CoreWeave reported Q2 revenue of $2.575 billion, up 112.3% year-over-year, with $51.6 billion in debt and Q2 interest expense of $640 million, which exceeded its $49 million operating loss. The company must continue tapping debt markets to fund its infrastructure targets. In contrast, Nebius Group posted Q2 revenue of $582.3 million, growing 454%, and holds $8.04 billion in cash against roughly $10.06 billion in total obligations. Nebius covers 50-60% of its capital expenditure with customer prepayments, expecting over $9 billion in 2026 inflows, significantly reducing its dependence on credit markets as the 10-year Treasury yield sits at 4.80% and rate hike probabilities increase.