{
  "as_of": "2026-10-14",
  "inputs": {
    "as_of": "2026-10-14",
    "unit": "USD billion",
    "forecast_source": "Bloomberg consensus/BQL, author snapshot; ratios recomputed from the displayed rounded inputs",
    "years": [
      2026,
      2027,
      2028
    ],
    "companies": [
      {
        "ticker": "CRWV",
        "name": "CoreWeave",
        "ebitda": [
          7.6,
          16.7,
          27.9
        ],
        "ebit": [
          1.1,
          4.1,
          7.4
        ],
        "interest": [
          3.0,
          5.3,
          7.2
        ],
        "capex": [
          35.7,
          48.3,
          50.4
        ],
        "fcf": [
          -27.2,
          -30.6,
          -21.4
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      },
      {
        "ticker": "NBIS",
        "name": "Nebius",
        "ebitda": [
          1.37,
          6.6,
          15.11
        ],
        "ebit": [
          -0.9,
          -0.5,
          2.4
        ],
        "interest": [
          null,
          null,
          null
        ],
        "capex": [
          23.4,
          30.4,
          38.7
        ],
        "fcf": [
          -15.5,
          -22.7,
          -21.9
        ]
      },
      {
        "ticker": "IREN",
        "name": "IREN",
        "ebitda": [
          0.44,
          3.71,
          8.12
        ],
        "ebit": [
          -0.74,
          0.42,
          2.7
        ],
        "interest": [
          null,
          null,
          null
        ],
        "capex": [
          12.6,
          19.3,
          18.8
        ],
        "fcf": [
          -16.9,
          -16.8,
          -10.8
        ]
      },
      {
        "ticker": "APLD",
        "name": "Applied Digital",
        "ebitda": [
          0.2,
          0.75,
          1.51
        ],
        "ebit": [
          -0.09,
          0.28,
          0.8
        ],
        "interest": [
          0.22,
          0.44,
          0.65
        ],
        "capex": [
          4.3,
          6.3,
          5.9
        ],
        "fcf": [
          -4.3,
          -6.3,
          -4.7
        ]
      }
    ],
    "coverage_method": {
      "ebitda_interest": "EBITDA / forecast interest expense",
      "ebit_interest": "GAAP EBIT / forecast interest expense",
      "after_capex_interest": "(EBITDA - total growth and replacement capex) / forecast interest expense",
      "capex_earnings_coverage": "(EBITDA - forecast interest expense) / capex",
      "missing_interest": "Conventional interest coverage remains null. For capex earnings coverage only, use zero interest to calculate an upper bound.",
      "interest_basis": "Reported expense forecast; cash interest can differ because of capitalization, fees and accretion."
    },
    "funding_wall": {
      "years": [
        2027,
        2028
      ],
      "known_crwv_principal": [
        6.184,
        4.416
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      "basis": "Forecast negative FCF plus CoreWeave's June 30 scheduled principal. Peer principal and amortization of future borrowings excluded from this minimum aggregate wall. Opening cash and committed drawable funding not netted.",
      "delivery_fractions": [
        1.0,
        0.9,
        0.75
      ],
      "scenario_basis": "Total usable cash, committed financing and new capital meets this fraction of gross cash requirements. Customer advances already assumed in FCF are not added again. Hold baseline FCF constant."
    },
    "debt_walls": [
      {
        "ticker": "CRWV",
        "name": "CoreWeave",
        "basis": "Calendar years; June 30 principal schedule plus September 22 $4.2bn convertible due 2033",
        "labels": [
          "2027",
          "2028",
          "2029",
          "2030",
          "After 2030"
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        "principal": [
          6.184,
          4.416,
          2.421,
          3.221,
          19.096
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        "source_urls": [
          "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000366/crwv-20260630.htm",
          "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000432/crwv-20260917.htm"
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        "exclusions": "Interim draws and repayments, future financing and finance leases excluded. Remaining H2 2026 principal excluded."
      },
      {
        "ticker": "NBIS",
        "name": "Nebius",
        "basis": "Calendar years; known convertible redemption amounts after August exchange and issuance; no further conversion",
        "labels": [
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          "2030",
          "2031",
          "2032",
          "2033",
          "2034"
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        "principal": [
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          2.1,
          2.875
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        "source_urls": [
          "https://www.sec.gov/Archives/edgar/data/1513845/000110465926094844/nbis-20260812xex99d2.htm",
          "https://www.sec.gov/Archives/edgar/data/1513845/000110465926100347/tm2623863d1_ex99-1.htm",
          "https://www.sec.gov/Archives/edgar/data/1513845/000110465926100347/tm2623863d1_ex4-1.htm",
          "https://www.sec.gov/Archives/edgar/data/1513845/000110465926100347/tm2623863d1_ex4-3.htm"
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        "exclusions": "July $775m secured facility excluded because remaining principal at its 2030 maturity is not disclosed. No further conversion, redemption or borrowing modeled."
      },
      {
        "ticker": "IREN",
        "name": "IREN",
        "basis": "Fiscal years ending June; June 30, 2026 principal schedule",
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          "FY29",
          "FY30",
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        "source_urls": [
          "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm"
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        "exclusions": "Conditional undrawn facilities and future borrowing excluded; monthly GPU amortization schedules are redacted."
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      {
        "ticker": "APLD",
        "name": "Applied Digital",
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        "labels": [
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        "exclusions": "FY27 is the remaining period after August 31, 2026. Future borrowing excluded; newer notes' amortization depends on lease commencement."
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    "model_limits": "Earnings and FCF forecasts are held fixed for these static funding sensitivities. Construction cuts affect subsequent earnings. Financing-wall and debt-wall charts are separate and must not be summed across fiscal/calendar bases."
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      "capex_earnings_coverage": "(EBITDA - forecast interest expense) / capex",
      "missing_interest": "Conventional interest coverage remains null. For capex earnings coverage only, use zero interest to calculate an upper bound.",
      "interest_basis": "Reported expense forecast; cash interest can differ because of capitalization, fees and accretion."
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    "funding_wall_basis": "Forecast negative FCF plus CoreWeave's June 30 scheduled principal. Peer principal and amortization of future borrowings excluded from this minimum aggregate wall. Opening cash and committed drawable funding not netted.",
    "funding_scenario_basis": "Total usable cash, committed financing and new capital meets this fraction of gross cash requirements. Customer advances already assumed in FCF are not added again. Hold baseline FCF constant.",
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        "exclusions": "Interim draws and repayments, future financing and finance leases excluded. Remaining H2 2026 principal excluded."
      },
      {
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        "basis": "Calendar years; known convertible redemption amounts after August exchange and issuance; no further conversion",
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        "exclusions": "July $775m secured facility excluded because remaining principal at its 2030 maturity is not disclosed. No further conversion, redemption or borrowing modeled."
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        "basis": "Fiscal years ending June; June 30, 2026 principal schedule",
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        "exclusions": "Conditional undrawn facilities and future borrowing excluded; monthly GPU amortization schedules are redacted."
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        "exclusions": "FY27 is the remaining period after August 31, 2026. Future borrowing excluded; newer notes' amortization depends on lease commencement."
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    "model_limits": "Earnings and FCF forecasts are held fixed for these static funding sensitivities. Construction cuts affect subsequent earnings. Financing-wall and debt-wall charts are separate and must not be summed across fiscal/calendar bases.",
    "charts": {
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        "description": "Separate calendar/fiscal principal schedules; Nebius is convertible cash redemption only. Exclusions and schedule bases remain in chart_model.json.",
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