CoreWeave operating model
CoreWeave from its filings: backlog, power, GPU depreciation, debt by facility, coverage. Read a backlog the way a lender does, model revenue from megawatts, depreciate a fleet by asset class over its disclosed lives, list the debt facility by facility, roll it forward with a refinancing line, and set the contracted cash against the debt service year by year without mistaking any of it for a credit view.
By Surojit Chakraverti, founder of L3VLUP and an investor running a long-short healthcare and technology equities strategy.
On this subject: coreweave operating model.Updated 30 October 2026
Who builds it, and for whatThe model a credit analyst, a leveraged finance banker or an infrastructure investor builds from a GPU cloud’s filings before lending to it or buying its notes: the contracted backlog read for what it is, power as the unit of capacity, depreciation set against the contracts that pay for it, and every facility with its own maturity. CoreWeave is the subject because it is financed like a project and reported like a software company, its backlog is the largest number in its filings and is neither revenue nor cash, and its debt is spread across eighteen facilities and notes.
Every sheet below, in your browser, with its outputs and checks
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| A | B | C | D | E | F | G | H | I | J | K | L | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Reported | |||||||||||
| 2 | $m unless stated, as filed. Blue cells are typed from the documents named on the Sources sheet; nothing here is adjusted, and nothing here is a forecast. | |||||||||||
| 4 | $m | Unit | FY2023A | FY2024A | FY2025A | FY2026E | FY2027E | FY2028E | FY2029E | FY2030E | Notes | |
| 5 | Statement of operations (Form 10-K for 2025, Item 8, p.85) | |||||||||||
| 6 | Revenue | $m | 229.0 | 1,915.0 | 5,131.0 | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Cloud services, recognised ratably over a committed contract or as on-demand capacity is used. | ||||||
| 7 | Cost of revenue | $m | 69.0 | 493.0 | 1,453.0 | us-gaap:CostOfGoodsAndServicesSold. Data centre rent, utilities including power, depreciation of power installation and distribution, and data centre staff. | ||||||
| 8 | Technology and infrastructure | $m | 131.0 | 961.0 | 2,929.0 | crwv:TechnologyAndInfrastructure, a company tag read from the inline XBRL. Depreciation of servers and networking, engineering staff, software: D&A in it was $101m, $843m and about $2.3bn (Item 7). | ||||||
| 9 | Sales and marketing | $m | 13.0 | 18.0 | 144.0 | us-gaap:SellingAndMarketingExpense. | ||||||
| 10 | General and administrative | $m | 30.0 | 119.0 | 651.0 | us-gaap:GeneralAndAdministrativeExpense. FY2025 carries $363m of stock-based compensation, much of it on awards that vested at the IPO. | ||||||
| 11 | Total operating expenses | $m | 243.0 | 1,591.0 | 5,177.0 | us-gaap:CostsAndExpenses. | ||||||
| 12 | Operating income (loss) | $m | (14.0) | 324.0 | (46.0) | us-gaap:OperatingIncomeLoss. | ||||||
| 13 | Gain (loss) on fair value adjustments | $m | (534.0) | (756.0) | 27.0 | us-gaap:UnrealizedGainLossOnDerivatives. Derivative and warrant liabilities on instruments since settled; the 10-K expects no more. | ||||||
| 14 | Interest expense, net | $m | (28.0) | (361.0) | (1,229.0) | us-gaap:InterestIncomeExpenseNonoperatingNet, shown negative as an expense. Net of capitalised interest of $41m, $159m and $182m. | ||||||
| 15 | Other income, net | $m | 18.0 | 49.0 | 33.0 | us-gaap:OtherNonoperatingIncomeExpense. Investment income, strategic investments, currency, debt extinguishment. | ||||||
| 16 | Loss before income taxes | $m | (558.0) | (744.0) | (1,215.0) | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest. | ||||||
| 17 | Provision for (benefit from) income taxes | $m | 36.0 | 119.0 | (48.0) | us-gaap:IncomeTaxExpenseBenefit. A full valuation allowance is kept on US deferred tax assets; FY2025’s benefit follows the July 2025 change in the deductibility of interest (Item 7). | ||||||
| 18 | Net loss | $m | (594.0) | (863.0) | (1,167.0) | us-gaap:NetIncomeLoss. | ||||||
| 20 | Stock-based compensation by line (Form 10-K for 2025, Item 7, Results of Operations, footnote 1) | |||||||||||
| 21 | In cost of revenue | $m | 1.0 | 1.0 | 15.0 | Item 7 footnote table. Not XBRL-tagged by line. | ||||||
| 22 | In technology and infrastructure | $m | 6.0 | 10.0 | 221.0 | Item 7 footnote table. Not XBRL-tagged by line. | ||||||
| 23 | In sales and marketing | $m | 2.0 | 3.0 | 31.0 | Item 7 footnote table. Not XBRL-tagged by line. | ||||||
| 24 | In general and administrative | $m | 6.0 | 17.0 | 363.0 | Item 7 footnote table. Not XBRL-tagged by line. | ||||||
| 25 | Stock-based compensation, total | $m | 15.0 | 31.0 | 630.0 | us-gaap:ShareBasedCompensation (the cash flow statement’s add-back); us-gaap:AllocatedShareBasedCompensationExpense carries the same values. | ||||||
| 27 | Adjusted EBITDA, the company’s measure (Form 8-K, Exhibit 99.1, 26 February 2026; FY2023 from the prospectus, p.115) | |||||||||||
| 28 | Adjusted EBITDA, as reported | $m | 104.0 | 1,219.0 | 3,093.0 | Non-GAAP. Net loss plus D&A, interest, stock-based compensation, acquisition costs, fair value losses and tax, less other income. FY2023 is $103.913m in the prospectus’s thousands. Not XBRL-tagged. | ||||||
| 29 | Other income, as the reconciliation subtracts it | $m | 19.0 | 48.0 | 33.0 | The reconciliation’s own line: $18.760m and $48.194m in the prospectus, against $18m and $49m on the statement of operations. Not XBRL-tagged. | ||||||
| 30 | Acquisition related costs, added back | $m | - | - | 55.0 | Reconciliation line, Q4 2025 results release. Not XBRL-tagged. | ||||||
| 32 | Cash flow (consolidated statements of cash flows, Form 10-K for 2025, p.89) | |||||||||||
| 33 | Depreciation and amortisation | $m | 103.0 | 863.0 | 2,454.0 | us-gaap:DepreciationDepletionAndAmortization. Property and equipment, finance lease assets and acquired intangibles. | ||||||
| 34 | Change in deferred revenue (operating cash flow) | $m | 1,986.0 | 2,049.0 | 4,174.0 | us-gaap:IncreaseDecreaseInContractWithCustomerLiability. Prepayments collected at contract inception, ahead of the revenue they become. | ||||||
| 35 | Change in accounts receivable (operating cash flow, as a cash flow) | $m | (162.0) | (280.0) | (2,749.0) | us-gaap:IncreaseDecreaseInAccountsReceivable (tagged positive for an increase); shown here with the sign it has in the cash flow, an outflow. | ||||||
| 36 | Net cash provided by operating activities | $m | 1,833.0 | 2,749.0 | 3,058.0 | us-gaap:NetCashProvidedByUsedInOperatingActivities. | ||||||
| 37 | Purchase of property and equipment, including capitalised software | $m | 2,943.0 | 8,702.0 | 10,309.0 | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment, shown positive: an outflow. Cash paid; equipment acquired on credit or under OEM financing sits in accrued liabilities and debt until paid ($11,151m of such additions in FY2025). | ||||||
| 38 | Net cash used in investing activities | $m | (3,148.0) | (8,658.0) | (10,271.0) | us-gaap:NetCashProvidedByUsedInInvestingActivities. | ||||||
| 39 | Proceeds from issuance of debt, net | $m | 1,404.0 | 7,018.0 | 11,829.0 | us-gaap:ProceedsFromIssuanceOfLongTermDebt. | ||||||
| 40 | Repayments of debt | $m | 2.0 | 589.0 | 3,399.0 | us-gaap:RepaymentsOfLongTermDebt, shown positive: an outflow. | ||||||
| 41 | Net cash provided by financing activities | $m | 1,788.0 | 7,464.0 | 9,308.0 | us-gaap:NetCashProvidedByUsedInFinancingActivities. | ||||||
| 42 | Cash, cash equivalents and restricted cash, year end | $m | 480.0 | 2,035.0 | 4,130.0 | us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents. Includes restricted cash held for the delayed-draw facilities. | ||||||
| 43 | Cash, cash equivalents and restricted cash at 31 December 2022 | $m | 7.0 | The cash flow statement’s opening balance for FY2023; us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents at 2022-12-31. | ||||||||
| 44 | Cash paid for interest, net of capitalised amounts | $m | - | 184.0 | 869.0 | us-gaap:InterestPaidNet (the statement shows a dash for FY2023). | ||||||
| 45 | Interest capitalised | $m | 41.0 | 159.0 | 182.0 | us-gaap:InterestCostsCapitalized; Note 5. | ||||||
| 47 | Leases (Form 10-K for 2025, Note 8, p.111) | |||||||||||
| 48 | Operating lease cost | $m | 41.0 | 289.0 | 825.0 | us-gaap:OperatingLeaseCost. Mostly data centres. Inside cost of revenue and the other operating lines. | ||||||
| 49 | Variable lease cost | $m | 16.0 | 55.0 | 252.0 | us-gaap:VariableLeaseCost. Common area maintenance, utilities reimbursed to landlords, security. | ||||||
| 50 | Increase in data centre utilities spend, FY2025 on FY2024 | $m | 203.0 | Item 7, Cost of Revenue: "an increase in data center utilities spend of approximately $203 million". The total is not disclosed. Not XBRL-tagged. | ||||||||
| 51 | Increase in data centre utilities and power spend, FY2024 on FY2023 | $m | 76.0 | Item 7: "approximately $76 million". Not XBRL-tagged. | ||||||||
| 52 | Leases signed and not yet commenced, undiscounted, at 30 June 2026 | $m | 35,500.0 | Form 10-Q for Q2 2026, Note 8: $35.5bn, commencing 2026 to 2029 for seven to sixteen years; excludes a site with 393 MW undelivered and rent up to $14.7bn. Not XBRL-tagged as a total. | ||||||||
| 54 | Balance sheet at 31 December (Form 10-K for 2025, p.84; 31 December 2023 from the prospectus, p.F-3) | |||||||||||
| 55 | Cash and cash equivalents | $m | 217.0 | 1,361.0 | 3,127.0 | us-gaap:CashAndCashEquivalentsAtCarryingValue. | ||||||
| 56 | Restricted cash and cash equivalents, current and non-current | $m | 263.0 | 674.0 | 1,003.0 | us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue (43, 37, 819) plus us-gaap:RestrictedCashAndCashEquivalentsNoncurrent (220, 637, 184). Held under the delayed-draw facilities’ waterfalls and letters of credit: not free cash. | ||||||
| 57 | Marketable securities | $m | - | 34.0 | us-gaap:MarketableSecuritiesCurrent (a dash at 31 December 2024). | |||||||
| 58 | Accounts receivable, net | $m | 165.0 | 417.0 | 3,169.0 | us-gaap:AccountsReceivableNetCurrent. Customer A held 68% of it at 31 December 2025 (Note 1). | ||||||
| 59 | Property and equipment, net | $m | 3,484.0 | 11,915.0 | 30,557.0 | us-gaap:PropertyPlantAndEquipmentNet (31 December 2023: 3,483.990 in the prospectus’s thousands). | ||||||
| 60 | Deferred revenue, current | $m | 250.0 | 769.0 | 1,709.0 | us-gaap:ContractWithCustomerLiabilityCurrent (31 December 2023: 249.831 in thousands). | ||||||
| 61 | Deferred revenue, non-current | $m | 1,755.0 | 3,295.0 | 6,476.0 | us-gaap:ContractWithCustomerLiabilityNoncurrent (31 December 2023: 1,754.873 in thousands). | ||||||
| 62 | Debt, current (carrying amount) | $m | 172.0 | 2,468.0 | 6,708.0 | us-gaap:LongTermDebtCurrent. | ||||||
| 63 | Debt, non-current (carrying amount) | $m | 1,351.0 | 5,458.0 | 14,665.0 | us-gaap:LongTermDebtNoncurrent. | ||||||
| 64 | Operating lease liabilities, current and non-current | $m | 472.0 | 2,602.0 | 8,195.0 | us-gaap:OperatingLeaseLiability (31 December 2023: 39.789 plus 432.653 in thousands). | ||||||
| 65 | Total stockholders’ equity (deficit) | $m | (597.0) | (414.0) | 3,335.0 | us-gaap:StockholdersEquity. | ||||||
| 67 | Remaining performance obligations and the company’s revenue backlog (Note 2; Forms 10-Q; results releases) | |||||||||||
| 68 | Remaining performance obligations (RPO), 31 December | $m | 9,900.0 | 15,100.0 | 60,700.0 | us-gaap:RevenueRemainingPerformanceObligation for 2025 ($60.7bn, Note 2, p.103). 2024 ($15.1bn) from Item 7 of the 10-K; 2023 ($9.9bn) from the prospectus, p.4. Contracted and undelivered, net of estimated variable consideration. Not revenue and not cash. | ||||||
| 69 | RPO at 31 March 2026 | $m | 98,800.0 | us-gaap:RevenueRemainingPerformanceObligation; Form 10-Q for Q1 2026, Note 2: $98.8bn. | ||||||||
| 70 | RPO at 30 June 2026 | $m | 103,700.0 | us-gaap:RevenueRemainingPerformanceObligation; Form 10-Q for Q2 2026, Note 2, p.15: $103.7bn. | ||||||||
| 71 | Share of RPO at 31 December 2025 expected within 24 months | % | 43.0% | us-gaap:RevenueRemainingPerformanceObligationPercentage; Note 2: 43% in the 24 months to December 2027, 38% in months 25 to 48, the rest in months 49 to 84. | ||||||||
| 72 | Share of RPO at 31 December 2025 expected in months 25 to 48 | % | 38.0% | us-gaap:RevenueRemainingPerformanceObligationPercentage; Note 2. | ||||||||
| 73 | Share of RPO at 30 June 2026 expected within 24 months | % | 41.0% | Form 10-Q for Q2 2026, Note 2: 41% in the 24 months to June 2028, 39% in months 25 to 48, the rest in months 49 to 78. | ||||||||
| 74 | Share of RPO at 30 June 2026 expected in months 25 to 48 | % | 39.0% | Form 10-Q for Q2 2026, Note 2. | ||||||||
| 75 | Length of the first band, months | months | 24 | The note’s "initial 24 months". | ||||||||
| 76 | End of the second band, months | months | 48 | The note’s "months 25 and 48". | ||||||||
| 77 | Last month the RPO at 30 June 2026 runs to | months | 78 | The note’s "months 49 and 78". | ||||||||
| 78 | Revenue backlog at 31 December 2025, the company’s measure | $m | 66,800.0 | Form 8-K, Exhibit 99.1, 26 February 2026: $66.8bn. RPO "plus other amounts we estimate will be recognized as revenue in future periods under committed customer contracts". A disclosure, not a GAAP balance. Not XBRL-tagged. | ||||||||
| 79 | Revenue backlog at 30 June 2026, the company’s measure | $m | 104,000.0 | Form 8-K, Exhibit 99.1, 11 August 2026: "approximately $104 billion", excluding more than $25bn of commitments the release says were added early in the third quarter, which are not used here. Not XBRL-tagged. | ||||||||
| 80 | Revenue from committed contracts, % of revenue | % | 88.0% | 96.0% | 98.0% | crwv:RevenueRecognizedCustomerCommitments; Note 2. 98% again for the first half of 2026 (Form 10-Q, Note 2). | ||||||
| 81 | Revenue from the largest customer (Customer A), % of revenue | % | 35.0% | 62.0% | 67.0% | us-gaap:ConcentrationRiskPercentage1; Note 1. Item 1A names it: Microsoft, about 67% in 2025. The letters A to D may name different customers in different periods. | ||||||
| 82 | Customer A, % of revenue, first half of 2026 | % | 40.0% | Form 10-Q for Q2 2026, Note 2, Significant Customers. | ||||||||
| 83 | Customer B, % of revenue, first half of 2026 | % | 23.0% | Form 10-Q for Q2 2026, Note 2. No other customer above 10% for the half. | ||||||||
| 84 | Weighted-average duration of committed contracts at 31 December 2025 | years | 5 | Item 1, Business: "approximately five years" (four years at 31 December 2024, prospectus). Not XBRL-tagged. | ||||||||
| 85 | Weighted-average prepayment across active contracts, low end, % of contract value | % | 15.0% | Item 1A: "15% to 25% of the TCV" at 31 December 2025, 2024 and 2023. Not XBRL-tagged. | ||||||||
| 86 | The same, high end | % | 25.0% | Item 1A. Not XBRL-tagged. | ||||||||
| 88 | Power and data centres (Form 10-K for 2025, Item 7, Key Factors, p.66; prospectus; Form 8-K, Exhibit 99.1, 11 August 2026) | |||||||||||
| 89 | Active power at 31 December 2022, approximately | MW | 10.0 | Prospectus, Management’s Discussion and Analysis: "approximately 10 MW". Not XBRL-tagged. | ||||||||
| 90 | Active power at 31 December, as stated | MW | 70.0 | 360.0 | 850.0 | "70 MW", "more than 360 MW", "over 850 MW": lower bounds, used as stated. Not XBRL-tagged. | ||||||
| 91 | Total contracted power at 31 December, approximately | MW | 1,300.0 | 3,100.0 | "Approximately 1.3 GW" (prospectus) and "approximately 3.1 GW" (10-K). Not disclosed for 2023. Not XBRL-tagged. | |||||||
| 92 | Data centres | sites | 10 | 32 | 43 | 10-K Item 7 and the prospectus. Not XBRL-tagged. | ||||||
| 93 | GPUs running, more than | '000 GPUs | 53.0 | 250.0 | Prospectus: "more than 53,000" and "more than 250,000". Not disclosed after 2024. Not XBRL-tagged. | |||||||
| 94 | Active power at 30 June 2026, approximately | MW | 1,500.0 | Form 8-K, Exhibit 99.1, 11 August 2026: "expanded active power by nearly 500 MWs to reach 1.5 GW". Not XBRL-tagged. | ||||||||
| 95 | Total contracted power at 30 June 2026, approximately | MW | 3,700.0 | Same release: "approximately 3.7 GW". Not XBRL-tagged. | ||||||||
| 97 | Property and equipment by class, and the useful lives (Note 1, p.94; Note 5, p.108; Form 10-Q for Q2 2026, Note 5, p.21) | |||||||||||
| 98 | Technology equipment, gross | $m | 9,146.0 | 20,903.0 | us-gaap:PropertyPlantAndEquipmentGross on the technology equipment member. GPU servers, switches, networking. | |||||||
| 99 | Software, gross | $m | 140.0 | 802.0 | us-gaap:PropertyPlantAndEquipmentGross, software member. | |||||||
| 100 | Data centre equipment and leasehold improvements, gross | $m | 384.0 | 2,842.0 | us-gaap:PropertyPlantAndEquipmentGross, data centre member. | |||||||
| 101 | Furniture, fixtures and other, gross | $m | 9.0 | 18.0 | us-gaap:PropertyPlantAndEquipmentGross, furniture member. | |||||||
| 102 | Construction in progress | $m | 3,201.0 | 9,376.0 | us-gaap:PropertyPlantAndEquipmentGross, construction in progress member. Not yet in service, not yet depreciated. | |||||||
| 103 | Total property and equipment, gross | $m | 12,880.0 | 33,941.0 | us-gaap:PropertyPlantAndEquipmentGross. | |||||||
| 104 | Accumulated depreciation and amortisation | $m | 965.0 | 3,384.0 | us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment. | |||||||
| 105 | Depreciation and amortisation on property and equipment | $m | 101.0 | 861.0 | 2,400.0 | us-gaap:Depreciation; Note 5. FY2025 is stated as "$2.4 billion", to a tenth of a billion. | ||||||
| 106 | Technology equipment, gross, 30 June 2026 | $m | 33,823.0 | Form 10-Q for Q2 2026, Note 5; us-gaap:PropertyPlantAndEquipmentGross. | ||||||||
| 107 | Software, gross, 30 June 2026 | $m | 859.0 | Form 10-Q for Q2 2026, Note 5. | ||||||||
| 108 | Data centre equipment and leasehold improvements, gross, 30 June 2026 | $m | 5,997.0 | Form 10-Q for Q2 2026, Note 5. | ||||||||
| 109 | Furniture, fixtures and other, gross, 30 June 2026 | $m | 25.0 | Form 10-Q for Q2 2026, Note 5. | ||||||||
| 110 | Construction in progress, 30 June 2026 | $m | 11,918.0 | Form 10-Q for Q2 2026, Note 5. | ||||||||
| 111 | Total property and equipment, gross, 30 June 2026 | $m | 52,622.0 | us-gaap:PropertyPlantAndEquipmentGross at 2026-06-30. | ||||||||
| 112 | Accumulated depreciation and amortisation, 30 June 2026 | $m | 5,886.0 | us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment at 2026-06-30. | ||||||||
| 113 | Property and equipment, net, 30 June 2026 | $m | 46,736.0 | Form 10-Q for Q2 2026, balance sheet, p.6. | ||||||||
| 114 | Useful life of technology equipment | years | 6 | us-gaap:PropertyPlantAndEquipmentUsefulLife; Note 1, p.94. Lengthened from five to six years from 1 January 2023, which cut 2023 expenses by $20m. | ||||||||
| 115 | Useful life of software, low end | years | 3 | Note 1: "3 - 6 years". | ||||||||
| 116 | Useful life of software, high end | years | 6 | Note 1: "3 - 6 years". | ||||||||
| 117 | Useful life of data centre equipment and leasehold improvements, at most | years | 12 | Note 1: "shorter of remaining lease term or estimated useful life of up to 12 years". | ||||||||
| 118 | Useful life of furniture and other, low end | years | 3 | Note 1: "3 - 5 years". | ||||||||
| 119 | Useful life of furniture and other, high end | years | 5 | Note 1: "3 - 5 years". | ||||||||
| 120 | Amortisation of acquired intangibles expected in 2026 | $m | 45.0 | us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths; Note 6, p.109. | ||||||||
| 121 | Amortisation of acquired intangibles expected in 2027 | $m | 45.0 | us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo; Note 6, p.109. | ||||||||
| 122 | Amortisation of acquired intangibles expected in 2028 | $m | 43.0 | us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearThree; Note 6, p.109. | ||||||||
| 123 | Amortisation of acquired intangibles expected in 2029 | $m | 43.0 | us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFour; Note 6, p.109. | ||||||||
| 124 | Amortisation of acquired intangibles expected in 2030 | $m | 23.0 | us-gaap:FiniteLivedIntangibleAssetsAmortizationExpenseYearFive; Note 6, p.109. | ||||||||
| 126 | Debt by facility: principal at 30 June 2026 (Form 10-Q for Q2 2026, Note 10, p.27); totals at 31 December 2025 (Form 10-K, Note 10, p.114) | |||||||||||
| 127 | DDTL 1.0 Facility, 30 Jun 2026 | $m | 1,300.0 | us-gaap:DebtInstrumentCarryingAmount. Due March 2028. | ||||||||
| 128 | DDTL 1.0 Facility, effective rate | % | 15.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 129 | DDTL 2.0 Facility, 30 Jun 2026 | $m | 3,190.0 | us-gaap:DebtInstrumentCarryingAmount. Due August 2030. | ||||||||
| 130 | DDTL 2.0 Facility, effective rate | % | 11.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 131 | DDTL 2.1 Facility, 30 Jun 2026 | $m | 3,000.0 | us-gaap:DebtInstrumentCarryingAmount. Due March 2031. | ||||||||
| 132 | DDTL 2.1 Facility, effective rate | % | 9.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 133 | DDTL 3.0 Facility, 30 Jun 2026 | $m | 2,215.0 | us-gaap:DebtInstrumentCarryingAmount. Due August 2030. | ||||||||
| 134 | DDTL 3.0 Facility, effective rate | % | 9.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 135 | DDTL 5.0 Facility, 30 Jun 2026 | $m | 1,101.0 | us-gaap:DebtInstrumentCarryingAmount. Due November 2031. | ||||||||
| 136 | DDTL 5.0 Facility, effective rate | % | 9.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 137 | 9.25% Senior Notes, 30 Jun 2026 | $m | 2,000.0 | us-gaap:DebtInstrumentCarryingAmount. Due June 2030. | ||||||||
| 138 | 9.25% Senior Notes, effective rate | % | 10.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 139 | 9.00% Senior Notes, 30 Jun 2026 | $m | 1,750.0 | us-gaap:DebtInstrumentCarryingAmount. Due February 2031. | ||||||||
| 140 | 9.00% Senior Notes, effective rate | % | 10.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 141 | 9.75% Senior Notes, 30 Jun 2026 | $m | 2,750.0 | us-gaap:DebtInstrumentCarryingAmount. Due October 2031. | ||||||||
| 142 | 9.75% Senior Notes, effective rate | % | 10.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 143 | 9.625% Senior Notes, 30 Jun 2026 | $m | 1,250.0 | us-gaap:DebtInstrumentCarryingAmount. Due July 2032. | ||||||||
| 144 | 9.625% Senior Notes, effective rate | % | 10.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 145 | 8.50% euro Senior Notes, 30 Jun 2026 | $m | 2,279.0 | us-gaap:DebtInstrumentCarryingAmount. Due July 2032. | ||||||||
| 146 | 8.50% euro Senior Notes, effective rate | % | 9.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 147 | 1.75% Convertible Senior Notes, 30 Jun 2026 | $m | 2,588.0 | us-gaap:DebtInstrumentCarryingAmount. Due December 2031. | ||||||||
| 148 | 1.75% Convertible Senior Notes, effective rate | % | 2.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 149 | 1.75% Convertible Senior Notes, 30 Jun 2026 | $m | 4,000.0 | us-gaap:DebtInstrumentCarryingAmount. Due October 2032. | ||||||||
| 150 | 1.75% Convertible Senior Notes, effective rate | % | 2.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 151 | Convertible promissory notes, 30 Jun 2026 | $m | - | us-gaap:DebtInstrumentCarryingAmount. Due April 2026. | ||||||||
| 152 | Convertible promissory notes, effective rate | % | 7.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 153 | Revolving Credit Facility, 30 Jun 2026 | $m | - | us-gaap:DebtInstrumentCarryingAmount. Due November 2029. | ||||||||
| 154 | Revolving Credit Facility, effective rate | % | 7.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 155 | OEM and software financing, recourse, 30 Jun 2026 | $m | 4,220.0 | us-gaap:DebtInstrumentCarryingAmount. Due December 2026 to July 2030. | ||||||||
| 156 | OEM and software financing, recourse, effective rate | % | 11.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 157 | Magnetar loan, 30 Jun 2026 | $m | 189.0 | us-gaap:DebtInstrumentCarryingAmount. Due January 2029. | ||||||||
| 158 | Magnetar loan, effective rate | % | 12.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 159 | DDTL 4.0 Facility (non-recourse), 30 Jun 2026 | $m | 2,837.0 | us-gaap:DebtInstrumentCarryingAmount. Due March 2032. Non-recourse. | ||||||||
| 160 | DDTL 4.0 Facility (non-recourse), effective rate | % | 7.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 161 | OEM and software financing, non-recourse, 30 Jun 2026 | $m | 882.0 | us-gaap:DebtInstrumentCarryingAmount. Due August 2026 to August 2028. Non-recourse. | ||||||||
| 162 | OEM and software financing, non-recourse, effective rate | % | 9.0% | us-gaap:DebtInstrumentInterestRateEffectivePercentage, 30 June 2026. | ||||||||
| 163 | Total principal of debt, 31 December 2025 | $m | 21,615.0 | us-gaap:DebtInstrumentCarryingAmount; Note 10. | ||||||||
| 164 | Unamortised discount and issuance costs, 31 December 2025 | $m | 242.0 | us-gaap:DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet; Note 10. | ||||||||
| 165 | Total principal of debt, 30 June 2026 | $m | 35,551.0 | us-gaap:DebtInstrumentCarryingAmount at 2026-06-30; the 10-Q’s maturity table total. Recourse $31,832m, non-recourse $3,719m. | ||||||||
| 166 | Unamortised discount and issuance costs, 30 June 2026 | $m | 483.0 | Form 10-Q for Q2 2026, Note 10: 427 on recourse debt and 56 on non-recourse. | ||||||||
| 167 | Debt, net of discount and issuance costs, 30 June 2026 | $m | 35,068.0 | Form 10-Q for Q2 2026, Note 10: recourse 31,405 plus non-recourse 3,663. | ||||||||
| 168 | Principal due in 2026, at 31 December 2025 | $m | 6,708.0 | Form 10-K for 2025, Note 10, p.114. | ||||||||
| 169 | Principal due in 2027, at 31 December 2025 | $m | 4,298.0 | Form 10-K for 2025, Note 10, p.114. | ||||||||
| 170 | Principal due in 2028, at 31 December 2025 | $m | 2,393.0 | Form 10-K for 2025, Note 10, p.114. | ||||||||
| 171 | Principal due in 2029, at 31 December 2025 | $m | 1,769.0 | Form 10-K for 2025, Note 10, p.114. | ||||||||
| 172 | Principal due in 2030, at 31 December 2025 | $m | 2,109.0 | Form 10-K for 2025, Note 10, p.114. | ||||||||
| 173 | Principal due after 2030, at 31 December 2025 | $m | 4,338.0 | Form 10-K for 2025, Note 10, p.114. | ||||||||
| 174 | Principal due in the rest of 2026, at 30 June 2026 | $m | 4,413.0 | Form 10-Q for Q2 2026, Note 10, p.28; us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipal… (the tags run a year behind the printed labels). | ||||||||
| 175 | Principal due in 2027, at 30 June 2026 | $m | 6,184.0 | Form 10-Q for Q2 2026, Note 10, p.28; us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipal… (the tags run a year behind the printed labels). | ||||||||
| 176 | Principal due in 2028, at 30 June 2026 | $m | 4,416.0 | Form 10-Q for Q2 2026, Note 10, p.28; us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipal… (the tags run a year behind the printed labels). | ||||||||
| 177 | Principal due in 2029, at 30 June 2026 | $m | 2,421.0 | Form 10-Q for Q2 2026, Note 10, p.28; us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipal… (the tags run a year behind the printed labels). | ||||||||
| 178 | Principal due in 2030, at 30 June 2026 | $m | 3,221.0 | Form 10-Q for Q2 2026, Note 10, p.28; us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipal… (the tags run a year behind the printed labels). | ||||||||
| 179 | Principal due after 2030, at 30 June 2026 | $m | 14,896.0 | Form 10-Q for Q2 2026, Note 10, p.28; us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipal… (the tags run a year behind the printed labels). | ||||||||
| 180 | Contractual interest expense, first half of 2026 | $m | 1,075.0 | Form 10-Q for Q2 2026, Note 10. Before $86m of discount amortisation and $176m of capitalised interest. | ||||||||
| 181 | Contractual interest expense, FY2025 | $m | 1,220.0 | us-gaap:InterestExpenseDebtExcludingAmortization; Note 10. | ||||||||
| 183 | Liquidity (Item 7, Liquidity and Capital Resources; Form 10-Q for Q2 2026, p.46) | |||||||||||
| 184 | Availability under existing facilities, 31 December 2025 | $m | 3,701.0 | The liquidity table: "secured commitments under the revolving credit facility and delayed draw term loan agreements". Not XBRL-tagged. | ||||||||
| 185 | Total liquidity, 31 December 2025 | $m | 6,862.0 | Cash 3,127 plus marketable securities 34 plus availability 3,701. Not XBRL-tagged. | ||||||||
| 186 | Cash and cash equivalents, 30 June 2026 | $m | 5,524.0 | us-gaap:CashAndCashEquivalentsAtCarryingValue at 2026-06-30. | ||||||||
| 187 | Marketable securities, 30 June 2026 | $m | 15.0 | Form 10-Q for Q2 2026, balance sheet. | ||||||||
| 188 | Availability under existing facilities, 30 June 2026 | $m | 10,014.0 | Form 10-Q for Q2 2026, Liquidity and Capital Resources. Not XBRL-tagged. | ||||||||
| 189 | Total liquidity, 30 June 2026 | $m | 15,553.0 | Form 10-Q for Q2 2026: cash 5,524, marketable securities 15, availability 10,014. Not XBRL-tagged. | ||||||||
| 191 | The first half of 2026 (Form 10-Q for the quarter ended 30 June 2026; Form 8-K, Exhibit 99.1, 11 August 2026) | |||||||||||
| 192 | Revenue, first half of 2025 | $m | 2,194.0 | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, six months to 2025-06-30. | ||||||||
| 193 | Revenue, first half of 2026 | $m | 4,653.0 | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, six months to 2026-06-30. Q2 alone: $2,575m. | ||||||||
| 194 | Total operating expenses, first half of 2026 | $m | 4,846.0 | us-gaap:CostsAndExpenses. | ||||||||
| 195 | Operating loss, first half of 2026 | $m | (193.0) | us-gaap:OperatingIncomeLoss. | ||||||||
| 196 | Interest expense, net, first half of 2026 | $m | (1,176.0) | us-gaap:InterestIncomeExpenseNonoperatingNet, shown negative. | ||||||||
| 197 | Other income (expense), net, first half of 2026 | $m | 149.0 | us-gaap:OtherNonoperatingIncomeExpense: gains on strategic investments, currency, less equity-method losses. | ||||||||
| 198 | Loss before income taxes, first half of 2026 | $m | (1,220.0) | Form 10-Q for Q2 2026, statement of operations, p.7. | ||||||||
| 199 | Provision for income taxes, first half of 2026 | $m | 146.0 | us-gaap:IncomeTaxExpenseBenefit; $140m of it deferred. | ||||||||
| 200 | Net loss, first half of 2026 | $m | (1,366.0) | us-gaap:NetIncomeLoss. | ||||||||
| 201 | Depreciation and amortisation, first half of 2026 | $m | 2,540.0 | us-gaap:DepreciationDepletionAndAmortization, six months. | ||||||||
| 202 | Stock-based compensation, first half of 2026 | $m | 318.0 | us-gaap:ShareBasedCompensation, six months. | ||||||||
| 203 | Operating and variable lease cost, first half of 2026 | $m | 1,170.0 | us-gaap:OperatingLeaseCost 888 plus us-gaap:VariableLeaseCost 282; Note 8. | ||||||||
| 204 | Adjusted EBITDA, first half of 2026, as reported | $m | 2,667.0 | Non-GAAP; Form 8-K, Exhibit 99.1, 11 August 2026, with $2m of acquisition costs added back. Not XBRL-tagged. | ||||||||
| 205 | Net cash provided by operating activities, first half of 2026 | $m | 3,663.0 | us-gaap:NetCashProvidedByUsedInOperatingActivities, six months. | ||||||||
| 206 | Purchase of property and equipment, first half of 2026 | $m | 14,117.0 | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment, six months. | ||||||||
| 207 | Proceeds from issuance of debt, net, first half of 2026 | $m | 16,747.0 | us-gaap:ProceedsFromIssuanceOfLongTermDebt. | ||||||||
| 208 | Repayments of debt, first half of 2026 | $m | 5,219.0 | us-gaap:RepaymentsOfLongTermDebt. | ||||||||
| 209 | Common stock issued in private placements, net, first half of 2026 | $m | 2,982.0 | Form 10-Q for Q2 2026, cash flow statement: about 23m shares at $87.20 in January and 9m at $109.00 in April. | ||||||||
| 210 | Change in deferred revenue, first half of 2026 | $m | 1,365.0 | us-gaap:IncreaseDecreaseInContractWithCustomerLiability. | ||||||||
| 211 | Accounts receivable, net, 30 June 2026 | $m | 2,541.0 | Form 10-Q for Q2 2026, balance sheet. | ||||||||
| 212 | Deferred revenue, current and non-current, 30 June 2026 | $m | 9,692.0 | Form 10-Q: 2,686 current plus 7,006 non-current; us-gaap:ContractWithCustomerLiability "$9.7 billion". | ||||||||
| 214 | After 30 June 2026 and before the cut-off (Forms 8-K of 10 August and 22 September 2026) | |||||||||||
| 215 | DDTL 5.5 Facility, commitment | $m | 2,600.0 | Form 8-K of 10 August 2026, Item 1.01: drawable until December 2026, due 1 September 2031, SOFR plus 5.50%, parent guarantee. | ||||||||
| 216 | DDTL 5.5 Facility, minimum debt service coverage ratio | x | 1.4x | Form 8-K of 10 August 2026: tested monthly once the commitments are drawn or from 31 December 2026. | ||||||||
| 217 | 2.875% Convertible Senior Notes due April 2033, principal | $m | 4,200.0 | Form 8-K of 22 September 2026, Item 1.01: $4.2bn issued 22 September 2026, conversion price about $97.85, net proceeds $4,137.0m before capped calls. After the 10-Q’s balance sheet date. | ||||||||
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CoreWeave operating model: the workbook
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- The worked model
- 11 sheets and 996 live formulas, all 11 schedules built and linked, every check reading zero. Change an input in Excel and the whole model moves.
- The starter
- The same inputs and layout with the coverage ratios left blank for you to build, each blank cell marked. The worked model is its answer.
What the base case says
- RPO at 30 June 2026
- $103,700.0m
- Debt principal at 30 June 2026
- $35,551.0m
- FY2025A revenue per average active MW
- 8.48
- FY2030E revenue, selected case
- $27,380.0m
- Backlog cash / debt service to FY2030E
- 1.5x
- Refinancing need to FY2030E
- $9,854.5m
Read from the workbook as served, every input at its default. Periods: FY2023A, FY2024A, FY2025A, FY2026E, FY2027E, FY2028E, FY2029E, FY2030E. Built from CoreWeave, Inc.’s Form 10-K for 2025, its 2026 Forms 10-Q, its listing prospectus and its Forms 8-K to 22 September 2026, cited on the Sources sheet; power cost, utilisation, the forecast, the cash margin on the backlog and the interest rate are editorial judgements, labelled on the Forecast sheet, and move with whatever you type in. Company guidance is not used.
What this model is
An operating and financing model of CoreWeave, Inc., the GPU cloud, from its filed results for 2023 to 2025 and the first half of 2026, carried to 2030 in three editorial cases. It asks whether the contracted backlog can service the debt before the GPUs it paid for are depreciated.
Reported holds only what the company filed, each row with its document and XBRL tag or the statement that it is untagged; Derived is arithmetic on those alone; Forecast is where judgement enters, and says so on every row. Coverage sets the backlog signed by 30 June 2026 against the debt outstanding then.
Seats: Private equity, Investment banking, Equity research and hedge funds.
Careers that do this work: infrastructure & real assets, debt capital markets, private credit.
How the schedules connect
Every row in the workbook is tagged with the schedule it belongs to; the inspector above shows the tag when you click a row. These are the schedules this model is made of and where each one lives.
Operating costs and margins
Cost of sales, opex, EBITDA
Reported, rows 6–18 · Reported, rows 21–25 · Reported, rows 28–30 · Reported, rows 48–52 · Derived, rows 6–23 · Forecast, rows 24–46 · P&L & Cash Flow, rows 13–28
Cash flow statement
Indirect method, closing on balance-sheet cash
Reported, rows 33–45 · Reported, rows 192–212 · Derived, rows 26–31 · P&L & Cash Flow, rows 31–36 · P&L & Cash Flow, rows 39–45
Liquidity forecast and covenant headroom
Cash, availability, headroom, shortfall
Reported, rows 55–65 · Reported, rows 184–189 · Forecast, rows 79–88 · Debt, rows 6–8 · Debt, row 12 · Debt, rows 29–31
Backlog roll-forward: contracts to revenue to cash
Bookings, revenue recognised, backlog, prepayments
Reported, rows 68–86 · Derived, rows 34–46 · Forecast, rows 65–76 · P&L & Cash Flow, rows 48–53 · Coverage, rows 6–13
Capacity cohorts: MW, GPUs, utilisation and revenue
Cohorts of compute, GPU-hours, power and revenue
Reported, rows 89–95 · Derived, rows 49–60 · Forecast, rows 11–14 · Capacity, rows 6–10
Capex and depreciation (PP&E roll-forward)
Opening, plus capex, less depreciation, closing
Reported, rows 98–124 · Derived, rows 63–68 · Forecast, rows 49–62 · Capacity, rows 13–16 · Capacity, rows 19–23 · Capacity, rows 26–32 · Capacity, rows 35–43
Facility debt: contract-backed term loans and notes
Delayed-draw loans by cohort, DSCR, notes
Reported, rows 127–181 · Reported, rows 215–217 · Derived, rows 71–79 · Debt, rows 15–23 · Debt, rows 26–28 · Debt, rows 32–35
Revenue build
Where the top line comes from
Forecast, rows 17–21 · P&L & Cash Flow, rows 6–10
Coverage ratios
DSCR, LLCR and PLCR
Debt, rows 38–42 · Coverage, rows 16–19 · Coverage, rows 30–38 · Coverage, rows 41–43
Maturity profile and refinancing
What falls due when, and whether it can be refinanced
Debt, rows 9–11 · Debt, row 21 · Debt, row 33 · Coverage, rows 22–27
Sensitivity tables
Two assumptions at once, without a data table
Sensitivity, rows 5–8 · Sensitivity, rows 11–16 · Sensitivity, rows 19–27
What you should be able to explain
- Why remaining performance obligations are neither revenue nor cash, how the company’s revenue backlog differs from them, and why a disclosure of either is not a guarantee.
- Why customer prepayments make operating cash flow run ahead of revenue, and what is left of it without them.
- Why capacity is counted in megawatts, contracted against active, and why utilisation, PUE and power prices are assumptions when no filing states them.
- How a six-year useful life on GPU servers against five-year contracts leaves a sixth of their cost on the books when the contracts end.
- How delayed-draw term loans amortise from the contracts they are secured on while the unsecured notes fall due in one sum, mostly after 2030.
What a reviewer looks for
- Adding the backlog to revenue, or counting it as cash in a liquidity forecast.
- Using the company’s revenue backlog in place of the remaining performance obligations, or treating either as certain.
- Reading operating cash flow as earning power when much of it is customers paying in advance.
- Depreciating GPUs over a life longer than their contracts without asking who pays for the rest.
- Netting every facility into one debt line, so the maturity wall after 2030 disappears.
- Typing a power cost or a utilisation as if the filings stated one.
Conventions this workbook uses
Stated on the cover sheet too. A model is only as trustworthy as the decisions it tells you it made.
- Remaining performance obligations are contracts signed and not yet delivered: never revenue, never cash. The company’s revenue backlog, which adds its own estimates, is shown and never used.
- Revenue is average active megawatts times revenue per megawatt; FY2026E is the filed first half plus a modelled second half. Power cost (megawatts, hours, utilisation, PUE, price) is an Assumption throughout: no filing states it.
- Capital spending is megawatts added times capital per megawatt. Depreciation runs by class: the June 2026 fleet from its average age, then each year’s vintage from mid-year, over the selected lives (the filed six years for technology equipment by default). Replacement is not modelled.
- Debt runs from the filed 30 June 2026 principal: the filed maturities, the September 2026 convertible notes, borrowing against a share of capital spending, and new money wherever cash would fall below the minimum. Interest is on opening debt, so nothing is circular.
- Coverage runs the June 2026 RPO off by the note’s bands, spread evenly by month, at an assumed cash margin, against the filed maturities and interest. It is not a rating, a covenant test or a view on any security, and the page values nothing.
Build it yourself
The starter workbook
The coverage has been cleared: the backlog’s cash and the debt service on the Coverage sheet, the cash available for debt service and the DSCR on the Debt sheet. Rebuild them so the June 2026 backlog runs off by the note’s bands, leaves cash at the assumed margin, and is set against the filed maturities with interest.
Blanks: Coverage ratios. Download it beside the worked model.
The path around this model
Understand it, drill it, read the build, then apply it to a real company.
Build · Lab · ~12 min
DSCR Sculpting
Sculpt debt service to CFADS at a target DSCR, size the loan as its present value, split a payment into interest and principal, and explain why a level repayment profile fails a project lender.
Build · Lab · ~10 min
Covenant Headroom
Compute the three maintenance ratios from a certificate, find the binding test and its EBITDA cushion, and say whether a given downside breaches.
Build · Lab · ~10 min
Depreciation Waterfall
Forecast depreciation from a capex plan rather than a ratio, read a capex-to-depreciation multiple, and say which part of the spend is buying growth and which is only standing still.
Read · Guide · 12 min
Project Finance Modelling: Cash Flow Waterfalls, DSCR Sizing and the Debt Sculpt
Read · Guide · 11 min
Credit and Covenant Modelling: What a Lender Actually Tests
Read · Guide · 11 min
Financial Modelling Best Practices: The Conventions That Make a Model Auditable
Apply · Skill
Model Audit
Find the errors in a financial model before someone senior does.
Apply · Skill
Diligence Question Builder
Build a prioritised diligence list that attacks the thesis, not a generic checklist.
Vocabulary: Deferred Revenue, DSCR (Debt Service Coverage Ratio), Useful Economic Life, Depreciation & Amortisation (D&A), CapEx, Term Loan (TLA / TLB), Convertible Note, Covenant, Liquidity, Maturity Wall, GAAP vs. Non-GAAP, Stock-Based Compensation (SBC).
Questions about this model
Is CoreWeave’s backlog revenue?
No. At 30 June 2026 CoreWeave had $103.7bn of remaining performance obligations: contracts signed for capacity not yet delivered, net of the credits and delays it expects. Revenue for the first half was $4,653m. The backlog becomes revenue only as capacity is delivered, 41% of it within 24 months on the company’s own timing, and becomes cash later still, apart from prepayments. The company’s results release adds amounts beyond RPO to give a revenue backlog of about $104bn; the model shows that figure and never uses it.
Can the backlog service the debt?
Up to 2030, on these assumptions, yes. Run off by the note’s timing bands and at an assumed 55% cash margin, the backlog signed by 30 June 2026 leaves 1.51 times the interest and principal due on the debt outstanding then from July 2026 to the end of 2030. It does not cover what falls due after 2030: $19,096m of principal, the convertible notes of September 2026 included, against about $9.1bn of cash from the backlog that is still to run. That gap, before interest, is what new contracts or new money must fill.
Why does the useful life of the GPUs matter?
Because the contracts that pay for them are shorter. Technology equipment is depreciated over six years; committed contracts run about five years on average, so a sixth of a server’s cost is still on the books when its contract ends, to be earned by whatever the next customer pays. Moving the life moves depreciation and operating income, not cash: at five years instead of six the FY2028E operating margin falls from minus 3.2% to minus 12.9% in the base case.
Which figures are CoreWeave’s and which are the page’s?
Every figure on the Reported sheet is CoreWeave’s, from its 10-K, its 2026 10-Qs, its prospectus and its Forms 8-K, each with its document and XBRL tag, or the statement that it is untagged, as power, the revenue backlog and adjusted EBITDA are. The Derived sheet is arithmetic on those alone. Everything on the Forecast sheet, power cost above all, is a judgement of this page. CoreWeave gives guidance; none of it is used.
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