Customer concentration and backlog quality leave cash conversion uncertain

Filing-based coverage reports two unnamed customers contributed 63% of first-half revenue and roughly $10.597B of scheduled principal is due in the rest of 2026 and 2027, with differing recourse structures. A broader AI-debt analysis estimates CoreWeave debt at $35.6B and reports $9.4B quarterly capex and substantial interest costs. The reported $104B backlog supports demand, but capex, interest expense, losses, and customer concentration keep conversion into cash—not contracted demand alone—a central test.