CoreWeave CEO Addresses Data-Center Delay, Supply Chain and Nvidia

Oh, so look, I think it's important to understand that every single part of this ecosystem is dependent upon other parts of the ecosystem. Nobody controls the entire supply chain. And that's just the nature of doing business at this scale on projects that are as complicated as whether it's the design and architecture of the chips, through the fabrication of the chips, through the building of the data center, through the concrete that has to go into the data center. It's really hard to even contemplate a world in which you have true control over every aspect of it. And so you're going to work with partners, good partners that are able to help you drive your business forward.

Yeah, look, they are a good partner. We've been working with these guys since 2008. There has been a stumble, there's an issue. The issue is going to be cleaned up rapidly, but I wouldn't say that they're not a good partner. We've gone back and contracted with them again and again, and they've contracted with us again and again because we do work well together. It's just occasionally you hit a bump in the road. What we're talking about here is a contract that gets pushed back by one quarter, and the impact of that on our revenue is a delay of revenue, not a loss of revenue. And I think that is the definition of working with an ecosystem of good partners.

We don't speak to specific customers within the data centers. That's not how we look at it. But we really are working with a material part of the broader ecosystem that consumes compute at this scale. So this is a large project from a large counterpart, and they understand the impact of this delay. They are shifting with us the contract back to ensure that the total contract value that was being contemplated is going to be captured at this rate.

Listen, that is the question that we work on across our company continuously. If you think about the messages that I was trying to communicate during the earnings call yesterday, I talked about the incredible impact of the effort that we've had to diversify our clients. We started the year with 85% of our revenue to a single client, and we are coming out of the year with our backlog which has reached all time highs where no specific client is more than 35% of it, and that is down from 50% even last quarter. So you're seeing tremendous progress on the contracting side. On the supply side, when you're looking at the power channels, the data center providers, there is no single provider of data centers that represents in excess of 20% of our 2.9 gigawatts of power that we will be delivering to the market over the next 24 months. So you're seeing a real focus by our company to diversify on both sides of the ledger, the clients that we are delivering infrastructure to, as well as the suppliers that are delivering us the components that we need to be successful.