2026-09-03 — Jane Street signs a second, larger AI-cloud commitment — $13 billion with Crusoe — pushing its combined neocloud spend to roughly $19 billion

• Jane Street signed a five-year, roughly $13 billion cloud contract with Crusoe (a different neocloud, not CoreWeave) for GPU clusters and AI training/inference infrastructure — more than double the $6 billion CoreWeave platform commitment this thread already tracks as a named customer, and Jane Street’s highest-profile cloud deal yet. Combined, Jane Street’s CoreWeave and Crusoe commitments now total roughly $19 billion. This bears directly on this thread’s own customer-concentration watch: a financial-sector buyer this thread has been citing as evidence the backlog is diversifying beyond AI-lab concentration is now also a whale-sized Crusoe customer, which cuts against reading Jane Street’s CoreWeave spend as sticky/exclusive. Crusoe was separately reported raising ~$3 billion at a ~$30 billion valuation, with the Jane Street deal helping attract that round’s interest. (Bloomberg, CryptoBriefing)

2026-08-11 — The backlog reaches $104bn, up 246%

• CoreWeave reported a contracted revenue backlog of roughly $104.2 billion as of 2026-06-30, up 246% year over year, with more than $25 billion of further net-new customer commitments booked after quarter-end and not included in that figure. The bet this thread is named for is the backlog itself — whether contracted forward revenue of that size converts, and at what margin, given the debt raised against it. Primary-sourced from the company’s own earnings release. Caught by the 08-27 cold rotation. (CoreWeave Investor Relations)

2026-08-11 — Q2 print: consensus beat on both lines, backlog to ~$129B, and debt service climbing right alongside it

• CoreWeave beat Q2 consensus on both lines — $2.575B revenue (+112% YoY) against a $2.56B estimate, and a narrower-than-expected adjusted per-share loss of $1.03 against the $1.18-$1.27 range this thread was carrying — while GAAP net loss nearly doubled to $626M ($1.14/share diluted) from $290M a year earlier, driven by net interest expense that climbed to $640M from $267M. Backlog stood at $104B at quarter-end before more than $25B of net-new Q3 commitments pushed the total toward ~$129B — a $29.6B jump in roughly six weeks. Also disclosed: over $10B in new unsecured debt/converts plus a separate $3.1B delayed-draw term loan at SOFR+450 (a 1.35x debt-service- coverage covenant from 09-30-26), on top of the $2.6B SOFR+550 facility this thread closed 08-10. Management raised full-year revenue guidance to $12.4-13.2B (from $12-13B) and guided Q3 to $3.4-3.6B; shares jumped as much as 14% after hours. The next day, Oracle’s own stock rallied 5.9% off a 52-week low explicitly citing this print (and Nebius’s) as demand read-across for the wider neocloud bet. (SEC 8-K, CNBC, Quartz)
• Also logged on AI Debt Gets Rated — this is the thread’s first quarter where debt-service growth (+140% YoY) and revenue growth (+112% YoY) can be compared for the same borrower, rather than read as separate financing-side and operating-side stories.

2026-08-10 — The $2.6B loan closes; the 07-30 yield question is now answered

• CoreWeave closed the $2.6B delayed-draw term loan this thread flagged on 07-30 as “sweetened” with an unconfirmed yield — it’s now on the record via CoreWeave’s own SEC filing: SOFR+550 (10.44% yield-to-maturity), guidance flexed wider from an initial S+425-450, rated Ba2 (Moody’s) / BB+ (Fitch). JPMorgan and Mitsubishi UFJ led as joint bookrunners; the facility backs shorter (3-year) customer contracts — Anthropic, Jane Street, Midjourney, Hudson River Trading, Anysphere — which CoreWeave frames as lenders growing comfortable financing shorter-dated deals rather than only its longest-duration commitments. Brings 2026 secured capital past $30B, closing three days ahead of the 08-11 Q2 print this thread is already watching for. (SEC EDGAR 8-K/credit agreement, CoreWeave press release via AOL, Yahoo Finance Canada)
• Also logged on AI Debt Gets Rated as that thread’s first confirmed transaction-level coupon — this loan is both a CoreWeave- specific data point and a market-structure one.

2026-08-08 — A second quant-finance customer scales up, three days ahead of the Q2 print

• CoreWeave expanded its AI-cloud partnership with quant trading firm IMC to a materially larger capacity commitment — the second confirmation this week that quantitative-finance demand is a real, growing leg of the backlog, not just AI-lab concentration. Flow Traders has already standardized on CoreWeave; combined with Jane Street’s existing $6B platform commitment, $1B equity stake, and planned $11B refinance already on this thread’s record, financial-sector customers are diversifying the backlog away from the OpenAI/Meta concentration this thread has flagged as the real risk (10-Q anonymized customers to A-D; S-1 said 77% from top two). Worth weighing directly against Tuesday’s (08-11) earnings print. (Yahoo Finance UK)

2026-08-05 — A supply-chain data point ahead of the 08-11 print: CoreWeave locks priority SSD access

• CoreWeave signed a multi-year deal with Solidigm for priority access to enterprise SSD capacity, per COO Sachin Jain “priority access to the storage our roadmap depends on” — a minor item next to the backlog/ debt story, but a concrete sign capacity buildout is still accelerating into the 08-11 earnings print. (Benzinga)

2026-08-04 — +20% on new government and international demand

• A Leidos partnership to supply AI cloud infrastructure to US defense/intelligence agencies, plus a first APAC expansion (three Indonesia data centers, 360MW) — sets up the 08-11 Q2 print. (FX Leaders)

2026-07-30 — A rejected suitor’s rebound, and a sweetened loan

• AMD signed a $14B infrastructure deal with Core Scientific — up to 2.5GW of AI data-center capacity (530MW initial phase, 15-year term, warrants for 30M CORZ shares) — the same company CoreWeave’s $9B all-stock bid was rejected by in Oct-2025. Core Scientific shares rose on the news even as its Q2 print showed a wider-than-expected loss. Directly on this thread’s “plan B is thin” watch line: the rejected target is thriving without CoreWeave. (Reuters + Core Scientific’s own release, event dated 07-28)
• CoreWeave sweetened terms on its $2.6B loan tied to Anthropic amid investor caution over its debt load — a concrete instance of the 9.75%-coupon, GPU-collateralized AI-credit repricing this thread already tracks (Bloomberg-sourced via multiple outlets; exact new yield not independently confirmed, event dated 07-29).
• Stock extended its slide — ~26% over the past 5 sessions (Trefis), continuing the pattern already on file.

2026-07-28 — Stock slides further despite one new logo

• Shares down ~30% in a month, ~43% over the past year — the sell-off tracks a wider AI-cloud re-rating (bottom-line discipline over growth-at-all-costs) plus a Bloomberg report that Meta is building its own AI cloud-infrastructure business, a potential competitive threat. (Benzinga)
• Flow Traders signed as a new customer — training foundation models for its AI-driven quant trading strategy on CoreWeave Cloud, chosen after a competitive eval of multi-node training performance. Continues the diversification away from the top-two-customer concentration this thread already flags, though not enough to move the stock today. (Investing.com)
• Note, not a new signal: CEO Michael Intrator and CDO Brannin McBee have both been selling stock through July under pre-arranged 10b5-1 plans (Intrator: ~370K shares 07-07/08, ~199K 07-14, ~304K 07-21; McBee: similar cadence) — routine and disclosed, not a fresh pre-earnings signal, but the run-rate is large enough to track into 08-11. (Investing.com)

← Backstory

2025-03-28 — IPO

• Nasdaq debut — CoreWeave IPOs at $40/share, ~$23B initial valuation, the biggest US tech IPO since 2021. (CNBC)

2025-03-10 — OpenAI signs as anchor customer

• $11.9B / 5 years — OpenAI commits to CoreWeave for AI data centers and compute; OpenAI also receives $350M in CoreWeave equity as part of the deal. (CNBC/Reuters)

2025-07-07 — the $9B Core Scientific bid

• All-stock acquisition announced — CoreWeave moves to buy bitcoin miner turned datacenter operator Core Scientific for ~$9B, a bid to own real estate outright instead of leasing. (CNBC)
• Shareholder revolt builds — largest holder Two Seas Capital says it will vote against, citing undervaluation; both ISS and Glass Lewis recommend against by late October. (Reuters)
• Deal rejected, 2025-10-30 — Core Scientific shareholders vote the deal down; termination announced same day. No new-capacity deal surfaces for the following ~4.5 months — the visible “plan B” (BCE Canada, Conapto Sweden, EdgeConneX Texas) doesn’t start until March 2026, and a separate Poolside Texas deal is later terminated outright. (Reuters/Bloomberg/WSJ)

2025-09-25 — OpenAI expands, diversification begins

• +$6.5B — OpenAI-CoreWeave deal expands; Reuters frames the quarter as CoreWeave’s active diversification push away from Microsoft concentration. Meta ($21B, through 2032, announced 2026-04-09), Anthropic, and Jane Street ($6B) follow as named customers through mid-2026. (CNBC/WSJ/Reuters)

2026-03-06 — backlog crosses $66.8B

• Q4 2025 print — backlog reported at $66.8B, up from $55.6B the prior quarter. (Yahoo Finance)

2026-05-08 — Q1 2026: backlog to $99.4B, loss doubles

• Backlog $99.4B — as of quarter-end, naming Nvidia, Meta, Microsoft, and OpenAI as contract counterparties. (grafa.com/TIKR/Yahoo Finance)
• Revenue $2.08B (+112% YoY), net loss $740M — loss more than doubled from Q1 2025’s $315M; stock fell 10% on the print despite the growth. Confirmed directly from CoreWeave’s own 10-Q (SEC EDGAR). (SEC EDGAR 10-Q, accession 0001769628-26-000222)

2026-05-15 — Nvidia’s stake surges (percentage unconfirmed)

• 13F shows ~94.5% increase in Nvidia’s CoreWeave position; press derives a ~11% ownership figure from the filing (not itself a primary-source-stated percentage — 13Fs disclose share count/value, not %). No SC 13D/13G exists; Nvidia’s stake is disclosed institutional-style (13F only), not as an activist position. (SEC EDGAR 13F / press)

2026-07-16 to 2026-07-27 — the AI-credit repricing arrives

• Nvidia CDS widens — five-plus outlets converge on Nvidia credit protection costs surging (one report: 69bp, its credit risk now exceeding Google’s) the same week bond-market anxiety over AI capex budgets breaks into mainstream coverage (CNBC, 07-24) and Moody’s separately flags Oracle and CoreWeave as AI’s “weakest credit link” (07-25) — the exact backdrop CoreWeave’s 9.75%-coupon, GPU-collateralized debt (senior notes, convertibles, an SPV junk bond) sits inside. (Crypto Briefing/CNBC/Bitget)

2026-07-27 — Q2 2026 earnings dated

• Call set for 2026-08-11, 5:00 PM ET — consensus estimates run EPS −$1.27, revenue $2.56B. This is the next print for backlog conversion and debt-cost commentary. (stocktitan.net/Benzinga)