Add as a preferred source on GoogleCoreWeave Plans Customer-Linked Loans as Debt Reaches $46.9 Billion
The AI cloud provider posted $3.66 billion in third-quarter revenue, up 168% from a year earlier, and a $709 million net loss.
CoreWeave plans to fund further expansion with loans tied to customer contracts, an alternative to unsecured debt as the AI cloud provider carries about $46.9 billion in debt.
The financing approach is intended to reduce risks tied to construction underway at the company’s sites.
Revenue for the third quarter reached $3.66 billion, up 168% from a year earlier. CoreWeave also posted a $709 million net loss.
The company’s revenue backlog stood at $132.5 billion as of Sept. 30. The backlog reflects expected revenue from existing customer contracts; CoreWeave must deliver services and have capacity available before recognizing that revenue.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.