Michael Intrator

It pays the power bill.

It pays the interest in the principal.

It pays the interest in the principal.

And then whatever's left flows back to us, right?

And then whatever's left flows back to us, right?

And so it is an incredibly well-structured, time-tested, pressure-tested vehicle to be able to borrow money against client paper and all of the other

And so it is an incredibly well-structured, time-tested, pressure-tested vehicle to be able to borrow money against client paper and all of the other

collateral around the deal, which is why CoreWeave, which is a company that many people haven't ever heard of, was able to go out and raise $35 billion in 18 months to build infrastructure at scale.

collateral around the deal, which is why CoreWeave, which is a company that many people haven't ever heard of, was able to go out and raise $35 billion in 18 months to build infrastructure at scale.

But what's important to understand is the economics in this box are such that within two and a half years of a five-year deal, we have paid for everything.

But what's important to understand is the economics in this box are such that within two and a half years of a five-year deal, we have paid for everything.

The principal's been paid off.

The principal's been paid off.

The principal has been paid off.

The principal has been paid off.

The interest has been paid off.

The interest has been paid off.

The return into the box is such that we are able to generate returns to our company at the box level, which gives the most sophisticated lenders in the world, whether it's banks or private equity funds or whoever, confidence that they're going to

The return into the box is such that we are able to generate returns to our company at the box level, which gives the most sophisticated lenders in the world, whether it's banks or private equity funds or whoever, confidence that they're going to

be able to achieve the one rule of lending, which is give me my money back.