{
  "classification": "Dated cash-flow financing bridge, June30 2026 to December31 2027; NOT current cash or parent-only funding gap. Conditional on analyst FCF cash basis and historical undrawn capacity fully drawable; excludes other investing/fees/reserve top-ups and new-debt principal.",
  "source_retrieved_utc": "2026-10-15T23:34:14.545293+00:00",
  "unit": "USD billion",
  "filed_inputs": {
    "h1_cfo": 3.663,
    "h1_cash_ppe": 14.117,
    "h1_cash_fcf_burn": 10.454,
    "june_cash": 5.524,
    "june_securities": 0.015,
    "june_undrawn": 10.014,
    "aug_new_commitment": 2.6,
    "sept_convert_net_after_capped_call": 3.5707999999999993,
    "h2_principal": 4.413,
    "fy27_principal": 6.184,
    "historical_sources": 21.723799999999997
  },
  "cases": [
    {
      "case": "BofA reported Oct15",
      "fy26_fcf_burn": 23.8,
      "h2_fcf_burn": 13.346,
      "fy27_fcf_burn": 24.8,
      "h2_total_uses": 17.759,
      "fy27_total_uses": 30.984,
      "total_jul26_dec27_uses": 48.743,
      "historical_source_envelope": 21.723799999999997,
      "additional_financing_requirement": 27.019200000000005,
      "max_implied_yearend26_resource_envelope_before_other_uses": 3.9647999999999968
    },
    {
      "case": "Visible Alpha reported FT Oct14",
      "fy26_fcf_burn": 25.0,
      "h2_fcf_burn": 14.546,
      "fy27_fcf_burn": 28.0,
      "h2_total_uses": 18.959,
      "fy27_total_uses": 34.184,
      "total_jul26_dec27_uses": 53.143,
      "historical_source_envelope": 21.723799999999997,
      "additional_financing_requirement": 31.419200000000004,
      "max_implied_yearend26_resource_envelope_before_other_uses": 2.7647999999999975
    },
    {
      "case": "Bloomberg live Oct15",
      "fy26_fcf_burn": 27.19725809312561,
      "h2_fcf_burn": 16.743258093125608,
      "fy27_fcf_burn": 30.614386357083227,
      "h2_total_uses": 21.156258093125608,
      "fy27_total_uses": 36.798386357083224,
      "total_jul26_dec27_uses": 57.95464445020883,
      "historical_source_envelope": 21.723799999999997,
      "additional_financing_requirement": 36.230844450208835,
      "max_implied_yearend26_resource_envelope_before_other_uses": 0.5675419068743892
    }
  ],
  "accounting_validation": {
    "bloomberg_estimate_field": "BEST_ESTIMATE_FCF",
    "field_definition": "Consensus of broker-provided cash from operations less capital expenditures.",
    "historical_comparability_field": "HEADLINE_FCF",
    "historical_checks_usd_billion": {
      "FY2025": {
        "headline_fcf": -7.251,
        "cash_cfo": 3.058,
        "cash_ppe": 10.309
      },
      "Q1_2026": {
        "headline_fcf": -4.711,
        "cash_cfo": 2.984,
        "cash_ppe": 7.695
      },
      "Q2_2026": {
        "headline_fcf": -5.743,
        "cash_cfo": 0.679,
        "cash_ppe": 6.422
      }
    },
    "no_double_counts": [
      "Interest and operating rent are already in CFO.",
      "August revolver and DDTL5.5 draws are not new sources in addition to full facility capacities.",
      "September convert uses final proceeds net of capped calls, not gross face value.",
      "Landlord bonds are not added to CoreWeave principal.",
      "Customer prepayments already reflected in CFO are not added again."
    ]
  },
  "source_links": {
    "q2_10q": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm",
    "aug_new_facility": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000357/crwv-20260807.htm",
    "sept_closed_convert": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000432/crwv-20260917.htm",
    "bofa_reported_update": "https://www.tradingview.com/news/seekingalpha%3A16ffe9a57094b%3A0-bofa-keeps-buy-on-coreweave-after-stock-drop-sees-higher-revenue/",
    "visible_alpha_ft_report": "https://www.ft.com/content/4ffa1853-0e2c-424f-b941-88c6bcac5765",
    "db_reported_update": "https://ng.investing.com/news/stock-market-news/selloff-in-coreweave-stock-is-a-buying-opportunity-db-2738525"
  },
  "limitations": [
    "Dated June30 2026\u2013December31 2027 bridge; no claim to know October15 actual cash or undrawn capacity.",
    "Assumes June undrawn facilities were/are fully drawable within their availability windows; undrawn expired capacity must be removed.",
    "Future spend and collections follow alternate consensus forecasts; sources are not statistical best/base/worst scenarios.",
    "Other investments, fees, additional reserve funding, a year-end cash target, and amortization on subsequently borrowed money are excluded.",
    "Noncash vendor/lease financing can satisfy part of capital funding; broker forecast accounting definitions can still vary.",
    "Unconfirmed equity ATM proceeds excluded.",
    "Remaining parent-level portion cannot be allocated from consolidated forecasts and advance rates alone."
  ]
}