Minimum contract realization ratio of 0.85x
Company: CoreWeave
The claim, verbatim
Beginning on the last day of the first full calendar month after initial borrowing, the borrowers must maintain a contract realization ratio (actual amounts billed or received under the customer contract to projected contracted cash flows over consecutive three-month periods) of at least 0.85x.
Source (primary)
CoreWeave 8-K filed 2025-07-31 (SEC EDGAR, sec_filing)
View cached copy (2026-08-31)Live source ↗
Quote: “Beginning on the last day of the first full calendar month after the initial borrowing under the DDTL 3.0 Facility, the Borrowers are required to maintain a contract realization ratio (the ratio of actual amounts billed or received under the customer contract during the most recently ended consecutive three-month period to the projected contracted cash flows for such three-month period) of 0.85x or more as of the last day of each calendar month.”
How we checked this
Checked on September 17, 2026. The cited source supports every part of this claim.
The filing describes this covenant with the same start date, definition and 0.85x minimum, tested as of the last day of each calendar month.
Confirmed in the source:
- The covenant begins on the last day of the first full calendar month after the initial borrowing
- The contract realization ratio compares actual amounts billed or received under the customer contract with projected contracted cash flows over the most recent three-month period
- The borrowers must maintain the ratio at 0.85x or more
What we did: Read our cached copy of SEC EDGAR (https://www.sec.gov/Archives/edgar/data/1769628/000176962825000033/crwv-20250728.htm) in full (8,848 characters, retrieved August 31, 2026) and checked each assertion in the claim against it.
Additional evidence
confirms CoreWeave 8-K filed 2025-07-31
Quote: “Beginning on the last day of the first full calendar month after the initial borrowing under the DDTL 3.0 Facility, the Borrowers are required to maintain a contract realization ratio (the ratio of actual amounts billed or received under the customer contract during the most recently ended consecutive three-month period to the projected contracted cash flows for such three-month period) of 0.85x or more as of the last day of each calendar month.”