CoreWeave ties over 75% of capex to investment-grade customers

CoreWeave wants investors to know who is paying for all those GPUs. The AI cloud provider says investment-grade and enterprise customers account for over 75% of its committed capital expenditures through 2027.

CoreWeave builds and rents out clusters of GPUs, the specialized chips that train and run AI models.

The company’s revenue backlog reached approximately $104 billion as of Q2 2026. Most of that comes from long-term take-or-pay contracts.

Take-or-pay is a simple idea with big consequences. The customer commits to paying whether or not they fully use the capacity, which gives CoreWeave unusually clear visibility into future revenue.

The customer list includes Meta, which has a $21 billion contract, while OpenAI accounts for approximately $22.4 billion across its agreements, and Microsoft and Nvidia also appear among the company’s clients.

Beyond the headline names, at least 10 customers have committed to contracts worth $1 billion or more each.

The concentration problem, shrinking

No single customer now represents more than 35% of the backlog, down from 50% the prior quarter and 85% earlier in the year.

The investment-grade share has also climbed. Over 60% of the backlog was previously tied to investment-grade clients, and the latest figure puts investment-grade and enterprise customers above 75% of committed capex through 2027.

The financing angle

The company secured an $8.5 billion delayed-draw term loan rated investment-grade, at an A- equivalent. It is described as the first HPC infrastructure-backed facility of its kind, carrying an implied cost below 6%.

A delayed-draw term loan lets a borrower pull funds over time as needed, rather than taking the full amount upfront.

CoreWeave’s 2026 capex guidance sits between $37 billion and $39 billion, with nearly all of that spending linked to signed agreements.

Total debt stood at around $35 billion as of June 30, 2026.

Power is the new bottleneck

CoreWeave’s active power commitments have exceeded 1.7 GW. Contracted power is over 4.6 GW, meaning a large pipeline of capacity is lined up but not yet online.

What this means

Around $35 billion of debt is a large obligation regardless of who the customers are, and the remaining portion of committed capex not tied to investment-grade or enterprise clients still carries more risk.

Concentration has improved, but the top customers remain enormous. A single client representing up to 35% of a $104 billion backlog is still a dependency worth watching.

The things to watch are straightforward. Can CoreWeave convert its 4.6 GW of contracted power into active capacity on time, keep its 2026 spending within the $37 billion to $39 billion range, and continue diversifying its customer base without loosening its credit standards.