CoreWeave ties over 75% of capex to investment-grade customers

The AI cloud provider says most of its committed spending through 2027 is backed by blue-chip and enterprise clients, not speculative bets CoreWeave wants investors to know who is paying for all those GPUs. The AI cloud provider says investment-grade and enterprise customers account for over 75% of its committed capital expenditures through 2027. CoreWeave builds and rents out clusters of GPUs, the specialized chips that train and run AI models. The company’s revenue backlog reached approximately $104 billion as of Q2 2026. Most of that comes from long-term take-or-pay contracts. Take-or-pay is a simple idea with big consequences. The customer commits to paying whether or not they fully use the capacity, which gives CoreWeave unusually clear visibility into future revenue.

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