CoreWeave (CRWV) Cantor Fitzgerald Global Technology & Industrial Growth Conference summary

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 building a hyperscale cloud natively, focusing on rapid infrastructure deployment and strong margin profiles.

• Long-term, take-or-pay contracts de-risk upfront costs and provide visibility into future cash flows, with stabilized margins in the mid-20s at the contract level.

• Weighted average contract length is five years, ensuring sufficient cash flow to service debt and generate significant free cash flow.

• Demand for AI cloud is overwhelming, with customer mix rapidly diversifying and enterprise adoption accelerating.

Financing strategy and capital markets

• CapEx is primarily financed through delayed draw term loans (DDTLs), which fund up to 90% of project costs at efficient rates due to strong customer contracts.

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

• Substantially all CapEx is tied to existing revenue contracts, ensuring disciplined, non-speculative capital deployment.

• Remaining CapEx is funded through customer prepayments, operating free cash flow, and opportunistic topco financings.

• The company expects continued access to efficient capital markets as long as it maintains contract quality and disciplined financing.

Data center expansion 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 redundancy.

• Power shortages are attributed to infrastructure bottlenecks, not lack of grid electrons, with ongoing efforts to improve efficiency and share best practices across 40+ development partners.

• Self-build projects are expected to increase but will remain a minority of the portfolio through 2027, with joint ventures used to manage CapEx exposure.