CoreWeave, a cloud computing provider focused on artificial intelligence, says investment-grade and enterprise customers account for more than 75% of its committed capital expenditures through 2027. Its revenue backlog reached approximately $104 billion in the second quarter of 2026, with most of it covered by long-term take-or-pay contracts. Meta, OpenAI, Microsoft and Nvidia are among its customers, and no single customer now represents more than 35% of the backlog, down from 50% in the prior quarter and 85% earlier in the year. The company secured an $8.5 billion investment-grade term loan, while its active power commitments exceed 1.7 gigawatts and contracted power totals 4.6 gigawatts.
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