CoreWeave Ties More Than 75% of Committed Capex Through 2027 to Clients

CoreWeave says investment-grade and enterprise customers are tied to more than 75% of its committed capital expenditures through 2027, while nearly all of its $37 billion to $39 billion 2026 spending plan is linked to signed agreements.

CoreWeave builds and rents GPU clusters used to train and run artificial intelligence models. Its revenue backlog was about $104 billion as of the second quarter of 2026, with most of the total coming from long-term take-or-pay contracts.

Under those agreements, customers owe payment for the capacity they reserve even if they do not use all of it. At least 10 customers have contracts valued at $1 billion or more each. Meta has a $21 billion contract, and OpenAI’s agreements total about $22.4 billion. Microsoft and Nvidia are also customers.

The customer classification does not establish an investment-grade rating for CoreWeave. A rating on a separate chip-backed loan facility applies to that financing, not to the company or its other debt. CoreWeave had about $35 billion in debt as of June 30, 2026.

Power capacity is another part of the expansion. CoreWeave’s active power commitments exceed 1.7 gigawatts, and its contracted power exceeds 4.6 gigawatts. Some of that contracted capacity is not yet online.