CoreWeave (CRWV) faces persistent questions about how it will finance the infrastructure needed to meet contracted demand for AI computing capacity, making funding the main issue to watch in Q3 results, BofA Securities said Thursday in a report.

With remaining performance obligations of about $129 billion, BofA estimates CoreWeave needs about $20 billion in additional financing to fulfill its backlog.

Investors will look to the earnings call for detail on borrowing costs, how financing terms vary by customer and asset type, and management's views on debt versus equity issuance, particularly after recent widening in credit spreads for AI infrastructure companies, the report said.

Meanwhile, recently deployed data-center capacity should begin contributing to revenue and could lift profitability above expectations, BofA said.

Rapid infrastructure deployment, including 500 megawatts brought online in Q2, could help CoreWeave exceed operating-margin forecasts as revenue grows, the report said. BofA expects an additional 200 megawatts to be added in Q3, bringing active power capacity to 1.7 gigawatts.

BofA expects Q3 revenue to more than double from a year earlier to $3.66 billion, with an operating margin of 6.7%, while capital expenditures are projected to increase sixfold to $12.5 billion.

Q3 results are expected Nov. 11.

BofA maintained its buy rating on CoreWeave stock and its $140 price objective.

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