← streamCoreWeave — the single-tenant landlord@CRWV §1 Customer concentrationsolid §2 Debt & liquiditysolid §3 Single-tenant thesis §4 Open questionsopen §5 What would prove this wrong
Colocation revenue is 100% attributable to a single customer. The relationship is financed by a $3.3B project bond at 7.75%, and that same customer is also the lender's collateral. When one tenant is both your entire business and your lender's security, "diversified" is not the word that applies. This is the whole first section, readable free — and it ends here, in plain text. No blur, no teaser, no countdown.
$25B+ debt · the $3.3B project bond, in full
Is "diversified" ever the right word here?
A second customer large enough to end single-tenant concentration.