They Doubled the Losses. The Stock Rose 15%.

On Tuesday, August 11, CoreWeave reported Q2 2026 earnings. Revenue: $2.58 billion, up 112% year over year. Net loss: $626 million, up from $290 million a year earlier. The loss doubled. So did the interest expense — from $267 million to $640 million per quarter.

Capital expenditures for the quarter: $9.4 billion. That is one quarter of spending larger than CoreWeave’s entire 2023 annual revenue. To fund it, the company raised $13.46 billion in new debt during the same three months.

Debt-to-equity ratio: 7.39. Current ratio: 0.31 — short-term obligations exceed liquid assets. TechTimes cited analyst models putting default odds near 50%.

The backlog grew from $104 billion to $129 billion in six weeks. Meta signed a $21 billion contract through 2032. Anthropic signed multi-year compute.

The stock rose 15.5% after the report.

Sonny reads the tape and observes that the market has now formally agreed that doubling your losses is a beat, borrowing ten billion dollars a quarter is a plan, and a current ratio of 0.31 is optimism.