CoreWeave Faces $15 Billion Debt Load, $311 Million Q3 Interest Hits Over 20% of Revenue
CRWV•CoreWeave’s lease-adjusted debt of roughly $15 billion—almost four times its trailing-12-month revenue—resulted in a $311 million interest bill in Q3, over 20% of revenue and six times gross profit. Management projects $12–14 billion in capex for 2025, rising to about $30 billion in 2026, supported by a $6.3 billion Nvidia backstop.
1. Explosive Revenue Growth and Mounting Debt Load
CoreWeave has delivered a 200% year-over-year increase in revenue, tripling sales to approximately $4.0 billion over the past 12 months. However, this growth has been financed largely through debt. Including lease obligations, the company now carries roughly $15 billion of debt—nearly four times its trailing-12-month revenue—and paid $311 million in interest expense last quarter, more than six times its gross profit for the period. Investors should weigh this leverage against the rapid top-line expansion when assessing equity upside and credit risk.
