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Nvidia Deal Gives CoreWeave a $6.3 Billion Utilization Backstop Through 2032

The guarantee reduces utilization risk by committing Nvidia to purchase any idle capacity if CoreWeave cannot fully place it with customers.

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Overview

  • CoreWeave disclosed in an SEC filing that Nvidia is obligated to buy residual unsold data‑center capacity through April 2032, providing a multiyear revenue floor.
  • Management says growth is constrained by limited supply, with demand outpacing capacity and a reported contractual backlog of about $30.1 billion.
  • CoreWeave’s customer roster includes Meta and Microsoft, and reporting indicates its agreement with OpenAI totals roughly $22.4 billion following an expansion.
  • For Q2 2025, revenue tripled year over year to about $1.21 billion with reported 62% EBITDA margins, reflecting strong pricing and GPU cloud demand.
  • Analysts have turned more positive, including a Sept. 23 upgrade from Melius to Buy with a $165 target, while noting risks from high valuation, cash burn, leverage and potential dilution tied to prior deals.