CoreWeave’s 3.5 GW contracted power and its $99.4B backlog are two different books. Management says it has already secured sufficient power capacity to deliver on the 2027 target. The 2027 power is spoken for by the 2027 revenue target that is three-quarters pre-sold. This increase reflects investments in the 2027 capacity that will come online early next year. 2027 capacity is being sold in 2026.