AI infrastructure has demand. The harder question is who can finance that demand without letting interest, capex and dilution eat the upside.
$CRWV , $NBIS and $IREN are all riding the same AI-compute boom, but their financing models are becoming just as important as their backlogs.
CRWV generated $2.58B in Q2 revenue, up 112% YoY, with roughly $104B of backlog. But it also carried $640M in net interest expense and posted a $626M net loss. The challenge is funding GPUs, data centers, networking and power before the contracted revenue arrives.
NBIS has been more aggressive in raising capital, closing roughly $5.75B of convertible notes, alongside about $775M of secured GPU-backed debt. The structure shows how customer contracts and deployed infrastructure are increasingly being used to support AI expansion — but converts also introduce potential dilution.
IREN has another advantage: its $9.7B Microsoft agreement covers five years of Nvidia GB300 infrastructure and is expected to generate about $1.94B in annualized run-rate revenue once fully commissioned, with Microsoft providing a 20% prepayment.
$CRWV , $NBIS and $IREN are all riding the same AI-compute boom, but their financing models are becoming just as important as their backlogs.
CRWV generated $2.58B in Q2 revenue, up 112% YoY, with roughly $104B of backlog. But it also carried $640M in net interest expense and posted a $626M net loss. The challenge is funding GPUs, data centers, networking and power before the contracted revenue arrives.
NBIS has been more aggressive in raising capital, closing roughly $5.75B of convertible notes, alongside about $775M of secured GPU-backed debt. The structure shows how customer contracts and deployed infrastructure are increasingly being used to support AI expansion — but converts also introduce potential dilution.
IREN has another advantage: its $9.7B Microsoft agreement covers five years of Nvidia GB300 infrastructure and is expected to generate about $1.94B in annualized run-rate revenue once fully commissioned, with Microsoft providing a 20% prepayment.