RATE SENSITIVITY · COREWEAVE (CRWV) · AS-OF JUN 30, 2026 · FILED AUG 11–12, 2026

One point of SOFR
costs ~$120M/year.

CoreWeave’s Q2 2026 10-Q Item 3 says a +100 bp move on outstanding floating-rate debt lifts interest expense by ~$30M over three months — ~$120M/year if you annualize. Floating principal is ~$12.2B of $35.6B total. Interest expense, net already ate 24.9% of Q2 revenue; +100 bp pushes that to ~26%. Companion to Bank of NVDA — the canary’s rate bill, not a tip sheet.

~$120M+100 bp / year

~$12.2Bfloating principal

24.9%int / rev (Q2)

~$10.6Bdue thru 2027

01 · PRINCIPAL SPLIT

Floating vs fixed.

Itemized floating ~$12.2B (DDTL 1.0–3.0 + 5.0 + DDTL 4.0 float). Item 3 check ≈ $12.0B–$12.2B. Fixed / converts / OEM / other ≈ $23.3B–$23.4B of $35.6B total future principal (Note 10).

FLOAT · ~$12.2B · 34%

FIXED / OTHER · ~$23.3B · 66%

Floating (SOFR-linked DDTLs) Fixed notes · converts · OEM · DDTL 4.0 fixed

DDTL 1.0

$1.3B

SOFR margin not restated in this 10-Q H1 table · Effective 15%

DDTL 2.0

$3.2B

SOFR margin not restated in this 10-Q H1 table · Effective 11%

DDTL 2.1

$3.0B

SOFR margin not restated in this 10-Q H1 table · Effective 9%

DDTL 3.0

$2.2B

SOFR margin not restated in this 10-Q H1 table · Effective 9%

DDTL 5.0

$1.1B

SOFR + 4.50% · Effective 9%

DDTL 4.0 float

$1.4B

SOFR + 2.25% · Non-recourse SPV tranche

FLAG Older DDTL 1.0–3.0 SOFR margins are not restated in this 10-Q’s H1 issuance table. Treating them as floating is supported by Item 3’s aggregate sensitivity matching their sum + DDTL 4.0 float + DDTL 5.0 — but do not invent those margins here.

02 · INTEREST BITE VS REVENUE

+0 / +100 / +200 bp.

Q2 revenue $2,575M. Interest expense, net $640M(P&L line — prefer over Note 10 debt interest after cap of $558M). Bars use annualized P&L interest (×4) plus shock.

As filed

+0 bp

~$2,560M/yr interest (run-rate)

24.9% of Q2 revQ interest ~$640M

Item 3

+100 bp

~$2,680M/yr interest (run-rate)

26.0% of Q2 revQ interest ~$670M

Derived

+200 bp

~$2,800M/yr interest (run-rate)

27.2% of Q2 revQ interest ~$700M · derived

DERIVED +200 bp ≈ $240M/year is not company-disclosed — linear 2× the Item 3 +100 bp annualization only. Swaps notional $4.66B “intended to mitigate” floating risk; Item 3 is on outstanding floating balance, not hedge-adjusted. Hedge benefit for +100 bp is not quantified.

03 · METHOD

Floating × 0.01.

Plain English. Same arithmetic the company implies in Item 3.

STEP 1

Take floating principal

~$12.2B itemized (or ~$12.0B–$12.2B from Item 3’s $30M / quarter ÷ 0.25% = $12.0B check).

STEP 2

Multiply by 0.01

One percentage point on $12.2B ≈ $122M/year. Company Item 3 annualizes to ~$120M ($30M × 4) — same order of magnitude.

STEP 3

Stack on P&L interest

Q2 interest expense, net $640M / revenue $2,575M = 24.9%. Add $30M → 26%.

LIMITS

What this is not

Not hedge-adjusted. Not +200 bp from the company. Not post–Jun 30 draws (see subsequent events). Not a forecast of SOFR.

04 · REFINANCE WALL

~$10.6B through 2027.

Note 10 future principal payments. Rem. 2026 $4.4B + 2027 $6.2B. Coupons where the filing states them.

$4.4BRem. 2026

$6.2B2027

$4.4B2028

$2.4B2029

$3.2B2030

$14.9BThereafter

Instrument	Coupon / rate (stated)	Principal
DDTL 5.0	SOFR + 4.50%	$1.1B
DDTL 4.0 float	SOFR + 2.25%	$1.4B
DDTL 4.0 fixed	Treasury + 2.00%	$1.5B
2031 Senior Notes	9.00%	$1.8B
2031 Senior Notes	9.75%	$2.8B
2032 Senior Notes	9.625%	$1.3B
2032 EUR Senior Notes	8.50%	$2.3B
2032 Convertible SN	1.75% (eff. ~2%)	$4.0B
OEM short-term WA	~9%	—

05 · SUBSEQUENT EVENTS

After Jun 30 — not in the float total.

Same 10-Q subsequent-events language. These increase drawn / floating exposure after the balance sheet date — do not fold into the ~$12.2B Jun 30 floating figure.

DDTL 5.5

$1.2B drawn · Term SOFR + 5.5% · $2.6B facility · matures Sep 2031 · Aug 2026

Revolver

$1.2B drawn in Aug 2026 (was $0 drawn at Jun 30)

06 · CROSS-READS

Same canary, other dials.

Rate bill meets financed CapEx.

CANARYBank of NVDAFinancing crack paths — residual capacity, DDTL/SPV, equity/supply overlap.DEMANDToken runwayOfftake geometry next to CapEx / refinance narratives.LEDGERRoque 10y · something breaksSep 24 2026 — velocity of yields into financed demand.

07 · SOURCES / FOOTNOTES

Public filings only.

Filed Aug 11–12, 2026. Accession 0001769628-26-000366. No invented covenants or margins.

CoreWeave Form 10-Q — period ended Jun 30, 2026 · filed ~Aug 11–12, 2026 · acc 0001769628-26-000366 ↗ — Note 10 Debt; Item 3 Interest Rate Risk; Statements of Operations; Subsequent Events
CoreWeave 8-K — DDTL 4.0 close (Mar 30, 2026) · acc 0001769628-26-000129 ↗ — SOFR+2.25% float / Treasury+2.00% fixed blend · $8.5B capacity
CoreWeave 8-K — DDTL 5.0 close (May 15–18, 2026) · acc 0001769628-26-000236 ↗ — SOFR+4.50% · $3.1B capacity

This page is analysis for Bubble Burster — not investment advice. +200 bp and annualized +100 bp beyond Item 3’s quarterly/half-year figures are labeled derived. Hedge-adjusted sensitivity is not disclosed. P&L interest expense, net ($640M) ≠ Note 10 debt interest after capitalized interest ($558M); the gap may include finance-lease interest and other financing costs. Always re-read the latest filing.