CoreWeave earnings call highlights: > Through 2027, more than 75% of committed CapEx is tied to investment-grade and enterprise customers, with the remainder tied to the world's leading AI labs and AI-native companies. > This year, they have collected prepayments on 70% of our deals, with customers funding up to 100% of the contract value upfront. In the next 3 months alone, they will collect approximately $9 billion in prepayments and deposits from signed customer contracts. > They expect EBITDA less interest, which excludes the benefit of prepayments, to more than double in 2027, increasing their ability to internally fund capital needs. > Allocating more capacity to short-term opportunities where the pricing justifies it, selling capacity at more than $40 million per megawatt annually, while pricing for new infrastructure on 4- and 5-year contracts is moving to $20 to $25 million per megawatt. > At current pricing levels, 2027 renewals would generate approaching $4 billion of incremental annualized revenue with no additional CapEx required. This grows to nearly $10 billion of annualized incremental revenue when including 2028 renewals. > They have 10 times as much qualified demand as available capacity through the end of 2027, and demand for 2028 is already several times larger than our available capacity, even before we have brought it formally to market. They now have more than 1.7 gigawatts of active power. They continue to expect to reach more than 1.85 gigawatts of active power by year-end. > Revenue backlog ended the quarter at approximately $133 billion, up 138% year over year, reaching another record high. Of this backlog, more than 50% is attached to a contract where they expect customer delivery to commence by the end of this year. $CRWV

CoreWeave $CRWV on the regulatory outlook: "We do not anticipate any impact from the seismic regulatory shift that's occurred." It says permitting and construction progress at data centers tied to its backlog give it confidence in its pipeline. "We want to build responsibly."

CoreWeave $CRWV says it's "largely sold out through 2027," and all 2028 capacity offered so far has also been sold. Qualified demand is 10x available capacity through 2027, while 2028 demand is already several times supply. It sees no material risk to its 2027 deliveries.

CoreWeave $CRWV CFO: "We expect the contracted cash flow from our existing customer commitments to be sufficient to service and repay the debt we have outstanding today as well as any additional debt we expect to raise to deliver these contracts." "That includes both asset-level secured debt and unsecured debt sitting at the parent level, and that is before counting renewals." It has already paid down more than $4B of debt.