of June 30, 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 $347 million and $368 million as of June 30, 2026 and December 31, 2025, respectively.
Convertible Senior Notes
In April 2026, the Company issued $4.0 billion in aggregate principal amount of convertible senior notes due on October 1, 2032 (the "2032 Convertible Senior Notes") in a private placement offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act").
The 2032 Convertible Senior Notes are convertible at an initial conversion rate of 8.3612 shares per $1,000 principal amount (equivalent to a conversion price of approximately $119.60 per share) into cash, shares of the Company's Class A
common stock, or a combination thereof. Until July 1, 2032, the 2032 Convertible Senior Notes can only be converted upon satisfaction of certain market conditions or upon the occurrence of specific corporate events. After that date, the notes are freely convertible. The conversion rate is subject to standard anti-dilution adjustments throughout the life of the instrument.
Additionally, if the holders of the 2032 Convertible Senior Notes convert their notes in connection with a make-whole fundamental change or in connection with the exercise of the Company's option to redeem the 2032 Convertible Senior Notes, the conversion rate may be adjusted to compensate for the lost time value of money. The Company may not redeem the 2032 Convertible Senior Notes prior to October 8, 2029. On or after that date, the Company may redeem all or any portion of the outstanding 2032 Convertible Senior Notes for cash if the Company's Class A common stock price exceeds 130% of the conversion price for any 20 trading days within a 30 consecutive trading day period.
The 2032 Convertible Senior Notes are accounted for as a single liability measured at its amortized cost, as the conversion features do not require bifurcation and recognition as derivatives. In conjunction with the issuance of the 2032 Convertible Senior Notes, the Company capitalized $70 million in debt discount and issuance costs.
A portion of the proceeds from the 2032 Convertible Senior Notes was used to fund the cost of entering into capped call transactions, described below. The Company expects to use the remainder of the proceeds for general corporate purposes. The 2032 Convertible Senior Notes are unsecured obligations and bear interest payable semi-annually in arrears and include customary terms and covenants, including certain events of default, after which the notes may be due and payable immediately at a price set forth in the indenture.
As of June 30, 2026, the total estimated fair value of the 2031 Convertible Notes and 2032 Convertible Senior Notes was $7.5 billion, which was based on observable market prices of identical instruments in less active markets and is categorized as Level 2 in the fair value hierarchy.
Capped Call Transactions
In conjunction with the issuance of the 2032 Convertible Senior Notes, the Company entered into separately negotiated capped call transactions (the "Capped Calls") with certain financial institutions at a total cost of $492 million. The Capped Calls are expected generally to reduce potential dilution of the Company's Class A common stock upon any conversion of the 2032 Convertible Senior Notes and offset any potential cash payments the Company is required to make in excess of the principal amount of such converted 2032 Convertible Senior Notes, as the case may be, with such reduction and offset subject to a cap.
The Capped Calls have an initial strike price of $119.60 per share, which corresponds to the initial conversion price of the 2032 Convertible Senior Notes, and have an initial cap price of $230.00 per share, both subject to certain adjustments. The Capped Calls qualify for a derivative scope exception for instruments that are both indexed to an entity's own stock; therefore they are recorded in stockholders' equity as a reduction of additional paid-in capital on the condensed consolidated balance sheets and will not be subsequently remeasured.
Senior Notes
In April 2026, the Company issued $2.8 billion in aggregate principal amount of senior notes due on October 1, 2031 (the "2031 9.75% Senior Notes") in private placement offerings to qualified institutional buyers pursuant to Rule 144A under the Securities Act. In conjunction with the issuance of the 2031 9.75% Senior Notes, the Company capitalized $27 million in debt discount and issuance costs.
In June 2026, the Company issued $1.3 billion in aggregate principal amount of senior notes due on July 15, 2032 (the "2032 9.625% Senior Notes") in private placement offerings to qualified institutional buyers pursuant to the Securities Act. In conjunction with the issuance of the 2032 9.625% Senior Notes, the Company capitalized $20 million in debt discount and issuance costs.
Additionally, in June 2026, the Company issued €2.0 billion in aggregate principal amount of senior notes due on July 15, 2032 (the "2032 EUR Senior Notes") in a private placement offering to qualified institutional buyers pursuant to the Securities Act. In conjunction with the issuance of the 2032 EUR Senior Notes, the Company capitalized $41 million in debt discount and issuance costs.
The proceeds from the issuance of the 2031 9.75% Senior Notes, 2032 9.625% Senior Notes and 2032 EUR Senior Notes were retained for general corporate purposes. The Senior Notes are unsecured obligations and bear interest payable semi-annually in arrears. The Company may redeem all or a portion of the Senior Notes at any time prior to their maturity at a redemption price set forth in the respective indentures. The senior notes include customary terms and covenants, including certain events of default, after which the Senior Notes may be due and payable immediately at a price set forth in the indentures.
As of June 30, 2026, the total estimated fair value of the 2030 Senior Notes, 2031 9.00% Senior Notes, 2031 9.75% Senior Notes, 2032 EUR Senior Notes, and the 2032 9.625% Senior Notes was $10.0 billion, which was based on observable market prices of identical instruments in less active markets and was categorized as Level 2 in the fair value hierarchy.
Magnetar Loan
In June 2026, the Company paid $100 million to MagAI Ventures in partial settlement of amounts outstanding under the MagAI Capacity Agreement, as amended. The payment reduced the carrying amount of the debt obligation. The remaining obligation as of June 30, 2026 was $189 million, consisting of the unused refundable deposit amount, together with accrued redemption premiums through the reporting date. The Company recognized accretion of the redemption premium as interest expense, net, in the condensed consolidated statements of operations and comprehensive loss for the period.
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 June 30, 2026 and 2025. For the six months ended June 30, 2026 and 2025, the amortization expense related to finance lease right-of-use assets was not material.
As of June 30, 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$10 $9 
202720 19 
202820 19 
202920 19 
203020 19 
Thereafter155 148 
Total future payments245 233 
Less: amount representing interest(133)(115)
Total financing obligation$112 $118 
Less: current portion(3)(4)
Long-term portion$109 $114 
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 June 30, 2026, the gross amount of the DCSP Note Receivable was $302 million, which is presented net of the financing obligation and finance lease of $230 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 and finance lease of $234 million. For the three months ended June 30, 2026 and 2025, and the six months ended June 30, 2025, interest income recognized in other income (expense), net, in the condensed consolidated statements of operations and comprehensive loss was not material. For the six months ended June 30, 2026, interest income recognized in other income (expense), net, in the condensed consolidated statements of operations and comprehensive loss was $20 million. The total interest expense related to the financing obligation and finance lease associated with this arrangement for the three months ended June 30, 2026 and 2025, and the six months ended June 30, 2025 was not material. The total interest expense related to the financing obligation and finance lease associated with this arrangement for the six months ended June 30, 2026 was $16 million.
During the three months ended June 30, 2026, the Company reassessed the DCSP as a VIE following changes affecting the adequacy of the DCSP's equity investment at risk. The Company concluded that it was not the primary beneficiary of the DCSP because it lacked the power to direct the activities that most significantly impact the DCSP's economic performance. Accordingly, the Company did not consolidate the DCSP. The Company's maximum exposure to loss related to the DCSP consists of the carrying amount of the DCSP Note Receivable and the Company's commitment to fund the remaining completion work at the data center. This funding commitment is not subject to a contractual cap; however, the Company estimates the remaining funding obligation to be not material. Amounts funded under this commitment are recoverable from the DCSP only through contingent, unsecured reimbursement rights.
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit)
 6 Months Ended
Jun. 30, 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 June 30, 2026 and 2025, the Company paid no dividends. For the six months ended June 30, 2026 and 2025, the Company paid no cash dividends and $29 million, respectively.
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 June 30, 2026, there were no shares of preferred stock issued and outstanding.
Common Stock
As of June 30, 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 June 30, 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 June 30, 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 Placements
In January 2026, the Company entered into a securities purchase agreement for a private placement of approximately 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.
In April 2026, the Company issued approximately 9 million shares of its Class A common stock in a private placement at a price of $109.00 per share, for aggregate gross proceeds of $1.0 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 six months ended June 30, 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"). 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 Equity Incentive Plan (the "2025 Plan") as defined below, the Company ceased granting awards under the 2019 Plan. Following the effective date of the 2025 Plan in connection with the IPO, 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.
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 June 30, 2026, 63 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(9)1.43 
Forfeited, expired, or canceled(1)3.64 
Outstanding at June 30, 2026 24$1.84 6$2,341 
Vested and expected to vest at June 30, 2026 24$1.84 6$2,341 
Exercisable at June 30, 2026 19$1.34 5$1,818 
The table above does not include the 0.4 million shares subject to options issued in connection with the 2021 Convertible Senior Secured Notes. The option was exercised in March 2026, and the shares were issued in April 2026. Refer to Note 14—Related-Party Transactions for additional information.
The Company did not grant any stock options during the six months ended June 30, 2026 and 2025.
The aggregate grant date fair value of stock options that vested during the six months ended June 30, 2026 and 2025 were $16 million and $18 million, respectively.
The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2026 and 2025 was $866 million and $170 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 June 30, 2026 and December 31, 2025, the amount withheld on behalf of employees for future purchases under the ESPP was not material. Stock-based compensation expense during the three and six months ended June 30, 2026 and June 30, 2025 and unrecognized stock-based compensation expense as of June 30, 2026 and June 30, 2025 related to the 2025 ESPP were not material.
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 
Granted995.97 
Vested(5)66.26 
Forfeited, expired, or canceled(1)74.53 
Unvested balance at June 30, 202629$71.52 
Restricted Stock Awards
During the six months ended June 30, 2026 and 2025, the Company granted 0.1 million and 2 million RSAs, respectively, in connection with its 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 six months ended June 30, 2026 was $20 million, compared to not material for the six months ended June 30, 2025. As of June 30, 2026 and December 31, 2025, approximately 2 million RSAs remained unvested. Refer to Note 4—Business Combinations for additional information.
Stock-Based Compensation Expense
As of June 30, 2026, unrecognized stock-based compensation expense related to unvested stock options was $32 million, which is expected to be recognized over a weighted-average period of one year.
As of June 30, 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 June 30,Six Months Ended June 30,
2026202520262025
Cost of revenue$9 $3 $18 $5 
Technology and infrastructure60 48 115 102 
Sales and marketing12 8 25 11 
General and administrative84 86 160 211 
Total stock-based compensation expense (1)(2)
$165 $145 $318 $329 
(1) Stock-based compensation expense was net of capitalized costs related to the development of internal-use software and construction of data centers of $20 million and $12 million during the three months ended June 30, 2026 and 2025, respectively, and $35 million and $31 million during the six months ended June 30, 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 six months ended June 30, 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
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company's effective tax rate was (11)% and (20)% for the three months ended June 30, 2026 and 2025, respectively, and (12)% and (18)% for the six months ended June 30, 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 change 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.
v3.26.1
Net Loss Per Share Attributable to Common Stockholders
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2026202520262025
Numerator:
Net loss$(626)$(290)$(1,366)$(605)
Dividends and accretion on Series C redeemable convertible preferred stock— — — (29)
Net loss attributable to common stockholders, basic$(626)$(290)$(1,366)$(634)
Change in fair value of common stock warrants— — — (27)
Net loss attributable to common stockholders, diluted$(626)$(290)$(1,366)$(661)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic551 487 539 367 
Effect of dilutive securities:
Common stock warrants— — — 2 
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted551487539369
Net loss per share attributable to common stockholders, basic$(1.14)$(0.60)$(2.53)$(1.73)
Net loss per share attributable to common stockholders, diluted$(1.14)$(0.60)$(2.53)$(1.79)
 
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):
As of June 30,
20262025
Outstanding convertible notes57 — 
Outstanding stock options24 44
Outstanding RSUs and RSAs31 27
Outstanding warrants to purchase common stock4 4 
Total116 75
v3.26.1
Related-Party Transactions
 6 Months Ended
Jun. 30, 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 was 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.
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. Additionally, in November 2025, the Company entered into a ground lease with the unconsolidated joint venture covering a separate parcel. Refer to Note 3—Investments and Fair Value Measurements for additional information on unconsolidated joint venture and Note 8—Leases for additional information on leases. These agreements are deemed to be priced at market terms as they were negotiated as part of arm's-length negotiations with the other investor in the JV. During the six months ended June 30, 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.
v3.26.1
Geographic Information
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2026202520262025
United States$2,389 $1,148 $4,289 $2,077 
All other countries186 64 364 117 
Total revenue$2,575 $1,212 $4,653 $2,194 

The Company's long-lived assets are attributed to a country based on the physical location of the assets. The Company 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 June 30, 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
 6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
In August 2026, one of the Company's indirect subsidiaries, CoreWeave Financing DDTL V-V, LLC entered into a delayed draw term loan facility agreement with various lenders and JPMorgan Chase Bank, N.A., as the administrative agent. The agreement provides a $2.6 billion delayed draw term loan facility (the “DDTL 5.5 Facility”) available in one or more draws through the commitment termination date in December 2026. Interest on outstanding borrowings on the DDTL 5.5 Facility accrues for SOFR loans at an interest rate per annum equal to the Term SOFR plus an applicable margin of 5.5% or for base rate loans at the applicable base rate plus 4.5% per annum, at the Company's election. The DDTL 5.5 Facility matures in September 2031. Subsequent to the closing, the Company has drawn $1.2 billion.
In August 2026, the Company made a $1.2 billion draw down on the Revolving Credit Facility.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Terminated false
Brannin McBee [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
As previously disclosed, on March 5, 2026, Brannin McBee, our Chief Development Officer, entered into a Rule 10b5-1 Plan (the "March McBee Plan") providing for the potential sales of certain shares of our Class A common stock. On May 11, 2026, Brannin McBee, our Chief Development Officer, entered into a Rule 10b5-1 Plan (the "May 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 1,632,766 shares of our Class A common stock issuable upon the conversion of shares of our Class B common stock directly held by Mr. McBee, subject to reduction based on the quantity of certain shares that may be sold pursuant to the March McBee Plan, (b) 300,000 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, subject to reduction based on the quantity of certain shares that may be sold pursuant to the March McBee Plan, (c) 300,000 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, subject to reduction based on the quantity of certain shares that may be sold pursuant to the March McBee Plan, (d) 36,000 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 LLC, of which Mr. McBee and his minor child are beneficiaries, subject to reduction based on the quantity of certain shares that may be sold pursuant to the March McBee Plan, (e) 6,000 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, subject to reduction based on the quantity of certain shares that may be sold pursuant to the March McBee Plan, (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, subject to reduction based on the quantity of certain shares that may be sold pursuant to the March McBee Plan, (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, subject to reduction based on the quantity of certain shares that may be sold pursuant to the March McBee Plan, (h) 480,000 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, subject to reduction based on the quantity of certain shares that may be sold pursuant to the March McBee Plan, and (i) 150,000 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, subject to reduction based on the quantity of certain shares that may be sold pursuant to the March McBee Plan, so long as the market price of our Class A common stock satisfies certain threshold prices specified in the May McBee Plan, between an estimated start date of August 31, 2026 and November 18, 2026, or earlier, upon the completion of all transactions subject to the trading arrangements specified in the May McBee Plan or the occurrence of certain events set forth therein. The May McBee Plan is intended to satisfy the affirmative defense condition of Rule 10b5-1(c) under the Exchange Act.
Name Brannin McBee
Title Chief Development Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date On May 11, 2026
Expiration Date November 18, 2026
Arrangement Duration 79 days
Kristen McVeety [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 13, 2026, Kristen McVeety, our General Counsel and Corporate Secretary, entered into a Rule 10b5-1 Plan (the "McVeety Plan") providing for the potential sale of up to (a) 390,000 shares of our Class A common stock issuable upon the exercise of stock options held by Ms. McVeety, and (b) 8,710 shares of our Class A common stock to be received by Ms. McVeety upon the future vesting and settlement of RSUs, in each case, so long as the market price of our Class A common stock satisfies certain threshold prices specified in the McVeety Plan, between an estimated start date of September 1, 2026 and February 26, 2027, or earlier, upon the completion of all transactions subject to the trading arrangements specified in the McVeety Plan or the occurrence of certain events set forth therein. The McVeety Plan provides for the sale of shares of our Class A common stock to be received upon the future vesting and settlement of certain outstanding RSUs, net of any shares sold to satisfy applicable tax obligations. The number of shares to be sold, and therefore the exact number of shares to be sold pursuant to the McVeety Plan, can only be determined upon the occurrence of the future vesting events. The McVeety Plan is intended to satisfy the affirmative defense condition of Rule 10b5-1(c) under the Exchange Act. For purposes of this disclosure, we have included the maximum aggregate number of shares to be sold without subtracting any shares to be sold to satisfy tax withholding obligations upon future vesting events.
Name Kristen McVeety
Title General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted true
Adoption Date On May 13, 2026
Expiration Date February 26, 2027
Arrangement Duration 178 days
Chen Goldberg [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On May 29, 2026, Chen Goldberg, our Executive Vice President, Product & Engineering, entered into a Rule 10b5-1 Plan (the "Goldberg Plan") providing for the potential sale of up to (a) 24,247 shares of our Class A common stock directly held by Ms. Goldberg, and (b) 182,151 shares of our Class A common stock to be received by Ms. Goldberg upon the future vesting and settlement of RSUs, in each case, so long as the market price of our Class A common stock satisfies certain threshold prices specified in the Goldberg Plan, between an estimated start date of August 31, 2026 and June 30, 2027, or earlier, upon the completion of all transactions subject to the trading arrangements specified in the Goldberg Plan or the occurrence of certain events set forth therein. The Goldberg Plan provides for the sale of shares of our Class A common stock to be received upon the future vesting and settlement of certain outstanding RSUs, net of any shares sold to satisfy applicable tax obligations. The number of shares to be sold, and therefore the exact number of shares to be sold pursuant to the Goldberg Plan, can only be determined upon the occurrence of the future vesting events. The Goldberg Plan is intended to satisfy the affirmative defense condition of Rule 10b5-1(c) under the Exchange Act. For purposes of this disclosure, we have included the maximum aggregate number of shares to be sold without subtracting any shares to be sold to satisfy tax withholding obligations upon future vesting events.
Name Chen Goldberg
Title Executive Vice President
Rule 10b5-1 Arrangement Adopted true
Adoption Date On May 29, 2026
Expiration Date June 30, 2027
Arrangement Duration 303 days
Karen Boone [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On June 3, 2026, Karen Boone, a member of our board of directors, entered into a Rule 10b5-1 Plan (the "Boone Plan") providing for the potential sale of up to 7,500 shares of our Class A common stock directly held by Ms. Boone, so long as the market price of our Class A common stock satisfies certain threshold prices specified in the Boone Plan, between an estimated start date of September 2, 2026 and December 31, 2027, or earlier, upon the completion of all transactions subject to the trading arrangements specified in the Boone Plan or the occurrence of certain events set forth therein. The Boone Plan is intended to satisfy the affirmative defense condition of Rule 10b5-1(c) under the Exchange Act.
Name Karen Boone
Title member of our board of directors
Rule 10b5-1 Arrangement Adopted true
Adoption Date On June 3, 2026
Expiration Date December 31, 2027
Arrangement Duration 485 days
Aggregate Available 7,500
Jack Cogen [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
As previously disclosed, on March 3, 2026, Jack Cogen, a former member of our board of directors, entered into a Rule 10b5-1 Plan (the "March 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, of which Mr. Cogen was the managing member. The March Cogen Plan was terminated on June 5, 2026.
Name Jack Cogen
Title former member of our board of directors
Rule 10b5-1 Arrangement Terminated true
Termination Date June 5, 2026
Aggregate Available 6,000,000
Jon Jones [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On June 18, 2026, Jon Jones, our Chief Revenue Officer, entered into a Rule 10b5-1 Plan (the "Jones Plan") providing for the potential sale of up to 55,633 shares of our Class A common stock to be received by Mr. Jones upon the future vesting and settlement of RSUs, in each case, so long as the market price of our Class A common stock satisfies certain threshold prices specified in the Jones Plan, between an estimated start date of October 13, 2026 and March 1, 2027, or earlier, upon the completion of all transactions subject to the trading arrangements specified in the Jones Plan or the occurrence of certain events set forth therein. The Jones Plan provides for the sale of shares of our Class A common stock to be received upon the future vesting and settlement of certain outstanding RSUs, net of any shares sold to satisfy applicable tax obligations. The number of shares to be sold, and therefore the exact number of shares to be sold pursuant to the Jones Plan, can only be determined upon the occurrence of the future vesting events. The Jones Plan is intended to satisfy the affirmative defense condition of Rule 10b5-1(c) under the Exchange Act. For purposes of this disclosure, we have included the maximum aggregate number of shares to be sold without subtracting any shares to be sold to satisfy tax withholding obligations upon future vesting events.
Name Jon Jones
Title Chief Revenue Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date On June 18, 2026
Expiration Date March 1, 2027
Arrangement Duration 139 days
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 1,632,766
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 300,000
Brannin McBee Rule Trading Arrangement, Common Stock 2022 Irrevocable Trust [Member] | Brannin McBee [Member]  
Trading Arrangements, by Individual  
Aggregate Available 300,000
Brannin McBee Rule Trading Arrangement, Common Stock, Canis Major 2024 Irrevocable Trust [Member] | Brannin McBee [Member]  
Trading Arrangements, by Individual  
Aggregate Available 36,000
Brannin McBee Rule Trading Arrangement, Common Stock, Canis Major SM Trust [Member] | Brannin McBee [Member]  
Trading Arrangements, by Individual  
Aggregate Available 6,000
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 480,000
Brannin McBee Rule Trading Arrangement, Common Stock, Canis Minor 2025 GRAT [Member] | Brannin McBee [Member]  
Trading Arrangements, by Individual  
Aggregate Available 150,000
Kristen McVeety Rule Trading Arrangement, Class A Common Stock, Directly Held By Ms. McVeety [Member] | Kristen McVeety [Member]  
Trading Arrangements, by Individual  
Aggregate Available 390,000
Kristen McVeety Rule Trading Arrangement, Class A Common Stock, To Be Received By Ms. McVeety [Member] | Kristen McVeety [Member]  
Trading Arrangements, by Individual  
Aggregate Available 8,710
Chen Goldberg Rule Trading Arrangement, Class A Common Stock, Directly Held By Ms. Goldberg [Member] | Chen Goldberg [Member]  
Trading Arrangements, by Individual  
Aggregate Available 24,247
Chen Goldberg Rule Trading Arrangement, Class A Common Stock, To Be Received By Ms. Goldberg [Member] | Chen Goldberg [Member]  
Trading Arrangements, by Individual  
Aggregate Available 182,151
v3.26.1
Overview and Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 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.
Beginning in the second quarter of 2026, the Company elected to present its current and non-current debt as recourse and non-recourse and also reclassified the respective balances as of December 31, 2025 to conform to the current period's presentation in the condensed consolidated balance sheets. The reclassification had no impact on the Company's previously reported total current liabilities or total liabilities as of December 31, 2025.
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 $117 million and $80 million for the three months ended June 30, 2026 and 2025, respectively, and $221 million and $150 million for the six months ended June 30, 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 by 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 Measured at Fair Value
The Company measures certain financial assets and liabilities at fair value 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)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2026202520262025
Customer A36%71%40%72%
Customer B26%*23%*
Customer C 10%***
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)
 6 Months Ended
Jun. 30, 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 		June 30,
2026		December 31,
2025
Financial assets:
Cash and cash equivalents
Commercial paperLevel 2$299 $— 
Marketable securities
Commercial paperLevel 22 12 
Corporate bondsLevel 213 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 213 — 
Power swaps not designated as accounting hedgesLevel 21 — 
Marketable equity securitiesLevel 145 — 
Power purchase agreementsLevel 3— 2 
Total financial assets$377 $41 
Financial liabilities:
Other current liabilities
Foreign exchange forward contracts not designated as accounting hedgesLevel 2$45 $4 
Contingent considerationLevel 3— 20 
Other non-current liabilities
Interest rate swaps designated as cash flow hedgesLevel 25 1 
Cross currency swaps designated as fair value hedgesLevel 261 — 
Total financial liabilities$111 $25 
Schedule of Outstanding Derivative Instruments
The notional amounts of the Company's outstanding derivative instruments were as follows (in millions):

June 30,
2026		December 31,
2025
Derivative instruments designated as accounting hedges
Interest rate swaps$4,661 $319 
Cross currency swaps2,314 — 
Total$6,975 $319 
Derivative instruments not designated as accounting hedges
Foreign exchange forward contracts$1,835 $1,213 
Power swaps104 — 
Total$1,939 $1,213 
Schedule of Gain (Loss) Associated With Interest Rate Swaps and Foreign Exchange Forward Contracts
Gains (losses) associated with derivative instruments were as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Interest rate swaps designated as accounting hedges
Gain recognized in other comprehensive income (loss)$5 $— $10 $— 
Cross currency swaps designated as accounting hedges
Loss recognized in other comprehensive income (loss)$(27)$— $(27)$— 
Loss recognized in other income (expense), net$(34)$— $(34)$— 
Foreign exchange forward contracts not designated as accounting hedges
Gain (loss) recognized in other income (expense), net$(28)$2 $(63)$2 
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 on a recurring basis of the Company's Level 3 financial instruments for the periods presented (in millions):
Power Purchase
Agreements –
Asset		Contingent Consideration
Balance at December 31, 2025$2 $20 
Adjustment to fair value— 1 
Reclassification(2)$— 
Balance at March 31, 2026$— $21 
Settlements— (21)
Balance at June 30, 2026$— $— 
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 $— 
Adjustment to fair value(1)— 
Balance at June 30, 2025$4 $— 
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 on a recurring basis of the Company's Level 3 financial instruments for the periods presented (in millions):
Power Purchase
Agreements –
Asset		Contingent Consideration
Balance at December 31, 2025$2 $20 
Adjustment to fair value— 1 
Reclassification(2)$— 
Balance at March 31, 2026$— $21 
Settlements— (21)
Balance at June 30, 2026$— $— 
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 $— 
Adjustment to fair value(1)— 
Balance at June 30, 2025$4 $— 
v3.26.1
Business Combinations (Tables)
 6 Months Ended
Jun. 30, 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)
 6 Months Ended
Jun. 30, 2026
Property, Plant, and Equipment [Abstract]  
Schedule of Property and Equipment, Net
Property and equipment, net, consisted of the following (in millions):
June 30,
2026		December 31,
2025
Technology equipment$33,823 $20,903 
Software859 802 
Data center equipment and leasehold improvements5,997 2,842 
Furniture, fixtures, and other assets25 18 
Construction in progress11,918 9,376 
Total property and equipment52,622 33,941 
Less: accumulated depreciation and amortization(5,886)(3,384)
Total property and equipment, net$46,736 $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):
June 30,
2026		December 31,
2025
Beginning balance
$62 $36 
Additions
53 21 
Accretion expense
5 5 
Ending balance
$120 $62 
v3.26.1
Goodwill and Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of Intangible Assets, Net
Intangible assets, net consisted of the following (in millions, except years):
June 30, 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 technologies4$208 $(46)$162 $206 $(27)$179 
Other (1)
961 (8)53 61 (5)56 
Finite-lived intangible assets269 (54)215 267 (32)235 
Indefinite-lived intangible assetsN/A30 — 30 — — — 
Total$299 $(54)$245 $267 $(32)$235 
(1) Includes customer relationships and trade names.
Schedule of Expected Future Amortization Expense Related to Intangible Assets
As of June 30, 2026, the expected future amortization expense related to intangible assets was as follows (in millions):
Years Ending December 31,Amount
Remaining portion of 2026$24 
202746 
202843 
202943 
203023 
Thereafter36 
Total expected future amortization expense$215 
v3.26.1
Condensed Consolidated Balance Sheets Components (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities consisted of the following (in millions):

June 30,
2026		December 31,
2025
Accrued purchases$5,520 $5,196 
Accrued interest410 332 
Other accrued liabilities494 245 
Total accrued liabilities$6,424 $5,773 
v3.26.1
Leases (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2026202520262025
Operating lease cost:
Operating lease cost$500 $180 $888 $336 
Finance lease cost:
Amortization of ROU assets9 9 19 16 
Interest on lease liabilities8 6 16 8 
Total finance lease cost 17 15 35 24 
Variable lease cost150 58 282 102 
Total lease cost$667 $253 $1,205 $462 
Supplemental condensed consolidated cash flow and other information related to leases for the periods presented were as follows (in millions):
Six Months Ended June 30,
20262025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases$707 $301 
Operating cash flows used in finance leases8 4 
Financing cash flows used in finance leases33 28 
Information relating to the lease term and discount rate for leases were as follows:
June 30,
2026		December 31,
2025
Weighted-average remaining lease term (in years):
Operating leases1211
Finance leases55
Weighted-average discount rate:
Operating leases10%10%
Finance leases10%10%
Schedule of Supplemental Consolidated Balance Sheet
Supplemental condensed consolidated balance sheet information related to leases were as follows (in millions):
June 30,
2026		December 31,
2025
Operating leases:
Operating lease ROU assets
$16,595 $8,231 
Operating lease liabilities, current
$584 $427 
Operating lease liabilities, non-current
15,735 7,768 
Total operating lease liabilities
$16,319 $8,195 
Finance leases:
Property and equipment
$500 $500 
Less: amortization
(75)(56)
Property and equipment, net
$425 $444 
Finance lease liabilities, current
$7 $38 
Finance lease liabilities, non-current
214 216 
Total finance lease liabilities
$221 $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 June 30, 2026, were as follows (in millions):
Future Payments
Years Ending December 31,Operating
Leases 		Finance Leases
Remaining portion of 2026$1,028 $12 
20272,116 223 
20282,306 — 
20292,373 — 
20302,289 — 
Thereafter19,023 — 
Total undiscounted lease payments29,135 235 
Less: imputed interest(12,816)(14)
Present value of lease liabilities$16,319 $221 
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 June 30, 2026, were as follows (in millions):
Future Payments
Years Ending December 31,Operating
Leases 		Finance Leases
Remaining portion of 2026$1,028 $12 
20272,116 223 
20282,306 — 
20292,373 — 
20302,289 — 
Thereafter19,023 — 
Total undiscounted lease payments29,135 235 
Less: imputed interest(12,816)(14)
Present value of lease liabilities$16,319 $221 
As of June 30, 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$10 $9 
202720 19 
202820 19 
202920 19 
203020 19 
Thereafter155 148 
Total future payments245 233 
Less: amount representing interest(133)(115)
Total financing obligation$112 $118 
Less: current portion(3)(4)
Long-term portion$109 $114 
v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
The total debt obligations are as follows (dollars in millions):
Maturities Effective
Interest
Rates 		June 30,
2026		December 31,
2025
Recourse debt:
DDTL 1.0 FacilityMar 202815%$1,300 $1,553 
DDTL 2.0 FacilityAug 203011%3,190 5,037 
DDTL 2.1 FacilityMar 20319%3,000 2,741 
DDTL 3.0 FacilityAug 20309%2,215 340 
DDTL 5.0 FacilityNov 20319%1,101 — 
2030 Senior NotesJun 203010%2,000 2,000 
2031 9.00% Senior Notes
Feb 203110%1,750 1,750 
2031 9.75% Senior Notes
Oct 203110%2,750 — 
2032 9.625% Senior Notes
Jul 203210%1,250 — 
2032 EUR Senior Notes(1)
Jul 20329%2,279 — 
2031 Convertible Senior NotesDec 20312%2,588 2,588 
2032 Convertible Senior NotesOct 20322%4,000 — 
Convertible Promissory NotesApr 20267%— 168 
Revolving Credit FacilityNov 20297%— 1,000 
OEM and Software License Financing ArrangementsDec 2026 - Jul 203011%4,220 3,518 
Magnetar LoanJan 202912%189 273 
Less: Unamortized discount and issuance costs(427)(242)
Total recourse debt, net of unamortized discount and issuance costs31,405 20,726 
Less: Recourse debt, current(6,235)(6,118)
Total recourse debt, non-current$25,170 $14,608 
Non-recourse debt:
DDTL 4.0 FacilityMar 20327%2,837 — 
OEM and Software License Financing ArrangementsAug 2026 - Aug 20289%882 647 
Less: Unamortized discount and issuance costs(56)— 
Total non-recourse debt, net of unamortized discount and issuance costs$3,663 $647 
Less: Non-recourse debt, current$(1,278)$(590)
Total non-recourse debt, non-current$2,385 $57 
(1) In June 2026, the Company entered into cross currency interest rate swaps designated as a fair value hedge, to hedge changes in the fair value on the 2032 EUR Senior Notes, attributable to changes in foreign currency exchange rate.
During the six months ended June 30, 2026, the Company entered into DDTL facilities and issued senior notes (each as defined in this Note 10—Debt) as follows (dollars in millions):
Date of Issuance
Stated Interest Rates(1)
Amount(2)
DDTL 4.0 FacilityMarch 2026
SOFR + 2.25%; Treasury + 2.00%
$8,500 
DDTL 5.0 FacilityMay 2026
SOFR + 4.50%
$3,100 
2031 9.75% Senior Notes
April 20269.75%$2,750 
2032 9.625% Senior Notes
June 20269.625%$1,250 
2032 EUR Senior NotesJune 20268.50%€2,000 
2032 Convertible Senior NotesApril 20261.75%$4,000 
(1) DDTL Facility floating-rate commitments are subject to an interest rate per annum equal to, at the Company's option, either the SOFR or the alternative base rate plus a spread. For the DDTL 4.0 Facility, refer to the Delayed Draw Term Loans below for further details on interest rates.
(2) Amounts represent borrowing capacity for the DDTL Facilities and the principal amounts for the Senior Notes.
Schedule of Maturities of Long-Term Debt
As of June 30, 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$4,413 
20276,184 
20284,416 
20292,421 
20303,221 
Thereafter14,896 
Total$35,551 
Schedule of Debt Interest Expense
The total interest expense for the Company's debt obligations was as follows (in millions):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Contractual interest expense$592 $250 $1,075 $483 
Amortization of debt discounts and issuance costs and accretion of redemption premiums45 29 86 67 
Less: capitalized interest(79)(23)(176)(36)
Total$558 $256 $985 $514 
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 June 30, 2026, were as follows (in millions):
Future Payments
Years Ending December 31,Operating
Leases 		Finance Leases
Remaining portion of 2026$1,028 $12 
20272,116 223 
20282,306 — 
20292,373 — 
20302,289 — 
Thereafter19,023 — 
Total undiscounted lease payments29,135 235 
Less: imputed interest(12,816)(14)
Present value of lease liabilities$16,319 $221 
As of June 30, 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$10 $9 
202720 19 
202820 19 
202920 19 
203020 19 
Thereafter155 148 
Total future payments245 233 
Less: amount representing interest(133)(115)
Total financing obligation$112 $118 
Less: current portion(3)(4)
Long-term portion$109 $114 
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) (Tables)
 6 Months Ended
Jun. 30, 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(9)1.43 
Forfeited, expired, or canceled(1)3.64 
Outstanding at June 30, 2026 24$1.84 6$2,341 
Vested and expected to vest at June 30, 2026 24$1.84 6$2,341 
Exercisable at June 30, 2026 19$1.34 5$1,818 
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 
Granted995.97 
Vested(5)66.26 
Forfeited, expired, or canceled(1)74.53 
Unvested balance at June 30, 202629$71.52 
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 June 30,Six Months Ended June 30,
2026202520262025
Cost of revenue$9 $3 $18 $5 
Technology and infrastructure60 48 115 102 
Sales and marketing12 8 25 11 
General and administrative84 86 160 211 
Total stock-based compensation expense (1)(2)
$165 $145 $318 $329 
(1) Stock-based compensation expense was net of capitalized costs related to the development of internal-use software and construction of data centers of $20 million and $12 million during the three months ended June 30, 2026 and 2025, respectively, and $35 million and $31 million during the six months ended June 30, 2026 and 2025, respectively.
(2) The Company recognized $177 million of stock-based compensation expense, net of $17 million of capitalized costs primarily related to the development of internal-use software, during the six months ended June 30, 2025, associated with vested RSUs as a result of the satisfaction of the liquidity-event performance-based vesting condition which was satisfied in connection with the IPO.
v3.26.1
Net Loss Per Share Attributable to Common Stockholders (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Loss Per Share
The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in millions, except per share data):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Numerator:
Net loss$(626)$(290)$(1,366)$(605)
Dividends and accretion on Series C redeemable convertible preferred stock— — — (29)
Net loss attributable to common stockholders, basic$(626)$(290)$(1,366)$(634)
Change in fair value of common stock warrants— — — (27)
Net loss attributable to common stockholders, diluted$(626)$(290)$(1,366)$(661)
Denominator:
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic551 487 539 367 
Effect of dilutive securities:
Common stock warrants— — — 2 
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted551487539369
Net loss per share attributable to common stockholders, basic$(1.14)$(0.60)$(2.53)$(1.73)
Net loss per share attributable to common stockholders, diluted$(1.14)$(0.60)$(2.53)$(1.79)
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):
As of June 30,
20262025
Outstanding convertible notes57 — 
Outstanding stock options24 44
Outstanding RSUs and RSAs31 27
Outstanding warrants to purchase common stock4 4 
Total116 75
v3.26.1
Geographic Information (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2026202520262025
United States$2,389 $1,148 $4,289 $2,077 
All other countries186 64 364 117 
Total revenue$2,575 $1,212 $4,653 $2,194 
v3.26.1
Overview and Summary of Significant Accounting Policies (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended
Mar. 31, 2025
USD ($)
$ / shares
Apr. 30, 2025
USD ($)
shares
Mar. 31, 2025
USD ($)
$ / shares
shares
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
$ / shares
Jun. 30, 2026
USD ($)
segment
Jun. 30, 2025
USD ($)
Organization, Consolidation and Presentation of Financial Statements [Line Items]                
Compensation expense       $ 165 $ 145   $ 318 $ 329
Tax withholdings on settlement of shares         93 $ 16    
Issuance of common stock for contract incentive           $ 350    
Conversion ratio     20          
Research and development expense       117 $ 80   $ 221 $ 150
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     $ 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 Option                
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 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Concentration Risk [Line Items]          
Revenue recognized, customer commitments (in percentage) 98.00% 98.00% 98.00% 98.00%  
Deferred revenue $ 9,700   $ 9,700   $ 8,200
Deferred revenue recognized     554 $ 603  
Contract assets 179   179   $ 0
Remaining performance obligation, amount $ 103,700   $ 103,700    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01          
Concentration Risk [Line Items]          
Remaining performance obligation (in percentage) 41.00%   41.00%    
Remaining performance obligation, expected timing of satisfaction 24 months   24 months    
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-07-01          
Concentration Risk [Line Items]          
Remaining performance obligation (in percentage) 39.00%   39.00%    
Remaining performance obligation, expected timing of satisfaction 48 months   48 months    
Customer A | Accounts Receivable | Customer Concentration Risk          
Concentration Risk [Line Items]          
Concentration risk (in percentage)     32.00%   68.00%
Customer B | Accounts Receivable | Customer Concentration Risk          
Concentration Risk [Line Items]          
Concentration risk (in percentage)     32.00%    
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 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Customer A        
Concentration Risk [Line Items]        
Concentration risk (in percentage) 36.00% 71.00% 40.00% 72.00%
Customer B        
Concentration Risk [Line Items]        
Concentration risk (in percentage) 26.00%   23.00%  
Customer C        
Concentration Risk [Line Items]        
Concentration risk (in percentage) 10.00%      
v3.26.1
Investments and Fair Value Measurements - Narrative (Details)
$ in Millions, € in Billions
 1 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2026
USD ($)
jointVenture
Jun. 30, 2026
EUR (€)
Dec. 31, 2025
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
VIE, maximum exposure amount   $ 1,800 $ 1,800    
Marketable equity securities   315 315   $ 117
Long-term debt, gross   35,551 35,551    
2032 EUR Senior Notes | Senior Notes          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Long-term debt, gross | €       € 2.0  
2032 EUR Senior Notes | Cross currency swaps designated as fair value hedges          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Notional amount | €       € 2.0  
Variable Interest Entity, Not Primary Beneficiary          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Investment in VIEs   479 479    
Equity method investment   221 221    
Joint Venture          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Investment committed   1,700 $ 1,700    
Incremental funding commitments   500      
Number of separate joint ventures | jointVenture     2    
VIE, maximum exposure amount   1,700 $ 1,700    
Equity method investment   $ 44 $ 44   $ 51
Equity interest (in percentage) 15.00% 35.00% 35.00% 35.00%  
Contingent consideration   $ 95 $ 95    
Lease prepayment   37 37    
Construction and development cost, maximum loss exposure   $ 160 $ 160    
Joint Venture | Construction          
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]          
Lease not yet commenced term   15 years 15 years 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
Jun. 30, 2026
Dec. 31, 2025
Financial assets:    
Total financial assets $ 377 $ 41
Financial liabilities:    
Total financial liabilities 111 25
Level 2 | Commercial paper    
Financial assets:    
Marketable securities 2 12
Level 2 | Corporate bonds    
Financial assets:    
Marketable securities 13 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 45 4
Level 2 | Interest rate swaps designated as cash flow hedges    
Financial assets:    
Prepaid expenses and other current assets and other non-current assets 13 0
Financial liabilities:    
Other current and non-current liabilities 5 1
Level 2 | Power swaps not designated as accounting hedges    
Financial assets:    
Prepaid expenses and other current assets and other non-current assets 1 0
Level 2 | Cross currency swaps designated as fair value hedges    
Financial liabilities:    
Other current and non-current liabilities 61 0
Level 1    
Financial assets:    
Marketable equity securities 45 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 0 20
Commercial paper | Level 2 | Location, Statement of Financial Position, Balance [Axis]: us-gaap:CashAndCashEquivalentsAtCarryingValue    
Financial assets:    
Cash and cash equivalents $ 299 $ 0
v3.26.1
Investments and Fair Value Measurements - Schedule of Outstanding Derivative Instruments (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Derivative instruments designated as accounting hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notional amount $ 6,975 $ 319
Derivative instruments not designated as accounting hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notional amount 1,939 1,213
Interest rate swaps | Derivative instruments designated as accounting hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notional amount 4,661 319
Cross currency swaps | Derivative instruments designated as accounting hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notional amount 2,314 0
Foreign exchange forward contracts | Derivative instruments not designated as accounting hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notional amount 1,835 1,213
Power swaps | Derivative instruments not designated as accounting hedges    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notional amount $ 104 $ 0
v3.26.1
Investments and Fair Value Measurements - Schedule of Gain (Loss) Associated With Interest Rate Swaps and Foreign Exchange Forward Contracts (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Interest rate swaps designated as accounting hedges | Cash Flow Hedging        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Gain (loss) recognized in other comprehensive income (loss) $ 5 $ 0 $ 10 $ 0
Cross currency swaps designated as fair value hedges | Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
(Loss) gain recognized in other income (expense), net (34) 0 (34) 0
Cross currency swaps designated as fair value hedges | Cash Flow Hedging        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
Gain (loss) recognized in other comprehensive income (loss) (27) 0 (27) 0
Foreign exchange forward contracts not designated as accounting hedges | Income Statement Location [Axis]: us-gaap:OtherNonoperatingIncomeExpense        
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]        
(Loss) gain recognized in other income (expense), net $ (28) $ 2 $ (63) $ 2
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
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Contingent Consideration        
Liabilities        
Beginning balance $ 21 $ 20    
Adjustment to fair value   1    
Reclassification   0    
Settlements (21)      
Ending balance 0 21    
Warrant Liabilities        
Liabilities        
Beginning balance     $ 0 $ 200
Adjustment to fair value     0 (27)
Reclassification       (173)
Ending balance     0 0
Power Purchase Agreements – Asset        
Assets        
Beginning balance 0 2 5 3
Adjustment to fair value   0 (1) 2
Reclassification   (2)   0
Ending balance 0 $ 0 $ 4 $ 5
Liabilities        
Settlements $ 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
 6 Months Ended 12 Months Ended
May 05, 2025
Jun. 30, 2026
Dec. 31, 2025
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
Jun. 30, 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
Jun. 30, 2026
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]    
Total property and equipment $ 52,622 $ 33,941
Less: accumulated depreciation and amortization (5,886) (3,384)
Total property and equipment, net 46,736 30,557
Technology equipment    
Property, Plant, and Equipment [Line Items]    
Total property and equipment 33,823 20,903
Software    
Property, Plant, and Equipment [Line Items]    
Total property and equipment 859 802
Data center equipment and leasehold improvements    
Property, Plant, and Equipment [Line Items]    
Total property and equipment 5,997 2,842
Furniture, fixtures, and other assets    
Property, Plant, and Equipment [Line Items]    
Total property and equipment 25 18
Construction in progress    
Property, Plant, and Equipment [Line Items]    
Total property and equipment $ 11,918 $ 9,376
v3.26.1
Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Property, Plant, and Equipment [Abstract]        
Depreciation $ 1,400 $ 553 $ 2,500 $ 996
Interest costs capitalized $ 79 $ 23 $ 176 $ 36
v3.26.1
Property and Equipment, Net - Schedule of Asset Retirement Obligations (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]    
Beginning balance $ 62 $ 36
Additions 53 21
Accretion expense 5 5
Ending balance $ 120 $ 62
v3.26.1
Goodwill and Intangible Assets - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]    
Acquired Intangibles, Gross $ 269 $ 267
Accumulated Amortization (54) (32)
Acquired Intangibles, Net 215 235
Indefinite-lived intangible assets 30 0
Acquired Intangibles, Gross, Total 299 267
Acquired Intangibles, Net, Total $ 245 235
Acquired technologies    
Intangible Asset, Finite-Lived [Line Items]    
Weighted-Average Remaining Useful Lives (in years) 4 years  
Acquired Intangibles, Gross $ 208 206
Accumulated Amortization (46) (27)
Acquired Intangibles, Net $ 162 179
Other    
Intangible Asset, Finite-Lived [Line Items]    
Weighted-Average Remaining Useful Lives (in years) 9 years  
Acquired Intangibles, Gross $ 61 61
Accumulated Amortization (8) (5)
Acquired Intangibles, Net $ 53 $ 56
v3.26.1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Intangible Asset, Goodwill and Other [Abstract]    
Amortization expenses for intangible assets $ 22 $ 0
v3.26.1
Goodwill and Intangible Assets - Schedule of Expected Future Amortization Expense Related to Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Finite-Lived, after Accumulated Amortization, Estimated Amortization Expense, Fiscal Year Maturity [Abstract]    
Remaining portion of 2026 $ 24  
2027 46  
2028 43  
2029 43  
2030 23  
Thereafter 36  
Acquired Intangibles, Net $ 215 $ 235
v3.26.1
Condensed Consolidated Balance Sheets Components - Schedule of Accrued Liabilities (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accrued purchases $ 5,520 $ 5,196
Accrued interest 410 332
Other accrued liabilities 494 245
Total accrued liabilities $ 6,424 $ 5,773
v3.26.1
Leases - Narrative (Details)
$ in Millions
Jun. 30, 2026
USD ($)
MW
Lessee, Lease, Description [Line Items]  
Electrical power access | MW 355
Prepayment of lease $ 108
Maximum exposure amount $ 1,800
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 $ 35,500
Single Site, Data Center  
Lessee, Lease, Description [Line Items]  
Lease not yet commenced term 16 years
Electrical power access | MW 393
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 $ 500
Minimum | Data Center and Office Buildings  
Lessee, Lease, Description [Line Items]  
Lease not yet commenced term 7 years
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 $ 1,200
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 $ 14,700
v3.26.1
Leases - Schedule of Components of Total Lease Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Leases [Abstract]        
Operating lease cost $ 500 $ 180 $ 888 $ 336
Amortization of ROU assets 9 9 19 16
Interest on lease liabilities 8 6 16 8
Total finance lease cost 17 15 35 24
Variable lease cost 150 58 282 102
Total lease cost $ 667 $ 253 $ 1,205 $ 462
v3.26.1
Leases - Schedule of Supplemental Consolidated Balance Sheet (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
Operating leases:    
Operating lease ROU assets $ 16,595 $ 8,231
Operating lease liabilities, current 584 427
Operating lease liabilities, non-current 15,735 7,768
Total operating lease liabilities 16,319 8,195
Finance leases:    
Property and equipment 500 500
Less: amortization (75) (56)
Property and equipment, net 425 444
Finance lease liabilities, current 7 38
Finance lease liabilities, non-current 214 216
Total finance lease liabilities $ 221 $ 254
v3.26.1
Leases - Schedule of Supplemental Condensed Consolidated Cash Flow and Other Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash paid for amounts included in the measurement of lease liabilities:    
Operating cash flows used in operating leases $ 707 $ 301
Operating cash flows used in finance leases 8 4
Financing cash flows used in finance leases $ 33 $ 28
v3.26.1
Leases - Schedule of Information Relating To Lease Term and Discount Rate (Details)
Jun. 30, 2026
Dec. 31, 2025
Weighted-average remaining lease term (in years):    
Operating leases 12 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
Jun. 30, 2026
Dec. 31, 2025
Operating Leases    
Remaining portion of 2026 $ 1,028  
2027 2,116  
2028 2,306  
2029 2,373  
2030 2,289  
Thereafter 19,023  
Total undiscounted lease payments 29,135  
Less: imputed interest (12,816)  
Present value of lease liabilities 16,319 $ 8,195
Finance Leases    
Remaining portion of 2026 12  
2027 223  
2028 0  
2029 0  
2030 0  
Thereafter 0  
Total future payments 235  
Less: imputed interest (14)  
Present value of lease liabilities $ 221 $ 254
v3.26.1
Commitments and Contingencies (Details)
Feb. 10, 2026
action
Commitments and Contingencies Disclosure [Abstract]  
Number of shareholder derivative actions 2
v3.26.1
Debt - Schedule of Debt (Details)
€ in Millions, $ in Millions
Jun. 30, 2026
EUR (€)
Jun. 30, 2026
USD ($)
Apr. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Debt Instrument [Line Items]        
Long-term debt, gross   $ 35,551    
Recourse debt:        
Debt Instrument [Line Items]        
Less: Unamortized discount and issuance costs   (427)   $ (242)
Total recourse and non-recourse debt, net of unamortized discount and issuance costs   31,405   20,726
Less: Recourse and non-recourse debt, current   (6,235)   (6,118)
Total recourse and non-recourse debt, non-current   25,170   14,608
Non-recourse debt:        
Debt Instrument [Line Items]        
Less: Unamortized discount and issuance costs   (56)   0
Total recourse and non-recourse debt, net of unamortized discount and issuance costs   3,663   647
Less: Recourse and non-recourse debt, current   (1,278)   (590)
Total recourse and non-recourse debt, non-current   $ 2,385   57
DDTL 5.0 Facility        
Debt Instrument [Line Items]        
Interest rate (in percentage) 4.50% 4.50%    
Total recourse and non-recourse debt, net of unamortized discount and issuance costs   $ 3,100    
2031 9.75% Senior Notes        
Debt Instrument [Line Items]        
Interest rate (in percentage) 9.75% 9.75%    
Total recourse and non-recourse debt, net of unamortized discount and issuance costs   $ 2,750    
2032 9.625% Senior Notes        
Debt Instrument [Line Items]        
Interest rate (in percentage) 9.625% 9.625%    
Total recourse and non-recourse debt, net of unamortized discount and issuance costs   $ 1,250    
2032 EUR Senior Notes        
Debt Instrument [Line Items]        
Interest rate (in percentage) 8.50% 8.50%    
Total recourse and non-recourse debt, net of unamortized discount and issuance costs | € € 2,000      
2032 Convertible Senior Notes        
Debt Instrument [Line Items]        
Interest rate (in percentage) 1.75% 1.75%    
Total recourse and non-recourse debt, net of unamortized discount and issuance costs   $ 4,000    
OEM and Software License Financing Arrangements | Recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 11.00% 11.00%    
Long-term debt, gross   $ 4,220   3,518
OEM and Software License Financing Arrangements | Non-recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 9.00% 9.00%    
Long-term debt, gross   $ 882   647
Magnetar Loan | Recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 12.00% 12.00%    
Long-term debt, gross   $ 189   273
DDTL 4.0 Facility        
Debt Instrument [Line Items]        
Total recourse and non-recourse debt, net of unamortized discount and issuance costs   $ 8,500    
Line of Credit | Revolving Credit Facility | Recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 7.00% 7.00%    
Long-term debt, gross   $ 0   1,000
Line of Credit | DDTL 1.0 Facility | Recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 15.00% 15.00%    
Long-term debt, gross   $ 1,300   1,553
Line of Credit | DDTL 2.0 Facility | Recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 11.00% 11.00%    
Long-term debt, gross   $ 3,190   5,037
Line of Credit | DDTL 2.1 Facility | Recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 9.00% 9.00%    
Long-term debt, gross   $ 3,000   2,741
Line of Credit | DDTL 3.0 Facility | Recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 9.00% 9.00%    
Long-term debt, gross   $ 2,215   340
Line of Credit | DDTL 5.0 Facility | Recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 9.00% 9.00%    
Long-term debt, gross   $ 1,101   0
Line of Credit | DDTL 4.0 Facility | Non-recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 7.00% 7.00%    
Long-term debt, gross   $ 2,837   0
Senior Notes | 2030 Senior Notes | Recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 10.00% 10.00%    
Long-term debt, gross   $ 2,000   2,000
Senior Notes | 2031 9.00% Senior Notes        
Debt Instrument [Line Items]        
Interest rate (in percentage) 9.00% 9.00%    
Senior Notes | 2031 9.00% Senior Notes | Recourse debt:        
Debt Instrument [Line Items]        
Interest rate (in percentage) 9.00% 9.00%    
Effective Interest Rates 10.00% 10.00%    
Long-term debt, gross   $ 1,750   1,750
Senior Notes | 2031 9.75% Senior Notes        
Debt Instrument [Line Items]        
Interest rate (in percentage) 9.75% 9.75% 9.75%  
Less: Unamortized discount and issuance costs     $ (27)  
Senior Notes | 2031 9.75% Senior Notes | Recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 10.00% 10.00%    
Long-term debt, gross   $ 2,750   0
Senior Notes | 2032 9.625% Senior Notes        
Debt Instrument [Line Items]        
Interest rate (in percentage) 9.625% 9.625%    
Less: Unamortized discount and issuance costs   $ (20)    
Senior Notes | 2032 9.625% Senior Notes | Recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 10.00% 10.00%    
Long-term debt, gross   $ 1,250   0
Senior Notes | 2032 EUR Senior Notes        
Debt Instrument [Line Items]        
Long-term debt, gross | € € 2,000      
Less: Unamortized discount and issuance costs   $ (41)    
Senior Notes | 2032 EUR Senior Notes | Recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 9.00% 9.00%    
Long-term debt, gross   $ 2,279   0
Senior Notes | 2032 Convertible Senior Notes        
Debt Instrument [Line Items]        
Less: Unamortized discount and issuance costs     $ (70)  
Convertible Debt | 2031 Convertible Senior Notes | Recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 2.00% 2.00%    
Long-term debt, gross   $ 2,588   2,588
Convertible Debt | 2032 Convertible Senior Notes | Recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 2.00% 2.00%    
Long-term debt, gross   $ 4,000   0
Convertible Debt | Convertible Promissory Notes | Recourse debt:        
Debt Instrument [Line Items]        
Effective Interest Rates 7.00% 7.00%    
Long-term debt, gross   $ 0   $ 168
v3.26.1
Debt - Narrative (Details)
Jun. 30, 2026
Short-Term Debt  
Short-Term Debt [Line Items]  
Weighted average interest rate 9.00%
v3.26.1
Debt - Schedule of Maturities of Long-Term Debt (Details)
$ in Millions
Jun. 30, 2026
USD ($)
Maturities of Long-Term Debt [Abstract]  
Remaining portion of 2026 $ 4,413
2027 6,184
2028 4,416
2029 2,421
2030 3,221
Thereafter 14,896
Total $ 35,551
v3.26.1
Debt - Schedule of Debt Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Debt Disclosure [Abstract]        
Contractual interest expense $ 592 $ 250 $ 1,075 $ 483
Amortization of debt discounts and issuance costs and accretion of redemption premiums 45 29 86 67
Less: capitalized interest (79) (23) (176) (36)
Interest expense $ 558 $ 256 $ 985 $ 514
v3.26.1
Debt - Schedule of Total Debt Obligations (Details)
€ in Millions, $ in Millions
Jun. 30, 2026
USD ($)
Jun. 30, 2026
EUR (€)
DDTL 4.0 Facility    
Debt Instrument [Line Items]    
Amount $ 8,500  
DDTL 4.0 Facility | SOFR    
Debt Instrument [Line Items]    
Stated Interest Rates 2.25% 2.25%
DDTL 4.0 Facility | Treasury    
Debt Instrument [Line Items]    
Stated Interest Rates 2.00% 2.00%
DDTL 5.0 Facility    
Debt Instrument [Line Items]    
Stated Interest Rates 4.50% 4.50%
Amount $ 3,100  
2031 9.75% Senior Notes    
Debt Instrument [Line Items]    
Stated Interest Rates 9.75% 9.75%
Amount $ 2,750  
2032 9.625% Senior Notes    
Debt Instrument [Line Items]    
Stated Interest Rates 9.625% 9.625%
Amount $ 1,250  
2032 EUR Senior Notes    
Debt Instrument [Line Items]    
Stated Interest Rates 8.50% 8.50%
Amount | €   € 2,000
2032 Convertible Senior Notes    
Debt Instrument [Line Items]    
Stated Interest Rates 1.75% 1.75%
Amount $ 4,000  
v3.26.1
Debt - Delayed Draw Term Loans ("DDTL") (Details)
$ in Millions
 1 Months Ended
May 31, 2026
USD ($)
Mar. 31, 2026
USD ($)
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Line of Credit Facility [Line Items]        
Assets, current     $ 9,520 $ 7,488
Variable Interest Entity, Primary Beneficiary        
Line of Credit Facility [Line Items]        
Assets, non-current     18,200 12,700
Assets, current     $ 2,600 $ 1,800
DDTL 4.0 Facility | SOFR        
Line of Credit Facility [Line Items]        
Interest rate (in percentage)     2.25%  
DDTL 5.0 Facility        
Line of Credit Facility [Line Items]        
Interest rate (in percentage)     4.50%  
Debt issuance costs $ 25      
Line of Credit | DDTL 4.0 Facility        
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   $ 151    
Anticipated outstanding on notional amount (in percentage)   0.95    
Line of Credit | DDTL 4.0 Facility | Asset Pledged as Collateral        
Line of Credit Facility [Line Items]        
Assets, non-current     $ 3,300  
Assets, current     155  
Line of Credit | DDTL 4.0 Facility | Floating-Rate Commitments        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity     1,400  
Line of Credit | DDTL 4.0 Facility | Fixed-Rate Commitments        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity     $ 1,500  
Line of Credit | DDTL 4.0 Facility | SOFR        
Line of Credit Facility [Line Items]        
Basis spread rate (in percentage)   2.25%    
Line of Credit | DDTL 4.0 Facility | Base Rate        
Line of Credit Facility [Line Items]        
Basis spread rate (in percentage)   1.25%    
Line of Credit | DDTL 5.0 Facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity $ 3,100      
Commitment fee (in percentage) 0.50%      
Anticipated outstanding on notional amount (in percentage) 0.95      
v3.26.1
Debt - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Line of Credit Facility [Line Items]    
Outstanding amount $ 533 $ 294
Line of credit amount outstanding 0 1,000
Remaining borrowing capacity $ 2,000 $ 1,200
Commitment fee (in percentage) 0.25%  
v3.26.1
Debt - OEM and Software License Financing Arrangements (Details) - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
OEM Financing Arrangements    
Debt Instrument [Line Items]    
Outstanding amount $ 4,800 $ 3,800
Software License Financing Arrangements    
Debt Instrument [Line Items]    
Outstanding amount $ 347 $ 368
v3.26.1
Debt - Convertible Senior Notes (Details)
$ / shares in Units, $ in Millions
 1 Months Ended
Apr. 30, 2026
USD ($)
consecutiveTradingDay
tradingDay
$ / shares
Jun. 30, 2026
USD ($)
2031 Convertible Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Fair value of the senior notes   $ 7,500
2032 Convertible Senior Notes    
Debt Instrument [Line Items]    
Debt instrument, convertible, threshold percentage of stock price trigger, percentage 130.00%  
Debt instrument, convertible, threshold trading days | tradingDay 20  
Debt instrument, convertible, threshold consecutive trading days | consecutiveTradingDay 30  
2032 Convertible Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Debt face amount $ 4,000  
Debt instrument, convertible, conversion ratio 0.0083612  
Conversion price (usd per share) | $ / shares $ 119.60  
Unamortized debt discounts and issuance costs $ 70  
Fair value of the senior notes   $ 7,500
v3.26.1
Debt - Capped Call Transactions (Details) - 2032 Convertible Senior Notes
$ / shares in Units, $ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
$ / shares
Debt Instrument [Line Items]  
Total cost | $ $ 492
Option indexed to issuer's equity, strike price (usd per share) $ 119.60
Option indexed to issuer's equity, initial cap price (usd per share) $ 230.00
v3.26.1
Debt - Senior Notes (Details)
$ in Millions, € in Billions
Jun. 30, 2026
USD ($)
Jun. 30, 2026
EUR (€)
Apr. 30, 2026
USD ($)
2031 9.75% Senior Notes      
Line of Credit Facility [Line Items]      
Interest rate (in percentage) 9.75% 9.75%  
2031 9.75% Senior Notes | Senior Notes      
Line of Credit Facility [Line Items]      
Debt face amount     $ 2,800
Interest rate (in percentage) 9.75% 9.75% 9.75%
Unamortized debt discounts and issuance costs     $ 27
2032 9.625% Senior Notes      
Line of Credit Facility [Line Items]      
Interest rate (in percentage) 9.625% 9.625%  
2032 9.625% Senior Notes | Senior Notes      
Line of Credit Facility [Line Items]      
Debt face amount $ 1,300    
Interest rate (in percentage) 9.625% 9.625%  
Unamortized debt discounts and issuance costs $ 20    
Fair value of the senior notes $ 10,000    
2032 EUR Senior Notes      
Line of Credit Facility [Line Items]      
Interest rate (in percentage) 8.50% 8.50%  
2032 EUR Senior Notes | Senior Notes      
Line of Credit Facility [Line Items]      
Debt face amount | €   € 2.0  
Unamortized debt discounts and issuance costs $ 41    
2031 9.00% Senior Notes | Senior Notes      
Line of Credit Facility [Line Items]      
Interest rate (in percentage) 9.00% 9.00%  
v3.26.1
Debt - Magnetar Loan (Details) - Magnetar Loan
$ in Millions
 1 Months Ended
Jun. 30, 2026
USD ($)
Debt Instrument [Line Items]  
Paid in partial settlement of amount outstanding $ 100
Debt face amount $ 189
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
Conversion price (usd per share) $ 106.61  
v3.26.1
Debt - DCSP Financing Arrangements (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
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 $ 52,622,000,000   $ 52,622,000,000   $ 33,941,000,000        
Interest expense 558,000,000 $ 256,000,000 985,000,000 $ 514,000,000          
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      
Investment Income, Interest     20,000,000            
Interest expense     16,000,000            
DCSP Note Receivable                  
Line of Credit Facility [Line Items]                  
Financing receivable 302,000,000   302,000,000   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 $ 230,000,000   $ 230,000,000   $ 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
Jun. 30, 2026
Dec. 31, 2025
Lessor, Lease, Description [Line Items]    
Remaining portion of 2026 $ 12  
2027 223  
2028 0  
2029 0  
2030 0  
Thereafter 0  
Total future payments 235  
Less: amount representing interest (14)  
Total financing obligation 221 $ 254
Less: current portion (7) (38)
Long-term portion 214 $ 216
Financing obligation    
Lessor, Lease, Description [Line Items]    
Remaining portion of 2026 10  
2027 20  
2028 20  
2029 20  
2030 20  
Thereafter 155  
Total future payments 245  
Less: amount representing interest (133)  
Total financing obligation 112  
Less: current portion (3)  
Long-term portion 109  
Finance lease    
Lessor, Lease, Description [Line Items]    
Remaining portion of 2026 9  
2027 19  
2028 19  
2029 19  
2030 19  
Thereafter 148  
Total future payments 233  
Less: amount representing interest (115)  
Total financing obligation 118  
Less: current portion (4)  
Long-term portion $ 114  
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 6 Months Ended
Mar. 31, 2025
USD ($)
shares
Jun. 30, 2026
USD ($)
$ / shares
Jun. 30, 2025
USD ($)
shares
Mar. 31, 2025
USD ($)
shares
Jun. 30, 2026
USD ($)
$ / shares
Jun. 30, 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 | $   $ 195   $ 559        
Temporary equity, shares outstanding (in shares) 0     0        
Temporary equity, shares issued (in shares) 0     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     $ 38.95      
Aggregate price | $   $ 1,200     $ 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 30,000,000   30,000,000   0
Cash dividends paid | $   $ 0 $ 0   $ 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
Jun. 30, 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 6 Months Ended 12 Months Ended
Apr. 30, 2026
USD ($)
$ / shares
shares
Jan. 31, 2026
USD ($)
$ / shares
shares
Jun. 30, 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) 9,000,000 23,000,000    
Stock price (usd per share) | $ / shares $ 109.00 $ 87.20    
Aggregate gross proceeds | $ $ 1.0 $ 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)     464,000,000 401,000,000
Common shares, shares outstanding (in shares)     457,000,000 394,000,000
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)     94,000,000 108,000,000
Common shares, shares outstanding (in shares)     94,000,000 108,000,000
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
 6 Months Ended
Jun. 30, 2025
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
 6 Months Ended
Jun. 30, 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) 63  
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
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Stock Options Outstanding      
Beginning balance (in shares) 34,000,000    
Granted (in shares) 0 0  
Exercised (in shares) (9,000,000)    
Forfeited, expired, or canceled (in shares) (1,000,000)    
Ending balance (in shares) 24,000,000   34,000,000
Vested and expected to vest (in shares) 24,000,000    
Exercisable (in shares) 19,000,000    
Weighted-Average Exercise Price      
Beginning balance (usd per share) $ 1.76    
Granted (usd per share) 0    
Exercised (usd per share) 1.43    
Forfeited, expired, or canceled (usd per share) 3.64    
Ending balance (usd per share) 1.84   $ 1.76
Vested and expecting to vest (usd per share) 1.84    
Exercisable (usd per share) $ 1.34    
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 5 years    
Outstanding, Aggregate intrinsic value $ 2,341   $ 2,381
Vested and expected to vest, Aggregate intrinsic value 2,341    
Exercisable, Aggregate intrinsic value $ 1,818    
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Stock Options (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Class of Stock [Line Items]      
Shares outstanding (in shares) 24,000,000   34,000,000
Granted (in shares) 0 0  
Fair value of shares vested $ 16 $ 18  
Intrinsic value of stock options exercised $ 866 $ 170  
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 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Unrecognized compensation costs, stock options $ 32,000,000   $ 32,000,000  
Compensation expense $ 165,000,000 $ 145,000,000 $ 318,000,000 $ 329,000,000
Employee Stock | 2025 Employee Stock Purchase Plan        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Number of shares authorized (in shares) 10   10  
Outstanding stock maximum (in percentage)     1.00%  
Maximum number of shares allowable under plan (in shares) 100   100  
Purchase price of common stock (in percentage)     85.00%  
Unrecognized compensation costs, stock options $ 0 0 $ 0 0
Compensation expense $ 0 $ 0 $ 0 $ 0
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Restricted Stock Units (Details)
 6 Months Ended
Jun. 30, 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
 6 Months Ended
Jun. 30, 2026
$ / shares
shares
Shares  
Beginning balance (in shares) | shares 26
Granted (in shares) | shares 9
Vested (in shares) | shares (5)
Forfeited, expired, or canceled (in shares) | shares (1)
Ending balance (in shares) | shares 29
Weighted- Average Fair Value Per Share  
Beginning balance (usd per share) | $ / shares $ 62.06
Granted (usd per share) | $ / shares 95.97
Vested (usd per share) | $ / shares 66.26
Forfeited, expired, or canceled (usd per share) | $ / shares 74.53
Ending balance (usd per share) | $ / shares $ 71.52
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Restricted Stock Awards (Details) - Restricted Stock - shares
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]      
Granted (in shares) 100,000 2,000,000  
Vesting period 4 years    
RSAs vested (in shares) 20,000,000 0  
RSAs unvested (in shares) 2,000,000   2,000,000
v3.26.1
Redeemable Convertible Preferred Stock, Redeemable Common Stock, and Stockholders’ Equity (Deficit) - Stock-Based Compensation Expense (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2026
USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Unrecognized compensation costs, stock options $ 32
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 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 165 $ 145 $ 318 $ 329
Capitalized stock-based compensation expense 20 12 35 31
Software        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense       177
Capitalized stock-based compensation expense       17
Income Statement Location [Axis]: crwv:TechnologyAndInfrastructure        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 60 48 115 102
Income Statement Location [Axis]: us-gaap:CostOfGoodsAndServicesSold        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 9 3 18 5
Income Statement Location [Axis]: us-gaap:GeneralAndAdministrativeExpense        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense 84 86 160 211
Income Statement Location [Axis]: us-gaap:SellingAndMarketingExpense        
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]        
Total stock-based compensation expense $ 12 $ 8 $ 25 $ 11
v3.26.1
Income Taxes (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Income Tax Disclosure [Abstract]        
Effective tax rate (in percentage) (11.00%) (20.00%) (12.00%) (18.00%)
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 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Numerator:            
Net loss $ (626) $ (740) $ (290) $ (315) $ (1,366) $ (605)
Dividends and accretion on Series C redeemable convertible preferred stock 0   0   0 (29)
Net loss attributable to common stockholders, basic (626)   (290)   (1,366) (634)
Change in fair value of common stock warrants 0   0   0 (27)
Net loss attributable to common stockholders, diluted $ (626)   $ (290)   $ (1,366) $ (661)
Denominator:            
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic (in shares) 551   487   539 367
Effect of dilutive securities:            
Common stock warrants (in shares) 0   0   0 2
Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted (in shares) 551   487   539 369
Net loss per share attributable to common stockholders, basic (in usd per share) $ (1.14)   $ (0.60)   $ (2.53) $ (1.73)
Net loss per share attributable to common stockholders, diluted (in usd per share) $ (1.14)   $ (0.60)   $ (2.53) $ (1.79)
v3.26.1
Net Loss Per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation (Details) - shares
shares in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive shares (in shares) 116 75
Outstanding convertible notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive shares (in shares) 57 0
Outstanding stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive shares (in shares) 24 44
Outstanding RSUs and RSAs    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive shares (in shares) 31 27
Warrant Liabilities    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive shares (in shares) 4 4
v3.26.1
Related-Party Transactions (Details) - 2021 Convertible Senior Secured Notes - Senior Secured Notes Involving Magnetar - Related Party - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Oct. 31, 2021
Related Party Transaction [Line Items]    
Term of right 1 year  
Common Class A    
Related Party Transaction [Line Items]    
Warrants   $ 15
v3.26.1
Geographic Information - Schedule of Revenue By Geography (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Disaggregation of Revenue [Line Items]        
Total revenue $ 2,575 $ 1,212 $ 4,653 $ 2,194
United States        
Disaggregation of Revenue [Line Items]        
Total revenue 2,389 1,148 4,289 2,077
All other countries        
Disaggregation of Revenue [Line Items]        
Total revenue $ 186 $ 64 $ 364 $ 117
v3.26.1
Geographic Information - Narrative (Details)
 6 Months Ended 12 Months Ended
Jun. 30, 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) - Subsequent Event
$ in Billions
 1 Months Ended
Aug. 31, 2026
USD ($)
Line of Credit | DDTL 5.5 Facility  
Subsequent Event [Line Items]  
Maximum borrowing capacity $ 2.6
Line of Credit | DDTL 5.5 Facility | SOFR  
Subsequent Event [Line Items]  
Basis spread rate (in percentage) 5.50%
Line of Credit | DDTL 5.5 Facility | Base Rate  
Subsequent Event [Line Items]  
Basis spread rate (in percentage) 4.50%
Revolving Credit Facility  
Subsequent Event [Line Items]  
Draw down on facility $ 1.2
Revolving Credit Facility | DDTL 5.5 Facility  
Subsequent Event [Line Items]  
Draw down on facility $ 1.2