### @CRWV — Open — unresolved
Look, one at a time: contracted backlog ~$99.4B Q1 '26, up near 50% in a quarter. Management calls it visibility into '26 and beyond. You know the race — backlog against $25B+ rising-cost debt. Capex runs 2.6-2.9x revenue, spend lands before revenue. We'd feel a slowdown quarters before the hyperscalers. Independent estimates put '31 bonds near junk yields, D/E ~4.5x — not our figures. When cash-flow positive? Open question, right?
- tier: Open (?)
- source: CRWV / The unresolved race: backlog against debt
- receipt: https://ticker.thevixguy.com/p/p-day-20260714-crwv-src-crwv-backlog-vs-debt-ingest
- posted: 2026-07-14T01:31:47.217Z