CoreWeave (CRWV) presents a deeply negative liquidation posture as of March 31, 2026. MFFAIS reports a cash liquidation value of approximately -$42.7B and a liquid liquidation value of approximately -$40.5B, consistent with the balance sheet structure visible in the XBRL tags. Total assets stand at $55.6B, but the composition is heavily weighted toward assets that receive severe haircuts under liquidation: PP&E net of accumulated depreciation is $36.4B (gross $40.9B, accum. depreciation $4.5B), which at a 50-70% recovery rate yields $18-25B; operating lease ROU assets of $10.2B receive 0% recovery as they represent contractual obligations, not separable assets; goodwill of $1.1B and finite-lived intangibles of $224M recover at 0%. Cash and restricted cash total approximately $3.3B (100% recovery). Accounts receivable of $2.1B at 90-95% recovery yields roughly $1.9-2.0B. Against these haircut assets, liabilities stand at face value of $50.8B. The liability stack is the primary driver of the negative equity recovery: total long-term debt carrying value is $24.9B (gross $25.1B before $290M in unamortized discount/issuance costs), operating lease liabilities are $10.1B, accounts payable is $3.4B, accrued liabilities $2.7B, deferred revenue (current + noncurrent) $7.5B, and other current liabilities $1.5B. Critically, the DDTL 4.0 Facility ($8.5B capacity, entered March 30, 2026) and post-period issuances of $2.75B Additional 2031 Senior Notes and $4.0B 2032 Convertible Notes (both April 2026, disclosed in MD&A but occurring after the balance sheet date) further widen the gap. Deferred revenue of $7.5B does not extinguish on wind-up and must be refunded or serviced; it is a real cash obligation. Operating lease undiscounted future payments total $17.0B with $6.9B in discount, implying the $10.1B liability understates the gross cash commitment. Debt principal maturity schedule shows $6.1B due remainder of 2026 and $5.7B in the next twelve months, creating acute near-term cash pressure. The accumulated deficit has grown to $3.4B with a $740M net loss in Q1 2026 alone, up from $315M in Q1 2025. Capex paid in Q1 2026 was $7.7B with $4.6B in accrued but unpaid capital expenditures on the balance sheet, indicating the investment cycle is not slowing. Material weaknesses in internal controls over financial reporting, identified as of December 31, 2024 and confirmed as still existing at March 31, 2026, add uncertainty to the precision of reported figures. The filing discusses the $98.8B remaining performance obligation backlog, the $11.9B OpenAI contract through 2030, and post-period debt issuances of $6.75B in MD&A, none of which are separately tagged in XBRL beyond the RevenueRemainingPerformanceObligation tag.
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