Bernstein estimates that CoreWeave will need about $85 billion to fund its existing committed backlog, leaving a funding gap of roughly $76 billion after accounting for financing facilities already in place. Goldman Sachs puts the requirement at $23 billion, while HSBC argues that CoreWeave’s investments generate returns below the cost of capital. The company reported a backlog of approximately $104 billion and revenue of $2.575 billion in the second quarter of 2026, but its 2032 senior notes recently yielded around 14.8%. If Bernstein’s estimate proves accurate, CoreWeave would likely need to tap debt markets repeatedly, issue equity, or do both, potentially increasing interest costs and diluting existing shareholders.
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