$CRWV Reject unsecured financing with the current rate of return, mainly relying on contract supporting loans The management said that there is no need to finance through the unsecured debt market with the current rate of return; it is expected that most of the remaining capital expenditure required for the delivery of orders on hand will be financed through delayed withdrawal of fixed-term loans that match specific customer contracts. By the end of the third quarter, the company’s overall weighted average debt cost was 7.9%, down 250 basis points year-on-year. By 2027, it has been promised that more than 75% of capital expenditure corresponds to investment-level and enterprise customers, and the rest corresponds to the world‘s leading AI laboratories and AI native companies. The clarification of the main financing path of subsequent capital expenditure and its customer base is an important basis for judging the availability of expansion funds and the cost of debt.