CoreWeave earnings call, key NEW data points:
→ A100 contracts are being signed through 2029, showing even 2020-gen GPUs still have economic value.
→ New contracts are coming in at 5–10 pts higher contribution margins than recent contracts.
→ CoreWeave raised pricing by ~25% across SKUs in July, after Q2 margins had already improved.
→ Vera Rubin is driving a large part of the 5–10 pt margin improvement on new contracts.
→ Managed inference ARR jumped from ~$1M to $100M+ in one quarter, with $250M+ expected by YE 2026.
→ Storage, CPU, networking and software have already reached $400M+ ARR.
→ >50% of the $104.2B backlog is already delivering, expected to reach >2/3 by year-end.
→ CoreWeave activated 300+ MW in June alone, more than it had ever activated in an entire quarter before.
→ CoreWeave has 4.2 GW contracted power + 1.5 GW+ of powered land/options/LOIs.
→ 1 GW+ of contracted power is international, including 360 MW in Indonesia.
→ Weighted-average debt cost fell ~300 bps YoY, worth roughly $1.1B in annualized interest savings.
→ New financing enables 2–3 year enterprise contracts, which management says typically carry higher ASPs and margins.