CoreWeave financial model
This Excel financial model of CoreWeave is a 3-statement model (income statement, balance sheet, cash flow) with 10 projected years (Jun-27E to Jun-36E) and a DCF valuation, built automatically by Skale from 7 published documents. For LTM Jun-26, revenue was $7.6 billion, net income to shareholders was -$2.0 billion, and net debt (financial debt minus cash) was $28.2 billion. The DCF gives an enterprise value of $1.7 trillion and a value per share of $3,009.43 under the model's assumptions.
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The first rows of each sheet, as they open in Excel.
CoreWeave summary financials
USD millions · historical and projected years 2023–2036. From the model's Summary sheet; every projected figure is a formula in the Excel.
| Historical | Projected | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| USD millions | Unit | 2023 | 2024 | 2025 | 2026 | 2027E | 2028E | 2029E | 2030E | 2031E | 2032E | 2033E | 2034E | 2035E | 2036E |
| Income statement | |||||||||||||||
| Revenue | 229.0 | 1,915.0 | 5,131.0 | 7,590.0 | 11,227.5 | 16,608.2 | 24,567.5 | 36,341.3 | 53,757.7 | 79,520.7 | 117,630.5 | 174,004.3 | 257,394.7 | 380,749.5 | |
| Revenue growth | 736.2% | 167.9% | 47.9% | 47.9% | 47.9% | 47.9% | 47.9% | 47.9% | 47.9% | 47.9% | 47.9% | 47.9% | 47.9% | ||
| Gross profit | 29.0 | 461.0 | 749.0 | 639.0 | 945.2 | 1,398.2 | 2,068.3 | 3,059.6 | 4,525.8 | 6,694.8 | 9,903.3 | 14,649.4 | 21,670.0 | 32,055.2 | |
| Gross margin | 12.7% | 24.1% | 14.6% | 8.4% | 8.4% | 8.4% | 8.4% | 8.4% | 8.4% | 8.4% | 8.4% | 8.4% | 8.4% | 8.4% | |
| EBITDA | 1,185.0 | 2,381.0 | 4,813.0 | 9,638.6 | 16,239.2 | 25,580.2 | 39,065.0 | 58,750.5 | 87,664.3 | 130,272.8 | 193,173.8 | 286,119.4 | 423,529.9 | ||
| EBITDA margin | 61.9% | 46.4% | 63.4% | 85.8% | 97.8% | 104.1% | 107.5% | 109.3% | 110.2% | 110.7% | 111.0% | 111.2% | 111.2% | ||
| EBIT | (14.0) | 324.0 | (46.0) | (231.0) | (341.7) | (505.5) | (747.7) | (1,106.0) | (1,636.1) | (2,420.2) | (3,580.1) | (5,295.8) | (7,833.8) | (11,588.0) | |
| EBIT margin | (6.1%) | 16.9% | (0.9%) | (3.0%) | (3.0%) | (3.0%) | (3.0%) | (3.0%) | (3.0%) | (3.0%) | (3.0%) | (3.0%) | (3.0%) | (3.0%) | |
| Pre-tax income | (558.0) | (744.0) | (1,215.0) | (1,924.0) | (3,173.9) | (2,654.9) | (2,400.1) | (2,468.2) | (2,636.9) | (2,886.1) | (3,602.8) | (5,318.5) | (7,856.4) | (11,610.7) | |
| Income taxes | 36.0 | 119.0 | (48.0) | 4.0 | 6.6 | 5.5 | 5.0 | 5.1 | 5.5 | 6.0 | 7.5 | 11.1 | 16.3 | 24.1 | |
| Effective tax rate | (6.5%) | (16.0%) | 4.0% | (0.2%) | (0.2%) | (0.2%) | (0.2%) | (0.2%) | (0.2%) | (0.2%) | (0.2%) | (0.2%) | (0.2%) | (0.2%) | |
| Net income | (594.0) | (863.0) | (1,167.0) | (1,964.0) | (3,216.5) | (2,696.4) | (2,441.1) | (2,509.3) | (2,678.3) | (2,928.1) | (3,646.2) | (5,365.5) | (7,908.8) | (11,670.9) | |
| Net income to shareholders | (594.0) | (863.0) | (1,167.0) | (1,964.0) | (3,216.5) | (2,696.4) | (2,441.1) | (2,509.3) | (2,678.3) | (2,928.1) | (3,646.2) | (5,365.5) | (7,908.8) | (11,670.9) | |
| Net margin | (259.4%) | (45.1%) | (22.7%) | (25.9%) | (28.6%) | (16.2%) | (9.9%) | (6.9%) | (5.0%) | (3.7%) | (3.1%) | (3.1%) | (3.1%) | (3.1%) | |
| Earnings per share | (3.09) | (3.96) | (2.68) | (3.64) | (4.82) | (3.26) | (2.38) | (1.97) | (1.70) | (1.50) | (1.51) | (1.79) | (2.13) | (2.54) | |
| Cash flow | |||||||||||||||
| Cash flow from operations | 8,662.0 | 7,569.0 | 16,325.5 | 27,330.5 | 44,434.3 | 69,401.8 | 106,645.6 | 162,654.3 | 246,857.0 | 373,504.0 | 565,015.3 | 855,164.4 | |||
| Capex | 8,702.0 | 10,309.0 | 28,234.0 | 41,765.0 | 61,780.6 | 91,388.5 | 135,185.9 | 199,972.9 | 295,808.7 | 437,573.2 | 647,277.5 | 957,481.2 | 1,416,348.2 | ||
| Unlevered free cash flow | (3,873.2) | (19,475.0) | (26,605.9) | (38,590.0) | (55,190.3) | (79,966.3) | (116,759.8) | (171,092.3) | (251,054.0) | (368,618.7) | (541,546.3) | (795,504.9) | |||
| FCF margin | (75.5%) | (256.6%) | (237.0%) | (232.4%) | (224.6%) | (220.0%) | (217.2%) | (215.2%) | (213.4%) | (211.8%) | (210.4%) | (208.9%) | |||
| Balance sheet | |||||||||||||||
| Cash and cash equivalents | 2,035.0 | 4,130.0 | 6,904.0 | (20,272.3) | (56,574.2) | (103,385.2) | (169,826.2) | (267,677.4) | (405,796.6) | (593,475.9) | (864,212.3) | (1,253,641.2) | (1,811,788.0) | ||
| Financial debt | 7,926.0 | 21,373.0 | 35,068.0 | 27,928.2 | 23,039.3 | 20,145.5 | 16,451.7 | 8,890.8 | 889.0 | 889.0 | 889.0 | 889.0 | 889.0 | ||
| Lease liabilities | 2,694.0 | 8,449.0 | 16,540.0 | 16,540.0 | 16,540.0 | 16,540.0 | 16,540.0 | 16,540.0 | 16,540.0 | 16,540.0 | 16,540.0 | 16,540.0 | 16,540.0 | ||
| Net debt (financial debt − cash) | 5,891.0 | 17,243.0 | 28,164.0 | 48,200.4 | 79,613.5 | 123,530.7 | 186,277.8 | 276,568.2 | 406,685.6 | 594,364.9 | 865,101.3 | 1,254,530.2 | 1,812,677.0 | ||
| Total equity | 1,308.0 | 3,335.0 | 5,024.0 | 4,880.5 | 5,257.1 | 5,889.1 | 6,452.7 | 6,847.4 | 6,992.3 | 6,419.1 | 4,126.5 | (709.3) | (9,307.1) | ||
| Balance check (assets − liabilities − equity) | - | - | - | - | - | - | - | - | - | - | - | - | - | ||
| Key ratios | |||||||||||||||
| EBITDA margin | 61.9% | 46.4% | 63.4% | 85.8% | 97.8% | 104.1% | 107.5% | 109.3% | 110.2% | 110.7% | 111.0% | 111.2% | 111.2% | ||
| ROIC (EBIT × (1 − t) ÷ average invested capital) | 3.3% | (0.2%) | (0.6%) | (0.6%) | (0.6%) | (0.6%) | (0.6%) | (0.6%) | (0.7%) | (0.7%) | (0.7%) | (0.7%) | (0.7%) | ||
| FCF margin | (75.5%) | (256.6%) | (237.0%) | (232.4%) | (224.6%) | (220.0%) | (217.2%) | (215.2%) | (213.4%) | (211.8%) | (210.4%) | (208.9%) | |||
| Net debt ÷ EBITDA | 4.97x | 7.24x | 5.85x | 5.00x | 4.90x | 4.83x | 4.77x | 4.71x | 4.64x | 4.56x | 4.48x | 4.38x | 4.28x | ||
| EBITDA ÷ interest | 3.28x | 1.94x | 2.57x | 3.20x | 6.97x | 13.95x | 25.32x | 49.71x | 135.51x | 639.54x | 948.34x | 1404.63x | 2079.21x | ||
| Minimum DSCR over the projection | (4380.73x) | ||||||||||||||
How revenue is built
Skale reads the documents to decide how each revenue stream is projected, and explains why.
Active power is the company's own capacity KPI, reported at period end for 2023-2025 and Q2'26. The user asked for the build to run on consolidated capacity and revenue per MW, with the regional split as a percentage assumption. Consolidated revenue is therefore active MW multiplied by revenue per active MW. US revenue is consolidated revenue multiplied by a US share that is held at its last value. Utilization is not disclosed, so it stays embedded in revenue per MW. Revenue is no longer the sum of the two country lines; the country lines are now derived from it.
This is a parallel stream to United States and gets the same build. Other-countries revenue is consolidated revenue multiplied by one minus the US share. This keeps the two regions summing exactly to consolidated revenue.
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