CoreWeave, Inc. (CRWV) Balance Sheet

NASDAQ: CRWVAssets, liabilities, debt and equity over 3 years.

CRWV balance sheet, 2025

December 31, 2025 · U.S. dollars

$49.30B assets = $45.97B liabilities + $3.33B equity

Both columns are drawn to the same scale: what CRWV owns equals what it owes plus shareholders’ equity. Hover a block for its value.

CRWV financial health

Current ratio0.46

Tight · current assets cover current liabilities 0.46×

Debt / equity8.94

High leverage · $8.94 of debt for each $1 of equity

Equity / assets6.8%

Thin equity · of assets funded by shareholders

Cash / debt13.3%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles2.7%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

CRWV balance sheet trends, 2023–2025

CoreWeave, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$4.98B2023	$49.30B2025	+214.7%/yr
Total liabilities	$5.57B2023	$45.97B2025	+187.2%/yr
Shareholders’ equity	−$596.6M2023	$3.33B2025	—
Cash & short-term investments	$219.5M2023	$3.98B2025	+325.8%/yr
Total debt	$2.00B2023	$29.82B2025	+286.2%/yr
Net cash (debt)	−$1.78B2023	−$25.84B2025	−$24.1B
Working capital	−$496.5M2023	−$8.95B2025	−$8.5B
Book value per share	−$3.112023	$7.672025	—
Current ratio	0.502023	0.462025	−0.05
Shares outstanding	192.0M2023	435.0M2025	+50.5%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

CRWV assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

CRWV liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

CRWV debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

CRWV balance sheet

CoreWeave, Inc. annual balance sheet
	2025	2024	2023
Assets
Cash & short-term investments	$3.98B	$1.36B	$219.5M
Cash & equivalents	$3.95B	$1.36B	$217.1M
Short-term investments	$34.0M	$0	$2.4M
Receivables	$3.17B	$425.7M	$183.0M
Inventory	$0	$0	$0
Other current assets	$339.0M	$129.5M	$99.5M
Total current assets	$7.49B	$1.92B	$502.0M
Property, plant & equipment (net)	$38.79B	$14.50B	$3.95B
Goodwill & intangible assets	$1.34B	$24.5M	$26.5M
Long-term investments	$117.0M	$102.2M	$42.1M
Other non-current assets	$1.57B	$1.29B	$460.4M
Total assets	$49.30B	$17.83B	$4.98B
Liabilities
Accounts payable	$1.62B	$868.3M	$455.6M
Short-term debt	$7.17B	$2.74B	$215.2M
Deferred revenue	$1.71B	$768.9M	$249.8M
Total current liabilities	$16.44B	$4.96B	$998.5M
Long-term debt	$14.66B	$5.46B	$1.35B
Lease obligations	$8.45B	$2.69B	$476.5M
Other long-term liabilities	$14.86B	$7.83B	$3.22B
Total liabilities	$45.97B	$18.25B	$5.57B
Shareholders' equity
Common stock & paid-in capital	—	$1,000	$1,000
Retained earnings (deficit)	−$2.64B	−$1.48B	−$612.8M
Accumulated other comprehensive income	—	—	−$148,000
Total shareholders' equity	$3.33B	−$413.6M	−$596.6M
Key figures
Total debt	$29.82B	$10.62B	$2.00B
Net cash (debt)	−$25.84B	−$9.26B	−$1.78B
Working capital	−$8.95B	−$3.05B	−$496.5M
Tangible book value	$2.00B	−$438.1M	−$623.1M
Book value per share	$7.67	−$1.90	−$3.11
Shares outstanding	435.0M	218.0M	192.0M
Current ratio	0.46	0.39	0.50
Quick ratio	0.43	0.36	0.40
Debt / equity	8.94	—	—
Equity / assets	6.8%	−2.3%	−12.0%

CoreWeave, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Dec '23
Assets
Cash & short-term investments	$6.41B	$3.04B	$3.98B	$1.94B	$1.15B	$1.28B	$1.36B	$1.36B	$219.5M
Cash & equivalents	$6.40B	$3.02B	$3.95B	$1.89B	$1.15B	$1.28B	$1.36B	$1.36B	$217.1M
Short-term investments	$15.0M	$22.0M	$34.0M	$47.4M	—	—	$0	$1.2M	$2.4M
Receivables	$2.54B	$2.12B	$3.17B	$1.66B	$1.93B	$1.06B	$425.7M	$498.8M	$183.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other current assets	$567.0M	$446.0M	$339.0M	$1.13B	$859.4M	$771.0M	$129.5M	$197.6M	$99.5M
Total current assets	$9.52B	$5.61B	$7.49B	$4.73B	$3.95B	$3.10B	$1.92B	$2.05B	$502.0M
Property, plant & equipment (net)	$63.33B	$46.61B	$38.79B	$25.34B	$20.01B	$17.27B	$14.50B	$10.91B	$3.95B
Goodwill & intangible assets	$1.35B	$1.32B	$1.34B	$1.03B	$1.02B	$23.9M	$24.5M	$25.0M	$26.5M
Long-term investments	$0	$0	$117.0M	$112.4M	$174.2M	$102.2M	$102.2M	$100.7M	$42.1M
Other non-current assets	$2.87B	$2.03B	$1.57B	$1.70B	$1.09B	$1.36B	$1.29B	$1.05B	$460.4M
Total assets	$77.07B	$55.57B	$49.30B	$32.91B	$26.24B	$21.86B	$17.83B	$14.14B	$4.98B
Liabilities
Accounts payable	$3.63B	$3.37B	$1.62B	$1.16B	$1.23B	$1.24B	$868.3M	$1.01B	$455.6M
Short-term debt	$8.10B	$8.06B	$7.17B	$4.11B	$3.97B	$4.08B	$2.74B	$1.17B	$215.2M
Deferred revenue	$2.69B	$2.13B	$1.71B	$1.11B	$951.3M	$436.5M	$768.9M	$1.08B	$249.8M
Total current liabilities	$20.92B	$17.82B	$16.44B	$9.71B	$7.56B	$7.13B	$4.96B	$3.97B	$998.5M
Long-term debt	$27.55B	$17.31B	$14.66B	$10.32B	$7.42B	$4.94B	$5.46B	$3.45B	$1.35B
Lease obligations	$16.54B	$10.29B	$8.45B	$4.77B	$3.51B	$3.19B	$2.69B	$1.83B	$476.5M
Other long-term liabilities	$23.57B	$15.68B	$14.86B	$8.99B	$7.44B	$6.73B	$7.83B	$7.07B	$3.22B
Total liabilities	$72.05B	$50.81B	$45.97B	$29.03B	$22.42B	$18.79B	$18.25B	$14.48B	$5.57B
Shareholders' equity
Common stock & paid-in capital	—	—	—	$2,000	$1.16B	$1.16B	$1,000	$1,000	$1,000
Retained earnings (deficit)	−$4.01B	−$3.38B	−$2.64B	−$2.19B	−$2.08B	−$1.79B	−$1.48B	−$1.42B	−$612.8M
Accumulated other comprehensive income	−$18.0M	$5.0M	—	−$1.3M	−$271,000	—	$0	$10,000	−$148,000
Total shareholders' equity	$5.02B	$4.76B	$3.33B	$3.88B	$3.82B	$3.07B	−$413.6M	−$344.0M	−$596.6M
Key figures
Total debt	$51.61B	$35.15B	$29.82B	$18.81B	$14.56B	$11.90B	$10.62B	$6.28B	$2.00B
Net cash (debt)	−$45.20B	−$32.10B	−$25.84B	−$16.87B	−$13.41B	−$10.62B	−$9.26B	−$4.92B	−$1.78B
Working capital	−$11.40B	−$12.21B	−$8.95B	−$4.98B	−$3.61B	−$4.03B	−$3.05B	−$1.92B	−$496.5M
Tangible book value	$3.68B	$3.43B	$2.00B	$2.85B	$2.80B	$3.05B	−$438.1M	−$369.0M	−$623.1M
Book value per share	$9.12	$9.03	$6.59	$7.79	$7.85	$7.59	−$1.02	−$0.79	−$1.48
Shares outstanding	551.0M	527.0M	506.0M	497.9M	486.6M	404.4M	404.4M	435.5M	403.7M
Current ratio	0.46	0.31	0.46	0.49	0.52	0.44	0.39	0.52	0.50
Quick ratio	0.43	0.29	0.43	0.37	0.41	0.33	0.36	0.47	0.40
Debt / equity	10.27	7.39	8.94	4.85	3.81	3.88	—	—	—
Equity / assets	6.5%	8.6%	6.8%	11.8%	14.6%	14.0%	−2.3%	−2.4%	−12.0%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 2, 2026); data from EODHD.

CRWV financial position

At the end of fiscal 2025 (December 31, 2025), CoreWeave had total assets of $49.3 billion (up 176.5% from a year earlier), total liabilities of $46.0 billion and shareholders' equity of $3.3 billion. It held $4.0 billion in cash and short-term investments against $29.8 billion of debt, net debt of $25.8 billion. Its current ratio was 0.46. In the latest quarter (ended June 30, 2026) total assets were $77.1 billion and equity $5.0 billion.

Related: CRWV income statement, CRWV cash flow statement, CRWV key metrics. See the CRWV stock overview for the latest quote and news.

CRWV balance sheet FAQ

What are CoreWeave's total assets?

CoreWeave reported total assets of $49.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $17.8 billion a year earlier.

How much debt does CoreWeave have?

CoreWeave had $29.8 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 8.94.

How much cash does CoreWeave have?

CoreWeave held $4.0 billion in cash and short-term investments at the end of fiscal 2025; with $29.8 billion of debt that is net debt of $25.8 billion.

What is CoreWeave's book value?

CoreWeave's shareholders' equity (book value) was $3.3 billion at the end of fiscal 2025, or $7.67 per share.

What is CoreWeave's current ratio?

CoreWeave had current assets of $7.5 billion and current liabilities of $16.4 billion, a current ratio of 0.46 (current liabilities exceed current assets).

How much goodwill does CoreWeave have?

CoreWeave carried $1.3 billion of goodwill and intangible assets, 2.7% of total assets, at the end of fiscal 2025.