CoreWeave’s aggressive expansion in GPU-accelerated AI cloud infrastructure continues to drive strong customer demand, with its revenue backlog exceeding $104 billion and recent short-term contracts signed at approximately $40 million per megawatt annualized. The company raised substantial capital in 2026, including a fresh $3 billion convertible senior notes offering due 2033 and an at-the-market equity program for up to 35 million shares, to fund further buildout amid contracted power capacity reaching 4.2 gigawatts. While total debt stands near $35.6 billion and quarterly interest expense runs $860–940 million, liquidity remains supported by cash and credit facilities, and Nvidia-backed growth metrics show no near-term default signals. Traders appear to view bankruptcy risk as remote given the backlog conversion potential and ongoing access to capital markets, though dilution from new issuances and execution on capacity ramp remain key watchpoints ahead of the next earnings update.