CoreWeave: Qualified Demand Is 10 Times Available Capacity Through End-2027, With 2028 Demand Several Times Capacity

Higher CapEx Outlook Reflects Plans To Deploy Infrastructure And Deliver It To Customers Sooner Than Expected - Sees No Material Risk To 2027 Deliveries Based On Construction Underway At Fully Permitted Sites - Q4 Pricing Continues To Rise, More Than Offsetting Cost Increases, As Existing Cloud Infrastructure Is Recontracted At Meaningful Premiums - At Current Pricing, 2027 Renewals Would Generate Nearly $4B In Additional Annualised Revenue Without Additional CapEx - More Than 75% Of Committed CapEx Through 2027 Is Tied To Investment-Grade And Enterprise Customers, With About 25% Tied To Leading AI Labs And AI-Native Companies - Collected Prepayments On 70% Of Deals This Year, With Customers Funding Up To 100% Of Contract Value Upfront - Q3-End Weighted Average Cost Of Debt Fell 250bps YoY To 7.9% - Won t Tap Unsecured Debt Markets At Current Yields