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

The AI cloud provider says most of its committed spending through 2027 is backed by blue-chip and enterprise clients, not speculative bets 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 backlo...