CoreWeave, Inc. (CRWV)

Bottom line: There is no near-term mass repricing of CoreWeave’s installed base. Only a “very limited” portion is nearing renewal. Near-term margin improvement comes mainly from new contracts, while legacy repricing is longer-dated upside. Thesis takeaway: Don’t underwrite a large 2026–27 renewal uplift. Underwrite improving new-contract economics...

The described transaction is CoreWeave’s $8.5 billion DDTL 4.0, closed March 31, 2026. It was not HSBC-arranged. The named co-structuring agents and joint bookrunners were MUFG and Morgan Stanley; Goldman Sachs and JPMorgan were coordinating lead arrangers; Blackstone Credit & Insurance anchored the syndicate. HSBC’s public connection appears to be...

Historical figures use quarterly GAAP revenue × 4 as an ARR-like proxy because CoreWeave did not publish historical ARR. CoreWeave reports active power, not connected or contracted power. Quarter-end MW can temporarily depress the historical ratio when capacity is added late in a quarter, before revenue fully ramps. Sources: [Q1...