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      "text": "(1) Includes both asset and ParentCo debt raised to date, as well as any supplemental financing required to deliver full $66.8 billion revenue backlog",
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      "text": "Cash flow underpinning CoreWeave's $66.8 billion revenue backlog is expected to be sufficient to: Service and repay all asset-level debt; Service and repay all ParentCo debt; Deliver residual free cash flow to CoreWeave prior to any renewal",
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      "text": "Expect asset-level financings (via delayed draw term loans) to remain CoreWeave's primary source of financing in 2026, which is a robust and growing market that historically has remained open consistently across cycles",
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      "text": "New customer contracts put significant pressure on margin during deployment phase, as lease, power, and operating costs are incurred, and depreciation is recognized, prior to revenue recognition and stabilization",
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