The latest quarterly results from AI cloud providers CoreWeave and Nebius put two sides of the data-center buildout in the same frame: revenue is climbing quickly, and so are the costs of supplying the computing capacity behind it.
In second-quarter results released Aug. 11, CoreWeave reported $2.575 billion in revenue, more than double a year earlier, and a $626 million net loss. Its adjusted EBITDA was $1.51 billion, a 59% margin, while net interest expense reached $640 million. The adjusted figure is a company-defined measure that adds back interest, depreciation and other items; it does not mean the business recorded a profit.
Nebius reported $582.3 million in group revenue for the same quarter, up from $105.1 million a year earlier. It posted $236.2 million in adjusted EBITDA alongside a $190.4 million net loss from continuing operations. Its release lists $259.7 million in depreciation and amortization and $119.1 million in interest expense for the quarter. Nebius's group figures include businesses beyond its AI cloud operation.
Building capacity before collecting all the revenue
CoreWeave's quarterly filing shows $14.9 billion in cash used for investing activities in the first half of 2026, largely tied to infrastructure, against $3.7 billion generated by operations. Financing activities brought in $14.0 billion, including debt and stock issuance. This is why a strong sales growth rate alone cannot describe the company's cash needs.
CoreWeave also reported about $104 billion in revenue backlog at June 30. That is not cash already received: the company says the amount depends on meeting delivery and service-availability requirements over time. Both companies' disclosures point to the practical test for this model: bringing expensive capacity online, keeping it in use and earning enough from it to cover the equipment and financing costs.
