Slide 1: Investor Presentation March 2026
Investor Presentation March 2026 © 2026 CoreWeave, Inc. All rights reserved 1
Slide 2: Safe Harbor Disclaimer
Safe Harbor Disclaimer This presentation has been made available to you with the consent of CoreWeave, Inc. (“CoreWeave,” “we,” “us,” “our,” or the “Company”) for informational purposes only and for you to familiarize yourself with the Company’s business. This presentation is strictly confidential a
Slide 3: Key Highlights & Takeaways
Key Highlights & Takeaways ▪ Cash flow underpinning CoreWeave’s $66.8 billion revenue backlog is expected to be sufficient to: i. Service and repay all asset-level debt (1) ii. Service and repay all ParentCo debt (1) iii. Deliver residual free cash flow to CoreWeave prior to any renewal ▪ Expect ass
Slide 4: CoreWeave's Cost Optimized Financing Approach
CoreWeave’s Cost Optimized Financing Approach ▪ Funds the majority of capex ▪ Facility secured by long-term take-or-pay customer contract(s) plus associated PP&E and DC leases ▪ Funding is drawn as costs are incurred (via delayed draw term loan) once data center is operationalized and Asset-Level Fi
Slide 5: Primary Considerations for Pricing a Delayed Draw Term Loan
Primary Considerations for Pricing a Delayed Draw Term Loan Cost of Delayed Draw Term Loans Driven by Quality of Contracts, Customer Creditworthiness, and Ability to Execute 1 Quality of Contract ▪ CoreWeave industrialized the “HPC-infrastructure financing”, leveraging take-or-pay contracts with key
Slide 6: Unit Economics of an Illustrative 5-Year Customer Contract
Unit Economics of an Illustrative 5-Year Customer Contract Contract Assumptions: Assumes 5-year contract with no upfront customer prepayment Operating Assumptions: Contracted run-rate EBITDA margin of ~75% includes data center lease obligations, power costs, and other direct operating expenses Finan
Slide 7: Continued Progress in Driving Down Cost of Debt
Continued Progress in Driving Down Cost of Debt Weighted Average Interest Rate (%)(1)(2) 14.9% Improvement from 2024 to 2025 represents nearly $700MM of annualized interest savings based on 12.2% Q4 debt balance 9.0% (3) FY-23 FY-24 FY-25 Total Debt ($Billion) $1.6 $8.0 $21.6 Total Debt / Revenue Ba
Slide 8: CoreWeave's Revenue Backlog Is Weighted to the Next 2-4 Years
CoreWeave’s Revenue Backlog Is Weighted to the Next 2-4 Years Revenue Backlog(1) ($ Billions) $66.8 ▪ Majority of revenue backlog is near-term 21% weighted, with approximately 40% expected to be recognized in the next 24 months and approximately 80% over the next 48 months 37% ▪ All customer contrac
Slide 9: Illustrative P&L Considerations For a New Customer Deployment
Illustrative P&L Considerations For a New Customer Deployment(1) DC Operationalization and GPU Installation Provisioning Completed and Revenue Commences Deployment Stabilization ▪ On day 0, data center lease, power costs, and non- ▪ Assumes following day 45, revenue begins to be ▪ Deployment is stab
Slide 10: Illustrative Impact from Ramping Multiple New Deployments Across Periods
Illustrative Impact from Ramping Multiple New Deployments Across Periods Ramping multiple deployments simultaneously compresses contribution margins in the near-term, prior to stabilizing in the mid 20%s once fully delivered Assumes one new deployment of equal size begins to ramp in each period Aggr
Slide 11: Core Building Blocks for Long-Term Margin Target
Core Building Blocks for Long-Term Margin Target Normalization of contribution margins in the mid 20%s as business stabilizes 1 and reaches mature scale Continued growth in cross-sell of additional margin-accretive products 2 (e.g., storage, software, development tools) Monetization of CoreWeave's p
Slide 12: CoreWeave Overview
CoreWeave Overview 12
Slide 13: CoreWeave – The Essential Cloud for AI
CoreWeave – The Essential Cloud for AI Rapidly Delivering New Generations Cloud Platform Purpose-Built for of Infrastructure at Scale with Continuing to Invest Up and Down Artificial Intelligence Delivering Unparalleled Track Record of Being the Technology Stack to Deliver a Unmatched Performance(1)
Slide 14: Continued Momentum of Exceptional Execution in Q4
Continued Momentum of Exceptional Execution in Q4 Customer Wins Across AI Labs, Key Technology Leadership Strengthened Financial Position Other Noteworthy Updates Hyperscalers and Enterprises Milestones ● Partner of choice for leading AI ● Named the first NVIDIA Exemplar ● Priced inaugural convertib
Slide 15: Workloads Required for AI Are Fundamentally Different
Workloads Required for AI Are Fundamentally Different Legacy Cloud Compute Platforms Were Built for a Different Era Serialized Workloads Parallelized Workloads High- Website SaaS Generative VFX and Drug Databases Email Systems Frequency Hosting Applications and Agentic AI Rendering Discovery Trading
Slide 16: Our Platform is Purpose-Built for AI
Our Platform is Purpose-Built for AI Every layer is purpose-built for AI workloads. CoreWeave Cloud is optimized for low latency, high throughput, and operational efficiency to support the complexity of large-scale AI training and inference Model and Agent Development Tools for teams to build, evalu
Slide 17: Large and Growing Footprint of AI Data Centers
Large and Growing Footprint of AI Data Centers Technologies to Maximize Rack Density Systematized Processes and Modular Deployments Embedded Security Broad Geographical Footprint Minimizing End User Latency Cutting-Edge Liquid Cooling Technology 850MW+ 3.1GW+ Our Extensive Data Center Massive Scale
Slide 18: CoreWeave's AI Cloud Platform Is Singular
CoreWeave’s AI Cloud Platform Is Singular Only Player to Achieve Top-Ranked Platinum Status in Each of SemiAnalysis’ GPU Cloud ClusterMAXTM Ratings March 2025 November 2025 Ranking GPU Cloud Ranking GPU Cloud Below Silver Status: ~200 Other Cloud Platforms 18
Slide 19: Expert Know-How from Delivering AI Cloud Services Across 43 Data Center Sites
CoreWeave Has Built Expert Know-How from Delivering AI Cloud Services Across 43 High Performance Data Center Sites Diversified Set of Data Center Partners Illustrative Timeline for AI Cloud Services Delivery (1) Data Center Partners: 12-18mo CoreWeave: 1-2mo Mo 1 Mo 2 –1 2 Mo 13 – 18 Mo 19 – 20 Deve
Slide 20: CoreWeave's Cloud Infrastructure Flywheel: Continuous Optimization at Scale
CoreWeave’s Cloud Infrastructure Flywheel: Continuous Optimization at Scale 360.4 TFLOPS 360.0 TFLOPS 360.1 TFLOPS 364.0 TFLOPS 360.3 TFLOPS 360.1 TFLOPS 360.1 TFLOPS 362.0 TFLOPS 360.2 TFLOPS 358.7 TFLOPS 358.7 TFLOPS 360.2 TFLOPS 359.6 TFLOPS 359.9 TFLOPS Develop new 360.0 TFLOPS Customer-led 1 2
Slide 21: Market Has Observed GPU Use in Excess of Assumed GAAP Useful Life
Market Has Observed GPU Use in Excess of CoreWeave’s Assumed GAAP Useful Life Observed usage in market since release > GAAP useful life ~8 years Illustrative extrapolation Illustrative extrapolation since release based on V100 based on V100 ~6yr ~7 years GPUs GPUs Average H100 since release GAAP pri
Slide 22: Holistic Distribution Approach to the World's Leading Enterprises
Holistic Distribution Approach to the World’s Leading Enterprises Through Hyperscalers is a central enabler for Hyperscalers, LLMs and Direct Cloud Consumption • Multiple ways for organizations to consume Through compute: CoreWeave distributes via each of Direct Cloud them Consumption • The CoreWeav
Slide 23: Team with Track Record of Execution
Team with Track Record of Execution Operating Team and Board of Directors Recent Additions to Leadership (Headcount) Jon Jones Co-Founders Senior Leadership Chief Revenue Officer Ernie Rogers Chief Architect of Michael Intrator Nitin Agrawal Chen Goldberg Strategic Financing CEO, Co-Founder, and CFO
Slide 24: Appendix
Appendix 24
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures We use non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful t
Slide 26: Reconciliation from GAAP to Non-GAAP Measures
Reconciliation from GAAP to Non-GAAP Measures (in millions, except percentages) Adjusted Operating Income (Loss) and Adjusted Operating Income (Loss) Margin Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 The following table presents a reconciliation of Operating income (loss) $113 $(27) $19
Slide 27: Reconciliation from GAAP to Non-GAAP Measures
Reconciliation from GAAP to Non-GAAP Measures (in millions, except percentages) Adjusted Net Loss and Adjusted Net Loss Margin Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY 2024 FY 2025 The following table presents a reconciliation of net loss and net loss margin, the most directly Net loss $(51) $(315
Slide 28: Reconciliation from GAAP to Non-GAAP Measures
Reconciliation from GAAP to Non-GAAP Measures (in millions, except percentages) Adjusted EBITDA and Adjusted EBITDA Margin Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FY2024 FY 2025 The following table presents a reconciliation of net loss and net loss margin, the most directly Net loss $(51) $(315) $(2