Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is CoreWeave, Inc. (CRWV) Halal?

FAIL

CoreWeave, Inc. · NASDAQ: CRWV · Technology

The short answer

CoreWeave fails this Shariah screener at the debt gate: $35.1 billion of interest-bearing debt is 74.7% of its ~$46.92 billion market cap, more than double the 33% ceiling. Its AI GPU-cloud business passes the business-activity gate, and interest income of about 0.43% of revenue is far under the 5% ceiling.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. CoreWeave, Inc. is a cloud infrastructure company for AI and high-performance computing. Per its Q2 2026 10-Q (Note 2 — Revenue): 'The Company primarily generates its revenue through providing cloud computing services, which include both committed contracts and on-demand services,' and per the MD&A: 'We generate revenue by providing our customers with access to cloud computing services, including compute enabled by our software and infrastructure optimized for AI and high-performance computing. Our revenue primarily comes from committed contracts.' It operates a single segment; 98% of revenue comes from committed customer contracts (36%/26%/10% from the top three customers in Q2 2026 — Microsoft and OpenAI are named customers), with revenue backlog of about $104 billion at June 30, 2026.

The company is not an interest-based lender and discloses no alcohol, gambling, pork, tobacco, weapons/defense, or adult-entertainment revenue. For transparency: the filing mentions past crypto-mining revenue, but it was discontinued before 2022 and contributes zero current revenue.

Gate 2 — Debt and cash: FAIL

Gate 2 — interest-bearing debt: FAIL (74.7%, ceiling 33%). Per CoreWeave's Q2 2026 condensed consolidated balance sheet (June 30, 2026, filed about August 11, 2026), interest-bearing debt was recourse debt, current $6,235 million, non-recourse debt, current $1,278 million, recourse debt, non-current $25,170 million and non-recourse debt, non-current $2,385 million — $35,068 million net of discount and issuance costs ($35,551 million principal). Operating lease liabilities ($584 million current / $15,735 million non-current) are excluded — they are not interest-bearing debt.

$35.1 billion of interest-bearing debt against a market capitalization of about $46.92 billion (Finnhub, October 2, 2026) is 74.7%, more than double the 33% ceiling — so CoreWeave fails this screener at gate 2, decisively. On the principal basis it is 75.8%; on recourse-debt-only it is 66.9% — every variant fails. Transparency note: some press commentary cites about $51.6B of debt, which cannot be reconciled to the filed balance sheet; this screener uses only filed figures, and the fail stands on any variant.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (0.43%, ceiling 5%). CoreWeave's income statement does not give interest income its own line — it shows only 'Interest expense, net' ($640 million for Q2 2026 / $1,176 million for the six months ended June 30, 2026) and a combined 'Other income (expense), net.' However, Note 10 separately discloses: 'For the six months ended June 30, 2026, interest income recognized in other income (expense), net, in the condensed consolidated statements of operations and comprehensive loss was $20 million' — tied to the DCSP Note Receivable ($302 million gross). Interest income for Q2 2026 alone and the first half of 2025 was 'not material.'

$20 million against six-month revenue of $4,653 million is about 0.43%, far under the 5% ceiling. Caveat: this figure rests on a note disclosure rather than a standalone income-statement line.

Key figures used

Frequently asked questions

What does CoreWeave do?

CoreWeave, Inc. (NASDAQ: CRWV) is a cloud infrastructure company focused on AI and high-performance computing. Per its Q2 2026 10-Q: 'We generate revenue by providing our customers with access to cloud computing services, including compute enabled by our software and infrastructure optimized for AI and high-performance computing. Our revenue primarily comes from committed contracts.' It launched the CoreWeave Cloud Platform in 2020; 98% of revenue comes from committed customer contracts, with named customers including Microsoft and OpenAI, and revenue backlog of about $104 billion at June 30, 2026. CoreWeave priced its IPO at $40 per share in March 2025 and began trading on Nasdaq on March 28, 2025. Prior crypto-mining revenue (pre-2022) is fully discontinued.

Is CoreWeave's business Shariah compliant?

CoreWeave's business passes this screener's first gate. It operates a single segment - GPU cloud and AI computing services - with no interest-based lending and no alcohol, gambling, pork, tobacco, weapons/defense, or adult-entertainment revenue disclosed. For transparency: the filing mentions past crypto-mining revenue, but this was discontinued before 2022 and contributes zero current revenue.

How much interest-bearing debt does CoreWeave have?

Per CoreWeave's Q2 2026 condensed consolidated balance sheet (June 30, 2026, filed about August 11, 2026), interest-bearing debt was recourse debt current of $6,235 million, non-recourse debt current of $1,278 million, recourse debt non-current of $25,170 million and non-recourse debt non-current of $2,385 million - $35,068 million net ($35,551 million principal). Operating lease liabilities ($584 million current / $15,735 million non-current) are excluded. $35.1 billion against a market cap of about $46.92 billion is 74.7% - more than double the 33% ceiling. For transparency: some press commentary cites about $51.6B of debt, which cannot be reconciled to the filed balance sheet (post-June debt issuance would bring principal toward about $42B); this screener uses only filed figures, and the fail stands on any variant.

How much interest income does CoreWeave earn?

The filing does not give interest income its own income-statement line - the statement shows only 'Interest expense, net' ($640 million for Q2 2026 / $1,176 million for the six months) and a combined 'Other income (expense), net.' However, Note 10 separately discloses: 'For the six months ended June 30, 2026, interest income recognized in other income (expense), net... was $20 million,' tied to the DCSP Note Receivable ($302 million gross); interest income for Q2 2026 alone and the first half of 2025 was 'not material.' $20 million against six-month revenue of $4,653 million is about 0.43% - far under the 5% ceiling - but this gate rests on a note disclosure rather than a standalone line, so treat the caveat accordingly.

What do third-party Shariah screeners say about CoreWeave?

Zoya publishes a CoreWeave (CRWV) page and currently rates it not Shariah-compliant under AAOIFI guidelines, based on the latest financial reports - consistent with this screener's debt-gate finding. I could not verify a Musaffa rating page for CRWV or a ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).