CoreWeave (CRWV) investor relations material

Business performance and growth

• Revenue surged from $200 million to $5 billion in a few years, with expectations to double again this year and in 2027, supported by a $66 billion revenue backlog.

• Growth is driven by long-term, take-or-pay contracts, providing visibility and stability for future cash flows and debt servicing.

• Majority of backlog is tied to investment-grade or highly creditworthy AI customers, ensuring strong contract quality.

• Expansion is both domestic and international, with new sites in Canada, the UK, Spain, Norway, and Sweden, led by customer demand.

• Add-on services like storage, CPU, and managed inference are a growing focus, with high-margin potential as the business scales.

Financing strategy and capital markets

• Capital expenditures are primarily financed through delayed draw term loans (DDTLs), covering up to 90% of CapEx at the contract level.

• Cost of capital has decreased by 600 basis points between initial and recent DDTLs due to improved execution and market confidence.

• Most CapEx is tied to existing contracts in the revenue backlog, minimizing speculative risk and ensuring disciplined financing.

• Additional funding comes from customer prepayments, operating free cash flow, and opportunistic topco financings.

• The company expects to further reduce its cost of capital as capital markets gain comfort with its execution and contract quality.

Data center and power strategy

• Over 3 GW of secured power and a partnership with NVIDIA to build 5 GW of new data center capacity by 2030.

• Focus on contracting power 12-24 months before it comes online, with customer delivery typically within 6-12 months of readiness.

• Preference for grid power over behind-the-meter solutions for efficiency and reliability, with challenges centered on infrastructure, not raw power supply.

• Portfolio diversification includes nearly 40 data center development partners, with no single developer exceeding 20% of the portfolio.

• Self-build projects are expected to grow as a share of the portfolio, with the first major self-build coming online in New Jersey within 1-2 years.