Maturity wall
Measures · Source · Limitations
Measures: facility principal bucketed by maturity year from the hand-curated registry, split bullet vs amortizing/installment. Hatched = amortizing facilities with no disclosed schedule (full principal shown at maturity until two registry snapshots allow a paydown estimate). Diamonds = the company’s own filed aggregate principal-payment schedule (10-Q Note 10), which allocates amortization to the years it is actually paid.
Source: CRWV Q1-2026 10-Q (filed 2026-05-08) + post-quarter 8-Ks; all figures verified against filings.
Limitations: registry buckets show contractual maturities, not paydown timing; EUR notes excluded from USD totals until a company-reported USD figure exists.
Capital stack
Measures · Source · Limitations (table view below)
Measures: outstanding principal per facility, ordered senior-secured → convertible,
with book equity appended. Market cap renders only when an operator-entered crwv_market_cap
manual series exists (no live feeds).
Source: registry (10-Q Note 10) + events (8-Ks). Dashed-border bars are secondary-sourced stubs.
Limitations: book equity is not a recovery estimate; contractual spreads not restated in the 10-Q are shown as effective rates.
Fixed / floating & hedge
Measures · Source · Limitations
Measures: principal by rate type; interest-rate swap notional designated as accounting hedges (derivatives footnote) shown against floating+mixed exposure.
Source: Q1-2026 10-Q Notes 3 & 10.
Limitations: DDTL 4.0 is mixed (~$4.5B floating / ~$4.0B fixed commitments); its drawn split is undisclosed, so the full balance sits in “mixed”. Hedge share compares swap notional to floating+mixed principal, not to drawn floating alone.
Leverage & coverage house definitions
Measures · Source · Limitations
Measures: house EBITDA = GAAP operating income + D&A. Cash interest = contractual interest (gross of capitalization, per the verified tag basis). Leverage on LTM and annualized-latest-quarter EBITDA — annualized is the honest metric for hypergrowth quarters but is flagged as such.
Source: SEC XBRL companyfacts (point-in-time snapshot) + registry.
Limitations: company-adjusted EBITDA is not used anywhere; no cross-entity comparison until Phase 2+ entities land.
Liquidity runway
Measures · Source · Limitations
Measures: cash & equivalents plus undrawn revolver capacity vs the company-filed principal payments due (remaining 2026 and 2027).
Source: Q1-2026 10-Q (balance sheet, Note 10 schedule, MD&A undrawn availability).
Limitations: excludes future operating cash flow and undrawn DDTL capacity (conditions-based); committed capex shown as context only. Pro-forma cash effects of post-quarter issuances are not estimated — only debt balances fold forward.
Contract coverage & lease-inclusive view
Measures · Source · Limitations
Measures: gross debt / RPO (contracted-revenue backing per dollar of debt); funded debt shown next to lease obligations — never merged into one number.
Source: XBRL RPO tag; Note 8 (leases); hand-entered leases-not-yet-commenced (narrative-only in the filing, primary quality).
Limitations: not-yet-commenced leases are undiscounted future payments while balance-sheet lease liabilities are present values; RPO definitions differ across entities (labeled per entity when Phase 2+ lands).
Off-balance-sheet & pre-debt watch
Measures · Source · Limitations
Measures: (1) pre-debt pipeline — liabilities for property & equipment additions (incl. OEM-financed) that typically get reclassified into debt once vendor financing is papered; a growing balance is debt the Note-10 table doesn’t show yet (watch flag: >25% growth and >$250M). (2) unconsolidated JV/VIE obligations — commitments to entities whose project debt is off the balance sheet. (3) financing obligations outside the debt table — e.g. failed-derecognition asset sales sitting in other liabilities.
Source: XBRL cash-flow supplement (automated) + hand-curated entries from the VIE, related-party and DCSP footnotes; all primary quality.
Limitations: the pre-debt comparative is the period the filer discloses (CRWV: year-ago quarter, not sequential). JV exposure components are maximums, not expected values, and exclude the JV’s own third-party debt, which is undisclosed. None of these amounts are added into gross debt or leverage — they are rendered alongside, per the no-blending rule.