Aslan Research · Data centers
CoreWeave, Inc. (CRWV)
Data as of 2026-09-03 · 10 quarters · filed in USD
Backlog reaches $103.7 billion, or 14.3x one year of revenue. That promise base is far larger than trailing-year revenue of $7.2 billion, while trailing-year expenses were $3.8 billion.
Earned, collected early, and merely signed
Reports — of debt; has promised $16B
Total committed money is $16.3 billion, all tied to leases. The filings also report $21.6 billion of total indebtedness in a recent quarter, so committed lease payments add a separate obligation beyond reported debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years carry $10.8 billion of obligations against $11.9 billion of future revenue promised for that period. The due amount is 0.9x the promised revenue, leaving a relatively narrow spread before considering other costs.
The rates that matter
Expenses as filed vs after cited reconciliation
14 patterns worth a second look
The filings show potential revenue-funding linkages because financing or investment commitments involve entities that also appear as customer or revenue counterparties. They also report substantial off-balance-sheet obligations through leases not yet commenced, unconsolidated VIE arrangements, and guarantees of joint-venture obligations. The principal data-center lease changed from $3.8–$4.8 billion over 15 years to $13.5–$14.4 billion over 16 years and later a $14.7 billion maximum. Recent filings included a $350 million contra-revenue asset tied to the OpenAI Commercial Agreement and $39.1 billion of estimated payments under executed leases not yet commenced.
circular financing · 1
The company reports financing or investment commitments to entities that also appear as customer or revenue counterparties, creating potential revenue-funding linkages.
off balance sheet · 1
The filings report substantial obligations through leases not yet commenced, unconsolidated VIE arrangements, and guarantees of joint-venture obligations.
redefinition · 1
The reported scope and timing of the principal data-center lease changed across filings, from $3.8–$4.8 billion over 15 years to $13.5–$14.4 billion over 16 years and later a $14.7 billion maximum.
regulator challenge · 8
A reply to SEC staff was filed on 2025-03-03, answering a staff comment letter dated 2025-02-24; it quotes 1 staff comment.
A reply to SEC staff was filed on 2025-03-05, answering a staff comment letter dated 2025-02-24; it quotes 1 staff comment.
A reply to SEC staff was filed on 2025-03-12, answering a staff comment letter dated 2025-02-24; it quotes 0 staff comments.
+ 5 more
related party exposure · 1
The filings report repeated financing, equity, and option transactions with Magnetar-affiliated parties and ongoing exposure to an unconsolidated joint venture.
subsequent event · 1
Subsequent filings report significant new borrowing, lease, equity, and financing activity that recontextualizes preceding period-end liquidity and obligations.
value revision · 1
The comparative selling-and-marketing and operating-income amounts were revised by small amounts in later filings; the changes appear substantive rather than purely clerical.