Aslan Research · Data centers
CoreWeave, Inc. (CRWV)
Data as of 2026-08-21 · 10 quarters · filed in USD
Backlog reaches $103.7 billion, or 14.3x one year of revenue. That promised work is far larger than trailing-year expenses of $2.9 billion, showing how much future demand sits ahead of the current cost base.
Earned, collected early, and merely signed
Reports — of debt; has promised $16B
All $16.3 billion of total committed money is tied to leases. That makes the commitment picture broader than debt alone because it captures long-term lease payments.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years carry $27.9 billion of lease payments, while backlog covers 14.3x one year of revenue. The near-term payment wall is therefore material against the revenue base already promised.
The rates that matter
Expenses as filed vs after cited reconciliation
6 patterns worth a second look
The sharpest flag is circular financing: a company-funded note receivable and financing obligation involve a data center service provider that also supplies infrastructure services. The filings also show substantial executed leases not yet commenced, plus obligations involving unconsolidated VIEs and JV backstops.
circular financing · 1
The filings report a company-funded note receivable and financing obligation involving a data center service provider that also supplies infrastructure services.
off balance sheet · 1
The filings report substantial executed leases not yet commenced and obligations involving unconsolidated VIEs and JV backstops.
redefinition · 1
The filings change the stated scope and timing of remaining-performance-obligation recognition expectations.
related party exposure · 1
The filings report recurring financing and equity exposures involving Magnetar and an unconsolidated joint venture.
subsequent event · 1
Subsequent filings report new debt, lease, equity, and facility activity that materially recontextualizes preceding period commitments.
value revision · 1
The attached revenue and operating-income revisions are substantive period-value changes; the selling-and-marketing revisions appear clerical or rounding-level.