CoreWeave reported its Q2 2026 earnings last week, triggering an immediate positive market reaction that propelled its shares from ~$90 to ~$111. What was the remarkable achievement of the company? Maybe losing more money, a significant worsening of margins, or raising more than $6 billion in debt in just 3 months while revenues only increased by $500 million? Just kidding.
What prompted investors to pop champagne bottles was management disclosing that the company had secured $25 billion of additional Remaining Performance Obligations at the beginning of Q3. As a matter of fact, without this RPO increase from $98.8 billion to $103.7 billion in 3 months, the results would have been underwhelming considering how much CAPEX was spent and how much debt was raised to “finance growth” at the same time. Here is where things become weird. In the company’s Q2-26 10-Q filing, there is no mention whatsoever of this material piece of information, which was only included in a footnote of the press release and mentioned verbally by management during the earnings call.
Let’s dig a bit deeper, shall we? So far in Q3-26, CoreWeave has only filed two 8-K reports:
- 10th of August: the company announced that on the 7th of August it entered into a new financing agreement (DDTL 5.5)
- 11th of August: Q2-26 earnings Press Release
Now please tell me, how come the company mentioned closing the DDTL 5.5 facility in the 10-Q filing under the “Subsequent Events” section while it did not mention there, or anywhere else, the single piece of information that changed the whole traders’ perception of its Q2 earnings?
Today is the 18th of August, and there is still nothing from the company about where these $25 bn of RPOs are supposed to come from, if, of course, they even exist.
Under SEC Regulation Fair Disclosure (Regulation FD), when a public company discloses material non-public information (MNPI) to market professionals or shareholders, it must make simultaneous public disclosure for intentional disclosures, or prompt public disclosure (within 24 hours) for unintentional disclosures, using methods reasonably designed to reach the general public broadly and non-exclusively.
Here is where we enter a bit of a grey area. While, in theory, CoreWeave fulfilled its disclosure requirements by including a footnote in its press release filed on Form 8-K and then mentioning the information in an analyst call that was later covered in mainstream and social media, in practice, according to the intent and best practices of fair disclosure regulation, the company might have committed a selective disclosure violation. Of course, this assumes the information is true to begin with, but we will only know this either in the next Q3 earnings 10-Q or before that, when this big $25 billion deal (or multiple deals) will be announced with grand fanfare, as has always been the case so far every single time an AI company, including CoreWeave, achieved such a big result (a lack of which should not have only made me raise a eyebrow)
To properly comply with SEC Regulation FD, a company must prioritize absolute transparency, prominence, and broad market accessibility over mere technical compliance. Best practices require that material non-public information (MNPI) be disclosed openly in the main body of a Form 8-K, specifically under Item 7.01 or Item 8.01, instead of being hidden within fine-print footnotes or obscured by complex legal jargon. To ensure the information reaches all market participants simultaneously, companies should combine their official SEC filings with widely distributed press releases and well-publicized, open-access webcasts.
If CoreWeave’s claimed $25 billion RPO increase is real, it should be straightforward to substantiate it with a clear, prominent disclosure and, ultimately, announced contracts that reconcile with the company’s filings. If it is not, the market is currently pricing a narrative built on a footnote and a few spoken words, exactly the kind of information asymmetry Regulation FD was designed to prevent. Either way, investors should treat the “$25 billion” headline as unverified until the company provides the hard details: counterparties, scope, timing, and the accounting bridge that explains how the obligation was created. To be fair, this single piece of information hardly moved the needle in the grand scheme of things since CoreWeave remains a company heavily dependent on raising debt to increase its revenues, while increasing costs and debt servicing are objectively making it more and more unprofitable. However, considering how much this whole AI bubble is dependent on hype and promises, along with circular financing and borderline accounting practices, I believe it would be fair to maintain good storytelling for investors rather than starting to murk this too.
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