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  "documentTitle": "CoreWeave, Inc. (CRWV)",
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  "presentationDate": "2025-09-01 00:00:00",
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      "text": "Excluding the contribution of OpenAI, 2Q25 backlog barely grew q/q.",
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      "text": "revenue backlog: $30 billion",
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      "text": "financing facilities at 9% to 10%. In July, CoreWeave issued $1.8 billion in 9.00% senior unsecured bonds in its ongoing effort to lower its cost of capital.",
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      "text": "Although shares have recently spiked on the Microsoft-Nebius deal and Oracle’s strong cloud infrastructure backlog, shares through much of the summer had fallen on a combination of underwhelming 2Q earnings and the expiration of the IPO lock-up period...",
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      "text": "Driven by $15 billion in OpenAI contract value ($11.2 billion announced in March, followed by $4 billion add-on disclosed in May), CoreWeave’s current revenue backlog stands at ~$30 billion (p.8). Excluding the contribution of OpenAI, 2Q25 backlog barely grew q/q.",
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      "text": "CoreWeave emphasizes a disciplined, contract-first procurement approach... this is a structure that protects lenders while leaving little beyond highly uncertain residual value for equity holders when contracts expire.",
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      "text": "Funding CoreWeave's growth will require uninterrupted access to capital markets, pushing total debt above an estimated $40 billion by the end of 2028. Current consensus estimates do not anticipate FCF inflecting positive until 2029E. We estimate net leverage will reach ~6.0x in 2025.",
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      "text": "3Q revenue guidance of $1.26-$1.3 billion implies only ~$67 million in net new 3Q revenue, a sharp slowdown from the $231 million sequential growth reported in 2Q. Margins were also soft: projected 3Q adjusted operating income of $160-$190 million...",
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