Chapter 1: What is the main topic discussed in this episode?
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Subject to credit approval, Apple Card issued by Goldman Sachs Bank USA, Salt Lake City branch. Terms and more at applecard.com. Bloomberg Audio Studios. Podcasts, radio, news. Let's get to the CEO of CoreWeave now. Michael Intrater joins us. You've just had a $21 billion deal announced with Meta yesterday. You have Anthropic today, Michael.
What does this mean for your investors in terms of the clarity of revenue growth coming forward?
Yeah, first of all, good afternoon. Thank you for having me. But it has been a unique couple of weeks for us here because not only have we really made tremendous progress with the likes of Meta and Anthropic, but we've also had tremendous overwhelming success in the capital markets as we continue to build the funding mechanisms to be able to ensure that we are able to execute on our
roadmap for growth.
Let's talk about those funding mechanisms, because you're looking at unique ways to be able to get access to credit lines by using basically the power of your customer, the fact that Meta is the one that's coming to you for the compute and the strength there. You're also tapping, though, well, convertible notes was what was issued yesterday, as well as bonds. We're seeking billions of that.
How much more debt are you going to have to take on to fuel the growth?
So, you know, we've been very creative about how we kind of look at the capital markets, making sure that we can execute on our plan in the most cost effective way. And so, you know, we issued $8.5 billion worth of bonds
at a minus of a minus paper because of the quality of our counterparties and you know that was a tremendous reduction in our weighted average cost of capital and then we came back yesterday we did the largest dual offering ever And that was both the convertible note that we issued as well as a tranche of high yield, really positioning us well for the capital requirements.
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Chapter 2: What recent deal did CoreWeave announce and what does it mean?
It's the first time that they've used somebody out of one of their core investors. And they came to us because of the quality of the infrastructure and the software solutions that we provide. And so, you know, we just think it's an incredible vote of confidence from one of the most
And we think that it's going to be a launchpad for additional business between us and them, just as every other client that we've brought on, really all the major clients. They come on, they do a contract with us, and it's a land and expand strategy for both parties. We really build from that into a very broad-based relationship where we become an integral part of their infrastructure strategy.
Let's talk about Mythos. Does the slow unveil of the model to unique partners, does that signal an issue with compute?
So, look, you know, the strategy that Anthropic is using to, you know, as they kind of bring their products to market is really, you know, it's their strategy. You know, our job in this ecosystem is to provide as much infrastructure at the highest quality that we can. Right. And they came to us.
They engaged us because they have demand for compute because of the wonderful products that they are bringing to market. And that's, you know, being anthropogenic. you know, universally. And, you know, our role in this is really to go ahead and to deliver the infrastructure that these companies are going to need and currently need to be able to successfully deliver their product to market.
That's what our role is we do.
Michael, I'm fascinated by the global perspective you have here, because the geopolitical environment that we live in at the moment means that energy prices are driving up, particularly over in Europe and the UK.
OpenAI, we have reporting that they're pulling back on their Stargate project in the UK because energy is getting too expensive, and yet they're going out to their investors and saying, look, we're ahead of the game, we're ahead of Anthropic because of our compute that we have. What are you seeing in terms of people trying to rearrange where their compute is accessed from?
Yeah, look, you know, the way I kind of view it, my background really is within the commodity space, is that people are going to be very thoughtful about managing the cost of delivering infrastructure. And some of that is going to come from the energy side. It's going to be, hey, where can we get electrons that are effectively priced so that we can continue to drive our company?
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Chapter 3: How is CoreWeave securing funding for growth?
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