CoreWeave: Over 75% of Committed Capex Tied to Investment-Grade Clients by 2027

The prepayment disclosure is the more telling detail: customers funding up to the full contract value shifts working-capital risk away from CoreWeave, a meaningful distinction for a company whose model is built on heavy upfront spend. Tying most committed capex to investment-grade counterparties is a credit-quality argument as much as a demand one, though the roughly quarter linked to AI labs and AI-native firms remains the segment most exposed to a change in AI spending appetite. Whether prepayment terms hold as the customer mix evolves, and how those 2027 renewals are actually priced when they arrive, are the open questions.