AI infrastructure financing collides with power, utilization, and returns

CoreWeave’s reported $3.66B revenue growth and $132.5B backlog sit alongside a $709M loss, $846M interest expense, and reports of customer prepayments, contract-backed borrowing, shorter contracts, and bond yields above 15%. Renewals, margins, funding costs, power, utilization, and durable customer commitments remain central tests; Fractile’s pre-product inference-chip bet remains commercially and technically unproven.