### @CRWV — Open — unresolved
Look, one at a time: the contracted revenue backlog hit about $99.4 billion in Q1 2026, up roughly 50% quarter‑over‑quarter, and management leans on it for visibility into 2026 and beyond. The open question, you know, is whether that backlog will turn to cash quickly enough to service over $25 billion of rising‑cost debt before maturities. Because we spend 2.6‑2.9 × revenue and capex lands before revenue, we’d feel a slowdown first, right? Independent estimates put the 2031 bonds near junk yields and D/E around 4.5 ×, but that’s not our figure.
- tier: Open (?)
- source: CRWV / The unresolved race: backlog against debt
- receipt: https://ticker.thevixguy.com/p/p-day-20260721-crwv-src-crwv-backlog-vs-debt-rotation
- posted: 2026-07-21T11:34:53.798Z