Coreweave, Inc. · NASDAQ:CRWV

Coreweave — Debt Investor Presentation (September 2026)

37 slides from Coreweave's debt investor presentation, Sep 17, 2026

  1. Slide 1: Investor Presentation September 2026

    Confidential Information – Do Not Distribute Investor Presentation September 2026 © 2026 CoreWeave, Inc. All rights reserved

  2. Slide 2: Safe Harbor Disclaimer

    Confidential Information – Do Not Distribute Safe Harbor Disclaimer 2 This presentation is strictly confidential and is being furnished solely in reliance on applicable exemptions from the regist rat ion requirements under the U.S. Securities Act of 1933 (the “Act”). This presentation contains selec

  3. Slide 3: Offering Summary

    Confidential Information – Do Not Distribute Offering Summary 3 Security Convertible Senior Notes due 2033 Base Size $3.0 Billion Greenshoe $500 Million Expected Coupon 2.375 – 2.875% Expected Conversion Premium 22.5 – 27.5% Call Feature Cleanup call if fewer than $100MM notes remain outstanding; ot

  4. Slide 4: Business Update

    Business Update CW CoreWeave

  5. Slide 5: Executing at Scale: Recent Momentum Across the Business

    Confidential Information – Do Not Distribute Executing at Scale: Recent Momentum Across the Business 5 1 2 3 4 5 6 Exceptional Q2 execution: accelerating revenue and margin growth, record revenue backlog, marquee customer wins, and a strengthened financial position Pricing and unit economics continu

  6. Slide 6: Continued Momentum with Exceptional Execution in Q2

    Confidential Information – Do Not Distribute Continued Momentum with Exceptional Execution in Q2 6 1 Revenue Backlog¹ $ 104.2B +246% YoY Does not include more than $25 billion of net new customer commitments added in early Q3 Revenue $ 2.6B +112% YoY Adj. Operating Income Margin ¹ Strengthened Finan

  7. Slide 7: Unit Economics Are Inflecting with Highly Attractive Contract Terms

    Confidential Information – Do Not Distribute Unit Economics Are Inflecting with Highly Attractive Contract Terms 7 Note: 1. Reflects contribution margin across all Q2 - signed contracts 2. Calculated as annualized revenue divided by power required to service clusters for related short - term contrac

  8. Slide 8: CoreWeave Powers Both the Proprietary and Open AI Ecosystems

    Confidential Information – Do Not Distribute 8 CoreWeave Powers Both the Proprietary and Open AI Ecosystems The essential cloud enabling the world's leading proprietary AI labs and the open - weight ecosystem across training, inference, a nd managed inference Proprietary / Closed - Source AI World's

  9. Slide 9: Recent Customer Wins

    Confidential Information – Do Not Distribute RECENT CUSTOMER WINS ~10% of revenue backlog driven by financial - services customers 1 RECENT CUSTOMER WIN Caterpillar deploys NVIDIA Vera Rubin with CoreWeave as its data factory to train specialized physical - AI models at industrial scale RECENT CUSTO

  10. Slide 10: Significant Demand for Prior Generations of Infrastructure

    Confidential Information – Do Not Distribute Significant Demand for Prior Generations of Infrastructure on CoreWeave Cloud 10 AI - Native Scientific Discovery Company Leading Early - Stage Research Lab 5 Greater level of experience and sophistication with prior SKUs Architecture NVIDIA A100 (launche

  11. Slide 11: CoreWeave's Cost Optimized Financing Approach

    Confidential Information – Do Not Distribute CoreWeave’s Cost Optimized Financing Approach 11 Asset - Level Financing (Funds Majority of Capital Expenditures) Parent - Level Financing (Funds Remainder of Capital Needs) • Funds capital needs beyond the asset - level facilities • Sources: - Customer p

  12. Slide 12: CoreWeave: The Essential Cloud for AI

    CoreWeave: The Essential Cloud for AI

  13. Slide 13: CoreWeave - The Essential Cloud for AI

    CoreWeave - The Essential Cloud for AI Cloud Platform Purpose - Built for Artificial Intelligence Delivering Unmatched Performance 1 Rapidly Delivering New Generations of Infrastructure at Scale with Unparalleled Track Record of Being Among the First to Market AI - Native Platform Offers Unmatched P

  14. Slide 14: Workloads Required for AI Are Fundamentally Different

    Confidential Information – Do Not Distribute Single Chip Failure If… Entire Job Fails , Massive Waste of Compute Resources Then Parallelized Workloads Generative and Agentic AI VFX and Rendering Drug Discovery High - Frequency Trading Single Chip Failure If… Simple Tasks Offloaded to Other Processor

  15. Slide 15: CoreWeave's AI Cloud Platform Is Singular

    Confidential Information – Do Not Distribute CoreWeave’s AI Cloud Platform Is Singular March 2025 Ranking GPU Cloud November 2025 Ranking GPU Cloud Below Silver Status: ~200 Other Cloud Platforms Only Player to Achieve Top - Ranked Platinum Status in Each of SemiAnalysis’ GPU Cloud ClusterMAX TM Rat

  16. Slide 16: Recent Expansion of Collaboration with NVIDIA

    Confidential Information – Do Not Distribute 16 Recent Expansion of Collaboration with NVIDIA Follows Track Record of Delivering Bleeding - Edge Compute at Scale Continued Expansion of Strategic Relationship With NVIDIA to Deliver AI Nov 2022 Among the first providers to offer cloud instances with N

  17. Slide 17: Our Extensive Data Center Network

    Confidential Information – Do Not Distribute Our Extensive Data Center Network Enables Artificial Intelligence Across Use Cases and Geographies Note: Figures as of June 30, 2026 (other than Contracted Power which is as of August 11 , 2026). This graphic provides an illustrative representation of our

  18. Slide 18: Diversified Set of Data Center Partners

    Confidential Information – Do Not Distribute Diversified Set of Data Center Partners Exceptional time to market drives competitive advantage for customers Illustrative Timeline for AI Cloud Services Delivery 1 Data Center Partners: 12 - 18mo Development & Construction Complete Hand - off to CoreWeav

  19. Slide 19: Our Platform Is Purpose-Built for AI

    Confidential Information – Do Not Distribute Our Platform Is Purpose - Built for AI CoreWeave Mission Control Security, Talent Services, Observability Runtime Acceleration Infrastructure Control Integrated, AI - native orchestration and bare - metal control that deliver reliability, flexibility, and

  20. Slide 20: Massive Troves of Data Unlock Deep Insights into Infrastructure Management

    Confidential Information – Do Not Distribute Massive Troves of Data Unlock Deep Insights into Infrastructure Management 364.0 TFLOPS 362.0 TFLOPS 360.0 TFLOPS 358.0 TFLOPS 356.0 TFLOPS 354.0 TFLOPS 352.0 TFLOPS 350.0 TFLOPS 348.0 TFLOPS 346.0 TFLOPS 344.0 TFLOPS 342.0 TFLOPS 340.0 TFLOPS 338.0 TFLOP

  21. Slide 21: CoreWeave Serves the World's Leading AI Companies

    Confidential Information – Do Not Distribute High performance compute partner to Google Cloud as of Q2’25, has already signed multiple contracts CoreWeave's new Canadian data center allows Cohere to train some of its LLMs in Canada, previously not an option due to the lack of necessary compute Partn

  22. Slide 22: Track Record of Expansion with Our Customers

    Confidential Information – Do Not Distribute 22 Track Record of Expansion with Our Customers Land + Expand: Customer A Advance with New Compute: Customer B ✓ Land with test clusters ✓ Expand with new contracts for more compute capacity to serve increasing workload demand ✓ Consistent purchase behavi

  23. Slide 23: Holistic Distribution Approach to the World's Leading Enterprises

    Confidential Information – Do Not Distribute is a central enabler for Hyperscalers , LLMs and Direct Cloud Consumption • Multiple ways for organizations to consume compute: CoreWeave distributes via each of them • The CoreWeave Cloud Platform simplifies the complexity of engineering, assembling, run

  24. Slide 24: Team with Track Record of Execution

    Confidential Information – Do Not Distribute k Team with Track Record of Execution 24 Operating Team and Board of Directors Co - Founders Brian Venturo CSO, Co - Founder, and Board Member Brannin McBee CDO and Co - Founder Michael Intrator CEO, Co - Founder, and Chairman of the Board Peter Salanki C

  25. Slide 25: Financial Highlights

    Confidential Information – Do Not Distribute Financial Highlights © 2026 CoreWeave, Inc. All rights reserved

  26. Slide 26: Q2'26 Highlights

    Confidential Information – Do Not Distribute 5% Margin $1.5B $128M $(567)M Note: 1. Does not include more than $25 billion of net new customer commitments added in early Q3 2. See Slide 3 5 for definition of Revenue Backlog 3. Capital expenditures are additions to property and equipment plus assets

  27. Slide 27: Continued Progress in Driving Down Cost of Debt

    Confidential Information – Do Not Distribute 14.9% 12.2% 9.0% 8.3% 7.8% FY-23 FY-24 FY-25 Q2-26 Q2-26 Pro-Forma Continued Progress in Driving Down Cost of Debt Note: 1. Weighted average interest rates are calculated using effective interest rates and principal amounts of debt for each period a s s h

  28. Slide 28: Revenue Backlog

    Confidential Information – Do Not Distribute < 24 months 25 - 48 months > 48 months +246% YoY Growth Note: $ in billions 1. Revenue backlog includes remaining performance obligations, plus other amounts we estimate will be recognized as revenue in future periods under committed customer contracts, i

  29. Slide 29: Illustrative Impact from Ramping Multiple New Deployments Across Periods

    Confidential Information – Do Not Distribute Illustrative Impact from Ramping Multiple New Deployments Across Periods Note: 1. Margin impact in the illustrative periods may vary based on size and timing of deployments ramping 29 Ramping Multiple Deployments Simultaneously Compresses Contribution Mar

  30. Slide 30: Quarterly Financial Trends

    Confidential Information – Do Not Distribute Quarterly Financial Trends 30 Revenue Adjusted EBITDA¹ Adjusted Operating Income¹ Capital Expenditures ($bn)² $1,212 $1,365 $1,572 $2,078 $2,575 Q2'25 Q3'25 Q4'25 Q1'26 q2'26 +112% YoY Growth Driven by continued strong execution and customer demand for Co

  31. Slide 31: Appendix A: Non-GAAP Reconciliations

    Confidential Information – Do Not Distribute Appendix A: Non - GAAP Reconciliations © 2026 CoreWeave, Inc. All rights reserved

  32. Slide 32: Adjusted Operating Income Reconciliation

    Confidential Information – Do Not Distribute Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Operating income (loss) $19 $52 $(89) $(144) $(49) Stock - based compensation 145 144 157 153 165 Acquisition related costs 1 30 11 9 1 1 Amortization of acquired intangibles 2 6 10 11 11 11 Adjusted operating incom

  33. Slide 33: Adjusted Net Loss Reconciliation

    Confidential Information – Do Not Distribute (in millions, except percentages) Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Net loss $(290) $(110) $(452) $(740) $(626) Stock - based compensation 145 144 157 153 165 Loss on extinguishment of debt 1 9 14 4 — — Acquisition related costs 2 30 11 9 1 1 Amorti

  34. Slide 34: Adjusted EBITDA and Adjusted EBITDA Margin

    Confidential Information – Do Not Distribute Adjusted EBITDA and Adjusted EBITDA Margin The following table presents a reconciliation of net loss and net loss margin, the most directly comparable financial measures stated in accordance with GAAP, to adjusted EBITDA and adjusted EBITDA margin, respec

  35. Slide 35: Revenue Backlog

    Confidential Information – Do Not Distribute As of June 30, 2025 2026 Remaining performance obligations $30.1 $103.7 Other amounts of estimated future revenue to be recognized from existing co mm itted customer contracts — 0.5 Revenue backlog 1, 2 $30.1 $104.2 (in billions) Revenue Backlog Note: 1.

  36. Slide 36: Capital Expenditures Calculation

    Confidential Information – Do Not Distribute Three Months Ended June 30, Six Months Ended June 30, 2025 2026 2025 2026 Increase in total gross property and equipment $2,975 $11,689 $5,705 $18,681 Less: Change in construction in progress 37 2,337 910 2,542 Capital expenditures 1 $2,938 $9,352 $4,795

  37. Slide 37: Thank You

    Confidential Information – Do Not Distribute Thank You

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