Schulz Duggan(@Schulz_Research):$CRWV Q&A Highlights | Financial Services Account for 10% of Backlog; Enterprise Software Customers Are Becoming Compute Customers When UBS asked about AI labs building their own compute capacity and customer diversification, management disclosed that 10% of CoreWeave’s backlog comes from financial services. Management said the company already counts 10% of Fortune 500 companies as customers, and more than half of new customers this year came from outside AI labs and the technology sector. Exact quote: “10% of our backlog is from financial services.” Management added that 70% of new cloud customers in Q3 were already Forge customers. Enterprises are using software and development tools first, then beginning to purchase and deploy cloud infrastructure, translating into actual customer conversions. Industry implications: Enterprise AI adoption has reached a stage where orders and purchases can be observed. Industries such as financial services are becoming quantifiable sources of compute demand. Conversion from software tools to production deployments provides a new growth path for broader infrastructure demand.

2026.11.10 22:56

$CRWV Q&A Highlights | Financial Services Account for 10% of Backlog; Enterprise Software Customers Are Becoming Compute Customers When UBS asked about AI labs building their own compute capacity and customer diversification, management disclosed that 10% of CoreWeave’s backlog comes from financial services. Management said the company already counts 10% of Fortune 500 companies as customers, and more than half of new customers this year came from outside AI labs and the technology sector. Exact quote: “10% of our backlog is from financial services.” Management added that 70% of new cloud customers in Q3 were already Forge customers. Enterprises are using software and development tools first, then beginning to purchase and deploy cloud infrastructure, translating into actual customer conversions. Industry implications: Enterprise AI adoption has reached a stage where orders and purchases can be observed. Industries such as financial services are becoming quantifiable sources of compute demand. Conversion from software tools to production deployments provides a new growth path for broader infrastructure demand.

Schulz Duggan@Schulz_Research

2026.11.10 22:45

$CRWV Q&A Update | 2028 Capacity Not Yet Formally Offered for Sale In a follow-up response, the CEO clarified that 2028 capacity has not yet been formally brought to market; the company is waiting for construction to mature further before selling it. The earlier statement that “2028 capacity brought to market has already been sold” is corrected to: 2027 is essentially sold out; demand for 2028 is already several times capacity, but sales have not formally begun. The previous related Feed has also been updated. Exact quote: We haven’t brought 2028 to market because we are waiting for that to season further.