Deutsche Bank: "CoreWeave no doubt will need additional capital to fund existing backlog over the next 12-18 months," with NTM operating cash flow of ~$10 billion against required capex of $45 billion.

That is a $35 billion funding gap: if even half of it had to be raised at the ~15% where CoreWeave's unsecured bonds now trade, the extra interest bill would be roughly $2.6 billion a year, more than the entire $2.1 billion loss analysts expect CoreWeave to post this year.

Or it could just sell more stock