CoreWeave, Inc. —424B4 最终招股说明书（IPO）

招股说明书摘要 Prospectus Summary

本摘要重点介绍本招股说明书其他部分详细列示的部分信息。本摘要并不包含您在投资我们的 A 类普通股之前应考虑的全部信息。本摘要包含涉及风险和不确定性的前瞻性陈述。在投资我们的 A 类普通股之前，您应完整仔细阅读本招股说明书，包括“风险因素”“管理层对财务状况和经营成果的讨论与分析”“关于前瞻性陈述的特别说明”等章节，以及本招股说明书其他部分所载我们的合并财务报表及附注，然后再作出投资决策。

This summary highlights selected information that is presented in greater detail elsewhere in this prospectus. This summary does not contain all of the information you should consider before investing in our Class A common stock. This summary contains forward-looking statements that involve risks and uncertainties. You should carefully read this prospectus in its entirety before investing in our Class A common stock, including the sections titled “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Special Note Regarding Forward-Looking Statements,” and our consolidated financial statements and the accompanying notes included elsewhere in this prospectus before making an investment decision.

概览 Overview

CoreWeave 为驱动创新的智能的创造与交付提供算力支持。

CoreWeave powers the creation and delivery of the intelligence that drives innovation.

我们是驱动 AI 革命的 AI HyperscalerTM。1 我们的 CoreWeave 云平台由我们的专有软件和云服务组成，提供大规模管理复杂 AI 基础设施所需的软件和软件智能。我们的平台支持突破性模型的开发与使用，以及下一代 AI 应用的交付，这些应用正在改变全球各地人们的生活和工作方式——我们的平台受到一些全球领先的 AI 实验室和 AI 企业的信赖，包括 Cohere Inc.（“Cohere”）、International Business Machines Corporation（“IBM”）、Meta Platforms, Inc.（“Meta”）、Microsoft Corporation（“Microsoft”）、Mistral AI SAS（“Mistral”）、NVIDIA Corporation（“NVIDIA”）和 OpenAI OpCo, LLC（“OpenAI”）。

We are the AI HyperscalerTM driving the AI revolution.1 Our CoreWeave Cloud Platform consists of our proprietary software and cloud services that deliver the software and software intelligence needed to manage complex AI infrastructure at scale. Our platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications that are changing the way we live and work across the globe—our platform is trusted by some of the world’s leading AI labs and AI enterprises, including Cohere Inc. (“Cohere”), International Business Machines Corporation (“IBM”), Meta Platforms, Inc. (“Meta”), Microsoft Corporation (“Microsoft”), Mistral AI SAS (“Mistral”), NVIDIA Corporation (“NVIDIA”), and OpenAI OpCo, LLC (“OpenAI”).

我们相信 AI 是技术创新的下一个前沿，推动生产力和效率提升，并在几乎每个行业和组织中催生新的商业模式。根据 IDC 的数据，到 2030 年，AI 将产生累计 20 万亿美元的全球经济影响，占全球 GDP 的 3.5%。始于 2000 年代的云革命所依赖的通用云基础设施，是为托管网站、数据库和 SaaS 应用而构建的，这些应用的需求与 AI 的高性能要求有着根本不同。随着工作负载和技术的发展，为其提供支持的云基础设施、云软件和服务也必须随之演进。我们相信我们正处于一个将驱动 AI 革命的新云时代的起点。专为 AI 构建的云平台（包括基础设施和集成软件）所面临的机遇是巨大的。根据 Bloomberg Intelligence 的市场研究，到 2028 年，AI 推理/微调、AI 工作负载监控和训练基础设施（包括 AI 服务器、AI 存储、训练算力、云工作负载和网络）的总支出将达到约 $399 billion。为充分释放 AI 的潜力，需要一个专为 AI 构建的云平台，以高效、自动化且高性能的方式提供基础设施和托管云服务。CoreWeave，即 AI HyperscalerTM，应运而生。

We believe AI is the next frontier for innovation in technology, driving productivity and efficiency gains and enabling new business models in nearly every industry and organization. According to IDC, AI will generate a cumulative global economic impact of $20 trillion, or 3.5% of global GDP, by 2030. The generalized cloud infrastructure that drove the cloud revolution beginning in the 2000s was built to host websites, databases, and SaaS apps that have fundamentally different needs than the high performance requirements of AI. As workloads and technologies evolve, so too must the infrastructure and cloud software and services that power them. We believe we are at the start of a new cloud era that will drive the AI revolution. The opportunity for a purpose-built AI cloud platform, including the infrastructure and integrated software, is massive. Based on market research from Bloomberg Intelligence, total spending on AI inference/fine-tuning, AI workload monitoring, and training infrastructure, including AI servers, AI storage, training compute, cloud workloads, and networking, will reach approximately $399 billion by 2028. For AI to reach its full potential, it needs a purpose-built AI cloud platform with infrastructure and managed cloud services that are delivered in an efficient, automated, and highly performant way. Enter CoreWeave, the AI HyperscalerTM.

我们专门打造了 CoreWeave 云平台，使其成为面向 AI 的基础设施与应用平台。我们的平台以超大规模管理着最先进基础设施的工程构建、组装、运行与监控的复杂性，从而为 AI 工作负载交付高性能与高效率。借助我们专有的软件能力，我们使客户能够在现有基础设施云环境中，相较于其他 AI 产品实现显著更高的整体系统性能和更有利的正常运行时间，并释放规模化速度。通过向 AI 工作负载交付更多算力周期，从而缩短训练模型所需的时间，我们的能力可以显著加快客户在持续白热化的竞赛中构建下一代前沿 AI 模型的解决方案交付时间。例如，2023 年 6 月，我们的 NVIDIA H100 Tensor Core GPU 训练集群在十一分钟内完成了 MLPerf 基准测试（该测试衡量系统从零开始训练模型的速度）——创下纪录，且在该基准测试进行时比次优竞争对手快 29 倍。

We purpose-built our CoreWeave Cloud Platform to be the infrastructure and application platform for AI. Our platform manages the complexity of engineering, assembling, running, and monitoring state-of-the-art infrastructure at a massive scale to deliver high performance and efficiency to AI workloads. Through our proprietary software capabilities, we enable our customers to achieve substantially higher total system performance and more favorable uptime relative to other AI offerings within existing infrastructure cloud environments and unlock speed at scale. By delivering more compute cycles to AI workloads and thereby reducing the time required to train models, our capabilities can significantly accelerate the time to solution for customers in the ongoing hyper-competitive race to build the next bleeding-edge AI models. For example, in June 2023, our NVIDIA H100 Tensor Core GPU training cluster completed the MLPerf benchmark test (which benchmarks how quickly a system can train a model from scratch) in eleven minutes—a record and 29 times faster than the next best competitor at the time of the benchmark test.

1 · 基于我们凭借平台、解决方案和服务的规模与能力对 AI 云计算的独家专注（相较于竞争的超级云服务商），以及我们与领先 AI 实验室和 AI 企业建立的客户关系，这使我们处于能够率先体验并解决 AI 云计算行业大规模所面临挑战的阵营之中。

1 · Based on our exclusive focus on AI cloud computing at the scale and with the capabilities of our platform, solutions, and services as compared to competing hyperscalers and our customer relationships with leading AI labs and AI enterprises, which position us to be among the first to experience and solve the challenges facing the AI cloud computing industry at scale.

这些效率优势还从训练延伸至推理用例，因为我们的 CoreWeave 云平台显著提升了推理工作负载的运行效率，并实现了整体更高的 AI 应用正常运行时间。这些性能提升有助于确保更低的性能调整后成本和更优的终端用户体验。我们为支撑平台而构建的超级计算机经过优化，可支持多种类型的 AI 工作负载，并通过我们的云服务套件得到增强，借助我们的编排、自动化和监控能力为客户带来显著的时间与成本节约。

These efficiencies also extend from training to inference use cases, as our CoreWeave Cloud Platform significantly improves both run-time efficiency for inference workloads and enables overall higher AI application uptime. These performance gains help to ensure lower performance-adjusted costs and a superior end-user experience. The supercomputers we build to power our platform are optimized to support many types of AI workloads, and they are augmented by our suite of cloud services to deliver meaningful time and cost savings to customers through our orchestration, automation, and monitoring capabilities.

我们这支多学科、以客户为中心的团队拥有经过验证的能力，能够构思、设计并实施解决方案，以解决推进 AI 过程中最复杂的工程挑战。我们聘用的人才有助于贡献并维护一种以解决最复杂的 AI 基础设施扩展、性能和可靠性挑战为核心的文化。

Our multidisciplinary, customer-centric team has a proven ability to conceptualize, design, and implement solutions to solve the most complex engineering challenges in the pursuit of furthering AI. We hire individuals who help contribute to and maintain a culture centered around solving the most complex AI infrastructure scaling, performance, and reliability challenges.

客户通过一套云服务使用我们的平台，这些服务包括基础设施服务、托管软件服务和应用软件服务，全部由我们的 Mission Control 和可观测性软件增强。我们全面且集成的云服务作为一个套件协同工作，交付最先进的算力、网络和存储。这些服务支持基础设施的配置、工作负载的编排，以及对客户训练和推理环境的主动监控，从而提升性能并最大限度减少中断。

Customers utilize our platform through a set of cloud services comprising Infrastructure Services, Managed Software Services, and Application Software Services, all augmented by our Mission Control and Observability software. Our comprehensive and integrated cloud services work together as a suite to deliver state-of-the-art compute, networking, and storage. These services enable the provisioning of infrastructure, the orchestration of workloads, and the proactive monitoring of our customers’ training and inference environments to increase performance and minimize interruptions.

我们的 CoreWeave 云平台托管于我们自有的分布式数据中心网络中，这些数据中心为主动运营的专用数据中心，通过低延迟连接与主要大都市区互联，并配备最先进的数据中心网络设备、增强的电力接入能力，以及在适当情况下采用最新的液冷技术。截至 2024 年 12 月 31 日，我们的 32 个数据中心共运行超过 250,000 块 GPU，并由超过 360 MW 的主动电力支持。截至 2024 年 12 月 31 日，我们的总签约电力约达 1.3 GW，我们预计将在未来几年内逐步部署。

Our CoreWeave Cloud Platform is hosted in our distributed network of active purpose-built data centers that are interconnected using low latency connections to major metropolitan areas, and incorporate state-of-the-art data center networking equipment, enhanced access to power and, where appropriate, the latest liquid cooling technologies. As of December 31, 2024, our 32 data centers were running more than 250,000 GPUs in total, and were supported by more than 360 MW of active power. Our total contracted power extends to approximately 1.3 GW as of December 31, 2024, which we expect to roll out over the coming years.

我们受益于与领先芯片制造商、原始设备制造商（“OEM”）和软件提供商的稳固合作，由他们向我们供应基础设施组件及其他产品。我们在快速扩充电力容量方面拥有经过验证的良好记录，以支持我们数据中心版图的增长以及我们的一系列托管云服务。我们实施精细的融资策略，并通过使用资产支持债务高效地为额外算力容量的开发提供融资，截至 2024 年 12 月 31 日已累计筹集债务承诺总额 $12.9 billion，以支持我们平台的开发。

We benefit from robust collaborations with leading chipmakers, original equipment manufacturers (“OEMs”), and software providers to supply us with infrastructure components and other products. We have a proven track record of rapidly expanding our power capacity to support the growth of our data center footprint along with our collection of managed cloud services. We deploy a sophisticated financing strategy and have efficiently financed the development of additional compute capacity through the use of asset-backed debt, having raised total commitments of $12.9 billion in debt through December 31, 2024 to support the development of our platform.

我们的客户包括一些全球领先的 AI 实验室和 AI 企业——即 AI 的构建者和集成者——他们依赖我们的平台来支撑其核心产品和最具前景的创新。我们在整体性能、上市时间和降低总拥有成本方面为客户带来显著效益，这使我们的客户作出大额、长期的初始承诺，并随着时间推移扩大与我们之间的承诺。我们目前绝大部分收入来自多年期承诺合同，即客户在合同期内以照付不议的方式购买对我们平台的访问权。我们也通过按需付费模式按需销售对我们平台的访问权。截至 2024 年 12 月 31 日，我们的剩余履约义务为 $15.1 billion，较截至 2023 年 12 月 31 日的 $9.9 billion 增长 53%。Microsoft 是我们截至 2023 年 12 月 31 日和 2024 年 12 月 31 日止年度的最大客户，将我们截至 2024 年 12 月 31 日的 RPO 余额 $15.1 billion 与本文所述我们近期与 OpenAI 签署的主服务协议项下最高 $11.55 billion 的未来收入相加后，其占我们预期未来承诺合同收入的比例将低于 50%。

Our customers include some of the world’s leading AI labs and AI enterprises—the builders and integrators of AI—who depend on our platform for their core products and most promising innovations. We deliver significant benefits to our customers in terms of overall performance, time to market, and reduced cost of ownership, which results in our customers making large, long-term initial commitments and expanding those commitments with us over time. The vast majority of our revenue today is from multi-year committed contracts, whereby a customer purchases access to our platform over the contract term on a take-or-pay basis. We also sell access to our platform on an on-demand basis through a pay-as-you-go model. As of December 31, 2024, we had $15.1 billion of remaining performance obligations reflecting an increase of 53%, from $9.9 billion as of December 31, 2023. Microsoft, our largest customer for the years ended December 31, 2023 and 2024, will represent less than 50% of our expected future committed contract revenues when combining our RPO balance of $15.1 billion as of December 31, 2024 and up to $11.55 billion of future revenue from our recently signed Master Services Agreement with OpenAI, as described herein.

我们能够将客户自行组装、管理和部署此类基础设施所面临的复杂性抽象化，这使我们成为关键合作伙伴，并带来长期、持久的关系，且这些关系具有随时间推移而扩展的潜力。作为佐证，截至 2024 年 12 月 31 日，按总合同价值（“TCV”）计，我们前五大承诺合同客户中有三家在各自初始购买日期后的 12 个月内签署了额外容量协议。这些协议在各自自初始签署日期起的 12 个月期间内计量，代表承诺支出累计增加约 $7.8 billion，约为初始合同价值的 4x。我们与客户的深厚关系是一项竞争优势，而我们在高性能技术方面率先进入市场的过往记录让客户对选择 CoreWeave 充满信心。

Our ability to abstract away the complexity our customers would face in assembling, managing, and deploying this infrastructure themselves establishes us as a critical partner and leads to long-term, durable relationships that have the potential to expand over time. As evidence of this, three of our top five committed contract customers by total contract value (“TCV”) as of December 31, 2024 signed agreements for additional capacity within 12 months of their respective initial purchase dates. These agreements, measured during each respective 12-month period from the initial date of signing, represent a cumulative increase of approximately $7.8 billion in committed spend and a multiple of approximately 4x on initial contract value. Our deep relationships with customers are a competitive advantage, and our first-to-market track record with highly performant technology gives customers confidence in choosing CoreWeave.

世界上一些最具雄心的算力密集型项目由我们的平台提供支持，自成立以来我们的业务增长迅速。截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，我们的收入分别为 $16 million、$229 million 和 $1.9 billion，同比增幅分别为 1,346% 和 737%。在这些期间，我们持续投资于业务增长，以把握市场机遇。因此，截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，我们的净亏损分别为 $31 million、$594 million 和 $863 million。截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，我们的调整后净亏损分别为 $27 million、$45 million 和 $65 million。有关我们使用调整后净（亏损）收入以及净亏损与调整后净（亏损）收入调节的信息，请参见标题为“管理层对财务状况和经营成果的讨论与分析——非 GAAP 财务指标”的章节。

Some of the most ambitious compute-intensive projects in the world are powered by our platform, and our business has grown rapidly since our inception. Our revenue was $16 million, $229 million, and $1.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively, representing year-over-year growth of 1,346% and 737%, respectively. During these periods, we continued to invest in growing our business to capitalize on our market opportunity. As a result, our net loss for the years ended December 31, 2022, 2023, and 2024 was $31 million, $594 million, and $863 million, respectively. Our adjusted net loss for the years ended December 31, 2022, 2023, and 2024 was $27 million, $45 million, and $65 million, respectively. See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for information regarding our use of adjusted net (loss) income and a reconciliation of net loss to adjusted net (loss) income.

行业背景 Industry Background

AI 代表着技术的下一次重大演进，其影响可能超过以往任何一次变革性转变。它堪比一场新的工业革命，带来显著的生产率提升，催生有望从根本上重塑和改造各行各业的新产品，并帮助企业变得更加高效。

AI represents the next major evolution of technology, and its impact is potentially greater than the transformational shifts of the past. It is akin to a new industrial revolution delivering significant productivity gains, enabling new products that are poised to radically reshape and transform industries, and helping organizations become far more efficient.

#### 推动 AI 发展的需求侧与供给侧因素

#### Demand and Supply Side Factors Enabling AI

需求侧与供给侧因素的共同作用，正在推动 AI 实现大规模且前所未有的增长，并为这场新的工业革命提供动力。

A combination of demand and supply side factors is enabling the massive and unprecedented growth of AI and powering the new industrial revolution.

需求侧因素

Demand Side Factors

- AI 已取得显著进步。

- AI has advanced significantly.

- AI 正在显著改善企业和个人的成果。

- AI is significantly improving outcomes for businesses and individuals.

- AI 是各类组织的战略优先事项。

- AI is a strategic priority for organizations.

供给侧因素

Supply Side Factors

- 基础模型已广泛普及且行之有效。

- Foundational models are pervasive and effective.

- 数据量快速增长。

- The amount of data has grown rapidly.

- 基础设施已演进到能够支持 AI 工作负载。

- Infrastructure has evolved to enable AI workloads.

#### 基础设施是 AI 的关键使能因素

#### Infrastructure is the Key Enabler of AI

我们相信，专用算力基础设施是 AI 实验室和 AI 企业训练模型、大规模更快执行推理并加速其上市时间所需的关键使能要素。人们已普遍接受，算力资源（FLOPs、训练和测试时间）与模型输出质量之间存在直接关系。用于训练和托管最先进 AI 模型的算力资源已大幅增加，OpenAI、Google DeepMind 和 Meta AI 发布的最顶级模型，相较于前几代模型，通常需要指数级更多的算力才能释放性能提升。这一原则同时适用于训练和推理：它表明，可用的算力越大，模型以及构建于其上的应用就越好。为获得更强的算力能力并在 AI 领域取得成功，AI 实验室和 AI 企业需要专用算力平台，以卓越的性能和效率运行，并最大化底层基础设施的利用率。

We believe that specialized compute infrastructure is the key enabler that AI labs and AI enterprises need to train models, perform inference faster at scale, and accelerate their time to market. It has become generally accepted that there is a direct relationship between compute resources (FLOPs, training, and testing time) and model output quality. There has been a dramatic increase in the computational resources dedicated to training and hosting state-of-the-art AI models, with top models released by OpenAI, Google DeepMind, and Meta AI generally requiring exponentially greater quantities of compute compared to prior model generations to unlock performance gains. This principle applies for both training and inference: it states that the more compute power available, the better both the models and applications built on top of them become. To achieve greater compute capabilities and succeed in AI, AI labs and AI enterprises require specialized compute platforms that run at superior performance and efficiency and maximize the utilization of the underlying infrastructure.

#### 交付高性能 AI 基础设施极具挑战

#### Delivering Performant AI Infrastructure is Immensely Challenging

释放 AI 潜力所需的高度专业化基础设施，其构建和运营极具挑战，尤其是在规模化条件下。所需基础设施的规模令人震惊：数万块 GPU、数千英里的高速网络电缆和数十万个互连汇聚在一起，构成用于训练和提供 AI 模型服务的“超级集群”，此外还需要数百 MW 的电力以及 PB 级的总存储容量。视数据中心的配置而定，单个 32,000-GPU 集群可能需要部署约 600 英里的光纤电缆和约 80,000 个光纤连接。获取所需的高性能组件需要管理复杂的全球供应链，而数据中心本身也需要专门针对高性能计算进行设计。

The highly specialized infrastructure that is required to unlock the potential of AI is immensely challenging to build and operate, especially at scale. The scale of the required infrastructure is staggering, with tens of thousands of GPUs, thousands of miles of high-speed networking cables, and hundreds of thousands of interconnects coming together to create “superclusters” for training and serving AI models, as well as hundreds of MW of power and petabytes of total storage. Depending on the configuration of the data center, a single 32,000-GPU cluster may require the deployment of approximately 600 miles of fiber cables and around 80,000 fiber connections. Acquiring the necessary high-performance components requires managing a complex global supply chain, and the data centers themselves need to be specifically designed for high-performance compute.

#### 软件是释放 AI 基础设施性能与效率的关键

#### Software is Critical to Unlocking the Performance and Efficiency of AI Infrastructure

AI 超级计算机是有史以来创造的最复杂的计算机器之一，需要专门构建的软件才能在大规模下释放性能与效率。这些超级计算机需要软件来测试和验证每个组件，并对基础设施进行配置，以便算力密集型工作负载能够以最短停机时间运行。此外，AI 超级计算机通常需要多个专用编排框架来调度复杂工作负载，而这些框架往往需要配备大量工程资源。一旦投入运行，这些 AI 工作负载会对基础设施造成巨大压力，经常导致高比例的组件故障，进而造成训练和推理任务失败，因此需要持续监控以管理和减少故障与停机时间。

AI supercomputers are some of the most complex computing machines to have ever been created, requiring purpose-built software to unlock performance and efficiency at massive scale. These supercomputers require software to test and validate each component and to provision the infrastructure so that compute-intensive workloads can run with minimal downtime. Moreover, AI supercomputers often require multiple specialized orchestration frameworks to schedule complex workloads, which frequently need to be paired with substantial engineering resources. Once operational, these AI workloads put enormous pressure on infrastructure, frequently leading to high rates of component failures that cause training and inference jobs to fail, and thus require constant monitoring to manage and reduce failures and downtime.

#### AI 基础设施面临 MFU“效率差距”

#### AI Infrastructure Suffers from an MFU “Efficiency Gap”

模型 FLOPS 利用率是衡量实际观测吞吐量与系统在峰值 FLOPs 下运行时的理论最大值之间比值的指标。管理 AI 基础设施的复杂性意味着，GPU 中嵌入的大部分算力容量因系统效率低下而损失，经验证据表明，实际观测到的性能水平在 35% 至 45% 区间内。将约 35% 与理论 100% 之间的效率差距最小化，是释放 AI 基础设施性能潜力、进而提升 AI 整体质量的重大机遇。

Model FLOPS utilization is a measure of the observed throughput compared to the theoretical system maximum if it operates at peak FLOPs. The complexity of managing AI infrastructure means that a majority of the compute capacity embedded in GPUs is lost to system inefficiencies, with empirical evidence suggesting observed levels of performance within the 35% to 45% range. Minimizing the efficiency gap between the approximately 35% and the theoretical 100% represents a significant opportunity for unlocking AI infrastructure performance potential and therefore the improvement in quality of AI overall.

#### AI 需要专为 AI 构建的云

#### AI Requires a Purpose-Built Cloud

由超大规模云服务商运营的通用云并非为满足 AI 的特定需求而构建。这些云创建于十多年前，是为搜索、电子商务、通用网站托管和数据库等通用用例而设计，并依赖基于 CPU 的 Web 级算力，因此并非最适合 AI 的高算力强度需求。

Generalized clouds operated by hyperscalers were not built to serve the specific requirements of AI. These clouds were created over a decade ago and were designed for general purpose use cases such as search, e-commerce, generalized web-hosting, and databases, and relied on CPU-based web-scale compute, and thus are not optimal for the high compute intensity requirements of AI.

组织需要获得一种从根本上不同的、基于 GPU 的算力基础设施，这种基础设施是从底层开始专为 AI 构建的，并已被证明能够以交付 AI 所需的规模和效率运行。因此，云平台需要从根本上重新构想并专门构建，以满足 AI 工作负载对容量、性能、存储和可扩展性的要求，并提高底层基础设施的 MFU。

Organizations need access to a fundamentally different GPU-based compute infrastructure that is built from the ground-up for AI and proven to perform at the scale and efficiency required to deliver AI. Cloud platforms therefore need to be fundamentally reimagined and purpose-built to deliver the capacity, performance, storage, and scalability requirements of AI workloads and increase the MFU of the underlying infrastructure.

AI 云的要求 Requirements of the AI Cloud

我们认为，AI 云需要以第一性原理重新构想基础设施的构建方式，并满足以下要求：

We believe the AI cloud requires a first-principles reimagining of how infrastructure is built, with the following requirements:

- 卓越的基础设施性能与效率。AI 云应兼具性能与韧性，以确保 AI 训练和推理实现最大化的正常运行时间。

- Superior infrastructure performance and efficiency. The AI cloud should deliver a combination of performance and resiliency to ensure maximum AI training and inference uptime.

- 最大化性能。AI 云应运行最新、性能最高的组件，并利用优化的技术栈降低延迟和开销，从而提升性能。

- Maximize performance. The AI cloud should run the latest and highest performance components and leverage an optimized technology stack that reduces latency and overhead to increase performance.

- 最小化停机时间和故障率。AI 云应能够识别并快速解决性能问题，并在故障发生前加以预防。

- Minimize downtime and failure rates. The AI cloud should be able to identify and rapidly solve performance issues and prevent failures before they occur.

- 快速获取基础设施领域的最新进展。AI 的进步受限于支撑其发展的基础设施。当今最前沿的 AI 训练工作负载受益于运行在最新的 GPU、CPU 和 DPU 上，受益于最先进的存储、网络和内存，以及受益于高密度液冷数据中心机架，以最大化性能和效率。

- Rapid access to the latest advancements in infrastructure. AI advancement is limited by the infrastructure that supports it. Bleeding-edge AI training workloads today benefit from running on the latest GPUs, CPUs, and DPUs, from the most advanced storage, networking, and memory, and from high-density liquid-cooled data center racks to maximize performance and efficiency.

- 即时的“开箱即用”功能。AI 云应提供自主、自助的方式，实现无缝部署和自动化，使开发者和研究人员能够专注于交付前沿 AI 创新。其构建应最大限度减少延迟和资源消耗，并能在规模化场景下开箱即用。

- Immediate “out-of-the-box” functionality. The AI cloud should deliver an autonomous, self-service approach with seamless deployment and automation, enabling developers and researchers to focus on delivering cutting-edge AI innovations. It should be built to minimize delays and resource intensity and work out-of-the-box at scale.

- 运行并动态平衡所有类型 AI 工作负载的能力。AI 云应纳入动态工作负载调度，使客户能够在同一集群上同时、无缝地承载各种 AI 工作负载，例如训练和推理。

- Ability to run and dynamically balance all types of AI workloads. The AI cloud should incorporate dynamic workload scheduling that allows customers to host a wide variety of AI workloads such as training and inference on the same clusters concurrently and seamlessly.

- 借助专用技术栈实现灵活性与定制化。AI 云的构建应实现最大化的可组合性，让客户能够自由地围绕其独特的设计需求定制基础设施和运营设置。客户需要一个值得信赖的合作伙伴，并拥有在大规模场景下交付高性能、高效率 AI 云服务的过往业绩。

- Flexibility and customization with a specialized technology stack. The AI cloud should be built to enable maximum composability, offering customers the freedom to tailor infrastructure and operational setup around their unique set of design requirements. Customers need a trusted partner with a track record of delivering performant and efficient AI cloud services at massive scale.

- 更低的性能调整后成本。AI 云应通过优先考虑性能和效率来提供卓越价值，帮助确保客户从其基础设施投资中获得最大利用率。

- Lower performance-adjusted cost. The AI cloud should deliver superior value by prioritizing performance and efficiency to help ensure that customers get the maximum utilization out of their infrastructure investments.

我们认为，AI 革命需要一种高性能、高效率、高韧性且专为 AI 打造的云。当今领先的 AI 实验室和 AI 企业需要将高性能、高成本效益的算力、存储、网络和托管软件服务集成到云平台中，使其能够通过最大化基础设施利用率、无缝且开箱即用地训练和部署模型，从而更快地将创新推向市场。

We believe the AI revolution requires a cloud that is performant, efficient, resilient, and purpose-built for AI. Today’s leading AI labs and AI enterprises demand high-performance and cost-efficient compute, storage, networking, and managed software services integrated into a cloud platform that enables them to bring their innovations to market faster by maximizing the utilization of their infrastructure and training and deploying models seamlessly and out-of-the box.

我们的解决方案 Our Solution

我们的 CoreWeave 云平台是一套集成式解决方案，专为实现模型训练和推理等 AI 工作负载的最大性能和效率而打造。它包括基础设施服务、托管软件服务和应用软件服务，所有这些服务都由我们的 Mission Control 和 Observability 软件提供增强。我们的专有软件支持基础设施的配置、工作负载的编排，以及对客户训练和推理环境的监控，从而实现高可用性并最大限度减少停机时间。我们的平台基于微服务架构构建，其各个组件完全可互换、可组合。客户可以根据自身需求灵活配置对 CoreWeave 云平台的使用方式。例如，他们可以选择自带存储或托管软件服务，也可以运行我们相应的解决方案，并选择最适合其工作负载的部署类型和规模。这种灵活性使客户能够在不影响性能或效率的前提下，自定义对平台的使用方式。我们将安全性设计为贯穿整个平台和技术栈的基本组成部分。我们采用 XDR 和 DLP 等先进安全能力，遵循 SOC2 和 ISO 27001 等行业领先的安全标准，并配备内部信息安全团队，以确保客户在安全的环境中运营。

Our CoreWeave Cloud Platform is an integrated solution that is purpose-built for running AI workloads such as model training and inference at maximum performance and efficiency. It includes Infrastructure Services, Managed Software Services, and Application Software Services, all of which are augmented by our Mission Control and Observability software. Our proprietary software enables the provisioning of infrastructure, the orchestration of workloads, and the monitoring of our customers’ training and inference environments to enable high availability and minimize downtime. Built on a microservices-based architecture, the components of our platform are fully fungible and composable. Customers can configure their use of our CoreWeave Cloud Platform to best fit their needs. For instance, they can choose to bring their own storage or managed software services or run our respective solutions and choose the type and scale of deployment that best suits their workloads. This flexibility allows our customers to customize their use of our platform without compromising performance or efficiency. We have designed security as a fundamental component across our platform and technology stack. We leverage advanced security capabilities such as XDR and DLP, adhere to industry leading security standards such as SOC2 and ISO 27001, and employ our in-house information security teams to ensure that our customers operate in a secure environment.

以下是我们分层架构栈的概要。

The following is a summary of our Layered Architecture Stack.

基础设施服务为客户提供先进的 GPU 和 CPU 算力、高性能网络（由 DPU 支持）以及存储的访问能力。

Infrastructure Services provide our customers with access to advanced GPU and CPU compute, highly performant networking (supported by DPUs), and storage.

托管软件服务包括 CKS（专为 AI 打造的托管 Kubernetes 环境，注重效率、性能和易用性）、我们灵活的虚拟私有云产品，以及我们的裸金属服务——该服务直接在高性能服务器上运行 Kubernetes，以实现最大性能和效率。

Managed Software Services include CKS (a purpose-built-for-AI managed Kubernetes environment with a focus on efficiency, performance and ease of use), our flexible Virtual Private Cloud offering, and our Bare Metal service that runs Kubernetes directly on high-performance servers for maximum performance and efficiency.

应用软件服务构建在我们的基础设施服务和托管软件服务之上，集成额外工具，以进一步加速和改善客户的训练和推理。这包括 SUNK（允许客户在 Kubernetes 之上运行基于 Slurm 的工作负载，并将包括训练和推理工作负载在内的作业共置于单一集群）、CoreWeave Tensorizer（显著提升模型检查点的效率并实现高速模型加载），以及我们的推理优化服务。我们近期宣布收购 Weights and Biases, Inc.（“Weights & Biases”），这使我们在收购完成后能够通过端到端、全托管的软件平台扩展我们的应用软件，并加速开发我们的应用软件服务，以面向那些正在构建、微调和试验 AI 模型、以便将其部署以支持生产应用的 AI 开发者。

Application Software Services build on top of our infrastructure and managed software services, integrating additional tools to further accelerate and improve training and inference for our customers. This includes SUNK, which allows customers to run Slurm-based workloads on top of Kubernetes and colocate jobs—including training and inference workloads—on a single cluster; CoreWeave Tensorizer, which significantly increases the efficiency of model checkpointing and enables high-speed model loading; and our inference optimization services. Our recently announced acquisition of Weights and Biases, Inc. (“Weights & Biases”) positions us to extend our application software following closing of the acquisition with an end-to-end, fully managed software platform and to accelerate development of our Application Software Services to target AI developers who are building, fine-tuning, and experimenting with AI models in order to deploy them to support production applications.

我们专门构建的技术栈由我们的生命周期管理与监控软件 Mission Control 和 Observability，以及我们先进的集群验证、主动健康检查能力和可观测性能力予以增强。我们的 AI 云运行于由 32 个活跃的专用数据中心组成的分布式网络中，这些数据中心专为支持高强度 AI 工作负载而设计，具备增强供电、液冷和网络组件等特性，从而进一步强化了我们整个技术栈的稳健性。我们的第三方工具与解决方案通过提供可组合的架构进一步增强了这种灵活性，使客户能够通过集成额外的第三方工具来定制其解决方案。

Our purpose-built technology stack is augmented by our lifecycle management and monitoring software, Mission Control and Observability, and our advanced cluster validation, proactive health checking capabilities, and observability capabilities. Our AI cloud runs in a distributed network of 32 active purpose-built data centers, which are specifically engineered to support high intensity AI workloads with features including enhanced power, liquid cooling, and networking components, reinforcing the robustness of our entire technology stack. Our Third-Party Tooling and Solutions further enhance this flexibility by providing a composable architecture that allows customers to customize their solution by integrating additional third-party tools.

**CoreWeave 的数据中心网络**

**CoreWeave’s Data Center Network**

对客户的主要益处 Key Benefits to Customers

通过我们的 CoreWeave 云平台，我们为客户提供以下关键优势：

Through our CoreWeave Cloud Platform, we offer the following key benefits to customers:

- 高效的基础设施。我们的 CoreWeave 云平台通过贯穿云服务栈的性能优化，提供比通用型超大规模云服务商所提供的云基础设施更优化的 MFU。基于内部测试，相较于对比基准 MFU 表现，我们的 CoreWeave 云平台在系统 MFU 上最高可提升约 20%。

- Highly efficient infrastructure. Our CoreWeave Cloud Platform delivers more optimized MFU than the cloud infrastructure provided by generalized hyperscalers through performance optimizations throughout our cloud services stack. Based on internal testing, our CoreWeave Cloud Platform offers up to approximately 20% improvement in system MFU over comparative benchmark MFU performance.

- 规模化性能。我们的基础设施针对运行 AI 工作负载进行了优化，为 AI 模型训练和推理用例提供前沿性能。我们的能力，例如裸金属 GPU 节点，依托高性能系统技术运行，包括具备业界领先有效网络速度之一的横向扩展网络、每 GPU 每秒最高可达 2GB 数据读取速度的存储服务，以及可高效利用基础设施性能的软件优化。我们的 CoreWeave 云平台已打破性能纪录，包括在 2023 年创下比竞争对手快 29 倍的 MLPerf 纪录。

- Performance at scale. Our infrastructure is optimized to run AI workloads, delivering cutting-edge performance to AI model training and inference use cases. Our capabilities, such as Bare Metal GPU nodes, operate with highly performant system technologies, a scale-out network with one of the industry’s leading effective network speeds, storage services with data read speeds of up to 2GB per second per GPU, and software optimizations to efficiently utilize infrastructure performance. Our CoreWeave Cloud Platform has broken performance records, including setting an MLPerf record that was 29 times faster than competitors in 2023.

- 可靠性与韧性。我们的 Mission Control 能力套件有助于交付和维护经过验证的云基础设施，并提供对整个

- Reliability and Resilience. Our Mission Control suite of capabilities help deliver and maintain vetted cloud infrastructure and provide observability into the health and performance of the entire

解决方案健康状况和性能的可观测性。这有助于确保我们客户的集群持续以理想性能运行、快速从任何硬件事件中恢复，并最终通过使用我们的云解决方案获得更高价值。

solution. This helps ensure that our customers’ clusters continue to operate at ideal performance, quickly recover from any hardware events, and ultimately get better value by using our cloud solution.

(1) · 基于内部测试

(1) · Based on internal testing

- 更快获取最新 AI 基础设施进展。我们的客户受益于更快获取最新 AI 基础设施进展，包括我们以规模化方式获取最新 GPU 技术。我们拥有率先将前沿基础设施技术推向市场的过往记录。例如，我们是首批以 AI 规模将 NVIDIA H100、H200 和 GH200 集群投入生产的企业之一，也是首家使基于 NVIDIA GB200 NVL72 的实例全面可用的云服务商。我们能够在我们基础设施中部署最新芯片，并在从 Dell 和 Super Micro 等 OEM 合作伙伴处收到芯片后最快两周内向客户提供算力容量。

- Faster access to latest AI infrastructure advancements. Our customers benefit from faster access to the latest AI infrastructure advancements, including our access to the latest GPU technologies at scale. We have a track record of being among the first to market with cutting-edge infrastructure technology. For instance, we were among the first to deliver NVIDIA H100, H200, and GH200 clusters into production at AI scale, and the first cloud provider to make NVIDIA GB200 NVL72-based instances generally available. We are able to deploy the newest chips in our infrastructure and provide the compute capacity to customers in as little as two weeks from receipt from our OEM partners such as Dell and Super Micro.

- 首日即具备高性能。我们功能完备的托管软件服务让基础设施的使用无缝顺畅。自动化配置与节点验证免去了人工老化测试的需要，确保我们高性能的 CoreWeave 云平台在新客户验收后数小时内即可启动运行并可供使用。这将基础设施管理的负担从客户身上转移开，显著降低成本并加快其实现解决方案的时间。

- Highly performant on day 1. Our full-featured managed software services make the consumption of infrastructure seamless. Automated provisioning and node validation remove the need for manual burn-in testing and ensure our highly-performant CoreWeave Cloud Platform is up and running for new customers and ready for consumption in a matter of hours from customer acceptance. This shifts the burden of infrastructure management away from customers, significantly reducing costs and accelerating their time to solution.

- 高效的 GPU 机群利用率。我们的 CoreWeave 云平台在架构上支持在同一集群上同时运行所有类型的 AI 工作负载，这得益于我们业界领先的 Slurm 集成 SUNK。在同一集群上同时运行不同类型的作业提高了客户 AI 基础设施的利用率。

- Efficient GPU fleet utilization. Our CoreWeave Cloud Platform is architected to support all types of AI workloads across the same cluster simultaneously, enabled by our industry-leading Slurm integration, SUNK. Running different types of jobs on the same cluster at the same time increases the utilization of a customer’s AI infrastructure.

- 灵活的技术栈。我们根据客户需求进行调整，使客户能够获得最适合其 AI 应用运行的平台。我们的团队致力于快速行动，为客户解决其在开发和提供下一代基础模型过程中此前从未被解决的问题。

- Flexible technology stack. We adapt to our customers’ needs, enabling our customers to obtain the platform most ideal for their AI applications to run on. Our team is committed to moving quickly and solving problems for our customers that have never been addressed before as they develop and serve the next generation of foundational models.

- 更低的性能调整后成本。我们提供显著提升的基础设施效率和更高的 MFU，这意味着相对于其他云服务商为高要求 AI 工作负载提供的解决方案，成本更低。

- Lower performance-adjusted cost. We deliver significantly improved infrastructure efficiency and higher MFU, which translates to lower costs relative to solutions provided by other cloud service providers for demanding AI workloads.

竞争优势 Competitive Strengths

我们认为，以下关键竞争优势使我们有别于行业内通用型云服务商：

Our key competitive strengths, which we believe set us apart from the generalized cloud providers in the industry, include:

- 我们专为 AI 而建。我们的平台从根本上就是为交付 AI 工作负载的尖端性能而从头设计。我们重新构想了传统云架构，以提供 AI 所需的基础设施和技术栈，并对其进行优化，去除了虚拟机管理程序层等服务以及其他不必要的托管服务，否则这些服务会导致性能损耗。我们的托管软件服务（包括编排解决方案 CKS 和应用服务）针对复杂的 AI 工作负载进行了优化。我们的基础设施基于尖端组件构建，包括最新一代 GPU、网络和高性能存储，所有这些组件协同工作，为客户提供前所未有的性能。重要的是，我们的数据中心还以围绕 AI 的“绝不妥协”理念进行设计，我们当前的建设项目尽可能采用液冷，以最大化机架密度并推动数据中心占地利用率提升。

- We are purpose-built for AI. Our platform is fundamentally architected from the ground up to deliver cutting-edge performance for AI workloads. We have reimagined the traditional cloud architecture to deliver the infrastructure and technology stack required for AI, optimizing it to remove services such as the hypervisor layer and other unnecessary managed services that would otherwise cause performance leakage. Our Managed Software Services, which include our orchestration solution, CKS, and our application services, are optimized for complex AI workloads. Our infrastructure is built on cutting-edge components, including the latest-generation GPUs, networking, and high-performance storage, all working cohesively to deliver unprecedented performance to our customers. Importantly, our data centers are also designed with our “no compromise” philosophy centered around AI, with our current builds incorporating liquid cooling where possible to maximize rack density and drive higher utilization of our data center footprint.

- 我们身处技术的最前沿。我们无畏地面对并克服复杂的工程挑战，我们聘用的人才帮助我们贡献并维护以这一理念为核心的文化。我们已通过以下能力证明了这一点：打造迄今为止组装的一些最大、性能最强的 GPU 集群，按加速的数据中心建设进度交付，并始终是首批将尖端基础设施组件推向市场的企业之一。

- We live at the bleeding-edge of technology. We are fearless in facing and overcoming complex engineering challenges, and we hire individuals who help contribute to and maintain a culture centered around this philosophy. We have demonstrated this in our ability to create some of the largest and most performant GPU clusters assembled to date, deliver against an accelerated data center build schedule, and consistently be among the first to market with cutting-edge infrastructure components.

- 我们规模化运营。我们受益于由 32 个活跃的专用数据中心组成的网络，截至 2024 年 12 月 31 日，这些数据中心合计运行超过 250,000 块 GPU。我们在大规模部署 AI 基础设施方面的专业化能力，使我们能够服务于一些全球领先的 AI 提供商，这些提供商需要大规模部署，受益于明显的规模经济，并比竞争对手更早地从我们的 AI 基础设施中发现问题和获取洞察。

- We operate at scale. We benefit from a network of 32 active purpose-built data centers that together ran more than 250,000 GPUs as of December 31, 2024. Our specialization in deploying AI infrastructure at massive scale enables us to serve some of the world’s leading providers of AI who require massive deployments, benefit from clear economies of scale, and detect issues and derive insights from across our AI infrastructure sooner than our competitors.

- 我们在获取电力方面拥有经过验证的过往记录。电力是 AI 革命的关键推动因素，也是我们已成功大规模获取的资产，截至 2024 年 12 月 31 日，我们与 Core Scientific 达成的协议涉及超过 500 MW 的容量，这即是证明。截至 2024 年 12 月 31 日，我们拥有超过 360 MW 的活跃电力以及约 1.3 GW 的总合同电力。这为我们提供了持久、多年的电力容量储备。我们不懈且创造性地探索增加电力容量的额外机会。

- We have a proven track record of securing power. Power is a key enabler of the AI revolution and an asset that we have managed to secure at scale, as demonstrated by our agreement with Core Scientific for more than 500 MW of capacity as of December 31, 2024. As of December 31, 2024, we had more than 360 MW of active power and approximately 1.3 GW of total contracted power. This provides us with a durable, multi-year runway in power capacity. We relentlessly and creatively explore additional opportunities to add power capacity.

- 我们展现了独特的融资能力。我们开创了以 GPU 基础设施为支持的贷款，迄今为止，我们已通过 12 次融资筹集了超过 $14.5 billion 的债务和股权。我们近期由 Blackstone 和 Magnetar 领投的 $7.6 billion 承诺性 GPU 基础设施支持债务融资，是历史上最大的私募债务融资之一，表明债务投资者对为我们公司提供资金以建设和扩展下一代 AI 云充满信心。

- We have demonstrated unique financing capabilities. We have pioneered GPU infrastructure-backed lending, and to date, we have raised over $14.5 billion in debt and equity across 12 financings. Our recent raise of $7.6 billion in committed GPU infrastructure-backed debt led by Blackstone and Magnetar represents one of the largest private debt financings in history and signals the confidence that debt investors have in funding our company to build and scale the next generation AI cloud.

- 我们维护着稳健的生态系统关系。我们受益于与供应商和客户之间牢固、互利的关系，这些关系增强了我们的解决方案和市场地位。我们与 NVIDIA 合作，大规模部署最新的 GPU 技术。反过来，我们也是 NVIDIA 的合作伙伴

- We maintain robust ecosystem relationships. We benefit from strong, mutually beneficial relationships with our suppliers and customers that strengthen our solution and market position. We work with NVIDIA to deploy the latest GPU technologies at scale. In turn, we are a partner to NVIDIA

因为我们的专有软件和专用基础设施有助于缩小观测到的 GPU 集群性能与理论最大 GPU 集群性能之间的效率差距，有助于使其客户群多元化，并有助于让其技术更快地到达最终客户手中。我们与包括 Microsoft、Meta 和 OpenAI 在内的一些全球领先且最具洞察力的 AI 实验室和 AI 企业的关系，进一步使我们成为不断演进的 AI 生态系统的基石。

in that our proprietary software and purpose-built infrastructure help to minimize the efficiency gap between the observed GPU cluster performance and the theoretical maximum GPU cluster performance, help to diversify their customer base, and help to get their technology in the hands of end customers faster. Our relationships with some of the world’s leading and most discerning AI labs and AI enterprises, including Microsoft, Meta, and OpenAI, further position us as a cornerstone of the evolving AI ecosystem.

我们服务于一些全球领先的 AI 实验室和 AI 企业，这促成了一个持续创新的强化循环，因为我们是率先体验并解决算力最密集的 AI 训练和推理工作负载挑战的一方。这些数据是我们工程流程的关键输入，并在我们继续突破计算可能性边界的过程中强化我们的技术差异化。这种“AI 领导力经济”确保我们能够随着时间的推移，通过正向反馈循环持续改进我们的 CoreWeave 云平台，使我们能够从庞大基础设施基础中检测到的任何问题或错误配置中学习，并将这些经验应用到我们所有的集群，这反过来又使我们成为新客户的首选前沿提供商。

We serve some of the world’s leading AI labs and AI enterprises, which fosters a reinforcing cycle of continued innovation, as we are the first to experience and solve the challenges of the most compute intensive AI training and inference workloads. This data is a critical input into our engineering process and strengthens our technological differentiation as we continue to push the boundaries of what is possible in computing. This “economy of AI leadership” ensures we can continuously improve our CoreWeave Cloud Platform over time in a positive feedback loop, by enabling us to learn from any issues or misconfigurations detected across our large infrastructure base and apply those learnings to all our clusters, which in turn positions us as a leading-edge provider of choice for new customers.

我们的市场机遇 Our Market Opportunity

AI 对各个行业、各种规模的组织都将产生巨大影响，这些组织将通过部署 AI 技术实现显著的生产力提升以及时间和成本效率。IDC 估计，到 2030 年，AI 将为全球 GDP 增加近 $20 trillion。

The impact of AI will be immense for organizations of all sizes across all sectors, which will realize significant productivity gains and time and cost-efficiencies by deploying AI technologies. IDC estimates that AI will add nearly $20 trillion to global GDP by 2030.

我们相信，CoreWeave 将成为全球 AI 工作负载最受追捧的平台之一。我们通过评估我们所开创的规模庞大且快速增长的 AI 算力软件与基础设施市场的规模，估算了我们的总可寻址市场机会。根据 Bloomberg Intelligence，AI 推理/微调、AI 工作负载监控以及训练基础设施（包括 AI 服务器、AI 存储、训练算力、云工作负载和网络）的市场规模将在 2023 年至 2028 年间增加超过 $300 billion，从 2023 年的约 $79 billion 增长至 2028 年的约 $399 billion，复合年增长率（CAGR）为 38%。该市场机会预计将包括与训练基础设施相关的 $330 billion（包括 AI 服务器、AI 存储、训练算力、LLM 许可收入、云工作负载和网络）、与推理基础设施相关的 $49 billion，以及与工作负载监控相关的 $20 billion，所有这些均可由 CoreWeave 支持。

We believe that CoreWeave will be one of the most sought-after platforms for the world’s AI workloads. We have estimated our total addressable market opportunity by evaluating the size of the large and rapidly growing AI compute software and infrastructure market that we are pioneering. According to Bloomberg Intelligence, the market for AI inference/fine-tuning, AI workload monitoring, and training infrastructure, including AI servers, AI storage, training compute, cloud workloads, and networking, will increase by over $300 billion from 2023 to 2028, growing at a CAGR of 38% from approximately $79 billion in 2023 to approximately $399 billion by 2028. This market opportunity is expected to include $330 billion related to training infrastructure, which includes AI servers, AI storage, training compute, LLM licensing revenue, cloud workloads, and networking; $49 billion related to inference infrastructure; and $20 billion related to workload monitoring, all of which are supportable by CoreWeave.

AI 算力市场以训练最新一代模型为中心，并日益利用这些模型执行推理，包括与复杂推理任务相关的密集型推理工作负载。长期来看，随着企业加速采用生产工作负载，我们预计推理工作负载将加速增长，且复杂程度和性能要求各不相同。我们的平台处于理想位置，能够承接所有这些工作负载。随着时间的推移，随着我们地理上分布式的算力基础不断增长，并在当前一代基础设施从现有合同退出后纳入较老一代基础设施，我们相信，我们算力基础中针对不同用例优化的跨代硬件组合将确保我们处于最佳位置，能够承接所有类型的工作负载，无论是推理还是训练。

The AI compute market is centered on training the latest generations of models and increasingly leveraging those models to perform inference, including intensive inference workloads tied to complex reasoning tasks. In the long-term, as enterprise adoption of production workloads accelerates, we expect there to be an acceleration of inference workloads with varying levels of complexity and performance requirements. Our platform is ideally situated to capture all these workloads. Over time, as our geographically distributed compute base grows and includes older generations of infrastructure as current generations roll off existing contracts, we believe that the mix of hardware across generations that is optimized for different use cases in our compute base will ensure that we are optimally situated to capture all workload types, both inference and training.

增长战略 Growth Strategies

我们的主要增长战略包括：

Our principal growth strategies include:

- 通过交付新解决方案并优化我们的技术栈，为大规模 AI 工作负载带来显著的性能与效率提升，从而巩固我们的产品领导地位与创新能力。

- Extend our product leadership and innovation by delivering new solutions and optimizing our technology stack to deliver substantial performance and efficiency gains for AI workloads at scale.

- 通过聚焦于当前正在构建 AI 产品的一些最强大的 AI 实验室和 AI 企业，继续从现有客户处获取更多工作负载，随着 AI 持续普及，实现该客户群体的自然增长。

- Continue capturing additional workloads from existing customers by focusing on some of the most powerful AI labs and AI enterprises that are building AI products today to achieve natural growth across this customer segment as AI continues to become ubiquitous.

- 拓展至新行业和垂直领域的更广泛企业客户，包括银行、高频交易和制药公司等受监管行业，这些行业正开始开发和构建其自有的专用 AI 解决方案。我们预计，随着 AI 模型变得更易获取且成本更低，将涌现出新的行业和用例来利用不断发展的 AI 能力，为我们的平台带来更多增长机会。我们相信，我们近期宣布的对 Weights & Biases 的收购将使我们能够改进我们的 CoreWeave 云平台，以满足正在研究、构建和部署 AI 模型与应用的客户的需求。收购交割后，我们计划将 Weights & Biases 的能力整合为客户访问我们 CoreWeave 云平台的新入口，并利用我们所提供的差异化基础设施和托管软件服务。

- Extend into broader enterprise customers across new industries and verticals, including regulated industries like banks, high-frequency trading, and pharmaceutical companies, as they begin to develop and build their own dedicated AI solutions. We anticipate that new industries and use cases will arise to take advantage of developing AI capabilities as AI models become more accessible and cheaper, presenting additional growth opportunities for our platform. We believe that our recently announced acquisition of Weights & Biases will enable us to improve our CoreWeave Cloud Platform to address the needs of customers who are researching, building, and deploying AI models and applications. Following closing of the acquisition, we plan to integrate Weights & Biases’ capabilities as a new entry point for customers to access our CoreWeave Cloud platform and take advantage of the differentiated infrastructure and managed software services that we offer.

- 拓展国际市场，以把握全球对 AI 应用和解决方案日益增长的需求，这一需求由客户希望本地构建其 AI 应用并最大限度降低延迟的意愿所驱动。

- Expand internationally to capitalize on growing demand for AI applications and solutions across the globe, driven by customers’ desire to build their AI applications locally, and minimize latency.

- 提高我们的垂直整合程度。

- Increase our vertical integration.

- 通过创新和扩充我们的软件产品，向“技术栈上层”垂直延伸，以提升客户参与度和价值。我们相信，我们宣布的对 Weights & Biases 的收购将有助于加速扩展我们的开发者工具，用于模型微调和训练以及构建 AI 应用，并增强我们在收购交割后继续在“技术栈上层”增加功能的能力。

- Verticalize “up the stack” by innovating and adding to our software offerings to drive customer engagement and value. We believe our announced acquisition of Weights & Biases will help to accelerate the expansion of our developer tools for both fine-tuning and training models, as well as building AI applications, and reinforces our ability to continue adding functionality “up the stack” following closing of the acquisition.

- 通过增强我们的数据中心能力，向“技术栈下层”垂直延伸，以加强我们对数据中心容量的获取、使我们的解决方案面向未来，并推动进一步的运营效率。

- Verticalize “down the stack” by enhancing our data center capabilities to bolster our access to data center capacity, future-proof our solutions, and drive further operational efficiency.

- 通过就剩余经济寿命签订另一份合同或通过按需消费池，将已到期合同所对应的基础设施变现，从而最大化我们基础设施的经济寿命。

- Maximize the economic life of our infrastructure by monetizing the infrastructure underlying expired contracts through either another contract for the remainder of its economic life or through an on-demand consumption pool.

我们的客户 Our Customers

如今，我们的客户被划分为两个关键垂直领域：AI 原生企业和 AI 企业。这些垂直领域内的公司包括 AI 的构建者、AI 的集成者，以及那些其商业模式成功与否在很大程度上取决于在其核心产品和技术栈中部署 AI 能力的企业。我们认为我们正处于 AI 革命的早期阶段，因此，我们当前收入的很大一部分由数量有限的客户驱动，这些客户代表了全球一些领先的 AI 实验室和 AI 企业。截至 2022 年 12 月 31 日和 2023 年 12 月 31 日止年度，我们分别确认约 41% 和 73% 的收入来自前三大客户。截至 2024 年 12 月 31 日止年度，我们确认约 77% 的收入来自前两大客户。截至 2024 年 12 月 31 日止年度，我们没有任何其他客户占我们收入的 10% 或以上。截至 2022 年 12 月 31 日止年度，我们最大的客户占我们收入的 16%。截至 2023 年 12 月 31 日和 2024 年 12 月 31 日止年度，我们最大的客户是 Microsoft，分别占我们收入的 35% 和 62%。

Our customers today are segmented into two key verticals: AI Natives and AI Enterprises. Companies within these verticals include the builders of AI, the integrators of AI, and those that have business models whose success largely hinges on deploying AI capabilities in their core products and technology stack. We believe we are in the early stages of the AI revolution and, as a result, a substantial portion of our revenue is currently driven by a limited number of customers, which represent some of the world’s leading AI labs and AI enterprises. We recognized an aggregate of approximately 41% and 73% of our revenue from our top three customers for the years ended December 31, 2022 and 2023, respectively. We recognized an aggregate of approximately 77% of our revenue from our top two customers for the year ended December 31, 2024. None of our other customers represented 10% or more of our revenue for the year ended December 31, 2024. For the year ended December 31, 2022, our largest customer accounted for 16% of our revenue. For the years ended December 31, 2023 and 2024, our largest customer was Microsoft, which accounted for 35% and 62% of our revenue, respectively.

除了我们直接向其销售的 AI 原生企业和 AI 企业之外，还有很大一部分市场间接使用我们的平台、解决方案和服务。这包括数以万计尚未构建内部 AI 模型或系统、但使用 AI 原生企业开发的解决方案的企业。随着 AI 持续找到产品市场契合点，我们预计这些企业将通过 AI 实验室增加对我们平台的间接消费。此外，随着这些企业增加消费以及我们的产品路线图不断演进并向技术栈上层垂直化发展，我们预计我们将通过专门的解决方案和合作伙伴关系直接服务更多此类企业客户。

In addition to the AI Natives and AI Enterprises who we sell to directly, there is a large segment of the market that uses our platform, solutions, and services indirectly. This includes the tens of thousands of enterprises that have not yet built in-house AI models or systems, but who use solutions developed by AI Natives. As AI continues to find product market fit, we expect these enterprises to grow their indirect consumption of our platform through AI labs. Furthermore, as these enterprises increase their consumption and our product roadmap evolves and verticalizes up-the-stack, we expect that we will serve more of these enterprise customers directly through our dedicated solutions and partnerships.

风险因素摘要 Risk Factors Summary

我们的业务面临众多风险和不确定性，您在决定投资我们的 A 类普通股之前应当了解这些风险。这些风险在紧随本招股说明书摘要之后的“风险因素”一节中有更完整的描述。这些风险包括但不限于以下各项：

Our business is subject to numerous risks and uncertainties of which you should be aware before making a decision to invest in our Class A common stock. These risks are more fully described in the section titled “Risk Factors” immediately following this prospectus summary. These risks, among others, include the following:

- 我们近期的增长可能并不预示我们未来的增长，如果我们不能有效管理未来的增长，我们的业务、经营业绩、财务状况和未来前景可能会受到不利影响。

- Our recent growth may not be indicative of our future growth, and if we do not effectively manage our future growth, our business, operating results, financial condition, and future prospects may be adversely affected.

- 我们用于建设和运营平台以及提供解决方案和服务的设备中，重要组件的供应商数量有限。这些组件供应的任何中断都可能延迟我们扩展或增加基础设施产能的能力，或延迟我们更换有缺陷设备的能力。

- We have a limited number of suppliers for significant components of the equipment we use to build and operate our platform and provide our solutions and services. Any disruption in the availability of these components could delay our ability to expand or increase the capacity of our infrastructure or replace defective equipment.

- 如果我们无法获得足够的电力，或因采购电力成本上升、长时间停电、电力短缺或产能受限而受到影响，我们的业务将受到损害。

- Our business would be harmed if we were not able to access sufficient power or by increased costs to procure power, prolonged power outages, shortages, or capacity constraints.

- 如果我们的数据中心提供商未能满足我们业务的要求，或者数据中心设施遭受损坏、中断或安全漏洞，我们提供基础设施访问权限和维持网络性能的能力可能会受到负面影响。

- If our data center providers fail to meet the requirements of our business, or if the data center facilities experience damage, interruption, or a security breach, our ability to provide access to our infrastructure and maintain the performance of our network could be negatively impacted.

- 我们收入的很大一部分来自数量有限的客户，失去一个或少数几个最大客户，或这些客户的支出大幅减少，将对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

- A substantial portion of our revenue is driven by a limited number of our customers, and the loss of, or a significant reduction in, spend from one or a few of our top customers would adversely affect our business, operating results, financial condition, and future prospects.

- 如果我们未能高效地增强我们的平台并开发和销售新的解决方案和服务，未能有效应对快速变化的技术、不断演进的行业标准、不断变化的法规以及不断变化的客户需求、要求或偏好，我们的平台可能会变得竞争力下降。

- If we fail to efficiently enhance our platform and develop and sell new solutions and services and respond effectively to rapidly changing technology, evolving industry standards, changing regulations, and changing customer needs, requirements, or preferences, our platform may become less competitive.

- AI 技术的更广泛采用、使用和商业化，以及 AI 领域持续快速的发展，本质上具有不确定性。如果我们的客户未能继续使用我们的 CoreWeave 云平台在其系统中支持 AI 用例，或者我们未能跟上不断演进的 AI 技术要求和监管框架，可能会对我们的业务、经营业绩、财务状况和未来前景产生重大不利影响。

- The broader adoption, use, and commercialization of AI technology, and the continued rapid pace of developments in the AI field, are inherently uncertain. Failure by our customers to continue to use our CoreWeave Cloud Platform to support AI use cases in their systems, or our ability to keep up with evolving AI technology requirements and regulatory frameworks, could have a material adverse effect on our business, operating results, financial condition, and future prospects.

- 我们的运营需要大量资本支出，我们将需要额外资本来为业务提供资金并支持增长，如果无法按可接受的条款（如有）产生或获得该等资本，或无法降低我们的总资本成本，可能会对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

- Our operations require substantial capital expenditures, and we will require additional capital to fund our business and support our growth, and any inability to generate or obtain such capital on acceptable terms, if at all, or to lower our total cost of capital, may adversely affect our business, operating results, financial condition, and future prospects.

- 我们的经营业绩可能大幅波动，这可能使我们的未来业绩难以预测，并可能导致我们的经营业绩低于预期。

- Our operating results may fluctuate significantly, which could make our future results difficult to predict and could cause our operating results to fall below expectations.

- 我们面临激烈竞争，可能会将市场份额输给竞争对手，这将对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

- We face intense competition and could lose market share to our competitors, which would adversely affect our business, operating results, financial condition, and future prospects.

- 由于我们为发展业务和开发平台进行了大量投资，我们历来存在净亏损，预计未来运营费用将增加，并且可能无法实现盈利，或者即使实现盈利也可能无法持续。如果我们无法实现盈利，或者即使实现盈利也无法持续，我们的业务、经营业绩、财务状况和未来前景将受到不利影响。

- We have a history of generating net losses as a result of the substantial investments we have made to grow our business and develop our platform, anticipate increases in our operating expenses in the future, and may not achieve or, if achieved, sustain profitability. If we cannot achieve and, if achieved, sustain profitability, our business, operating results, financial condition, and future prospects will be adversely affected.

- 我们已识别出财务报告内部控制存在重大缺陷。如果我们对此类重大缺陷的整改未能生效，或者我们未来出现更多重大缺陷，或者未能建立并维持有效的财务报告内部控制，我们及时、准确编制财务报表或遵守适用法律法规的能力可能受到损害。

- We have identified material weaknesses in our internal control over financial reporting. If our remediation of such material weaknesses is not effective, or if we experience additional material weaknesses in the future or otherwise fail to develop and maintain effective internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired.

- 我们的大额债务可能对我们的财务状况、我们筹集额外资本为运营提供资金的能力、我们经营业务的能力、我们应对经济或行业变化的能力、我们履行未偿债务项下义务的能力产生重大不利影响，并可能使我们的经营现金流被用于偿债，而且我们未来仍可能产生大幅更多的债务。

- Our substantial indebtedness could materially adversely affect our financial condition, our ability to raise additional capital to fund our operations, our ability to operate our business, our ability to react to changes in the economy or our industry, our ability to meet our obligations under our outstanding indebtedness and could divert our cash flow from operations for debt payments, and we may still incur substantially more indebtedness in the future.

- 我们的 A 类普通股目前不存在公开市场，且本次发行后可能不会形成或维持活跃的公开交易市场。

- No public market for our Class A common stock currently exists, and an active public trading market may not develop or be sustained following this offering.

- 我们普通股的多重股权结构具有将投票权集中于我们的联合创始人的效果，这将限制您影响重大交易（包括控制权变更）结果的能力。

- The multi-class structure of our common stock has the effect of concentrating voting power with our Co-Founders, which will limit your ability to influence the outcome of important transactions, including a change in control.

如果我们无法充分应对这些风险或我们面临的其他风险，我们的业务、经营业绩、财务状况和未来前景可能受到不利影响。

If we are unable to adequately address these or the other risks we face, our business, operating results, financial condition, and future prospects could be adversely affected.

信息披露渠道 Channels for Disclosure of Information

在本招股说明书所属的注册声明生效后，我们拟通过与证券交易委员会（“SEC”）的备案文件、我们网站的投资者关系页面（www.coreweave.com）、新闻稿、公开电话会议、公开网络直播、我们的 X 账号（@CoreWeave）以及我们的 LinkedIn 页面向公众公布重大信息。上述渠道所包含或可通过上述渠道访问的信息不构成本招股说明书的一部分。投资者在决定是否购买我们的 A 类普通股时不应依赖任何此类信息。

Following the effectiveness of the registration statement of which this prospectus forms a part, we intend to announce material information to the public through filings with the Securities and Exchange Commission (the “SEC”), the investor relations page on our website (www.coreweave.com), press releases, public conference calls, public webcasts, our X account (@CoreWeave), and our LinkedIn page. The information contained on, or that can be accessed through, these channels is not a part of this prospectus. Investors should not rely on any such information in deciding whether to purchase our Class A common stock.

上述渠道所披露的信息可能被视为重大信息。因此，我们鼓励投资者、媒体及其他人士关注上述渠道，并查阅通过该等渠道披露的信息。

The information disclosed in the foregoing channels could be deemed to be material information. As such, we encourage investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels.

我们将通过其公布信息的披露渠道清单的任何更新，将发布在我们网站的投资者关系页面上。

Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.

公司信息 Corporate Information

我们于 2017 年 9 月在特拉华州以 The Atlantic Crypto Corporation LLC 之名注册成立为有限责任公司，并于 2018 年 9 月在特拉华州以 Atlantic Crypto Corporation 之名改制为股份有限公司。2019 年 12 月，我们将名称变更为“CoreWeave, Inc.”。我们的主要行政办公地址为 290 W Mt. Pleasant Ave., Suite 4100, Livingston, NJ 07039。我们的电话号码为(973) 270-9737。我们的网站地址为 www.coreweave.com。我们网站上所载或可通过我们网站访问的信息不构成本招股说明书的一部分。投资者在决定是否购买我们的 A 类普通股时不应依赖任何该等信息。

We were formed in September 2017 as a Delaware limited liability company under the name The Atlantic Crypto Corporation LLC and converted to a Delaware corporation in September 2018 under the name Atlantic Crypto Corporation. In December 2019, we changed our name to “CoreWeave, Inc.” Our principal executive offices are located at 290 W Mt. Pleasant Ave., Suite 4100, Livingston, NJ 07039. Our telephone number is (973) 270-9737. Our website address is www.coreweave.com. The information contained on, or that can be accessed through, our website is not a part of this prospectus. Investors should not rely on any such information in deciding whether to purchase shares of our Class A common stock.

CoreWeave、CoreWeave 标识以及本招股说明书中出现的 CoreWeave 其他注册或普通法商号、商标或服务商标均为 CoreWeave, Inc.的财产。本招股说明书还包含我们及其他公司的其他商号、商标、标识和服务商标。我们使用或展示其他公司的商号、商标、标识或服务商标，无意暗示我们与该等其他公司存在关系，或该等其他公司对我们予以认可或赞助。本招股说明书中出现的其他商标为其各自持有人的财产。仅为方便起见，本招股说明书中提及的我们的商号、商标、标识和服务商标可能未附®和™符号，但该等提及无意以任何方式表明我们不会在适用法律允许的最大范围内主张我们或相关许可方对该等商标、商号和服务商标的权利。

CoreWeave, the CoreWeave logo, and other registered or common law trade names, trademarks, or service marks of CoreWeave appearing in this prospectus are the property of CoreWeave, Inc. This prospectus contains additional trade names, trademarks, logos, and service marks of ours and of other companies. We do not intend our use or display of other companies’ trade names, trademarks, logos, or service marks to imply a relationship with these other companies, or endorsement or sponsorship of us by these other companies. Other trademarks appearing in this prospectus are the property of their respective holders. Solely for convenience, our trade names, trademarks, logos, and service marks referred to in this prospectus may appear without the ® and ™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights, or the right of the applicable licensor, to these trademarks, trade names, and service marks.

董事提名流程 Director Nomination Process

2024 年 5 月，我们与由 Magnetar Financial LLC 管理或提供咨询的基金或账户（统称“Magnetar DNL 各方”）签订了一份函件协议（“董事提名函”）。根据该协议，自本次发行交割之日起，直至以下较早发生的日期：(i) 我们不再有任何 B 类普通股流通在外，以及 (ii) Magnetar DNL 各方及其关联方合计不再实益拥有至少 4,976,240 股我们的股本，在此期间，如果 Magnetar DNL 各方的指定人或关联方当时不是我们董事会的成员，则 Magnetar DNL 各方共同有权提名一名人士供考虑担任我们董事会成员。有关董事提名函的更多信息，请参见“管理层——董事提名函”一节。

In May 2024, we entered into a letter agreement (the “Director Nomination Letter”) with funds or accounts managed or advised by Magnetar Financial LLC (collectively, the “Magnetar DNL Parties”), pursuant to which, during the period beginning at the closing of this offering until the earlier of the date on which (i) no shares of our Class B common stock are outstanding and (ii) the Magnetar DNL Parties and their affiliates collectively no longer beneficially own at least 4,976,240 shares of our capital stock, if a designee or affiliate of the Magnetar DNL Parties is not then a member of our board of directors, the Magnetar DNL Parties have the collective right to nominate one individual for consideration to serve as a member of our board of directors. See the section titled “Management—Director Nomination Letter” for more information on the Director Nomination Letter.

作为新兴成长型公司的影响 Implications of Being an Emerging Growth Company

在本次发行完成之日或 2025 年 12 月 31 日（以较早者为准）之前，就某些目的而言，我们将被视为 2012 年《创业企业融资法案》（“JOBS 法案”）所定义的新兴成长型公司。因此，在本招股说明书中，我们已选择利用适用于新兴成长型公司的某些简化披露义务。

We will be treated as an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) for certain purposes until the earlier of the date on which we complete this offering or December 31, 2025. As such, in this prospectus we have elected to take advantage of certain reduced disclosure obligations that apply to emerging growth companies.

在我们不再被视为新兴成长型公司之前，我们可能会利用这些豁免。因此，本文所载信息可能与您从其他上市公司获得的信息不同。此外，根据 JOBS 法案第 107 条，我们已选择利用延长过渡期，以遵守新的或修订的会计准则，直至这些准则原本适用于私营公司之时。因此，我们的经营业绩和财务报表可能无法与已采用新的或修订的会计准则的其他公司的经营业绩和财务报表进行比较。部分投资者可能会因此认为我们的 A 类普通股吸引力较低，这可能导致我们的 A 类普通股交易市场活跃度下降，并使我们的股价波动性加大。

We may take advantage of these exemptions until such time that we are no longer treated as an emerging growth company. Accordingly, the information contained herein may be different from the information you receive from other public companies. Further, pursuant to Section 107 of the JOBS Act, we have elected to take advantage of the extended transition period for complying with new or revised accounting standards until those standards would otherwise apply to private companies. As a result, our operating results and financial statements may not be comparable to the operating results and financial statements of other companies who have adopted the new or revised accounting standards. It is possible that some investors will find our Class A common stock less attractive as a result, which may result in a less active trading market for our Class A common stock and higher volatility in our stock price.

本次发行 The Offering

我们发售的 A 类普通股 · 36,590,000 股。 出售股东发售的 A 类普通股 · 910,000 股。 承销商购买 A 类普通股的超额配售选择权 · 承销商有权自本招股说明书之日起 30 天内，按首次公开发行价格减去承销折扣和佣金，向我们额外购买最多 5,625,000 股 A 类普通股，以覆盖超额配售（如有）。 我们在同步股份发行中发售的 A 类普通股 · 本次发行交割后立即，我们将根据与 OpenAI 的主服务协议条款以及与该公司的股份发行协议，向 OpenAI 发行价值 $350.0 million 的 A 类普通股，每股价格等于首次公开发行价格。按每股 $40.00 的首次公开发行价格计算，即 8,750,000 股。我们不会从向 OpenAI 发行这些股份中获得任何收益。私募配售中股份的发行以本次发行完成为条件。向 OpenAI 发行这些股份将不会在本次发行中登记，并将受制于与我们签订的自本招股说明书之日起最长 180 天的市场禁售协议，以及与承销商签订的自本招股说明书之日起最长 180 天的锁定期协议。有关此类限制的更多信息，请参见“未来可出售股份——锁定期与市场禁售协议”。我们将这些 A 类普通股的私募配售称为同步股份发行。有关我们与 OpenAI 的主服务协议的更多信息，请参见“业务——我们的客户”一节。 本次发行及同步股份发行后将发行在外的 A 类普通股 · 345,997,406 股（若承销商全额行使超额配售选择权，则为 351,622,406 股）。 本次发行及同步股份发行后将发行在外的 B 类普通股 · 118,102,040 股。 本次发行及同步股份发行后将发行在外的 C 类普通股 · 无。

Class A common stock offered by us · 36,590,000 shares. Class A common stock offered by the selling stockholders · 910,000 shares. Underwriters’ over-allotment option to purchase shares of Class A common stock · The underwriters have the option for a period of 30 days from the date of this prospectus to purchase up to an additional 5,625,000 shares of our Class A common stock from us to cover over-allotments, if any, at the initial public offering price less underwriting discounts and commissions. Class A common stock offered by us in a concurrent share issuance · Immediately subsequent to the closing of this offering, we will issue to OpenAI, in accordance with the terms of our master services agreement with OpenAI and pursuant to a stock issuance agreement with OpenAI, a number of shares of our Class A common stock equal to $350.0 million valued at a price per share equal to the initial public offering price. Based on the initial public offering price of $40.00 per share, this is 8,750,000 shares. We will not receive any proceeds from the issuance of these shares to OpenAI. The issuance of the shares in the private placement is contingent upon the completion of this offering. The issuance of these shares to OpenAI will not be registered in this offering and will be subject to a market standoff agreement with us for a period of up to 180 days after the date of this prospectus and lock-up agreement with the underwriters for a period of up to 180 days after the date of this prospectus. See “Shares Eligible for Future Sale—Lock-Up and Market Standoff Agreements” for additional information regarding such restrictions. We refer to the private placement of these shares of our Class A common stock as the concurrent share issuance. For additional information regarding our master services agreement with OpenAI, see the section titled “Business—Our Customers.” Class A common stock to be outstanding after this offering and the concurrent share issuance · 345,997,406 shares (or 351,622,406 shares if the underwriters exercise their over-allotment option in full). Class B common stock to be outstanding after this offering and the concurrent share issuance · 118,102,040 shares. Class C common stock to be outstanding after this offering and the concurrent share issuance · None.

本次发行及同步股份发行后预计流通在外的 A 类、B 类和 C 类普通股合计 · 464,099,446 股（若承销商全额行使超额配售选择权，则为 469,724,446 股）。 募集资金用途 · 根据每股 40.00 美元的首次公开发行价格，并在扣除承销折扣和佣金及预计发行费用后，我们估计本次发行中出售 A 类普通股所得的净募集资金约为 $1.4 billion（若承销商全额行使超额配售选择权，则约为 $1.6 billion）。本次发行的主要目的是为我们的 A 类普通股建立公开市场、提高我们在市场上的知名度、获取额外资本并增强我们的财务灵活性。我们主要拟将本次发行的净募集资金用于营运资金及其他一般公司用途，其中可能包括产品开发、一般及行政事务以及资本支出。我们拟将本次发行净募集资金中的约 $1.0 billion 用于偿还我们 2024 年定期贷款融资（定义见本文件）项下的全部未偿金额。我们还拟将净募集资金中的约 $9 million 用于履行与 RSU 净额结算（定义见下文）相关的预计代扣代缴和汇缴义务。此外，本次发行净募集资金中的约 $500 million 将作为受限现金存入托管账户，以担保我们在 DDTL 2.0 融资（定义见下文）项下的义务。我们还可能将部分净募集资金用于收购或投资与我们的业务互补的技术、解决方案或业务。我们将在本次发行净募集资金的使用方式上拥有广泛的自主决定权。更多信息请参见标题为“募集资金用途”的章节。我们不会从出售股东在本次发行中出售 A 类普通股中获得任何募集资金。 投票权 · 我们 A 类普通股的持有人每股享有 1 票投票权。我们 B 类普通股的持有人每股享有 10 票投票权。除法律另有要求外，我们 C 类普通股的持有人每股不享有投票权。除法律或我们经修订和重述的公司章程另有要求外，我们 A 类普通股和 B 类普通股的持有人通常将作为一个单一类别共同投票，该章程

Total Class A, Class B, and Class C common stock to be outstanding after this offering and the concurrent share issuance · 464,099,446 shares (or 469,724,446 shares if the underwriters exercise their over-allotment option in full). Use of proceeds · We estimate that the net proceeds from the sale of shares of our Class A common stock in this offering will be approximately $1.4 billion (or approximately $1.6 billion if the underwriters’ over-allotment option is exercised in full), based upon the initial public offering price of $40.00 per share and after deducting underwriting discounts and commissions and estimated offering expenses. The principal purposes of this offering are to create a public market for our Class A common stock, increase our visibility in the marketplace, obtain additional capital, and increase our financial flexibility. We primarily intend to use the net proceeds from this offering for working capital and other general corporate purposes, which may include product development, general and administrative matters, and capital expenditures. We intend to use approximately $1.0 billion of the net proceeds from this offering to repay the entire outstanding amount under our 2024 Term Loan Facility (as defined herein). We also intend to use approximately $9 million of the net proceeds to satisfy the anticipated tax withholding and remittance obligations related to the RSU Net Settlement (as defined below). In addition, approximately $500 million of the net proceeds from this offering will be held as restricted cash in escrow to secure our obligations under our DDTL 2.0 Facility (as defined below). We may also use a portion of the net proceeds for the acquisition of, or investment in, technologies, solutions, or businesses that complement our business. We will have broad discretion in the way that we use the net proceeds of this offering. See the section titled “Use of Proceeds” for additional information. We will not receive any proceeds from the sale of our Class A common stock in this offering by the selling stockholders. Voting rights · Holders of shares of our Class A common stock are entitled to one vote per share. Holders of shares of our Class B common stock are entitled to ten votes per share. Holders of shares of our Class C common stock are entitled to no votes per share, except as otherwise required by law. Holders of shares of our Class A common stock and Class B common stock will generally vote together as a single class, unless otherwise required by law or our amended and restated certificate of incorporation that

将在本次发行完成前立即生效。我们 B 类普通股的每股可在持有人选择时随时转换为一股 A 类普通股，并将在某些转让时自动转换，以及在以下较早日期自动转换：(i) 由我们的董事会确定的、不晚于本次发行七周年后 61 天的日期，(ii) 经 B 类普通股已发行投票权三分之二 affirmative vote 指定的日期，或(iii) Michael Intrator 服务终止（定义见本文件）后不超过 61 天的日期（该等转换称为“B 类自动转换”）。在本次发行完成及同步股份发行后立即，并假设承销商未行使超额配售选择权，我们的联合创始人、首席执行官、总裁兼董事会主席 Michael Intrator 将持有我们已发行股本约 37.5%的投票权，我们的联合创始人、首席战略官兼董事会成员 Brian Venturo 将持有我们已发行股本约 23.5%的投票权，我们的联合创始人兼首席发展官 Brannin McBee 将持有我们已发行股本约 19.0%的投票权。Intrator 先生、Venturo 先生和 McBee 先生是我们的联合创始人，在本次发行完成及同步股份发行后立即合计将持有我们已发行股本约 79.9%的投票权，该投票权可能随着我们的联合创始人根据其股权交换权（定义见下文）行使或结算并交换其持有的股权奖励而随时间增加。如果截至 2024 年 12 月 31 日我们的联合创始人持有的所有可购买我们 A 类普通股的未行使股票期权均被行使，并根据股权交换权交换为同等数量的 B 类普通股，则在本次发行完成及同步股份发行后立即，Intrator 先生、Venturo 先生和 McBee 先生将分别持有我们已发行股本约 38.7%、26.0%和 19.6%的投票权。因此，我们的联合创始人可能对提交给我们股东批准的事项的结果产生重大影响，包括选举我们的董事以及批准任何变更

will become effective immediately prior to the completion of this offering. Each share of our Class B common stock is convertible into one share of our Class A common stock at any time at the election of the holders and will convert automatically upon certain transfers and upon the earlier of (i) a date that is fixed by our board of directors that is no more than 61 days following the seventh anniversary of this offering, (ii) the date specified by the affirmative vote of two-thirds of the outstanding voting power of the Class B common stock, or (iii) no more than 61 days following Michael Intrator’s Service Termination (as defined herein) (such conversion, the “Class B Automatic Conversion”). Immediately following the completion of this offering and the concurrent share issuance, and assuming no exercise of the underwriters’ over-allotment option, Michael Intrator, our co-founder, Chief Executive Officer, President, and Chairman of our board of directors, will hold approximately 37.5% of the voting power of our outstanding capital stock, Brian Venturo, our co-founder, Chief Strategy Officer and a member of our board of directors, will hold approximately 23.5% of the voting power of our outstanding capital stock, and Brannin McBee, our co-founder and Chief Development Officer, will hold approximately 19.0% of the voting power of our outstanding capital stock. Mr. Intrator, Mr. Venturo, and Mr. McBee are our Co-Founders and collectively will hold approximately 79.9% of the voting power of our outstanding capital stock immediately following the completion of this offering and the concurrent share issuance, which voting power may increase over time upon the exercise or settlement and exchange of equity awards held by our Co-Founders pursuant to their Equity Exchange Rights (as defined below). If all stock options outstanding as of December 31, 2024 to purchase shares of our Class A common stock held by our Co-Founders were exercised and exchanged for an equal number of shares of our Class B common stock pursuant to the Equity Exchange Rights, then immediately following the completion of this offering and the concurrent share issuance, Mr. Intrator, Mr. Venturo, and Mr. McBee would hold approximately 38.7%, 26.0%, and 19.6%, respectively, of the voting power of our outstanding capital stock. As a result, our Co-Founders may have significant influence over the outcome of matters submitted to our stockholders for approval, including the election of our directors and the approval of any change of

控制权交易。这些风险在题为“风险因素”的章节中有更完整的描述。更多信息可在题为“主要及出售股东”和“股本说明”的章节中找到。

control transaction. These risks are more fully described in the section titled “Risk Factors.” Additional information can be found in the sections titled “Principal and Selling Stockholders” and “Description of Capital Stock.”

利益冲突 · 由于 J.P. Morgan Securities LLC 和 MUFG Securities Americas Inc. 各自的关联方均为我们 2024 年定期贷款融资（定义见本文件）项下的贷款人，并将因偿还 2024 年定期贷款融资项下的借款而获得本次发行净收益的 5% 或以上，因此，本次发行中的承销商 J.P. Morgan Securities LLC 和 MUFG Securities Americas Inc. 均被视为存在美国金融业监管局（Financial Industry Regulatory Authority, Inc.，简称“FINRA”）第 5121 条规则（“第 5121 条规则”）所指的“利益冲突”。因此，本次发行将按照第 5121 条规则的要求进行，该规则要求（其中包括）“合格独立承销商”参与注册声明和本招股说明书的编制，并对其行使通常标准的“尽职调查”。Goldman Sachs & Co. LLC 已同意担任本次发行的合格独立承销商，并承担《证券法》项下承销商的法律责任和义务，特别包括该法第 11 条所固有的责任和义务。Goldman Sachs & Co. LLC 不会因担任本次发行的合格独立承销商而收取任何额外费用。我们已同意就 Goldman Sachs & Co. LLC 因担任合格独立承销商而产生的责任（包括经修订的 1933 年《证券法》（“《证券法》”）项下的责任）向其作出赔偿。更多信息请参见“募集资金用途”和“承销（利益冲突）”章节。 风险因素 · 有关您在决定购买我们 A 类普通股股份之前应考虑的部分因素的讨论，请参见“风险因素”章节及本招股说明书中包含的其他信息。 定向股份计划 · 应我们的请求，承销商已按首次公开发行价格预留了本次发行中最多 5% 的 A 类普通股股份，用于向我们的现有员工（包括管理层）、其他服务提供商以及由某些

Conflicts of Interest · Because an affiliate of each of J.P. Morgan Securities LLC and MUFG Securities Americas Inc. is a lender under our 2024 Term Loan Facility (as defined herein) and will receive 5% or more of the net proceeds of this offering due to the repayment of borrowings under the 2024 Term Loan Facility, J.P. Morgan Securities LLC and MUFG Securities Americas Inc., each an underwriter in this offering, is deemed to have a “conflict of interest” under Rule 5121 (“Rule 5121”) of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Accordingly, this offering will be conducted in compliance with the requirements of Rule 5121, which requires, among other things, that a “qualified independent underwriter” participate in the preparation of, and exercise the usual standards of “due diligence” with respect to, the registration statement and this prospectus. Goldman Sachs & Co. LLC has agreed to act as a qualified independent underwriter for this offering and to undertake the legal responsibilities and liabilities of an underwriter under the Securities Act, specifically including those inherent in Section 11 thereof. Goldman Sachs & Co. LLC will not receive any additional fees for serving as a qualified independent underwriter in connection with this offering. We have agreed to indemnify Goldman Sachs & Co. LLC against liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). See the sections titled “Use of Proceeds” and “Underwriting (Conflicts of Interest)” for additional information. Risk factors · See the section titled “Risk Factors” and other information included in this prospectus for a discussion of some of the factors you should consider before deciding to purchase shares of our Class A common stock. Directed share program · At our request, the underwriters have reserved up to 5% of the shares of our Class A common stock offered hereby, at the initial public offering price, to offer to our current employees, including management, other service providers, and other individuals and entities as determined by certain of

我们授权的高级职员确定的其他个人和实体发售。该等销售将由 Morgan Stanley & Co. LLC 及其关联方根据我们的指示通过定向股份计划进行。若这些个人购买该等预留股份，则向公众发售的 A 类普通股股份数量将相应减少。任何未被如此购买的预留股份将由承销商按与本招股说明书所发售其他股份相同的基础向公众发售。除我们的董事和高级职员获得的任何股份外，根据定向股份计划购买的股份将不受与承销商签订的锁定协议的约束。更多信息请参见“承销（利益冲突）”章节。

our authorized officers. The sales will be made at our direction by Morgan Stanley & Co. LLC and its affiliates through a directed share program. The number of shares of our Class A common stock available for sale to the general public will be reduced to the extent these individuals purchase such reserved shares. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus. Except for any shares acquired by our directors and officers, shares purchased pursuant to the directed share program will not be subject to lock-up agreements with the underwriters. See the section titled “Underwriting (Conflicts of Interest)” for additional information.

纳斯达克交易代码 · “CRWV” 股息政策 · 本次发行完成后，我们目前拟保留所有可用资金及任何未来收益，用于我们业务的运营，并且在可预见的未来，我们目前没有计划就我们的股本支付任何股息，但本次发行完成时我们就 C 系列可赎回优先股应付的任何最终股息支付除外。此外，我们支付股息或进行分派的能力目前受到我们信贷融资（定义见本文件）条款的限制，并且可能因我们产生的任何进一步债务而受到进一步限制。有关我们信贷融资的更多信息，请参见标题为“重大债务说明”的章节。任何未来宣派股息的决定将由我们的董事会酌情作出，并将取决于（其中包括）我们的财务状况、经营业绩、资本需求、一般商业状况、我们债务工具中的限制以及我们董事会可能认为相关的其他因素。更多信息请参见标题为“股息政策”的章节。

Nasdaq trading symbol · “CRWV” Dividend policy · Following the consummation of this offering, we currently intend to retain all available funds and any future earnings for use in the operation of our business and do not have current plans to pay any dividends on our capital stock in the foreseeable future, with the exception of any final dividend payment payable on our Series C redeemable preferred stock upon the consummation of this offering. Additionally, our ability to pay dividends or make distributions is currently restricted by the terms of our Credit Facilities (as defined herein) and may be further restricted by any further indebtedness we incur. For additional information regarding our Credit Facilities, see the section titled “Description of Material Indebtedness.” Any future determination to declare dividends will be made at the discretion of our board of directors and will depend, among other things, on our financial condition, operating results, capital requirements, general business conditions, restrictions in our debt instruments, and other factors that our board of directors may deem relevant. See the section titled “Dividend Policy” for additional information.

本次发行及同步股份发行完成后，我们 A 类普通股、B 类普通股和 C 类普通股的流通股数量基于截至 2024 年 12 月 31 日我们已发行的 300,657,406 股 A 类普通股、已发行的 118,102,040 股 B 类普通股以及无已发行的 C 类普通股（在使股本转换、B 类转换、期权行权和 RSU 净额结算（各定义见下文）生效后），并且不包括：

The number of shares of our Class A common stock, Class B common stock, and Class C common stock that will be outstanding after this offering and the concurrent share issuance is based on 300,657,406 shares of our Class A common stock outstanding, 118,102,040 shares of our Class B common stock outstanding, and no shares of our Class C common stock outstanding, in each case as of December 31, 2024 (after giving effect to the Capital Stock Conversion, the Class B Conversion, the Option Exercise, and the RSU Net Settlement (each as defined below)), and excludes:

- 根据我们 2019 年股票期权计划（“2019 年计划”），截至 2024 年 12 月 31 日已发行的、可因行使购买我们 A 类普通股的股票期权而发行的 46,577,580 股 A 类普通股，加权平均行权价为每股$1.75（在

- 46,577,580 shares of our Class A common stock issuable upon the exercise of stock options to purchase shares of our Class A common stock outstanding as of December 31, 2024 under our 2019 Stock Option Plan (the “2019 Plan”), with a weighted-average exercise price of $1.75 per share (after

使期权行权生效后），其中 9,109,000 股将可根据我们联合创始人的股权交换权，在行权时由其选择交换为同等数量的 B 类普通股；

giving effect to the Option Exercise), of which 9,109,000 shares will be exchangeable for an equal number of shares of our Class B common stock at the election of our Co-Founders upon exercise pursuant to their Equity Exchange Rights;

- 根据 2019 年计划，截至 2024 年 12 月 31 日已发行的、可因限制性股票单位（“RSU”）归属和结算而发行的 14,982,220 股 A 类普通股，这些 RSU 截至 2024 年 12 月 31 日尚未满足基于服务的归属条件，且其基于业绩的归属条件已就本次发行获得满足（其中部分 RSU 截至 2025 年 3 月 27 日满足基于服务的归属条件，已导致就本次发行净发行 227,635 股 A 类普通股，在扣留合计 210,125 股 A 类普通股以满足相关估计税款预扣和汇缴义务后（基于每股$40.00 的首次公开发行价格和假设的 48%税率））；

- 14,982,220 shares of our Class A common stock issuable upon the vesting and settlement of restricted stock units (“RSUs”) outstanding as of December 31, 2024 under the 2019 Plan for which the service-based vesting condition was not satisfied as of December 31, 2024 and for which the performance-based vesting condition was satisfied in connection with this offering (the satisfaction of the service-based vesting condition of certain of these RSUs through March 27, 2025 has resulted in the net issuance of 227,635 shares of our Class A common stock in connection with this offering, after withholding an aggregate of 210,125 shares of Class A common stock to satisfy the associated estimated tax withholding and remittance obligations (based on the initial public offering price of $40.00 per share and an assumed 48% tax withholding rate));

- 根据 2019 年计划于 2024 年 12 月 31 日之后授予的 RSU 在归属和结算时可发行的 8,753,320 股 A 类普通股；

- 8,753,320 shares of our Class A common stock issuable upon the vesting and settlement of RSUs granted after December 31, 2024 under the 2019 Plan;

- 截至 2024 年 12 月 31 日，行使购买 A 类普通股的认股权证时可发行的 12,144,668 股 A 类普通股，其中 7,807,282 股的行使价为每股 $0.0005，4,337,386 股的行使价等于常规认股权证行使价（定义见本文件）；

- 12,144,668 shares of our Class A common stock issuable upon the exercise of warrants to purchase shares of our Class A common stock outstanding as of December 31, 2024, of which 7,807,282 had an exercise price of $0.0005 per share and 4,337,386 had an exercise price equal to the Regular Warrants Exercise Price (as defined herein);

- 预留用于根据我们的股权补偿计划未来发行的 63,750,480 股 A 类普通股，包括 (i) 截至 2024 年 12 月 31 日根据我们的 2019 年计划预留用于未来发行的 3,750,480 股 A 类普通股（该预留未反映 2024 年 12 月 31 日之后授予的购买 A 类普通股的股票期权和可结算为 A 类普通股的 RSU，也未反映 2024 年 12 月 31 日之后根据我们的 2019 年计划预留用于未来发行的 A 类普通股增加 5,300,000 股），(ii) 根据我们的 2025 年股权激励计划（“2025 年计划”）预留用于未来发行的 50,000,000 股 A 类普通股，该计划于本招股说明书日期前一日生效，以及 (iii) 根据我们的 2025 年员工购股计划（“2025 年 ESPP”）预留用于发行的 10,000,000 股 A 类普通股，该计划于本招股说明书日期生效；以及

- 63,750,480 shares of our Class A common stock reserved for future issuance under our equity compensation plans, consisting of (i) 3,750,480 shares of our Class A common stock reserved for future issuance under our 2019 Plan as of December 31, 2024 (which reserve does not reflect the stock options to purchase shares of our Class A common stock and RSUs settleable for shares of our Class A common stock granted after December 31, 2024 or an increase of 5,300,000 shares of our Class A common stock reserved for future issuance under our 2019 Plan after December 31, 2024), (ii) 50,000,000 shares of our Class A common stock reserved for future issuance under our 2025 Equity Incentive Plan (the “2025 Plan”), which became effective on the date immediately prior to the date of this prospectus, and (iii) 10,000,000 shares of our Class A common stock reserved for issuance under our 2025 Employee Stock Purchase Plan (the “2025 ESPP”), which became effective on the date of this prospectus; and

- 根据每股 $40.00 的首次公开发行价格，在我们完成对 Weights & Biases 的收购交割时可发行的 21,874,544 股 A 类普通股。

- 21,874,544 shares of our Class A common stock that are issuable upon the closing of our acquisition of Weights & Biases, based on the initial public offering price of $40.00 per share.

在本招股说明书日期，我们 2019 年计划下任何剩余可供发行的 A 类普通股均已加入我们 2025 年计划下预留用于发行的 A 类普通股，并且我们已停止根据 2019 年计划授予奖励。我们的 2025 年计划和 2025 年 ESPP 还规定每年自动增加其下预留的股份数量。更多信息请参见标题为“高管薪酬—员工福利和股票计划”的章节。

On the date of this prospectus, any remaining shares of our Class A common stock available for issuance under our 2019 Plan were added to the shares of our Class A common stock reserved for issuance under our 2025 Plan, and we ceased granting awards under the 2019 Plan. Our 2025 Plan and 2025 ESPP also provide for automatic annual increases in the number of shares reserved thereunder. See the section titled “Executive Compensation—Employee Benefit and Stock Plans” for additional information.

根据我们与每位联合创始人签订的某些股权交换协议，每位联合创始人均有权（但无义务）要求我们将其在行使或结算股权奖励时收到的任何 A 类普通股交换为我们的 B 类普通股（“股权交换权”）。股权交换权适用于 2024 年 9 月之前授予我们联合创始人的股权奖励。截至 2024 年 12 月 31 日，我们的联合创始人持有的、可购买 A 类普通股的未行使股票期权涉及 9,109,000 股 A 类普通股，且该等股份在行使时可根据股权交换权交换为等数量的 B 类普通股。

Pursuant to certain equity exchange agreements entered into between us and each Co-Founder, each Co-Founder has a right (but not an obligation) to require us to exchange, for shares of our Class B common stock, any shares of our Class A common stock received by him upon the exercise or settlement of equity awards (the “Equity Exchange Rights”). The Equity Exchange Rights apply to equity awards granted to our Co-Founders prior to September 2024. As of December 31, 2024, there were 9,109,000 shares of our Class A common stock subject to outstanding stock options to purchase shares of our Class A common stock held by our Co-Founders and that may be exchanged, upon exercise, for an equivalent number of shares of our Class B common stock pursuant to the Equity Exchange Rights.

除非另有说明，本招股说明书中的信息反映并假设以下事项：

Unless otherwise noted, the information in this prospectus reflects and assumes the following:

- 我们股本的 20 比 1 正向拆股，该拆股于 2025 年 3 月 14 日生效；

- a 20-for-1 forward split of our capital stock, which became effective on March 14, 2025;

- 根据我们现行有效的经修订和重述的公司章程条款，在本发行交割时，(i) 截至 2024 年 12 月 31 日我们已发行的种子轮、A 轮、B 轮和 B-1 轮可赎回可转换优先股按一比一 basis 自动转换为我们的 A 类普通股股份，以及 (ii) 截至 2024 年 12 月 31 日我们已发行的 C 轮可赎回可转换优先股自动转换为合计 184,985,766 股我们的 A 类普通股股份（以下简称“股本转换”）；

- the automatic conversion of (i) our Series Seed, A, B, and B-1 redeemable convertible preferred stock outstanding as of December 31, 2024 on a one for one basis into shares of our Class A common stock and (ii) our Series C redeemable convertible preferred stock outstanding as of December 31, 2024 into an aggregate of 184,985,766 shares of our Class A common stock in connection with the closing of this offering pursuant to the terms of our amended and restated certificate of incorporation, as currently in effect (the “Capital Stock Conversion”);

- 我们 B 类普通股的若干持有人在其进行若干转让时，将其持有的 96,380 股 B 类普通股转换为 96,380 股 A 类普通股股份（以下简称“B 类转换”）；

- the conversion of 96,380 shares of our Class B common stock into 96,380 shares of our Class A common stock by certain holders of our Class B common stock upon certain transfers by the holders thereof (the “Class B Conversion”);

- 若干出售股东在本发行中就行使可购买 641,000 股我们 A 类普通股股份的股票期权进行现金行权，加权平均行权价为每股 $1.38，为我们带来约 $1 million 的总毛收益，该等行权由若干出售股东在本发行中出售全部或部分该等股份时进行，详见“主要股东及出售股东”一节（以下简称“期权行权”）；

- the cash exercise of stock options to purchase 641,000 shares of our Class A common stock in connection with this offering by certain selling stockholders, with a weighted-average exercise price of $1.38 per share, for total gross proceeds to us of approximately $1 million, by certain selling stockholders in connection with the sale of all or a portion of such shares by such selling stockholders in this offering, as described in “Principal and Selling Stockholders” (the “Option Exercise”);

- 与截至 2024 年 12 月 31 日已发行的若干 RSU 的归属和结算相关的 245,700 股我们 A 类普通股股份的净发行，该等 RSU 的服务归属条件已于 2024 年 12 月 31 日满足，业绩归属条件已在本发行相关事项中满足（以下简称“IPO 归属 RSU”），在扣除为满足估计的预扣税及汇缴义务而预扣的 226,800 股 A 类普通股股份（基于每股 $40.00 的首次发行价及假设的 48% 预扣税率）后计算（以下简称“RSU 净结算”）；

- the net issuance of 245,700 shares of our Class A common stock in connection with the vesting and settlement of certain RSUs outstanding as of December 31, 2024, for which the service-based vesting condition was satisfied as of December 31, 2024 and the performance-based vesting condition was satisfied in connection with this offering (the “IPO Vesting RSUs”), after giving effect to the withholding of 226,800 shares of Class A Common Stock to satisfy the estimated tax withholding and remittance obligations (based on the initial offering price of $40.00 per share and an assumed 48% tax withholding rate) (the “RSU Net Settlement”);

- 我们经修订和重述的公司章程的提交和生效，以及我们经修订和重述的章程细则的生效，二者均将在本发行完成前立即发生；

- the filing and effectiveness of our amended and restated certificate of incorporation and the effectiveness of our amended and restated bylaws, each of which will occur immediately prior to the completion of this offering;

- 除上述期权行权和 RSU 净结算外，2024 年 12 月 31 日之后未行使任何已发行股票期权或认股权证，也未结算任何已发行 RSU;

- no exercise of outstanding stock options or warrants or settlement of outstanding RSUs subsequent to December 31, 2024, except for the Option Exercise and RSU Net Settlement, as described above;

- 承销商未行使超额配售选择权，以在本发行中购买额外 5,625,000 股我们 A 类普通股股份；以及

- no exercise by the underwriters of their over-allotment option to purchase 5,625,000 additional shares of our Class A common stock in this offering; and

- 在本发行交割后立即向 OpenAI 进行同步股份发行交割时，基于每股 $40.00 的首次公开发行价，向 OpenAI 发行 8,750,000 股我们 A 类普通股股份。

- the issuance of 8,750,000 shares of our Class A common stock to OpenAI upon the closing of the concurrent share issuance to OpenAI immediately subsequent to the closing of this offering, based upon the initial public offering price of $40.00 per share.

本招股说明书中使用的假设 48% 预扣税率，是就 RSU 净结算中需预扣的 IPO 归属 RSU 所假设的混合预扣税率。实际股份预扣及相关预扣税率可能因每位持有人的个人税务情况而有所波动。

The assumed 48% tax withholding rate used in this prospectus is an assumed blended withholding rate for the IPO Vesting RSUs that are subject to withholding in the RSU Net Settlement. The actual share withholding and related withholding rates may fluctuate based on each holder’s individual tax circumstances.

合并财务数据摘要 Summary Consolidated Financial Data

下表汇总了我们在所示日期及所示期间的合并财务数据。我们截至 2022 年 12 月 31 日、2023 年 12 月 31 日和 2024 年 12 月 31 日止年度的汇总合并经营数据（归属于普通股股东的预计基本和稀释每股净亏损以及用于计算归属于普通股股东的预计基本和稀释每股净亏损的加权平均股数除外）以及我们截至 2024 年 12 月 31 日的汇总合并资产负债表数据，均取自本招股说明书其他部分所载经审计的合并财务报表。我们的历史业绩不一定预示未来任何其他期间的预期业绩。

The following tables summarize our consolidated financial data as of the dates and for the periods indicated. We derived our summary consolidated statements of operations data for the years ended December 31, 2022, 2023, and 2024 (except for pro forma basic and diluted net loss per share attributable to common stockholders and weighted-average shares used in computing pro forma basic and diluted net loss per share attributable to common stockholders) and our summary consolidated balance sheet data as of December 31, 2024 from our audited consolidated financial statements included elsewhere in this prospectus. Our historical results are not necessarily indicative of the results to be expected in any other period in the future.

您应将以下汇总合并财务数据与题为“管理层对财务状况和经营成果的讨论与分析”的章节，以及本招股说明书其他部分所载的我们的合并财务报表、随附附注和其他财务信息一并阅读。本节中的汇总合并财务数据并非旨在替代我们的合并财务报表及相关附注，且其整体受本招股说明书其他部分所载我们的合并财务报表及相关附注的限制。

You should read the following summary consolidated financial data in conjunction with the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and our consolidated financial statements, the accompanying notes, and other financial information included elsewhere in this prospectus. The summary consolidated financial data in this section are not intended to replace our consolidated financial statements and the related notes and are qualified in their entirety by our consolidated financial statements and the related notes included elsewhere in this prospectus.

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 2024 （单位：千美元，每股数据除外） 合并经营数据表： 收入 · $15,830 · $228,943 · $1,915,426 经营费用： 收入成本(1) · 12,122 · 68,780 · 493,350 技术与基础设施(1) · 18,106 · 131,855 · 960,685 销售与营销(1) · 2,481 · 12,917 · 18,389 一般及行政(1) · 6,001 · 29,842 · 118,644 经营费用合计 · 38,710 · 243,394 · 1,591,068 经营利润（亏损） · (22,880) · (14,451) · 324,358 公允价值调整损失 · (2,884) · (533,952) · (755,929) 利息费用，净额 · (9,444) · (28,404) · (360,824) 其他收入，净额 · 192 · 18,760 · 48,194 所得税费用（收益）前亏损 · (35,016) · (558,047) · (744,201) 所得税费用（收益） · (4,150) · 35,701 · 119,247 持续经营净亏损 · $(30,866) · $(593,748) · $(863,448) 终止经营净亏损，税后净额 · $(189) · $— · $— 净亏损 · $(31,055) · $(593,748) · $(863,448) 归属于普通股股东的净亏损，基本和稀释(2) · $(31,055) · $(593,748) · $(937,765) 归属于普通股股东的持续经营每股净亏损，基本和稀释 · $(0.17) · $(3.09) · $(4.30) 归属于普通股股东的终止经营每股净亏损，基本和稀释 · $0.00 · $— · $— 归属于普通股股东的每股净亏损，基本和稀释(2) · $(0.17) · $(3.09) · $(4.30)

2022 · 2023 · 2024 (in thousands, except per share data) Consolidated Statements of Operations Data: Revenue · $15,830 · $228,943 · $1,915,426 Operating expenses: Cost of revenue(1) · 12,122 · 68,780 · 493,350 Technology and infrastructure(1) · 18,106 · 131,855 · 960,685 Sales and marketing(1) · 2,481 · 12,917 · 18,389 General and administrative(1) · 6,001 · 29,842 · 118,644 Total operating expenses · 38,710 · 243,394 · 1,591,068 Operating income (loss) · (22,880) · (14,451) · 324,358 Loss on fair value adjustments · (2,884) · (533,952) · (755,929) Interest expense, net · (9,444) · (28,404) · (360,824) Other income, net · 192 · 18,760 · 48,194 Loss before provision for (benefit from) income taxes · (35,016) · (558,047) · (744,201) Provision for (benefit from) income taxes · (4,150) · 35,701 · 119,247 Net loss from continuing operations · $(30,866) · $(593,748) · $(863,448) Net loss from discontinued operations, net of tax · $(189) · $— · $— Net loss · $(31,055) · $(593,748) · $(863,448) Net loss attributable to common stockholders, basic and diluted(2) · $(31,055) · $(593,748) · $(937,765) Net loss from continuing operations per share attributable to common stockholders, basic and diluted · $(0.17) · $(3.09) · $(4.30) Net loss from discontinued operations per share attributable to common stockholders, basic and diluted · $0.00 · $— · $— Net loss per share attributable to common stockholders, basic and diluted(2) · $(0.17) · $(3.09) · $(4.30)

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 2024 （单位：千美元，每股数据除外） 用于计算归属于普通股股东的每股净亏损的加权平均股数，基本和稀释(2) · 180,632 · 192,164 · 217,854

2022 · 2023 · 2024 (in thousands, except per share data) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted(2) · 180,632 · 192,164 · 217,854

(1) · 包括如下股权激励费用：

(1) · Includes stock-based compensation expense as follows:

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 2024 （以千计） 收入成本 · $133 · $694 · $1,307 技术与基础设施 · 624 · 7,100 · 10,137 销售与营销 · 74 · 1,740 · 3,408 一般及行政 · 659 · 5,620 · 16,635 股权激励费用总额 · $1,490 · $15,154 · $31,487

2022 · 2023 · 2024 (in thousands) Cost of revenue · $133 · $694 · $1,307 Technology and infrastructure · 624 · 7,100 · 10,137 Sales and marketing · 74 · 1,740 · 3,408 General and administrative · 659 · 5,620 · 16,635 Total stock-based compensation expense · $1,490 · $15,154 · $31,487

(2) · 有关计算归属于普通股股东的基本和稀释每股净收益（亏损）所采用的方法以及计算每股金额时使用的加权平均股数的说明，请参见本招股说明书其他部分所载我们合并财务报表的附注 1 和附注 13。

(2) · See Notes 1 and 13 to our consolidated financial statements included elsewhere in this prospectus for an explanation of the method used to calculate basic and diluted net income (loss) attributable to common stockholders and the weighted-average number of shares used in the computation of the per share amounts.

下表列示了所列期间归属于普通股股东的未经审计备考基本和稀释每股净亏损的计算：

The following table sets forth the computation of unaudited pro forma basic and diluted net loss per share attributable to common stockholders for the periods presented:

截至 2024 年 12 月 31 日止年度

Year Ended December 31, 2024

（以千计，每股数据除外）

(in thousands, except per share data)

分子：

Numerator:

归属于普通股股东的净亏损 · $(937,765) 用于冲回 C 系列可赎回可转换优先股视同股息及增值的备考调整 · 74,317 用于记录与本次发行相关的、已满足服务期和业绩归属条件的 RSU 相关股权激励费用的备考调整 · (77,817) 归属于普通股股东的备考净亏损 · $(941,265) 分母： 用于计算归属于普通股股东的基本和稀释每股净亏损的加权平均股数 · 217,854 假设资本股票转换于 2024 年 1 月 1 日发生的备考调整 · 184,986 反映期权行使的备考调整 · 641 反映 RSU 净额结算的备考调整 · 246 用于计算归属于普通股股东的备考基本和稀释每股净亏损的加权平均股数 · 403,727 归属于普通股股东的备考基本和稀释每股净亏损(1) · $(2.33)

Net loss attributable to common stockholders · $(937,765) Pro forma adjustment to reverse the deemed dividend and accretion on Series C redeemable convertible preferred common stock · 74,317 Pro forma adjustment to record stock-based compensation expense related to RSUs for which the service-based and performance-based vesting conditions was satisfied in connection with this offering · (77,817) Pro forma net loss attributable to common stockholders · $(941,265) Denominator: Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted · 217,854 Pro forma adjustment to reflect the Capital Stock Conversion as if the conversion occurred on January 1, 2024 · 184,986 Pro forma adjustment to reflect the Option Exercise · 641 Pro forma adjustment to reflect the RSU Net Settlement · 246 Weighted-average shares used to compute pro forma net loss per share attributable to common stockholders, basic and diluted · 403,727 Pro forma net loss per share attributable to common stockholders, basic and diluted(1) · $(2.33)

(1) · 截至 2024 年 12 月 31 日止年度归属于普通股股东的备考基本和稀释每股净亏损，已反映以下事项的影响：(i) 假设资本股票转换已于该期间期初发生，(ii) B 类股转换，

(1) · Basic and diluted pro forma net loss per share attributable to common stockholders for the year ended December 31, 2024, gives effect to (i) the Capital Stock Conversion as though the conversion had occurred as of the beginning of the period, (ii) the Class B Conversion,

(iii) 期权行使，以及 (iv) 与 RSU 净额结算相关的 245,700 股 A 类普通股的发行，此前已预扣 226,800 股以满足约 $9 百万的预计代扣代缴税款及汇缴义务（基于每股 $40.00 的首次公开发行价格及假设 48% 的预扣税率）。

(iii) the Option Exercise, and (iv) the issuance of 245,700 shares of Class A common stock in connection with the RSU Net Settlement, after withholding 226,800 shares to satisfy the estimated tax withholding and remittance obligations of $9 million (based on the initial offering price of $40.00 per share and an assumed 48% tax withholding rate).

截至 2024 年 12 月 31 日

As of December 31, 2024

实际 · 备考(1) · 备考，经调整(2) （单位：千美元） 合并资产负债表数据： 现金及现金等价物 · $1,361,083 · $1,361,969 · $1,251,712 受限现金及现金等价物，流动 · 37,394 · 37,394 · 537,394 营运资金(3) · (3,046,332) · (3,054,518) · (1,672,814) 物业及设备，净额 · 11,914,774 · 11,914,774 · 11,914,774 总资产 · 17,832,599 · 17,833,485 · 18,562,941 债务，非流动 · 5,457,915 · 5,457,915 · 5,457,915 递延收入，非流动 · 3,294,977 · 3,294,977 · 3,294,977 总负债 · 16,524,086 · 16,533,158 · 15,530,910 可赎回可转换优先股 · 1,722,111 · — · — 可赎回 A 类普通股 · — · 1,163,130 · 1,163,130 股东权益（赤字）总额 · (413,598) · 137,197 · 1,868,901

Actual · Pro Forma(1) · Pro Forma, As Adjusted(2) (in thousands) Consolidated Balance Sheet Data: Cash and cash equivalents · $1,361,083 · $1,361,969 · $1,251,712 Restricted cash and cash equivalents, current · 37,394 · 37,394 · 537,394 Working capital(3) · (3,046,332) · (3,054,518) · (1,672,814) Property and equipment, net · 11,914,774 · 11,914,774 · 11,914,774 Total assets · 17,832,599 · 17,833,485 · 18,562,941 Debt, non-current · 5,457,915 · 5,457,915 · 5,457,915 Deferred revenue, non-current · 3,294,977 · 3,294,977 · 3,294,977 Total liabilities · 16,524,086 · 16,533,158 · 15,530,910 Redeemable convertible preferred stock · 1,722,111 · — · — Redeemable Class A common stock · — · 1,163,130 · 1,163,130 Total stockholders’ equity (deficit) · (413,598) · 137,197 · 1,868,901

(1) · 上表备考列反映以下事项：(i) 资本股票转换，假设该转换已于 2024 年 12 月 31 日发生；(ii) B 类转换；(iii) 期权行使及我们因期权行使而收到约 $1 million 的总收益；(iv) 我们经修订和重述的公司章程的提交和生效，该章程将在本次发行完成前立即生效；(v) 与受 RSU 净额结算约束的 RSU 相关的股权激励费用 $78 million 导致额外实收资本和累计赤字增加；(vi) 与 RSU 净额结算相关的 245,700 股 A 类普通股净发行，此前已扣留 226,800 股以满足估计的税款预扣和汇缴义务 $9 million（基于每股 $40.00 的首次公开发行价格及假设的 48% 税率预扣率）；以及(vii) 与 RSU 净额结算相关的估计税款预扣和汇缴义务导致应计负债增加及额外实收资本等额减少 $9 million。

(1) · The pro forma column above reflects (i) the Capital Stock Conversion as if such conversion had occurred on December 31, 2024, (ii) the Class B Conversion, (iii) the Option Exercise and the receipt by us of gross proceeds of approximately $1 million in connection with the Option Exercise, (iv) the filing and effectiveness of our amended and restated certificate of incorporation that will become effective immediately prior to the completion of this offering, (v) an increase to additional paid-in capital and accumulated deficit related to stock based compensation of $78 million related to RSUs subject to the RSU Net Settlement, (vi) the net issuance of 245,700 shares of Class A common stock in connection with the RSU Net Settlement, after withholding 226,800 shares to satisfy estimated tax withholding and remittance obligations of $9 million (based on the initial public offering price of $40.00 per share and an assumed 48% tax withholding rate), and (vii) the increase in accrued liabilities and an equivalent decrease in additional paid-in capital of $9 million in connection with the estimated tax withholding and remittance obligations related to the RSU Net Settlement.

(2) · 上表中的备考调整后列反映了以下各项的影响：(i) 上文附注 (1) 中列示的备考调整；(ii) 本次发行中出售并发行 36,590,000 股 A 类普通股，以及按每股 $40.00 的首次公开发行价格同步发行股份，扣除承销折扣和佣金以及我们应付的估计发行费用后；(iii) 将我们从本次发行中获得的约 $1.0 billion 净收益用于偿还我们 2024 年定期贷款融资项下的全部未偿金额；(iv) 将本次发行净收益的一部分连同现有现金及现金等价物（如有必要）用于满足与 RSU 净额结算相关的估计税款预扣和汇缴义务；(v) 与向 OpenAI 同步发行股份相关，其他非流动资产和额外实收资本增加 $350 million，根据 OpenAI 主服务协议确认的任何收入将被这些股份的价值所抵消；(vi) 本次发行净收益中约 $500 million 将作为受限现金存入托管账户，以担保我们在 DDTL 2.0 融资项下的义务。

(2) · The pro forma as adjusted column above gives effect to (i) the pro forma adjustments set forth in footnote (1) above, (ii) the sale and issuance of 36,590,000 shares of our Class A common stock in this offering and the concurrent share issuance at the initial public offering price of $40.00 per share, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, (iii) the application of approximately $1.0 billion of the net proceeds that we receive from this offering to repay the entire outstanding amount under our 2024 Term Loan Facility, (iv) the use of a portion of the net proceeds from this offering, together with existing cash and cash equivalents, if necessary, to satisfy the estimated tax withholding and remittance obligations related to the RSU Net Settlement, (v) an increase in other non-current assets and additional paid-in capital of $350 million in connection with the concurrent share issuance to OpenAI, for which any revenue recognized under the OpenAI Master Service Agreement will be offset by the value of these shares, and (vi) approximately $500 million of the net proceeds from this offering to be held as restricted cash in escrow to secure our obligations under our DDTL 2.0 Facility.

(3) · 营运资金定义为流动资产减去流动负债。

(3) · Working capital is defined as current assets less current liabilities.

**非 GAAP 财务指标**

**Non-GAAP Financial Measures**

为补充我们按照美国公认会计原则（“GAAP”）编制和列报的合并财务报表，我们使用调整后 EBITDA 及调整后 EBITDA 利润率、调整后经营利润（亏损）及调整后经营利润（亏损）利润率、以及调整后净利润（亏损）及调整后净利润（亏损）利润率（统称），以帮助我们评估业务。我们使用此类非 GAAP 财务指标作出战略决策、制定业务计划和预测、识别影响我们业务的趋势，并评估经营业绩。我们认为，这些非 GAAP 财务指标综合来看可能对投资者有所帮助，因为它们使我们用于经营业务和衡量业绩的指标更加透明，并能够在项目可能因与业务表现无关的原因而波动的期间之间比较财务趋势和结果。这些非 GAAP 财务指标仅供补充信息之用，不应被视为按照 GAAP 列报的财务信息的替代，且可能与其他公司使用的类似名称的非 GAAP 指标不同。有关更多信息以及我们的非 GAAP 财务指标与按照 GAAP 编制的最直接可比财务指标的调节表，请参见“管理层对财务状况和经营成果的讨论与分析——非 GAAP 财务指标”一节。

To supplement our consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States (“GAAP”), we use adjusted EBITDA and adjusted EBITDA margin, adjusted operating income (loss) and adjusted operating income (loss) margin, and adjusted net income (loss) and adjusted net income (loss) margin, collectively, to help us evaluate our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for additional information and reconciliations of our non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with GAAP.

截至 12 月 31 日的年度，

Year Ended December 31,

2022 · 2023 · 2024 （千美元） 调整后 EBITDA · $(9,884) · $103,913 · $1,219,258 净亏损率 · (196)% · (259)% · (45)% 调整后 EBITDA 利润率 · (62)% · 45% · 64% 调整后经营利润（亏损） · $(21,390) · $703 · $355,845 经营利润（亏损）利润率 · (145)% · (6)% · 17% 调整后经营利润（亏损）利润率 · (135)% · —% · 19% 调整后净亏损 · $(26,681) · $(44,642) · $(64,908) 调整后净亏损率 · (169)% · (19)% · (3)%

2022 · 2023 · 2024 (dollars in thousands) Adjusted EBITDA · $(9,884) · $103,913 · $1,219,258 Net loss margin · (196)% · (259)% · (45)% Adjusted EBITDA margin · (62)% · 45% · 64% Adjusted operating income (loss) · $(21,390) · $703 · $355,845 Operating income (loss) margin · (145)% · (6)% · 17% Adjusted operating income (loss) margin · (135)% · —% · 19% Adjusted net loss · $(26,681) · $(44,642) · $(64,908) Adjusted net loss margin · (169)% · (19)% · (3)%

风险因素 Risk Factors

投资我们的 A 类普通股涉及高度风险。在决定投资我们的 A 类普通股之前，您应审慎考虑下文所述的风险与不确定性，以及本招股说明书中的所有其他信息。若下文所列任何风险发生，我们的业务、经营业绩、财务状况及未来前景可能受到重大不利影响。在此情形下，我们 A 类普通股的市场价格可能下跌，您可能损失全部或部分投资。本招股说明书还包含涉及风险与不确定性的前瞻性陈述和估计。由于特定因素（包括下文所述的风险与不确定性），我们的实际结果可能与前瞻性陈述中的预期存在重大差异。更多信息请参见标题为“关于前瞻性陈述的特别说明”的章节。

Investing in our Class A common stock involves a high degree of risk. You should carefully consider the risks and uncertainties described below, together with all of the other information in this prospectus, before making a decision to invest in our Class A common stock. If any of the following risks occur, our business, operating results, financial condition and future prospects could be materially and adversely affected. In that event, the market price of our Class A common stock could decline, and you could lose all or a part of your investment. This prospectus also contains forward-looking statements and estimates that involve risks and uncertainties. Our actual results could differ materially from those anticipated in the forward-looking statements as a result of specific factors, including the risks and uncertainties described below. See the section titled “Special Note Regarding Forward-Looking Statements” for more information.

与我们的业务和行业相关的风险 Risks Related to Our Business and Industry

**我们近期的增长可能并不代表我们未来的增长，如果我们不能有效管理未来的增长，我们的业务、经营业绩、财务状况和未来前景可能会受到不利影响。**

**Our recent growth may not be indicative of our future growth, and if we do not effectively manage our future growth, our business, operating results, financial condition, and future prospects may be adversely affected.**

我们成立于 2017 年 9 月，并于 2020 年推出 CoreWeave 云平台，在短时间内经历了显著增长。截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，我们的收入分别为 $16 million、$229 million 和 $1.9 billion。投资者不应将任何过往季度或年度的收入增长作为我们未来业绩的指示。即使我们的收入继续增长，由于多种因素（包括我们业务的成熟），我们预计未来收入增长率将会下降。我们收入的整体增长将取决于多个因素，包括但不限于我们以下方面的能力：

We were founded in September 2017 and launched our CoreWeave Cloud Platform in 2020 and have experienced significant growth in a short period of time. Our revenue was $16 million, $229 million, and $1.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively. Investors should not rely on the revenue growth of any prior quarterly or annual period as an indication of our future performance. Even if our revenue continues to increase, our revenue growth rate is expected to decline in the future as a result of a variety of factors, including the maturation of our business. Overall growth of our revenue will depend on a number of factors, including but not limited to our ability to:

- 运营我们的云基础设施，包括由于供应链限制以及数据中心或电力可用性；

- operate our cloud infrastructure, including due to supply chain limitations and data center or power availability;

- 与我们所处行业中的其他公司竞争，包括那些拥有更多财务、技术、营销、销售和其他资源的公司；

- compete with other companies in our industry, including those with greater financial, technical, marketing, sales, and other resources;

- 继续为我们的平台开发新的解决方案和服务以及新功能，并成功进一步优化我们现有的基础设施、解决方案和服务；

- continue to develop new solutions and services and new functionality for our platform and successfully further optimize our existing infrastructure, solutions, and services;

- 留住现有客户并增加对现有客户的销售，以及吸引新客户并扩大我们的客户群；

- retain existing customers and increase sales to existing customers, as well as attract new customers and grow our customer base;

- 成功在国内外扩展我们的业务；

- successfully expand our business domestically and internationally;

- 从运营中产生足够的现金流并筹集额外资本（包括通过债务融资），以支持对我们平台的持续投资，从而保持我们的技术领先地位和平台的安全性；

- generate sufficient cash flow from operations and raise additional capital, including through indebtedness, to support continued investments in our platform to maintain our technological leadership and the security of our platform;

- 战略性地扩大我们的直销团队并利用我们现有的销售能力；

- strategically expand our direct sales force and leverage our existing sales capacity;

- 将我们的解决方案和服务引入并销售到新的市场和垂直领域；

- introduce and sell our solutions and services to new markets and verticals;

- 为我们的研发活动招募、聘用、培训和管理更多合格人员；

- recruit, hire, train, and manage additional qualified personnel for our research and development activities;

- 维持我们现有的融资结构并达成新的、更具成本效益的融资结构；以及

- maintain our existing, and enter into new, more cost-efficient, financing structures; and

- 成功识别并收购或投资于我们认为能够补充或扩展我们平台的企业、产品或技术。

- successfully identify and acquire or invest in businesses, products, or technologies that we believe could complement or expand our platform.

除上述因素外，我们的收入增长还可能受到行业特定因素的影响，尤其是 AI 的持续发展，包括可能带来更高算力效率的 AI 技术进步、AI 的更广泛采用、使用和商业化，以及不断发展的 AI 监管环境的任何影响。

In addition to the factors discussed above, our revenue growth may also be impacted by industry-specific factors, particularly the continued development of AI, including advancements in AI technology that may lead to further compute efficiencies, the broader adoption, use, and commercialization of AI and any impacts of the developing AI regulatory environment.

由于其中许多因素超出我们的控制范围，我们难以准确预测未来的经营业绩。如果我们用于规划业务的假设不正确，或因市场变化而发生变化，我们可能无法保持稳定的收入或收入增长，我们的股价可能波动，并且可能难以实现盈利，即使实现也可能难以维持。此外，宏观经济环境的变化，包括实际或感知到的全球银行与金融相关问题、劳动力短缺、供应链中断、利率和通胀波动、支出环境、地缘政治不稳定、战争与不确定性（包括中东和乌克兰冲突的影响以及中国大陆与台湾之间的紧张局势）、某些地区的经济疲软，或无论宏观经济状况如何而出现的 AI 支出减少，都可能影响我们的增长。

As many of these factors are beyond our control, it is difficult for us to accurately forecast our future operating results. If the assumptions that we use to plan our business are incorrect or change in reaction to changes in our market, we may be unable to maintain consistent revenue or revenue growth, the value of our stock could be volatile, and it may be difficult to achieve and, if achieved, maintain profitability. In addition, changes in the macroeconomic environment, including actual or perceived global banking and finance related issues, labor shortages, supply chain disruptions, volatile interest rates and inflation, spending environments, geopolitical instability, warfare and uncertainty, including the effects of the conflicts in the Middle East and Ukraine and tensions between China and Taiwan, weak economic conditions in certain regions, or a reduction in AI spending regardless of macroeconomic conditions may impact our growth.

此外，随着我们的成长，我们的客户数量也有所增加，我们日益在更复杂的计算环境中管理更复杂的基础设施部署。我们业务的快速增长和扩张对我们的管理、运营、工程和财务资源造成了重大压力。为有效管理未来的任何增长，我们必须继续改进和扩展我们的基础设施，包括信息技术（“IT”）和财务基础设施、我们的运营和行政系统及控制，以及我们以高效方式管理人员编制、资本和流程的能力。如果我们不能有效管理未来的增长，我们的业务、经营业绩、财务状况和未来前景将受到损害。

In addition, as we have grown, our number of customers has also increased, and we have increasingly managed more complex deployments of our infrastructure in more complex computing environments. The rapid growth and expansion of our business places a significant strain on our management, operational, engineering, and financial resources. To manage any future growth effectively, we must continue to improve and expand our infrastructure, including information technology (“IT”) and financial infrastructure, our operating and administrative systems and controls, and our ability to manage headcount, capital, and processes in an efficient manner. If we do not manage future growth effectively, our business, operating results, financial condition, and future prospects would be harmed.

如果我们继续经历快速增长，我们可能无法以高效、及时或具有成本效益的方式成功实施或扩展对系统、流程和控制的改进。随着我们的成长，我们现有的系统、流程和控制可能无法防止或发现所有错误、遗漏或欺诈。未来的任何增长将继续增加我们组织的复杂性，并要求在整个组织内进行有效协调。未能有效管理未来的任何增长可能导致成本增加、导致向新客户和现有客户部署我们的平台出现困难或延迟、降低对我们平台的需求，并导致引入新解决方案和服务出现困难或其他运营困难，而任何此类困难都将对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

If we continue to experience rapid growth, we may not be able to successfully implement or scale improvements to our systems, processes, and controls in an efficient, timely, or cost-effective manner. As we grow, our existing systems, processes, and controls may not prevent or detect all errors, omissions, or fraud. Any future growth will continue to add complexity to our organization and require effective coordination throughout our organization. Failure to manage any future growth effectively could result in increased costs, cause difficulty or delays in deploying our platform to new and existing customers, reduce demand for our platform, and cause difficulties in introducing new solutions and services or other operational difficulties, and any of these difficulties would adversely affect our business, operating results, financial condition, and future prospects.

**我们用于构建和运营平台、提供解决方案和服务的设备中，重要组件的供应商数量有限。这些组件供应的任何中断都可能延迟我们扩展或增加基础设施产能的能力，或延迟我们更换有缺陷设备的能力。**

**We have a limited number of suppliers for significant components of the equipment we use to build and operate our platform and provide our solutions and services. Any disruption in the availability of these components could delay our ability to expand or increase the capacity of our infrastructure or replace defective equipment.**

我们不制造用于构建平台底层技术基础设施的组件。我们用于采购和配置技术基础设施重要组件的供应商数量有限，这些基础设施用于运营我们的平台并向客户提供解决方案和服务。例如，由于我们现有客户合同中的义务，我们基础设施目前使用的所有 GPU 均为 NVIDIA GPU。此外，截至 2022 年 12 月 31 日止年度，三家供应商分别占总采购额的 23%、16% 和 10%；截至 2023 年 12 月 31 日止年度，三家供应商分别占总采购额的 57%、22% 和 11%；截至 2024 年 12 月 31 日止年度，三家供应商分别占总采购额的 46%、16% 和 14%。技术基础设施组件供应商数量有限，使我们面临以下风险，包括：

We do not manufacture the components we use to build the technology infrastructure underlying our platform. We have a limited number of suppliers that we use to procure and configure significant components of the technology infrastructure that we use to operate our platform and provide our solutions and services to our customers. For example, as a result of our obligations in our current customer contracts, all of the GPUs used in our infrastructure today are NVIDIA GPUs. Additionally, for the year ended December 31, 2022, three suppliers accounted for 23%, 16%, and 10% of total purchases, for the year ended December 31, 2023, three suppliers accounted for 57%, 22%, and 11% of total purchases, and for the year ended December 31, 2024, three suppliers accounted for 46%, 16%, and 14% of total purchases. Utilizing a limited number of suppliers of the components for our technology infrastructure exposes us to risks, including:

- 组件供应与合同履约义务之间的不对称，包括在需要指定组件的情况下；

- asymmetry between component availability and contractual performance obligations, including where specified components are required;

- 市场领先技术偏离我们现有供应商所提供的技术，这可能影响我们向客户提供其所需解决方案和服务的能力；

- shifts in market-leading technologies away from those offered by our current suppliers that could impact our ability to offer our customers the solutions and services that they are seeking;

- 对生产成本的管控减弱，以及基于这些组件当时的可用性、条款和定价而产生的限制，包括我们供应链中的任何延迟（例如近期与 NVIDIA Blackwell GPU 相关的延迟）；

- reduced control over production costs and constraints based on the then current availability, terms, and pricing of these components, including any delays in our supply chain (such as the recent delays associated with NVIDIA’s Blackwell GPUs);

- 对基础设施或其组件的质量、性能、数量和成本等方面的管控能力有限；

- limited ability to control aspects of the quality, performance, quantity, and cost of our infrastructure or of its components;

- 可能与供应商签订高于市场价格的约束性价格或采购承诺；

- the potential for binding price or purchase commitments with our suppliers at higher than market rates;

- 依赖供应商以与我们业务和客户需求相同的速度跟上技术进步，包括其持续交付大幅优于上一代的下一代组件的能力；

- reliance on our suppliers to keep up with technological advancements at the same pace as our business and customer demands, including their ability to continue to deliver next generation components that are substantially better than the prior generation;

- 我们所在行业的供应商整合，这可能损害我们与供应商及供应商所依赖的第三方供应商进行谈判并获取有利条款的能力；

- consolidation among suppliers in our industry, which may harm our ability to negotiate and obtain favorable terms from our suppliers and the third-party suppliers that our suppliers rely on;

- 我们并非运营或拥有的设施发生劳工和政治动荡；

- labor and political unrest at facilities we do not operate or own;

- 地缘政治争端扰乱我们或任何供应商的供应链；

- geopolitical disputes disrupting our or any of our suppliers’ supply chains;

- 影响供应商或其按我们要求的数量、质量和方式制造和交付组件能力的业务、法律合规、诉讼和财务问题；

- business, legal compliance, litigation, and financial concerns affecting our suppliers or their ability to manufacture and ship components in the quantities, quality, and manner we require;

- 不利公共卫生事件（包括传染病或大流行病暴发）对我们供应链的影响；以及

- impacts on our supply chain from adverse public health developments, including outbreaks of contagious diseases or pandemics; and

- 洪水、地震、风暴及其他自然灾害（尤其是在基础设施和灾后恢复资源有限的国家）或地区冲突造成的供应中断。

- disruptions due to floods, earthquakes, storms, and other natural disasters, particularly in countries with limited infrastructure and disaster recovery resources, or regional conflicts.

我们的技术基础设施组件供应商依据单笔采购订单满足我们的供应需求，我们通常按即时制（just-in-time）下单。我们目前与供应商之间没有可保证产能或任何特定付款条件持续有效的长期合同或安排。因此，我们的供应商没有义务继续满足我们的供应需求，其产品价格以及（如适用）服务价格可能在短时间内上调。此外，由于我们通常按即时制向供应商提交采购订单，供应商的任何延迟都可能导致我们无法及时向客户提供基础设施和平台，并无法履行客户合同项下的合同义务。另外，我们现有客户已在合同中明确要求我们使用 NVIDIA GPU。如果我们被迫更换供应商，我们履行对客户义务（包括按计划提供算力访问）的能力可能受到不利影响，我们的解决方案性能也可能下降，这可能导致失去现有或潜在客户的销售、收入延迟或成本增加，进而可能对我们的利润率造成不利影响。任何原因导致的生产或运输中断，例如自然灾害、流行病、大流行病、产能短缺、质量问题，或我们某一供应商所在地或航运港口或地点的罢工或其他劳工中断，都可能对我们的解决方案和服务产品的销售造成不利影响。

Our technology infrastructure components suppliers fulfill our supply requirements on the basis of individual purchase orders, which we often place on a just-in-time basis. We currently have no long-term contracts or arrangements with our suppliers that guarantee capacity or the continuation of any particular payment terms. Accordingly, our suppliers are not obligated to continue to fulfill our supply requirements, and the prices we are charged for their products and, if applicable, services could be increased on short notice. Further, because we often submit purchase orders to our suppliers on a just-in-time basis, any delay from our suppliers may result in our inability to provide our infrastructure and platform to our customers on a timely basis and fulfill our contractual requirements under our customer contracts. Additionally, our current customers have contractually specified our use of NVIDIA GPUs. If we are required to change suppliers, our ability to meet our obligations to our customers, including scheduled compute access, could be adversely affected and our solutions may not be as performant, which could cause the loss of sales from existing or potential customers, delayed revenue, or an increase in our costs, which could adversely affect our margins. Any production or shipping interruptions for any reason, such as a natural disaster, epidemics, pandemics, capacity shortages, quality problems, or strike or other labor disruption at one of our supplier locations or at shipping ports or locations, could adversely affect sales of our solution and services offerings.

此外，我们持续致力于扩展和增强我们的基础设施功能、技术、网络及其他技术，以容纳我们平台上算力密集型工作负载所需的算力大幅增长、我们托管的数据量以及我们客户总数整体的增长。我们可能无法准确预测这些增长的速率或时间，也无法成功分配资源以应对此类增长，并可能低估应对此类增长所需的数据中心容量。而我们的供应商数量有限，可能无法快速响应我们的需求，这将对客户体验和合同履约产生负面影响。未来，我们可能需要分配额外资源（包括支出大量资金）以建设、购买或租赁或许可数据中心及设备，并升级我们的技术和网络基础设施，以应对客户使用量的增长，而我们的供应商可能无法满足此类要求。此外，我们的网络或供应商的网络可能无法实现或维持足够高的数据传输容量，以有效交付我们的服务。如果电力供应有限，我们在交付平台、解决方案和服务方面的能力也可能受到制约。我们或我们的供应商未能实现或维持高数据传输容量和充足的电力服务，将影响我们满足客户需求的能力，并可能大幅降低消费者对我们服务的需求。此类需求下降及由此导致的算力损失、成本增加，或未能升级我们的设备或适应新技术，将对我们的业务、经营业绩、财务状况和未来前景造成损害。

In addition, we are continually working to expand and enhance our infrastructure features, technology, and network and other technologies to accommodate substantial increases in the computing power required by more compute-intensive workloads on our platform, the amount of data we host, and our overall number of total customers. We may be unable to project accurately the rate or timing of these increases or to allocate resources successfully to address such increases and may underestimate the data center capacity needed to address such increases. Our limited number of suppliers, in turn, may not be able to quickly respond to our needs, which would have a negative impact on customer experience and contractual performance. In the future, we may be required to allocate additional resources, including spending substantial amounts, to build, purchase, or lease or license data centers and equipment and upgrade our technology and network infrastructure in order to handle increased customer usage, and our suppliers may not be able to satisfy such requirements. In addition, our network or our suppliers’ networks might be unable to achieve or maintain data transmission capacity high enough to effectively deliver our services. We may also face constraints on our ability to deliver our platform, solutions, and services if there is limited power supply. Our failure, or our suppliers’ failure, to achieve or maintain high data transmission capacity and sufficient electrical services would impact our ability to meet customer needs and could significantly reduce consumer demand for our services. Such reduced demand and resulting loss of compute, cost increases, or failure to upgrade our equipment or adapt to new technologies would harm our business, operating results, financial condition, and future prospects.

此外，我们的供应商自身在半导体制造、硬件组件及其他关键投入方面依赖于复杂的第三方供应商网络，这给我们的供应链带来了额外风险。例如，NVIDIA 在半导体制造方面依赖台积电等供应商，在算力和网络组件方面依赖其他制造商。这些上游供应商的运营出现任何中断，无论是由于设备故障、地缘政治因素（例如中国大陆与台湾之间可能发生军事冲突），还是供应链制约，都可能影响我们的供应商供应我们所使用设备重要组件的能力，而这些设备用于运营我们的平台并向客户提供解决方案和服务，进而影响我们解决方案和服务的可用性以及交付周期。

Moreover, our suppliers themselves rely on a complex network of third-party suppliers for semiconductor manufacturing, hardware components, and other critical inputs, which introduces additional risks to our supply chain. For example, NVIDIA relies on suppliers such as Taiwan Semiconductor Manufacturing Company for semiconductor fabrication and other manufacturers for compute and networking components. Any disruption in the operations of these upstream suppliers, whether due to equipment failures, geopolitical factors such as the potential for military conflict between China and Taiwan, or supply chain constraints, could affect our suppliers’ ability to supply the significant components of the equipment we use to operate our platform and provide our solutions and services to our customers, which would, in turn, affect the availability of our solutions and services, as well as lead times.

此外，若我们任何供应商的业务受到商业、法律合规、诉讼及财务问题（包括监管审查和出口管制）的影响，我们的业务、经营业绩、财务状况及未来前景可能受到不利影响。例如，关税、经济制裁和出口管制的日益使用已经并可能在未来影响 GPU 及我们平台其他组件的可获得性和成本。现任美国政府对进口商品加征广泛关税的讨论，若对我们基础设施组件及我们使用的其他产品实施，可能增加我们的成本。此外，前任美国政府已发布针对半导体制造设备及与先进集成电路相关的其他物品的新出口管制。这些限制及额外限制有可能阻碍该行业的供应链。美国政府对我们的技术组件施加的额外出口限制也可能引发外国政府的回应，从而对我们的供应链产生负面影响、增加受影响进口商品的成本，或限制我们获取额外硬件组件的能力，这也将大幅削弱我们提供或开发我们的平台、解决方案和服务的能力。

In addition, to the extent any of our suppliers’ businesses are impacted by business, legal compliance, litigation, and financial concerns, including regulatory scrutiny and export controls, our business, operating results, financial condition, and future prospects may be adversely affected. For example, increasing use of tariffs, economic sanctions and export controls has impacted and may in the future impact the availability and cost of GPUs and other components of our platform. The current U.S. presidential administration has discussed imposing broad-based tariffs on imported goods, which, if implemented on components of our infrastructure and other products we use, could increase our costs. Further, the former U.S. presidential administration had released new export controls targeting semiconductor manufacturing equipment and other items related to advanced integrated circuits. It is possible that these and additional restrictions could impede the supply chain in this industry. Additional export restrictions imposed on components of our technologies by the U.S. government may also provoke responses from foreign governments that negatively impact our supply chain, increase the costs for affected imported goods, or limit our ability to obtain additional hardware components, which would also substantially reduce our ability to provide or develop our platform, solutions, and services.

在供应商无法供货、组件短缺或供应中断的情况下，我们可能无法及时获得替代来源。为这些组件或服务寻找替代供应来源可能耗时、困难且成本高昂，我们可能无法以可接受的条款获得这些组件或服务，或根本无法获得，这可能削弱我们及时履行订单的能力。任何这些组件或服务的供应中断或延迟，或无法以可接受的价格在合理时间内从替代来源获得这些组件或服务，都将损害我们满足客户需求的能力，进而对我们的业务、经营业绩、财务状况及未来前景产生不利影响。

In the event of a supplier unavailability, component shortage, or supply interruption, we may not be able to secure alternate sources in a timely manner. Securing alternate sources of supply for these components or services may be time-consuming, difficult, and costly and we may not be able to source these components or services on terms that are acceptable to us, or at all, which may undermine our ability to fill our orders in a timely manner. Any interruption or delay in the supply of any of these components or services, or the inability to obtain these components or services from alternate sources at acceptable prices and within a reasonable amount of time, would harm our ability to meet the demand of our customers, which in turn would have an adverse effect on our business, operating results, financial condition, and future prospects.

**如果我们无法获得足够的电力，或因采购电力成本上升、长时间停电、电力短缺或容量受限而受到影响，我们的业务将受到损害。**

**Our business would be harmed if we were not able to access sufficient power or by increased costs to procure power, prolonged power outages, shortages, or capacity constraints.**

我们依赖能够以具有成本效益的方式获得电力，为我们的数据中心设施供电。我们无法获得足够电力，或任何停电、电力短缺、供应链问题、容量受限，或获取电力成本的显著上升，都可能对我们的业务、经营业绩、财务状况及未来前景产生不利影响。

We depend on being able to secure power, which powers our data center facilities, in a cost-effective manner. Our inability to secure sufficient power or any power outages, shortages, supply chain issues, capacity constraints, or significant increases in the cost of securing power could have an adverse effect on our business, operating results, financial condition, and future prospects.

我们依赖第三方、第三方基础设施、政府及全球供应商提供充足电力，以维持我们租赁或取得许可的数据中心设施，并满足我们现有及未来客户的需求。我们过去曾经历过、未来也可能经历电力不足以服务客户项目的情况。对实际供电量的任何限制都将限制我们运营平台的能力。这些限制将对特定数据中心产生负面影响，或限制我们发展业务的能力，进而可能对我们的业务、经营业绩、财务状况和未来前景产生负面影响。发电、输电和配电方面的限制还可能限制我们为新市场或现有市场中的潜在扩建选址获取足够电力容量的能力。电力供应商、电力市场的其他参与方以及监管电力市场的实体，可能对任何电力批准或供应施加繁重的运营条件，或者我们可能在提供现有或未来租赁或取得许可的数据中心、或我们未来可能选择建设的任何数据中心所需电力服务水平方面遭遇重大延误和成本大幅增加。我们寻找合适扩建选址（包括可租赁或取得许可的现有选址）的能力也将受到电力获取条件的限制。

We rely on third parties, third-party infrastructure, governments, and global suppliers to provide a sufficient amount of power to maintain our leased or licensed data center facilities and meet the needs of our current and future customers. We have in the past experienced, and we may in the future experience, insufficient power to service a customer’s project. Any limitation on the delivered energy supply would limit our ability to operate our platform. These limitations would have a negative impact on a given data center or limit our ability to grow our business which could negatively affect our business, operating results, financial condition, and future prospects. Limitations on generation, transmission, and distribution may also limit our ability to obtain sufficient power capacity for potential expansion sites in new or existing markets. Power providers, other participants in the power market, and those entities that regulate it may impose onerous operating conditions to any approval or provision of power or we may experience significant delays and substantial increased costs to provide the level of electrical service required by our current or future leased or licensed data centers, or any data centers we may choose to construct in the future. Our ability to find appropriate sites for expansion, including existing sites to lease or license, will also be limited by access to power.

我们的数据中心设施受到电力来源接入问题的影响，例如计划内或计划外停电以及输电或配电限制。计划外停电（包括但不限于与大型风暴、地震、火灾、海啸、网络攻击、对公用事业基础设施的物理攻击、战争以及更广泛的电网故障相关的停电）以及公共事业单位的计划内停电（例如太平洋煤气与电力公司为降低火灾风险而在加利福尼亚州实施的计划停电做法），可能损害我们的客户和我们的业务。此外，我们的数据中心设施位于租赁建筑内，根据租赁要求和涉及的租户数量，我们可能控制也可能不控制部分或全部基础设施，包括发电机和燃料储罐。因此，一旦发生停电，我们可能依赖房东以及公用事业公司来恢复供电。即使我们试图通过使用备用发电机（这些发电机又由现场燃料储存和与燃料供应商的合同提供支持）来限制系统停机的影响，这些措施也未必总能防止停机或解决长期或大规模停电问题。任何停机或供应中断都可能对我们的客户体验以及我们的业务、经营业绩、财务状况和未来前景产生不利影响。

Our data center facilities are affected by problems accessing electricity sources, such as planned or unplanned power outages and limitations on transmission or distribution of power. Unplanned power outages, including, but not limited to those relating to large storms, earthquakes, fires, tsunamis, cyberattacks, physical attacks on utility infrastructure, war, and any failures of electrical power grids more generally, and planned power outages by public utilities, such as Pacific Gas and Electric Company’s practice of planned outages in California to minimize fire risks, could harm our customers and our business. Further, our data center facilities are located in leased buildings where, depending upon the lease requirements and number of tenants involved, we may or may not control some or all of the infrastructure, including generators and fuel tanks. As a result, in the event of a power outage, we could be dependent upon the landlord, as well as the utility company, to restore the power. Even if we attempt to limit our exposure to system downtime by using backup generators, which are in turn supported by onsite fuel storage and through contracts with fuel suppliers, these measures may not always prevent downtime or solve for long-term or large-scale outages. Any outage or supply disruption could adversely affect our customer experience, as well as our business, operating results, financial condition, and future prospects.

全球能源市场目前正经历通胀和波动压力。各种宏观经济和地缘政治因素正在加剧不稳定和全球电力短缺，包括乌克兰战争、恶劣天气事件、政府法规、政府关系以及通货膨胀。我们预计电力成本将继续波动且不可预测，并受到通胀压力的影响，这可能对我们的财务预测、业务、经营业绩、财务状况和未来前景产生重大影响。

The global energy market is currently experiencing inflation and volatility pressures. Various macroeconomic and geopolitical factors are contributing to the instability and global power shortage, including the war in Ukraine, severe weather events, governmental regulations, government relations, and inflation. We expect the cost for power to continue to be volatile and unpredictable and subject to inflationary pressures, which could materially affect our financial forecasting, business, operating results, financial condition, and future prospects.

**如果我们的数据中心提供商未能满足我们业务的要求，或者如果数据中心设施遭受损坏、中断或安全漏洞，我们提供基础设施访问权限和维持网络性能的能力可能会受到负面影响。**

**If our data center providers fail to meet the requirements of our business, or if the data center facilities experience damage, interruption, or a security breach, our ability to provide access to our infrastructure and maintain the performance of our network could be negatively impacted.**

我们在美国、欧洲和英国租赁第三方数据中心的空间或以其他方式取得其使用许可。我们的业务依赖于这些数据中心设施。鉴于我们系租赁或经许可使用该等数据中心空间，我们并不控制这些第三方设施的运营。因此，我们可能因超出我们直接控制范围的原因而遭遇服务中断以及未能获得充分支持的情况。我们的数据中心设施和网络基础设施易因多种来源而受损或中断，包括地震、洪水、火灾、断电、系统故障、计算机及其他网络安全漏洞、物理或电子入侵、人为错误、渎职或干扰（包括由员工、前员工或承包商实施）、恐怖行为及其他灾难性事件。我们以及我们租赁空间或经许可使用空间的各数据中心设施已经历并可能在未来经历因多种因素导致的中断、停机及其他性能问题，这些因素包括电力的可用性或充足性、基础设施变更以及容量限制，有时还因同时访问我们基础设施的客户数量过多所致。我们的第三方数据中心和网络基础设施还可能因外部方的行为或人为错误、渎职、内部威胁、系统错误或漏洞、网络安全控制不足、上述因素的组合或其他原因而遭受网络安全攻击（包括供应链攻击），这可能造成服务中断，并以其他方式影响我们提供解决方案和服务的能力。尽管我们会审查第三方数据中心的安全措施，但我们无法确保这些措施足以防止网络安全攻击，或在发生网络安全攻击时保护我们平台的持续运营，且对我们解决方案和服务的任何影响也可能影响我们的业务、经营业绩、财务状况和未来前景。容纳我们网络基础设施的数据中心设施还可能受到当地行政措施、法律或许可要求的变化、劳资纠纷、旨在停止、限制或延迟运营的诉讼以及其他法律挑战的影响，包括地方政府机构为执法或其他原因寻求访问客户账户。此外，尽管我们已就数据中心空间、设备、维护及其他服务的租赁签订了各种协议，但该等第三方可能未能履行其在该等协议项下的合同义务，包括向我们提供运营业务所需的某些数据、设备和公用事业信息的义务。此外，我们可能要求我们所租赁的数据中心具备某些高度特定的属性，以便有效运营我们的业务。例如，我们最先进的数据中心还可能要求配备网络设备、高速互连、增强的电力接入以及液冷基础设施。在某些情况下，这些第三方数据中心需要进行大量改造和改进工作，包括纳入我们行业的新发展，这些工作耗时、昂贵，且效率低于我们租赁已为我们的运营而设计的空间，并且最终可能无法成功满足我们的全部要求。如果第三方未能成功达到该等性能要求，我们维持网络性能的能力将受到负面影响。

We lease space in or otherwise license use of third-party data centers located in the United States, Europe and United Kingdom. Our business is reliant on these data center facilities. Given that we lease or license use of this data center space, we do not control the operation of these third-party facilities. Consequently, we could be subject to service disruptions as well as failures to provide adequate support for reasons that are outside of our direct control. Our data center facilities and network infrastructure are vulnerable to damage or interruption from a variety of sources including earthquakes, floods, fires, power loss, system failures, computer and other cybersecurity vulnerabilities, physical or electronic break-ins, human error, malfeasance or interference, including by employees, former employees, or contractors, as well terrorist acts and other catastrophic events. We and the data center facilities we lease space in or license use of have experienced, and may in the future experience, disruptions, outages, and other performance problems due to a variety of factors, including availability or sufficiency of power, infrastructure changes, and capacity constraints, occasionally due to an overwhelming number of customers accessing our infrastructure simultaneously. Our third-party data centers and network infrastructure may also be subject to cybersecurity attacks, including supply chain attacks, due to the actions of outside parties or human error, malfeasance, insider threats, system errors or vulnerabilities, insufficient cybersecurity controls, a combination of these, or otherwise, which may cause service outages and otherwise impact our ability to provide our solutions and services. While we review the security measures of our third-party data centers, we cannot ensure that these measures will be sufficient to prevent a cybersecurity attack or to protect the continued operation of our platform in the event of a cybersecurity attack, and any impact to our solutions and services may also impact our business, operating results, financial condition, and future prospects. Data center facilities housing our network infrastructure may also be subject to local administrative actions, changes to legal or permitting requirements, labor disputes, litigation to stop, limit, or delay operations, and other legal challenges, including local government agencies seeking to gain access to customer accounts for law enforcement or other reasons. In addition, while we have entered into various agreements for the lease of data center space, equipment, maintenance, and other services, those third parties could fail to deliver on their contractual obligations under those agreements, including agreements to provide us with certain data, equipment, and utilities information required to run our business. Furthermore, we may require the data centers we lease to have certain highly specific attributes in order to effectively run our business. For example, our state-of-the art data centers may also require networking equipment, high-speed interconnects, enhanced access to power, and liquid cooling infrastructure. In some cases, these third-party data centers are required to undergo extensive retrofitting and improvement efforts, including to incorporate novel developments in our industry, which are time consuming, expensive, and less efficient than if we were to lease from spaces already designed for our operations, and which may not ultimately be successful in meeting all of our requirements. If third parties fail to successfully deliver on such performance requirements, our ability to maintain the performance of our network would be negatively impacted.

其他可能影响我们平台交付、性能和可用性的因素（其中许多因素超出我们的控制范围）包括：

Other factors, many of which are beyond our control, that can affect the delivery, performance, and availability of our platform include:

- 整个互联网基础设施的开发、维护和运行；

- the development, maintenance, and functioning of the infrastructure of the internet as a whole;

- 第三方电信服务的性能和可用性，这些服务需具备提供可靠互联网接入和服务所必需的速度、数据容量和安全性；

- the performance and availability of third-party telecommunications services with the necessary speed, data capacity, and security for providing reliable internet access and services;

- 我们冗余系统的成功或失败；

- the success or failure of our redundancy systems;

- 我们灾难恢复和业务连续性计划的成功或失败；

- the success or failure of our disaster recovery and business continuity plans;

- 我们基础设施所在数据中心设施的业主和运营方，或为我们提供网络带宽的全球电信服务提供商合作伙伴，决定终止与我们签订的合同、停止向我们提供服务、关闭运营或设施、提高价格、变更服务水平、限制带宽、宣布破产、违反与我们签订的合同，或优先处理其他方的流量；

- decisions by the owners and operators of the data center facilities where our infrastructure is installed or by global telecommunications service provider partners who provide us with network bandwidth to terminate our contracts, discontinue services to us, shut down operations or facilities, increase prices, change service levels, limit bandwidth, declare bankruptcy, breach their contracts with us, or prioritize the traffic of other parties;

- 我们能否根据业务需求、按可接受的条款并与可接受的交易对手签订数据中心协议和租约；以及

- our ability to enter into data center agreements and leases according to our business needs and on terms and with counterparties acceptable to us; and

- 政府监管机构对数据中心开发的态度发生变化，包括因公众对环境影响和开发的担忧而作出的反应，这可能导致限制性政府监管，或以其他方式影响未来额外数据中心的建设。

- changing sentiment by government regulators relating to data center development, including in response to public concerns regarding environmental impact and development, which may result in restrictive government regulation or otherwise impact the future construction of additional data centers.

此外，我们为第三方数据中心签订的许多租约具有多年期限和固定容量。如果我们未能准确预测客户所需的数据中心容量，包括客户使用我们基础设施的量少于或多于预期，我们将因租赁的容量超过客户使用并付费的容量而承担额外成本；或者，为满足意外需求而寻求额外数据中心容量时，可能无法获得经济合理或我们可接受的条款，甚至根本无法租到额外容量。如果与第三方的任何租约被终止或未续签，我们可能也需要寻求额外数据中心容量，而我们可能无法以合理条款做到这一点，甚至根本无法做到。

In addition, many of the leases we have entered into for third-party data centers have multi-year terms and fixed capacity. If we do not accurately anticipate the data center capacity required by our customers, including if they use less or more of our infrastructure than expected, we would incur additional costs due to leasing more capacity than is used and paid for by our customers or, alternatively, in seeking additional data center capacity to fulfill unexpected demand on terms that may not be economically reasonable or acceptable to us, if we are able to lease additional capacity at all. We may also need to seek additional data center capacity in the event any leases with third parties are terminated or not renewed, which we may be unable to do on reasonable terms or at all.

上述任何因素的发生，或我们无法高效且具有成本效益地修复可能被发现的此类错误或其他问题，都可能损害我们的声誉、对我们的客户关系产生负面影响，或以其他方式对我们的业务、经营业绩、财务状况和未来前景造成重大损害。

The occurrence of any of these factors, or our inability to efficiently and cost-effectively fix such errors or other problems that may be identified, could damage our reputation, negatively impact our relationship with our customers, or otherwise materially harm our business, operating results, financial condition, and future prospects.

未来，我们可能自建数据中心，而不再依赖第三方；由于我们在这方面经验有限，可能会遇到无法预见的困难。例如，我们数据中心基础设施的任何潜在扩建都将十分复杂，这些项目完工或组件供应方面的意外延迟可能导致项目成本增加、运营效率低下，或造成我们平台交付中断或质量下降。此外，该基础设施可能存在在设计与实施的测试阶段未被发现的问题，这些问题可能只有在我们开始全面使用底层设备后才会显现，进而可能进一步降低我们平台的性能或增加我们的成本。

In the future, we may develop our own data centers, rather than relying on third parties and, because of our limited experience in this area, we could experience unforeseen difficulties. For example, any potential expansion of our data center infrastructure would be complex, and unanticipated delays in the completion of those projects or availability of components may lead to increased project costs, operational inefficiencies, or interruptions in the delivery or degradation of the quality of our platform. In addition, there may be issues related to this infrastructure that are not identified during the testing phases of design and implementation, which may only become evident after we have started to fully utilize the underlying equipment, that could further degrade our platform or increase our costs.

**我们收入的很大一部分来自数量有限的客户，失去一个或少数几个最大客户，或该等客户的支出大幅减少，将对我们的业务、经营业绩、财务状况和未来前景产生不利影响。**

**A substantial portion of our revenue is driven by a limited number of our customers, and the loss of, or a significant reduction in, spend from one or a few of our top customers would adversely affect our business, operating results, financial condition, and future prospects.**

我们收入的很大一部分来自数量有限的客户。截至 2022 年 12 月 31 日和 2023 年 12 月 31 日止年度，我们分别约有 41%和 73%的收入来自前三大客户。截至 2024 年 12 月 31 日止年度，我们约有 77%的收入来自前两大客户。截至 2024 年 12 月 31 日止年度，我们其他客户中没有任何一家占我们收入的 10%或以上。截至 2022 年 12 月 31 日止年度，我们最大的客户占我们收入的 16%。截至 2023 年 12 月 31 日和 2024 年 12 月 31 日止年度，我们最大的客户为 Microsoft，分别占我们收入的 35%和 62%。Microsoft 的需求、Microsoft 履行与我们签订的合同的能力或意愿、适用于 Microsoft 或其运营所在地区的法律或法规，或我们与 Microsoft 更广泛的战略关系出现任何不利变化，都将对我们的业务、经营业绩、财务状况和未来前景产生不利影响。2024 年 12 月 31 日之后，我们与 OpenAI 签订了主服务协议（如“业务—我们的客户”一节所述），截至 2025 年 3 月，该协议约定在满足交付和服务可用性要求的前提下，于 2030 年 10 月前向我们支付最高约$11.9 billion。因此，我们预计 OpenAI 在未来期间将成为重要客户。

A substantial portion of our revenue is driven by a limited number of customers. We recognized an aggregate of approximately 41% and 73% of our revenue from our top three customers for the years ended December 31, 2022 and 2023, respectively. We recognized an aggregate of approximately 77% of our revenue from our top two customers for the year ended December 31, 2024. None of our other customers represented 10% or more of our revenue for the year ended December 31, 2024. For the year ended December 31, 2022, our largest customer accounted for 16% of our revenue. For the years ended December 31, 2023 and 2024, our largest customer was Microsoft, which accounted for 35% and 62% of our revenue, respectively. Any negative changes in demand from Microsoft, in Microsoft’s ability or willingness to perform under its contracts with us, in laws or regulations applicable to Microsoft or the regions in which it operates, or in our broader strategic relationship with Microsoft would adversely affect our business, operating results, financial condition, and future prospects. Following December 31, 2024, we entered into a master services agreement with OpenAI as described in the section titled “Business—Our Customers” that, as of March 2025, provided for payments to us of up to approximately $11.9 billion through October 2030, subject to satisfaction of delivery and availability of service requirements. As a result, we expect OpenAI to be a significant customer in future periods.

我们预计，在可预见的未来，我们仍将从数量有限的客户处获得相当大一部分收入，并且在某些情况下，归属于特定客户的收入占比未来可能上升。鉴于我们的客户构成已经演变，并且随着我们业务的持续演进和规模化以及 AI 用例的持续发展，预计客户构成将继续发生重大变化，我们的客户基础构成（包括主要客户）可能在各期间出现波动。然而，由于多种原因，我们可能无法维持或增加来自主要客户的收入，原因包括以下各项：

We anticipate that we will continue to derive a significant portion of our revenue from a limited number of customers for the foreseeable future, and in some cases, the portion of our revenue attributable to certain customers may increase in the future. The composition of our customer base, including our top customers, may fluctuate from period to period given that our customer composition has evolved and is expected to continue to evolve significantly as our business continues to evolve and scale and as the use cases for AI continue to develop. However, we may not be able to maintain or increase revenue from our top customers for a variety of reasons, including the following:

- 客户可能开发自有基础设施，从而可能与我们的服务形成竞争；

- customers may develop their own infrastructure that may compete with our services;

- 我们的一些客户可能在仅向我们发出有限通知的情况下重新设计其系统，以减少对我们服务的使用，并可能选择不再续购或增加对我们平台、解决方案和服务的采购；以及

- some of our customers may redesign their systems to require fewer of our services with limited notice to us and may choose not to renew or increase their purchases of our platform, solutions, and services; and

- 我们的客户可能与现有或潜在竞争对手存在既有或同期关系，或者其本身即为现有或潜在竞争对手，这可能影响该等客户购买我们平台、解决方案和服务的决策。

- our customers may have pre-existing or concurrent relationships with, or may be, current or potential competitors that may affect such customers’ decisions to purchase our platform, solutions, and services.

客户关系往往要求我们持续改进我们的平台，这可能涉及重大的技术和设计挑战，而且客户可能对我们施加相当大的压力，要求我们满足紧迫的开发和产能可用时间表。因此，我们可能不得不将大量资源投入我们的战略关系，这可能分散或延迟我们完成其他重要开发项目。产能交付的延迟可能损害我们与客户的关系，并对在研服务的预测销售产生负面影响。此外，我们的客户有可能开发自有基础设施，从而可能与我们的服务形成竞争，或就其目前向我们购买的服务采用竞争对手的基础设施。若发生这种情况，我们的收入将受到不利影响，我们的业务、经营业绩、财务状况和未来前景将受到重大不利影响。

Customer relationships often require us to continually improve our platform, which may involve significant technological and design challenges, and our customers may place considerable pressure on us to meet tight development and capacity availability schedules. Accordingly, we may have to devote a substantial amount of our resources to our strategic relationships, which could detract from or delay our completion of other important development projects. Delays in making capacity available could impair our relationships with our customers and negatively impact forecasted sales of the services under development. Moreover, it is possible that our customers may develop their own infrastructure that may compete with our services or adopt a competitor’s infrastructure for services that they currently buy from us. If that happens, our revenue would be adversely impacted and our business, operating results, financial condition, and future prospects would be materially and adversely affected.

**如果我们未能高效地增强我们的平台并开发和销售新的解决方案和服务，且未能有效应对快速变化的技术、不断演进的行业标准、不断变化的法规以及不断变化的客户需求、要求或偏好，我们的平台可能会失去竞争力。**

**If we fail to efficiently enhance our platform and develop and sell new solutions and services and respond effectively to rapidly changing technology, evolving industry standards, changing regulations, and changing customer needs, requirements, or preferences, our platform may become less competitive.**

我们参与竞争的市场相对较新，且面临快速的技术变革、不断演进的行业标准和监管变化，以及客户需求、要求和偏好的不断变化。我们业务的成功部分取决于我们能否及时有效地预测、适应并应对这些变化。如果我们无法开发和销售能够满足并被新老客户采用的新解决方案和服务，也无法为我们的基础设施提供紧跟快速技术和行业变革的增强功能、新特性和新能力，我们的业务、经营业绩、财务状况和未来前景可能会受到不利影响。此外，潜在或现有客户可能会要求提供最适合其特定用例的功能，从而影响我们的产品路线图。如果我们无法适应以满足客户的要求，他们可能会使用有竞争力的产品或内部解决方案，从而不再依赖第三方提供商，我们的业务、经营业绩、财务状况和未来前景可能会受到不利影响。此外，优先开发此类功能可能需要大量工程资源，并且可能与其他客户的要求不兼容，这可能会影响我们平台的整体采用。如果出现的新技术限制或消除了对像我们这样的 AI 云平台提供商的依赖，或者使我们的竞争对手能够以更低的价格、更高效、更便捷或更安全地提供有竞争力的服务，此类技术可能会对我们竞争的能力产生不利影响。如果我们的解决方案无法让我们或我们的客户遵守最新的监管要求，我们向现有客户销售平台、解决方案和服务可能会减少，新客户采用我们平台的可能性也会降低。

The market in which we compete is relatively new and subject to rapid technological change, evolving industry standards and regulatory changes, as well as changing customer needs, requirements, and preferences. The success of our business will depend, in part, on our ability to, predict, adapt, and respond effectively to these changes on a timely basis. If we are unable to develop and sell new solutions and services that satisfy and are adopted by new and existing customers and provide enhancements, new features, and capabilities to our infrastructure that keep pace with rapid technological and industry change, our business, operating results, financial condition, and future prospects could be adversely affected. Further, prospective or existing customers may influence our product roadmap by requiring features optimal for their particular use case. If we are unable to adapt to meet customers’ requirements, they may use competitive offerings or internal solutions that eliminate reliance on third-party providers, and our business, operating results, financial condition, and future prospects could be adversely affected. Moreover, prioritizing development of such features may require significant engineering resources and may not be compatible with the requirements of other customers, which could impact overall adoption of our platform. If new technologies emerge that limit or eliminate reliance on AI cloud platform providers like us, or that enable our competitors to deliver competitive services at lower prices, more efficiently, more conveniently, or more securely, such technologies could adversely impact our ability to compete. If our solutions do not allow us or our customers to comply with the latest regulatory requirements, sales of our platform, solutions, and services to existing customers may decrease and new customers will be less likely to adopt our platform.

我们的未来增长取决于我们能否持续满足新客户的需求，以及随着现有客户对我们平台、解决方案和服务使用的增长而不断扩大的需求。随着我们平台销售额的增长，我们将需要投入额外资源来扩展、改进和维护我们的基础设施，并与第三方应用进行集成。此外，我们还需要适当扩展我们的内部业务系统和我们的服务组织（包括客户支持），以服务不断增长的客户群，并改进我们的 IT 和财务基础设施、运营和行政系统，以及我们有效管理员工人数、资本和流程的能力，包括通过降低成本和提高效率。这些努力若出现任何失败或延迟，都可能导致系统性能受损和客户满意度下降，从而对我们的收入增长和声誉产生负面影响。我们可能无法成功开发或实施这些技术。此外，规划、开发和测试我们的技术和基础设施改进需要大量时间，我们可能无法准确预测需求或预测此类改进将带来的结果。在某些情况下，我们还可能决定通过收购互补业务和技术而非内部开发来扩展我们的技术，这可能会分散管理层的时间和资源。如果我们未能有效扩展运营以满足不断增长的客户群的需求，并在客户扩大对我们服务的使用时保持性能，我们将无法按预期速度增长，我们的客户可能会减少或终止对我们平台的使用，我们将无法有效竞争，我们的业务、经营业绩、财务状况和未来前景将受到不利影响。

Our future growth is dependent upon our ability to continue to meet the needs of new customers and the expanding needs of our existing customers as their use of our platform, solutions, and services grows. As sales of our platform grow, we will need to devote additional resources to expanding, improving, and maintaining our infrastructure and integrating with third-party applications. In addition, we will need to appropriately scale our internal business systems and our services organization, including customer support, to serve our growing customer base, and to improve our IT and financial infrastructure, operating and administrative systems, and our ability to effectively manage headcount, capital and processes, including by reducing costs and inefficiencies. Any failure of, or delay in, these efforts could result in impaired system performance and reduced customer satisfaction, which would negatively impact our revenue growth and our reputation. We may not be successful in developing or implementing these technologies. In addition, it takes a significant amount of time to plan, develop, and test improvements to our technologies and infrastructure, and we may not be able to accurately forecast demand or predict the results we will realize from such improvements. In some circumstances, we may also determine to scale our technology through the acquisition of complementary businesses and technologies rather than through internal development, which may divert management’s time and resources. To the extent that we do not effectively scale our operations to meet the needs of our growing customer base and to maintain performance as our customers expand their use of our services, we will not be able to grow as quickly as we anticipate, our customers may reduce or terminate use of our platform and we will be unable to compete as effectively and our business, operating results, financial condition, and future prospects will be adversely affected.

我们持续致力于升级和增强我们的平台、解决方案和服务，以响应客户需求并跟上技术变化。这一过程的一部分包括淘汰我们基础设施中过时的组件，并用现有最新技术取而代之。这要求我们对基础设施组件的使用寿命做出某些估计，并最大限度地发挥我们基础设施组件（包括我们的 GPU）的价值。我们无法保证我们的估计准确无误，也无法保证我们最大化价值的尝试能够成功。我们的估计所依据的重大假设或对我们组件使用寿命的估计发生任何变化，或我们无法重新部署现有基础设施组件以延长其超过合同期限的使用寿命，都可能对我们的业务、经营业绩、财务状况和未来前景产生重大影响。

We continually work to upgrade and enhance our platform, solutions, and services in response to customer demand and to keep up with technological changes. Part of this process entails cycling out outdated components of our infrastructure and replacing them with the latest technology available. This requires us to make certain estimates with respect to the useful life of the components of our infrastructure and to maximize the value of the components of our infrastructure, including our GPUs, to the fullest extent possible. We cannot guarantee that our estimates will be accurate or that our attempts at maximizing value will be successful. Any changes to the significant assumptions underlying our estimates or to the estimates of our components’ useful lives, or any inability to redeploy components of our existing infrastructure to extend past their contracted life could significantly affect our business, operating results, financial condition, and future prospects.

我们的平台还必须与各种网络、硬件、存储和软件技术集成，我们需要持续修改和增强平台的能力，以适应这些技术的变化和创新。如果我们的客户广泛采用新技术，我们可能需要重新设计平台的部分内容以适配这些新技术。这些开发工作可能需要大量的工程、营销和销售资源，所有这些都会影响我们的业务、经营业绩、财务状况和未来前景。如果我们的基础设施能力无法与未来的技术和软件平台有效协同运行，可能会降低对我们平台的需求。如果我们无法以具有成本效益的方式应对这些变化，我们的平台可能会变得市场吸引力下降、竞争力减弱或过时，我们的业务可能会受到损害。

Our platform must also integrate with a variety of network, hardware, storage, and software technologies, and we need to continuously modify and enhance the capabilities of our platform to adapt to changes and innovation in these technologies. If our customers widely adopt new technologies, we may need to redesign parts of our platform to work with those new technologies. These development efforts may require significant engineering, marketing, and sales resources, all of which would affect our business, operating results, financial condition, and future prospects. Any failure of our infrastructure’s capabilities to operate effectively with future technologies and software platforms could reduce the demand for our platform. If we are unable to respond to these changes in a cost-effective manner, our platform may become less marketable and less competitive or obsolete, and our business may be harmed.

此外，我们还必须继续有效管理资本支出，维护和扩展我们的数据中心容量、服务器和设备，在我们目前存在有限或尚未涉足的地区实现增长，并确保我们的服务及客户服务的性能、功能和可靠性在快速变化的技术环境中保持竞争力。如果我们未能管理好增长，我们的平台质量可能会受到影响，进而可能对我们的品牌和声誉产生负面影响，并损害我们留住和吸引客户及员工的能力。

In addition, we must also continue to effectively manage our capital expenditures by maintaining and expanding our data center capacity, servers and equipment, grow in geographies where we currently have limited or no presence, and ensure that the performance, features, and reliability of our services and our customer service remain competitive in a rapidly changing technological environment. If we fail to manage our growth, the quality of our platform may suffer, which could negatively affect our brand and reputation and harm our ability to retain and attract customers and employees.

**AI 技术更广泛的采用、使用和商业化，以及 AI 领域持续快速的发展步伐，本质上具有不确定性。如果我们的客户不再继续使用我们的 CoreWeave 云平台在其系统中支持 AI 用例，或者我们无法跟上不断演变的 AI 技术要求和监管框架，可能会对我们的业务、经营业绩、财务状况和未来前景产生重大不利影响。**

**The broader adoption, use, and commercialization of AI technology, and the continued rapid pace of developments in the AI field, are inherently uncertain. Failure by our customers to continue to use our CoreWeave Cloud Platform to support AI use cases in their systems, or our ability to keep up with evolving AI technology requirements and regulatory frameworks, could have a material adverse effect on our business, operating results, financial condition, and future prospects.**

作为我们增长战略的一部分，我们寻求吸引和获取需要高性能计算的客户，例如 AI、机器学习和自动化决策技术，包括专有的 AI 算法和模型（统称“AI 技术”）。

As part of our growth strategy, we seek to attract and acquire customers requiring high-performance computing, such as AI, machine learning, and automated decision-making technologies, including proprietary AI algorithms and models (collectively, “AI Technologies”).

AI 一直在快速发展，并持续演进和变化。随着对 AI 服务的需求持续存在，包括我们客户在内的 AI 提供商纷纷寻求增加算力容量，以推动其 AI 模型的进步并满足终端用户的需求。我们无法预测是否还会继续需要额外的算力来开发规模更大、能力更强的 AI 模型，也无法预测无论可用算力如何，AI 技术的实际极限是否会在未来趋于停滞。此外，AI 技术近期取得了进展，包括开源 AI 模型，这可能带来算力及其他方面的效率提升，进而可能影响对 AI 服务的需求，包括对我们平台、解决方案和服务的需求，这可能对我们的收入和盈利能力造成不利影响。如果现有的扩展定律不再像过去那样继续适用，我们的客户对算力资源（包括我们的解决方案和服务）的需求可能不会随时间继续增长，或者如果 AI 的整体需求因缺乏进一步的技术发展而受到影响，该需求可能会下降。如果我们无法跟上不断变化的 AI 格局，或无法开发服务以满足客户不断演变的 AI 需求，或者如果 AI 格局未能发展到我们或我们的客户预期的程度，我们的业务、经营业绩、财务状况和未来前景可能会受到不利影响。

AI has been developing at a rapid pace, and continues to evolve and change. As demand continues for AI services, AI providers, including our customers, have sought increased compute capacity to enable advancements in their AI models and service the demands of end users. We cannot predict whether additional computing power will continue to be required to develop larger, more powerful AI models, or if the practical limits of AI technology will plateau in the future regardless of available compute capacity. Further, there have been recent advancements in AI technology, including open-source AI models, that may lead to compute and other efficiencies that may impact the demand for AI services, including our platform, solutions, and services, which may adversely impact our revenue and profitability. In the event that existing scaling laws do not continue to apply as they have in the past, demand by our customers for compute resources, including our solutions and services, may not continue to increase over time, or may decrease if overall demand for AI is impacted by a lack of further technological development. If we are unable to keep up with the changing AI landscape or in developing services to meet our customers’ evolving AI needs, or if the AI landscape does not develop to the extent we or our customers expect, our business, operating results, financial condition, and future prospects may be adversely impacted.

此外，我们可能在开发新解决方案和服务或增强当前平台以适应不断变化的 AI 格局方面产生重大成本并经历重大延迟，并且可能无法实现投资回报或把握 AI 解决方案需求所带来的机遇。而且，尽管 AI 的采用可能会继续并可能加速，但这一技术趋势的长期轨迹尚不确定。此外，市场对融合 AI 技术的解决方案和服务的接受度、理解度和估值尚不确定，我们的客户使用和/或提供的 AI 技术的感知价值可能不准确。如果 AI 未能如我们预期的那样被企业广泛采用，或者如果新的用例没有出现，那么我们面临的机遇可能比我们预期的更小。此外，如果消费者对 AI 技术的认知和感知价值不准确，这可能对我们的客户造成重大不利影响，进而可能对我们的业务、经营业绩、财务状况和未来前景造成重大不利影响。

Additionally, we may incur significant costs and experience significant delays in developing new solutions and services or enhancing our current platform to adapt to the changing AI landscape, and may not achieve a return on investment or capitalize on the opportunities presented by demand for AI solutions. Moreover, while AI adoption is likely to continue and may accelerate, the long-term trajectory of this technological trend is uncertain. Further, market acceptance, understanding, and valuation of solutions and services that incorporate AI Technologies are uncertain and the perceived value of AI Technologies used and/or provided by our customers could be inaccurate. If AI is not broadly adopted by enterprises to the extent we expect, or if new use cases do not arise, then our opportunity may be smaller than we expect. Further, if the consumer perception and perceived value of AI Technologies is inaccurate this could have a material adverse effect on our customers, which in turn could have a material adverse effect on our business, operating results, financial condition, and future prospects.

与我们平台所支持的 AI 等新兴技术相关的、关于我们的客户负责任地使用这些技术的担忧，可能给我们带来附带的声誉损害。AI 可能带来新的伦理问题，如果我们的平台使客户解决方案因其对社会感知的或实际的影响而引发争议，我们可能遭受品牌或声誉损害、竞争损害或法律责任。

Concerns relating to the responsible use by our customers of new and evolving technologies, such as AI, which are supported by our platform, may result in collateral reputational harm to us. AI may pose emerging ethical issues and if our platform enables customer solutions that draw controversy due to their perceived or actual impact on society, we may experience brand or reputational harm, competitive harm, or legal liability.

此外，AI 领域创新的快速步伐已促使全球范围内监管框架不断制定与演进，随着 AI 的持续发展，这些监管框架预计将变得日益复杂。世界各地的监管机构和立法者已开始提出并通过、或正在考虑专门针对 AI 使用的法规和指引。与 AI 技术相关的法规已在美国联邦层面出台，并在州层面颁布和推进。额外的法规可能影响我们客户开发、使用和商业化 AI 技术的能力，进而影响对我们平台、解决方案和服务的需求，并可能影响我们的业务、经营业绩、财务状况和未来前景。

Furthermore, the rapid pace of innovation in the field of AI has led to developing and evolving regulatory frameworks globally, which are expected to become increasingly complex as AI continues to evolve. Regulators and lawmakers around the world have started proposing and adopting, or are currently considering, regulations and guidance specifically on the use of AI. Regulations related to AI Technologies have been introduced in the United States at the federal level and are also enacted and advancing at the state level. Additional regulations may impact our customers’ ability to develop, use and commercialize AI Technologies, which would impact demand for our platform, solutions, and services and may affect our business, operating results, financial condition, and future prospects.

AI 及相关行业（包括云服务）正日益受到监管机构的审视，原因是监管机构对市场集中度、反竞争行为以及涉及生成式 AI 初创公司的合作与收购步伐感到担忧。随着行业持续增长，相关交易和商业行为很可能继续受到监管机构的审视。我们的客户可能受到更多 AI 法规的约束，包括对算力技术总消耗量的任何限制，这可能导致 AI 技术商业化延迟或受阻，并可能导致对我们客户 AI 基础设施的需求下降，进而可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

AI and related industries, including cloud services, are under increasing scrutiny from regulators due to their concerns about market concentration, anti-competitive practices, and the pace of partnerships and acquisitions involving generative AI startups. As the industry continues to grow, transactions and business conduct will likely continue to draw scrutiny from regulators. Our customers may become subject to further AI regulations, including any restrictions on the total consumption of compute technology, which could cause a delay or impediment to the commercialization of AI technology and could lead to a decrease in demand for our customers’ AI infrastructure, and may adversely affect our business, operating results, financial condition, and future prospects.

**我们的运营需要大量资本支出，我们将需要额外资本来为业务提供资金并支持增长，若无法按可接受的条款（如有）产生或获得该等资本，或无法降低我们的总资本成本，可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。**

**Our operations require substantial capital expenditures, and we will require additional capital to fund our business and support our growth, and any inability to generate or obtain such capital on acceptable terms, if at all, or to lower our total cost of capital, may adversely affect our business, operating results, financial condition, and future prospects.**

我们需要大量资本支出以支持增长并应对业务挑战。我们已对业务进行了重大财务投资，并打算在未来继续作出此类投资，包括用于采购平台组件、维护、升级和增强平台的支出，包括与获取第三方芯片以及租赁、维护、增强和扩建数据中心相关的成本。尽管我们历史上能够通过经营活动产生的现金、股权和债务融资以及定期贷款融资项下的借款为资本支出提供资金，但超出我们控制范围的因素（包括本“风险因素”章节所述因素，尤其是“——与我们的债务相关的风险”项下所述因素）可能大幅减少经营活动可用的现金、阻碍我们筹集额外资本的能力，或显著增加我们的资本支出需求，从而导致我们无法为维持和扩展运营所需的资本支出水平提供资金。这可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

We require substantial capital expenditures to support our growth and respond to business challenges. We have made significant financial investments in our business, and we intend to continue to make such investments in the future, including expenditures to procure components for, maintain, upgrade, and enhance our platform, including costs related to obtaining third-party chips and leasing and maintaining, enhancing, and expanding our data centers. While we have historically been able to fund capital expenditures from cash generated from operations, equity and debt financings, and borrowings under our term loan facilities, factors outside of our control, including those described in this “Risk Factors” section, and particularly those under “—Risks Related to Our Indebtedness,” could materially reduce the cash available from operations, impede our ability to raise additional capital, or significantly increase our capital expenditure requirements, which may result in our inability to fund the necessary level of capital expenditures to maintain and expand our operations. This could adversely affect our business, operating results, financial condition, and future prospects.

额外融资可能无法以对我们有利的条款获得，甚至可能根本无法获得。如果无法以可接受的条款获得充足的融资，我们可能无法投资于未来的增长机会，这可能会损害我们的业务、经营业绩、财务状况和未来前景。如果我们通过发行股权或可转换债务来筹集额外资金，我们现有股东可能会遭受重大稀释，且这些证券可能拥有优于我们 A 类普通股持有人的权利、优先权和特权。如果我们通过债务融资获得额外资金，我们可能无法以对我们有利的条款获得此类融资。此外，当前的全球宏观经济环境可能使我们更难（甚至无法）以有利条款筹集额外资本。此类条款可能包含限制性契约，使我们难以开展融资活动和寻求商业机会，包括潜在收购。由于多重因素，近期上市公司的交易价格一直高度波动，这些因素包括中东和乌克兰冲突、中国与台湾之间的紧张局势、通货膨胀、利率波动、银行体系实际或感知到的不稳定以及市场低迷，这可能降低我们以有利条款或根本无法获得资本的能力。此外，经济衰退、萧条或其他持续的不利市场事件可能对我们的业务和 A 类普通股的价值产生不利影响。如果我们无法在需要时获得充足的融资或令我们满意的条款的融资，我们继续支持业务增长和应对业务挑战的能力可能会受到严重损害，我们的业务可能会受到不利影响，从而需要我们延迟、减少或取消部分或全部运营。即使我们能够筹集到此类资本，我们也不能保证会以能够实现更好的经营业绩或发展业务的方式部署这些资本。

Additional financing may not be available on terms favorable to us, if at all. If adequate financing is not available on acceptable terms, we may be unable to invest in future growth opportunities, which could harm our business, operating results, financial condition, and future prospects. If we raise additional funds through equity or convertible debt issuances, our existing stockholders may suffer significant dilution and these securities could have rights, preferences, and privileges that are superior to those of holders of our Class A common stock. If we obtain additional funds through debt financing, we may not be able to obtain such financing on terms favorable to us. Further, the current global macroeconomic environment could make it more difficult to raise additional capital on favorable terms, if at all. Such terms may involve restrictive covenants making it difficult to engage in capital raising activities and pursue business opportunities, including potential acquisitions. The trading prices of recently-public companies have been highly volatile as a result of multiple factors including, the conflicts in the Middle East and Ukraine and tensions between China and Taiwan, inflation, interest rate volatility, actual or perceived instability in the banking system, and market downturns, which may reduce our ability to access capital on favorable terms or at all. In addition, a recession, depression, or other sustained adverse market event could adversely affect our business and the value of our Class A common stock. If we are unable to obtain adequate financing or financing on terms satisfactory to us when we require it, our ability to continue to support our business growth and to respond to business challenges could be significantly impaired and our business may be adversely affected, requiring us to delay, reduce, or eliminate some or all of our operations. Even if we are able to raise such capital, we cannot guarantee that we will deploy it in such a fashion that allows us to achieve better operating results or grow our business.

此外，为了为基础设施投资提供资金，我们开创并扩大了创新融资结构，使我们能够通过及时灵活的资本获取来发展业务。虽然我们预计随着我们从规模经济中受益并获得新的融资形式（包括资产支持证券化和评级母公司层面债务），我们的资本成本将继续下降，但我们降低资本成本的能力取决于许多因素，其中许多因素超出我们的控制范围，包括更广泛的宏观经济状况。如果我们无法继续降低资本成本，我们有效竞争的能力（尤其是与拥有更多财务和其他资源的较大竞争对手竞争）以及我们的经营业绩、财务状况和业务可能会受到不利影响。

Moreover, in order to fund investments in our infrastructure, we have pioneered and scaled innovative financing structures that have enabled us to grow our business through timely and flexible access to capital. While we expect our cost of capital to continue declining as we benefit from economies of scale and access new forms of financing, including asset backed securitizations and rated parent-level debt, our ability to lower our cost of capital depends upon a number of factors, many of which are beyond our control, including broader macroeconomic conditions. If we are unable to continue lowering our cost of capital, our ability to effectively compete, especially with larger competitors that have greater financial and other resources, as well as our operating results, financial condition, and business, may be adversely impacted.

**我们的经营业绩可能大幅波动，这可能使我们未来的业绩难以预测，并可能导致我们的经营业绩低于预期。**

**Our operating results may fluctuate significantly, which could make our future results difficult to predict and could cause our operating results to fall below expectations.**

我们的经营业绩过去各期间波动显著，我们预计未来经营业绩仍将大幅波动，因此各期间经营业绩的比较可能不具意义。此外，鉴于我们已承诺合同业务的性质、该等合同的规模以及新签业务和现有合同确认收入的期间间差异，未来期间我们的剩余履约义务可能出现波动。这可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。因此，不应依赖我们任何单季度的财务业绩作为未来业绩的指示。季度业绩波动可能对我们 A 类普通股的交易价格产生负面影响。我们的季度财务业绩可能因多种因素而波动，其中许多因素超出我们的控制范围且可能难以预测，包括但不限于：

Our operating results have varied significantly from period to period in the past, and we expect that our operating results will continue to vary significantly in the future such that period-to-period comparisons of our operating results may not be meaningful. In addition, in future periods, we may experience fluctuations in remaining performance obligations, given the nature of our committed contract business, the size of those contracts, and period-to-period variation in new business signed and revenue recognized from existing contracts. This could adversely affect our business, operating results, financial condition, and future prospects. Accordingly, our financial results in any one quarter should not be relied upon as indicative of future performance. Fluctuations in quarterly results may negatively impact the trading price of our Class A common stock. Our quarterly financial results may fluctuate as a result of a number of factors, many of which are outside of our control and may be difficult to predict, including, without limitation:

- 与业务扩张相关的运营成本和资本支出的金额及时间安排；

- the amount and timing of operating costs and capital expenditures related to the expansion of our business;

- 任何停电、电力短缺、供应链问题、产能限制或获取电力成本的显著上升；

- any power outages, shortages, supply chain issues, capacity constraints, or significant increases in the cost of securing power;

- 国内及海外市场的一般全球宏观经济和政治状况，可能影响我们经营所在的部分或全部地区，包括全球经济放缓、实际或感知的全球银行和金融相关问题、通胀风险上升、联邦债务上限和预算方面的潜在不确定性及相关潜在政府停摆、利率波动、供应链中断、劳动力短缺、能源成本上升和潜在全球衰退；

- general global macroeconomic and political conditions, both domestically and in our foreign markets that could impact some or all regions where we operate, including global economic slowdowns, actual or perceived global banking and finance related issues, increased risk of inflation, potential uncertainty with respect to the federal debt ceiling and budget and potential government shutdowns related thereto, interest rate volatility, supply chain disruptions, labor shortages, increases in energy costs and potential global recession;

- 自然或人为全球事件对我们业务的影响，包括战争和其他武装冲突，例如中东和乌克兰冲突以及中国与台湾之间的紧张局势；

- the impact of natural or man-made global events on our business, including wars and other armed conflict, such as the conflicts in the Middle East and Ukraine and tensions between China and Taiwan;

- 法律或监管环境的变化，包括与 AI 和机器学习相关的法规发展；

- changes in our legal or regulatory environment, including developments in regulations relating to AI and machine learning;

- 我们吸引新客户和留住现有客户、增加平台销售或向现有客户销售更多解决方案和服务的能力；

- our ability to attract new and retain existing customers, increase sales of our platform, or sell additional solutions and services to existing customers;

- 客户的预算周期、季节性购买模式和采购惯例；

- the budgeting cycles, seasonal buying patterns, and purchasing practices of customers;

- 我们销售周期的时机和长度；

- the timing and length of our sales cycles;

- 客户需求或市场需求的变化；

- changes in customer requirements or market needs;

- 云基础设施市场整体增长率的变化；

- changes in the growth rate of the cloud infrastructure market generally;

- 我们或竞争对手推出新解决方案和服务的时机及成功情况，或任何其他竞争动态，包括我们客户或竞争对手之间的整合；

- the timing and success of new solution and service introductions by us or our competitors or any other competitive developments, including consolidation among our customers or competitors;

- 我们的战略关系出现任何中断；

- any disruption in our strategic relationships;

- 我们在美国国内及国际成功拓展业务的能力；

- our ability to successfully expand our business domestically and internationally;

- 股权或债务融资及资本市场环境，包括利率变化；

- equity or debt financings and the capital markets environment, including interest rate changes;

- 我们随时间推移降低资本成本的能力；

- our ability to reduce our cost of capital over time;

- 各组织决定从规模更大、更成熟的供应商处购买专用 AI 云基础设施；

- decisions by organizations to purchase specialized AI cloud infrastructure from larger, more established vendors;

- 我们按照已承诺合同成功、及时向客户交付解决方案和服务的能力，包括因数据中心交付周期导致的情况；

- our ability to successfully and timely deliver our solutions and services to customers under our committed contracts, including due to data center lead times;

- 我们成功、及时部署新增数据中心上线运营的能力；

- our ability to successfully and timely deploy launches of additional data centers;

- 将新基础设施（包括新一代 GPU）整合至我们平台的时间安排与成效；

- the timing and success of the integration of new infrastructure, including new GPU generations, into our platform;

- 我们或竞争对手定价政策的变化；

- changes in our pricing policies or those of our competitors;

- 我们的客户面临的破产或信用困难，包括因个体、宏观经济及监管因素（含特别影响早期 AI 初创企业的因素）导致的破产或清算，从而影响其购买我们的平台或为其付款的能力；

- insolvency or credit difficulties confronting our customers, including bankruptcy or liquidation, due to individual, macroeconomic, and regulatory factors, including those specifically impacting early-stage AI ventures, affecting their ability to purchase or pay for our platform;

- 我们平台使用过程中发生的重大安全漏洞、技术困难或中断，或其他网络安全事件；

- significant security breaches of, technical difficulties with, or interruptions to, the use of our platform or other cybersecurity incidents;

- 特殊费用，例如诉讼或其他争议相关的和解付款或结果、税费、监管罚款或处罚；

- extraordinary expenses such as litigation or other dispute-related settlement payments or outcomes, taxes, regulatory fines or penalties;

- 收入确认与收入递延的时点；

- the timing of revenue recognition and revenue deferrals;

- 未来的会计公告或我们会计政策或实务的变更；

- future accounting pronouncements or changes in our accounting policies or practices;

- 负面媒体报道或舆论；以及

- negative media coverage or publicity; and

- 因外币汇率波动导致的我们费用的增加或减少。

- increases or decreases in our expenses caused by fluctuations in foreign currency exchange rates.

上述任何因素，单独或合计，均可能导致我们的财务状况、现金流量及其他经营业绩在各期间出现重大波动。

Any of the above factors, individually or in the aggregate, could result in significant fluctuations in our financial condition, cash flows, and other operating results from period to period.

**我们面临激烈竞争，可能将市场份额流失给竞争对手，这将对我们的业务、经营业绩、财务状况和未来前景产生不利影响。**

**We face intense competition and could lose market share to our competitors, which would adversely affect our business, operating results, financial condition, and future prospects.**

AI 云基础设施和软件市场竞争激烈且快速演变，其特征是技术、客户需求、行业标准、监管动态的变化，以及新解决方案和服务的频繁推出或改进。在更广泛、多元化的产品组合中提供通用云计算的主要竞争对手包括 Amazon（AWS）、Google（Google Cloud Platform）、IBM、Microsoft（Azure）和 Oracle，其中多家也是我们当前的客户。我们还与专注于 AI 的较小云服务商（CSP）竞争，包括 Crusoe 和 Lambda。我们预计将继续面临来自现有竞争对手的激烈竞争，包括因竞争对手完成战略收购或建立合作关系和/或客户需求演变，以及来自市场新进入者的竞争。如果我们无法预见或应对这些挑战，我们的竞争地位可能被削弱，我们将经历收入下降或收入增长放缓，以及市场份额流失，这可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

The market for AI cloud infrastructure and software is intensely competitive and is rapidly evolving, characterized by changes in technology, customer requirements, industry standards, regulatory developments, and frequent introductions of new or improved solutions and services. Key competitors that offer general purpose cloud computing as part of a broader, diversified product portfolio include Amazon (AWS), Google (Google Cloud Platform), IBM, Microsoft (Azure), and Oracle, a number of which are also our current customers. We also compete with smaller cloud service providers focused on AI, including Crusoe and Lambda. We expect to continue to face intense competition from current competitors, including as our competitors complete strategic acquisitions or form cooperative relationships and/or customer requirements evolve, as well as from new entrants into the market. If we are unable to anticipate or react to these challenges, our competitive position could weaken, and we would experience a decline in revenue or reduced revenue growth, and loss of market share that could adversely affect our business, operating results, financial condition, and future prospects.

我们有效竞争的能力取决于众多因素，其中许多因素超出我们的控制范围，包括但不限于：

Our ability to compete effectively depends upon numerous factors, many of which are beyond our control, including, but not limited to:

- 客户或市场需求、要求和偏好的变化，以及我们满足这些需求、要求和偏好的能力；

- changes in customer or market needs, requirements, and preferences and our ability to fulfill those needs, requirements, and preferences;

- 我们扩展和增强平台的能力，包括通过基础设施和新技术，或提高平台销售额的能力；

- our ability to expand and augment our platform, including through infrastructure and new technologies, or increase sales of our platform;

- 任何停电、电力短缺、供应链问题、产能限制或获取电力成本的显著增加；

- any power outages, shortages, supply chain issues, capacity constraints, or significant increases in the cost of securing power;

- 我们吸引、培养、留住和激励优秀员工的能力；

- our ability to attract, train, retain, and motivate talented employees;

- 我们留存现有客户、提升对现有客户的销售额以及吸引并留存新客户的能力；

- our ability to retain existing customers and increase sales to existing customers, as well as attract and retain new customers;

- 我们客户的预算周期、季节性购买模式和采购惯例，包括因美国和整体全球宏观经济状况导致的任何技术支出放缓；

- the budgeting cycles, seasonal buying patterns, and purchasing practices of our customers, including any slowdown in technology spending due to U.S. and general global macroeconomic conditions;

- 价格竞争；

- price competition;

- AI 及 AI 云基础设施行业采用率的停滞或增长率的变动，包括因新兴 AI 技术所导致的变化，这可能带来算力效率的进一步提升；

- stagnation in the adoption rate or changes in the growth rate of AI and AI cloud infrastructure sectors, including due to emerging AI technologies, which may lead to further compute efficiencies;

- 我们或我们的竞争对手推出新解决方案和服务的时机与成效，包括可能取代云基础设施的新竞争性技术，或我们所在行业竞争格局的任何其他变化，包括竞争对手或客户之间的整合以及竞争对手之间建立的战略合作关系；

- the timing and success of new solution and service introductions by us or our competitors, including new competing technologies that may displace cloud infrastructure, or any other change in the competitive landscape of our industry, including consolidation among our competitors or customers and strategic partnerships entered into by and between our competitors;

- 我们所销售解决方案和服务组合的变化，包括我们平台平均合同使用量的变化；

- changes in our mix of solution and services sold, including changes in the average contracted usage of our platform;

- 我们在美国国内及国际市场上成功且持续拓展业务的能力；

- our ability to successfully and continuously expand our business domestically and internationally;

- 我们获取必要资金的能力；

- our ability to secure necessary funding;

- 客户因预期我们或我们的竞争对手宣布推出新解决方案或增强型解决方案和服务而推迟下单；

- deferral of orders from customers in anticipation of new or enhanced solutions and services announced by us or our competitors;

- 重大安全漏洞，或我们平台使用中的技术困难或中断，包括数据安全方面；

- significant security breaches or, technical difficulties with, or interruptions to the use of our platform, including data security;

- 与技术或业务的开发或收购或建立战略合作关系相关的时机与成本；

- the timing and costs related to the development or acquisition of technologies or businesses or entry into strategic partnerships;

- 我们执行、完成或高效整合可能进行的任何收购的能力；

- our ability to execute, complete, or efficiently integrate any acquisitions that we may undertake;

- 我们完成的任何收购所导致的费用增加、未预见负债或减值，以及对我们经营业绩的任何影响；

- increased expenses, unforeseen liabilities, or write-downs and any impact on our operating results from any acquisitions we consummate;

- 我们扩大销售团队规模并提升其生产力的能力；

- our ability to increase the size and productivity of our sales teams;

- 潜在客户决定向规模更大、更成熟的技术公司购买云基础设施及相关服务；

- decisions by potential customers to purchase cloud infrastructure and associated services from larger, more established technology companies;

- 我们的客户面临的破产或信用困难，此类困难可能因美国和全球宏观经济问题而加剧，并将不利影响客户及时或完全购买或支付我们平台费用的能力；

- insolvency or credit difficulties confronting our customers, which could increase due to U.S. and global macroeconomic issues and which would adversely affect our customers’ ability to purchase or pay for our platform in a timely manner or at all;

- 诉讼、监管调查或行动或其他程序所产生的成本及潜在结果，可能对我们的业务造成重大不利影响；

- the cost and potential outcomes of litigation, regulatory investigations or actions, or other proceedings, which could have a material adverse effect on our business;

- 未来的会计公告或我们会计政策的变更；

- future accounting pronouncements or changes in our accounting policies;

- 因外币汇率波动导致我们费用的增加或减少；

- increases or decreases in our expenses caused by fluctuations in foreign currency exchange rates;

- 我们遵守适用的国内和国际法规法律以及取得开展业务所需牌照的能力；

- our ability to comply with applicable domestic and international regulations and laws and to obtain the necessary licenses to conduct our business;

- 国内和海外市场的一般全球宏观经济和政治状况，可能影响我们经营所在的部分或全部地区，包括全球经济放缓、实际或感知的全球银行和金融相关问题、通胀风险上升、联邦债务上限和预算方面的潜在不确定性及相关潜在政府停摆、利率波动、供应链中断、劳动力短缺以及潜在全球衰退；以及

- general global macroeconomic and political conditions, both domestically and in our foreign markets that could impact some or all regions where we operate, including global economic slowdowns, actual or perceived global banking and finance related issues, increased risk of inflation, potential uncertainty with respect to the federal debt ceiling and budget and potential government shutdowns related thereto, interest rate volatility, supply chain disruptions, labor shortages, and potential global recession; and

- 自然或人为全球事件对我们业务的影响，包括传染病或大流行病爆发以及战争和其他武装冲突，例如中东和乌克兰冲突以及中国与台湾之间的紧张局势。

- the impact of natural or man-made global events on our business, including outbreaks of contagious diseases or pandemics and wars and other armed conflicts, such as the conflicts in the Middle East and Ukraine and the tensions between China and Taiwan.

我们的许多竞争对手拥有比我们更雄厚的财务、技术、营销、销售和其他资源，更高的品牌知名度，更长的经营历史以及更大的客户基础。我们的竞争对手可能能够比我们投入更多资源用于其解决方案和服务的开发、推广和销售，并且他们可能提供比我们更低的定价，或以更低价格捆绑某些竞争性解决方案和服务。我们的竞争对手还可能拥有更多资源用于新技术研发、客户支持以及开展收购，并且他们拥有其他财务、技术或其他资源优势。我们规模较大的竞争对手拥有更广泛、更多元化的解决方案和服务组合以及更成熟的渠道和上市策略，这使他们能够利用现有客户关系和任何分销商关系，以抑制潜在客户购买我们平台的方式获取业务。此外，我们当前和未来的竞争对手可能包括我们的客户和供应商，如果这些客户或供应商中的任何一方因此停止向我们购买服务或向我们供应组件，我们的业务、经营业绩、财务状况和未来前景可能受到不利影响。

Many of our competitors have greater financial, technical, marketing, sales, and other resources, greater name recognition, longer operating histories, and a larger base of customers than we do. Our competitors may be able to devote greater resources to the development, promotion, and sale of their solutions and services than we can, and they may offer lower pricing than we do or bundle certain competing solutions and services at lower prices. Our competitors may also have greater resources for research and development of new technologies, customer support, and to pursue acquisitions, and they have other financial, technical, or other resource advantages. Our larger competitors have substantially broader and more diverse solution and service offerings and more mature distribution and go-to-market strategies, which allows them to leverage their existing customer relationships and any distributor relationships to gain business in a manner that discourages potential customers from purchasing our platform. Further, our current and future competitors may include our customers and suppliers, if any of these customers or suppliers were to cease purchasing services from us or supplying us with components as a result, our business, operating results, financial condition, and future prospects could be adversely affected.

我们的市场状况可能因技术进步而迅速且显著地发生变化，包括但不限于 AI 和机器学习应用的进步与普及程度提高、我们的竞争对手之间建立合作或进行收购，或持续的市场整合，包括潜在或现有客户与我们的竞争对手的整合。我们的一些竞争对手近期已经或可能收购企业，或已建立合作关系，使其能够提供比以往更具直接竞争力和更全面的解决方案与服务，并更快地适应新技术和客户需求。我们市场中的这些竞争压力，或我们未能有效竞争，可能导致价格下降、订单减少、收入和经营利润率下降、净亏损增加以及市场份额流失。

Conditions in our market could change rapidly and significantly as a result of technological advancements, including but not limited to increased advancements and proliferation in the use of AI and machine learning, partnerships between or acquisitions by our competitors, or continuing market consolidation, including consolidation of potential or existing customers with our competitors. Some of our competitors have recently made or could make acquisitions of businesses or have established cooperative relationships that may allow them to offer more directly competitive and comprehensive solutions and services than were previously offered and adapt more quickly to new technologies and customer needs. These competitive pressures in our market or our failure to compete effectively may result in price reductions, fewer orders, reduced revenue and operating margin, increased net losses, and loss of market share.

即使对我们的专用 AI 云基础设施存在显著需求，如果我们的竞争对手在其已被普遍视为组织运营架构必要组成部分的既有解决方案和服务中，包含与我们的功能相当或被认为相当或更优的功能，我们可能难以提高我们平台的市场渗透率。此外，即使其他云基础设施提供商提供的功能与我们的平台功能不同且更为有限，组织也可能选择接受此类有限功能，而不购买我们的解决方案和服务。如果我们无法成功竞争，或如果成功竞争要求我们在定价或其他方面采取激进措施，我们的业务、经营业绩、财务状况和未来前景将受到不利影响。

Even if there is significant demand for specialized AI cloud infrastructure like ours, if our competitors include functionality that is, or is perceived to be, equivalent to or better than ours in legacy solutions and services that are already generally accepted as necessary components of an organization’s operational architecture, we may have difficulty increasing the market penetration of our platform. Furthermore, even if the functionality offered by other cloud infrastructure providers is different and more limited than the functionality of our platform, organizations may elect to accept such limited functionality in lieu of purchasing our solutions and services. If we are unable to compete successfully, or if competing successfully requires us to take aggressive action with respect to pricing or other actions, our business, operating results, financial condition, and future prospects would be adversely affected.

**针对我们或我们第三方提供商的网络或数据安全事件，无论是实际的、被指控的或感知到的，都可能损害我们的声誉，产生责任和监管风险，并对我们的业务、经营业绩、财务状况和未来前景产生不利影响。**

**A network or data security incident against us, or our third-party providers, whether actual, alleged, or perceived, could harm our reputation, create liability and regulatory exposure, and adversely impact our business, operating results, financial condition, and future prospects.**

公司持续面临数量不断增加、种类繁多的网络攻击。传统的计算机“黑客”、恶意代码（如病毒和蠕虫）、网络钓鱼尝试、勒索软件、账户接管、商业电子邮件入侵、员工欺诈或不良行为者、盗窃或滥用、拒绝服务攻击、配置错误、缺陷，或集成到我们（或我们的供应商或服务提供商）IT 系统中的商业软件的其他漏洞，以及老练的国家支持的行为者实施的网络入侵和攻击，都会给我们的基础设施及其托管和传输的数据（包括个人信息）带来风险。与国家支持及地缘政治相关的网络攻击可能因地区地缘政治冲突（如中东和乌克兰冲突以及中国与台湾之间的紧张局势）而增加。此外，乌克兰持续战争及俄罗斯和中东的相关活动，增加了针对各类基础设施和运营的网络攻击风险。另外，不良行为者正开始利用基于 AI 的工具实施攻击，带来前所未有的网络安全挑战。鉴于我们托管和传输的关键数据，我们可能成为网络攻击的有价值目标。

Companies are subject to an increasing number, and wide variety, of attacks on their networks on an ongoing basis. Traditional computer “hackers,” malicious code (such as viruses and worms), phishing attempts, ransomware, account takeover, business email compromise, employee fraud or bad actors, theft or misuse, denial of service attacks, misconfigurations, bugs, or other vulnerabilities in commercial software that is integrated into our (or our suppliers’ or service providers’) IT systems, and sophisticated nation-state sponsored actors engage in cyber intrusions and attacks that create risks for our infrastructure and the data, including personal information, which it hosts and transmits. State-supported and geopolitical-related cyberattacks may rise in connection with regional geopolitical conflicts such as the conflicts in the Middle East and Ukraine and tensions between China and Taiwan. Moreover, the ongoing war in Ukraine and associated activities in Russia as well as in the Middle East, have increased the risk of cyberattacks on various types of infrastructure and operations. Additionally, bad actors are beginning to utilize AI-based tools to execute attacks, creating unprecedented cybersecurity challenges. We may be a valuable target for cyberattacks given the critical data which we host and transmit.

尽管我们已实施旨在防范此类攻击的安全措施，包括对第三方供应商措施的审查，但我们无法保证该等措施能够有效保护我们及我们第三方供应商的基础设施、系统、网络和物理设施，使其免遭外部方行为或人为失误、渎职、内部威胁、系统错误或漏洞、网络安全控制不足、上述各项的组合或其他原因导致的入侵，因此，未经授权的第三方可能获取我们、我们第三方供应商或我们客户系统、网络或数据的访问权限。用于获取系统未经授权访问或破坏系统、或使服务失效或降级的技术不断变化，且在针对目标发起攻击之前往往无法识别，因此我们可能无法预判这些技术并实施充分的预防措施。我们的服务器可能易受计算机病毒或物理或电子入侵的影响，而我们的安全措施可能无法检测到这些威胁。保护我们自身资产的成本已变得更加高昂，且随着威胁态势加剧（包括因不良行为者使用 AI 所致），这些成本可能进一步增加。我们在识别或以其他方式应对任何攻击或实际或潜在的安全漏洞或威胁方面可能面临困难或延迟。生成式 AI 的发展加剧了这些风险。我们或我们第三方供应商的数据安全遭到入侵，或我们的平台遭受攻击，可能且已经影响了我们的基础设施和系统，造成系统中断或减速，并使恶意方得以访问由我们基础设施托管和传输的信息，导致数据（包括我们客户的数据）被公开披露、滥用、篡改、丢失或窃取，这可能使我们承担法律责任和声誉损害，并对我们的财务状况产生不利影响。尽管迄今为止尚无任何事件对我们的运营或财务业绩产生重大影响，但我们无法保证未来不会发生重大事件。一旦被攻破，我们自身的系统可能被用于协助或放大攻击。此外，近年来公司和个人远程办公的增加总体上扩大了不良行为者可利用的攻击面，因此，发生网络安全事件的风险可能有所增加。最后，我们已收购并预计将继续收购存在网络安全漏洞或安全措施不完善的公司，这使我们面临重大的网络安全、运营和财务风险。

Although we have implemented security measures designed to prevent such attacks, including a review of our third-party providers’ measures, we cannot guarantee that such measures will operate effectively to protect our and our third-party providers’ infrastructure, systems, networks, and physical facilities from breach due to the actions of outside parties or human error, malfeasance, insider threats, system errors or vulnerabilities, insufficient cybersecurity controls, a combination of the foregoing, or otherwise, and as a result, an unauthorized party may obtain access to our, our third-party providers’ or our customers’ systems, networks, or data. The techniques used to obtain unauthorized access to systems or sabotage systems, or disable or degrade services, change frequently and are often unrecognizable until launched against a target, and therefore we may be unable to anticipate these techniques and implement adequate preventative measures. Our servers may be vulnerable to computer viruses or physical or electronic break-ins that our security measures may not detect. Protecting our own assets has become more expensive and these costs may increase as the threat landscape increases, including as a result of use by bad actors of AI. We may face difficulties or delays in identifying or otherwise responding to any attacks or actual or potential security breaches or threats. These risks are exacerbated by developments in generative AI. A breach in our or our third-party providers’ data security or an attack against our platform could and have impacted our infrastructure and systems, creating system disruptions or slowdowns and providing access to malicious parties to information hosted and transmitted by our infrastructure, resulting in data, including the data of our customers, being publicly disclosed, misused, altered, lost, or stolen, which could subject us to liability and reputational harm and adversely affect our financial condition. While to date no incidents have had a material impact on our operations or financial results, we cannot guarantee that material incidents will not occur in the future. If compromised, our own systems could be used to facilitate or magnify an attack. Further, the increase in remote work by companies and individuals in recent years has generally increased the attack surface available to bad actors for exploitation, and as such, the risk of a cybersecurity incident potentially occurring has increased. Finally, we have acquired and expect to continue to acquire companies with cybersecurity vulnerabilities or unsophisticated security measures, which exposes us to significant cybersecurity, operational and financial risks.

我们或我们的第三方服务商或合作伙伴的系统或网络发生的任何实际、被指控或被感知的安全漏洞，或我们或我们的第三方服务商或合作伙伴遭受的任何其他实际、被指控或被感知的数据安全漏洞，均可能损害我们的声誉、造成负面报道、导致客户和销售流失、丧失相对于竞争对手的竞争优势、增加补救任何问题及以其他方式应对任何事件、监管调查和执法行动、罚款和处罚、代价高昂的诉讼（包括集体诉讼）及其他责任方面的成本。我们还可能面临因保护个人信息隐私和安全的法律、法规和合同而产生的损失或诉讼风险及潜在责任。有关我们业务所受隐私和安全法律、法规及其他行业要求的说明，请参见下文风险因素“——我们须遵守与数据隐私、数据保护和信息安全以及用户保护相关的法律、法规和行业要求，这些要求适用于我们开展业务的不同市场，且此类法律、法规和行业要求不断演变和变化。任何实际或被感知的未能遵守此类法律、法规和行业要求或我们的隐私政策的行为，均可能损害我们的业务。”

Any actual, alleged, or perceived security breach in our third-party providers’ or partners’ systems or networks, or any other actual, alleged or perceived data security breach that we or our third-party providers or partners suffer, could result in damage to our reputation, negative publicity, loss of customers and sales, loss of competitive advantages over our competitors, increased costs to remedy any problems and otherwise respond to any incident, regulatory investigations and enforcement actions, fines and penalties, costly litigation (including class actions), and other liability. We would also be exposed to a risk of loss or litigation and potential liability under laws, regulations, and contracts that protect the privacy and security of personal information. For a description of the privacy and security laws, regulations and other industry requirements to which our business is subject, see the risk factor below “—We are subject to laws, regulations, and industry requirements related to data privacy, data protection and information security, and user protection across different markets where we conduct our business and such laws, regulations, and industry requirements are constantly evolving and changing. Any actual or perceived failure to comply with such laws, regulations, and industry requirements, or our privacy policies, could harm our business.”

出于对数据安全和完整性的担忧，越来越多的立法和监管机构已就受此类法律管辖的信息被未经授权人员访问的情形采纳了违规通知及其他要求，且未来可能出台有关此类数据安全的更多法规。我们可能需要就此等事件通知政府主管部门和受影响的个人。例如，欧盟、英国和美国的法律可能要求企业向因数据安全漏洞而导致其个人信息被披露的个人发出通知。在发生数据安全漏洞时遵守如此众多且复杂的法规可能成本高昂且困难重重，未能遵守这些法规可能使我们面临监管审查和额外责任。此外，我们的某些客户协议以及隐私法可能要求我们及时报告涉及我们系统或我们第三方合作伙伴系统的安全事件，此类事件损害了某些所处理客户数据的安全性、保密性或完整性。无论我们有何合同保护，这些强制性披露都可能成本高昂、引发诉讼、损害我们的声誉、侵蚀客户信任，并需要投入大量资源来缓解实际或被感知的安全漏洞所引发的问题。

Due to concerns about data security and integrity, a growing number of legislative and regulatory bodies have adopted breach notification and other requirements in the event that information subject to such laws is accessed by unauthorized persons and additional regulations regarding security of such data are possible. We may need to notify governmental authorities and affected individuals with respect to such incidents. For example, laws in the European Union, the United Kingdom, and the United States may require businesses to provide notice to individuals whose personal information has been disclosed as a result of a data security breach. Complying with such numerous and complex regulations in the event of a data security breach can be expensive and difficult, and failure to comply with these regulations could subject us to regulatory scrutiny and additional liability. In addition, certain of our customer agreements, as well as privacy laws, may require us to promptly report security incidents involving our systems or those of our third-party partners that compromise the security, confidentiality, or integrity of certain processed customer data. Regardless of our contractual protections, these mandatory disclosures could be costly, result in litigation, harm our reputation, erode customer trust, and require significant resources to mitigate issues stemming from actual or perceived security breaches.

尽管我们投保了网络安全保险，但无法保证任何或全部已发生的成本或损失能够从此类保险中获得部分或全部补偿，也无法保证未来能够以经济合理的条件获得适用保险，或根本无法获得保险。

Although we maintain cybersecurity insurance, there can be no guarantee that any or all costs or losses incurred will be partially or fully recouped from such insurance or that applicable insurance in the future will be available on economically reasonable terms or at all.

我们还可能产生重大财务和运营成本，用于调查、补救、消除安全漏洞并部署额外工具和设备，以防止实际或感知到的安全漏洞及其他安全事件，以及为遵守因任何安全事件而产生的任何通知义务而付出成本。任何此类负面结果都可能损害市场对我们基础设施的看法以及客户和投资者对公司的信心，并将对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

We may also incur significant financial and operational costs to investigate, remediate, eliminate, and put in place additional tools and devices designed to prevent actual or perceived security breaches and other security incidents, as well as costs to comply with any notification obligations resulting from any security incidents. Any of these negative outcomes could adversely affect the market perception of infrastructure and customer and investor confidence in our company, and would adversely affect our business, operating results, financial condition, and future prospects.

此外，政府实体（包括执法机构）未来可能不时寻求我们协助获取我们客户的数据。尽管我们努力保护客户的隐私，但我们可能不时被要求向政府实体提供客户数据的访问权限。鉴于我们的隐私承诺，尽管我们可能对执法机构要求提供访问我们系统或其他客户内容的请求提出法律质疑，但我们仍可能面临投诉，称我们不当向执法机构提供了信息，或为回应无正当理由的第三方投诉而提供了信息。如果我们未按所要求的方式向政府实体提供协助或遵守其请求，或未公开或在法庭上质疑该等请求，或提供、或被视作提供超出我们法律义务的协助，我们可能遭受不利的政治、商业和声誉后果。任何此类披露都可能对我们的业务和声誉造成重大不利影响。

Further, from time to time, government entities (including law enforcement bodies) may in the future seek our assistance with obtaining access to our customers’ data. Although we strive to protect the privacy of our customers, we may be required from time to time to provide access to customer data to government entities. In light of our privacy commitments, although we may legally challenge law enforcement requests to provide access to our systems or other customer content, we may nevertheless face complaints that we have provided information improperly to law enforcement or in response to non-meritorious third-party complaints. We may experience adverse political, business, and reputational consequences, to the extent that we do not provide assistance to or comply with requests from government entities in the manner requested or challenge those requests publicly or in court or provide, or are perceived as providing, assistance to government entities that exceeds our legal obligations. Any such disclosure could significantly and adversely impact our business and reputation.

**由于我们为发展业务和开发平台进行了大量投资，我们历来产生净亏损，预计未来运营费用将增加，并且可能无法实现盈利，或即使实现盈利也可能无法持续。如果我们无法实现盈利，或即使实现盈利也无法持续，我们的业务、经营业绩、财务状况和未来前景将受到不利影响。**

**We have a history of generating net losses as a result of the substantial investments we have made to grow our business and develop our platform, anticipate increases in our operating expenses in the future, and may not achieve or, if achieved, sustain profitability. If we cannot achieve and, if achieved, sustain profitability, our business, operating results, financial condition, and future prospects will be adversely affected.**

截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，我们分别产生净亏损 $31 million、$594 million 和 $863 million，且我们未来可能无法实现盈利，或即使实现也无法维持盈利。截至 2024 年 12 月 31 日，我们的累计亏损为 $1.5 billion。尽管过去两年我们的收入经历了显著增长，但我们无法预测能否维持这一增长水平，也无法预测何时能够实现盈利。我们还预计未来运营费用将会增加，包括因作为上市公司运营相关成本增加而导致的一般及行政费用增加，以及随着我们继续为未来增长进行投资，包括扩大研发职能以推动平台的进一步发展、继续投资于平台底层技术基础设施和数据中心扩建、扩大销售和营销活动、开发功能以拓展至相邻市场，以及触达新地理区域和新垂直领域的客户；如果我们的总收入不增长，这些将对我们经营业绩产生负面影响。

We incurred net losses of $31 million, $594 million, and $863 million for the years ended December 31, 2022, 2023, and 2024, respectively, and we may not achieve or, if achieved, sustain profitability in the future. As of December 31, 2024, we had an accumulated deficit of $1.5 billion. While we have historically experienced significant growth in revenue over the last two years, we cannot predict whether we will maintain this level of growth or when we will achieve profitability. We also expect our operating expenses to increase in the future, including our general and administrative expenses as a result of increased costs associated with operating as a public company and as we continue to invest for our future growth, including expanding our research and development function to drive further development of our platform, continuing to invest in the technology infrastructure underlying our platform and data center expansion, expanding our sales and marketing activities, developing the functionality to expand into adjacent markets, and reaching customers in new geographic locations and new verticals, which will negatively affect our operating results if our total revenue does not increase.

本次发行完成后，与我们的 RSU 相关的股权激励费用将导致我们未来期间的费用增加，尤其是在本次发行完成的当季，对于已满足时间条件且其基于业绩的归属条件已在本次发行相关事项中得到满足的 RSU 而言。此外，我们可能会就某些 RSU 结算时产生的代扣代缴税款和汇缴义务支出大量资金。

Following the completion of this offering, the stock-based compensation expense related to our RSUs will result in increases in our expenses in future periods, in particular in the quarter in which this offering is completed for RSUs for which the time condition has been satisfied and for which the performance-based vesting condition was satisfied in connection with this offering. Additionally, we may expend substantial funds in connection with the tax withholding and remittance obligations that arise upon the settlement of certain of our RSUs.

随着我们规模扩大，我们的运营效率可能会下降，且我们的收入增长可能会随着增长而放缓。我们的收入还可能因其他多种原因下降，包括对我们产品的需求减少、竞争加剧、整体市场增长放缓或规模缩小，或者如果我们无法把握增长机会，包括通过收购以及通过新的和增强的解决方案和服务。此外，如果我们的预期现金回收期长于预期，或者如果我们未能维持或增加收入以抵消运营费用的增加，或在投资业务时未能管理好成本，包括如果我们未能维持或改善运营效率，我们可能无法实现或维持盈利；如果我们无法实现并维持盈利，我们的业务、经营业绩、财务状况和未来前景将受到不利影响。

Our operating efficiencies may decrease as we scale, and our revenue growth may slow as we grow. Our revenue could also decline for a number of other reasons, including reduced demand for our offerings, increased competition, a decrease in the growth or reduction in size of our overall market, or if we cannot capitalize on growth opportunities, including acquisitions and through new and enhanced solutions and services. Furthermore, to the extent our anticipated cash payback period is longer than we expect, or if we fail to maintain or increase our revenue to offset increases in our operating expenses or manage our costs as we invest in our business, including if we do not maintain or improve our operating efficiencies, we may not achieve or sustain profitability, and if we cannot achieve and sustain profitability, our business, operating results, financial condition, and future prospects will be adversely affected.

**我们在技术和基础设施方面进行大量投资，不成功的投资可能会对我们的业务、经营业绩、财务状况和未来前景产生重大不利影响。**

**We make substantial investments in our technology and infrastructure and unsuccessful investments could materially adversely affect our business, operating results, financial condition, and future prospects.**

我们竞争的行业以技术快速变革、客户需求变化、新产品和服务频繁推出与增强、产品周期短以及行业标准不断演变为特征。为保持竞争力，我们已进行并将继续在技术和基础设施方面进行重大投资。截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，技术和基础设施费用分别为 $18 million、$132 million 和 $961 million。如果我们未能进一步开发我们的平台或开发新的和增强的解决方案、服务和技术，如果我们专注于未能被广泛采用的技术，或者如果我们不支持的新竞争性技术或行业标准被广泛接受，对我们解决方案和服务的需求可能会减少。技术和基础设施投资的增加或改进努力的不成功可能导致我们的成本结构与对我们解决方案和服务的需求脱节，这将对我们的业务、经营业绩、财务状况和未来前景产生负面影响。

The industry in which we compete is characterized by rapid technological change, changes in customer requirements, frequent new product and service introductions and enhancements, short product cycles, and evolving industry standards. In order to remain competitive, we have made, and expect to continue to make, significant investments in our technology and infrastructure. For the years ended December 31, 2022, 2023, and 2024, technology and infrastructure expenses were $18 million, $132 million, and $961 million, respectively. If we fail to further develop our platform or develop new and enhanced solutions, services, and technologies, if we focus on technologies that do not become widely adopted, or if new competitive technologies or industry standards that we do not support become widely accepted, demand for our solutions and services may be reduced. Increased investments in technology and infrastructure or unsuccessful improvement efforts could cause our cost structure to fall out of alignment with demand for our solutions and services, which would have a negative impact on our business, operating results, financial condition, and future prospects.

**我们的平台复杂，与我们的平台相关的性能问题或缺陷可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。**

**Our platform is complex and performance problems or defects associated with our platform may adversely affect our business, operating results, financial condition, and future prospects.**

维护和改善我们的平台性能可能变得越来越困难，尤其是在需求高峰期间以及随着我们客户群的增长和平台变得更加复杂的情况下。如果我们的平台不可用，或者如果我们的客户无法在合理的时间内或根本无法访问我们的平台，我们可能会经历客户流失、平台市场接受度的丧失或延迟、客户向我们付款的延迟或向受影响客户发放信用额度、我们的声誉和品牌受损、针对我们的保证和法律索赔、解决这些问题的重大成本以及我们资源的转移。例如，过去我们曾经历过，未来也可能经历为服务客户项目而电力不足的情况，并因由此产生的性能问题而被要求向该客户提供服务信用额度。此外，如果我们不能有效解决容量限制、按需升级我们的系统，并持续开发我们的技术和网络架构以适应实际和预期的技术变化，我们的业务、经营业绩、财务状况和未来前景以及我们的声誉可能会受到不利影响。

It may become increasingly difficult to maintain and improve our platform performance, especially during peak demand spikes and as our customer base grows and our platform becomes more complex. If our platform is unavailable or if our customers are unable to access our platform within a reasonable amount of time or at all, we could experience a loss of customers, lost or delayed market acceptance of our platform, delays in payment to us by customers or issuance of credits to impacted customers, injury to our reputation and brand, warranty and legal claims against us, significant cost of remedying these problems, and the diversion of our resources. For example, in the past, we have experienced, and we may in the future experience, insufficient power to service a customer’s project and have been required to provide service credits to that customer due to resulting performance issues. In addition, to the extent that we do not effectively address capacity constraints, upgrade our systems as needed, and continually develop our technology and network architecture to accommodate actual and anticipated changes in technology, our business, operating results, financial condition, and future prospects, as well as our reputation, may be adversely affected.

此外，我们平台所依托的硬件和软件技术在本质上具有复杂性，可能包含重大缺陷或错误，尤其是在新解决方案和服务首次推出时，或在新功能或新能力发布时。我们不时在我们的平台中发现缺陷或错误，未来我们或我们的客户可能会检测到新的缺陷或错误。我们无法确保我们的平台（包括我们发布的任何新解决方案和服务）不会包含缺陷。我们平台中任何实际存在或被感知到的错误、故障、漏洞或缺陷都可能导致负面宣传，或引发数据安全、访问、留存或其他性能问题，所有这些都可能损害我们的业务。我们还依赖第三方供应商提供我们用于运营基础设施的设备中最重要的组件。这些第三方供应商在我们平台所使用的产品中也可能出现缺陷或错误，这将影响我们的平台，并可能导致性能问题或服务中断。纠正任何此类缺陷或错误（包括第三方组件中的缺陷或错误）所产生的成本可能十分巨大，并可能损害我们的业务。此外，与此类缺陷或错误相关的声誉损害和法律责任可能十分重大，同样可能损害我们的业务。

Further, the hardware and software technology underlying our platform is inherently complex and may contain material defects or errors, particularly when new solutions and services are first introduced or when new features or capabilities are released. We have from time to time found defects or errors in our platform, and new defects or errors may be detected in the future by us or our customers. We cannot ensure that our platform, including any new solutions and services that we release, will not contain defects. Any real or perceived errors, failures, vulnerabilities, or bugs in our platform could result in negative publicity or lead to data security, access, retention, or other performance issues, all of which could harm our business. We also rely on third-party suppliers for the most significant components of the equipment we use to operate our infrastructure. These third-party suppliers may also experience defects or errors in the products that we utilize in our platform, which would impact our platform and may result in performance problems or service interruptions. The costs incurred in correcting any such defects or errors, including those in third-party components, may be substantial and could harm our business. Moreover, the harm to our reputation and legal liability related to such defects or errors may be substantial and could similarly harm our business.

此外，我们的大多数客户协议和服务条款都包含服务级别承诺。如果我们因性能问题或缺陷而无法满足所述的服务级别承诺，我们可能有合同义务向受影响的客户提供服务抵扣或退款，这可能对发生任何问题并应用抵扣或退款期间的收入产生重大影响。由于服务降级和平台中断，我们已经并可能继续向与我们订有服务级别承诺的某些受影响客户提供服务抵扣和/或退款。我们还可能面临客户终止合同并退还预付款项的情况，这可能对我们的当前和未来收入产生重大影响。任何服务级别故障都可能损害我们的业务。

In addition, most of our customer agreements and terms of service contain service level commitments. If we are unable to meet the stated service level commitments due to performance problems or defects, we may be contractually obligated to provide the affected customers with service credits or refunds, which could significantly affect our revenue in the periods in which any issues occur and the credits or refunds are applied. As a result of degradation of service and interruptions to our platform, we have provided, and may continue to provide, service credits and/or refunds to certain of our affected customers with whom we had service level commitments. We could also face customer terminations with refunds of prepaid amounts, which could significantly affect both our current and future revenues. Any service level failures could harm our business.

**我们的 IT 系统或我们的一个或多个 IT 服务提供商、业务合作伙伴、供应商、供货商或其他第三方服务提供商的 IT 系统出现任何故障，或此类第三方在向我们提供服务时出现任何其他故障，都可能对我们的客户关系产生负面影响并损害我们的业务。**

**Any failure of our IT systems or those of one or more of our IT service providers, business partners, vendors, suppliers, or other third-party service providers, or any other failure by such third parties to provide services to us may negatively impact our relationships with customers and harm our business.**

我们的业务依赖各类 IT 系统和外包 IT 服务。我们依赖第三方 IT 服务提供商、业务合作伙伴、供应商和供货商提供关键的 IT 系统、公司基础设施及其他服务，并且必然依赖其充分应对其自身系统面临的网络安全威胁以及其他漏洞、缺陷或不足。这包括电子通信、财务、营销和招聘平台等基础设施，以及 IT 网络开发和网络监控等服务，还包括由第三方数据中心托管我们供内部和客户使用的系统。我们并不拥有或控制用于提供此类服务的第三方设施或设备的运营。我们的第三方供应商和服务提供商没有义务以商业上合理的条款与我们续约，或根本没有续约义务。如果我们无法以商业上合理的条款（包括在服务水平和成本方面）续约，或根本无法续约，我们可能被要求迁移至新的提供商，并可能因此产生重大成本以及可能的服务中断。此外，此类服务提供商可能决定在未向我们发出充分通知的情况下关闭其设施或变更或暂停其服务 offerings。而且，此类供应商面临的任何财务困难（例如破产），其性质和程度难以预测，可能损害我们的业务。由于我们无法在不做出其他业务权衡的情况下轻易更换供应商，我们当前提供商的任何中断都将影响我们的运营，我们的业务可能受到损害。此外，我们的灾难恢复系统及此类第三方的灾难恢复系统可能无法按预期运行，或在发生重大业务中断时可能无法充分保护我们的业务信息。我们的第三方 IT 提供商、业务合作伙伴、供应商和供货商的任何此类系统或服务的任何终止、故障或其他中断，都可能导致运营效率低下或中断，从而可能损害我们的业务、经营业绩、财务状况和未来前景。

Our business depends on various IT systems and outsourced IT services. We rely on third-party IT service providers, business partners, vendors, and suppliers to provide critical IT systems, corporate infrastructure, and other services and are, by necessity, dependent on them to adequately address cybersecurity threats to, and other vulnerabilities, defects, or deficiencies of or in their own systems. This includes infrastructure such as electronic communications, finance, marketing, and recruiting platforms and services such as IT network development and network monitoring, and third-party data center hosting of our systems for our internal and customer use. We do not own or control the operation of the third-party facilities or equipment used to provide such services. Our third-party vendors and service providers have no obligation to renew their agreements with us on commercially reasonable terms or at all. If we are unable to renew these agreements on commercially reasonable terms, including with respect to service levels and cost, or at all, we may be required to transition to a new provider, and we may incur significant costs and possible service interruption in connection with doing so. In addition, such service providers could decide to close their facilities or change or suspend their service offerings without adequate notice to us. Moreover, any financial difficulties, such as bankruptcy, faced by such vendors, the nature and extent of which are difficult to predict, may harm our business. Since we cannot easily switch vendors without making other business trade-offs, any disruption with respect to our current providers would impact our operations and our business may be harmed. Furthermore, our disaster recovery systems and those of such third parties may not function as intended or may fail to adequately protect our business information in the event of a significant business interruption, Any termination, failure, or other disruption of any of such systems or services of our third-party IT providers, business partners, vendors, and suppliers could lead to operating inefficiencies or disruptions, which could harm our business, operating results, financial condition, and future prospects.

**我们以当前规模运营的历史有限，这使得难以评估我们当前的业务和未来前景，并增加了投资我们 A 类普通股相关的风险。**

**We have a limited operating history at our current scale, which makes it difficult to evaluate our current business and future prospects and increases the risks associated with investment in our Class A common stock.**

我们在当前规模下经营业务的历史相对较短，且在此期间增长迅速。我们成立于 2017 年 9 月，并于 2020 年推出 CoreWeave 云平台。此外，在 2022 年之前，我们的收入有限，其中大部分来自我们已终止的加密货币挖矿业务。我们有限的经营历史（包括销售云基础设施产品的有限历史）、我们销售平台所处市场的动态性和快速演变性、我们的收入集中于有限数量的客户，以及众多我们无法控制的其他因素，可能使评估我们当前的业务、未来前景及其他趋势变得困难。我们已经并将继续遇到快速增长行业和领域中成长型公司经常经历的风险和不确定性，例如本文件所述的风险和不确定性。与我们拥有更长经营历史或在更可预测或更成熟的市场中经营相比，任何关于我们未来收入和支出的预测可能都不那么准确。如果我们关于这些风险和不确定性的假设不正确，或由于市场波动、AI 或机器学习支出出现任何重大减少、对专用 AI 云基础设施的需求发生变化或其他原因而发生变化，或者如果我们未能成功应对这些风险，我们的经营和财务业绩可能与我们的预期存在重大差异，我们的业务、经营业绩、财务状况和未来前景将受到不利影响。我们无法确保我们将成功应对这些挑战以及我们未来可能面临的其他挑战。本文件所述当前宏观经济和地缘政治状况可能加剧与有限经营历史相关的风险。

We have a relatively short history operating our business at our current scale and have grown rapidly during that time. We were founded in September 2017 and launched our CoreWeave Cloud Platform in 2020. Moreover, prior to 2022, we had limited revenue, most of which was derived from our crypto mining offerings, which we have discontinued. Our limited operating history, including our limited history of selling our cloud infrastructure offering, the dynamic and rapidly evolving market in which we sell our platform, and the concentration of our revenue from a limited number of customers, as well as numerous other factors beyond our control, may make it difficult to evaluate our current business, future prospects and other trends. We have encountered, and will continue to encounter, risks and uncertainties frequently experienced by growing companies in rapidly changing industries and sectors, such as the risks and uncertainties described herein. Any predictions about our future revenue and expenses may not be as accurate as they would be if we had a longer operating history or operated in a more predictable or established market. If our assumptions regarding these risks and uncertainties are incorrect or change due to fluctuations in our markets, any material reduction in AI or machine learning spending, changes in demand for specialized AI cloud infrastructure, or otherwise, or if we do not address these risks successfully, our operating and financial results could differ materially from our expectations and our business, operating results, financial condition, and future prospects would be adversely affected. We cannot ensure that we will be successful in addressing these and other challenges we may face in the future. The risks associated with having a limited operating history may be exacerbated by current macroeconomic and geopolitical conditions discussed herein.

**我们在当前商业模式下销售平台访问权限的历史有限，并且正在持续扩大运营规模并演进我们的市场推广策略，这可能使评估我们的业务和前景变得困难，并增加投资我们 A 类普通股相关的风险。**

**We have a limited history selling access to our platform under our current business model and are continuing to scale our operations and evolve our go-to-market strategy, which may make it difficult to evaluate our business and prospects and increase the risks associated with an investment in our Class A common stock.**

在当前业务模式下，我们通过 CoreWeave 云平台销售 AI 基础设施及专有托管软件和应用服务的访问权限的历史有限，我们仍在持续扩大运营规模并不断演进我们的市场进入策略。目前，我们通过承诺合同（即照付不议）或按需（即按使用量付费）两种方式销售平台访问权限。截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，承诺合同分别占我们收入的 20%、88% 和 96%。无法保证未来客户会继续愿意签订照付不议模式，也无法保证行业会继续支持该模式，任何向按使用量付费模式的转变都将影响我们预测预期现金流和经营业绩的能力，影响我们的利润率，并影响我们的业务、经营业绩、财务状况和未来前景。此外，我们的承诺合同通常包含客户在获得我们任何服务之前向我们支付的预付款。截至 2022 年、2023 年和 2024 年 12 月 31 日，我们所有活跃合同的加权平均预付款为 TCV 的 15% 至 25%。随着我们持续扩大运营规模并不断演进我们的市场进入策略、客户群以及平台用例，我们从客户获得的预付款水平可能会随时间波动。此外，客户付款时间或水平的任何变化（包括预付款）都将影响我们的现金流。再者，扩大运营规模和演进市场进入策略可能比预期花费更多时间、需要更多努力来实施，且结果可能难以预测，这可能导致来自客户的收入减少。我们的业务和定价模式尚未得到充分验证，我们以当前业务和定价模式运营的历史有限，难以据此评估我们的业务和未来前景，这使我们面临诸多不确定性，包括我们规划和模拟未来增长的能力。此外，我们的历史收入增长不应被视为我们未来业绩的指示。

We have a limited history selling access to our AI infrastructure and proprietary managed software and application services through our CoreWeave Cloud Platform under our current business model and we are continuing to scale our operations and evolve our go-to-market strategy. We currently sell access to our platform either through committed contracts, which are take-or-pay, or on-demand, which are pay-as-you-go. For the years ended December 31, 2022, 2023, and 2024, committed contracts accounted for 20%, 88%, and 96% of our revenue, respectively. There is no guarantee that in the future customers will continue to be willing to enter into, and that the industry will continue to support, a take-or-pay model, and any move towards a pay-as-you-go model will impact our ability to forecast our expected cash flows and operating results, impact our margins, and affect our business, operating results, financial condition, and future prospects. Moreover, our committed contracts typically include a prepayment from our customers prior to them receiving any of our services. As of December 31, 2022, 2023, and 2024, the weighted-average prepayment across all our active contracts was 15% to 25% of the TCV. The level of prepayments we receive from customers may fluctuate over time as we continue to scale our operations and evolve our go-to-market strategy, customer base, and the use cases for our platform. Moreover, any changes in the timing or level of customer payments, including prepayments, would impact our cash flows. Furthermore, scaling our operations and evolving our go-to-market strategy may take more time and require more effort to implement than anticipated and may have results that are difficult to predict which could result in decreased revenue from our customers. Our business and pricing models have not been fully proven, and we have only a limited operating history with our current business and pricing models to evaluate our business and future prospects, which subjects us to a number of uncertainties, including our ability to plan for and model future growth. Moreover, our historical revenue growth should not be considered indicative of our future performance.

**如果我们无法吸引新客户、留住现有客户和/或扩大向该等客户销售我们的平台、解决方案和服务，我们可能无法实现预期的增长，这将对我们的业务、经营业绩、财务状况和未来前景产生不利影响。**

**If we are unable to attract new customers, retain existing customers, and/or expand sales of our platform, solutions, and services to such customers, we may not achieve the growth we expect, which would adversely affect our business, operating results, financial condition, and future prospects.**

为了发展我们的业务，我们必须继续以具有成本效益的方式吸引新客户，并使这些客户能够实现我们平台所带来的效益。我们在向客户展示我们平台以及我们所提供的任何新解决方案和服务的价值时，可能会遇到困难。随着我们开发和推出新的解决方案和服务，并增加我们平台的新组件和升级组件（例如下一代 NVIDIA GPU），我们面临的风险是，客户可能不重视或不愿意采用这些较新的产品，并可能放弃采用我们现有产品的一个或多个更新代际。无论较新产品在功能上有所改进或性能更优越，客户都可能因设计或定价限制等原因而不愿意采用我们的平台。即使客户选择采用我们的平台或我们开发的新解决方案和服务，他们也可能行动缓慢。由于我们在研发上投入了大量时间和资源，如果我们无法销售新的解决方案和服务，我们的收入可能会下降，我们的业务、经营业绩、财务状况和未来前景可能会受到负面影响。历史上，我们一直使用内部销售团队，该团队专注于回应入站咨询、针对特定客户进行外呼拓客、扩大向现有客户销售我们的平台，以及在特定市场扩大我们的收入，以推动收入增长。如果我们的销售团队未能成功扩大我们的客户群，我们的未来增长将受到影响。

In order to grow our business, we must continue to attract new customers in a cost-effective manner and enable these customers to realize the benefits associated with our platform. We may experience difficulties demonstrating to customers the value of our platform and any new solutions and services that we offer. As we develop and introduce new solutions and services and add new and upgraded components of our platform (such as next-generation NVIDIA GPUs), we face the risk that customers may not value or be willing to adopt these newer offerings, and may forgo adopting one or more newer generations of our existing offerings. Regardless of the improved features or superior performance of the newer offerings, customers may be unwilling to adopt our platform due to design or pricing constraints, among other reasons. Even if customers choose to adopt our platform or new solutions and services that we develop, they may be slow to do so. Because of the extensive time and resources that we invest in research and development, if we are unable to sell new solutions and services, our revenue may decline and our business, operating results, financial condition, and future prospects could be negatively affected. Historically, we have used an internal sales team that is focused on responding to inbound inquiries, outbound prospecting targeting specific customers, expanding sales of our platform to existing customers, and expanding our revenue in specific markets to drive revenue growth. If our sales team is not successful at growing our customer base, our future growth will be impacted.

此外，我们必须说服潜在客户相信我们的平台相比竞争对手的平台具有显著优势。随着我们的市场趋于成熟、我们的解决方案和服务不断演进，以及竞争对手推出被视为与我们平台相竞争的低成本和/或差异化解决方案或服务，我们维持或扩大平台、解决方案和服务销售的能力可能会受到损害。即使我们确实吸引了新客户，获取新客户的成本、平台实施以及持续的客户支持成本也可能高于预期，从而对我们的盈利能力产生不利影响。

In addition, we must persuade potential customers that our platform offers significant advantages over those of our competitors. As our market matures, our solutions and services evolve, and competitors introduce lower cost and/or differentiated solutions or services that are perceived to compete with our platform, our ability to maintain or expand sales of our platform, solutions, and services could be impaired. Even if we do attract new customers, the cost of new customer acquisition, implementation of our platform, and ongoing customer support may prove higher than anticipated, thereby adversely impacting our profitability.

其他因素（其中许多因素不在我们的控制范围内）现在或将来可能会影响我们以具有成本效益的方式留住现有客户、吸引新客户以及扩大向此类客户销售我们的平台、解决方案和服务的能力，包括：

Other factors, many of which are out of our control, may now or in the future impact our ability to retain existing customers, attract new customers, and expand sales of our platform, solutions, and services to such customers in a cost-effective manner, including:

- 潜在客户对现有解决方案或服务的承诺，或对其他解决方案或服务更熟悉或更适应；

- potential customers’ commitments to existing solutions or services or greater familiarity or comfort with other solutions or services;

- 我们为平台和解决方案获取充足电力的能力；

- our ability to secure sufficient power for our platform and solutions;

- 专业 AI 云基础设施或 AI 或机器学习开发总体支出减少；

- decreased spending on specialized AI cloud infrastructure or AI or machine learning development generally;

- 总体经济和地缘政治状况恶化；

- deteriorating general economic and geopolitical conditions;

- 未来的政府监管，可能对 AI 行业的发展产生不利影响；

- future governmental regulation, which could adversely impact growth of the AI sector;

- 媒体、行业或金融分析师对我们的平台、AI 以及我们部分客户的身份和活动发表负面评论；

- negative media, industry, or financial analyst commentary regarding our platform, AI, and the identities and activities of some of our customers;

- 我们扩大、留住和激励销售、客户成功、云运营及营销人员的能力；

- our ability to expand, retain, and motivate our sales, customer success, cloud operations, and marketing personnel;

- 我们为平台获得或维持行业安全认证的能力；

- our ability to obtain or maintain industry security certifications for our platform;

- 诉讼的感知风险、启动或结果；以及

- the perceived risk, commencement, or outcome of litigation; and

- 本次发行后作为上市公司带来的费用增加。

- increased expenses associated with being a public company following this offering.

我们的部分客户合同为按需合同，基于我们的服务条款，不要求客户承诺特定的合同期限，并允许客户在有限通知期后终止合同或减少对我们服务的使用。任何服务终止都可能导致我们的经营业绩逐季度波动。我们的客户留存率可能因多种因素而下降或波动，包括客户对我们平台安全性、性能和可靠性的满意度、我们的价格和使用计划、客户的 AI 开发和使用及相关预算限制、认为竞争性解决方案和服务提供更好或更便宜选项的看法、对我们或我们客户的负面公众看法，以及总体经济状况恶化。

Some of our customer contracts are on-demand and based on our terms of service, which do not require our customers to commit to a specific contractual period, and which permit the customer to terminate their contracts or decrease usage of our services with limited notice. Any service terminations could cause our operating results to fluctuate from quarter to quarter. Our customer retention may decline or fluctuate as a result of a number of factors, including our customers’ satisfaction with the security, performance, and reliability of our platform, our prices and usage plans, our customers’ AI development and use and related budgetary restrictions, the perception that competitive solutions and services provide better or less expensive options, negative public perception of us or our customers, and deteriorating general economic conditions.

我们未来的财务表现还部分取决于我们将平台、解决方案和服务的销售扩展至现有客户的能力。为扩大与客户的商业关系，现有客户必须认定，额外购买我们的平台、解决方案和服务所增加的成本因新增功能而合理。客户是否增加购买取决于多种因素，包括客户对我们平台安全性、性能和可靠性的满意度、我们可能提供的任何新解决方案和服务的功能、总体经济状况，以及客户对我们定价模式的反应。如果我们扩大与现有客户关系的努力不成功，我们的业务、经营业绩、财务状况和未来前景可能受到重大不利影响。

Our future financial performance also depends in part on our ability to expand sales of our platform, solutions, and services to our existing customers. In order to expand our commercial relationship with our customers, existing customers must decide that the increased cost associated with additional purchases of our platform, solutions, and services is justified by the additional functionality. Our customers’ decision whether to increase their purchase is driven by a number of factors, including customer satisfaction with the security, performance, and reliability of our platform, the functionality of any new solutions and services we may offer, general economic conditions, and customer reaction to our pricing model. If our efforts to expand our relationship with our existing customers are not successful, our business, operating results, financial condition, and future prospects may materially suffer.

**如果我们无法及时或根本无法成功建立、扩展和部署我们的销售组织，或无法成功招聘、留住、培训和激励我们的销售人员，我们的增长和长期成功可能受到不利影响。**

**If we are unable to successfully build, expand, and deploy our sales organization in a timely manner, or at all, or to successfully hire, retain, train, and motivate our sales personnel, our growth and long-term success could be adversely impacted.**

我们的直销团队不断壮大，并可能继续扩大；我们的销售工作历来依赖高级管理团队的深度直接参与，包括我们的首席执行官、总裁兼董事会主席 Michael Intrator。我们提高对现有客户销售额、识别新的潜在客户、扩大客户群并进入新的美国及非美国市场的战略能否成功执行，将取决于（除其他因素外）我们能否成功建立并扩展销售组织及运营。我们已投入并将继续投入大量资源用于销售与营销项目，并扩展销售与营销能力，以覆盖更多潜在客户并推动我们平台获得更广泛的市场采用，但无法保证我们能够成功吸引并留住更多客户。此外，识别、招聘、培训和管理销售人员需要大量时间、费用和精力，包括高级管理层及其他关键人员的投入，这可能对我们的业务、经营业绩、财务状况以及短期和长期未来前景产生不利影响。

We have grown, and may continue to grow, our direct sales force and our sales efforts have historically depended on the significant direct involvement of our senior management team, including Michael Intrator, our Chief Executive Officer, President, and Chairman of our board of directors. The successful execution of our strategy to increase our sales to existing customers, identify new potential customers, expand our customer base, and enter new U.S. and non-U.S. markets will depend, among other things, on our ability to successfully build and expand our sales organization and operations. We have and plan to continue to dedicate significant resources to sales and marketing programs and to expand our sales and marketing capabilities to target additional potential customers and achieve broader market adoption of our platform, but there is no guarantee that we will be successful in attracting and maintaining additional customers. Moreover, identifying, recruiting, training, and managing sales personnel requires significant time, expense, and attention, including from our senior management and other key personnel, which could adversely impact our business, operating results, financial condition, and future prospects in the short and long term.

为了成功扩展我们当前自上而下的销售模式，并且随着 AI 用例的扩大，我们可能需要在 United States 境内和境外增加直销人员的规模，同时保持公司的文化元素和使命导向元素。如果我们未能聘用足够数量的合格销售人员，我们未来的收入增长和业务可能会受到不利影响。我们的销售人员可能需要相当长的时间才能得到充分培训并实现高效产出，尤其是考虑到我们当前的销售模式，并且无法保证我们能够成功地对销售人员进行充分培训和有效部署。此外，我们已经在销售运营方面投入了大量资源，并且可能需要继续投入大量资源，以使我们的销售组织能够有效且高效地运转，包括支持销售战略规划、销售流程优化、数据分析和报告，以及管理激励性薪酬安排。此外，在新国家/地区招聘人员需要额外的筹备工作和前期成本，如果这些人员未能及时实现充分产出，我们可能无法收回这些成本。如果我们构建、扩展、培训和管理销售组织的努力未能成功，我们的业务将受到不利影响。我们会定期对销售组织进行调整，以应对市场机会、竞争威胁、管理层变动、产品推出或增强、收购、销售业绩、销售人数增加、成本水平以及其他内外部考量因素。未来任何销售组织变动都可能导致生产力暂时下降，从而可能对我们的增长率产生负面影响。此外，对我们销售组织的薪酬结构和实施方式进行的任何重大变更都可能造成干扰，或者可能无法奏效，并可能影响我们的收入增长。如果我们无法吸引、聘用、培养、留住和激励合格的销售人员，如果我们的新销售人员无法在合理时间内实现足够的销售产出水平，或者根本无法实现，如果我们的营销计划无效，或者如果我们无法有效构建、扩展和管理我们的销售组织及运营，我们的销售和收入增长可能会慢于预期或大幅下降，我们的业务、经营业绩、融资状况和未来前景可能会受到重大损害。

In order to successfully scale our current top-down sales model and as AI use cases expand, we may need to increase the size of our direct sales force, both in the United States and outside of the United States, while preserving the cultural and mission-oriented elements of our company. If we do not hire a sufficient number of qualified sales personnel, our future revenue growth and business could be adversely impacted. It may take a significant period of time before our sales personnel are fully trained and productive, particularly in light of our current sales model, and there is no guarantee we will be successful in adequately training and effectively deploying our sales personnel. In addition, we have invested, and may need to continue investing, significant resources in our sales operations to enable our sales organization to run effectively and efficiently, including supporting sales strategy planning, sales process optimization, data analytics and reporting, and administering incentive compensation arrangements. Furthermore, hiring personnel in new countries requires additional setup and upfront costs that we may not recover if those personnel fail to achieve full productivity in a timely manner. Our business would be adversely affected if our efforts to build, expand, train, and manage our sales organization are not successful. We periodically make adjustments to our sales organization in response to market opportunities, competitive threats, management changes, product introductions or enhancements, acquisitions, sales performance, increases in sales headcount, cost levels, and other internal and external considerations. Any future sales organization changes may result in a temporary reduction of productivity, which could negatively affect our rate of growth. In addition, any significant change to the way we structure and implement the compensation of our sales organization may be disruptive or may not be effective and may affect our revenue growth. If we are unable to attract, hire, develop, retain, and motivate qualified sales personnel, if our new sales personnel are unable to achieve sufficient sales productivity levels in a reasonable period of time or at all, if our marketing programs are not effective or if we are unable to effectively build, expand, and manage our sales organization and operations, our sales and revenue may grow more slowly than expected or materially decline, and our business, operating results, financing condition, and future prospects may be significantly harmed.

**如果我们未能或无法保持我们的平台与客户现有技术（包括客户在其业务中使用的第三方技术）的兼容性，我们的业务可能会受到不利影响。**

**If we do not or cannot maintain the compatibility of our platform with our customers’ existing technology, including third-party technologies that our customers use in their businesses, our business may be adversely affected.**

我们平台的功能和受欢迎程度，部分取决于我们将平台与客户现有技术（包括客户在其业务中使用的其他第三方技术）相集成的能力。我们的客户，或客户使用其解决方案和服务的第三方，可能会改变其技术的功能、限制我们对其技术的访问，或以使我们平台与其技术不兼容的方式更改其技术使用条款，从而对我们的客户服务能力产生不利影响。此类变更可能在功能上限制或阻止我们将这些第三方技术与我们的平台结合使用，这将对平台的采用产生负面影响并损害我们的业务。如果我们未能将我们的平台与客户的技术以及客户使用的第三方技术相集成，我们可能无法提供客户想要或需要的功能，这可能对我们的业务产生不利影响。

The functionality and popularity of our platform depend, in part, on our ability to integrate our platform with our customers’ existing technology, including other third-party technologies that our customers use in their businesses. Our customers, or the third parties whose solutions and services our customers utilize, may change the features of their technologies, restrict our access to their technologies, or alter the terms governing use of their technologies in a manner that makes our platform incompatible with their technologies, and which would adversely impact our ability to service our customers. Such changes could functionally limit or prevent our ability to use these third-party technologies in conjunction with our platform, which would negatively affect adoption of our platform and harm our business. If we fail to integrate our platform with our customers’ technologies and with third-party technologies that our customers use, we may not be able to offer the functionality that our customers want or need, which could adversely impact our business.

**如果我们无法维护和提升我们的品牌，我们的业务、经营业绩、财务状况和未来前景可能会受到不利影响。**

**If we are not able to maintain and enhance our brand, our business, operating results, financial condition, and future prospects may be adversely affected.**

我们认为，维护和提升我们的品牌和声誉对于平台持续获得市场认可、维系与现有客户的关系以及吸引新客户的能力至关重要。品牌推广的成功将取决于多个因素，包括我们能否继续以具有竞争力的价格提供持续满足客户需求的可靠解决方案和服务、我们能否成功地将我们的平台与竞争对手的平台区分开来，以及我们营销工作的有效性。此外，行业标准持续演变，对于适用于我们和竞争对手的绩效基准尚无共识，这可能影响我们推广平台和品牌的能力。尽管我们认为品牌推广对我们的增长很重要，但我们的品牌推广活动可能不会成功或带来收入增长，即使带来了收入增长，任何收入增长也可能无法抵消我们打造品牌所产生的费用。如果我们未能成功推广和维护我们的品牌，我们的业务、经营业绩、财务状况和未来前景可能会受到损害。

We believe that maintaining and enhancing our brand and our reputation is critical to continued market acceptance of our platform, our relationship with our existing customers and our ability to attract new customers. The successful promotion of our brand will depend on a number of factors, including our ability to continue to provide reliable solutions and services that continue to meet the needs of our customers at competitive prices, our ability to successfully differentiate our platform from those of competitors, and the effectiveness of our marketing efforts. Further, industry standards continue to evolve and there is no consensus around performance benchmarks applied to us and our competitors, which may impact our ability to promote our platform and our brand. Although we believe it is important for our growth, our brand promotion activities may not be successful or yield increased revenue, and even if they do, any increased revenue may not offset the expenses we incur in building our brand. If we fail to successfully promote and maintain our brand, our business, operating results, financial condition, and future prospects may be harmed.

此外，独立行业和研究机构经常评估我们的产品，并对我们的平台以及竞争对手的解决方案和服务提供评论，市场对我们平台的认知可能会受到这些评论的显著影响。如果这些评论是负面的，或与竞争对手的解决方案和服务相比正面程度较低，我们的品牌可能会受到不利影响。我们的产品可能会因多种原因出现容量和运营问题，这些原因可能与我们的产品在真实环境中的有效性有关，也可能无关。如果潜在客户、行业分析师或研究机构认为容量或算力问题的出现是一种缺陷，或表明我们的平台未提供显著价值，我们可能会失去此类潜在客户机会，我们的声誉、业务、经营业绩、财务状况和未来前景可能会受到损害。

In addition, independent industry and research firms often evaluate our offerings and provide reviews of our platform, as well as the solutions and services of our competitors, and perception of our platform in the marketplace may be significantly influenced by these reviews. If these reviews are negative, or less positive as compared to those of our competitors’ solutions and services, our brand may be adversely affected. Our offerings may experience capacity and operational issues for a number of reasons that may or may not be related to the efficacy of our offerings in real world environments. To the extent potential customers, industry analysts, or research firms believe that the occurrence of capacity or computing issues is a flaw or indicates that our platform does not provide significant value, we may lose such potential customer opportunities, and our reputation, business, operating results, financial condition, and future prospects may be harmed.

**随着我们扩大客户群，我们可能会进一步面临交易对手信用风险，这将对我们的业务、经营业绩、财务状况和未来前景产生不利影响。**

**As we expand our customer base, we may become further subject to counterparty credit risk, which would adversely impact our business, operating results, financial condition, and future prospects.**

尽管我们目前的大部分收入来自 AI 行业内大型成熟客户，但我们打算随着时间推移增加客户数量，包括处于早期阶段和/或私营公司的客户，这些客户可能面临更高的资不抵债、破产或其他影响其信用状况问题的风险。例如，2025 年 3 月，我们与私营公司 OpenAI 签订了一份主服务协议，根据该协议，OpenAI 已承诺在 2030 年 10 月前向我们支付最高约 $11.9 billion。我们的业务目前及未来可能面临这些客户不付款和不履约的风险，而鉴于我们目前收入的很大一部分、且在可预见的未来预计仍将由有限数量的客户驱动，该风险更为突出。我们通过根据承诺合同收取预付款、信用分析和监控程序来管理信用风险敞口，并可能使用信用证、预付款和担保。然而，这些程序和政策无法完全消除客户信用风险，且如果我们的政策和程序被证明不充分，可能对我们的业务、经营业绩、财务状况和未来前景产生负面影响。此外，我们的一些客户可能杠杆率很高，并面临其自身的经营和监管风险，即使我们的信用审查和分析机制正常运作，我们在与此类交易对手的交易中仍可能遭遇不付款和不履约的风险。在此情况下，我们可能仍需对组件、基础设施和数据中心租赁及建设方面的支出，以及我们已承担的相关融资负责，而我们可能无法获得相应的收入。我们目前不维持信用保险来防范客户信用风险。如果我们的客户未能履行其合同义务，可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

Although we currently generate the majority of our revenue from large, established customers in the AI industry, we intend to increase the number of our customers over time, including customers in their early stages and/or private companies who may have increased risk of insolvency, bankruptcy, or other issues impacting their creditworthiness. For example, in March 2025, we entered into a master services agreement with OpenAI, a private company, pursuant to which OpenAI has committed to pay us up to approximately $11.9 billion through October 2030. Our business is, and may in the future be, subject to the risks of non-payment and non-performance by these customers, which risk is heightened given that a substantial portion of our revenue is currently, and is expected for the foreseeable future to be, driven by a limited number of customers. We manage our exposure to credit risk through receipt of prepayments under our committed contracts, credit analysis and monitoring procedures, and may use letters of credit, prepayments, and guarantees. However, these procedures and policies cannot fully eliminate customer credit risk, and to the extent our policies and procedures prove to be inadequate, it could negatively affect our business, operating results, financial condition, and future prospects. In addition, some of our customers may be highly leveraged and subject to their own operating and regulatory risks and, even if our credit review and analysis mechanisms work properly, we may experience risks of non-payment and non-performance in our dealings with such parties. In such event, we may remain responsible for expenditures for components, infrastructure, and data center leases and build-outs, as well as related financing that we have undertaken for which we may not receive corresponding revenue. We do not currently maintain credit insurance to insure against customer credit risk. If our customers fail to fulfill their contractual obligations, it may have an adverse effect on our business, operating results, financial condition, and future prospects.

**我们的长期成功部分取决于我们将平台销售扩展至美国境外客户的能力，而我们当前及未来任何国际业务的扩张都使我们面临可能对我们的业务、经营业绩、财务状况和未来前景产生重大不利影响的风险。**

**Our long-term success depends, in part, on our ability to expand the sale of our platform to customers located outside of the United States and our current, and any further, expansion of our international operations exposes us to risks that could have a material adverse effect on our business, operating results, financial condition, and future prospects.**

我们在美国境外产生一小部分收入，并在多个外国开展业务活动，在这些地方我们的经验有限，开展业务所面临的挑战可能与我们在更发达市场所面临的挑战显著不同，且商业惯例可能产生内部控制风险，包括：

We generate a small portion of our revenue outside of the United States, and conduct our business activities in various foreign countries, where we have limited experience, where the challenges of conducting our business can be significantly different from those we have faced in more developed markets and where business practices may create internal control risks including:

- 美国境外现有和潜在客户对 AI 和机器学习解决方案的需求慢于预期，以及国际企业对专用 AI 云基础设施的采用慢于预期；

- slower than anticipated demand for AI and machine learning solutions offered by existing and potential customers outside the United States and slower than anticipated adoption of specialized AI cloud-based infrastructures by international businesses;

- 外币汇率波动，可能增加我们经营业绩的波动性；

- fluctuations in foreign currency exchange rates, which could add volatility to our operating results;

- 我们债务协议中的限制可能制约我们对外国子公司进行投资的能力；

- limitations within our debt agreements that may restrict our ability to make investments in our foreign subsidiaries;

- 与 AI 相关的监管要求的新增或变化；

- new, or changes in, regulatory requirements, including with respect to AI;

- 关税、进出口限制、对外投资限制、制裁以及其他贸易壁垒或保护措施；

- tariffs, export and import restrictions, restrictions on foreign investments, sanctions, and other trade barriers or protection measures;

- 面临众多、日益增多、严格（尤其是在欧盟）且可能不一致的隐私、数据保护和信息安全相关法律法规；

- exposure to numerous, increasing, stringent (particularly in the European Union), and potentially inconsistent laws and regulations relating to privacy, data protection, and information security;

- 我们平台本地化的成本；

- costs of localizing our platform;

- 本地化解决方案和服务缺乏市场接受度；

- lack of acceptance of localized solutions and services;

- 需要在人员、解决方案和基础设施方面进行重大投资，且通常远早于产生收入的时间；

- the need to make significant investments in people, solutions, and infrastructure, typically well in advance of revenue generation;

- 在广阔地理范围内高效管理日益增多的员工所固有的挑战，包括需要实施适当的系统、政策、福利和合规计划；

- challenges inherent in efficiently managing an increased number of employees over large geographic distances, including the need to implement appropriate systems, policies, benefits, and compliance programs;

- 在员工分散且距离遥远的情况下维持企业文化的困难；

- difficulties in maintaining our corporate culture with a dispersed and distant workforce;

- 来自国际来源的收入的处理、不断变化的国内和国际税收环境以及其他潜在税务问题，包括与我们的公司运营结构和公司间安排相关的问题；

- treatment of revenue from international sources, evolving domestic and international tax environments, and other potential tax issues, including with respect to our corporate operating structure and intercompany arrangements;

- 我们的知识产权受到不同或较弱的保护，包括我们的专有技术和其他知识产权被盗风险增加；

- different or weaker protection of our intellectual property, including increased risk of theft of our proprietary technology and other intellectual property;

- 经济疲软或与货币相关的差距或危机；

- economic weakness or currency-related disparities or crises;

- 遵守多项相互冲突、含糊不清或不断演变的政府法律法规，包括劳动、税务、数据隐私、反腐败、进出口、反垄断、数据传输、存储与保护方面的法律法规，以及包括与 AI 相关的法规在内的行业特定法律法规；

- compliance with multiple, conflicting, ambiguous or evolving governmental laws and regulations, including employment, tax, data privacy, anti-corruption, import/export, antitrust, data transfer, storage and protection, and industry-specific laws and regulations, including regulations related to AI;

- 付款周期普遍较长，应收账款回收难度更大；

- generally longer payment cycles and greater difficulty in collecting accounts receivable;

- 我们适应不同文化下销售实践和客户需求的能力；

- our ability to adapt to sales practices and customer requirements in different cultures;

- 在我们新进入或尚在开发的区域市场中缺乏参考客户和其他营销资产，以及我们在市场培育工作中可能难以及时识别和实施的其他调整；

- the lack of reference customers and other marketing assets in regional markets that are new or developing for us, as well as other adaptations in our market generation efforts that we may be slow to identify and implement;

- 对某些第三方的依赖，包括第三方数据中心设施提供商；

- dependence on certain third parties, including third-party data center facility providers;

- 自然灾害、战争行为、恐怖主义或流行病，包括中东和乌克兰的武装冲突以及中国大陆与台湾之间的紧张局势；

- natural disasters, acts of war, terrorism, or pandemics, including the armed conflicts in the Middle East and Ukraine and tensions between China and Taiwan;

- 全球银行体系实际存在或市场感知的不稳定性；

- actual or perceived instability in the global banking system;

- 网络安全事件；

- cybersecurity incidents;

- 商业间谍活动；以及

- corporate espionage; and

- 我们开展业务所在国家的政治不稳定和安全风险，以及我们运营或计划运营所在国家公众对政府看法的变化。

- political instability and security risks in the countries where we are doing business and changes in the public perception of governments in the countries where we operate or plan to operate.

**我们的销售周期可能漫长且难以预测，销售工作也需要投入大量时间和费用。**

**Our sales cycles can be long and unpredictable, and our sales efforts require considerable time and expense.**

我们目前的市场推广方式侧重于自上而下的销售模式，以推动来自大型 AI 实验室和 AI 企业的需求与销售管道。向此类客户销售涉及更长且更难以预测的销售周期。客户通常将购买我们的平台视为一项重大战略决策，因此往往需要相当长的时间来评估、测试和验证我们的平台，之后才会与我们建立或扩大合作关系。尤其是大型企业，通常会进行大规模的评估流程，这进一步延长了我们的销售周期。

Our go-to-market approach currently focuses on a top-down sales model to drive demand and pipeline from the large AI labs and AI enterprises. Sales to such customers involves longer and more unpredictable sales cycles. Customers often view the purchase of our platform as a significant strategic decision and, as a result, frequently require considerable time to evaluate, test, and qualify our platform prior to entering into or expanding a relationship with us. Large enterprises in particular, often undertake a significant evaluation process that further lengthens our sales cycle.

我们的直销团队负责建立客户关系，并致力于客户渗透、客户协调、销售及整体市场开拓。我们在销售工作上投入大量时间和资源，但无法保证这些努力一定能促成销售。云基础设施算力的采购往往受到预算限制、多重审批以及意料之外的行政、处理及其他延误的制约。因此，很难预测销售能否完成以及何时完成。如果在漫长的销售流程中投入资源后仍未能促成销售，将对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

Our direct sales team develops relationships with our customers, and works on account penetration, account coordination, sales, and overall market development. We spend substantial time and resources on our sales efforts without any assurance that our efforts will produce a sale. Cloud infrastructure capacity purchases are frequently subject to budget constraints, multiple approvals, and unanticipated administrative, processing, and other delays. As a result, it is difficult to predict whether and when a sale will be completed. The failure of our efforts to secure sales after investing resources in a lengthy sales process would adversely affect our business, operating results, financial condition, and future prospects.

**我们产品的销售价格可能下降，这可能降低我们的利润率，并对我们的业务、经营业绩、财务状况和未来前景产生不利影响。**

**The sales prices of our offerings may decrease, which may reduce our margins and adversely affect our business, operating results, financial condition, and future prospects.**

我们在为平台确定最优价格方面经验有限。随着云基础设施以及 AI 和机器学习解决方案市场趋于成熟，或者随着新竞争对手推出与我们的解决方案或服务相似或相竞争的新基础设施解决方案或服务，我们可能无法通过提价或降价有效优化价格，也无法以我们提供的价格或基于我们历来采用的定价模式吸引新客户。此外，我们所参与细分市场的竞争持续加剧，我们预计未来竞争将进一步加剧，从而导致定价压力上升。产品组合更为多样的大型竞争对手可能降低与我们相竞争的任何产品的价格，或将其与其他解决方案和服务捆绑销售。这可能导致客户要求更大的价格让步，或在相同价格水平下要求提供更多功能。因此，未来我们可能被要求降价或在不相应提价的情况下提供更多功能和服务，这将对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

We have limited experience with respect to determining the optimal prices for our platform. As the market for cloud infrastructure and AI and machine learning solutions mature, or as new competitors introduce new infrastructure solutions or services that are similar to or compete with ours, we may be unable to effectively optimize our prices through increases or decreases or attract new customers at our offered prices or based on the same pricing model as we have used historically. Further, competition continues to increase in the market segments in which we participate, and we expect competition to further increase in the future, thereby leading to increased pricing pressures. Larger competitors with more diverse offerings may reduce the price of any offerings that compete with ours or may bundle them with other solutions and services. This could lead customers to demand greater price concessions or additional functionality at the same price levels. As a result, in the future we may be required to reduce our prices or provide more features and services without corresponding increases in price, which would adversely affect our business, operating results, financial condition, and future prospects.

**现有及未来的收购、战略投资、合作或联盟可能难以识别和整合，分散关键管理人员的注意力，扰乱我们的业务，稀释股东价值，并对我们的业务、经营业绩、财务状况和未来前景产生不利影响。**

**Existing and future acquisitions, strategic investments, partnerships, or alliances could be difficult to identify and integrate, divert the attention of key management personnel, disrupt our business, dilute stockholder value, and adversely affect our business, operating results, financial condition, and future prospects.**

作为我们业务战略的一部分，我们过去曾对互补性公司、服务、产品或人才进行投资和/或收购，并预计将继续这样做。我们还曾对某些非上市公司进行投资（包括以提供算力服务的形式），且我们可能无法从这些投资中获得回报。我们所有的收购和风险投资均面临投资资本部分或全部损失的风险。我们作为一家组织能否成功收购并整合其他公司、服务或技术并无保证。

As part of our business strategy, we have in the past and expect to continue to make investments in and/or acquire complementary companies, services, products, technologies, or talent. We have also invested, including in the form of providing computing services, in certain privately held companies, and we may not realize a return on these investments. All of our acquisitions and venture investments are subject to a risk of partial or total loss of investment capital. Our ability as an organization to acquire and integrate other companies, services, or technologies in a successful manner is not guaranteed.

未来，我们可能无法找到合适的收购标的，也可能无法以有利条件完成此类收购，甚至根本无法完成。我们的尽职调查工作可能无法识别收购中涉及的所有挑战、问题、负债或其他缺陷。此外，美国及外国与收购相关的监管审批流程和要求的当前及未来变化，可能导致审批所需时间超出预期、无法获得批准或附加繁重条件，从而可能阻止交易或危及、延迟或减少交易的预期收益，并阻碍我们业务战略的执行。如果我们确实完成了收购，我们最终可能无法增强我们的竞争地位或实现业务目标的能力，而我们宣布或完成的任何收购都可能被客户或投资者负面看待。例如，2025 年 2 月，我们签订了一份最终协议，收购 AI 开发者平台 Weights & Biases。该交易须满足惯常的交割条件，包括监管批准。无法保证任何或所有此类批准能够获得。在收购完成之前，我们不会控制 Weights & Biases，且在过渡期间，Weights & Biases 的业务和经营业绩可能受到我们无法控制的事件的不利影响。

In the future, we may not be able to find suitable acquisition candidates, and we may not be able to complete such acquisitions on favorable terms, if at all. Our due diligence efforts may fail to identify all of the challenges, problems, liabilities, or other shortcomings involved in an acquisition. Further, current and future changes to the U.S. and foreign regulatory approval process and requirements related to acquisitions may cause approvals to take longer than anticipated, not be forthcoming or contain burdensome conditions, which may prevent the transaction or jeopardize, delay or reduce the anticipated benefits of the transaction, and impede the execution of our business strategy. If we do complete acquisitions, we may not ultimately strengthen our competitive position or ability to achieve our business objectives, and any acquisitions we announce or complete could be viewed negatively by our customers or investors. For example, in February 2025, we entered into a definitive agreement to acquire Weights & Biases, an AI developer platform. The transaction is subject to customary closing conditions, including regulatory approvals. There can be no assurance that any or all such approvals will be obtained. We will not control Weights & Biases until completion of the acquisition, and the business and results of operations of Weights & Biases may be adversely affected by events that are outside of our control during the interim period.

此外，如果我们未能成功将现有及未来的收购，或与此类收购相关的技术和人员（包括我们待完成的对 Weights & Biases 的收购）整合入本公司，合并后公司的业务、经营业绩、财务状况和未来前景可能受到不利影响。任何整合过程都可能需要大量时间和资源，而我们可能无法成功管理该过程。我们可能无法成功评估或利用所收购的技术或人员，或准确预测收购交易的财务影响，从而导致意外的减记或会计（包括商誉）费用。此外，整合可能耗时超出预期，或者如果我们在试图整合收购、战略投资、合作伙伴关系或其他联盟时行动过快，我们可能无法实现预期的效率。

In addition, if we are unsuccessful at integrating existing and future acquisitions, or the technologies and personnel associated with such acquisitions, including our pending acquisition of Weights & Biases, into our company, the business, operating results, financing condition, and future prospects of the combined company could be adversely affected. Any integration process may require significant time and resources, and we may not be able to manage the process successfully. We may not successfully evaluate or utilize the acquired technology or personnel, or accurately forecast the financial impact of an acquisition transaction, causing unanticipated write-offs or accounting (including goodwill) charges. Additionally, integrations could take longer than expected, or if we move too quickly in trying to integrate an acquisition, strategic investment, partnership, or other alliance, we may fail to achieve the desired efficiencies.

我们已经并可能在未来需要支付现金、产生债务、发行股权证券或提供算力服务，以支付任何此类收购的对价，其中每一项都可能对我们的财务状况和 A 类普通股的市场价格产生不利影响。为任何此类收购融资而出售股权或发行债务可能导致我们的股东被稀释，根据收购规模的不同，稀释可能相当重大。产生债务将导致固定义务增加，还可能包含限制我们管理运营能力的契约或其他限制。

We have, and may in the future have, to pay cash, incur debt, issue equity securities or provide computing services, to pay for any such acquisition, each of which could adversely affect our financial condition and the market price of our Class A common stock. The sale of equity or issuance of debt to finance any such acquisitions could result in dilution to our stockholders, which, depending on the size of the acquisition, may be significant. The incurrence of indebtedness would result in increased fixed obligations and could also include covenants or other restrictions that would impede our ability to manage our operations.

此外，我们通过出售股权或发行债务进行收购及为收购融资的能力，受到我们债务协议中某些限制的约束。

Furthermore, our ability to make acquisitions and finance acquisitions through the sale of equity or issuance of debt is limited by certain restrictions contained in our debt agreements.

与收购相关的其他风险可能包括：

Additional risks we may face in connection with acquisitions include:

- 管理层的时间与精力从经营我们的业务转移至应对收购整合挑战；

- diversion of management’s time and focus from operating our business to addressing acquisition integration challenges;

- 无法协调研发与销售及营销职能；

- the inability to coordinate research and development and sales and marketing functions;

- 无法整合解决方案与服务产品；

- the inability to integrate solution and service offerings;

- 留住被收购公司的关键员工；

- retention of key employees from the acquired company;

- 与战略合作伙伴关系的变化，或因收购或收购导致的战略定位而失去任何关键客户或合作伙伴；

- changes in relationships with strategic partners or the loss of any key customers or partners as a result of acquisitions or strategic positioning resulting from the acquisition;

- 将被收购公司员工整合进我们组织所带来的文化挑战；

- cultural challenges associated with integrating employees from the acquired company into our organization;

- 整合被收购公司的会计、客户关系管理、管理信息、人力资源及其他行政系统；

- integration of the acquired company’s accounting, customer relationship management, management information, human resources, and other administrative systems;

- 需要在收购前可能缺乏足够有效控制、程序和政策的业务中实施或改进控制、程序和政策的必要性；

- the need to implement or improve controls, procedures, and policies at a business that prior to the acquisition may have lacked sufficiently effective controls, procedures, and policies;

- 意外的安全风险或高于预期的成本以改善被收购公司的安全态势；

- unexpected security risks or higher than expected costs to improve the security posture of the acquired company;

- 将被收购公司的 IT 基础设施提升至我们的标准所需的成本高于预期；

- higher than expected costs to bring the acquired company’s IT infrastructure up to our standards;

- 额外的法律、监管或合规要求；

- additional legal, regulatory, or compliance requirements;

- 被收购公司在财务报告、收入确认或其他财务或控制方面的缺陷，我们未能充分解决，且该等缺陷导致我们报告的经营业绩不正确；

- financial reporting, revenue recognition, or other financial or control deficiencies of the acquired company that we do not adequately address and that cause our reported results to be incorrect;

- 对被收购公司在收购前所从事活动的责任，包括知识产权侵权索赔、违反法律、商业纠纷、税务责任以及其他已知和未知的责任；

- liability for activities of the acquired company before the acquisition, including intellectual property infringement claims, violations of laws, commercial disputes, tax liabilities, and other known and unknown liabilities;

- 未能实现收购或投资的预期收益；以及

- failing to achieve the expected benefits of the acquisition or investment; and

- 与被收购公司相关的诉讼或其他索赔，包括被解雇员工、客户、现有及前任股东或其他第三方提出的或针对其提出的索赔。

- litigation or other claims in connection with the acquired company, including claims from or against terminated employees, customers, current and former stockholders, or other third parties.

如果我们未能应对这些风险或在收购和投资过程中遇到的其他问题，可能导致我们无法实现该等收购或投资的预期收益，导致我们承担未预料到的责任，并对我们的业务造成整体损害。

Our failure to address these risks or other problems encountered in connection with acquisitions and investments could cause us to fail to realize the anticipated benefits of these acquisitions or investments, cause us to incur unanticipated liabilities, and harm our business generally.

**本招股说明书中包含的市场机会估计和市场增长预测可能被证明是不准确的，即使我们竞争所在的市场实现了预测的增长，我们的业务也可能无法以类似的速度增长，甚至根本无法增长。**

**Our estimates of market opportunity and forecasts of market growth included in this prospectus may prove to be inaccurate, and even if the markets in which we compete achieve the forecasted growth, our business could fail to grow at similar rates, if at all.**

本招股说明书中包含的市场机会估计和市场增长预测可能被证明是不准确的。本招股说明书中包含的市场机会估计和增长预测（包括我们自行作出的估计和预测）存在重大不确定性，且基于可能被证明不准确的假设和估计，包括本招股说明书中所述的风险。即使我们竞争所在的市场实现了预测的增长，我们的业务也可能无法以类似的速度增长，甚至根本无法增长。此外，如果 AI 未能如我们预期的那样被企业广泛采用，或者如果新的应用场景未能出现，那么我们的机会可能小于我们的预期。

The estimates of market opportunity and forecasts of market growth included in this prospectus may prove to be inaccurate. Market opportunity estimates and growth forecasts included in this prospectus, including those we have generated ourselves, are subject to significant uncertainty and are based on assumptions and estimates that may not prove to be accurate, including the risks described herein. Even if the markets in which we compete achieve the forecasted growth, our business could fail to grow at similar rates, if at all. Further, if AI is not broadly adopted by enterprises to the extent we expect, or if new use cases do not arise, then our opportunity may be smaller than we expect.

用于计算我们市场机会的变量会随时间而变化，且无法保证我们的市场机会估计所涵盖的任何特定数量或比例的可触达客户会购买我们的平台，或为我们带来任何特定水平的收入。我们所经营市场的任何扩张取决于多项因素，包括与我们平台及竞争对手平台相关的成本、性能和感知价值。即使我们竞争所在的市场达到规模估计和增长预测，我们的业务也可能无法以类似的速度增长，甚至根本无法增长。我们的增长受多项因素影响，包括我们成功实施业务战略，而该战略受多项风险和不确定性影响。因此，本招股说明书中包含的我们对市场增长的预测不应被视为我们未来增长的指示。

The variables that go into the calculation of our market opportunity are subject to change over time, and there is no guarantee that any particular number or percentage of addressable customers covered by our market opportunity estimates will purchase our platform at all or generate any particular level of revenue for us. Any expansion in the markets in which we operate depends on a number of factors, including the cost, performance, and perceived value associated with our platform and those of our competitors. Even if the markets in which we compete meet the size estimates and growth forecast, our business could fail to grow at similar rates, if at all. Our growth is subject to many factors, including our success in implementing our business strategy, which is subject to many risks and uncertainties. Accordingly, our forecasts of market growth included in this prospectus should not be taken as indicative of our future growth.

**我们过去曾与第三方订立合作或战略联盟，未来也可能继续这样做。如果我们未能成功建立或维持与这些第三方的战略关系，或这些第三方未能提供某些运营服务，我们的业务、经营业绩、财务状况和未来前景可能受到不利影响。**

**We have in the past, and may in the future, enter into collaborations or strategic alliances with third parties. If we are unsuccessful in establishing or maintaining strategic relationships with these third parties or if these third parties fail to deliver certain operational services, our business, operating results, financial condition, and future prospects could be adversely affected.**

我们过去曾就平台的开发、运营和增强以及提供我们的解决方案和服务与第三方订立合作或战略联盟，未来也可能继续这样做。识别与第三方的战略关系，以及与第三方谈判并记录相关关系，可能耗时且复杂，并可能分散管理层的注意力。此外，我们可能在实现因该等战略关系而预期的目标方面出现延迟，或可能无法成功实现这些目标。在评估合作或战略联盟的交易对手方时，我们会根据该等关系的性质考虑广泛的经济、法律和监管标准，包括交易对手方的声誉、经营业绩和财务状况、及时满足我们及客户需求的运营能力、系统的效率和可靠性、我们或客户的认证成本，以及许可和合规状况。尽管进行了上述评估，第三方仍可能无法满足我们或客户的需求，这可能对我们向客户交付解决方案和服务的能力产生不利影响，并可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。任何战略关系的交易对手方可能拥有与我们的商业利益或目标不一致、或可能变得不一致的经济或商业利益或目标，并且在该第三方成为负面宣传对象、面临自身诉讼或监管挑战或面临其他不利情形时，可能使我们面临额外风险。我们可能与战略合作伙伴产生冲突，例如对任何协议下重要条款的解释，这可能导致诉讼或仲裁，从而增加我们的费用并分散管理层的注意力。如果我们未能成功建立或维持与第三方的战略关系，我们的竞争能力或收入增长能力可能受到损害，我们的业务、经营业绩、财务状况和未来前景可能受到不利影响。

We have in the past, and may in the future, enter into collaborations or strategic alliances with third parties in connection with the development, operation, and enhancements to our platform and the provision of our solutions and services. Identifying strategic relationships with third parties, and negotiating and documenting relationships with them, may be time-consuming and complex and may distract management. Moreover, we may be delayed, or may not be successful, in achieving the objectives that we anticipate as a result of such strategic relationships. In evaluating counterparties in connection with collaborations or strategic alliances, we consider a wide range of economic, legal, and regulatory criteria depending on the nature of such relationship, including the counterparties’ reputation, operating results, and financial condition, operational ability to satisfy our and our customers’ needs in a timely manner, efficiency and reliability of systems, certifications costs to us or to our customers, and licensure and compliance status. Despite this evaluation, third parties may still not meet our or our customers’ needs which may adversely affect our ability to deliver solutions and services to customers and may adversely impact our business, operating results, financial condition, and future prospects. Counterparties to any strategic relationship may have economic or business interests or goals that are, or that may become, inconsistent with our business interests or goals, and may subject us to additional risks to the extent such third party becomes the subject of negative publicity, faces its own litigation or regulatory challenges, or faces other adverse circumstances. Conflicts may arise with our strategic partners, such as the interpretation of significant terms under any agreement, which may result in litigation or arbitration which would increase our expenses and divert the attention of our management. If we are unsuccessful in establishing or maintaining strategic relationships with third parties, our ability to compete or to grow our revenue could be impaired and our business, operating results, financial condition, and future prospects could be adversely affected.

**潜在合资企业的预期收益可能无法完全实现，或实现所需时间可能长于预期。此外，我们的合资企业投资可能使我们面临与新合资企业设立、在无单独决策权的情况下运营该等合资企业，以及依赖经济利益和商业利益可能与我们不一致的合资伙伴相关的风险和负债。**

**The anticipated benefits of potential joint ventures may not be fully realized or take longer to realize than expected. In addition, our joint venture investments could expose us to risks and liabilities in connection with the formation of the new joint ventures, the operation of such joint ventures without sole decision-making authority, and our reliance on joint venture partners who may have economic and business interests that are inconsistent with our business interests.**

我们未来可能设立合资企业，包括开发和运营数据中心。拟用于合资企业的某些场地需要投资进行开发。这些合资企业的成功也将部分取决于数据中心场地的成功开发，而我们可能无法实现全部预期收益。此类开发可能比预期更困难、更耗时或成本更高，并可能导致成本增加、预期收入金额减少以及管理层时间和精力的分散，从而可能对我们的业务、经营业绩、财务状况和未来前景产生重大影响。此外，如果确定这些场地不再适合合资企业使用，我们将需要将这些场地改作其他用途。

We may enter into joint ventures in the future, including to develop and operate data centers. Certain sites that are intended to be utilized in joint ventures require investment for development. The success of these joint ventures will also depend, in part, on the successful development of the data center sites, and we may not realize all of the anticipated benefits. Such development may be more difficult, time-consuming, or costly than expected and could result in increased costs, decreases in the amount of expected revenues, and diversion of management’s time and energy, which could materially impact our business, operating results, financial condition, and future prospects. Additionally, if it is determined these sites are no longer desirable for the joint ventures, we would need to adapt such sites for other purposes.

任何合资企业的成功都将部分取决于我们与合资伙伴之间的成功关系。若未能成功合作，或未能实现我们对合资企业的预期（包括任何拟议的合资企业退出策略），可能对我们的业务、经营业绩、财务状况和未来前景产生重大影响。这些合资企业还可能受到通货膨胀、供应链问题、无法以有利条件获得融资或根本无法获得融资、无法按计划为数据中心场地引入客户以及开发和建设延误的负面影响。

The success of any joint ventures will depend, in part, on the successful relationship between us and our joint venture partners. A failure to successfully partner, or a failure to realize our expectations for the joint ventures, including any contemplated exit strategy from a joint venture, could materially impact our business, operating results, financial condition, and future prospects. These joint ventures could also be negatively impacted by inflation, supply chain issues, an inability to obtain financing on favorable terms or at all, an inability to fill the data center sites with customers as planned, and development and construction delays.

此外，未来我们可能通过合伙企业、合资企业或其他实体与其他第三方共同投资。这些合资企业可能导致我们收购某处物业或物业组合、合伙企业、合资企业或其他实体的非控股权益，或共同承担管理其事务的责任。我们可能面临额外风险，包括：

Further, in the future, we may co-invest with other third parties through partnerships, joint ventures, or other entities in the future. These joint ventures could result in our acquisition of non-controlling interests in, or shared responsibility for, managing the affairs of a property or portfolio of properties, partnership, joint venture, or other entity. We may be subject to additional risks, including:

- 我们可能无权对相关物业、合伙企业、合资企业或其他实体行使唯一决策权；

- we may not have the right to exercise sole decision-making authority regarding the properties, partnership, joint venture, or other entity;

- 如果我们的合作伙伴破产或未能缴纳其应缴的出资份额，我们可能选择或被迫缴纳该等资本；

- if our partners become bankrupt or fail to fund their share of required capital contributions, we may choose to or be required to contribute such capital;

- 我们的合作伙伴可能拥有与我们业务利益或目标不一致的经济、税务或其他商业利益或目标，并可能采取违背我们利益或目标的行动；

- our partners may have economic, tax, or other business interests or goals which are inconsistent with our business interests or goals, and may be in a position to take actions contrary to our interests or objectives;

- 我们的合资伙伴可能采取不受我们控制的行动，这可能要求我们处置合资企业资产或以上述市场价格购买合作伙伴的权益或资产；

- our joint venture partners may take actions that are not within our control, which could require us to dispose of the joint venture asset or purchase the partner’s interests or assets at an above-market price;

- 我们的合资伙伴可能采取与我们的业务协议无关、但因合资关系而对我们造成不良影响的行动；

- our joint venture partners may take actions unrelated to our business agreement but which reflect poorly on us because of our joint venture relationship;

- 我们与合作伙伴之间的争议可能导致诉讼或仲裁，从而增加我们的费用并妨碍管理层将时间和精力集中于日常业务；

- disputes between us and our partners may result in litigation or arbitration that would increase our expenses and prevent our management from focusing their time and effort on our day-to-day business;

- 在某些情况下，我们可能需对第三方合作伙伴的行为承担责任，或为合资企业的全部或部分负债提供担保，这可能要求我们支付的金额超过其在合资企业中的投资；

- we may in certain circumstances be liable for the actions of our third-party partners or guarantee all or a portion of the joint venture’s liabilities, which may require us to pay an amount greater than its investment in the joint venture;

- 我们可能需要改变已设立合资企业的结构，或创建新的复杂结构以满足我们的业务需求或合作伙伴的需求，这可能具有挑战性；以及

- we may need to change the structure of an established joint venture or create new complex structures to meet our business needs or the needs of our partners which could prove challenging; and

- 合资伙伴退出合资企业的决定可能并非对我们有利的时机，也可能不符合我们的商业利益。

- a joint venture partner’s decision to exit the joint venture may not be at an opportune time for us or in our business interests.

上述各项因素均可能导致这些投资的回报低于我们的预期或产生亏损，并可能对业务、经营业绩、财务状况和未来前景造成不利影响。

Each of these factors may result in returns on these investments being less than we expect or in losses, and business, operating results, financial condition, and future prospects may be adversely affected.

**未来的收购可能包括不动产，并使我们面临与不动产所有权相关的一般风险。**

**Future acquisitions could include real property and subject us to the general risks associated with the ownership of real property.**

我们目前所有数据中心和办公场所均为租赁。然而，我们未来可能进行包含不动产的收购，且最可能是一个或多个数据中心。由于任何此类收购，我们将直接拥有不动产，并面临与不动产所有权相关的一般风险，包括：

We currently lease all of our data centers and office locations. However, we could in the future make acquisitions that include real property, which would most likely be one or more data centers. As a result of any such acquisition, we would directly own real property and become subject to the general risks associated with the ownership of real property, including:

- 政府法律法规的变化，包括《美国残疾人法案》和分区条例，以及相关的合规成本；

- changes in governmental laws and regulations, including the Americans with Disabilities Act and zoning ordinances, and the related costs of compliance;

- 购买不动产的前期成本增加；

- increased upfront costs of purchasing real property;

- 持续需要维修、维护和资本改善；

- the ongoing need for repair, maintenance and capital improvements;

- 自然灾害，包括地震、洪水和其他自然灾害，以及战争或恐怖主义行为；

- natural disasters, including earthquakes, floods and other natural disasters, and acts of war or terrorism;

- 一般责任、财产和意外损失，其中部分可能未投保；

- general liability, property and casualty losses, some of which may be uninsured;

- 清理未披露环境污染的责任；以及

- liabilities for clean-up of undisclosed environmental contamination; and

- 在日常业务过程中产生的负债。

- liabilities incurred in the ordinary course of business.

**如果出现关于我们、我们的员工、我们的第三方供应商、服务提供商或我们合作伙伴的负面宣传，无论该负面宣传是否属实，我们的业务、经营业绩、财务状况和未来前景都可能受到不利影响。**

**If negative publicity arises with respect to us, our employees, our third-party suppliers, service providers, or our partners, our business, operating results, financial condition, and future prospects could be adversely affected, regardless of whether the negative publicity is true.**

关于我们公司或我们的平台、解决方案或服务的负面宣传，即使不准确或不真实，也可能对我们的声誉以及对我们平台、解决方案或服务的信心产生不利影响，进而可能损害我们的业务、经营业绩、财务状况和未来前景。声誉受损还可能源于许多其他方面，包括我们过去曾经历过的员工不当行为，以及我们的合作伙伴、顾问、供应商和外包服务提供商的不当行为。此外，在我们依赖这些合作伙伴的情况下，或者如果我们的客户或潜在客户将我们公司与其联系在一起，关于我们合作伙伴或服务提供商的负面宣传也可能影响我们的业务、经营业绩、财务状况和未来前景。

Negative publicity about our company or our platform, solutions, or services, even if inaccurate or untrue, could adversely affect our reputation and the confidence in our platform, solutions, or services, which could harm our business, operating results, financial condition, and future prospects. Harm to our reputation can also arise from many other sources, including employee misconduct, which we have experienced in the past, and misconduct by our partners, consultants, suppliers, and outsourced service providers. Additionally, negative publicity with respect to our partners or service providers could also affect our business, operating results, financial condition, and future prospects to the extent that we rely on these partners or if our customers or prospective customers associate our company with these partners.

**我们维持客户满意度的能力部分取决于我们客户支持和云运营服务的质量。我们未能维持高质量的客户支持和云运营服务，可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。**

**Our ability to maintain customer satisfaction depends in part on the quality of our customer support and cloud operations services. Our failure to maintain high-quality customer support and cloud operations services could have an adverse effect on our business, operating results, financial condition, and future prospects.**

我们认为，我们平台的成功使用需要为我们的许多客户提供高水平的支持和参与。为提供适当的客户支持和参与，我们必须成功协助客户部署并持续使用我们的平台、解决性能问题、应对客户现有 IT 基础设施的互操作性挑战，并回应不时可能出现的安全威胁和网络攻击以及性能和可靠性问题。客户支持和云运营服务需求增加而收入未相应增加，可能增加我们的成本，并对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

We believe that the successful use of our platform requires a high level of support and engagement for many of our customers. In order to deliver appropriate customer support and engagement, we must successfully assist our customers in deploying and continuing to use our platform, resolve performance issues, address interoperability challenges with the customers’ existing IT infrastructure, and respond to security threats and cyber-attacks and performance and reliability problems that may arise from time to time. Increased demand for customer support and cloud operations services, without corresponding increases in revenue, could increase our costs and adversely affect our business, operating results, financial condition, and future prospects.

此外，无法保证我们能够在需要时及按需招聘到足够的支持人员，尤其是如果我们的销售超出内部预测。我们预计客户数量将会增加，而这种增长可能对我们的客户支持和云运营服务团队造成额外压力。我们的客户支持和云运营服务团队可能需要增加人员以应对客户需求。我们可能无法足够迅速地作出响应，以适应客户对服务的短期需求增长。如果我们未能成功招聘、培训和留住充足的支持资源，我们向客户提供高质量和及时支持的能力将受到负面影响，客户的满意度及其对我们基础设施的购买可能受到不利影响。

Furthermore, there can be no assurance that we will be able to hire sufficient support personnel as and when needed, particularly if our sales exceed our internal forecasts. We expect to increase the number of our customers, and that growth may put additional pressure on our customer support and cloud operations services teams. Our customer support and cloud operations services teams may need additional personnel to respond to customer demand. We may be unable to respond quickly enough to accommodate short-term increases in customer demand for services. To the extent that we are unsuccessful in hiring, training, and retaining adequate support resources, our ability to provide high-quality and timely support to our customers will be negatively impacted, and our customers’ satisfaction and their purchase of our infrastructure could be adversely affected.

此外，随着我们持续扩大运营规模并向美国境外拓展，我们需要能够在全球范围内大规模提供高效服务以满足客户需求，而我们的客户支持与云运营服务团队可能面临更多挑战，包括与运营平台以及以英语以外的语言提供支持、培训和文档相关的挑战，以及跨更多时区提供服务的挑战。如果我们无法在全球范围内大规模提供高效的客户支持服务，我们扩大运营的能力可能会受到损害，我们可能需要增聘服务人员，这可能会增加我们的费用，并对我们的业务、财务状况、经营业绩和未来前景产生不利影响。

In addition, as we continue to grow our operations and expand outside of the United States, we need to be able to provide efficient services that meet our customers’ needs globally at scale, and our customer support and cloud operations services teams may face additional challenges, including those associated with operating the platforms and delivering support, training, and documentation in languages other than English and providing services across expanded time-zones. If we are unable to provide efficient customer support services globally at scale, our ability to grow our operations may be harmed, and we may need to hire additional services personnel which could increase our expenses, and negatively impact our business, financial condition, operating results, and future prospects.

与我们的人员相关的风险 Risks Related to our People

**我们依赖我们的管理团队和其他关键员工，并且需要更多人员来发展我们的业务，失去一名或多名关键员工，或我们无法吸引和留住合格人员（包括董事会成员），都可能损害我们的业务。**

**We rely on our management team and other key employees and will need additional personnel to grow our business, and the loss of one or more key employees or our inability to attract and retain qualified personnel, including members of our board of directors, could harm our business.**

我们未来的成功部分取决于我们能否在整个组织内招聘、整合、培训、管理、留住和激励管理团队及其他关键员工以及董事会成员。失去关键人员，尤其是我们的首席执行官、总裁兼董事会主席 Michael Intrator、我们的首席战略官 Brian Venturo 以及我们的首席发展官 Brannin McBee，以及我们某些关键的市场、销售、财务、支持、网络开发、人事团队或技术人员，可能会扰乱我们的运营，并对我们发展业务的能力产生不利影响。

Our future success is dependent, in part, on our ability to hire, integrate, train, manage, retain, and motivate the members of our management team and other key employees throughout our organization as well as members of our board of directors. The loss of key personnel, particularly Michael Intrator, our Chief Executive Officer, President, and Chairman of our board of directors, Brian Venturo, our Chief Strategy Officer, and Brannin McBee, our Chief Development Officer, as well as certain of our key marketing, sales, finance, support, network development, people team, or technology personnel, could disrupt our operations and have an adverse effect on our ability to grow our business.

对高技能人员的竞争十分激烈，尤其是在我们拥有大量业务存在并需要高技能人员的纽约市、旧金山湾区和西雅图地区，我们可能无法成功招聘或留住合格人员以满足我们当前或未来的需求。更广泛地说，技术行业，更具体地说是云基础设施行业，也面临着对在基础设施及相关服务的设计、开发和管理方面具有丰富经验的工程师的激烈且持续的竞争。此外，我们经营的行业普遍存在较高的员工流失率。我们不时遇到并预计将继续遇到招聘和留住具备适当资格的高技能员工的困难。例如，近年来，随着 AI 和机器学习开发、部署及需求的增加导致对 AI 算力基础设施的需求上升，招聘、雇用和留住具有 AI 算力行业专业知识的员工变得越来越困难。我们可能需要为员工提供比目前预期更多的培训。此外，劳动力还受到我们无法控制的外部因素的影响，包括我们行业对熟练工人和领导者的高度竞争市场、成本通胀、整体宏观经济以及劳动力参与率。如果我们的竞争对手挖走我们的员工，我们的专业水平以及执行商业计划的能力将受到负面影响。

Competition for highly skilled personnel is intense, especially in the New York City, San Francisco Bay, and Seattle areas where we have a substantial presence and need for highly skilled personnel, and we may not be successful in hiring or retaining qualified personnel to fulfill our current or future needs. More generally, the technology industry, and the cloud infrastructure industry more specifically, is also subject to substantial and continuous competition for engineers with high levels of experience in designing, developing, and managing infrastructure and related services. Moreover, the industry in which we operate generally experiences high employee attrition. We have, from time to time, experienced, and we expect to continue to experience, difficulty in hiring and retaining highly skilled employees with appropriate qualifications. For example, in recent years, recruiting, hiring, and retaining employees with expertise in the AI computing industry has become increasingly difficult as the demand for AI computing infrastructure has increased as a result of the increase in AI and machine learning development, deployment, and demand. We may be required to provide more training to our personnel than we currently anticipate. Further, labor is subject to external factors that are beyond our control, including our industry’s highly competitive market for skilled workers and leaders, cost inflation, overall macroeconomics, and workforce participation rates. Should our competitors recruit our employees, our level of expertise and ability to execute our business plan would be negatively impacted.

此外，我们的许多关键人员目前或即将持有大量已归属的普通股股份、RSU 或股票期权。如果员工持有的股份或其已归属 RSU 或期权所对应的股份价值相对于股份原始购买价格、期权行权价格或 RSU 授予日价值大幅升值，或者相反，如果其持有的期权行权价格大幅高于我们 A 类普通股的交易价格，员工可能更有可能终止与我们的雇佣关系。

Additionally, many of our key personnel are, or will soon be, vested in a substantial number of shares of our common stock, RSUs, or stock options. Employees may be more likely to terminate their employment with us if the shares they own or the shares underlying their vested RSUs or options have significantly appreciated in value relative to the original purchase prices of the shares, exercise price of the options, or grant date values of the RSUs, or, conversely, if the exercise price of the options that they hold are significantly above the trading price of our Class A common stock.

此外，与我们争夺经验丰富人才的许多公司所拥有的资源都超过我们。我们的竞争对手也可能成功招募并聘用我们的管理团队、销售团队或其他关键员工，而我们可能难以及时、以有竞争力的条件或根本无法找到合适的替代人选。我们过去曾、未来也可能面临指控，称我们聘用的员工系被不当招揽，或称这些员工泄露了专有信息或其他保密信息，或称其前雇主拥有该等员工的发明或其他工作成果，或称其聘用违反了竞业限制条款或禁止招揽条款。

Moreover, many of the companies with which we compete for experienced personnel have greater resources than we have. Our competitors also may be successful in recruiting and hiring members of our management team, sales team, or other key employees, and it may be difficult for us to find suitable replacements on a timely basis, on competitive terms, or at all. We have in the past, and may in the future, be subject to allegations that employees we hire have been improperly solicited, or that they have divulged proprietary or other confidential information or that their former employers own such employees’ inventions or other work product, or that they have been hired in violation of non-compete provisions or non-solicitation provisions.

此外，求职者和现有员工往往会考量其因受雇而获得的股权奖励及其他薪酬的价值。如果我们的薪酬方案被感知的价值下降或出现大幅波动，可能会对我们吸引和留住高技能员工的能力产生不利影响。我们还可能改变向员工提供的薪酬方案的构成，包括现金薪酬与股权薪酬的金额或比例。现金薪酬金额的任何增加都将增加我们的现金支出，这可能影响我们的业务、经营业绩、财务状况和未来前景。此外，我们的竞争对手可能成功招募并聘用我们的管理团队成员或其他关键员工以及董事，而我们可能难以及时、以有竞争力的条件或根本无法找到合适的替代人选。近年来，混合办公或远程办公安排的日益普及扩大了可与我们争夺员工和求职者的公司范围。我们已与部分关键员工签订了录用通知函，但这些协议均为“随意雇佣”性质，即他们可随时终止与我们的雇佣关系，且我们并未与所有关键员工签订雇佣协议。如果我们未能吸引新员工，或未能留住并激励现有员工，我们的业务和未来增长前景将受到严重损害。

In addition, job candidates and existing employees often consider the value of the equity awards and other compensation they receive in connection with their employment. If the perceived value of our compensatory package declines or is subject to significant value fluctuations, it may adversely affect our ability to attract and retain highly skilled employees. We may also change the composition of our compensation package to employees, including the amount or ratio of cash and equity compensation. Any increases to the amount of cash compensation will increase our cash expenditures, which may impact our business, operating results, financial condition, and future prospects. Further, our competitors may be successful in recruiting and hiring members of our management team or other key employees as well as directors, and it may be difficult for us to find suitable replacements on a timely basis, on competitive terms, or at all. In recent years, the increased availability of hybrid or remote working arrangements has expanded the pool of companies that can compete for our employees and employment candidates. We have entered into offer letters with certain of our key employees, however these agreements are on an “at-will” basis, meaning they are able to terminate their employment with us at any time and we do not have employment agreements with all of our key employees. If we fail to attract new personnel or fail to retain and motivate our current personnel, our business and future growth prospects would be severely harmed.

**我们认为，我们的企业文化为我们的成功作出了贡献；如果我们在发展过程中无法保持这一文化，我们可能会失去由该文化所培育的创新、创造力和团队协作精神，我们的业务也可能受到损害。**

**We believe that our corporate culture has contributed to our success, and if we cannot maintain this culture as we grow, we could lose the innovation, creativity, and teamwork fostered by our culture, and our business may be harmed.**

我们认为，我们的企业文化一直是并将继续是我们成功的关键因素。如果我们在发展和演进过程中（包括员工人数持续增长的过程中）不能继续保持我们的企业文化（其中包括我们对客户的专注），可能会损害我们培育驱动力、创新、包容、创造力和团队协作精神的能力，而我们认为这些对于支持我们的增长十分重要。随着我们实施更复杂的组织结构，我们可能会发现维持企业文化的有益方面日益困难，这可能对我们的未来成功产生负面影响。

We believe that our corporate culture has been, and will continue to be, a key contributor to our success. If we do not continue to maintain our corporate culture, which includes our focus on our customers, as we grow and evolve, including as we continue to grow in headcount, it could harm our ability to foster the drive, innovation, inclusion, creativity, and teamwork that we believe is important to support our growth. As we implement more complex organizational structures, we may find it increasingly difficult to maintain the beneficial aspects of our corporate culture, which could negatively impact our future success.

与我们的知识产权相关的风险 Risks Related to Our Intellectual Property

**未能取得、维持、保护或执行我们的知识产权和专有权利，可能使他人得以复制或使用我们平台的某些方面而无需向我们支付对价，从而损害我们的品牌、业务、经营业绩、财务状况和未来前景。**

**Failure to obtain, maintain, protect, or enforce our intellectual property and proprietary rights could enable others to copy or use aspects of our platform without compensating us, which could harm our brand, business, operating results, financial condition, and future prospects.**

我们依赖美国及国际上的商标法、著作权法、商业秘密法、专利法、反不正当竞争法及其他相关法律的组合，以及与客户、第三方制造合作伙伴、合资伙伴、员工和顾问签订的保密协议和合同条款，来保护我们的技术和知识产权。尽管我们努力保护我们的专有权利，未经授权的第三方仍可能试图复制我们平台的某些方面，或获取并使用我们视为专有的信息。特别是，我们无法预测或保证：

We rely on a combination of trademark, copyright, trade secret, patent, unfair competition, and other related laws in the United States and internationally, as well as confidentiality agreements and contractual provisions with our customers, third-party manufacturing partners, joint venture partners, employees, and consultants to protect our technology and intellectual property rights. Despite our efforts to protect our proprietary rights, unauthorized parties may attempt to copy aspects of our platform or obtain and use information that we regard as proprietary. In particular, we are unable to predict or assure that:

- 我们的知识产权不会失效、被宣告无效、被规避、被质疑，或者（对于许可给我们的第三方知识产权而言）被许可给他人；

- our intellectual property rights will not lapse or be invalidated, circumvented, challenged, or, in the case of third-party intellectual property rights licensed to us, be licensed to others;

- 我们的知识产权将为我们提供竞争优势；

- our intellectual property rights will provide competitive advantages to us;

- 第三方此前就许可或转让给我们的知识产权所授予的权利（包括组合交叉许可）不会妨碍我们主张知识产权的能力，也不会阻碍当前未决或未来争议的解决；

- rights previously granted by third parties to intellectual property licensed or assigned to us, including portfolio cross-licenses, will not hamper our ability to assert our intellectual property rights or hinder the settlement of currently pending or future disputes;

- 我们任何未决或未来的商标或专利申请将会获得授权，或具有最初寻求的保护范围；

- any of our pending or future trademark or patent applications will be issued or have the coverage originally sought;

- 我们能够在竞争激烈或法律保护可能薄弱的某些司法管辖区执行我们的知识产权；或

- we will be able to enforce our intellectual property rights in certain jurisdictions where competition is intense or where legal protection may be weak; or

- 我们拥有足够的知识产权来保护我们的解决方案和服务或我们的业务。

- we have sufficient intellectual property rights to protect our solutions and services or our business.

我们通常与员工、顾问、供应商和客户签订保密协议或许可协议，并付出重大努力限制对专有信息的访问和分发。然而，此类协议在所有司法管辖区可能无法全部或部分执行，任何违约都可能对我们的业务产生负面影响，且我们对违约的救济可能有限。我们签订的合同条款可能无法防止未经授权使用或披露我们的专有技术或知识产权，并且在发生未经授权使用或披露我们的专有技术或知识产权时，可能无法提供充分的救济。最后，我们为限制专有信息访问和分发所采取的措施可能无法防止未经授权使用或披露我们的专有技术或知识产权。因此，我们无法保证我们所采取的措施将防止对我们的技术进行侵权、违反或盗用。

We customarily enter into confidentiality or license agreements with our employees, consultants, vendors, and customers, and make significant efforts to limit access to and distribution of our proprietary information. However, such agreements may not be enforceable in full or in part in all jurisdictions and any breach could negatively affect our business and our remedy for such breach may be limited. The contractual provisions that we enter into may not prevent unauthorized use or disclosure of our proprietary technology or intellectual property rights and may not provide an adequate remedy in the event of unauthorized use or disclosure of our proprietary technology or intellectual property rights. Lastly, the measures we employ to limit the access and distribution of our proprietary information may not prevent unauthorized use or disclosure of our proprietary technology or intellectual property. As such, we cannot guarantee that the steps taken by us will prevent infringement, violation, or misappropriation of our technology.

我们在美国及若干外国司法管辖区申请注册商标、服务商标、专利和域名。这些流程费用高昂，且未必能在所有司法管辖区或针对每一项此类申请取得成功，我们也可能不会在所有可能相关的司法管辖区、为我们所有的商品或服务、或在我们经营所在的每一个商品和服务类别中寻求此类保护。因此，对未经授权使用我们技术或平台的行为进行监管十分困难。此外，我们可能无法在我们经营所在的每一个外国司法管辖区获得、维持、保护、利用、抗辩或执行我们的知识产权。例如，在我们的平台可用或我们拥有员工或独立承包商的每个国家，可能都无法获得有效的商业秘密保护。丧失商业秘密保护可能使第三方更容易通过复制功能来与我们的平台竞争。我们经营所在任何国家的商业秘密法和雇佣法的任何变化或意外解释，都可能损害我们执行商业秘密和知识产权的能力。此外，我们认为商标权的保护是产品识别、保护我们的品牌和维护商誉的重要因素，如果我们不能充分保护我们的商标权免受侵权，我们在这些商标上建立的任何商誉都可能丧失或受损，从而可能损害我们的品牌和业务。某些国家的法律体系不倾向于执行商标、商业秘密及其他知识产权和专有保护，这可能使我们难以制止对我们知识产权的侵权、盗用、淡化或其他侵害，或制止违反我们知识产权营销竞争性平台、解决方案或服务的行为。知识产权法的任何变化或意外解释都可能损害我们执行知识产权的能力。如果我们未能维持、保护和增强我们的知识产权，我们的业务、经营业绩、财务状况和未来前景可能会受到损害。

We pursue the registration of our trademarks, service marks, patents, and domain names in the United States and in certain foreign jurisdictions. These processes are expensive and may not be successful in all jurisdictions or for every such application, and we may not pursue such protections in all jurisdictions that may be relevant, for all our goods or services or in every class of goods and services in which we operate. As such, policing unauthorized use of our technology or platform is difficult. Additionally, we may not be able to obtain, maintain, protect, exploit, defend, or enforce our intellectual property rights in every foreign jurisdiction in which we operate. For example, effective trade secret protection may not be available in every country in which our platform is available or where we have employees or independent contractors. The loss of trade secret protection could make it easier for third parties to compete with our platform by copying functionality. Any changes in, or unexpected interpretations of, the trade secret and employment laws in any country in which we operate may compromise our ability to enforce our trade secret and intellectual property rights. In addition, we believe that the protection of our trademark rights is an important factor in product recognition, protecting our brand and maintaining goodwill and if we do not adequately protect our rights in trademarks from infringement, any goodwill that we have developed in those trademarks could be lost or impaired, which could harm our brand and our business. The legal systems of certain countries do not favor the enforcement of trademarks trade secrets, and other intellectual property and proprietary protection, which could make it difficult for us to stop the infringement, misappropriation, dilution, or other violation of our intellectual property or marketing of competing platforms, solutions, or services in violation of our intellectual property rights generally. Any changes in, or unexpected interpretations of, intellectual property laws may compromise our ability to enforce our intellectual property rights. If we fail to maintain, protect and enhance our intellectual property rights, our business, operating results, financial condition, and future prospects may be harmed.

此外，通过诉讼维护我们的知识产权可能产生重大费用。此类诉讼可能导致巨额成本和资源分散，并可能对我们的业务、经营业绩、财务状况和未来前景产生负面影响。如果我们无法保护我们的专有权利，我们可能会发现自己相对于他人处于竞争劣势，而他人无需承担创建我们平台和其他迄今使我们取得成功的创新产品所需的额外费用、时间和努力。此外，我们可能需要投入额外资源在外国维护我们的知识产权，而我们若无法做到，可能会损害我们的业务或对我们的国际扩张产生不利影响。

In addition, defending our intellectual property rights through litigation might entail significant expense. Such litigation could result in substantial costs and diversion of resources and could negatively affect our business, operating results, financial condition, and future prospects. If we are unable to protect our proprietary rights, we could find ourselves at a competitive disadvantage to others who need not incur the additional expense, time, and effort required to create our platform and other innovative offerings that have enabled us to be successful to date. Moreover, we may need to expend additional resources to defend our intellectual property rights in foreign countries, and our inability to do so could impair our business or adversely affect our international expansion.

**第三方可能主张我们的平台侵犯、盗用或以其他方式违反其知识产权，而此类主张的辩护或和解可能耗时或成本高昂，导致丧失重要权利，或损害我们与客户的关系或我们在行业中的声誉。**

**Third parties may claim that our platform infringes, misappropriates, or otherwise violates their intellectual property rights, and such claims could be time-consuming or costly to defend or settle, result in the loss of significant rights, or harm our relationships with our customers or reputation in the industry.**

第三方已经主张、且未来可能主张我们当前或未来的产品侵犯其知识产权，此类主张可能导致针对我们、我们的第三方合作伙伴及我们的客户的法律索赔。这些主张的辩护或和解可能耗时、成本高昂，损害我们的品牌和声誉，损害我们的客户关系，并使我们承担责任。根据合同约定，我们须就此类主张对我们的合作伙伴和客户进行赔偿。我们预计此类主张（无论是否有依据）的数量将会增加，尤其是随着我们作为上市公司知名度和曝光度提高、我们所在市场竞争程度加剧、我们产品的功能与其他云基础设施公司的功能出现重叠，以及已颁发的硬件和软件专利及专利申请数量持续增加。在我们的客户和合作伙伴合同中，我们通常同意就客户因与我们平台相关的第三方知识产权侵权主张而发生的某些费用或责任向客户作出赔偿。如果任何主张是因我们已获许可在我们的平台中使用的第三方技术而引起的，我们可能无法向相应的第三方追偿我们所发生的任何费用或其他责任。

Third parties have claimed, and may in the future claim, that our current or future offerings infringe their intellectual property rights, and such claims may result in legal claims against us, our third-party partners, and our customers. These claims may be time consuming, costly to defend or settle, damage our brand and reputation, harm our customer relationships, and create liability for us. Contractually, we are expected to indemnify our partners and customers for these types of claims. We expect the number of such claims (whether warranted or not) to increase, particularly as a public company with an increased profile and visibility, as the level of competition in our market grows, as the functionality of our offerings overlap with that of other cloud infrastructure companies, and as the volume of issued hardware and software patents and patent applications continues to increase. We generally agree in our customer and partner contracts to indemnify customers for certain expenses or liabilities they incur as a result of third-party intellectual property infringement claims associated with our platform. To the extent that any claim arises as a result of third-party technology we have licensed for use in our platform, we may be unable to recover from the appropriate third party any expenses or other liabilities that we incur.

云基础设施和技术行业的公司，包括我们部分现有和潜在竞争对手，可能拥有大量专利、版权、商标和商业秘密，并经常基于侵权或其他侵犯知识产权的指控提起诉讼。此外，其中许多公司有能力投入大量得多的资源来执行其知识产权并对可能针对其提起的主张进行抗辩。此外，专利控股公司、非执业实体以及其他不受我们现有知识产权保护所威慑的专利持有人，已经并可能在未来寻求对我们主张专利权。第三方（包括某些此类领先公司）不时邀请我们获得其专利许可，并可能在未来对我们、我们的第三方合作伙伴或我们的客户主张专利、版权、商标或其他知识产权。我们未来可能收到通知，声称我们盗用、不当使用或侵犯了其他方的知识产权；并且，随着我们获得更高的市场知名度，我们作为知识产权侵权主张对象的可能性也更高。

Companies in the cloud infrastructure and technology industries, including some of our current and potential competitors, may own large numbers of patents, copyrights, trademarks, and trade secrets and frequently enter into litigation based on allegations of infringement or other violations of intellectual property rights. In addition, many of these companies have the capability to dedicate substantially greater resources to enforce their intellectual property rights and to defend claims that may be brought against them. Furthermore, patent holding companies, non-practicing entities, and other adverse patent owners that are not deterred by our existing intellectual property protections have sought, and may in the future seek, to assert patent claims against us. From time to time, third parties, including certain of these leading companies, have invited us to license their patents and may, in the future, assert patent, copyright, trademark, or other intellectual property rights against us, our third-party partners, or our customers. We may in the future receive notices that claim we have misappropriated, misused, or infringed other parties’ intellectual property rights, and, to the extent we gain greater market visibility, we face a higher risk of being the subject of intellectual property infringement claims.

可能存在涵盖我们技术或业务方法及资产重要方面的第三方知识产权。如果我们聘用此前受雇于竞争对手或其他第三方的软件工程师或其他人员，我们可能会面临相关主张，即该等人员无意或故意将第三方的专有技术纳入我们的平台，或不当使用或披露了商业秘密或其他专有信息。未来我们还可能面临第三方制造合作伙伴、员工或承包商提出的主张，其基于为我们所完成的工作而主张对我们知识产权的所有权。此外，我们可能失去宝贵的知识产权或人员。关键人员或其工作成果的流失可能妨碍或阻止我们开发、营销和支持潜在产品及平台增强功能的能力，这可能严重损害我们的业务。

There may be third-party intellectual property rights that cover significant aspects of our technologies or business methods and assets. In the event that we engage software engineers or other personnel who were previously engaged by competitors or other third parties, we may be subject to claims that those personnel inadvertently or deliberately incorporate proprietary technology of third parties into our platform or have improperly used or disclosed trade secrets or other proprietary information. We may also in the future be subject to claims by our third-party manufacturing partners, employees, or contractors asserting an ownership right in our intellectual property as a result of the work they performed on our behalf. In addition, we may lose valuable intellectual property rights or personnel. A loss of key personnel or their work product could hamper or prevent our ability to develop, market, and support potential offerings and platform enhancements, which could severely harm our business.

任何知识产权主张，无论是否有依据，都可能非常耗时，和解或诉讼成本高昂，并可能分散管理层的注意力和其他资源。该等主张还可能使我们承担重大损害赔偿责任，若我们被认定故意侵犯专利或版权，潜在赔偿可能包括三倍损害赔偿，并且可能要求我们就客户因该等主张而产生的责任向其作出赔偿。该等主张还可能导致我们不得不停止使用被认定侵犯第三方权利的技术。我们可能被要求就该知识产权寻求许可，而该许可可能无法以合理条件取得，或根本无法取得。即使许可可以取得，我们也可能被要求支付高额许可费，从而增加我们的经营费用。或者，我们可能被要求开发替代的非侵权技术，这可能耗费大量时间、精力和费用，并可能影响我们平台的性能或功能。如果我们无法就业务任何方面所使用的侵权技术获得许可或开发替代的非侵权替代方案，我们将被迫限制或停止销售我们的平台，并可能无法有效竞争。此外，听证会、动议或其他临时程序或进展的结果可能会被公开宣布，如果证券分析师或投资者认为该等结果负面，可能对我们普通股的价格产生重大不利影响。任何该等结果都将对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

Any intellectual property claims, with or without merit, could be very time-consuming, could be expensive to settle or litigate, and could divert our management’s attention and other resources. These claims could also subject us to significant liability for damages, potentially including treble damages if we are found to have willfully infringed patents or copyrights, and may require us to indemnify our customers for liabilities they incur as a result of such claims. These claims could also result in our having to stop using technology found to be in violation of a third party’s rights. We might be required to seek a license for the intellectual property, which may not be available on reasonable terms or at all. Even if a license were available, we could be required to pay significant royalties, which would increase our operating expenses. Alternatively, we could be required to develop alternative non-infringing technology, which could require significant time, effort, and expense, and may affect the performance or features of our platform. If we cannot license or develop alternative non-infringing substitutes for any infringing technology used in any aspect of our business, we would be forced to limit or stop sales of our platform and may be unable to compete effectively. Moreover, there could be public announcements of the results of hearings, motions or other interim proceedings or developments, and if securities analysts or investors perceive these results to be negative, it could have a substantial adverse effect on the price of our common stock. Any of these results would adversely affect our business, operating results, financial condition, and future prospects.

**我们为开发解决方案而从第三方获得技术许可，若我们无法维持该等许可，可能损害我们的业务。**

**We license technology from third parties for the development of our solutions, and our inability to maintain those licenses could harm our business.**

我们目前并将继续把从第三方获得许可的技术（包括软件）整合进我们的产品中。如果我们无法继续以合理条款使用或获得这些技术的许可，或者这些技术变得不可靠、不可获得或无法正常运行，我们可能无法及时或根本无法获得足够的替代方案，我们提供解决方案并在市场中保持竞争力的能力将受到损害。此外，从第三方获得技术许可会使我们面临更高的风险，即成为知识产权侵权的主体以及因漏洞而受损，原因包括我们对这类技术的开发过程可见度较低，以及为防范风险所采取的谨慎程度有限。我们无法确定我们的许可方没有或不会侵犯第三方的知识产权，也无法确定我们的许可方在我们可能销售平台的所有司法管辖区已经或将会拥有对许可知识产权的充分权利。我们与部分许可方签订的协议可能被其出于便利而终止，或规定了有限的期限。如果我们因第三方对我们的许可方或对我们提起的知识产权侵权索赔而无法继续获得技术许可，或者如果我们无法继续履行许可协议或按商业上合理的条款签订新的许可，我们开发和销售包含或依赖该技术的平台的能力将受到限制，我们的业务（包括财务状况、现金流和经营业绩）可能受到损害。

We currently incorporate, and will in the future incorporate, technology that we license from third parties, including software, into our offerings. If we are unable to continue to use or license these technologies on reasonable terms, or if these technologies become unreliable, unavailable, or fail to operate properly, we may not be able to secure adequate alternatives in a timely manner or at all, and our ability to offer our solutions and remain competitive in our market would be harmed. Further, licensing technologies from third parties exposes us to increased risk of being the subject of intellectual property infringement and vulnerabilities due to, among other things, our lower level of visibility into the development process with respect to such technology and the care taken to safeguard against risks. We cannot be certain that our licensors do not or will not infringe on the intellectual property rights of third parties or that our licensors have or will have sufficient rights to the licensed intellectual property in all jurisdictions in which we may sell our platform. Some of our agreements with our licensors may be terminated by them for convenience, or otherwise provide for a limited term. If we are unable to continue to license technology because of intellectual property infringement claims brought by third parties against our licensors or against us, or if we are unable to continue our license agreements or enter into new licenses on commercially reasonable terms, our ability to develop and sell our platform containing or dependent on that technology would be limited, and our business, including our financial condition, cash flows, and operating results could be harmed.

此外，如果我们无法从第三方获得技术许可，我们可能被迫收购或开发替代技术，而我们可能无法以商业上可行的方式做到这一点，或根本无法做到，并且可能需要我们使用质量或性能标准较低的替代技术。这可能限制或延迟我们提供新的或具有竞争力的产品的能力，并增加我们的成本。我们所依赖的第三方软件可能更新不频繁、不受支持，或存在可能无法及时解决的漏洞，其中任何一项都可能使我们的解决方案面临漏洞风险。对技术或我们与这些第三方关系的任何损害都可能损害我们的业务、经营业绩、财务状况和未来前景。

Additionally, if we are unable to license technology from third parties, we may be forced to acquire or develop alternative technology, which we may be unable to do in a commercially feasible manner, or at all, and may require us to use alternative technology of lower quality or performance standards. This could limit or delay our ability to offer new or competitive offerings and increase our costs. Third-party software we rely on may be updated infrequently, unsupported, or subject to vulnerabilities that may not be resolved in a timely manner, any of which may expose our solutions to vulnerabilities. Any impairment of the technologies or of our relationship with these third parties could harm our business, operating results, financial condition, and future prospects.

**我们的部分技术包含“开源”软件，未能遵守底层开源软件许可的条款可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。**

**Some of our technology incorporates “open-source” software, and failure to comply with the terms of the underlying open-source software licenses could adversely affect our business, results of operations, financial condition, and future prospects.**

我们在解决方案和服务中使用开源软件，并且未来可能继续使用开源软件。某些开源许可证包含要求我们公开我们所创建的修改或衍生作品的源代码的条款。如果我们以某种方式将专有软件与开源软件结合，则根据某些开源许可证，我们可能被要求以不利条款或免费向公众发布我们专有软件的源代码。任何实际或声称的披露我们专有源代码或支付违约损害赔偿的要求，都可能使我们的竞争对手能够以更低的开发投入和时间创建类似产品，并最终可能导致我们销售额的损失。

We use open-source software in our solutions and services and may continue to use open-source software in the future. Certain open-source licenses contain requirements that we make available source code for modifications or derivative works we create. If we combine our proprietary software with open-source software in a certain manner, we could, under certain open-source licenses, be required to release the source code of our proprietary software to the public on unfavorable terms or at no cost. Any actual or claimed requirement to disclose our proprietary source code or pay damages for breach of contract may allow our competitors to create similar products with lower development effort and time and, ultimately, could result in a loss of sales for us.

开源软件的使用和分发可能比使用第三方商业软件带来更大的风险，因为开源许可方通常不提供支持、保证、赔偿或其他关于侵权索赔或代码质量的合同保护，他们通常也没有义务维护和更新代码，并且他们可以更改其提供开源软件的许可条款。尽管我们认为我们已遵守适用的开源软件许可证项下的义务，但有可能我们并未意识到开源软件被纳入我们专有软件或用于我们的解决方案的所有情形，或我们相应的开源义务。我们采取措施监控我们对开源软件的使用，以既遵守适用的开源许可证条款，又避免使我们的平台受到我们无意承受的条件约束，但与使用开源软件相关的风险无法消除，并可能对我们的业务产生负面影响。我们依赖多名软件程序员设计我们的专有软件，虽然我们在软件被纳入我们的专有软件之前采取措施对其进行审查，并监控被纳入我们专有软件的软件，但我们无法确定我们的程序员没有将开源软件纳入我们打算保密的专有软件中，也无法确定他们未来不会这样做。此外，我们产品中所使用源代码的广泛可获取性可能使我们面临安全漏洞。此类使用在某些情况下可能对我们的业务、经营业绩、财务状况和未来前景以及我们的声誉产生重大不利影响，包括如果我们被要求采取可能使资源从我们的开发工作中转移的补救措施。

The use and distribution of open-source software may entail greater risks than the use of third-party commercial software, as open-source licensors generally do not provide support, warranties, indemnification or other contractual protections regarding infringement claims or the quality of the code, which they are not typically required to maintain and update, and they can change the license terms on which they offer the open-source software. Although we believe that we have complied with our obligations under the applicable licenses for open-source software, it is possible that we may not be aware of all instances where open-source software has been incorporated into our proprietary software or used in connection with our solutions or our corresponding obligations under open-source. We take steps to monitor our use of open-source software in an effort both to comply with the terms of the applicable open-source licenses and to avoid subjecting our platform to conditions we do not intend, but there are risks associated with use of open-source software that cannot be eliminated and could negatively affect our business. We rely on multiple software programmers to design our proprietary software and, while we take steps to vet software before it is incorporated into our proprietary software and monitor the software incorporated into our proprietary software, we cannot be certain that our programmers have not incorporated open-source software into our proprietary software that we intend to maintain as confidential or that they will not do so in the future. In addition, the wide availability of source code used in our offerings could expose us to security vulnerabilities. Such use, under certain circumstances, could materially adversely affect our business, operating results, financial condition, and future prospects, as well as our reputation, including if we are required to take remedial action that may divert resources away from our development efforts.

有时，使用开源软件的公司会面临对其使用开源软件或遵守开源许可条款提出质疑的索赔。关于某些开源许可条款的解释，包括确定哪些作品受此类许可条款约束，相关法律先例仍在不断发展。许多开源许可的条款尚未经美国法院解释，存在这些许可被解释为对我们商业化任何包含此类软件的产品的施加意外条件或限制的风险。此外，我们无法确保我们控制平台中使用开源软件的流程将有效。我们可能不时面临第三方主张对我们使用此类软件开发的开源软件或衍生作品（可能包括我们的专有源代码）拥有所有权或要求发布，或以其他方式寻求执行适用开源许可的条款。这些索赔无论是否有效，都可能导致耗时且昂贵的诉讼，分散管理层对发展业务的注意力和精力，使我们面临客户赔偿索赔，或迫使我们披露源代码。诉讼的辩护成本可能很高，可能导致支付损害赔偿、签订不利的许可、对我们的业务、经营业绩、财务状况和未来前景产生负面影响，或因要求我们投入额外的研发资源来更改我们的解决方案而造成延误。

On occasion, companies that use open-source software have faced claims challenging their use of open-source software or compliance with open-source license terms. There is evolving legal precedent for interpreting the terms of certain open-source licenses, including the determination of which works are subject to the terms of such licenses. The terms of many open-source licenses have not been interpreted by U.S. courts, and there is a risk that these licenses could be construed in ways that could impose unanticipated conditions or restrictions on our ability to commercialize any offerings incorporating such software. Moreover, we cannot ensure that our processes for controlling our use of open-source software in our platform will be effective. From time to time, we may face claims from third parties asserting ownership of, or demanding release of, the open-source software or derivative works that we developed using such software (which could include our proprietary source code), or otherwise seeking to enforce the terms of the applicable open-source license. These claims, regardless of validity, could result in time consuming and costly litigation, divert management’s time and attention away from developing the business, expose us to customer indemnity claims, or force us to disclose source code. Litigation could be costly for us to defend, result in paying damages, entering into unfavorable licenses, have a negative effect on our business, operating results. financial condition, and future prospects, or cause delays by requiring us to devote additional research and development resources to change our solution.

与法律和监管事项相关的风险 Risks Related to Legal and Regulatory Matters

**我们受法律法规约束，包括政府出口和进口管制、制裁以及反腐败法律，这些法律法规可能损害我们在市场上的竞争能力，并在我们未完全遵守适用法律时使我们承担责任。**

**We are subject to laws and regulations, including governmental export and import controls, sanctions, and anti-corruption laws, that could impair our ability to compete in our markets and subject us to liability if we are not in full compliance with applicable laws.**

我们受包括政府出口和进口管制在内的法律法规约束，这些法律法规可能使我们承担责任或损害我们在市场上的竞争能力。我们的平台及相关技术受美国出口管制约束，包括美国商务部《出口管理条例》（亦称“EAR”），且我们及我们的员工、代表、承包商、代理人、中间人及其他第三方还受美国财政部外国资产控制办公室及其他美国政府机构实施的多项经济和贸易制裁法规约束。我们经营所在司法辖区的制裁及出口或进口限制的变化，可能进一步影响我们在世界某些地区开展业务以及与某些个人和实体开展业务的能力，这可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。特别是，我们正在持续关注半导体行业出口管制的近期及即将发生的发展及其对我们为计算基础设施采购设备的影响。此外，我们正在关注美国商务部工业与安全局（“BIS”）于 2024 年 1 月 29 日发布的拟议规则，该规则若按拟议内容实施，将对基础设施即服务提供商及其外国经销商施加要求，须核实外国人员客户的身份和受益所有权并向 BIS 进行相关报告，同时授予 BIS 限制与外国人员某些 IaaS 交易的权力。尽管我们已实施某些程序以促进对适用法律法规的遵守，但我们无法确保这些程序完全有效，也无法确保我们或我们无法控制的第三方已遵守此方面的所有法律法规。我们的员工、代表、承包商、合作伙伴、代理人、中间人或其他第三方未能遵守适用法律法规也可能给我们带来负面后果，包括声誉损害、政府调查、丧失出口特权及处罚。我们平台的变化，以及出口和进口法规的变化或新法规的颁布，可能导致我们的平台进入国际市场出现延迟，阻止具有国际业务的客户在全球部署我们的平台，或在某些情况下完全阻止我们的平台向某些国家、政府或个人出口或进口。出口或进口法规、经济制裁或相关立法的任何变化，现有法规执行或范围的转变，或此类法规所针对的国家、政府、个人或技术的任何变化，可能导致我们的平台、解决方案和服务的销售下降，或导致我们向具有国际业务的现有或潜在客户出口或销售我们的平台的能力下降。我们的平台、解决方案和服务销售的任何下降或我们出口或销售我们的平台能力的任何限制，将对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

We are subject to laws and regulations, including governmental export and import controls, that could subject us to liability or impair our ability to compete in our markets. Our platform and related technology are subject to U.S. export controls, including the U.S. Department of Commerce’s Export Administration Regulations (also known as “EAR”), and we and our employees, representatives, contractors, agents, intermediaries, and other third parties are also subject to various economic and trade sanctions regulations administered by the U.S. Treasury Department’s Office of Foreign Assets Control and other U.S. government agencies. Changes to sanctions and export or import restrictions in the jurisdictions in which we operate could further impact our ability to do business in certain parts of the world and to do business with certain persons and entities, which could adversely affect our business, operating results, financial condition, and future prospects. In particular, we are continuing to monitor recent and forthcoming developments in export controls with respect to the semiconductor industry and their impact on our sourcing of equipment for our computing infrastructure. In addition, we are monitoring the January 29, 2024 proposed rule from the U.S. Department of Commerce, Bureau of Industry and Security (“BIS”), which if implemented as proposed, would impose requirements on Infrastructure-as-a-Service providers and their foreign resellers to verify the identity and beneficial ownership of foreign person customers and to perform related reporting to BIS, as well as provide BIS authority to restrict certain IaaS transactions with foreign persons. While we have implemented certain procedures to facilitate compliance with applicable laws and regulations, we cannot ensure that these procedures are fully effective or that we, or third parties who we do not control, have complied with all laws or regulations in this regard. Failure by our employees, representatives, contractors, partners, agents, intermediaries, or other third parties to comply with applicable laws and regulations also could have negative consequences to us, including reputational harm, government investigations, loss of export privileges and penalties. Changes in our platform, and changes in or promulgation of new export and import regulations, may create delays in the introduction of our platform into international markets, prevent our customers with international operations from deploying our platform globally or, in some cases, prevent the export or import of our platform to certain countries, governments, or persons altogether. Any change in export or import regulations, economic sanctions, or related legislation, shift in the enforcement or scope of existing regulations, or change in the countries, governments, persons, or technologies targeted by such regulations, could result in decreased sales of our platform, solutions, and services, or in our decreased ability to export or sell our platform, to existing or potential customers with international operations. Any decreased sales of our platform, solutions, and services or limitation on our ability to export or sell our platform would adversely affect our business, operating results, financial condition, and future prospects.

我们还须遵守经修订的《1977 年美国反海外腐败法》（“FCPA”）、《2010 年英国反贿赂法》（“反贿赂法”），以及美国和我们开展业务活动的其他国家的其他反腐败、制裁、反贿赂、反洗钱及类似法律。反腐败和反贿赂法律一直得到积极执行，并被作广义解释，禁止公司及其员工、代理人、中间人和其他第三方对政府官员以及公共部门的其他人员，并在某些情况下对私营部门人员，承诺、授权、作出或提供不当付款或其他利益。我们借助第三方（包括中间人和代理人）在美国及海外开展业务，销售我们的平台。我们和这些第三方可能与政府机构或国有或关联实体的官员和员工有直接或间接的互动，而我们可能因这些第三方业务伙伴和中间人、我们的员工、代表、承包商、合作伙伴、代理人、中间人和其他第三方的腐败或其他非法活动而被追究责任，即使我们并未明确授权此类活动。我们无法保证我们为遵守 FCPA、反贿赂法以及其他反腐败、制裁、反贿赂、反洗钱及类似法律而制定的政策和程序是有效的，也无法保证我们所有的员工、代表、承包商、合作伙伴、代理人、中间人或其他第三方未曾采取或不会采取违反我们政策和适用法律的行动，而我们可能最终为此承担责任。随着我们国际销售和业务的增加，我们在这些法律下的风险可能增加。不遵守这些法律可能使我们面临调查、严厉的刑事或民事制裁、和解、起诉、丧失出口特权、被暂停或禁止参与美国政府合同、其他执法行动、没收利润、重大罚款、损害赔偿、其他民事和刑事处罚或禁令、举报人投诉、负面媒体报道以及其他后果。任何调查、行动或制裁都可能损害我们的声誉、业务、经营业绩、财务状况和未来前景。

We are also subject to the United States Foreign Corrupt Practices Act of 1977, as amended (“FCPA”), the United Kingdom Bribery Act 2010 (the “Bribery Act”), and other anti-corruption, sanctions, anti-bribery, anti-money laundering, and similar laws in the United States and other countries in which we conduct activities. Anti-corruption and anti-bribery laws, which have been enforced aggressively and are interpreted broadly, prohibit companies and their employees, agents, intermediaries, and other third parties from promising, authorizing, making, or offering improper payments or other benefits to government officials and others in the public, and in certain cases, private sector. We leverage third parties, including intermediaries and agents, to conduct our business in the United States and abroad, to sell our platform. We and these third parties may have direct or indirect interactions with officials and employees of government agencies or state-owned or affiliated entities and we may be held liable for the corrupt or other illegal activities of these third-party business partners and intermediaries, our employees, representatives, contractors, partners, agents, intermediaries, and other third parties, even if we do not explicitly authorize such activities. We cannot ensure that our policies and procedures to address compliance with FCPA, the Bribery Act, and other anti-corruption, sanctions, anti-bribery, anti-money laundering, and similar laws, will be effective, or that all of our employees, representatives, contractors, partners, agents, intermediaries, or other third parties have not taken, or will not take actions, in violation of our policies and applicable law, for which we may be ultimately held responsible. As we increase our international sales and business, our risks under these laws may increase. Noncompliance with these laws could subject us to investigations, severe criminal or civil sanctions, settlements, prosecution, loss of export privileges, suspension or debarment from U.S. government contracts, other enforcement actions, disgorgement of profits, significant fines, damages, other civil and criminal penalties or injunctions, whistleblower complaints, adverse media coverage, and other consequences. Any investigations, actions, or sanctions could harm our reputation, business, operating results, financial condition, and future prospects.

**我们须遵守我们开展业务的不同市场有关数据隐私、数据保护和信息安全以及用户保护的法律、法规和行业要求，且此类法律、法规和行业要求不断演变和变化。任何实际或被认为未能遵守此类法律、法规和行业要求或我们的隐私政策的行为，都可能损害我们的业务。**

**We are subject to laws, regulations, and industry requirements related to data privacy, data protection and information security, and user protection across different markets where we conduct our business and such laws, regulations, and industry requirements are constantly evolving and changing. Any actual or perceived failure to comply with such laws, regulations, and industry requirements, or our privacy policies, could harm our business.**

各类地方、州、联邦及国际法律、指令和法规均适用于我们对个人信息的收集、使用、保留、保护、披露、传输和处理。这些数据保护和隐私法律法规存在不确定性，并持续演变，可能对我们的业务产生不利影响。这些法律对我们的美国及国际运营均产生重大影响，遵守新法和现行法律可能因实施新流程而产生重大成本，最终可能妨碍我们通过从数据资产中提取价值来发展业务的能力。

Various local, state, federal, and international laws, directives, and regulations apply to our collection, use, retention, protection, disclosure, transfer, and processing of personal information. These data protection and privacy laws and regulations are subject to uncertainty and continue to evolve in ways that could adversely impact our business. These laws have a substantial impact on our operations both in the United States and internationally and compliance with new and existing laws may result in significant costs due to implementation of new processes, which could ultimately hinder our ability to grow our business by extracting value from our data assets.

在美国，州和联邦立法者及监管机构已更加关注用户数据的收集和使用。例如，在加利福尼亚州，《2018 年加州消费者隐私法》（经修订，简称“CCPA”）要求达到某些宽泛的收入或数据处理相关门槛的公司，除其他事项外，向加州用户提供新的披露，并赋予此类用户新的隐私权利，例如能够选择退出某些个人信息的处理，以及扩大访问和要求删除其个人信息的权利、选择退出某些个人信息共享的权利，以及获得有关其个人信息如何被收集、使用和共享的详细信息。CCPA 规定了对违规行为的民事处罚，以及针对安全漏洞的私人诉讼权，这可能增加安全漏洞诉讼。此外，其他州已颁布包含与 CCPA 类似义务的法律，这些法律已生效或将在未来几年生效，还有许多其他州继续提出类似法律，或正在考虑提出类似法律。我们无法完全预测近期提出或颁布的法律或法规对我们业务或运营的影响，但合规可能要求我们修改数据处理实践和政策，从而产生成本和费用。此外，若引入多个州级法律且标准不一致或相互冲突，则可能需要付出高昂且艰难的努力来实现对此类法律的合规。我们未能或被认为未能遵守州或联邦隐私法律或未来通过的法规，可能对我们的业务产生重大不利影响，包括我们如何使用个人信息、我们的业务、经营业绩、财务状况和未来前景，并可能使我们面临监管调查或可能的罚款。

In the United States, state and federal lawmakers and regulatory authorities have increased their attention on the collection and use of user data. For example, in California, the California Consumer Privacy Act of 2018 (as amended, the “CCPA”) requires companies that hit certain broad revenue or data processing related thresholds to, among other things, provide new disclosures to California users, and affords such users new privacy rights such as the ability to opt-out of certain processing of personal information and expanded rights to access and require deletion of their personal information, opt out of certain personal information sharing, and receive detailed information about how their personal information is collected, used, and shared. The CCPA provides for civil penalties for violations, as well as a private right of action for security breaches that may increase security breach litigation. In addition, other states have enacted laws that contain obligations similar to the CCPA that have taken effect or will take effect in coming years and many others continue to propose similar laws, or are considering proposing similar laws. We cannot fully predict the impact of recently proposed or enacted laws or regulations on our business or operations, but compliance may require us to modify our data processing practices and policies incurring costs and expense. Further, to the extent multiple state-level laws are introduced with inconsistent or conflicting standards, it may require costly and difficult efforts to achieve compliance with such laws. Our failure or perceived failure to comply with state or federal privacy laws or regulations passed in the future could have a material adverse effect on our business, including how we use personal information, our business, operating results, financial condition, and future prospects and could expose us to regulatory investigations or possible fines.

此外，许多外国国家和政府机构，包括欧盟、英国、加拿大以及我们开展或进行业务的其它司法管辖区，均制定了有关收集、使用、处理、存储和删除从其居民处获取或由在其管辖范围内运营的企业获取的个人数据的法律和法规。这些法律和法规通常比美国的法律和法规更为严格。此类法律和法规可能要求公司实施新的隐私和安全政策，允许个人访问、更正和删除此类公司存储或维护的个人信息，告知个人影响其个人信息的安全漏洞，要求某些类型的数据保留在这些司法管辖区内的本地服务器上，并且在某些情况下，需获得个人的明确选择同意方可为某些目的收集和使用个人信息。全球范围内对数据主权和数据本地化要求的日益关注，也可能在数据的存储、管理和传输方面对我们的业务模式产生影响。

Additionally, many foreign countries and governmental bodies, including the European Union, United Kingdom, Canada, and other jurisdictions in which we operate or conduct our business, have laws and regulations concerning the collection, use, processing, storage, and deletion of personal data obtained from their residents or by businesses operating within their jurisdiction. These laws and regulations often are more restrictive than those in the United States. Such laws and regulations may require companies to implement new privacy and security policies, permit individuals to access, correct, and delete personal information stored or maintained by such companies, inform individuals of security breaches that affect their personal information, require that certain types of data be retained on local servers within these jurisdictions, and, in some cases, obtain individuals’ affirmative opt-in consent to collect and use personal information for certain purposes. The increased focus on data sovereignty and data localization requirements around the world could also impact our business model with respect to the storage, management, and transfer of data.

我们受欧盟《通用数据保护条例》和英国《通用数据保护条例》（统称“GDPR”）的约束，该等条例全面规范我们对个人数据的使用，包括将个人数据跨境传输至欧洲经济区（“EEA”）和英国境外。GDPR 施加了严格的隐私和数据保护要求，可能增加不合规的风险以及以合规方式提供服务的成本。违反 GDPR 可能导致监管调查、声誉损害、罚款和制裁、要求我们停止或改变数据处理活动的命令、执法通知或评估通知（用于强制审计）。例如，如果监管机构认定我们未能遵守 GDPR，我们可能会被处以罚款。由于我们受多个法律体系（包括欧盟和英国分别独立）下相关数据保护机构的监管，我们可能因同一违规行为在这些体系下被独立处以罚款。我们还可能面临民事索赔，包括代表诉讼和其他类集体诉讼类型的诉讼（在个人受到损害的情况下），可能涉及重大赔偿或损害责任，以及相关成本、内部资源转移和声誉损害。

We are subject to the European Union’s General Data Protection Regulation and the United Kingdom’s General Data Protection Regulation (collectively, the “GDPR”), which comprehensively regulate our use of personal data, including cross-border transfers of personal data out of the European Economic Area (“EEA”) and the U.K. The GDPR imposes stringent privacy and data protection requirements, and could increase the risk of non-compliance and the costs of providing our services in a compliant manner. A breach of the GDPR could result in regulatory investigations, reputational damage, fines and sanctions, orders to cease or change our processing of our data, enforcement notices, or assessment notices (for a compulsory audit). For example, if regulators assert that we have failed to comply with the GDPR, we may be subject to fines. Since we are subject to the supervision of relevant data protection authorities under multiple legal regimes (including separately in both the EU and the UK), we could be fined under those regimes independently in respect of the same breach. We may also face civil claims including representative actions and other class action type litigation (where individuals have suffered harm), potentially amounting to significant compensation or damages liabilities, as well as associated costs, diversion of internal resources, and reputational harm.

GDPR 禁止将个人数据从欧洲经济区或英国传输至欧洲委员会或英国信息专员办公室分别未正式认定具备充分保护水平的国家（包括美国），除非实施了特定的合规机制（并在必要时采取某些保障措施）。我们及包括我们客户在内的许多其他公司为欧洲和英国数据传输所依赖的机制（例如标准合同条款或欧盟-美国数据隐私框架）一直是法律挑战、监管解释以及欧盟法院司法裁决的对象。标准合同条款在某些场景下用于数据传输的适用性近期一直是法律挑战的对象，尽管美国与欧盟已就欧盟-美国数据隐私框架达成一致（并就英国达成了类似协议），但该数据传输机制同样面临法律挑战。我们预计围绕国际个人数据传输的法律复杂性和不确定性将持续存在，且随着与数据传输相关的监管指引和执法格局持续发展，我们可能承担额外成本、遭遇投诉和/或监管调查或罚款；我们可能不得不停止使用某些工具和供应商并作出其他运营调整；我们可能不得不根据 GDPR 实施替代数据传输机制和/或采取额外的合规与运营措施；和/或这可能以其他方式影响我们提供服务的方式，并可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

The GDPR prohibits transfers of personal data from the EEA or U.K. to countries not formally deemed adequate by the European Commission or the U.K. Information Commission Office, respectively, including the United States, unless a particular compliance mechanism (and, if necessary, certain safeguards) is implemented. The mechanisms that we and many other companies, including our customers, rely upon for European and U.K. data transfers (for example, Standard Contractual Clauses or the EU-US Data Privacy Framework) are the subject of legal challenge, regulatory interpretation, and judicial decisions by the Court of Justice of the European Union. The suitability of Standard Contractual Clauses for data transfer in some scenarios has recently been the subject of legal challenge, and while the United States and the European Union reached agreement on the EU-US Data Privacy Framework (and similar agreements were reached with respect to the U.K.), there are legal challenges to that data transfer mechanism as well. We expect the legal complexity and uncertainty regarding international personal data transfers to continue, and as the regulatory guidance and enforcement landscape in relation to data transfers continues to develop, we could suffer additional costs, complaints, and/or regulatory investigations or fines; we may have to stop using certain tools and vendors and make other operational changes; we may have to implement alternative data transfer mechanisms under the GDPR and/or take additional compliance and operational measures; and/or it could otherwise affect the manner in which we provide our services, and could adversely affect our business, operating results, financial condition, and future prospects.

我们还受制于美国、欧盟和英国不断演变的关于 Cookie、追踪技术和电子营销的隐私法律。在美国，原告越来越多地利用《加州隐私侵入法》等现行法律就追踪技术的使用提起诉讼。在欧盟，监管机构日益关注在线行为广告生态系统中的合规要求。在欧盟，在用户设备上放置非必要 Cookie 或类似技术以及进行直接电子营销，均须获得知情同意，包括禁止预先勾选的同意，并要求确保针对每个 Cookie 获得单独同意。随着监管机构开始执行近期指引中的严格要求，这可能导致重大成本、需要大幅调整系统、限制我们营销活动的有效性、分散我们技术人员的注意力、对我们了解用户的努力产生负面影响、对我们的利润率产生不利影响、增加成本，并使我们承担额外责任。

We are also subject to evolving U.S., E.U., and UK privacy laws governing cookies, tracking technologies, and e-marketing. In the United States, plaintiffs are increasingly making use of existing laws such as the California Invasion of Privacy Act to litigate use of tracking technologies. In the European Union, regulators are increasingly focusing on compliance with requirements in the online behavioral advertising ecosystem. In the European Union, informed consent, including a prohibition on pre-checked consents and a requirement to ensure separate consents for each cookie, is required for the placement of a non-essential cookie or similar technologies on a user’s device and for direct electronic marketing. As regulators start to enforce the strict approach in recent guidance, this could lead to substantial costs, require significant systems changes, limit the effectiveness of our marketing activities, divert the attention of our technology personnel, negatively impact our efforts to understand users, adversely affect our margins, increase costs, and subject us to additional liabilities.

存在这样一种风险：随着我们扩张，我们可能需为所收购公司遭遇的违规事件承担赔偿责任。此外，全球范围内有关数据保护和隐私的政府法规可能存在不一致之处。尽管我们努力遵守与隐私、数据保护和信息安全相关的适用法律、法规及其他义务，但我们的做法、产品/服务或平台仍可能未能、或被指称未能满足适用要求。例如，与生成式 AI 等新兴且不断演进的技术相关的监管格局正在发生变化。对现有法规的修改、其解释或实施方式的变化，或新法规的出台，都可能阻碍 AI 技术的任何潜在使用或开发，进而可能削弱我们的竞争地位，并对我们的业务、经营业绩、财务状况和未来前景造成不利影响。我们、或我们的第三方供应商或合作伙伴未能遵守适用法律或法规，未能防止未经授权访问、使用或泄露个人信息，或出现上述任何一类失败已经发生的观感（即使毫无根据），都可能使我们面临审计、问询、举报人投诉、负面媒体报道、调查、严厉的刑事或民事制裁，损害我们的声誉，或导致政府机构处以罚款或提起诉讼以及私人索赔和诉讼，上述任何一项都可能对我们的业务、经营业绩、财务状况和未来前景造成不利影响。

There is a risk that as we expand, we may assume liabilities for breaches experienced by the companies we acquire. Additionally, there are potentially inconsistent world-wide government regulations pertaining to data protection and privacy. Despite our efforts to comply with applicable laws, regulations and other obligations relating to privacy, data protection, and information security, it is possible that our practices, offerings, or platform could fail, or be alleged to fail to meet applicable requirements. For instance, there are changes in the regulatory landscape relating to new and evolving technologies, such as generative AI. Changes to existing regulations, their interpretation or implementation, or new regulations could impede any potential use or development of AI Technologies, which could impair our competitive position and result in an adverse effect on our business, operating results, financial condition, and future prospects. Our failure, or the failure by our third-party providers or partners, to comply with applicable laws or regulations and to prevent unauthorized access to, or use or release of personal information, or the perception that any of the foregoing types of failure has occurred, even if unfounded, could subject us to audits, inquiries, whistleblower complaints, adverse media coverage, investigations, severe criminal, or civil sanctions, damage our reputation, or result in fines or proceedings by governmental agencies and private claims and litigation, any of which could adversely affect our business, operating results, financial condition, and future prospects.

**我们的业务受广泛的法律法规约束，我们未能遵守该等法律法规可能损害我们的业务。**

**Our business is subject to a wide range of laws and regulations, and our failure to comply with those laws and regulations could harm our business.**

我们的业务受多个联邦、州、地方和外国政府机构的监管，包括负责监督和执行雇佣与劳动法、工作场所安全与环境法（包括与能耗和能效要求相关的法律）、隐私与数据保护法、AI、金融服务法、反贿赂法、制裁、国家安全、进出口管制、反抵制、联邦证券法以及税法法规的机构。

Our business is subject to regulation by various federal, state, local, and foreign governmental agencies, including agencies responsible for monitoring and enforcing employment and labor laws, workplace safety and environmental laws, including those related to energy usage and energy efficiency requirements, privacy and data protection laws, AI, financial services laws, anti-bribery laws, sanctions, national security, import and export controls, anti-boycott, federal securities laws, and tax laws and regulations.

例如，政府主管部门过去曾基于环境考量寻求限制数据中心开发，并以对能耗的担忧为由对数据中心开发实施暂停令，要求新建数据中心满足能效要求。任何要求采取强化能效措施、改造冷却系统、限制能耗上限、限制土地使用、限制备用电源或其他环境要求的法律，都可能使我们面临更高的成本。

For example, governmental authorities have in the past sought to restrict data center development based on environmental considerations and have imposed moratoria on data center development, citing concerns about energy usage, requiring new data centers to meet energy efficiency requirements. We may face higher costs from any laws requiring enhanced energy efficiency measures, changes to cooling systems, caps on energy usage, land use restrictions, limitations on back-up power sources, or other environmental requirements.

在某些外国司法管辖区，这些监管要求可能比美国更为严格。这些法律法规会随时间变化，因此我们必须持续监控并投入资源，以确保持续合规。特别是，随着监管机构和立法者已开始提出并通过、或目前正在考虑专门针对 AI 使用的法规和指引，全球 AI 监管环境持续演变。不遵守适用法规或要求可能使我们面临调查、制裁、强制产品召回、执法行动、利润追缴、罚款、损害赔偿、民事和刑事处罚，或针对相关员工和管理人员的禁令及监禁。如果任何政府制裁被施加，或我们在任何可能的民事或刑事诉讼中未能胜诉，我们的业务、经营业绩、财务状况和未来前景可能受到重大不利影响。此外，应对任何行动可能导致管理层注意力和资源被大幅分散，并增加专业费用。执法行动和制裁可能损害我们的业务、经营业绩、财务状况和未来前景。

In certain foreign jurisdictions, these regulatory requirements may be more stringent than those in the United States. These laws and regulations are subject to change over time and thus we must continue to monitor and dedicate resources to ensure continued compliance. In particular, the global AI regulatory environment continues to evolve as regulators and lawmakers have started proposing and adopting, or are currently considering, regulations and guidance specifically on the use of AI. Non-compliance with applicable regulations or requirements could subject us to investigations, sanctions, mandatory product recalls, enforcement actions, disgorgement of profits, fines, damages, civil and criminal penalties, or injunctions and jail time for responsible employees and managers. If any governmental sanctions are imposed, or if we do not prevail in any possible civil or criminal litigation, our business, operating results, financial condition, and future prospects could be materially adversely affected. In addition, responding to any action will likely result in a significant diversion of management’s attention and resources and an increase in professional fees. Enforcement actions and sanctions could harm our business, operating results, financial condition, and future prospects.

**我们可能卷入可能对我们产生不利影响的诉讼。**

**We may become involved in litigation that may adversely affect us.**

我们可能不时面临索赔、诉讼和其他程序。无论结果如何，法律程序都可能因法律费用以及管理层注意力和资源被分散而对我们产生不利影响，并可能导致我们承担重大费用或责任、对我们的品牌认知产生不利影响，或要求我们改变业务实践。诉讼费用及其在各期间的发生时点难以估计、可能发生变化，并可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。一项或多项此类程序的解决可能导致重大损害赔偿、和解费用、罚款和处罚，从而在特定期间对我们的业务、合并财务状况、经营业绩或现金流量产生不利影响。这些程序还可能导致声誉损害、制裁、同意令，或要求我们改变业务实践的命令。由于诉讼的潜在风险、费用和不确定性，我们可能不时通过达成和解协议来解决争议，即使我们拥有有理有据的索赔或抗辩。由于诉讼本质上不可预测，我们无法确保任何此类行动的结果不会对我们的业务、经营业绩、财务状况和前景产生重大不利影响。任何此类后果都可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

From time to time, we may be subject to claims, suits, and other proceedings. Regardless of the outcome, legal proceedings can have an adverse impact on us because of legal costs and diversion of management attention and resources, and could cause us to incur significant expenses or liability, adversely affect our brand recognition, or require us to change our business practices. The expense of litigation and the timing of this expense from period to period are difficult to estimate, subject to change, and could adversely affect our business, operating results, financial condition, and future prospects. It is possible that a resolution of one or more such proceedings could result in substantial damages, settlement costs, fines, and penalties that would adversely affect our business, consolidated financial condition, operating results, or cash flows in a particular period. These proceedings could also result in reputational harm, sanctions, consent decrees, or orders requiring a change in our business practices. Because of the potential risks, expenses, and uncertainties of litigation, we may, from time to time, settle disputes, even where we have meritorious claims or defenses, by agreeing to settlement agreements. Because litigation is inherently unpredictable, we cannot ensure that the results of any of these actions will not have a material adverse effect on our business, operating results, financial condition, and prospects. Any of these consequences could adversely affect our business, operating results, financial condition, and future prospects.

与财务和会计事项相关的风险 Risks Related to Financial and Accounting Matters

**我们已识别出财务报告内部控制存在重大缺陷。如果我们对此类重大缺陷的整改未能生效，或者我们未来出现更多重大缺陷，抑或未能建立并维持有效的财务报告内部控制，我们及时、准确地编制财务报表或遵守适用法律法规的能力可能会受到损害。**

**We have identified material weaknesses in our internal control over financial reporting. If our remediation of such material weaknesses is not effective, or if we experience additional material weaknesses in the future or otherwise fail to develop and maintain effective internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable laws and regulations could be impaired.**

作为一家上市公司，我们将受《交易法》、《萨班斯-奥克斯利法案》以及纳斯达克适用上市标准规则和法规的报告要求约束。我们预计，这些规则和法规的要求将继续增加我们的法律、会计和财务合规成本，使某些活动更加困难、耗时且成本高昂，并给我们的员工、系统和资源带来重大压力。

As a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, and the rules and regulations of the applicable listing standards of Nasdaq. We expect that the requirements of these rules and regulations will continue to increase our legal, accounting, and financial compliance costs, make some activities more difficult, time-consuming, and costly, and place significant strain on our personnel, systems, and resources.

《萨班斯-奥克斯利法案》除其他事项外，要求我们维持有效的披露控制与程序，以及对财务报告的内部控制。我们正在持续制定和完善我们的披露控制、财务报告内部控制以及其他程序，这些程序旨在确保我们财务报表以及我们将向 SEC 提交的报告中要求披露的信息，在 SEC 规则和表格规定的期限内被记录、处理、汇总和报告，并确保根据《交易法》提交的报告中要求披露的信息被积累并传达给我们的主要执行官和财务官。为维持并提高我们内部控制与程序的有效性，我们已投入并将预计继续投入大量资源，包括与会计相关的成本和重大的管理层监督。

The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures, and internal control, over financial reporting. We are continuing to develop and refine our disclosure controls, internal control over financial reporting, and other procedures that are designed to ensure information required to be disclosed by us in our financial statements and in the reports that we will file with the SEC is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and information required to be disclosed in reports under the Exchange Act is accumulated and communicated to our principal executive and financial officers. In order to maintain and improve the effectiveness of our internal controls and procedures, we have expended, and anticipate that we will continue to expend, significant resources, including accounting-related costs and significant management oversight.

作为一家上市公司，我们将被要求维持对财务报告的内部控制，并评估和确定我们对财务报告的内部控制的有效性。自本次发行后的第二份年度报告开始，我们将被要求提供关于财务报告内部控制的管理层报告，以及我们独立注册公共会计师事务所的鉴证报告。我们和我们的独立注册公共会计师事务所均未被要求，因此也未根据《萨班斯-奥克斯利法案》的规定，对我们财务报表所涵盖的任何期间或其后任何期间的财务报告内部控制进行评估。然而，在编制本招股说明书中包含的财务报表时，我们识别出我们对财务报告的内部控制存在重大缺陷。重大缺陷是指对财务报告的内部控制存在一项或多项缺陷，以致我们的年度或中期财务报表存在重大错报而未被及时防止或发现的可能性合理存在。

As a public company, we will be required to maintain internal control over financial reporting and to evaluate and determine the effectiveness of our internal control over financial reporting. Beginning with our second annual report following this offering, we will be required to provide a management report on internal control over financial reporting, as well as an attestation of our independent registered public accounting firm. Neither we nor our independent registered public accounting firm were required to, and therefore did not, perform an evaluation of our internal control over financial reporting as of or for any period included in our financial statements, nor any period subsequent in accordance with the provisions of the Sarbanes-Oxley Act. However, while preparing the financial statements that are included in this prospectus, we identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

所识别的重大缺陷涉及：对支持我们财务报告流程的应用缺乏有效设计、实施和维护的 IT 一般控制；财务相关职能之间的职责分离不充分；以及我们的会计、财务和运营职能中缺乏足够数量的具备适当专业水平的合格人员，以合理保证交易得到恰当记录和披露。我们得出结论，这些重大缺陷之所以存在，是因为我们缺乏必要的业务流程、系统、人员及相关内部控制。

The material weaknesses identified pertained to the lack of effectively designed, implemented, and maintained IT general controls over applications that support our financial reporting processes, insufficient segregation of duties across financially relevant functions, and lack of sufficient number of qualified personnel within our accounting, finance, and operations functions who possessed an appropriate level of expertise to provide reasonable assurance that transactions were being appropriately recorded and disclosed. We have concluded that these material weaknesses existed because we did not have the necessary business processes, systems, personnel, and related internal controls.

在截至 2024 年 12 月 31 日的年度内，管理层完成了以下补救措施，以帮助解决这些重大缺陷：

During the year ended December 31, 2024, management completed the following remedial actions to help address these material weaknesses:

- 就技术会计事项、内部控制以及我们财务报表的编制咨询了专家；

- consulted with experts on technical accounting matters, internal controls, and in the preparation of our financial statements;

- 对组织以及作为财务报告和业务流程一部分使用的 IT 系统（包括各技术层级）进行了风险评估；以及

- performed a risk assessment over the organization and IT systems used as part of financial reporting and business processes, including the various layers of technology; and

- 增聘了会计、财务和运营资源，包括具有上市公司和内部控制经验、负责设计、实施和监督我们内部控制的关键领导职位，包括首席会计官、首席运营官和首席信息官。

- hired additional accounting, finance, and operations resources, including critical leadership roles with public company and internal control experience responsible for designing, implementing, and monitoring our internal controls, including the Chief Accounting Officer, Chief Operating Officer, and Chief Information Officer.

尽管管理层已对我们的控制环境和业务流程作出改进，以支持并配合我们不断增长的业务规模，但所识别的重大缺陷仍未得到补救。我们预计补救工作将在 2025 年和 2026 年继续进行，并包括以下内容：

While management has made improvements to our control environment and business processes to support and scale with our growing operations, the identified material weaknesses remain un-remediated. We expect our remediation efforts to continue to take place in 2025 and 2026, and to include the following:

- 设计、开发和部署增强的 IT 一般控制（“ITGC”）框架，包括实施若干系统、流程和工具，以实现这些控制的有效性和一致执行；

- designing, developing, and deploying an enhanced IT General Controls (“ITGC”) framework, including the implementation of a number of systems, processes, and tools to enable the effectiveness and consistent execution of these controls;

- 继续实施 ITGC，以管理我们 IT 环境内的访问和程序变更，并支持对关键应用控制和关键报告的评价、监控和持续有效性；

- continuing to implement ITGCs to manage access and program changes within our IT environment and to support the evaluation, monitoring, and ongoing effectiveness of key application controls and key reports;

- 继续实施流程和控制，以更好地管理和监控我们的职责分离，包括加强公司系统、应用和工具内用于职责分离的技术和工具的使用；以及

- continuing to implement processes and controls to better manage and monitor our segregation of duties, including enhancing the usage of technology and tools for segregation of duties within the Company’s systems, applications, and tools; and

- 继续扩充我们会计、财务和运营职能中具备适当专业水平的人员；以实施、监控和维护业务流程和 ITGC。

- continuing to expand our resources with the appropriate level of expertise within our accounting, finance, and operations functions; to implement, monitor, and maintain business processes and ITGCs.

在完成上述步骤且内部控制有效运行足够长的时间之前，我们可能无法完全弥补这些重大缺陷。这一评估过程（包括对整改措施有效性的测试）预计将持续至 2026 年。此外，如上所述，我们尚未对财务报告内部控制进行评估；因此，我们无法确保已识别出所有重大缺陷，也无法确保未来不会出现更多重大缺陷。自本次发行完成后的第二份年度报告起，当我们根据《萨班斯-奥克斯利法案》第 404 条的要求报告财务报告内部控制的有效性时，重大缺陷可能仍然存在。

We may not be able to fully remediate these material weaknesses until these steps have been completed and the internal controls have been operating effectively for a sufficient period of time. This evaluation process, including testing the effectiveness of the remediation efforts, is expected to extend into 2026. Additionally, as stated above, we have not performed an evaluation of our internal control over financial reporting; accordingly, we cannot ensure that we have identified all, or that we will not in the future have additional, material weaknesses. Material weaknesses may still exist when we report on the effectiveness of our internal control over financial reporting as required under Section 404 of the Sarbanes-Oxley Act, beginning with our second annual report after the completion of this offering.

为遵守《萨班斯-奥克斯利法案》第 404 条的披露和鉴证要求而设计和实施财务报告内部控制的过程将耗时且成本高昂。如果在评估和测试过程中，我们发现财务报告内部控制存在更多重大缺陷，或认定现有重大缺陷尚未得到弥补，我们的管理层将无法断言我们的财务报告内部控制是有效的。即使我们的管理层得出结论认为我们的财务报告内部控制是有效的，我们的独立注册公共会计师事务所也可能认为我们的财务报告内部控制存在重大缺陷。如果我们无法断言我们的财务报告内部控制是有效的，或者在未来被要求时，如果我们的独立注册公共会计师事务所无法就我们财务报告内部控制的有效性发表无保留意见，投资者可能会对我们的财务报告的准确性和完整性失去信心，我们股票的市场价格可能会受到不利影响，我们可能会面临证券上市交易所、SEC 或其他监管机构的诉讼或调查，这可能需要额外的财务和管理资源。

The process of designing and implementing internal control over financial reporting required to comply with the disclosure and attestation requirements of Section 404 of the Sarbanes-Oxley Act will be time consuming and costly. If during the evaluation and testing process we identify additional material weaknesses in our internal control over financial reporting or determine that existing material weaknesses have not been remediated, our management will be unable to assert that our internal control over financial reporting is effective. Even if our management concludes that our internal control over financial reporting is effective, our independent registered public accounting firm may conclude that there are material weaknesses with respect to our internal control over financial reporting. If we are unable to assert that our internal control over financial reporting is effective, or when required in the future, if our independent registered public accounting firm is unable to express an unqualified opinion as to the effectiveness of our internal control over financial reporting, investors may lose confidence in the accuracy and completeness of our financial reports, the market price of our stock could be adversely affected and we could become subject to litigation or investigations by the stock exchange on which our securities are listed, the SEC, or other regulatory authorities, which could require additional financial and management resources.

此外，成为上市公司后，将需要投入大量资源和管理层监督。因此，管理层的注意力可能会从其他业务事项上转移，这可能损害我们的业务、经营业绩、财务状况和未来前景。

Further, upon becoming a public company, significant resources and management oversight will be required. As a result, management’s attention may be diverted from other business concerns, which could harm our business, operating results, financial condition, and future prospects.

**作为上市公司运营将导致我们产生显著增加的 costs 和管理资源投入。**

**We will incur significant increased costs and management resources as a result of operating as a public company.**

作为一家上市公司，我们将产生作为私营公司时未曾发生的重大法律、会计、合规及其他费用。我们的管理层及其他人员将需要投入大量时间，并产生与合规举措相关的重大费用。例如，为预期成为上市公司，我们将采用额外的内部控制和披露控制及程序，聘请过户代理人，并制定内幕交易政策。作为一家上市公司，我们将承担为遵守证券法项下义务而编制和分发定期公开报告的全部内部和外部成本。

As a public company, we will incur significant legal, accounting, compliance, and other expenses that we did not incur as a private company. Our management and other personnel will need to devote a substantial amount of time and incur significant expense in connection with compliance initiatives. For example, in anticipation of becoming a public company, we will adopt additional internal controls and disclosure controls and procedures, retain a transfer agent, and adopt an insider trading policy. As a public company, we will bear all of the internal and external costs of preparing and distributing periodic public reports in compliance with our obligations under the securities laws.

此外，与公司治理和公开披露相关的法规和标准（包括《萨班斯-奥克斯利法案》以及 SEC 实施的相关规则和条例）已增加法律和财务合规成本，并将使部分合规活动更加耗时。我们计划投入资源以遵守不断演变的法律、法规和标准，该投入将导致一般及行政费用增加，并可能使管理层的时间和注意力从其他业务活动中转移。如果我们为遵守新法律、法规和标准所做的努力因实践中的模糊之处而与监管机构或治理机构预期的活动不一致，监管机构可能对我们提起法律诉讼，我们的业务可能受到损害。就本次发行而言，我们计划增加董事和高级管理人员的保险覆盖范围，这将增加我们的保险成本。未来，我们获取董事和高级管理人员责任保险可能更加昂贵或更加困难，我们可能被要求接受较低的保险覆盖范围，或承担大幅更高的成本以获取和维持相同或类似的保险覆盖范围。这些因素还将使我们更难吸引和留住合格的董事会成员（尤其是在我们的审计委员会和薪酬委员会任职的成员）以及合格的高级管理人员。

In addition, regulations and standards relating to corporate governance and public disclosure, including the Sarbanes-Oxley Act, and the related rules and regulations implemented by the SEC have increased legal and financial compliance costs and will make some compliance activities more time-consuming. We intend to invest resources to comply with evolving laws, regulations, and standards, and this investment will result in increased general and administrative expenses and may divert management’s time and attention from our other business activities. If our efforts to comply with new laws, regulations, and standards differ from the activities intended by regulatory or governing bodies due to ambiguities related to practice, regulatory authorities may initiate legal proceedings against us, and our business may be harmed. In connection with this offering, we intend to increase our directors’ and officers’ insurance coverage, which will increase our insurance cost. In the future, it may be more expensive or more difficult for us to obtain director and officer liability insurance, and we may be required to accept reduced coverage or incur substantially higher costs to obtain and maintain the same or similar coverage. These factors would also make it more difficult for us to attract and retain qualified members of our board of directors, particularly to serve on our audit committee and compensation committee, and qualified executive officers.

**在持有人行使“卖出”权利时，我们可能被要求以现金回购大量已发行的 A 类普通股，这将影响我们的财务状况和经营业务的能力，并使我们用于该等回购的经营现金流被占用。**

**We may be required to repurchase a significant number of our outstanding shares of Class A common stock for cash upon the exercise of the holders’ “put” rights, which would affect our financial condition and our ability to operate our business, as well as divert our cash flow from operations for such repurchases.**

29,874,066 股 A 类普通股将在股本转换时发行给我们的 C 类可转换优先股持有人（以下简称“出售股份”），该等股份受一项“回售”权利（以下简称“回售权”）约束，可回售给我们，回售权可在以下两者中较早发生者的首个交易日行使：(i) 2029 年 8 月 15 日，以及 (ii) 本次发行交割两周年之日（该较早日期称为“公开出售日”）。行使回售权后，出售股份持有人将有权从我们处获得相当于 C 类可转换优先股每股原始发行价 $38.95（以下简称“C 类原始发行价”）的现金金额，合计支付金额为 $1.2 billion。本次发行交割日之后，C 类可转换优先股股份不存在任何累积未付股息。回售权将在以下日期（按股份逐一计算）自动终止：(i) 该股份被公开转让、出售或转让之日，或 (ii) 在本次发行之后的任何时点，且在公开出售日当日或之前、Coatue Management, L.L.C. 不受合同锁定期约束的期间内，我们的 A 类普通股在任何连续 30 个交易日期间内的 20 日成交量加权平均价格至少达到 C 类原始发行价的 175% 之日(第 (i) 项和第 (ii) 项合称“行权终止事件”)。如果 (i) 在公开出售日之前发生公司出售，且 (ii) 尚未发生行权终止事件，则仍持有出售股份的 A 类普通股股东有权在该出售交易中获得以下两者中的较高者：(x) 我们的 A 类普通股持有人在该出售交易中有权获得的每股对价，以及 (y) 相当于每股 C 类原始发行价的现金金额。有关出售股份和回售权的更多信息，请参见“股本说明——C 类优先股回售权”。

29,874,066 shares of our Class A common stock that will be issued to holders of our Series C convertible preferred stock in connection with the Capital Stock Conversion (the “Put Shares”) are subject to a right to be “put” to us (the “Put Right”) on the first trading day immediately after the earlier to occur of (i) August 15, 2029 and (ii) the second anniversary of the closing of this offering (such earlier date, the “Public Sale Date”). Upon exercise of the Put Right, holders of the Put Shares would be entitled to receive from us an amount in cash equal to the original issue price per share of the Series C convertible preferred stock, of $38.95 (the “Series C OIP”), representing an aggregate payment of $1.2 billion. There will be no accrued and unpaid dividends with respect to the shares of Series C convertible preferred stock following the date of closing of this offering. The Put Right will automatically terminate (on a share by share basis) on the date on which (i) such share is assigned, sold or transferred publicly or (ii) our Class A common stock has a 20 day volume-weighted average price in any consecutive 30 trading day period of at least 175% of the Series C OIP at any point following this offering and on or prior to the Public Sale Date during which Coatue Management, L.L.C. is not subject to a contractual lock-up agreement (clauses (i) and (ii) collectively, an “Exercise Termination Event”). If (i) there is a sale of the Company prior to the Public Sale Date and (ii) there has not yet occurred an Exercise Termination Event, the Class A common stockholders still holding Put Shares shall be entitled in such sale transaction to receive the greater of (x) the consideration received per share the holders of our Class A Common Stock are entitled to receive in such sale transaction and (y) an amount in cash equal to the Series C OIP per share. See “Description of Capital Stock—Series C Preferred Stock Put Right” for additional information regarding the Put Shares and Put Right.

在我们被要求回购出售股份时，我们可能没有足够的可用现金，并且我们可能被要求采取一项或多项替代方案，例如出售资产、重组债务或按可能繁重或高度摊薄的条款获得额外股权或债务资本，以便进行该等回购。此外，用于回购出售股份的任何现金支付都将使我们的现金流从业务运营中分流，并可能影响我们的业务举措。对出售股份的任何重大回购都将对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

We may not have enough available cash at the time we are required to repurchase the Put Shares, and we may be required to adopt one or more alternatives, such as selling assets, restructuring debt or obtaining additional equity or debt capital on terms that may be onerous or highly dilutive in order to make these repurchases. Further, any payments of cash used to repurchase the Put Shares will divert our cash flow from our business operations and could impact our business initiatives. Any significant repurchase of the Put Shares would adversely affect our business, operating results, financial condition, and future prospects.

**我们可能承担额外的税务责任，且美国联邦和全球所得税改革可能对我们产生不利影响。**

**We could be subject to additional tax liabilities and United States federal and global income tax reform could adversely affect us.**

我们需要在美国缴纳美国联邦、州和地方所得税、销售税及其他税费，并在众多外国司法管辖区缴纳所得税、预提税、交易税及其他税费。在评估我们的税务立场及全球所得税计提时，需要作出重大判断。在日常经营过程中，存在许多活动和交易，其最终税务认定具有不确定性。此外，我们未来的所得税义务可能因美国或我们经营所在的其他司法管辖区税法或其解释的变化而受到不利影响。

We are subject to U.S. federal, state, and local income taxes, sales, and other taxes in the United States and income taxes, withholding taxes, transaction taxes and other taxes in numerous foreign jurisdictions. Significant judgment is required in evaluating our tax positions and our worldwide provision for income taxes. During the ordinary course of business, there are many activities and transactions for which the ultimate tax determination is uncertain. In addition, our future income tax obligations could be adversely affected by changes in, or interpretations of, tax laws in the United States or in other jurisdictions in which we operate.

例如，通常被称为 2017 年《减税与就业法案》的美国税法立法对经修订的 1986 年《国内税收法典》（“《国内税收法典》”）进行了重大改革，降低了美国联邦税率，对国际业务运营相关规则作出全面修改，并对税收优惠施加了重大额外限制，包括利息的可扣除性和净经营亏损（“NOL”）结转的使用。自 2022 年 1 月 1 日或之后开始的纳税年度起生效，《减税与就业法案》还要求将研究和某些软件开发费用资本化，并在美国境内发生的此类费用按五年、在美国境外发生的按十五年进行摊销。2022 年 8 月 16 日，拜登总统签署了 2022 年《通胀削减法案》（“IRA”），使其成为法律。IRA 包含某些税收措施，包括对部分大型企业征收 15%的企业替代最低税，以及对 2022 年 12 月 31 日之后发生的某些公司股票回购征收 1%的消费税。此外，经济合作与发展组织（“OECD”）由 137 个司法管辖区组成的包容性框架已加入一项改革国际税收规则的两支柱计划。第一支柱侧重于在向当地几乎没有或没有实体存在国家销售商品和服务的范围内跨国企业之间分配征税权，拟适用于全球营业额超过€20 billion 的跨国企业。第二支柱侧重于制定适用于范围内跨国企业的至少 15%的全球最低税率，拟适用于年度合并集团收入超过€750 million 的跨国企业。由于 OECD 仍在完善第一支柱和第二支柱规则，且各国政府正在实施这些规则，我们仍在评估其影响。然而，各国政府实施的 OECD 第一支柱和第二支柱规则可能会对我们的实际税率产生不利影响，或导致更高的现金纳税义务。

For example, the United States tax law legislation commonly referred to as the Tax Cuts and Jobs Act of 2017 significantly reformed the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), reducing U.S. federal tax rates, making sweeping changes to rules governing international business operations, and imposing significant additional limitations on tax benefits, including the deductibility of interest and the use of net operating loss (“NOL”) carryforwards. Effective for taxable years beginning on or after January 1, 2022, the Tax Cuts and Jobs Act also required capitalization of research and certain software development expenses and amortization of such expenses over a period of five years if incurred in the United States and fifteen years if incurred outside the United States. On August 16, 2022, President Biden signed the Inflation Reduction Act of 2022 (the “IRA”) into law. The IRA contains certain tax measures, including a corporate alternative minimum tax of 15% on some large corporations and an excise tax of 1% on certain corporate stock buy-backs taking place after December 31, 2022. In addition, the Organization for Economic Cooperation and Development (“OECD”) Inclusive Framework of 137 jurisdictions have joined a two-pillar plan to reform international taxation rules. The first pillar is focused on the allocation of taxing rights between countries for in-scope multinational enterprises that sell goods and services into countries with little or no local physical presence and is intended to apply to multinational enterprises with global turnover above €20 billion. The second pillar is focused on developing a global minimum tax rate of at least 15% applicable to in-scope multinational enterprises and is intended to apply to multinational enterprises with annual consolidated group revenue in excess of €750 million. We are still evaluating the impact of the OECD pillar one and pillar two rules as they continue to be refined by the OECD and implemented by various national governments. However, it is possible that the OECD pillar one and pillar two rules, as implemented by various national governments, could adversely affect our effective tax rate or result in higher cash tax liabilities.

由于我们国际业务活动规模不断扩大，此类针对我们活动税收的变更可能会影响我们境外收益的税务处理，提高我们的全球有效税率，增加对我们业务征收的税额，并损害我们的财务状况。此类变更还可能追溯适用于我们的历史运营，并导致税额高于我们财务报表中估计和记录的金额。

Due to the expanding scale of our international business activities, these types of changes to the taxation of our activities could impact the tax treatment of our foreign earnings, increase our worldwide effective tax rate, increase the amount of taxes imposed on our business, and harm our financial position. Such changes may also apply retroactively to our historical operations and result in taxes greater than the amounts estimated and recorded in our financial statements.

**我们使用净经营亏损结转和某些其他税收属性的能力可能受到限制。**

**Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.**

截至 2024 年 12 月 31 日，我们的美国联邦和州净经营亏损结转总额分别为 $3.6 billion 和 $61 million，可用于抵减未来美国所得税目的下的应纳税所得额。截至 2024 年 12 月 31 日，我们有 $3.6 billion 的联邦净经营亏损结转，其中几乎全部可无限期结转。截至 2024 年 12 月 31 日，我们有 $61 million 的州净经营亏损结转，其中 $30 million 可无限期结转。如果净经营亏损结转未被使用，$31 million 将在 2032 年至 2044 年间以不同金额到期。截至 2024 年 12 月 31 日，我们有 $5 million 的境外净经营亏损结转，可无限期结转。这些净经营亏损和研发税收抵免结转的实现取决于我们未来的应纳税所得额，存在某些现有结转可能到期未使用且无法用于抵减未来所得税负债的风险，这可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

As of December 31, 2024, we had aggregate U.S. federal and state NOL carryforwards of $3.6 billion and $61 million, respectively, which may be available to offset future taxable income for U.S. income tax purposes. As of December 31, 2024, we had $3.6 billion in federal NOL carryforwards, almost all of which can be carried forward indefinitely. As of December 31, 2024, we had state NOL carryforwards of $61 million, of which $30 million can be carried forward indefinitely. If the NOL carryforwards are not utilized, $31 million will expire in varying amounts between the years 2032 and 2044. As of December 31, 2024, we had foreign NOL carryforwards of $5 million that can be carried forward indefinitely. Realization of these net operating loss and research and development credit carryforwards depends on our future taxable income, and there is a risk that certain of our existing carryforwards could expire unused and be unavailable to offset future income tax liabilities, which could adversely affect our business, operating results, financial condition, and future prospects.

此外，根据《国内税收法典》第 382 条和第 383 条，如果一家公司发生“所有权变更”，通常定义为“5% 股东”在滚动三年期间内的所有权（按价值计算）累计变更超过 50%，则该公司使用其变更前净经营亏损和其他变更前税收属性（如研发税收抵免）来抵减其变更后收入或税款的能力可能受到限制。由于我们股票所有权的变动，我们已经经历并可能在未来经历所有权变更。因此，如果我们赚取净应纳税所得额，我们使用变更前美国

In addition, under Sections 382 and 383 of the Internal Revenue Code, if a corporation undergoes an “ownership change,” generally defined as a greater than 50% cumulative change (by value) in ownership by “5 percent shareholders” over a rolling three-year period, the corporation’s ability to use its pre-change NOLs and other pre-change tax attributes, such as research and development credits, to offset its post-change income or taxes may be limited. We have experienced, and may in the future experience, ownership changes as a result of shifts in our stock ownership. As a result, if we earn net taxable income, our ability to use our pre-change U.S.

用于抵减美国联邦应税所得的净经营亏损结转及其他税收属性可能受到限制，这可能导致我们未来的税负增加。此外，我们未来可能发生额外的所有权变更，包括因本次发行而导致的变更，这可能进一步限制我们使用净经营亏损及其他变更前税收属性的能力。州税法的类似规定也可能限制我们对累积的州净经营亏损的使用。此外，在州层面，可能存在暂停或以其他方式限制使用净经营亏损的期间，这可能加速或永久性增加我们的州所得税负债。鉴于上述情况，即使我们实现盈利，我们也可能无法使用全部或相当大一部分净经营亏损及其他税收属性，这可能对我们的未来现金流产生不利影响。

NOL carryforwards and other tax attributes to offset U.S. federal taxable income may be subject to limitations, which could potentially result in increased future tax liability to us. In addition, we may undergo additional ownership changes in the future, including as a result of the offering, which could further limit our ability to use our NOLs and other pre-change tax attributes. Similar provisions of state tax law may also apply to limit our use of accumulated state tax NOLs. In addition, at the state level, there may be periods during which the use of NOLs is suspended or otherwise limited, which could accelerate or permanently increase our state income tax liabilities. As a result of the foregoing, even if we attain profitability, we may be unable to use all or a material portion of our net operating losses and other tax attributes, which could adversely affect our future cash flows.

**我们可能被要求就过去或未来的销售收取额外的销售税、使用税、增值税、数字服务税或其他类似税费，或承担其他责任，这可能增加客户为我们的解决方案必须支付的费用，并对我们的业务、经营业绩、财务状况和未来前景产生不利影响。**

**We could be required to collect additional sales, use, value added, digital services, or other similar taxes or be subject to other liabilities with respect to past or future sales, that may increase the costs our customers would have to pay for our solutions and adversely affect our business, operating results, financial condition, and future prospects.**

我们并非在所有有销售的司法管辖区都收取销售税和使用税、增值税或类似税费，因为我们经与顾问商议后认定，我们在某些司法管辖区的销售无需缴纳此类税费。销售税和使用税、增值税及类似税法的规定和税率因司法管辖区而异，且此类法律的适用存在不确定性。我们未收取此类税费的司法管辖区可能主张此类税费适用于我们的销售，并试图对我们征收增量或新的销售税、使用税、增值税、数字服务税，或主张其他税款征收义务，这可能导致我们或我们的客户因过去的销售而被课征税款、罚款和利息，且我们未来可能被要求收取此类税费。如果我们未能向客户收取此类税费，我们可能须承担该等费用，这可能对我们的经营业绩产生不利影响。

We do not collect sales and use, value added, or similar taxes in all jurisdictions in which we have sales because we have determined in consultation with our advisors that our sales in certain jurisdictions are not subject to such taxes. Sales and use, value added, and similar tax laws and rates vary greatly by jurisdiction and the application of such laws is subject to uncertainty. Jurisdictions in which we do not collect such taxes may assert that such taxes apply to our sales and seek to impose incremental or new sales, use, value added, digital services, or assert other tax collection obligations on us, which could result in tax assessments, penalties, and interest, to us or our customers for past sales, and we may be required to collect such taxes in the future. If we are unsuccessful in collecting such taxes from our customers, we could be held liable for such costs, which may adversely affect our operating results.

此外，越来越多的美国各州已考虑或通过试图对州外公司施加征税义务的法律。若一个或多个美国州成功主张要求我们在目前并未征税的地区征税，或在我们目前已征收此类税的司法管辖区征收更多税款，可能导致重大负债，包括对过往销售的税款以及利息和罚款。此外，某些司法管辖区（如英国、法国和加拿大）已颁布数字服务税，该税通常针对来自位于这些司法管辖区的用户或客户所产生的总收入征收，其他司法管辖区也正在考虑颁布类似法律。若美国州或地方政府或外国司法管辖区成功主张我们本应或应当征收额外的销售税、使用税、增值税、数字服务税或其他类似税款，则除其他事项外，可能导致大额税款支付、给我们带来重大行政负担、因任何此类销售税或其他相关税的增量成本而使潜在客户不愿使用我们的平台，或以其他方式损害我们的业务。

Further, an increasing number of U.S. states have considered or adopted laws that attempt to impose tax collection obligations on out-of-state companies. A successful assertion by one or more U.S. states requiring us to collect taxes where we presently do not do so, or to collect more taxes in a jurisdiction in which we currently collect such taxes, could result in substantial liabilities, including taxes on past sales, as well as interest and penalties. Furthermore, certain jurisdictions, such as the U.K., France, and Canada, have enacted a digital services tax, which is generally a tax on gross revenue generated from users or customers located in those jurisdictions, and other jurisdictions are considering enacting similar laws. A successful assertion by a U.S. state or local government or a foreign jurisdiction that we should have been or should be collecting additional sales, use, value added, digital services, or other similar taxes could, among other things, result in substantial tax payments, create significant administrative burdens for us, discourage potential customers from using our platform due to the incremental cost of any such sales or other related taxes, or otherwise harm our business.

**我们的公司架构和公司间安排受各司法管辖区税法约束，我们可能被要求缴纳额外税款，这将损害我们的业务、经营业绩、财务状况和未来前景。**

**Our corporate structure and intercompany arrangements are subject to the tax laws of various jurisdictions, and we could be obligated to pay additional taxes, which would harm our business, operating results, financial condition, and future prospects.**

我们正在扩展国际业务和员工，以支持我们的业务和国际市场的增长。我们通常通过全资子公司开展国际业务，并且根据我们在各司法管辖区的业务运营，我们正在或可能被要求在世界各地多个司法管辖区申报应税所得。我们的公司架构及相关转让定价政策考虑了国际市场的未来增长，并考虑了参与公司间交易的各实体的职能、风险和资产。此外，税率上升、新制定或修订的税法，以及各司法管辖区税务机关和法院对现行税法及政策的新解释，可能导致我们整体纳税义务增加，从而可能对我们的业务产生不利影响。我们的公司间关系和公司间交易受我们经营所在各司法管辖区税务机关实施的复杂转让定价规则约束，这些司法管辖区的税法可能存在差异。我们在不同司法管辖区缴纳的税款金额将取决于各司法管辖区税法（包括

We are expanding our international operations and staff to support our business and growth in international markets. We generally conduct our international operations through wholly-owned subsidiaries and are or may be required to report our taxable income in various jurisdictions worldwide based upon our business operations in those jurisdictions. Our corporate structure and associated transfer pricing policies contemplate future growth in international markets, and consider the functions, risks, and assets of the various entities involved in intercompany transactions. Furthermore, increases in tax rates, new or revised tax laws, and new interpretations of existing tax laws and policies by taxing authorities and courts in various jurisdictions, could result in an increase in our overall tax obligations which could adversely affect our business. Our intercompany relationships and intercompany transactions are subject to complex transfer pricing rules administered by taxing authorities in various jurisdictions in which we operate with potentially divergent tax laws. The amount of taxes we pay in different jurisdictions will depend on the application of the tax laws of the various jurisdictions, including the

美国）对我们公司间交易、国际业务活动、税率变化、新制定或修订的税法或对现行税法的解释（可能具有追溯效力）以及各司法管辖区税务机关和法院政策的适用情况，以及我们以与公司架构和公司间安排一致的方式经营业务的能力。

United States, to our intercompany transactions, international business activities, changes in tax rates, new or revised tax laws or interpretations of existing tax laws (which may have retroactive effect) and policies by taxing authorities and courts in various jurisdictions, and our ability to operate our business in a manner consistent with our corporate structure and intercompany arrangements.

不同国家的税务机关持有相互冲突的观点并不罕见，例如，在转让定价目的下如何适用独立交易标准的方式、公司间服务及其他公司间交易的转让定价与收费，或关于我们知识产权的估值以及我们的知识产权在集团内部的使用方式等方面。如果我们开展国际经营所在的任何司法管辖区的税务机关成功质疑我们的转让定价，我们可能被要求重新分配部分或全部收入以反映转让定价调整，这可能导致我们的纳税义务增加。在此情况下，如果收入被重新分配转出的国家不同意该重新分配，我们可能就同一收入在两个国家均需纳税，从而导致双重征税。此外，相关税务机关可能不同意我们关于归属于特定司法管辖区的收入和费用的认定。我们认为，我们的税务和财务会计立场是合理的，我们的税务准备金足以覆盖任何潜在负债。我们还认为，我们的假设、判断和估计是合理的，且我们针对该等公司间交易的转让定价符合独立交易条款。然而，相关税务机关可能不同意我们的税务立场，包括用于该等转让定价事项和公司间交易的任何假设、判断或估计。如果任何该等税务机关认定我们针对该等公司间交易的转让定价不符合独立交易标准，并成功质疑我们的立场，我们可能被要求支付额外的税款、利息和相关罚款，其金额可能超过为此设立的任何准备金，并可能导致更高的实际税率、减少的现金流以及我们经营整体盈利能力的下降。我们的财务报表可能未能反映足以覆盖该等或有事项的充足准备金。

It is not uncommon for tax authorities in different countries to have conflicting views, for instance, with respect to, among other things, the manner in which the arm’s length standard is applied for transfer pricing purposes, the transfer pricing and charges for intercompany services and other intercompany transactions, or with respect to the valuation of our intellectual property and the manner in which our intellectual property is utilized within our group. If taxing authorities in any of the jurisdictions in which we conduct our international operations were to successfully challenge our transfer pricing, we could be required to reallocate part or all of our income to reflect transfer pricing adjustments, which could result in an increased tax liability to us. In such circumstances, if the country from where the income was reallocated did not agree to the reallocation, we could become subject to tax on the same income in both countries, resulting in double taxation. Furthermore, the relevant taxing authorities may disagree with our determinations as to the income and expenses attributable to specific jurisdictions. We believe that our tax and financial accounting positions are reasonable and our tax reserves are adequate to cover any potential liability. We also believe that our assumptions, judgments, and estimates are reasonable and that our transfer pricing for these intercompany transactions are on arm’s-length terms. However, the relevant tax authorities may disagree with our tax positions, including any assumptions, judgments, or estimates used for these transfer pricing matters and intercompany transactions. If any of these tax authorities determine that our transfer pricing for these intercompany transactions do not meet arm’s-length criteria, and were successful in challenging our positions, we could be required to pay additional taxes, interest, and penalties related thereto, which could be in excess of any reserves established therefore, and which could result in higher effective tax rates, reduced cash flows, and lower overall profitability of our operations. Our financial statements could fail to reflect adequate reserves to cover such a contingency.

我们可能在不同司法管辖区接受审计，包括我们目前未进行申报的司法管辖区，且该等司法管辖区可能向我们征收新的或额外的税款、销售税和增值税。尽管我们认为我们的税务估计是合理的，但任何税务审计或诉讼的最终裁定可能与我们的历史税务计提和应计项目存在重大差异，这可能对作出裁定所在期间或各期间的经营业绩或现金流产生不利影响。

We may be audited in various jurisdictions, including in jurisdictions in which we are not currently filing, and such jurisdictions may assess new or additional taxes, sales taxes, and value added taxes against us. Although we believe our tax estimates are reasonable, the final determination of any tax audits or litigation could be materially different from our historical tax provisions and accruals, which could have an adverse effect on our operating results or cash flows in the period or periods for which a determination is made.

**如果我们与关键会计政策相关的估计或判断被证明不正确，或财务报告准则或解释发生变化，我们的经营业绩可能受到不利影响。**

**If our estimates or judgments relating to our critical accounting policies prove to be incorrect or financial reporting standards or interpretations change, our operating results could be adversely affected.**

按照 GAAP 编制财务报表要求管理层作出估计和假设，这些估计和假设会影响我们合并财务报表及附注中报告的金额。我们的估计基于历史经验以及我们认为在相关情况下合理的各项其他假设，详见“管理层对财务状况和经营成果的讨论与分析——关键会计估计”一节。这些估计的结果构成对资产、负债和权益的账面价值以及无法从其他来源直接获得的收入和费用金额作出判断的基础。编制合并财务报表时使用的重大假设和估计包括但不限于：收入确认中履约义务的识别、股权激励奖励的估值、衍生工具和认股权证的估值，以及租赁、财产和设备、所得税和可变利益实体的会计处理。如果我们的假设发生变化，或实际情况与我们的假设不同，我们的经营成果可能受到不利影响，这可能导致我们的经营成果低于行业或财务分析师及投资者的预期，从而导致我们的 A 类普通股市场价格下跌。

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances, as discussed in the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Estimates.” The results of these estimates form the basis for making judgments about the carrying values of assets, liabilities and equity, and the amount of revenue and expenses that are not readily apparent from other sources. Significant assumptions and estimates used in preparing our consolidated financial statements include but are not limited to those related to the identification of performance obligations in revenue recognition, the valuation of stock-based awards, the valuation of derivatives and warrants, and accounting for leases, property and equipment, income taxes and variable interest entities. Our operating results may be adversely affected if our assumptions change or if actual circumstances differ from those in our assumptions, which could cause our operating results to fall below the expectations of industry or financial analysts and investors, resulting in a potential decline in the market price of our Class A common stock.

此外，我们定期监控我们对适用财务报告准则的遵守情况，并审阅与我们相关的新公告及其草案。由于新准则、现有准则的变更及其解释的变化，我们可能被要求变更我们的会计政策、调整我们的运营政策，并实施新系统或增强现有系统，以使其反映新的或修订的财务报告准则，或者我们可能被要求重述我们已发布的财务报表。例如，SEC 关于气候相关披露的提案可能要求我们更新我们的会计或运营政策、流程或系统，以反映新的或修订的财务报告准则。此类对现有准则的变更或其解释的变化可能对我们的声誉、业务、财务状况和利润产生不利影响，或导致我们的收入和经营利润目标出现不利偏差，从而可能对我们的财务业绩产生不利影响。

Additionally, we regularly monitor our compliance with applicable financial reporting standards and review new pronouncements and drafts thereof that are relevant to us. As a result of new standards, changes to existing standards, and changes in their interpretation, we might be required to change our accounting policies, alter our operational policies, and implement new or enhance existing systems so that they reflect new or amended financial reporting standards, or we may be required to restate our published financial statements. For example, SEC proposals on climate-related disclosures may require us to update our accounting or operational policies, processes, or systems to reflect new or amended financial reporting standards. Such changes to existing standards or changes in their interpretation may have an adverse effect on our reputation, business, financial condition, and profit, or cause an adverse deviation from our revenue and operating profit target, which may adversely affect our financial results.

**我们面临汇率波动风险，这可能对我们的业务、经营成果、财务状况和未来前景产生负面影响。**

**We are exposed to fluctuations in currency exchange rates, which could negatively affect our business, operating results, financial condition, and future prospects.**

我们的销售合同主要以美元计价，因此我们的大部分收入不受外汇风险影响。然而，美元走强会增加我们平台对美国境外客户的实际成本，这可能导致客户推迟购买我们的平台并延长我们的销售周期。如果美元继续走强，这可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。此外，未来国际销售额的增加（包括通过持续的国际扩张实现的增加）可能导致以外国货币计价的销售，这将增加我们的外汇风险。

Our sales contracts are primarily denominated in U.S. dollars, and therefore a majority of our revenue is not subject to foreign currency risk. However, strengthening of the U.S. dollar increases the real cost of our platform to our customers outside of the United States, which could lead to delays in the purchase of our platform and the lengthening of our sales cycle. If the U.S. dollar continues to strengthen, this could adversely affect our business, operating results, financial condition, and future prospects. In addition, increased international sales in the future, including through continued international expansion, could result in foreign currency denominated sales, which would increase our foreign currency risk.

我们在美国境外发生并以外国货币计价的运营费用正在增加，并受外汇汇率变动的影响而波动。这些费用以外国货币计价，并受外汇汇率变动的影响而波动。我们目前并未对与货币波动相关的风险进行对冲，但未来可能会进行对冲或使用其他衍生工具。

Our operating expenses incurred outside the United States and denominated in foreign currencies are increasing and are subject to fluctuations due to changes in foreign currency exchange rates. These expenses are denominated in foreign currencies and are subject to fluctuations due to changes in foreign currency exchange rates. We do not currently hedge against the risks associated with currency fluctuations but may do so, or use other derivative instruments, in the future.

与我们的债务相关的风险 Risks Related to Our Indebtedness

**我们巨额债务可能对我们的财务状况、我们筹集额外资本以资助运营的能力、我们经营业务的能力、我们应对经济或行业变化的能力、我们履行未偿债务义务的能力产生重大不利影响，并可能使我们的经营现金流被用于偿债，且我们未来仍可能产生大幅更多债务。**

**Our substantial indebtedness could materially adversely affect our financial condition, our ability to raise additional capital to fund our operations, our ability to operate our business, our ability to react to changes in the economy or our industry, our ability to meet our obligations under our outstanding indebtedness and could divert our cash flow from operations for debt payments, and we may still incur substantially more indebtedness in the future.**

我们拥有大量债务，需要支付高额利息和本金。截至 2024 年 12 月 31 日，我们的债务总额为$8.0 billion，且根据我们的循环信贷融资和 DDTL 2.0 融资（定义见下文），我们合计有$4.4 billion 的未提取可用额度。2023 年 7 月，我们的直接全资子公司 CoreWeave Compute Acquisition Co. II, LLC 签订了一项延迟提取定期贷款融资（经修订，“DDTL 1.0 融资”），提供高达$2.3 billion 的延迟提取定期贷款。2024 年 5 月，我们的直接全资子公司 CoreWeave Compute Acquisition Co. IV, LLC 签订了一项延迟提取定期贷款融资（经修订，“DDTL 2.0 融资”），提供高达$7.6 billion 的延迟提取定期贷款。DDTL 1.0 融资和 DDTL 2.0 融资项下的所有义务均由我们无条件担保。2024 年 10 月，我们修订了循环信贷融资（经修订，“循环信贷融资”），提供$650 million 的循环信贷融资。2024 年 12 月，我们签订了一项信贷协议，提供$1.0 billion 的定期贷款融资（“2024 年定期贷款融资”）。2025 年 3 月，我们签订了一项信贷协议（“2025 年定期贷款信贷协议”），提供$300 million 的无担保定期贷款融资（“2025 年定期贷款融资”，与循环信贷融资、DDTL 1.0 融资、DDTL 2.0 融资和 2024 年定期贷款融资合称“信贷融资”）。2024 年 2 月至 12 月期间，我们与一家 OEM 签订了多项协议，并就某些设备获得了融资，截至 2024 年 12 月 31 日的总名义余额为$1.3 billion。除巨额债务外，我们根据租赁协议租赁了我们所有的数据中心和某些设备，其中部分作为经营租赁核算。截至 2024 年 12 月 31 日，我们记录了$2.6 billion 的经营租赁负债，代表我们在该等租赁安排下的租赁付款义务。在管辖我们信贷融资的信贷协议所载限制的约束下，我们可能不时产生大量额外债务，以为营运资金、资本支出、投资或收购或其他目的提供资金。如果我们这样做，与高负债水平相关的风险可能会增加。具体而言，我们的高负债水平可能产生重大后果，包括以下方面：

We have a substantial amount of debt, which requires significant interest and principal payments. As of December 31, 2024, our total indebtedness was $8.0 billion and we had an aggregate of $4.4 billion of undrawn availability under our Revolving Credit Facility and DDTL 2.0 Facility (each as defined below). In July 2023, CoreWeave Compute Acquisition Co. II, LLC, our direct, wholly owned subsidiary, entered into a delayed draw term loan facility (as amended, the “DDTL 1.0 Facility”) providing for up to $2.3 billion in delayed draw term loans. In May 2024, CoreWeave Compute Acquisition Co. IV, LLC, our direct, wholly owned subsidiary, entered into a delayed draw term loan facility (as amended, the “DDTL 2.0 Facility”) providing for up to $7.6 billion in delayed draw terms loans. All obligations under the DDTL 1.0 Facility and the DDTL 2.0 Facility are unconditionally guaranteed by us. In October 2024, we amended our revolving credit facility (as amended, the “Revolving Credit Facility”) to provide for a $650 million revolving credit facility. In December 2024, we entered into a credit agreement providing for a $1.0 billion term loan facility (the “2024 Term Loan Facility”). In March 2025, we entered into a credit agreement (the “2025 Term Loan Credit Agreement”) providing for a $300 million unsecured term loan facility (the “2025 Term Loan Facility,” and together with the Revolving Credit Facility, the DDTL 1.0 Facility, the DDTL 2.0 Facility, and the 2024 Term Loan Facility, the “Credit Facilities”). Between February and December 2024, we entered into various agreements with an OEM and obtained financing for certain equipment with an aggregate notional balance of $1.3 billion as of December 31, 2024. In addition to our substantial debt, we lease all of our data centers and certain equipment under lease agreements, some of which are accounted for as operating leases. As of December 31, 2024, we recorded operating lease liabilities of $2.6 billion, which represents our obligation to make lease payments under those lease arrangements. Subject to the limits contained in the credit agreements that govern our Credit Facilities, we may be able to incur substantial additional debt from time to time to finance working capital, capital expenditures, investments or acquisitions, or for other purposes. If we do so, the risks related to our high level of debt could increase. Specifically, our high level of debt could have important consequences, including the following:

- 我们可能难以履行我们的义务，包括未偿债务项下的偿债要求；

- it may be difficult for us to satisfy our obligations, including debt service requirements under our outstanding debt;

- 我们为营运资金、资本支出、偿债要求、收购或其他一般公司用途获取额外融资的能力可能受到损害；

- our ability to obtain additional financing for working capital, capital expenditures, debt service requirements, acquisitions, or other general corporate purposes may be impaired;

- 经营活动现金流的很大一部分须用于支付我们债务的本金和利息，因此减少了我们利用现金流为运营、资本支出、未来商业机会及其他用途提供资金的能力；

- a substantial portion of cash flow from operations are required to be dedicated to the payment of principal and interest on our indebtedness, therefore reducing our ability to use our cash flow to fund our operations, capital expenditures, future business opportunities, and other purposes;

- 我们可能更容易受到经济下行和不利行业状况的影响，我们规划或应对业务或行业变化的灵活性更为有限；

- we could be more vulnerable to economic downturns and adverse industry conditions and our flexibility to plan for, or react to, changes in our business or industry is more limited;

- 与竞争对手相比，由于我们的高负债水平以及管辖我们信贷融资的信贷协议中的限制性契约，我们把握商业机会和应对竞争压力的能力可能受到削弱；

- our ability to capitalize on business opportunities and to react to competitive pressures, as compared to our competitors, may be compromised due to our high level of debt and the restrictive covenants in the credit agreements that govern our Credit Facilities;

- 我们借入额外资金或对债务进行再融资的能力可能受到限制；以及

- our ability to borrow additional funds or to refinance debt may be limited; and

- 这可能使潜在或现有客户因担心我们履行此类合同项下财务义务的能力而不与我们签约。

- it may cause potential or existing customers to not contract with us due to concerns over our ability to meet our financial obligations under such contracts.

我们按计划偿债及对债务进行再融资的能力取决于并受制于我们的财务和经营业绩，而后者又受到一般及区域性经济、金融、竞争、业务及其他因素的影响，所有这些因素均超出我们的控制范围，包括国际银行和资本市场融资的可获得性。我们无法确保我们的业务将从经营中产生足够的现金流，也无法确保未来借款的金额足以使我们能够偿还债务、对债务进行再融资或满足我们的其他流动性需求。截至 2024 年 12 月 31 日止年度，我们用于偿债需求的现金流合计为 $941 million，其中包括本金偿付 $588 million 和利息支付 $353 million，其中 $169 million 与资本化利息相关。截至 2024 年 12 月 31 日止年度，我们经营活动提供的净现金为 $2.7 billion，其中包括扣除资本化金额后的已付利息 $184 million。因此，在计入扣除资本化金额后的利息支付之前，我们经营活动产生的现金流为 $2.9 billion。截至 2024 年 12 月 31 日止年度，在计入扣除资本化金额后的利息支付之前，我们经营活动提供的净现金中约 32% 用于偿债（包括本金和利息）。如果我们的现金流和资本资源不足以满足我们的偿债义务，我们可能面临重大流动性问题，并可能被迫减少或推迟投资和资本支出，或处置重大资产或业务，寻求额外债务或股权资本，或对我们的债务进行重组或再融资。此外，对我们债务的任何再融资或重组可能利率更高，可能导致我们产生债务清偿成本，并可能要求我们遵守更严苛的契约，从而进一步限制我们的业务运营。此外，在发生违约的情况下，我们债务的持有人可能选择宣布该等债务到期应付，和/或选择行使其他权利，例如我们循环信贷融资项下的贷款人终止其在该项下的承诺并停止发放进一步贷款，或我们 DDTL 1.0 融资和 DDTL 2.0 融资项下的贷款人对其抵押品启动止赎程序，任何此类情况均可能对我们的业务、经营业绩、财务状况和未来前景产生重大不利影响。

Our ability to make scheduled payments on and to refinance our indebtedness depends on and is subject to our financial and operating performance, which in turn is affected by general and regional economic, financial, competitive, business and other factors, all of which are beyond our control, including the availability of financing in the international banking and capital markets. We cannot ensure that our business will generate sufficient cash flow from operations or that future borrowings will be available to us in an amount sufficient to enable us to service our debt, to refinance our debt or to fund our other liquidity needs. For the year ended December 31, 2024, our cash flows dedicated for debt service requirements totaled $941 million, which includes principal payments of $588 million and interest payments of $353 million, inclusive of $169 million related to capitalized interest. For the year ended December 31, 2024, our net cash provided by operating activities was $2.7 billion, which includes interest paid, net of capitalized amounts, of $184 million. As such, our cash flows from operating activities, before giving effect to the payment of interest, net of capitalized amounts, was $2.9 billion. For the year ended December 31, 2024, approximately 32% of our net cash provided by operating activities, before giving effect to the payment of interest, net of capitalized amounts, was dedicated to debt service, both principal and interest. If our cash flows and capital resources are insufficient to fund our debt service obligations, we could face substantial liquidity problems and could be forced to reduce or delay investments and capital expenditures or to dispose of material assets or operations, seek additional debt or equity capital or restructure or refinance our indebtedness. Further, any refinancing or restructuring of our indebtedness could be at higher interest rates, may cause us to incur debt extinguishment costs, and may require us to comply with more onerous covenants that could further restrict our business operations. Moreover, in the event of a default, the holders of our indebtedness could elect to declare such indebtedness be due and payable and/or elect to exercise other rights, such as the lenders under our Revolving Credit Facility terminating their commitments thereunder and ceasing to make further loans or the lenders under our DDTL 1.0 Facility and DDTL 2.0 Facility instituting foreclosure proceedings against their collateral, any of which could materially adversely affect our business, operating results, financial condition, and future prospects.

此外，通过债务融资历来是我们额外资本的重要来源，我们打算在未来继续将债务作为融资来源。因此，我们及我们的子公司能够产生额外债务，并且未来可能产生大量额外债务，但须遵守我们债务工具中所含的限制，其中部分可能为有担保债务。我们现有的债务协议限制了我们产生额外债务（包括有担保债务）的能力，但如果这些限制被豁免，或相关融资安排到期或获偿还，我们可能不再受任何后续债务条款中此类限制的约束。

Further, financing through debt has historically been an important source of additional capital for us, and we intend to continue to use debt as a source of financing in the future. As such, we and our subsidiaries are able to incur additional debt and may be able to incur substantial additional debt in the future, subject to the restrictions contained in our debt instruments, some of which may be secured debt. Our existing debt agreements restrict our ability to incur additional indebtedness, including secured indebtedness, but if those restrictions are waived, or the facilities mature or are repaid, we may not be subject to such restrictions under the terms of any subsequent indebtedness.

此外，我们信贷安排项下的所有债务均按浮动利率计息。如果我们浮动利率债务相关的利率（例如有担保隔夜融资利率（“SOFR”））上升，即使借款金额保持不变，我们信贷安排项下的偿债义务仍将增加，而我们的净利润和现金流量（包括可用于偿债的现金）将相应减少。此外，此类利率上升可能对我们未来获得融资的能力产生不利影响，或大幅增加任何额外融资的成本。

Furthermore, all of the debt under our Credit Facilities bears interest at variable rates. If interest rates associated with our floating rate debt (e.g., the Secured Oversight Financing Rate (“SOFR”)) increase, our debt service obligations on our Credit Facilities would increase even though the amount borrowed remained the same, and our net income and cash flows, including cash available for servicing our indebtedness, would correspondingly decrease. In addition, an increase in such interest rates could adversely affect our future ability to obtain financing or materially increase the cost of any additional financing.

此外，我们已向多家第三方数据中心提供商开立信用证，作为签订这些设施租赁协议的一项要求。该等信用证以现金作抵押，相关资金在我们的合并资产负债表上列为受限现金，我们使用该等资金用于业务运营的能力受到限制。

In addition, we have issued letters of credit in favor of several of our third-party data center providers as a requirement to enter into leases for these facilities. These letters of credit are cash collateralized, these funds are reflected as restricted cash on our consolidated balance sheet, and we are limited in our ability to use these funds for our business operations.

**我们的部分债务协议对我们及我们的子公司施加了重大经营和财务限制，这可能使我们无法把握商业机会。**

**Certain of our debt agreements impose significant operating and financial restrictions on us and our subsidiaries, which may prevent us from capitalizing on business opportunities.**

管辖我们信贷安排的信贷协议及相关母公司担保对我们施加了重大经营和财务限制。这些限制将限制我们和/或我们的子公司从事（其中包括）以下事项的能力：

The credit agreements that govern our Credit Facilities, as well as the related parent guarantees, impose significant operating and financial restrictions on us. These restrictions will limit our ability and/or the ability of our subsidiaries to, among other things:

- 产生或担保额外债务，或发行不合格股票或优先股；

- incur or guarantee additional debt or issue disqualified stock or preferred stock;

- 就股本支付股息和进行其他分配，或赎回或回购股本；

- pay dividends and make other distributions on, or redeem or repurchase, capital stock;

- 进行某些投资或收购；

- make certain investments or acquisitions;

- 产生某些留置权；

- incur certain liens;

- 与关联方进行交易；

- enter into transactions with affiliates;

- 合并或整合；

- merge or consolidate;

- 订立限制受限子公司向贷款人支付股息或其他款项能力的协议；

- enter into agreements that restrict the ability of restricted subsidiaries to make dividends or other payments to the lenders;

- 预付、赎回或回购任何次级债务，或以对贷款人产生重大不利影响的方式对某些次级债务进行修订；

- prepay, redeem or repurchase any subordinated indebtedness or enter into amendments to certain subordinated indebtedness in a manner materially adverse to the lenders;

- 将受限子公司指定为不受限子公司；以及

- designate restricted subsidiaries as unrestricted subsidiaries; and

- 转让或出售资产。

- transfer or sell assets.

此外，我们须维持规定的财务契约比率，并满足管辖我们信贷融资的信贷协议项下的其他财务条件测试。由于上述限制，我们的业务经营方式受到约束，我们可能无法筹集额外债务或股权融资以有效竞争或把握新的商业机会。我们未来可能产生的任何债务的条款可能包含类似或更具限制性的契约。我们无法保证未来能够持续遵守该等契约，也无法保证在未能遵守时能够获得贷款人的豁免和/或修订契约。我们若未能遵守上述限制性契约或财务契约以及任何未来债务的条款，可能导致违约事件，若该等违约事件未获补救或豁免，可能导致我们被要求在借款到期前偿还该等借款。如果我们被迫以更不利的条款对这些借款进行再融资，或无法对这些借款进行再融资，我们的业务、经营业绩、财务状况和未来前景可能受到重大不利影响。

In addition, we are required to maintain specified financial covenant ratios and satisfy other financial condition tests under the credit agreements governing our Credit Facilities. As a result of these restrictions, we are limited as to how we conduct our business, and we may be unable to raise additional debt or equity financing to compete effectively or to take advantage of new business opportunities. The terms of any future indebtedness we may incur could include similar or more restrictive covenants. We cannot ensure that we will be able to maintain compliance with these covenants in the future and, if we fail to do so, that we will be able to obtain waivers from the lenders and/or amend the covenants. Our failure to comply with the restrictive or financial covenants described above as well as the terms of any future indebtedness could result in an event of default, which, if not cured or waived, could result in us being required to repay these borrowings before their due date. If we are forced to refinance these borrowings on less favorable terms or are unable to refinance these borrowings, our business, operating results, financial condition, and future prospects could be materially adversely affected.

与我们的 A 类普通股所有权及本次发行相关的风险 Risks Related to Ownership of Our Class A Common Stock and this Offering

**我们 A 类普通股的市场价格可能波动，您可能损失全部或部分投资。**

**The market price of our Class A common stock may be volatile, and you could lose all or part of your investment.**

我们无法预测我们 A 类普通股的交易价格。我们 A 类普通股的首次公开发行价格由我们与承销商协商确定，可能与我们 A 类普通股在本次发行后的交易市场价格或与我们业务及前景价值的任何其他既定标准无关，且本次发行后我们 A 类普通股的市场价格可能大幅波动，并可能低于首次公开发行价格。本次发行后我们 A 类普通股的市场价格将取决于多项因素，包括本“风险因素”章节所述的因素，其中许多因素超出我们的控制范围，且可能与我们的经营业绩无关。此外，本次发行后我们 A 类普通股的公众流通量有限，往往会增加我们 A 类普通股交易价格的波动性。这些波动可能导致您损失在我们 A 类普通股中的全部或部分投资，因为您可能无法以等于或高于您在本次发行中支付的价格出售您的股份。可能导致我们 A 类普通股市场价格波动的因素包括但不限于以下各项：

We cannot predict the prices at which our Class A common stock will trade. The initial public offering price of our Class A common stock was determined by negotiations between us and the underwriters and may not bear any relationship to the market price at which our Class A common stock will trade after this offering or to any other established criteria of the value of our business and prospects and the market price of our Class A common stock following this offering may fluctuate substantially and may be lower than the initial public offering price. The market price of our Class A common stock following this offering will depend on a number of factors, including those described in this “Risk Factors” section, many of which are beyond our control and may not be related to our operating performance. In addition, the limited public float of our Class A common stock following this offering will tend to increase the volatility of the trading price of our Class A common stock. These fluctuations could cause you to lose all or part of your investment in our Class A common stock, since you might not be able to sell your shares at or above the price you paid in this offering. Factors that could cause fluctuations in the market price of our Class A common stock include, but are not limited to, the following:

- 我们经营业绩的实际或预期变化或波动；

- actual or anticipated changes or fluctuations in our operating results;

- 我们产生任何额外债务，或影响我们现有债务的利率的任何波动；

- our incurrence of any additional indebtedness or any fluctuations in interest rates impacting our existing indebtedness;

- 我们 C 系列可转换优先股持有人行使认沽权；

- the exercise by holders of our Series C convertible preferred stock of the Put Right;

- 我们及时编制准确财务报表的能力；

- our ability to produce timely and accurate financial statements;

- 我们可能向公众提供的财务预测、该等预测的任何变化，或我们未能实现该等预测；

- the financial projections we may provide to the public, any changes in these projections, or our failure to meet these projections;

- 我们或我们的竞争对手宣布的新发行或新的或终止的重大合同、商业关系、收购或资本承诺；

- announcements by us or our competitors of new offerings or new or terminated significant contracts, commercial relationships, acquisitions, or capital commitments;

- 行业或金融分析师或投资者对我们的新闻稿、其他公开公告及向 SEC 提交的文件的反应；

- industry or financial analyst or investor reaction to our press releases, other public announcements and filings with the SEC;

- 涉及我们或我们行业内其他公司的传言和市场猜测；

- rumors and market speculation involving us or other companies in our industry;

- 整体股票市场不时出现的价格和成交量波动；

- price and volume fluctuations in the overall stock market from time to time;

- 股票市场或科技公司的整体表现；

- the overall performance of the stock market or technology companies;

- 市场禁售期或合同锁定期到期，以及我们或我们的股东出售我们的 A 类普通股；

- the expiration of market standoff or contractual lock-up agreements and sales of shares of our Class A common stock by us or our stockholders;

- 行业或金融分析师未能维持对我们的覆盖，跟踪我们公司的任何分析师对财务估计的变动，或我们未能达到这些估计或投资者的预期；

- failure of industry or financial analysts to maintain coverage of us, changes in financial estimates by any analysts who follow our company, or our failure to meet these estimates or the expectations of investors;

- 我们的业务或我们竞争对手的业务或整体竞争格局的实际或预期发展；

- actual or anticipated developments in our business or our competitors’ businesses or the competitive landscape generally;

- 涉及我们、我们行业或两者兼有的诉讼或其他程序，或监管机构对我们或我们竞争对手运营的调查；

- litigation or other proceedings involving us, our industry or both, or investigations by regulators into our operations or those of our competitors;

- 有关我们的知识产权或我们的解决方案，或第三方专有权利的发展或争议；

- developments or disputes concerning our intellectual property rights or our solutions, or third-party proprietary rights;

- 适用于我们业务的新法律或法规，或对现有法律或法规的新解释；

- new laws or regulations or new interpretations of existing laws or regulations applicable to our business;

- 我们的管理层或董事会的任何重大变动；

- any major changes in our management or our board of directors;

- 全球政治、经济和宏观经济环境，包括但不限于银行业实际或感知的不稳定、联邦债务上限和预算的潜在不确定性及与之相关的潜在政府停摆、劳动力短缺、供应链中断、潜在衰退、通货膨胀和利率上升；

- the global political, economic, and macroeconomic climate, including but not limited to, actual or perceived instability in the banking industry, potential uncertainty with respect to the federal debt ceiling and budget and potential government shutdowns related thereto, labor shortages, supply chain disruptions, potential recession, inflation, and rising interest rates;

- 其他事件或因素，包括战争、武装冲突（包括中东和乌克兰冲突以及中国与台湾之间的紧张局势）、恐怖主义事件或对这些事件的反应所导致的事件或因素；以及

- other events or factors, including those resulting from war, armed conflict, including the conflicts in the Middle East and Ukraine and tensions between China and Taiwan, incidents of terrorism, or responses to these events; and

- 网络安全事件。

- cybersecurity incidents.

此外，整体股票市场，尤其是科技公司的市场，经历了极端的价格和成交量波动，这些波动往往与这些公司的经营业绩无关或不成比例，尤其是在当前全球宏观经济和地缘政治不确定的时期。这些经济、政治、监管和市场状况已经并可能继续对我们的 A 类普通股的市场价格产生负面影响，无论我们的实际经营业绩如何。此外，过去在整体市场和特定公司证券的市场价格出现波动之后，证券集体诉讼经常针对该公司提起。如果针对我们提起证券诉讼，可能会导致巨额成本，并分散我们管理层对业务的注意力和资源。这可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

In addition, the stock market in general, and the market for technology companies in particular, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies, particularly during the current period of global macroeconomic and geopolitical uncertainty. These economic, political, regulatory, and market conditions have and may continue to negatively impact the market price of our Class A common stock, regardless of our actual operating performance. In addition, in the past, following periods of volatility in the overall market and the market prices of a particular company’s securities, securities class action litigation has often been instituted against that company. Securities litigation, if instituted against us, could result in substantial costs and divert our management’s attention and resources from our business. This could have an adverse effect on our business, operating results, financial condition, and future prospects.

**我们的 A 类普通股目前不存在公开市场，且本次发行后可能不会形成或维持活跃的公开交易市场。**

**No public market for our Class A common stock currently exists, and an active public trading market may not develop or be sustained following this offering.**

在本次发行之前，我们的 A 类普通股不存在公开市场或活跃的私募市场，本次发行完成后可能不会形成活跃的交易市场，即使形成，也可能无法持续。缺乏活跃市场可能损害您在希望出售时或以您认为合理的价格出售股份的能力。缺乏活跃市场还可能降低我们 A 类普通股的市场价格。不活跃的市场还可能损害我们通过出售股份筹集资金的能力，并可能损害我们以股份作为对价收购其他公司或技术的能力。

Prior to this offering, there has been no public market or active private market for our Class A common stock, and an active trading market may not develop following the completion of this offering or, if developed, may not be sustained. The lack of an active market may impair your ability to sell your shares at the time you wish to sell them or at a price that you consider reasonable. The lack of an active market may also reduce the market price of your shares of Class A common stock. An inactive market may also impair our ability to raise capital by selling shares and may impair our ability to acquire other companies or technologies by using our shares as consideration.

**在公开市场上大量出售我们的 A 类普通股，或市场预期此类出售可能发生，可能导致我们 A 类普通股的市场价格下跌。**

**Sales of substantial amounts of our Class A common stock in the public markets, or the perception that they might occur, could cause the market price of our Class A common stock to decline.**

大量 A 类普通股在公开市场出售，特别是由我们的董事、高级管理人员和主要股东出售，或市场预期此类出售可能发生，可能导致我们 A 类普通股的市场价格下跌。

Sales of a substantial number of shares of our Class A common stock into the public market, particularly sales by our directors, executive officers, and principal stockholders, or the perception that these sales might occur, could cause the market price of our Class A common stock to decline.

本次发行中出售的所有 A 类普通股股份均可自由交易，无需根据《证券法》进行限制或进一步注册，但我们的关联方（定义见《证券法》第 144 条）持有的任何股份只能依据第 144 条及下述任何适用的锁定期协议进行出售。

All of the shares of Class A common stock sold in this offering will be freely tradable without restrictions or further registration under the Securities Act, except that any shares held by our affiliates, as defined in Rule 144 under the Securities Act, would only be able to be sold in compliance with Rule 144 and any applicable lock-up agreements described below.

与本次发行相关，我们的所有董事和高级管理人员、出售股东以及合计代表我们约 83.7%的已发行 A 类普通股及可直接或间接转换为、或可交换或可行使为我们 A 类普通股的证券的某些其他持有人，均与承销商签订了锁定期协议，据此，除某些例外情况外，未经 Morgan Stanley & Co. LLC（“Morgan Stanley”）代表承销商及 Magnetar 事先书面同意，他们同意按照该等协议的条款，在截至以下两者中较早者的期间内（该期间称为“锁定期”）：(i) 在我们公开宣布本招股说明书中包含财务报表所涵盖的最近期间之后第二个季度财报后的第二个交易日交易结束时，及 (ii) 本招股说明书日期后 180 天，不会：

In connection with this offering, all of our directors and executive officers, the selling stockholders, and certain other holders that together represent approximately 83.7% of our outstanding Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock are subject to lock-up agreements with the underwriters pursuant to which they have agreed, subject to certain exceptions, that without the prior written consent of Morgan Stanley & Co. LLC (“Morgan Stanley”), on behalf of the underwriters, and Magnetar, they will not, in accordance with the terms of such agreements during the period ending on the earlier of (i) the close of trading on the second trading day after the date that we publicly announce earnings for the second quarter following the most recent period for which financial statements are included in this prospectus and (ii) 180 days after the date of this prospectus (such period, the “Lock-up Period”):

(1) · 要约、质押、出售、签订出售合同、出售任何期权或购买合同、购买任何期权或出售合同、授予任何期权、权利或认股权证以购买、出借或以其他方式直接或间接转让或处置我们的任何普通股股份及可直接或间接转换为、或可交换或可行使为我们普通股的证券；

(1) · offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of our common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our common stock;

(2) · 订立任何互换、对冲交易或其他安排，将我们普通股所有权的任何经济后果全部或部分转移给他人，无论上述任何此类交易是以交付我们的普通股或该等其他证券、以现金或其他方式结算；

(2) · enter into any swap, hedging transaction, or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our common stock, whether any such transaction described above is to be settled by delivery of our common stock or such other securities, in cash or otherwise;

(3) · 公开披露采取上述第(1)或第(2)项所限制的任何行动的意图；或

(3) · publicly disclose the intention to take any of the actions restricted by clause (1) or (2) above; or

(4) · 就我们任何普通股或任何可转换为我们普通股或可行使或可交换为我们普通股的证券的登记提出任何要求，或行使任何相关权利。

(4) · make any demand for, or exercise any right with respect to, the registration of any shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock.

此外，我们已发行 A 类普通股中另有约 14.7%的股份，以及可直接或间接转换、交换或行使为我们 A 类普通股的证券，受市场禁售条款约束。根据该等条款，相关持有人同意，在锁定期内，不直接或间接出借、要约、出售、订立出售合同、出售任何购买期权或合同、购买任何出售期权或合同、授予任何购买期权、权利或认股权证，或以其他方式转让或处置其在包含本招股说明书的注册声明生效前立即持有的任何 A 类普通股股份或任何可转换、可行使或可交换为我们 A 类普通股的证券，也不订立任何互换或其他安排，将此类 A 类普通股所有权的任何经济后果全部或部分转移给他人。这些市场禁售条款的形式和具体限制性规定因证券持有人而异。例如，尽管其中部分市场禁售协议并未明确限制对冲交易，且其他协议在我们与证券持有人之间就可能是否限制对冲存在不同解释，但我们的内幕交易政策禁止我们所有现任董事、高级管理人员、员工、承包商和顾问进行对冲。涉及我们股权证券的出售、卖空或对冲交易，无论发生在本次发行之前还是之后，也无论我们是否认为其被禁止，均可能对我们 A 类普通股的价格产生不利影响。

Furthermore, an additional approximately 14.7% of our outstanding Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock are subject to market standoff provisions, pursuant to which such holders agreed to not lend, offer, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of our Class A common stock or any securities convertible into or exercisable or exchangeable for our Class A common stock held immediately prior to the effectiveness of the registration statement of which this prospectus forms a part, or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such Class A common stock during the Lock-up Period. The forms and specific restrictive provisions within these market standoff provisions vary among security holders. For example, although some of these market standoff agreements do not specifically restrict hedging transactions and others may be subject to different interpretations between us and security holders as to whether they restrict hedging, our insider trading policy prohibits hedging by all of our current directors, officers, employees, contractors, and consultants. Sales, short sales, or hedging transactions involving our equity securities, whether before or after this offering and whether or not we believe them to be prohibited, could adversely affect the price of our Class A common stock.

基于上述情况，在我们已发行的 A 类普通股以及可直接或间接转换为 A 类普通股、或可交换为 A 类普通股、或可行使以认购 A 类普通股的证券中，绝大部分在锁定期内均受锁定期协议或市场禁售条款的约束。我们已同意代表承销商执行所有该等市场禁售限制，并且在锁定期内，未经 Morgan Stanley 代表承销商以及 Magnetar Financial LLC（“Magnetar”）事先书面同意，不会修改或豁免任何该等市场禁售条款；但前提是，对于根据本招股说明书所述由我们的董事和高级管理人员、出售股东以及某些其他证券登记持有人与承销商签订的锁定期协议格式本应有权解除限制的股份，我们可以解除该等限制。

As a result of the foregoing, substantially all of our outstanding Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock are subject to a lock-up agreement or market standoff provisions during the Lock-up Period. We have agreed to enforce all such market standoff restrictions on behalf of the underwriters and not to amend or waive any such market standoff provisions during the Lock-up Period without the prior written consent of Morgan Stanley, on behalf of the underwriters, and Magnetar Financial LLC (“Magnetar”), provided that we may release shares from such restrictions to the extent such shares would be entitled to release under the form of lock-up agreement with the underwriters entered into by our directors and executive officers, the selling stockholders, and certain other record holders of our securities as described herein.

我们某些不受市场禁售限制或锁定期协议约束的证券持有人，可能就该等 A 类普通股股份进行交易，从而对我们的股价产生负面影响。此外，既不受与我们签订的市场禁售限制约束、也不受与承销商签订的锁定期协议约束的证券持有人，可能能够在任何时候出售、卖空、转让、质押或以其他方式处置或试图出售、卖空、转让、对冲、质押或以其他方式处置其股权权益，但须遵守我们的内幕交易政策（如适用）以及适用的证券法。

Certain of our security holders that are not bound by market standoff restrictions or lock-up agreements could enter into transactions with respect to those shares of our Class A common stock that negatively impact our stock price. In addition, a security holder who is neither subject to market standoff restrictions with us nor a lock-up agreement with the underwriters may be able to sell, short sell, transfer, pledge, or otherwise dispose of or attempt to sell, short sell, transfer, hedge, pledge, or otherwise dispose of their equity interests at any time, subject to our insider trading policy, as applicable, and applicable securities laws.

此外，根据锁定期协议和市场禁售协议的某些例外情形，最多约 727,342 股 A 类普通股将在锁定期内有资格在公开市场通过卖出补足（sell-to-cover）交易出售，以满足代扣代缴税款义务。

In addition, pursuant to certain exceptions to the lock-up agreements and market standoff agreements, up to approximately 727,342 shares of our Class A common stock will be eligible for sale in the open market during the Lock-up Period in sell-to-cover transactions in order to satisfy tax withholding obligations.

此外，如“未来可出售股份”和“承销（利益冲突）”章节中进一步描述并受其中所载条件约束，在我们公开公布本招股说明书所载财务报表所涵盖最近期间之后第一个季度业绩（“首次发行后业绩公布日”）之日后的第二个交易日交易结束时，如果我们 A 类普通股在 Nasdaq 的每股收盘价在连续十个交易日期间（其中至少有一天发生在首次发行后业绩公布日之后）中的任意五个交易日均至少比本招股说明书封面所载我们 A 类普通股的首次公开发行价格高出 25%，则我们现任员工和服务提供商（不包括我们的联合创始人和董事）持有的最多约 1,004,372 股 A 类普通股将立即可在公开市场出售。

Furthermore, as further described and subject to the conditions set forth in the sections titled “Shares Eligible for Future Sale” and “Underwriting (Conflicts of Interest),” at the close of trading of the second trading day after the date that we publicly announce earnings for the first quarter following the most recent period for which financial statements are included in this prospectus (the “Initial Post-Offering Earnings Release Date”), if the closing price per share of our Class A common stock on Nasdaq for any five trading days out of the ten consecutive trading day period including at least one day occurring after the Initial Post-Offering Earnings Release Date is at least 25% greater than the initial public offering price of our Class A common stock set forth on the cover of this prospectus, up to approximately 1,004,372 shares of Class A common stock held by our current employees and service providers (excluding our Co-Founders and directors) will be immediately available for sale in the public market.

锁定期届满后，我们及受锁定期协议或市场禁售协议约束的证券持有人将能够在公开市场出售我们的股份。此外，Morgan Stanley 可在锁定期届满前，经 Magnetar 事先书面同意，解除全部或部分受锁定期协议约束的股份。更多信息请参见“未来可出售股份”一节。锁定期及市场禁售协议届满后大量出售此类股份，或市场认为可能发生此类出售，或提前解除该等协议，均可能导致我们的市场价格下跌，或使您更难在您认为合适的时间和价格出售您的 A 类普通股。

When the Lock-up Period expires, we and our securityholders subject to a lock-up agreement or market stand-off agreement will be able to sell our shares in the public market. In addition, Morgan Stanley may release all or some portion of the shares subject to lock-up agreements prior to the expiration of the Lock-up Period, subject to the prior written consent of Magnetar. See the section titled “Shares Eligible for Future Sale” for more information. Sales of a substantial number of such shares upon expiration of the lock-up and market stand-off agreements, or the perception that such sales may occur, or early release of these agreements, could cause our market price to fall or make it more difficult for you to sell your Class A common stock at a time and price that you deem appropriate.

除与承销商订立的锁定期协议外，Mike Intrator、Brian Venturo、Brannin McBee 和 Peter Salanki（各称“管理层持有人”）均已与 Magnetar 订立锁定期协议（“创始人锁定期协议”），该协议规定，各管理层持有人及其获准关联方（定义见我们现行有效的经修订及重述的公司章程）在自本招股说明书构成其一部分的注册声明生效之日起至该生效日十二个月周年日止的期间内，不得 (i) 出借、要约、质押、出售、订立出售合同、出售任何购买期权或合同、购买任何出售期权或合同、授予任何购买期权、权利或认股权证，或以其他方式直接或间接转让或处置各管理层持有人及该管理层持有人所有获准关联方在该注册声明生效日持有的任何我们的普通股股份或任何可转换为、可行使或可交换（直接或间接）为我们的普通股的证券，或 (ii) 订立任何互换或其他安排，将此类证券所有权的任何经济后果全部或部分转移给他人，无论上述 (i) 或 (ii) 中描述的任何此类交易是以交付我们的证券、现金或其他方式结算。

In addition to the lock-up agreement with the underwriters, all of Mike Intrator, Brian Venturo, Brannin McBee and Peter Salanki (each a “Management Holder”) have entered into a lock-up agreement with Magnetar (a “Founder Lock-up Agreement”), which provides that each Management Holder and their permitted affiliates (as defined in our amended and restated certificate of incorporation, as is currently in effect) will not (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of our common stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for our common stock held by each Management Holder and all permitted affiliates of such Management Holder on the effective date of the registration statement of which this prospectus forms a part or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described above in (i) or (ii) is to be settled by delivery of our securities, in cash, or otherwise, during the period commencing on the effective date of the registration statement of which this prospectus forms a part and ending on the twelve-month anniversary thereto.

创始人锁定期协议受若干例外情形约束，包括：(a) 依据承销协议向承销商出售股份；(b) 为管理持有人或管理持有人直系亲属的直接或间接利益，向任何获准关联方转让任何股份，但任何该等转让不得涉及有偿处置；或 (c) 在本招股说明书构成其一部分的注册声明生效日，该管理持有人及该管理持有人全部获准关联方合计持有的证券中最多 2.5% 可予出售，前提是：在与本次发行中承销商订立的锁定期协议届满后，我们 A 类普通股在 Nasdaq 的每股收盘价所隐含的我们的市值，在与本次发行中承销商订立的锁定期协议届满后发生的任何连续十个交易日的期间内，至少有五个交易日达到 $150 billion 或以上。

The Founder Lock-Up Agreement is subject to certain exceptions, including (a) the sale of shares to the underwriters pursuant to the underwriting agreement, (b) the transfer of any shares to any permitted affiliates for the direct or indirect benefit of the Management Holder or the immediate family of the Management Holder, provided that any such transfer shall not involve a disposition for value, or (c) the sales of up to 2.5% of the securities held by such Management Holder and all of such Management Holder’s permitted affiliates, in the aggregate, on the effective date of the registration statement of which this prospectus forms a part, if, following the expiration of the lock-up agreement entered into with the underwriters in this offering, the closing price per share of our Class A common stock on Nasdaq imputes a market capitalization to us of $150 billion or greater for at least five trading days in any ten-day consecutive trading day period occurring after the expiration of the lock-up agreement entered into with the underwriters in this offering.

尽管有上述规定，如果某管理持有人已与承销商订立锁定期协议、未作为出售股东参与本次发行且未就本次发行进行同步私募出售，则创始人锁定期协议对该管理持有人不再具有任何效力。

Notwithstanding the above, the Founder Lock-up Agreement shall be of no further force and effect with respect to a Management Holder in the event that such Management Holder has entered into a lock-up agreement with the underwriters, does not participate as a selling stockholder in this offering and does not engage in a concurrent private sale in connection with this offering.

此外，我们可能不时与本次发行中的部分投资者订立单独的锁定期协议。该等单独的锁定期协议可能规定的受限期限长于上述适用于管理持有人以外现有股东的期限。如果就本次发行中出售的某些股份存在单独的锁定期协议，则在这些锁定期协议的期限内，我们可在公开市场出售的股份将会减少。

In addition, we may, from time to time, enter into separate lock-up agreements with some of the investors in this offering. These separate lock-up agreements may provide for a restricted period that is longer than the period described above that is applicable to existing stockholders other than the Management Holders. If there is a separate lock-up agreement on certain shares sold in this offering, our shares available for sale in the public market will be reduced during the term of these lock-up agreements.

此外，截至 2024 年 12 月 31 日，我们有可购买 47,218,580 股 A 类普通股的未行使期权以及 15,454,720 份未行使 RSU，若该等期权全部行使或该等 RSU 全部归属并结算（视情况而定），将分别导致发行 47,218,580 股 A 类普通股和 15,454,720 股 A 类普通股，其中一部分预计将行使或结算为 A 类普通股，并由某些出售股东就本次发行予以出售；此外，我们还有可行使以购买 12,144,668 股 A 类普通股的未行使认股权证。因股票期权、认股权证或 RSU 行使或结算而可发行的全部 A 类普通股，以及根据我们的股权激励计划预留供未来发行的股份，将根据《证券法》登记以供公开转售。因此，在符合现有锁定期协议或市场禁售协议以及适用归属要求的前提下，这些股份在发行后即可在公开市场自由出售。

In addition, as of December 31, 2024, we had options to purchase 47,218,580 shares of our Class A common stock outstanding and 15,454,720 RSUs outstanding that, if fully exercised or vested and settled, as applicable, would result in the issuance of 47,218,580 shares of Class A common stock and 15,454,720 shares of Class A common stock, respectively, a portion of which are expected to be exercised or settled for shares of Class A common stock that will be sold by certain selling stockholders in connection with this offering, and we also had outstanding warrants exercisable for the purchase of 12,144,668 shares of Class A common stock. All of the shares of Class A common stock issuable upon the exercise or settlement of stock options, warrants, or RSUs, and the shares reserved for future issuance under our equity incentive plans, will be registered for public resale under the Securities Act. Accordingly, these shares will be able to be freely sold in the public market upon issuance subject to existing lock-up or market standoff agreements and applicable vesting requirements.

本次发行完成后，375,927,734 股 A 类普通股的持有人将享有在若干条件约束下要求我们提交注册声明以公开转售该等股份转换后可发行的 A 类普通股的权利，或要求将该等股份纳入我们可能为我们自身或其他股东提交的注册声明的权利。

Immediately following this offering, the holders of 375,927,734 shares of our Class A common stock will have rights, subject to some conditions, to require us to file registration statements for the public resale of the Class A common stock issuable upon conversion of such shares or to include such shares in registration statements that we may file for us or other stockholders.

我们还可能不时就融资、收购、投资或其他事项发行普通股股份或可转换为普通股股份的证券。任何进一步的发行均可能对我们的现有股东造成重大稀释，并导致我们 A 类普通股的市场价格下跌。

We may also issue our shares of common stock or securities convertible into shares of our common stock from time to time in connection with a financing, acquisition, investment, or otherwise. Any further issuance could result in substantial dilution to our existing stockholders and cause the market price of our Class A common stock to decline.

**我们普通股的多重股权结构具有将投票权集中于我们各联合创始人的效果，这将限制您影响重大交易（包括控制权变更）结果的能力。**

**The multi-class structure of our common stock has the effect of concentrating voting power with our Co-Founders, which will limit your ability to influence the outcome of important transactions, including a change in control.**

我们的 B 类普通股每股拥有十票投票权，我们的 A 类普通股每股拥有一票投票权，我们的 C 类普通股每股不享有投票权。

Our Class B common stock has ten votes per share, our Class A common stock has one vote per share, and our Class C common stock has no votes per share.

本次发行及同步发行我们的 A 类普通股股份完成后，我们的联合创始人将合计持有我们全部已发行和流通的 B 类普通股股份。因此，在本次发行及同步股份发行交割后，并假设承销商不行使购买额外股份的选择权，我们的联合创始人、首席执行官、总裁兼董事会主席 Michael Intrator 将持有我们已发行股本约 37.5%的投票权（若假设 Intrator 先生截至 2024 年 12 月 31 日持有的可购买 3,003,000 股 A 类普通股的全部期权均被交换为 B 类普通股股份，则投票权约为 38.7%）；我们的联合创始人、首席战略官兼董事会成员 Brian Venturo 将持有我们已发行股本约 23.5%的投票权（若假设 Venturo 先生截至 2024 年 12 月 31 日持有的可购买 4,903,000 股 A 类普通股的全部期权均被交换为 B 类普通股股份，则投票权约为 26.0%）；我们的联合创始人兼首席发展官 Brannin McBee 将持有我们已发行股本约 19.0%的投票权（若假设 McBee 先生截至 2024 年 12 月 31 日持有的可购买 1,203,000 股 A 类普通股的全部期权均被交换为 B 类普通股股份，则投票权约为 19.6%）；我们的联合创始人合计将持有我们已发行股本约 79.9%的投票权（若假设我们的联合创始人截至 2024 年 12 月 31 日持有的可购买 9,109,000 股 A 类普通股的全部期权均被交换为 B 类普通股股份，则投票权约为 84.3%）。该投票权可能随着时间的推移，在我们的联合创始人行使或结算并交换其根据股权交换权持有的股权奖励时进一步增加；该等股权交换权赋予每位联合创始人一项权利（但非义务），可要求我们将其在行使或结算 2024 年 9 月之前授予的 A 类普通股股权奖励时收到的任何 A 类普通股股份交换为我们的 B 类普通股股份。有关股权交换权的更多信息，请参见标题为“某些关系及关联方交易——其他交易——股权交换权协议”的章节。因此，我们的联合创始人单独或共同将能够对提交我们股东批准的事项产生重大影响，包括董事选举、组织文件修订以及任何合并、整合、出售全部或实质上全部资产或其他重大公司交易。我们的联合创始人单独或共同可能拥有与您不同的利益，并可能以您不同意且可能对您的利益不利的方式进行投票。这种集中的控制权可能具有延迟、阻止或阻碍我们公司控制权变更的效果，可能使我们的股东失去在公司出售中为其股本获得溢价的机会，并可能最终影响我们 A 类普通股的市场价格。

Following this offering and the concurrent share issuance of our Class A common stock, our Co-Founders will collectively hold all of the issued and outstanding shares of our Class B common stock. Accordingly, upon the closing of this offering and the concurrent share issuance, and assuming no exercise of the underwriters’ option to purchase additional shares, Michael Intrator, our Co-Founder, Chief Executive Officer, President, and Chairman of our board of directors, will hold approximately 37.5% of the voting power of our outstanding capital stock (or 38.7% of the voting power assuming all of Mr. Intrator’s options held as of December 31, 2024 to purchase 3,003,000 shares of Class A common stock are exchanged for shares of Class B common stock), Brian Venturo, our Co-Founder, Chief Strategy Officer, and a member of our board of directors, will hold approximately 23.5% of the voting power of our outstanding capital stock (or 26.0% of the voting power assuming all of Mr. Venturo’s options held as of December 31, 2024 to purchase 4,903,000 shares of Class A common stock are exchanged for shares of Class B common stock), and Brannin McBee, our Co-Founder and Chief Development Officer, will hold approximately 19.0% of the voting power of our outstanding capital stock (or 19.6% of the voting power assuming all of Mr. McBee’s options held as of December 31, 2024 to purchase 1,203,000 shares of Class A common stock are exchanged for shares of Class B common stock), and together our Co-Founders will hold approximately 79.9% of the voting power of our outstanding capital stock (or 84.3% of the voting power assuming all of our Co-Founders’ options held as of December 31, 2024 to purchase 9,109,000 shares of Class A common stock are exchanged for shares of Class B common stock), which voting power may increase over time upon the exercise or settlement and exchange of equity awards held by our Co-Founders pursuant to their Equity Exchange Rights which provide each Co-Founder with the right (but not obligation) to require us to exchange, for shares of our Class B common stock, any shares of our Class A common stock received by him upon the exercise or settlement of equity awards for shares of our Class A common stock granted prior to September 2024. See the section titled “Certain Relationships and Related Party Transactions—Other Transactions—Equity Exchange Right Agreements” for more information on the Equity Exchange Rights. Therefore, our Co-Founders, individually or together, will be able to significantly influence matters submitted to our stockholders for approval, including the election of directors, amendments of our organizational documents and any merger, consolidation, sale of all or substantially all of our assets, or other major corporate transactions. Our Co-Founders, individually or together, may have interests that differ from yours and may vote in a way with which you disagree and which may be adverse to your interests. This concentrated control may have the effect of delaying, preventing, or deterring a change in control of our company, could deprive our stockholders of an opportunity to receive a premium for their capital stock as part of a sale of our company and might ultimately affect the market price of our Class A common stock.

B 类普通股持有人的未来转让通常会导致该等股份转换为 A 类普通股，但存在有限例外，例如为遗产规划或慈善目的而进行的某些转让。此外，每股 B 类普通股将在以下较早日期自动转换为一股 A 类普通股：(i) 由我们的董事会确定的、不晚于本次发行七周年后 61 天的日期，(ii) 经 B 类普通股流通在外表决权三分之二 affirmative 表决所指定的日期，或 (iii) Michael Intrator 服务终止（定义见本文件）后不超过 61 天的日期。

Future transfers by the holders of Class B common stock will generally result in those shares converting into shares of Class A common stock, subject to limited exceptions, such as certain transfers effected for estate planning or charitable purposes. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon the earlier of (i) a date that is fixed by our board of directors that is no more than 61 days following the seventh anniversary of this offering, (ii) the date specified by the affirmative vote of two-thirds of the outstanding voting power of the Class B common stock, or (iii) no more than 61 days following Michael Intrator’s Service Termination (as defined herein).

此外，未来发行我们的 C 类普通股可能通过延长我们联合创始人的控制期限和/或为其提供在不削弱表决权的情况下实现流动性的机会，进一步集中其表决权。参见“——未来任何发行我们的 C 类普通股的行为都可能进一步将表决控制权集中于我们的 B 类普通股，可能阻碍对我们业务的潜在收购，并可能对我们的 A 类普通股市场价格产生不利影响。”有关我们多重股权结构的信息，请参见标题为“股本说明”的章节。如果我们无法有效管理这些风险，我们的业务、经营业绩、财务状况和前景可能受到不利影响。

Additionally, future issuances of our Class C common stock may further concentrate the voting power of our Co-Founders by prolonging the duration of their control and/or by giving them an opportunity to achieve liquidity without diminishing their voting power. See “—Any future issuance of our Class C common stock may have the effect of further concentrating voting control in our Class B common stock, may discourage potential acquisitions of our business, and could have an adverse effect on the market price of our Class A common stock.” For information about our multi-class structure, see the section titled “Description of Capital Stock.” If we are unable to effectively manage these risks, our business, operating results, financial condition, and prospects could be adversely affected.

**我们普通股的多重股权结构可能对我们的 A 类普通股交易市场产生不利影响。**

**The multi-class structure of our common stock may adversely affect the trading market for our Class A common stock.**

我们无法预测我们的多重股权结构是否会导致我们的 A 类普通股市场价格更低或更波动、负面宣传或其他不利后果。某些股票指数提供商将具有多重股权结构的公司排除在或被限制加入其某些指数之外。此外，多家股东顾问公司和大型机构投资者反对使用多重股权结构。因此，我们普通股的多重股权结构可能使我们不符合纳入某些指数的资格，并可能使该等指数不愿选择我们纳入其中，尽管我们有自动终止条款，可能导致股东顾问公司发布关于我们公司治理实践的负面评论或以其他方式寻求促使我们改变资本结构，并可能导致大型机构投资者不购买我们的 A 类普通股。鉴于投资资金持续流入寻求跟踪某些指数的被动策略，任何被排除在某些股票指数之外的情况都可能导致对我们 A 类普通股的需求减少。股东顾问公司或机构投资者批评我们公司治理实践或资本结构的任何行动或出版物也可能对我们的 A 类普通股价值产生不利影响。

We cannot predict whether our multi-class structure will result in a lower or more volatile market price of our Class A common stock, adverse publicity, or other adverse consequences. Certain stock index providers exclude or limit the ability of companies with multi-class share structures from being added to certain of their indices. In addition, several stockholder advisory firms and large institutional investors oppose the use of multiple class structures. As a result, the multi-class structure of our common stock may make us ineligible for inclusion in certain indices and may discourage such indices from selecting us for inclusion, notwithstanding our automatic termination provision, may cause stockholder advisory firms to publish negative commentary about our corporate governance practices or otherwise seek to cause us to change our capital structure, and may result in large institutional investors not purchasing shares of our Class A common stock. Given the sustained flow of investment funds into passive strategies that seek to track certain indices, any exclusion from certain stock indices could result in less demand for our Class A common stock. Any actions or publications by stockholder advisory firms or institutional investors critical of our corporate governance practices or capital structure could also adversely affect the value of our Class A common stock.

**如果财务分析师发布关于我们 A 类普通股的不准确或不利的研究报告，或不再或停止覆盖我们，我们的股价和交易量可能下降。**

**If financial analysts issue inaccurate or unfavorable research regarding, or do not or cease to cover, our Class A common stock, our stock price and trading volume could decline.**

我们 A 类普通股的交易市场将受到财务分析师发布的关于我们、我们的业务、我们的市场和我们的竞争对手的研究和报告的影响。我们不控制这些分析师，也不控制其报告中的内容和观点。作为一家新上市公司，发布关于我们

The trading market for our Class A common stock will be influenced by the research and reports that financial analysts publish about us, our business, our market and our competitors. We do not control these analysts or the content and opinions included in their reports. As a new public company, the analysts who publish information about our

A 类普通股信息的分析师对公司的了解相对较少，这可能影响他们准确预测我们业绩的能力，并使我们更有可能无法达到他们的预期。如果任何覆盖我们的分析师对我们的股价发表不准确或不利的观点，我们的股价可能会下跌。此外，科技行业许多公司的股价在未能达到或大幅超出公司公开宣布的财务指引或分析师预期之后大幅下跌。如果我们的财务业绩未能达到或大幅超出我们宣布的指引（如有）或分析师或公众投资者的预期，分析师可能会下调我们 A 类普通股的评级或发布关于我们的不利研究报告。如果这些分析师中的一位或多位停止覆盖我们的 A 类普通股或未能定期发布关于我们的报告，我们在金融市场上的可见度可能会下降，进而可能导致我们的股价或交易量下降。

Class A common stock will have had relatively little experience with our company, which could affect their ability to accurately forecast our results and make it more likely that we fail to meet their estimates. If any of the analysts who cover us issues an inaccurate or unfavorable opinion regarding our stock price, our stock price would likely decline. In addition, the stock prices of many companies in the technology industry have declined significantly after those companies have failed to meet, or significantly exceed, the financial guidance publicly announced by the companies or the expectations of analysts. If our financial results fail to meet, or significantly exceed, our announced guidance, if any, or the expectations of analysts or public investors, analysts could downgrade our Class A common stock or publish unfavorable research about us. If one or more of these analysts cease coverage of our Class A common stock or fail to publish reports on us regularly, our visibility in the financial markets could decrease, which in turn could cause our stock price or trading volume to decline.

**我们将在本次发行所得净收益的使用上拥有广泛的自主权，且可能无法有效使用该等收益。**

**We will have broad discretion in the use of the net proceeds to us from this offering and may not use them effectively.**

我们将在本次发行所得净收益的用途上拥有广泛的自主权，包括用于标题为“所得收益用途”一节中所述的任何用途，而您作为投资决策的一部分，将没有机会评估净收益是否被恰当使用。由于决定我们使用本次发行净收益的因素的数量和可变性，其最终用途可能与目前预期的用途存在重大差异。如果我们未能有效使用本次发行所收到的净收益，我们的业务、经营业绩、财务状况和前景可能受到损害，我们 A 类普通股的市场价格可能下降。在净收益使用之前，我们可能将本次发行所得净收益投资于短期、投资级的计息证券，如货币市场账户、存单、商业票据和美国政府担保债务，这些投资可能不会为我们的股东带来高收益。这些投资可能不会为我们的投资者带来有利的回报。

We will have broad discretion in the application of the net proceeds to us from this offering, including for any of the purposes described in the section titled “Use of Proceeds,” and you will not have the opportunity as part of your investment decision to assess whether the net proceeds are being used appropriately. Because of the number and variability of factors that will determine our use of the net proceeds from this offering, their ultimate use may vary substantially from their currently intended use. If we do not use the net proceeds that we receive in this offering effectively, our business, operating results, financial condition, and prospects could be harmed, and the market price of our Class A common stock could decline. Pending their use, we may invest the net proceeds from this offering in short-term, investment-grade interest-bearing securities such as money market accounts, certificates of deposit, commercial paper, and guaranteed obligations of the U.S. government that may not generate a high yield for our stockholders. These investments may not yield a favorable return to our investors.

**我们预计在可预见的未来不会支付股息。因此，您实现投资回报的能力将取决于我们 A 类普通股价格的升值。**

**We do not intend to pay dividends in the foreseeable future. As a result, your ability to achieve a return on your investment will depend on appreciation in the price of our Class A common stock.**

在本次发行完成后，我们目前拟保留所有可用资金及任何未来收益用于经营我们的业务，并且在可预见的未来不预期就我们的股本支付任何股息，但本次发行完成时就我们的 C 系列可赎回优先股应付的任何最终股息支付除外。此外，我们支付股息或进行分配的能力受到我们信贷安排中所含某些限制的约束。任何未来宣派股息的决定将由我们的董事会酌情作出，并将取决于我们的财务状况、经营业绩、资本需求、一般商业状况、我们债务工具中的限制以及我们董事会可能认为相关的其他因素。因此，投资者必须依赖其 A 类普通股在价格上涨后出售（价格上涨可能永远不会发生）作为实现其投资任何未来收益的唯一途径。

Following the consummation of this offering, we currently intend to retain all available funds and any future earnings for use in the operation of our business and do not anticipate paying any dividends on our capital stock in the foreseeable future, with the exception of any final dividend payment payable on our Series C redeemable preferred stock upon the consummation of this offering. Additionally, our ability to pay dividends or make distributions is limited by certain restrictions contained in our Credit Facilities. Any future determination to declare dividends will be made at the discretion of our board of directors and will depend on our financial condition, operating results, capital requirements, general business conditions, restrictions in our debt instruments and other factors that our board of directors may deem relevant. Accordingly, investors must rely on sales of their Class A common stock after price appreciation, which may never occur, as the only way to realize any future gains on their investments.

**由于我们 A 类普通股的首次公开发行价格大幅高于本次发行及同步股份发行后我们已发行普通股的备考每股有形净资产价值，新投资者将立即经历大幅稀释。**

**Because the initial public offering price of our Class A common stock is substantially higher than the pro forma net tangible book value per share of our outstanding common stock following this offering and the concurrent share issuance, new investors will experience immediate and substantial dilution.**

首次公开发行价格大幅高于本次发行及同步股份发行后我们 A 类普通股的备考每股有形净资产价值（基于我们有形资产总值减去负债总额计算）。因此，如果您以每股$40.00 的首次公开发行价格在本次发行中购买我们 A 类普通股的股份，基于本次发行及同步股份发行中发行 36,590,000 股 A 类普通股，您将立即经历每股$36.74 的稀释，即您为我们 A 类普通股支付的每股价格与其截至 2024 年 12 月 31 日的备考每股有形净资产价值之间的差额（在使本次发行及同步股份发行中发行我们 A 类普通股股份、RSU 净额结算及期权行使生效后）。此外，如果承销商全额行使购买额外股份的选择权、当前或未来未行使的认股权证或股权奖励以我们股本股份结算，或者我们以其他方式发行额外股本股份，您可能经历进一步稀释。请参阅标题为“稀释”的章节以获取更多信息。

The initial public offering price is substantially higher than the pro forma net tangible book value per share of our Class A common stock immediately following this offering and the concurrent share issuance based on the total value of our tangible assets less our total liabilities. Therefore, if you purchase shares of our Class A common stock in this offering at the initial public offering price of $40.00 per share, based on the issuance of 36,590,000 shares of Class A common stock in this offering and the concurrent share issuance, you will experience immediate dilution of $36.74 per share, the difference between the price per share you pay for our Class A common stock and its pro forma net tangible book value per share as of December 31, 2024 after giving effect to the issuance of shares of our Class A common stock in this offering and the concurrent share issuance, the RSU Net Settlement, and the Option Exercise. Furthermore, if the underwriters exercise their option to purchase additional shares in full, current or future outstanding warrants or equity awards are settled in shares of our capital stock, or if we otherwise issue additional shares of our capital stock, you could experience further dilution. See the section titled “Dilution” for additional information.

**尽管我们将在本次发行前不再是一家新兴成长型公司，但在本次发行完成之前，我们仍将在某些目的上被视为新兴成长型公司，并且已决定利用本招股说明书所属注册声明中某些减少的披露要求，这可能使我们的 A 类普通股对投资者的吸引力降低。**

**Although we will cease to be an emerging growth company prior to this offering, we will continue to be treated as an emerging growth company for certain purposes through the completion of this offering and have decided to take advantage of certain reduced disclosure requirements in the registration statement of which this prospectus forms a part, which may make our Class A common stock less attractive to investors.**

我们将于 2024 年 12 月 31 日不再属于《JOBS 法案》所定义的新兴成长型公司。然而，由于我们将在向 SEC 秘密提交与本发行相关的注册声明草案之后才不再属于新兴成长型公司，因此在某些目的下，我们将继续被视为新兴成长型公司，直至我们完成本次发行之日或 2025 年 12 月 31 日（以较早者为准）。因此，我们已决定利用某些豁免，这些豁免允许我们在本招股说明书构成其一部分的注册声明中遵守减少的披露义务，而这些义务是非新兴成长型公司无法获得的。我们无法预测投资者是否会因为依赖这些豁免而认为我们的 A 类普通股吸引力较低。如果某些投资者因此认为我们的 A 类普通股吸引力较低，对我们 A 类普通股的需求可能会减少，我们的 A 类普通股的市场价格可能会下跌。

We will cease to be an emerging growth company, as defined in the JOBS Act, on December 31, 2024. However, because we will cease to be an emerging growth company on a date after we confidentially submit our draft registration statement related to this offering to the SEC, we will continue to be treated as an emerging growth company for certain purposes until the earlier of the date on which we complete this offering or December 31, 2025. As such, we have decided to take advantage of certain exemptions that allow us to comply with reduced disclosure obligations in the registration statement of which this prospectus forms a part that are not available to non-emerging growth companies. We cannot predict if investors will find our Class A common stock less attractive because we have relied on these exemptions. If some investors find our Class A common stock less attractive as a result, there may be less demand for our Class A common stock, and the market price of our Class A common stock may fall.

**我们章程文件中的条款和特拉华州法律可能使对我们公司的收购（这可能对我们的股东有利）变得更加困难，并可能限制我们的股东替换或罢免我们现任管理层和董事会成员的尝试。**

**Provisions in our charter documents and under Delaware law could make an acquisition of us, which may be beneficial to our stockholders, more difficult and may limit attempts by our stockholders to replace or remove our current management and members of our board of directors.**

我们修订和重述的公司章程以及修订和重述的章程细则（将在本次发行完成前立即生效）中的条款可能会延迟或阻止股东可能认为有利的公司合并、收购或其他控制权变更。此外，由于我们的董事会负责任命管理团队的成员，这些条款可能使股东更难替换董事会成员，从而挫败或阻止我们的股东替换或罢免我们现任管理层的任何尝试。除其他事项外，我们修订和重述的公司章程以及修订和重述的章程细则包括以下条款：

Provisions in our amended and restated certificate of incorporation and amended and restated bylaws that will be in effect immediately prior to the completion of this offering may have the effect of delaying or preventing a merger, acquisition or other change of control of the Company that the stockholders may consider favorable. In addition, because our board of directors is responsible for appointing the members of our management team, these provisions may frustrate or prevent any attempts by our stockholders to replace or remove our current management by making it more difficult for stockholders to replace members of our board of directors. Among other things, our amended and restated certificate of incorporation and amended and restated bylaws include provisions that:

- 规定我们的董事会分为三类董事，任期交错，每类任期三年；

- provide that our board of directors is classified into three classes of directors with staggered three-year terms;

- 允许我们的董事会确定董事人数并填补任何空缺和新设立的董事职位；

- permit our board of directors to establish the number of directors and fill any vacancies and newly created directorships;

- 要求以绝对多数票才能修改我们修订和重述的公司章程以及修订和重述的章程细则中的某些条款；

- require supermajority voting to amend some provisions in our amended and restated certificate of incorporation and amended and restated bylaws;

- 授权发行“空白支票”优先股，我们的董事会可将其用于实施股东权利计划；

- authorize the issuance of “blank check” preferred stock that our board of directors could use to implement a stockholder rights plan;

- 规定只有我们的董事会主席、我们的首席执行官、我们的首席独立董事或我们董事会的多数成员有权召集股东特别会议；

- provide that only the chairman of our board of directors, our chief executive officer, our lead independent director, or a majority of our board of directors will be authorized to call a special meeting of stockholders;

- 取消我们的股东召集股东特别会议的能力；

- eliminate the ability of our stockholders to call special meetings of stockholders;

- 不规定累积投票制；

- do not provide for cumulative voting;

- 规定董事只能“因故”被罢免，且必须经我们三分之二的股东批准；

- provide that directors may only be removed “for cause” and only with the approval of two-thirds of our stockholders;

- 规定多类别普通股结构，其中我们 B 类普通股的持有人可能有能力控制需要股东批准的事项的结果，即使他们拥有的股份

- provide for a multi-class common stock structure in which holders of our Class B common stock may have the ability to control the outcome of matters requiring stockholder approval, even if they own

远低于我们已发行普通股的大多数，包括董事选举和其他重大公司交易，例如合并或其他出售我们公司或其资产的行为；

significantly less than a majority of the outstanding shares of our common stock, including the election of directors and other significant corporate transactions, such as a merger or other sale of our company or its assets;

- 禁止股东以书面同意方式采取行动，这要求所有股东行动均须在我们的股东会议上采取；但前提是，只要当时已发行的全部 B 类普通股的投票权占我们当时已发行全部股本合计投票权的大多数以上，则允许经我们当时已发行全部股本投票权多数的股东书面同意采取股东行动；

- prohibit stockholder action by written consent, which requires all stockholder actions to be taken at a meeting of our stockholders; provided that stockholder action by written consent of a majority of the voting power of all then-outstanding shares of our capital stock is permitted so long as the voting power of all then-outstanding shares of Class B common stock represents greater than a majority of the combined voting power of all then-outstanding shares of our capital stock;

- 规定我们的董事会明确有权制定、修改或废止我们的经修订和重述的章程；以及

- provide that our board of directors is expressly authorized to make, alter, or repeal our amended and restated bylaws; and

- 为提名选举我们的董事会成员或提议可由股东在年度股东会议上采取行动的事项设定提前通知要求。

- establish advance notice requirements for nominations for election to our board of directors or for proposing matters that can be acted upon by stockholders at annual stockholder meetings.

此外，《特拉华州普通公司法》（“DGCL”）第 203 条可能会阻碍、延迟或阻止对我们公司的控制权变更。第 203 条对我们与持有我们普通股 15%或以上的持有人之间的合并、业务合并和其他交易施加了某些限制。

Moreover, Section 203 of the Delaware General Corporation Law (“DGCL”), may discourage, delay, or prevent a change in control of our company. Section 203 imposes certain restrictions on mergers, business combinations, and other transactions between us and holders of 15% or more of our common stock.

**我们经修订和重述的章程将包含针对某些索赔的专属法院条款，这可能会限制我们的股东就与我们或我们的董事、高级管理人员或员工的争议获得有利司法法院的能力。**

**Our amended and restated bylaws will contain exclusive forum provisions for certain claims, which may limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.**

我们将在本次发行完成前立即生效的经修订和重述的章程将规定，在法律允许的最大范围内，特拉华州衡平法院将是我们代表提起的任何派生诉讼或程序、任何主张违反信托义务的诉讼、任何根据 DGCL、我们经修订和重述的公司注册证书或我们经修订和重述的章程对我们提出索赔的诉讼，或任何对我们提出受内部事务原则管辖的索赔或主张 DGCL 所定义的“内部公司索赔”的诉讼的专属法院。

Our amended and restated bylaws that will be in effect immediately prior to the completion of this offering will provide that the Court of Chancery of the State of Delaware, to the fullest extent permitted by law, will be the exclusive forum for any derivative action or proceeding brought on our behalf, any action asserting a breach of fiduciary duty, any action asserting a claim against us arising pursuant to the DGCL, our amended and restated certificate of incorporation, or our amended and restated bylaws, or any action asserting a claim against us that is governed by the internal affairs doctrine or asserting an “internal corporate claim” as defined in the DGCL.

此外，《证券法》第 22 条赋予联邦法院和州法院对为强制执行《证券法》或其项下规则和条例所创设的任何义务或责任而提起的所有索赔的并行管辖权。我们经修订和重述的章程将规定，在法律允许的最大范围内，美国联邦地区法院将是解决任何主张《证券法》项下诉讼请求的申诉的专属法院（“联邦法院条款”）。我们决定采用联邦法院条款，是继特拉华州最高法院作出裁决、认定此类条款根据特拉华州法律在表面上有效之后作出的。尽管无法保证联邦法院或州法院会遵循特拉华州最高法院的裁决，或在特定案件中认定联邦法院条款应予执行，但联邦法院条款的适用意味着，我们的股东为强制执行《证券法》所创设的任何义务或责任而提起的诉讼必须在联邦法院提起，不能向州法院提起。

Moreover, Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all claims brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder. Our amended and restated bylaws will provide that the federal district courts of the United States will, to the fullest extent permitted by law, be the exclusive forum for resolving any complaint asserting a cause of action arising under the Securities Act (“Federal Forum Provision”). Our decision to adopt a Federal Forum Provision followed a decision by the Supreme Court of the State of Delaware holding that such provisions are facially valid under Delaware law. While there can be no assurance that federal or state courts will follow the holding of the Delaware Supreme Court or determine that the Federal Forum Provision should be enforced in a particular case, application of the Federal Forum Provision means that suits brought by our stockholders to enforce any duty or liability created by the Securities Act must be brought in federal court and cannot be brought in state court.

《交易法》第 27 条赋予联邦法院对为强制执行《交易法》或其项下规则和条例所创设的任何义务或责任而提起的所有索赔的专属管辖权。此外，联邦法院条款适用于为强制执行《交易法》所创设的任何义务或责任而提起的诉讼。因此，我们的股东为强制执行《交易法》或其项下规则和条例所创设的任何义务或责任而提起的诉讼必须在联邦法院提起。

Section 27 of the Exchange Act creates exclusive federal jurisdiction over all claims brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. In addition, the Federal Forum Provision applies to suits brought to enforce any duty or liability created by the Exchange Act. Accordingly, actions by our stockholders to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder must be brought in federal court.

我们的股东不应被视为已放弃我们对联邦证券法及其项下颁布的法规的遵守。

Our stockholders will not be deemed to have waived our compliance with the federal securities laws and the regulations promulgated thereunder.

任何购买或以其他方式取得或持有我们任何证券任何权益的个人或实体，均应被视为已注意到并同意我们的专属法院条款，包括联邦法院

Any person or entity purchasing or otherwise acquiring or holding any interest in any of our securities shall be deemed to have notice of and consented to our exclusive forum provisions, including the Federal Forum

条款。这些条款可能限制股东就与我们或我们的董事、高级管理人员或员工的争议在其选择的司法法院提起诉讼的能力，这可能阻碍针对我们及我们的董事、高级管理人员和员工的诉讼。或者，如果法院认定我们经修订和重述的章程中所载的法院选择条款在某项诉讼中不适用或不可执行，我们可能因在其他司法管辖区解决该诉讼而产生额外费用，这可能损害我们的业务、经营业绩、财务状况和未来前景。

Provision. These provisions may limit a stockholders’ ability to bring a claim in a judicial forum of their choosing for disputes with us or our directors, officers, or employees, which may discourage lawsuits against us and our directors, officers, and employees. Alternatively, if a court were to find the choice of forum provision contained in our amended and restated bylaws to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, operating results, financial condition, and future prospects.

**我们未来任何 C 类普通股的发行都可能产生进一步将投票控制权集中于我们 B 类普通股的效果，可能阻碍对我们业务的潜在收购，并可能对我们的 A 类普通股的市场价格产生不利影响。**

**Any future issuance of our Class C common stock may have the effect of further concentrating voting control in our Class B common stock, may discourage potential acquisitions of our business, and could have an adverse effect on the market price of our Class A common stock.**

根据我们经修订和重述的公司章程（该章程将在本次发行完成前立即生效），我们获授权发行最多 200,000,000 股 C 类普通股。我们目前没有发行任何 C 类普通股的计划。然而，未来任何 C 类普通股的发行都可能产生进一步将投票控制权集中于我们 B 类普通股的效果，可能阻碍对我们业务的潜在收购，并可能对我们 A 类普通股的市场价格产生不利影响。尽管我们目前没有发行任何 C 类普通股的计划，但我们未来可能出于多种公司目的发行 C 类普通股，包括融资、收购、投资以及向我们员工、顾问和董事提供股权激励。我们已授权但未发行的 C 类普通股可在经我们董事会批准的情况下发行，无需股东批准，但纳斯达克上市规则可能要求的除外。由于我们的 C 类普通股不附带投票权（除非法律另有要求），且未在交易所上市交易或未向 SEC 注册出售，因此与我们的 A 类普通股相比，我们 C 类普通股的股份对任何未来接收方而言可能流动性更低、吸引力更小，尽管我们未来可能寻求将我们的 C 类普通股上市交易并注册出售 C 类普通股。此外，我们可以向我们的联合创始人发行 C 类普通股，在此情况下，他们将能够出售该等 C 类普通股并在不削弱其投票权的情况下实现其持股的流动性。此外，由于我们的 C 类普通股不附带投票权（除非法律另有要求），如果我们未来发行 C 类普通股，则与我们在该等交易中发行 A 类普通股而非 C 类普通股的情形相比，我们 B 类普通股的持有人可能能够在更长的期间内对提交我们股东表决的多数事项保持重大投票控制权。此外，在以下两项均满足后，我们 C 类普通股的每股将自动转换为一股 A 类普通股：(i) 以下最早发生者：(a) 所有当时已发行的 B 类普通股转换为或交换为 A 类普通股，(b) B 类自动转换，以及 (c) 当时已发行的 B 类普通股多数持有人投赞成票；以及 (ii) 在当时已发行的 A 类普通股多数持有人投票指定的日期和时间或事件发生之日。如果我们未来发行 C 类普通股，该等发行将对我们的 A 类和 B 类普通股的经济利益产生稀释效应。任何该等 C 类普通股的发行也可能导致我们 A 类普通股的市场价格下跌。

Under our amended and restated certificate of incorporation, which will become effective immediately prior to the completion of this offering, we will be authorized to issue up to 200,000,000 shares of our Class C common stock. We do not have current plans to issue any shares of our Class C common stock. However, any future issuance of our Class C common stock may have the effect of further concentrating voting control in our Class B common stock, may discourage potential acquisitions of our business, and could have an adverse effect on the market price of our Class A common stock. Although we have no current plans to issue any shares of our Class C common stock, we may in the future issue shares of our Class C common stock for a variety of corporate purposes, including financings, acquisitions, investments, and equity incentives to our employees, consultants, and directors. Our authorized but unissued shares of Class C common stock are available for issuance with the approval of our board of directors without stockholder approval, except as may be required by the listing rules of Nasdaq. Because our Class C common stock carries no voting rights (except as otherwise required by law) and is not listed for trading on an exchange or registered for sale with the SEC, shares of our Class C common stock may be less liquid and less attractive to any future recipients of these shares than shares of our Class A common stock, although we may seek to list our Class C common stock for trading and register shares of our Class C common stock for sale in the future. Further, we could issue shares of Class C common stock to our Co-Founders and, in that event, they would be able to sell such shares of Class C common stock and achieve liquidity in their holdings without diminishing their voting power. In addition, because our Class C common stock carries no voting rights (except as otherwise required by law), if we issue shares of our Class C common stock in the future, the holders of our Class B common stock may be able to hold significant voting control over most matters submitted to a vote of our stockholders for a longer period of time than would be the case if we issued our Class A common stock rather than our Class C common stock in such transactions. In addition, each share of our Class C common stock will automatically convert into one share of our Class A common stock following both (i) the earliest of (a) the conversion or exchange of all then-outstanding shares of our Class B common stock into or for shares of our Class A common stock, (b) the Class B Automatic Conversion, and (c) the affirmative vote of the holders of a majority of the then-outstanding shares of Class B common stock and upon (ii) the date and time or occurrence of an event specified by the vote of the holders of a majority of the then-outstanding shares of Class A common stock. If we issue shares of our Class C common stock in the future, such issuances would have a dilutive effect on the economic interests of our Class A and Class B common stock. Any such issuance of our Class C common stock could also cause the market price of our Class A common stock to decline.

一般风险因素 General Risk Factors

**不利的全球宏观经济状况、地缘政治风险，或 AI 与机器学习及云基础设施相关支出的减少，可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。**

**Adverse global macroeconomic conditions, geopolitical risks, or reduced spending on AI and machine learning or on cloud infrastructure could adversely affect our business, operating results, financial condition, and future prospects.**

我们的业务取决于对 AI 与机器学习及云基础设施的整体需求和采用程度，以及我们现有和潜在客户的经济健康状况。此外，对我们平台的采购往往具有自主决定性质，且可能涉及大量资本及其他资源的投入。全球及区域经济状况疲弱，包括美国和全球宏观经济问题、实际存在或市场感知的全球银行与金融相关问题、劳动力短缺、供应链中断、利率上升和通胀、支出环境、地缘政治不稳定、战争与不确定性（包括中东和乌克兰冲突的影响，以及中国与台湾之间的紧张局势）、某些地区的经济状况疲弱或企业支出减少（包括用于开发 AI 与机器学习能力以及云基础设施的支出，无论宏观经济状况如何），均可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响，包括导致销售周期延长、对我们吸引和留住新客户的能力产生负面影响、影响我们平台销售额的增长、影响我们向现有客户销售更多解决方案和服务、导致我们解决方案和服务的价格下降，以及增长放缓或下滑。我们开展业务的任何国家经济状况恶化，也可能导致应收账款回款放缓或受损，从而可能对我们的业务、经营业绩、财务状况和未来前景产生不利影响。

Our business depends on the overall demand for and adoption of AI and machine learning and cloud infrastructure and on the economic health of our current and prospective customers. In addition, the purchase of our platform is often discretionary and may involve a significant commitment of capital and other resources. Weak global and regional economic conditions, including United States and global macroeconomic issues, actual or perceived global banking and finance related issues, labor shortages, supply chain disruptions, rising interest rates and inflation, spending environments, geopolitical instability, warfare and uncertainty, including the effects of the conflicts in the Middle East and Ukraine, and tensions between China and Taiwan, weak economic conditions in certain regions or a reduction in business spending, including spending on developing AI and machine learning capabilities and on cloud infrastructure, regardless of macroeconomic conditions, could adversely affect our business, operating results, financial condition, and future prospects, including resulting in longer sales cycles, a negative impact on our ability to attract and retain new customers, increase sales of our platform, or sell additional solutions and services to our existing customers, lower prices for our solutions and services, and slower or declining growth. Deterioration in economic conditions in any of the countries in which we do business could also cause slower or impaired collections on accounts receivable, which may adversely impact our business, operating results, financial condition, and future prospects.

地缘政治风险正在加剧，包括因贸易紧张和/或征收贸易关税、恐怖活动或国内或国际敌对行为而产生的风险。同样，中国与台湾之间潜在的军事冲突可能对全球经济产生负面影响，包括影响来自台湾的半导体供应、推高能源价格并在全球资本市场造成不确定性。虽然我们目前没有在台湾的员工或直接运营，但我们的供应商严重依赖台湾供应的半导体，而半导体是我们平台的重要组成部分，该供应的任何减少都可能对我们的运营造成重大中断。

Geopolitical risks, including those arising from trade tension and/or the imposition of trade tariffs, terrorist activity, or acts of civil or international hostility, are increasing. Similarly, the potential for military conflict between China and Taiwan could have negative impacts on the global economy, including by affecting the supply of semiconductors from Taiwan, contributing to higher energy prices and creating uncertainty in the global capital markets. While we do not currently have employees or direct operations in Taiwan, our suppliers rely heavily on semiconductors supplied by Taiwan which are an important component of our platform and any reduction in that supply could materially disrupt our operations.

**我们可能受到自然灾害、流行病和其他灾难性事件，以及战争和全球区域性地缘政治冲突等人为问题的不利影响，这些问题可能扰乱我们的业务运营，而我们的业务连续性和灾难恢复计划可能不足以保护我们免受严重灾难的影响。**

**We may be adversely affected by natural disasters, pandemics, and other catastrophic events, and by man-made problems such as war and regional geopolitical conflicts around the world, that could disrupt our business operations, and our business continuity and disaster recovery plans may not adequately protect us from a serious disaster.**

自然灾害或其他灾难性事件可能对我们的运营、国际商业和全球经济造成损害或中断，从而可能对我们产生不利影响。我们的业务运营还可能因火灾、电力短缺、洪水及其他我们无法控制的事件而中断。此外，我们的全球运营使我们面临公共卫生危机（如大流行病和流行病）相关风险，这可能损害我们的业务并导致我们的经营业绩受损。再者，战争行为、武装冲突、恐怖主义及其他地缘政治动荡（例如中东和乌克兰冲突以及中国与台湾之间的紧张局势）可能对我们的业务、我们合作伙伴的业务或整体经济造成中断。

Natural disasters or other catastrophic events may cause damage or disruption to our operations, international commerce, and the global economy, and thus could have an adverse effect on us. Our business operations are also subject to interruption by fire, power shortages, flooding, and other events beyond our control. In addition, our global operations expose us to risks associated with public health crises, such as pandemics and epidemics, which could harm our business and cause our operating results to suffer. Further, acts of war, armed conflict, terrorism and other geopolitical unrest, such as the conflicts in the Middle East and Ukraine and tensions between China and Taiwan, could cause disruptions in our business or the businesses of our partners or the economy as a whole.

在发生自然灾害（包括大地震、暴风雪或飓风）或火灾、停电、网络攻击或电信故障等灾难性事件时，我们可能无法继续运营，并可能遭遇系统中断、声誉受损、平台开发延迟、服务长时间中断、数据安全漏洞以及关键数据丢失，所有这些都可能对我们的未来经营业绩产生不利影响。气候变化可能导致此类自然灾害的频率或严重程度增加。此外，我们的任何办公地点或数据中心都可能易受气候变化不利影响。例如，我们的某些公司办公室和数据中心位于加利福尼亚州，该州经常经历地震、野火以及由此产生的空气质量影响和与野火预防相关的停电、热浪和干旱。这些事件反过来可能对通胀风险、粮食安全、水安全以及我们员工的健康和福祉产生影响。此外，如果我们未实施有效的灾难恢复计划，或我们合作伙伴的灾难恢复计划被证明不充分，上述所有风险将进一步加剧。

In the event of a natural disaster, including a major earthquake, blizzard, or hurricane, or a catastrophic event such as a fire, power loss, cyberattack, or telecommunications failure, we may be unable to continue our operations and may endure system interruptions, reputational harm, delays in development of our platform, lengthy interruptions in service, breaches of data security, and loss of critical data, all of which could have an adverse effect on our future operating results. Climate change could result in an increase in the frequency or severity of such natural disasters. Moreover, any of our office locations or data centers may be vulnerable to the adverse effects of climate change. For example, certain of our corporate offices and data centers are located in California, a state that frequently experiences earthquakes, wildfires, and resultant air quality impacts and power shutoffs associated with wildfire prevention, heatwaves, and droughts. These events can, in turn, have impacts on inflation risk, food security, water security, and on our employees’ health and well-being. Additionally, all the aforementioned risks will be further increased if we do not implement an effective disaster recovery plan or our partners’ disaster recovery plans prove to be inadequate.

**投资者对我们与环境、社会和治理因素相关的业绩预期可能会带来额外成本，并使我们面临新的风险。**

**Investors’ expectations of our performance relating to environmental, social, and governance factors may impose additional costs and expose us to new risks.**

某些监管机构、投资者、员工、用户及其他利益相关方日益关注企业责任，尤其是美国及国际范围内与环境、社会及治理（“ESG”）相关的事项。部分投资者可能利用这些非财务绩效因素来指导其投资策略，并在某些情况下，若其认为我们与企业责任相关的政策和行动不足，可能选择不投资于我们。此外，人们尤其关注与 AI 及其对环境影响相关的担忧，包括该行业的电力密集型特性、高耗水量以及对关键矿物和稀有元素的依赖，而我们正专注于可持续发展目标及旨在减轻我们运营对环境影响的举措。我们可能在这些问题上受到利益相关方和潜在投资者更严格的审视。若我们未能达到各相关方设定的 ESG 标准，或未能（或被认为未能）实现我们的可持续发展目标、举措或承诺，我们亦可能面临声誉损害。

There is an increasing focus from certain regulators, investors, employees, users, and other stakeholders concerning corporate responsibility, specifically related to environmental, social, and governance (“ESG”) matters both in the United States and internationally. Some investors may use these non-financial performance factors to guide their investment strategies and, in some cases, may choose not to invest in us if they believe our policies and actions relating to corporate responsibility are inadequate. Further, there is particular focus on concerns relating to AI and its impact on the environment, including the power-intensive nature of the industry, high consumption of water, and reliance on critical minerals and rare elements, and we are focused on sustainability goals and initiatives to mitigate the environmental impacts of our operations. We may experience heightened scrutiny from our stakeholders and potential investors around these issues. We may also face reputational damage in the event that we do not meet the ESG standards set by various constituencies or fail, or are perceived to fail, in our achievement of our sustainability goals, initiatives, or commitments.

我们的可持续发展举措、目标或承诺可能难以实现或实施成本高昂。此外，遵守近期通过及潜在即将出台的 ESG 要求，包括要求进行多项气候相关披露的加利福尼亚州立法、欧盟《企业可持续发展报告指令》和《企业可持续发展尽职调查指令》，以及英国的《简化能源与碳报告框架》，将需要投入大量时间和资源。此外，我们可能还需遵守 SEC 全面的气候变化披露规则，该规则目前因司法审查而暂缓执行。另外，若我们的竞争对手的企业社会责任表现被认为优于我们，潜在或现有投资者可能选择转而投资于我们的竞争对手。我们的业务可能在这些活动及相关披露方面面临更多审视，包括来自投资界的审视，而我们若未能及时或完全在这些领域取得进展或管理好动态的公众情绪和法律环境，可能对我们的声誉、业务和财务表现产生不利影响。

Our sustainability initiatives, goals, or commitments could be difficult to achieve or costly to implement. Moreover, compliance with recently adopted and potential upcoming ESG requirements, including California legislation that requires various climate-related disclosures, the European Union’s Corporate Sustainability Reporting Directive and Corporate Sustainability Due Diligence Directive, and the United Kingdom’s Streamlined Energy and Carbon Reporting framework will require the dedication of significant time and resources. In addition, we may also be required to comply with the SEC’s comprehensive climate change disclosure rules, which have been stayed pending judicial review. Additionally, if our competitors’ corporate social responsibility performance is perceived to be better than ours, potential, or current investors may elect to invest with our competitors instead. Our business may face increased scrutiny related to these activities and our related disclosures, including from the investment community, and our failure to achieve progress or manage the dynamic public sentiment and legal landscape in these areas on a timely basis, or at all, could adversely affect our reputation, business, and financial performance.

**我们可能面临证券集体诉讼。**

**We could be subject to securities class action litigation.**

过去，在公司证券市场价格出现波动之后，证券集体诉讼往往会被提起。此类诉讼一旦提起，可能导致巨额成本，并分散管理层的注意力与资源，进而可能对我们的业务、经营业绩或财务状况造成不利影响。此外，董事及高级管理人员责任保险成本的急剧上升，可能使我们选择较低的总体保单限额和承保范围，或放弃我们原本可能依赖的、用于覆盖重大抗辩费用、和解金及判给原告的损害赔偿金的保险，或为维持相同或类似承保范围而承担大幅更高的成本。这些因素可能使我们更难吸引和留住合格的高级管理人员及董事会成员。

In the past, securities class action litigation has often been instituted against companies following periods of volatility in the market price of a company’s securities. This type of litigation, if instituted, could result in substantial costs and a diversion of management’s attention and resources, which could adversely affect our business, operating results, or financial condition. Additionally, the dramatic increase in the cost of directors’ and officers’ liability insurance may cause us to opt for lower overall policy limits and coverage or to forgo insurance that we may otherwise rely on to cover significant defense costs, settlements, and damages awarded to plaintiffs, or incur substantially higher costs to maintain the same or similar coverage. These factors could make it more difficult for us to attract and retain qualified executive officers and members of our board of directors.

关于前瞻性陈述的特别说明 Special Note regarding Forward-looking Statements

本招股说明书包含与我们及我们所在行业相关的前瞻性陈述，这些陈述涉及重大风险和不确定性。本招股说明书中除历史事实陈述外的所有陈述，包括有关我们未来经营业绩和财务状况、我们的业务战略和计划、市场增长以及我们对未来经营目标的陈述，均为前瞻性陈述。“相信”、“可能”、“将”、“潜在”、“估计”、“继续”、“预期”、“打算”、“可以”、“会”、“预测”、“目标”、“计划”、“期望”及类似表述旨在识别前瞻性陈述。

This prospectus contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements contained in this prospectus other than statements of historical fact, including statements regarding our future operating results and financial condition, our business strategy and plans, market growth, and our objectives for future operations, are forward-looking statements. The words “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” and similar expressions are intended to identify forward-looking statements.

本招股说明书中包含的前瞻性陈述包括但不限于以下方面的陈述：

Forward-looking statements contained in this prospectus include, but are not limited to, statements about:

- 我们未来的财务表现，包括我们对收入、收入成本、经营利润率、运营费用（包括运营费用的变化）的预期，以及我们实现并维持未来盈利能力的能力；

- our future financial performance, including our expectations regarding our revenue, cost of revenue, operating margin, operating expenses, including changes in operating expenses, and our ability to achieve and maintain future profitability;

- 我们的业务计划以及我们有效管理增长和维持企业文化的能力；

- our business plan and our ability to effectively manage our growth and maintain our corporate culture;

- 我们的总体市场机会；

- our total market opportunity;

- 我们业务及我们经营所在市场的预期趋势、增长率和挑战；

- anticipated trends, growth rates, and challenges in our business and in the markets in which we operate;

- 市场对我们平台、解决方案和服务的接受程度；

- market acceptance of our platform, solutions, and services;

- 对未来经营的信念和目标；

- beliefs and objectives for future operations;

- 我们成功保留和扩大现有客户使用量以及吸引新客户的能力；

- our ability to successfully retain and expand usage of our existing customers and attract new customers;

- 我们预期在未来各期间确认为收入的剩余履约义务的百分比；

- the percentages of remaining performance obligations that we expect to recognize as revenue over respective future periods;

- 我们开发和推出新产品及解决方案并及时将其推向市场的能力；

- our ability to develop and introduce new products and solutions and bring them to market in a timely manner;

- 我们拟议收购 Weights & Biases 的预期完成时间、收益和影响；

- the expected timing for completion, benefits, and impacts of our proposed acquisition of Weights & Biases;

- 我们对与第三方关系的预期，包括 IT 服务提供商、业务合作伙伴、供应商、供货商和云服务提供商；

- our expectations concerning relationships with third parties, including IT service providers, business partners, vendors, suppliers, and cloud-based service providers;

- 我们维护、保护和增强知识产权的能力；

- our ability to maintain, protect, and enhance our intellectual property rights;

- 我们拓展国际市场的能力；

- our ability to expand internationally;

- 我们所在市场竞争加剧的影响以及我们有效竞争的能力；

- the effects of increased competition in our markets and our ability to compete effectively;

- 我们识别、招募、聘用和留住熟练人员（包括高级管理层关键成员）的能力；

- our ability to identify, recruit, hire, and retain skilled personnel, including key members of senior management;

- 我们继续在人才和平台基础设施方面进行投资的意向；

- our intention to continue to make investments in talent and our platform infrastructure;

- 我们筹集额外资本的能力，包括我们建立新的高效融资结构的能力；

- our ability to raise additional capital, including our ability to enter into new efficient financing structures;

- 未来对互补性公司或产品的收购或投资；

- future acquisitions or investments in complementary companies or products;

- 我们在美国及国际上持续遵守目前适用于或可能适用于我们业务的法律法规的能力；

- our ability to stay in compliance with laws and regulations that currently apply or may become applicable to our business both in the United States and internationally;

- 我们维护平台安全性和可用性以及防范数据泄露和其他安全事件的能力；

- our ability to maintain the security and availability of our platform and protect against data breaches and other security incidents;

- 经济和行业趋势、预计增长或趋势分析，尤其是与 AI 算力相关的内容；

- economic and industry trends, projected growth, or trend analysis, particularly as it relates to AI compute;

- 美国和全球的总体经济状况，包括全球地缘政治冲突、通货膨胀、利率、全球银行业任何不稳定以及外汇汇率的影响；

- general economic conditions in the United States and globally, including the effects of global geopolitical conflicts, inflation, interest rates, any instability in the global banking sector, and foreign currency exchange rates;

- 我们在宏观经济不确定性背景下运营和发展业务的能力；

- our ability to operate and grow our business in light of macroeconomic uncertainty;

- 我们针对财务报告内部控制重大缺陷进行整改的能力；

- our ability to remediate our material weaknesses in our internal control over financial reporting;

- 与作为上市公司相关的费用增加；以及

- increased expenses associated with being a public company; and

- 有关我们未来运营、财务状况、前景和业务战略的其他陈述。

- other statements regarding our future operations, financial condition, and prospects and business strategies.

我们主要基于当前对未来事件和趋势的预期与预测来作出这些前瞻性陈述，我们认为这些事件和趋势可能影响我们的财务状况、经营业绩、业务战略以及短期和长期业务运营与目标。这些前瞻性陈述受诸多风险、不确定性和假设的影响，包括本招股说明书“风险因素”章节及其他部分所述的风险、不确定性和假设。此外，我们处于竞争极为激烈且瞬息万变的环境中，新的风险不时出现。管理层无法预测所有风险，也无法评估所有因素对我们业务的影响，或任何因素或因素组合可能导致实际结果与我们可能作出的任何前瞻性陈述所载内容存在重大差异的程度。鉴于这些风险、不确定性和假设，本招股说明书所讨论的前瞻性事件和情形可能不会发生，实际结果可能与前瞻性陈述中预期或暗示的结果存在重大且不利的差异。

We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, operating results, business strategy, and short-term and long-term business operations and objectives. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions, including those described in the section titled “Risk Factors” and elsewhere in this prospectus. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this prospectus may not occur, and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

您不应将前瞻性陈述作为对未来事件的预测加以依赖。前瞻性陈述所反映的事件和情形可能无法实现或发生。除法律要求外，我们不承担在本招股说明书日期之后因任何原因更新任何前瞻性陈述，或使这些陈述符合实际结果或我们预期变化的义务。这些前瞻性陈述不反映任何未来收购、合并、处置、合资或投资的潜在影响。

You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this prospectus or to conform these statements to actual results or to changes in our expectations, except as required by law. These forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.

此外，“我们认为”及类似表述反映了我们对相关主题的信念和意见。这些陈述基于截至本招股说明书日期我们可获得的信息。尽管我们认为该等信息为这些陈述提供了合理依据，但该等信息可能有限或不完整。我们的陈述不应被解读为表明我们已对全部可能获得的相关信息进行了详尽调查或审查。这些陈述本身具有不确定性，提醒投资者不要过度依赖这些陈述。

In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this prospectus. While we believe such information provides a reasonable basis for these statements, such information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

您阅读本招股说明书以及本招股说明书中引用并已作为注册声明附件提交给 SEC 的文件时，应理解我们未来的实际结果、业绩以及事件和情形可能与我们的预期存在重大差异。

You should read this prospectus and the documents that we reference in this prospectus and have filed with the SEC as exhibits to the registration statement of which this prospectus forms a part with the understanding that our actual future results, performance, and events and circumstances may be materially different from what we expect.

行业与市场数据 Industry and Market Data

除非另有说明，本招股说明书中包含的关于我们所在行业及我们经营所在市场的信息，包括我们的一般预期、市场地位、市场机会和市场规模的，均基于来自各种来源的信息，包括我们自身的估计，以及我们基于该等数据和其他类似来源、并基于我们对产品市场了解所作出的假设。该等信息涉及重要假设和局限性，请您注意不要过度依赖该等估计。尽管我们对本招股说明书中包含的全部披露内容负责，且我们认为本招股说明书中包含的第三方市场地位、市场机会和市场规模数据是可靠的，但我们并未独立核实该等第三方数据的准确性或完整性。此外，由于多种因素（包括标题为“风险因素”和“关于前瞻性陈述的特别说明”的章节以及本招股说明书其他部分所述的因素），对我们未来业绩以及我们所在行业未来业绩的预测、假设和估计必然具有高度的不确定性和风险。这些因素及其他因素可能导致实际结果与独立第三方及我们所作估计中表达的结果存在重大差异。

Unless otherwise indicated, information contained in this prospectus concerning our industry and the markets in which we operate, including our general expectations, market position, market opportunity, and market size, is based on information from various sources, including our own estimates, as well as assumptions that we have made that are based on such data and other similar sources and on our knowledge of the markets for our products. This information involves important assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Although we are responsible for all of the disclosure contained in this prospectus and we believe the third-party market position, market opportunity, and market size data included in this prospectus are reliable, we have not independently verified the accuracy or completeness of this third-party data. In addition, projections, assumptions, and estimates of our future performance and the future performance of the industry in which we operate is necessarily subject to a high degree of uncertainty and risk due to a variety of factors, including those described in the sections titled “Risk Factors” and “Special Note Regarding Forward-Looking Statements,” as well as elsewhere in this prospectus. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us.

本招股说明书包含基于第三方发布的出版物或报告或其他公开可得信息生成的统计数据、估计和预测，以及基于我们内部来源的其他信息。

This prospectus contains statistical data, estimates, and forecasts that are based on publications or reports generated by third parties, or other publicly available information, as well as other information based on our internal sources.

本招股说明书所载某些统计数据、估计和预测的来源如下：

The sources of certain statistical data, estimates, and forecasts contained in this prospectus are provided below:

- Bloomberg Intelligence,Interactive Calculator: Generative AI Market Opportunity，访问日期为 2024 年 11 月 15 日。

- Bloomberg Intelligence, Interactive Calculator: Generative AI Market Opportunity, accessed November 15, 2024.

- The Global Impact of AI on the Economy and Jobs AI will Steer 3.5 percent of GDP in 2030,IDC,2024 年 8 月。

- The Global Impact of AI on the Economy and Jobs AI will Steer 3.5 percent of GDP in 2030, IDC, Aug 2024.

- Kaplan, Jared 等，“Scaling Laws for Neural Language Models.”ArXiv abs/2001.08361 (2020): n. pag.

- Kaplan, Jared et al. “Scaling Laws for Neural Language Models.” ArXiv abs/2001.08361 (2020): n. pag.

- 斯坦福大学以人为本人工智能研究院，“The AI Index 2023 Annual Report，”2023 年 4 月。

- Stanford University Institute for Human-Centered AI, “The AI Index 2023 Annual Report,” April 2023.

募集资金用途 Use of Proceeds

我们估计，按每股 40.00 美元的首次公开发行价格出售本次发行中 A 类普通股股票所得的净收益，在扣除承销折扣和佣金以及估计的发行费用后，将约为 $1.4 billion；若承销商全额行使超额配售选择权，则约为 $1.6 billion。我们不会从出售股东出售 A 类普通股中获得任何收益。

We estimate that the net proceeds from the sale of shares of our Class A common stock in this offering at the initial public offering price of $40.00 per share and after deducting underwriting discounts and commissions and estimated offering expenses, will be approximately $1.4 billion, or $1.6 billion if the underwriters’ over-allotment option is exercised in full. We will not receive any proceeds from the sale of Class A common stock by the selling stockholders.

本次发行的主要目的是为我们的 A 类普通股建立公开市场、提高我们在市场中的知名度、获取额外资本、增强我们的财务灵活性，并为出售股东促成有序的股份分配。我们主要打算将本次发行的净收益用于营运资金和其他一般公司用途，其中可能包括产品开发、一般及行政事务以及资本支出。此外，我们可能将部分净收益用于收购或投资与我们的业务互补的技术、解决方案或业务。我们还打算将本次发行净收益中约 $1.0 billion 用于偿还我们 2024 年定期贷款融资项下的全部未偿金额。截至 2024 年 12 月 31 日，我们 2024 年定期贷款融资项下的借款适用年利率为 9.65%。2024 年定期贷款融资将于 2025 年 12 月 16 日到期。有关我们 2024 年定期贷款融资的进一步说明，请参见标题为“重大债务说明”的章节。

The principal purposes of this offering are to create a public market for our Class A common stock, increase our visibility in the marketplace, obtain additional capital, increase our financial flexibility, and facilitate an orderly distribution of shares for the selling stockholders. We primarily intend to use the net proceeds from this offering for working capital and other general corporate purposes, which may include product development, general and administrative matters, and capital expenditures. In addition, we may use a portion of the net proceeds for the acquisition of, or investment in, technologies, solutions, or businesses that complement our business. We also intend to use approximately $1.0 billion of the net proceeds from this offering to repay the entire outstanding amount under our 2024 Term Loan Facility. As of December 31, 2024, amounts borrowed under our 2024 Term Loan Facility are subject to an interest rate per annum equal to 9.65%. The 2024 Term Loan Facility will mature on December 16, 2025. For a further description of our 2024 Term Loan Facility see the section titled “Description of Material Indebtedness.”

我们还打算在必要时将部分净收益连同现有现金及现金等价物用于履行我们与 RSU 净额结算相关的预计税款预扣和汇缴义务。在与 RSU 净额结算相关的情况下合计预扣 226,800 股 A 类普通股后，基于每股 A 类普通股 40.00 美元的首次公开发行价格，并对与本次发行相关归属的所有 RSU 采用假设 48% 的雇主税率，我们将使用约 $9 million 来履行与此类 RSU 归属相关的税款预扣和汇缴义务。

We also intend to use a portion of the net proceeds together with existing cash and cash equivalents, if necessary, to satisfy our anticipated tax withholding and remittance obligations related to the RSU Net Settlement. After withholding an aggregate of 226,800 shares of our Class A common stock in connection with the RSU Net Settlement, based on the initial public offering price of $40.00 per share of Class A common stock and using an assumed 48% employer tax rate for all RSUs that vested in connection with this offering, we would use approximately $9 million to satisfy our tax withholding and remittance obligations related to the vesting of such RSUs.

此外，本次发行净收益中约 $500 million 将作为受限现金存入托管账户，以担保我们在 DDTL 2.0 融资项下的义务。

In addition, approximately $500 million of the net proceeds from this offering will be held as restricted cash in escrow to secure our obligations under our DDTL 2.0 Facility.

我们将对本次发行净收益的用途拥有广泛的自由裁量权。我们无法确切指明本次发行剩余净收益的所有具体用途。在按上述方式使用之前，我们打算将本次发行净收益的一部分投资于一项或多项资本保值投资，其中可能包括短期、投资级的计息证券，例如货币市场基金、存单、商业票据和美国政府担保债务。

We will have broad discretion over the uses of the net proceeds of this offering. We cannot specify with certainty all of the particular uses for the remaining net proceeds to us from this offering. Pending their use as described above, we intend to invest a portion of net proceeds from this offering in one or more capital-preservation investments, which may include short-term, investment-grade interest-bearing securities, such as money market funds, certificates of deposit, commercial paper, and guaranteed obligations of the U.S. government.

股息政策 Dividend Policy

在本次发行完成后，我们目前拟保留所有可用资金及任何未来收益，用于我们业务的运营，并且在可预见的未来，我们没有计划就我们的股本支付任何股息，但本次发行完成后就我们的 C 系列可赎回可转换优先股应付的任何最终股息支付除外。此外，我们支付股息或进行分派的能力目前受到我们信贷融资条款的限制，并且可能因我们产生的任何进一步债务而受到进一步限制。有关我们信贷融资的更多信息，请参见标题为“重大债务说明”的章节。

Following the consummation of this offering, we currently intend to retain all available funds and any future earnings for use in the operation of our business and do not have current plans to pay any dividends on our capital stock in the foreseeable future, with the exception of any final dividend payment payable on our Series C redeemable convertible preferred stock upon the consummation of this offering. Additionally, our ability to pay dividends or make distributions is currently restricted by the terms of our Credit Facilities and may be further restricted by any further indebtedness we incur. For additional information regarding our Credit Facilities, see the section titled “Description of Material Indebtedness.”

任何未来宣派股息的决定将由我们的董事会酌情作出，并将取决于（其中包括）我们的财务状况、经营业绩、资本需求、一般商业状况、我们债务工具中的限制以及我们董事会可能认为相关的其他因素。

Any future determination to declare dividends will be made at the discretion of our board of directors and will depend, among other things, on our financial condition, operating results, capital requirements, general business conditions, restrictions in our debt instruments, and other factors that our board of directors may deem relevant.

资本化 Capitalization

下表列示了截至 2024 年 12 月 31 日我们的现金及现金等价物和我们的资本结构：

The following table sets forth our cash and cash equivalents and our capitalization as of December 31, 2024, on:

- 按实际基础；

- an actual basis;

- 按备考基础，已反映以下事项的影响：(i) 股本转换，假设该转换已于 2024 年 12 月 31 日发生，(ii) B 类股转换，(iii) 期权行使及我们因期权行使而收到约 $1 million 的总收益，(iv) 我们经修订和重述的公司章程的提交和生效，该章程将在本次发行完成前立即生效，(v) 与受 RSU 净额结算约束的 RSU 相关的、金额为 $78 million 的股权激励费用所导致的额外实收资本增加和累计亏损增加，(vi) 与 RSU 净额结算相关的 A 类普通股股份净发行，在预扣股份以满足估计的税款预扣和汇缴义务 $9 million 之后（基于每股 $40.00 的首次公开发行价格和假设的 48% 税率预扣率），以及 (vii) 与 RSU 净额结算相关的估计税款预扣和汇缴义务所导致的应计负债增加以及额外实收资本等额减少 $9 million；以及

- a pro forma basis, giving effect to (i) the Capital Stock Conversion as if such conversion had occurred on December 31, 2024, (ii) the Class B Conversion, (iii) the Option Exercise and the receipt by us of gross proceeds of approximately $1 million in connection with the Option Exercise, (iv) the filing and effectiveness of our amended and restated certificate of incorporation that will become effective immediately prior to the completion of this offering, (v) an increase to additional paid-in capital and accumulated deficit related to stock based compensation of $78 million related to RSUs subject to the RSU Net Settlement, (vi) the net issuance of shares of Class A common stock in connection with the RSU Net Settlement, after withholding shares to satisfy estimated tax withholding and remittance obligations of $9 million (based on the initial public offering price of $40.00 per share and an assumed 48% tax withholding rate), and (vii) the increase in accrued liabilities and an equivalent decrease in additional paid-in capital of $9 million in connection with the estimated tax withholding and remittance obligations related to the RSU Net Settlement; and

- 按备考调整后基础，已反映以下事项的影响：(i) 上述备考调整，(ii) 本次发行中出售和发行 36,590,000 股我们的 A 类普通股以及按每股 $40.00 的首次公开发行价格同步发行股份，在扣除承销折扣和佣金以及我们应付的估计发行费用之后，(iii) 将我们从本次发行中收到的约 $1.0 billion 净收益用于偿还我们 2024 年定期贷款融资项下的全部未偿金额，(iv) 使用本次发行净收益的一部分，连同现有现金及现金等价物（如有必要），以满足与 RSU 净额结算相关的估计税款预扣和汇缴义务，(v) 与向 OpenAI 同步发行股份相关的其他非流动资产和额外实收资本增加 $350 million，根据 OpenAI 主服务协议确认的任何收入将被这些股份的价值所抵消，以及 (vi) 本次发行净收益中约 $500 million 将作为受限现金存入托管账户，以担保我们在 DDTL 2.0 融资项下的义务。

- a pro forma as adjusted basis, giving effect to (i) the pro forma adjustments set forth above, (ii) the sale and issuance of 36,590,000 shares of our Class A common stock in this offering and the concurrent share issuance at the initial public offering price of $40.00 per share, after deducting underwriting discounts and commissions and estimated offering expenses payable by us (iii) the application of approximately $1.0 billion of the net proceeds that we receive from this offering to repay the entire outstanding amount under our 2024 Term Loan Facility, (iv) the use of a portion of the net proceeds from this offering, together with existing cash and cash equivalents, if necessary, to satisfy the estimated tax withholding and remittance obligations related to the RSU Net Settlement, (v) an increase in other non-current assets and additional paid-in capital of $350 million in connection with the concurrent share issuance to OpenAI, for which any revenue recognized under the OpenAI Master Service Agreement will be offset by the value of these shares, and (vi) approximately $500 million of the net proceeds from this offering to be held as restricted cash in escrow to secure our obligations under our DDTL 2.0 Facility.

您应将本表与我们合并财务报表及随附附注，以及本招股说明书其他部分所载的“管理层对财务状况和经营成果的讨论与分析”一节一并阅读。

You should read this table together with our consolidated financial statements and the accompanying notes, and the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” that are included elsewhere in this prospectus.

截至 2024 年 12 月 31 日

As of December 31, 2024

实际 · 备考 · 备考调整后 （千美元，每股数据除外） 合并资产负债表数据： 现金及现金等价物 · $1,361,083 · $1,361,969 · $1,251,712 受限现金及现金等价物，流动 · $37,394 · $37,394 · $537,394 债务，包括流动及长期： 延迟提款定期贷款融资 1.0(1) · $1,976,265 · $1,976,265 · $1,976,265 延迟提款定期贷款融资 2.0(2) · 3,787,692 · 3,787,692 · 3,787,692 2024 年定期贷款融资(3) · 985,225 · 985,225 · — 原始设备制造商融资安排 · 1,177,158 · 1,177,158 · 1,177,158 循环信贷融资 · — · — · — 债务总额(4) · $7,926,340 · $7,926,340 · $6,941,115

Actual · Pro Forma · Pro Forma as Adjusted (in thousands, except per share data) Consolidated Balance Sheet Data: Cash and cash equivalents · $1,361,083 · $1,361,969 · $1,251,712 Restricted cash and cash equivalents, current · $37,394 · $37,394 · $537,394 Debt, including current and long term: Delayed Draw Term Loan Facility 1.0(1) · $1,976,265 · $1,976,265 · $1,976,265 Delayed Draw Term Loan Facility 2.0(2) · 3,787,692 · 3,787,692 · 3,787,692 2024 Term Loan Facility(3) · 985,225 · 985,225 · — Original Equipment Manufacturer financing arrangements · 1,177,158 · 1,177,158 · 1,177,158 Revolving credit facility · — · — · — Total debt(4) · $7,926,340 · $7,926,340 · $6,941,115

截至 2024 年 12 月 31 日

As of December 31, 2024

实际 · 备考 · 备考调整后 （千美元，每股数据除外） 可赎回可转换优先股，每股面值 $0.000005；实际已授权 206,169 股，已发行及流通在外 184,635 股；备考及备考调整后未授权任何股份，未发行及流通在外任何股份 · 1,722,111 · — · — 可赎回 A 类普通股，每股面值 $0.000005；实际未发行及流通在外任何股份；备考及备考调整后已发行及流通在外 29,874 股 · — · 1,163,130 · 1,163,130 股东（赤字）权益： A 类普通股；每股面值 $0.000005；实际已授权 540,680 股，已发行及流通在外 114,689 股；备考已授权 3,000,000 股，已发行及流通在外 270,783 股；备考调整后已授权 3,000,000 股，已发行及流通在外 316,123 股 · 1 · 2 · 6 B 类普通股；每股面值 $0.000005；实际已授权 150,000 股，已发行及流通在外 118,198 股；备考已授权 200,000 股，已发行及流通在外 118,102 股；备考调整后已授权 200,000 股，已发行及流通在外 118,102 股 · — · — · — C 类普通股；每股面值 $0.000005；实际未授权、未发行及未流通在外任何股份；备考及备考调整后已授权 200,000 股，未发行及未流通在外任何股份 · — · — · — 库存股，按成本，实际 6,588 股；备考 6,588 股；备考调整后 6,588 股 · (33,524) · (33,524) · (33,524) 优先股；每股面值 $0.000005；实际未授权、未发行及未流通在外任何股份；备考及备考调整后已授权 100,000 股，未发行及未流通在外任何股份 · — · — · — 额外实收资本 · 1,096,160 · 1,724,771 · 3,471,246 累计赤字 · (1,476,235) · (1,554,052) · (1,568,827) 股东（赤字）权益总额 · (413,598) · 137,197 · 1,868,901 资本总额 · $9,234,853 · $9,226,667 · $9,973,146

Actual · Pro Forma · Pro Forma as Adjusted (in thousands, except per share data) Redeemable convertible preferred stock, $0.000005 par value per share; 206,169 shares authorized, 184,635 shares issued and outstanding, actual; no shares authorized, no shares issued and outstanding, pro forma and pro forma as adjusted · 1,722,111 · — · — Redeemable Class A common stock, $0.000005 par value per share; no shares issued and outstanding, actual; 29,874 shares issued and outstanding, pro forma, and pro forma as adjusted · — · 1,163,130 · 1,163,130 Stockholders’ (deficit) equity: Class A common stock; $0.000005 par value per share; 540,680 shares authorized, 114,689 shares issued and outstanding, actual; 3,000,000 shares authorized, 270,783 shares issued and outstanding, pro forma; 3,000,000 shares authorized, 316,123 shares issued and outstanding, pro forma as adjusted · 1 · 2 · 6 Class B common stock; $0.000005 par value per share; 150,000 shares authorized, 118,198 shares issued and outstanding, actual; 200,000 shares authorized, 118,102 shares issued and outstanding, pro forma; 200,000 shares authorized, 118,102 shares issued and outstanding, pro forma as adjusted · — · — · — Class C common stock; $0.000005 par value per share; no shares authorized, issued or outstanding, actual; 200,000 shares authorized, no shares issued and outstanding, pro forma, and pro forma as adjusted · — · — · — Treasury stock, at cost, 6,588 shares, actual; 6,588 shares, shares pro forma; 6,588 shares pro forma as adjusted · (33,524) · (33,524) · (33,524) Preferred stock; $0.000005 par value per share; no shares authorized, no shares issued and outstanding, actual; 100,000 shares authorized, no shares issued and outstanding, pro forma, and pro forma as adjusted · — · — · — Additional paid-in capital · 1,096,160 · 1,724,771 · 3,471,246 Accumulated deficit · (1,476,235) · (1,554,052) · (1,568,827) Total stockholders’ (deficit) equity · (413,598) · 137,197 · 1,868,901 Total capitalization · $9,234,853 · $9,226,667 · $9,973,146

(1) · 延迟提款定期贷款融资 1.0 包括本金 $2.0 billion，扣除未摊销债务折价及发行费用 $36 million。

(1) · Delayed Draw Term Loan Facility 1.0 consists of $2.0 billion of principal, net of unamortized debt discount and issuance costs of $36 million.

(2) · 延迟提款定期贷款融资 2.0 包括本金 $3.8 billion，扣除未摊销债务折价及发行费用 $56 million。

(2) · Delayed Draw Term Loan Facility 2.0 consists of $3.8 billion of principal, net of unamortized debt discount and issuance costs of $56 million.

(3) · 2024 年定期贷款融资包括本金 $1.0 billion，扣除未摊销债务折价及发行费用 $15 million。

(3) · 2024 Term Loan Facility consists of $1.0 billion of principal, net of unamortized debt discount and issuance costs of $15 million.

(4) · 2025 年 3 月 7 日，我们签订了 2025 年定期贷款信贷协议，提供 300.0 百万美元的无担保定期贷款额度。截至本招股说明书日期，2025 年定期贷款额度下尚无借款。2025 年定期贷款额度下贷款人的所有未提取承诺应于以下较早发生者终止：(i) 2025 年 4 月 7 日，及 (ii) 本次发行交割。

(4) · On March 7, 2025, we entered into the 2025 Term Loan Credit Agreement providing for a $300.0 million unsecured term loan facility. As of the date of this prospectus, there have been no borrowings under the 2025 Term Loan Facility. All unfunded commitments of the lenders under the 2025 Term Loan Facility shall terminate upon the earlier to occur of (i) April 7, 2025 and (ii) the closing of this offering.

本次发行及同步股份发行后将流通在外的我们的 A 类普通股、B 类普通股和 C 类普通股股数，基于截至 2024 年 12 月 31 日流通在外的 300,657,406 股 A 类普通股、118,102,040 股 B 类普通股及无流通在外的 C 类普通股（在使股本转换、B 类转换、期权行使及 RSU 净额结算生效后），且不包括：

The number of shares of our Class A common stock, Class B common stock, and Class C common stock that will be outstanding after this offering and the concurrent share issuance is based on 300,657,406 shares of our Class A common stock outstanding, 118,102,040 shares of our Class B common stock outstanding, and no shares of our Class C common stock outstanding, in each case as of December 31, 2024 (after giving effect to the Capital Stock Conversion, the Class B Conversion, the Option Exercise, and the RSU Net Settlement), and excludes:

- 根据 2019 年计划于 2024 年 12 月 31 日流通在外的可购买 A 类普通股的股票期权行使后可发行的 46,577,580 股 A 类普通股，加权平均行权价为每股 $1.75（在使期权行使生效后），其中 9,109,000 股将可由我们的联合创始人在行使时根据其股权交换权选择交换为等数量的 B 类普通股；

- 46,577,580 shares of our Class A common stock issuable upon the exercise of stock options to purchase shares of our Class A common stock outstanding as of December 31, 2024 under the 2019 Plan, with a weighted-average exercise price of $1.75 per share (after giving effect to the Option Exercise), of which 9,109,000 shares will be exchangeable for an equal number of shares of our Class B common stock at the election of our Co-Founders upon exercise pursuant to their Equity Exchange Rights;

- 根据 2019 年计划于 2024 年 12 月 31 日流通在外的 RSU 归属及结算后可发行的 14,982,220 股 A 类普通股，该等 RSU 截至 2024 年 12 月 31 日尚未满足基于服务的归属条件，且其基于业绩的归属条件已就本次发行满足（其中部分 RSU 截至 2025 年 3 月 27 日满足基于服务的归属条件，已导致就本次发行净发行 227,635 股 A 类普通股，在扣留合计 210,125 股 A 类普通股以满足相关估计预扣税及汇缴义务后（基于每股 $40.00 的首次公开发行价格及假设 48% 的预扣税率））;

- 14,982,220 shares of our Class A common stock issuable upon the vesting and settlement of RSUs outstanding as of December 31, 2024 under the 2019 Plan for which the service-based vesting condition was not satisfied as of December 31, 2024 and for which the performance-based vesting condition was satisfied in connection with this offering (the satisfaction of the service-based vesting condition of certain of these RSUs through March 27, 2025 has resulted in the net issuance of 227,635 shares of our Class A common stock in connection with this offering, after withholding an aggregate of 210,125 shares of Class A common stock to satisfy the associated estimated tax withholding and remittance obligations (based on the initial public offering price of $40.00 per share and an assumed 48% tax withholding rate));

- 根据 2019 年计划于 2024 年 12 月 31 日之后授予的 RSU 归属及结算后可发行的 8,753,320 股 A 类普通股；

- 8,753,320 shares of our Class A common stock issuable upon the vesting and settlement of RSUs granted after December 31, 2024 under the 2019 Plan;

- 于 2024 年 12 月 31 日流通在外的可购买 A 类普通股的认股权证行使后可发行的 12,144,668 股 A 类普通股，其中 7,807,282 股的行权价为每股 $0.0005,4,337,386 股的行权价等于常规认股权证行权价；

- 12,144,668 shares of our Class A common stock issuable upon the exercise of warrants to purchase shares of our Class A common stock outstanding as of December 31, 2024, of which 7,807,282 had an exercise price of $0.0005 per share and 4,337,386 had an exercise price equal to the Regular Warrants Exercise Price;

- 63,750,480 股 A 类普通股预留用于根据我们的股权激励计划未来发行，包括 (i) 截至 2024 年 12 月 31 日根据我们的 2019 年计划预留用于未来发行的 3,750,480 股 A 类普通股（该预留数量未反映 2024 年 12 月 31 日之后授予的购买 A 类普通股的股票期权及可结算为 A 类普通股的限制性股票单位，亦未反映 2024 年 12 月 31 日之后根据我们的 2019 年计划预留用于未来发行的 A 类普通股增加 5,300,000 股），(ii) 根据我们的 2025 年计划预留用于未来发行的 50,000,000 股 A 类普通股，该计划于本招股说明书日期前一日生效，以及 (iii) 根据我们的 2025 年员工购股计划（2025 ESPP）预留用于发行的 10,000,000 股 A 类普通股，该计划于本招股说明书日期生效；以及

- 63,750,480 shares of our Class A common stock reserved for future issuance under our equity compensation plans, consisting of (i) 3,750,480 shares of our Class A common stock reserved for future issuance under our 2019 Plan as of December 31, 2024 (which reserve does not reflect the stock options to purchase shares of our Class A common stock and RSUs settleable for shares of our Class A common stock granted after December 31, 2024 or an increase of 5,300,000 shares of our Class A common stock reserved for future issuance under our 2019 Plan after December 31, 2024), (ii) 50,000,000 shares of our Class A common stock reserved for future issuance under our 2025 Plan, which became effective on the date immediately prior to the date of this prospectus, and (iii) 10,000,000 shares of our Class A common stock reserved for issuance under our 2025 ESPP, which became effective on the date of this prospectus; and

- 21,874,544 股 A 类普通股，该等股份将在我们完成对 Weights & Biases 的收购交割时发行，按每股 $40.00 的首次公开发行价格计算。

- 21,874,544 shares of our Class A common stock that are issuable upon the closing of our acquisition of Weights & Biases, based on the initial public offering price of $40.00 per share.

在本招股说明书日期，我们的 2019 年计划下任何剩余可供发行的 A 类普通股已并入我们的 2025 年计划下预留用于发行的 A 类普通股，且我们已停止根据 2019 年计划授予奖励。我们的 2025 年计划和 2025 年员工购股计划亦规定，其项下预留的股份数量将自动逐年增加。更多信息请参见标题为“高管薪酬——员工福利与股票计划”的章节。

On the date of this prospectus, any remaining shares of our Class A common stock available for issuance under our 2019 Plan were added to the shares of our Class A common stock reserved for issuance under our 2025 Plan, and we ceased granting awards under the 2019 Plan. Our 2025 Plan and 2025 ESPP also provide for automatic annual increases in the number of shares reserved thereunder. See the section titled “Executive Compensation—Employee Benefit and Stock Plans” for additional information.

稀释 Dilution

如果您在本发行中投资我们的 A 类普通股，您的所有权权益将立即被稀释，稀释幅度为每股 A 类普通股的首次公开发行价格与本发行及同步股份发行完成后每股 A 类普通股的形式调整后净有形账面价值之间的差额。

If you invest in our Class A common stock in this offering, your ownership interest will be immediately diluted to the extent of the difference between the initial public offering price per share of our Class A common stock and the pro forma as adjusted net tangible book value per share of our Class A common stock immediately after this offering and the concurrent share issuance.

截至 2024 年 12 月 31 日，我们的形式净有形账面价值为$102 million，即每股普通股$0.24。我们的每股形式净有形账面价值代表我们的有形资产总额减去我们的负债总额和可赎回可转换优先股后的金额，除以截至 2024 年 12 月 31 日我们已发行普通股的总股数，在使以下事项生效后：(i) 股本转换，(ii) B 类转换，(iii) 期权行使及我们因期权行使而收到约$1 million 的总收益，(iv) 我们修订和重述的公司章程的提交和生效，该章程将在本发行完成前立即生效，以及 (v) 与 RSU 净额结算相关的 245,700 股 A 类普通股的净发行，在预扣 226,800 股以满足估计的税款预扣和汇缴义务$9 million（基于每股$40.00 的首次公开发行价格和假设的 48%预扣税率）之后。

As of December 31, 2024, our pro forma net tangible book value was $102 million, or $0.24 per share of our common stock. Our pro forma net tangible book value per share represents the amount of our total tangible assets reduced by the amount of our total liabilities and redeemable convertible preferred stock, divided by the total number of shares of our common stock outstanding as of December 31, 2024, after giving effect to (i) the Capital Stock Conversion, (ii) the Class B Conversion, (iii) the Option Exercise and the receipt by us of gross proceeds of approximately $1 million in connection with the Option Exercise, (iv) the filing and effectiveness of our amended and restated certificate of incorporation that will become effective immediately prior to the completion of this offering, and (v) the net issuance of 245,700 shares of Class A common stock in connection with the RSU Net Settlement, after withholding 226,800 shares to satisfy estimated tax withholding and remittance obligations of $9 million (based on the initial public offering price of $40.00 per share and an assumed 48% tax withholding rate).

在使以下事项生效后：(i) 在本发行中以每股$40.00 的首次公开发行价格出售和发行 36,590,000 股我们的 A 类普通股以及同步股份发行，在扣除承销折扣和佣金以及我们应付的估计发行费用后，以及 (ii) 将由此获得的净收益按标题为“收益用途”一节所述进行应用，我们截至 2024 年 12 月 31 日的形式调整后净有形账面价值将为$1.5 billion，即每股$3.26。这代表我们现有股东的形式净有形账面价值立即增加每股$3.02，以及在本发行中购买我们 A 类普通股的投资者和以首次公开发行价格在同步股份发行中被发行股份的投资者面临的形式调整后净有形账面价值立即稀释每股$36.74。

After giving effect to (i) the sale and issuance of 36,590,000 shares of our Class A common stock in this offering and the concurrent share issuance at the initial public offering price of $40.00 per share, after deducting underwriting discounts and commissions and estimated offering expenses payable by us, and (ii) the application of the net proceeds therefrom as described in the section titled “Use of Proceeds,” our pro forma as adjusted net tangible book value as of December 31, 2024 would have been $1.5 billion, or $3.26 per share. This represents an immediate increase in pro forma net tangible book value of $3.02 per share to our existing stockholders and an immediate dilution in pro forma as adjusted net tangible book value of $36.74 per share to investors purchasing shares of our Class A common stock in this offering and investors being issued shares in the concurrent share issuance at the initial public offering price.

下表说明了新投资者和同步股份发行投资者按每股基础的这种稀释：

The following table illustrates this dilution on a per share basis to new investors and the concurrent share issuance investors:

首次公开发行每股价格 · $40.00 截至 2024 年 12 月 31 日的备考每股有形净资产账面价值，在本次发行及同步股份发行生效前 · $0.24 归属于本次发行中购买 A 类普通股的新投资者及同步股份发行中获发股份的投资者的备考每股有形净资产账面价值增加额 · $3.02 本次发行及同步股份发行完成后立即的备考调整后每股有形净资产账面价值 · $3.26 本次发行中购买股份的新投资者及同步股份发行中获发股份的投资者的备考调整后每股有形净资产账面价值稀释额 · $36.74

Initial public offering price per share · $40.00 Pro forma net tangible book value per share as of December 31, 2024 before giving effect to this offering and the concurrent share issuance · $0.24 Increase in pro forma net tangible book value per share attributable to new investors purchasing Class A common stock in this offering and investors being issued shares in the concurrent share issuance · $3.02 Pro forma as adjusted net tangible book value per share immediately after this offering and the concurrent share issuance · $3.26 Dilution in pro forma as adjusted net tangible book value per share to new investors in this offering and investors being issued shares in the concurrent share issuance · $36.74

若承销商全额行使超额配售选择权，本次发行及同步股份发行生效后，我们 A 类普通股的备考调整后每股有形净资产账面价值将为每股 $0.42，而本次发行中投资者及同步股份发行中获发股份的投资者的备考调整后每股有形净资产账面价值稀释额将为每股 $0.42。

If the underwriters exercise their over-allotment option in full, the pro forma as adjusted net tangible book value per share of our Class A common stock after giving effect to this offering and the concurrent share issuance would be $0.42 per share, and the dilution in pro forma as adjusted net tangible book value per share to investors and investors being issued shares in the concurrent share issuance in this offering would be $0.42 per share.

下表以截至 2024 年 12 月 31 日的备考调整后基础，在上文所述备考调整生效后，汇总了现有股东、本次发行中向我们购买 A 类普通股股份的新投资者（就向我们购买的股份数量而言）以及同步股份发行中获发股份的投资者之间的差异、向我们支付的总对价，以及现有股东已支付或本次发行中购买股份的投资者或同步股份发行中获发股份的投资者将按每股 $40.00 的首次发行价格支付的平均每股价格，未扣除承销折扣及佣金和预计发行费用：

The following table summarizes, on a pro forma as adjusted basis as of December 31, 2024, after giving effect to the pro forma adjustments described above, the difference between existing stockholders, new investors purchasing shares of our Class A common stock in this offering with respect to the number of shares purchased from us and investors being issued shares in the concurrent share issuance, the total consideration paid to us, and the average price per share paid by our existing stockholders or to be paid by investors purchasing shares in this offering or being issued shares in the concurrent share issuance at the initial offering price of $40.00 per share, before deducting the underwriting discounts and commissions and estimated offering expenses:

购买的股份 · 总对价 · 平均每股价格 数量 · 百分比 · 金额 · 百分比 现有股东 · 300,657,406 · 87% · $1,635,749,074 · 53% · $5.44 新公众投资者 · 36,590,000 · 11% · 1,463,600,000 · 47% · $40.00 同步股份发行投资者 · 8,750,000 · 2% · — · 0% · 不适用 合计 · 345,997,406 · 100% · $3,099,349,074 · 100%

Shares Purchased · Total Consideration · Average Price Per Share Number · Percent · Amount · Percent Existing stockholders · 300,657,406 · 87% · $1,635,749,074 · 53% · $5.44 New public investors · 36,590,000 · 11% · 1,463,600,000 · 47% · $40.00 Concurrent share issuance investors · 8,750,000 · 2% · — · 0% · N/A Total · 345,997,406 · 100% · $3,099,349,074 · 100%

出售股东在本次发行中的出售将导致本次发行前现有股东持有的股份数量减少至 299,747,406 股，占本次发行及同步股份发行完成后立即流通的我们 A 类普通股股份总数的 87%，并将使新投资者持有的股份数量增加至 37,500,000 股，占本次发行及同步股份发行完成后立即流通的我们普通股股份总数的 11%。

Sales by the selling stockholders in this offering will cause the number of shares held by existing stockholders before this offering to be reduced to 299,747,406 shares, or 87% of the total number of shares of our Class A common stock outstanding immediately after the completion of this offering and the concurrent share issuance, and will increase the number of shares held by new investors to 37,500,000 shares, or 11% of the total number of shares of our common stock outstanding immediately after the completion of this offering and the concurrent share issuance.

除另有说明外，上述讨论和表格假设承销商不行使购买额外股份的选择权。如果承销商全额行使超额配售选择权，则本次发行及同步股份发行完成后，我们现有股东将持有我们 A 类普通股总发行在外股份的 86%，我们的新公众投资者将持有 12%，我们的同步股份发行投资者将持有 2%。

Except as otherwise indicated, the above discussion and tables assume no exercise of the underwriters’ option to purchase additional shares. If the underwriters’ over-allotment option is exercised in full, our existing stockholders would own 86%, our new public investors would own 12%, and our concurrent share issuance investors would own 2% of the total number of shares of our Class A common stock outstanding upon completion of this offering and the concurrent share issuance.

此外，如果我们发行任何额外的股票期权或 RSU，或任何未行使的股票期权被行使，或未归属的 RSU 归属并结算，或我们未来发行任何其他证券或可转换债务，投资者将经历进一步的稀释。

In addition, to the extent we issue any additional stock options or RSUs or any outstanding stock options are exercised or outstanding RSUs vest and settle, or we issue any other securities or convertible debt in the future, investors will experience further dilution.

本次发行及同步股份发行后，我们 A 类普通股、B 类普通股和 C 类普通股的发行在外股份数量基于截至 2024 年 12 月 31 日我们已发行在外的 300,657,406 股 A 类普通股、118,102,040 股 B 类普通股和零股 C 类普通股（在实施资本股票转换、B 类转换、期权行使和 RSU 净额结算后），且不包括：

The number of shares of our Class A common stock, Class B common stock, and Class C common stock that will be outstanding after this offering and the concurrent share issuance is based on 300,657,406 shares of our Class A common stock outstanding, 118,102,040 shares of our Class B common stock outstanding, and no shares of our Class C common stock outstanding, in each case as of December 31, 2024 (after giving effect to the Capital Stock Conversion, the Class B Conversion, the Option Exercise, and the RSU Net Settlement), and excludes:

- 根据 2019 年计划，截至 2024 年 12 月 31 日已发行在外的购买我们 A 类普通股的股票期权行使时可发行的 46,577,580 股 A 类普通股，加权平均行使价为每股$1.75（在实施期权行使后），其中 9,109,000 股将根据我们联合创始人的股权交换权，在其行使时可由其选择交换为等数量的 B 类普通股；

- 46,577,580 shares of our Class A common stock issuable upon the exercise of stock options to purchase shares of our Class A common stock outstanding as of December 31, 2024 under the 2019 Plan, with a weighted-average exercise price of $1.75 per share (after giving effect to the Option Exercise), of which 9,109,000 shares will be exchangeable for an equal number of shares of our Class B common stock at the election of our Co-Founders upon exercise pursuant to their Equity Exchange Rights;

- 根据 2019 年计划，截至 2024 年 12 月 31 日已发行在外的 RSU 归属并结算时可发行的 14,982,220 股 A 类普通股，这些 RSU 截至 2024 年 12 月 31 日尚未满足基于服务的归属条件，且其基于业绩的归属条件已与本次发行相关而满足（其中部分 RSU 截至 2025 年 3 月 27 日满足基于服务的归属条件，导致与本次发行相关净发行 227,635 股 A 类普通股，在扣留合计 210,125 股 A 类普通股以满足相关估计税款预扣和汇缴义务后（基于每股$40.00 的首次公开发行价格和假设的 48%税率））；

- 14,982,220 shares of our Class A common stock issuable upon the vesting and settlement of RSUs outstanding as of December 31, 2024 under the 2019 Plan for which the service-based vesting condition was not satisfied as of December 31, 2024 and for which the performance-based vesting condition was satisfied in connection with this offering (the satisfaction of the service-based vesting condition of certain of these RSUs through March 27, 2025 has resulted in the net issuance of 227,635 shares of our Class A common stock in connection with this offering, after withholding an aggregate of 210,125 shares of Class A common stock to satisfy the associated estimated tax withholding and remittance obligations (based on the initial public offering price of $40.00 per share and an assumed 48% tax withholding rate));

- 根据 2019 年计划，2024 年 12 月 31 日之后授予的 RSU 归属并结算时可发行的 8,753,320 股 A 类普通股；

- 8,753,320 shares of our Class A common stock issuable upon the vesting and settlement of RSUs granted after December 31, 2024 under the 2019 Plan;

- 截至 2024 年 12 月 31 日已发行在外的购买我们 A 类普通股的认股权证行使时可发行的 12,144,668 股 A 类普通股，其中 7,807,282 股的行使价为每股$0.0005，4,337,386 股的行使价等于常规认股权证行使价；

- 12,144,668 shares of our Class A common stock issuable upon the exercise of warrants to purchase shares of our Class A common stock outstanding as of December 31, 2024, of which 7,807,282 had an exercise price of $0.0005 per share and 4,337,386 had an exercise price equal to the Regular Warrants Exercise Price;

- 63,750,480 股 A 类普通股预留用于根据我们的股权激励计划未来发行，包括 (i) 截至 2024 年 12 月 31 日根据我们的 2019 年计划预留用于未来发行的 3,750,480 股 A 类普通股（该预留数量未反映 2024 年 12 月 31 日之后授予的购买 A 类普通股的股票期权和可结算为 A 类普通股的限制性股票单位，也未反映 2024 年 12 月 31 日之后根据我们的 2019 年计划预留用于未来发行的 A 类普通股增加 5,300,000 股），(ii) 根据我们的 2025 年计划预留用于未来发行的 50,000,000 股 A 类普通股，该计划于本招股说明书日期前一日生效，以及 (iii) 根据我们的 2025 年员工购股计划（2025 ESPP）预留用于发行的 10,000,000 股 A 类普通股，该计划于本招股说明书日期生效；以及

- 63,750,480 shares of our Class A common stock reserved for future issuance under our equity compensation plans, consisting of (i) 3,750,480 shares of our Class A common stock reserved for future issuance under our 2019 Plan, as of December 31, 2024 (which reserve does not reflect the stock options to purchase shares of our Class A common stock and RSUs settleable for shares of our Class A common stock granted after December 31, 2024 or an increase of 5,300,000 shares of our Class A common stock reserved for future issuance under our 2019 Plan after December 31, 2024), (ii) 50,000,000 shares of our Class A common stock reserved for future issuance under our 2025 Plan, which became effective on the date immediately prior to the date of this prospectus, and (iii) 10,000,000 shares of our Class A common stock reserved for issuance under our 2025 ESPP, which became effective on the date of this prospectus; and

- 21,874,544 股 A 类普通股，将在我们完成对 Weights & Biases 的收购交割时发行，按每股 $40.00 的首次公开发行价格计算。

- 21,874,544 shares of our Class A common stock that are issuable upon the closing of our acquisition of Weights & Biases, based on the initial public offering price of $40.00 per share.

在本招股说明书日期，我们 2019 年计划下任何剩余可供发行的 A 类普通股已并入我们 2025 年计划下预留用于发行的 A 类普通股，并且我们已停止根据 2019 年计划授予奖励。我们的 2025 年计划和 2025 年员工购股计划还规定，其下预留的股份数量将自动逐年增加。更多信息请参见标题为“高管薪酬——员工福利和股票计划”的章节。

On the date of this prospectus, any remaining shares of our Class A common stock available for issuance under our 2019 Plan were added to the shares of our Class A common stock reserved for issuance under our 2025 Plan, and we ceased granting awards under the 2019 Plan. Our 2025 Plan and 2025 ESPP also provide for automatic annual increases in the number of shares reserved thereunder. See the section titled “Executive Compensation—Employee Benefit and Stock Plans” for additional information.

管理层对财务状况和经营成果的讨论与分析 Management’s Discussion and Analysis of Financial Condition and Results of Operations

本招股说明书其他部分所载的我们的合并财务报表及相关附注和其他财务信息，应与以下关于财务状况和经营成果的讨论与分析一并阅读。除历史经营成果和财务状况外，本讨论还包含涉及风险和不确定性的前瞻性陈述。我们的实际结果可能与这些前瞻性陈述中讨论或暗示的结果存在重大差异。可能导致或促成此类差异的因素包括但不限于“风险因素”一节中讨论的因素。我们的历史结果不一定预示未来任何期间的预期结果，任何中期期间的结果也不应被推断为我们任何全年或未来期间的结果。

The following discussion and analysis of financial condition and results of operations should be read together with our consolidated financial statements and related notes, and other financial information, included elsewhere in this prospectus. In addition to our historical results of operations and financial position, this discussion contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those discussed in or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the section titled “Risk Factors.” Our historical results are not necessarily indicative of the results to be expected for any period in the future, and results for any interim period should not be construed as an inference of what our results would be for any full year or future period.

概览 Overview

CoreWeave 为驱动创新的智能的创造与交付提供支持。

CoreWeave powers the creation and delivery of the intelligence that drives innovation.

我们是驱动 AI 革命的 AI 超级扩展商（AI HyperscalerTM）。我们的 CoreWeave 云平台由我们的专有软件和云服务组成，提供大规模管理复杂 AI 基础设施所需的软件和软件智能。我们的平台支持突破性模型的开发与使用，以及下一代 AI 应用的交付，这些应用正在改变全球各地人们的生活和工作方式——我们的平台受到包括 Cohere、IBM、Meta、Microsoft、Mistral、NVIDIA 和 OpenAI 在内的一些全球领先 AI 实验室和 AI 企业的信赖。

We are the AI HyperscalerTM driving the AI revolution. Our CoreWeave Cloud Platform consists of our proprietary software and cloud services that deliver the software and software intelligence needed to manage complex AI infrastructure at scale. Our platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications that are changing the way we live and work across the globe—our platform is trusted by some of the world’s leading AI labs and AI enterprises, including Cohere, IBM, Meta, Microsoft, Mistral, NVIDIA, and OpenAI.

我们的 CoreWeave 云平台包括：

Our CoreWeave Cloud Platform includes:

- 基础设施服务。一个全托管的 AI 基础设施层，为客户提供对先进 GPU 和 CPU 算力以及高性能网络的访问，并由 DPU 和存储提供支持。

- Infrastructure Services. A fully-managed AI infrastructure layer that provides our customers with access to advanced GPU and CPU compute and highly performant networking, supported by DPUs, and storage.

- 托管软件服务。我们的专有算力编排与管理层，包括 CKS（负责调度和编排复杂的 AI 工作负载）、VPC（提供灵活、安全且隔离的私有云）以及我们的裸金属服务（直接在裸金属实例上运行 Kubernetes）。

- Managed Software Services. Our proprietary compute orchestration and management layer that includes CKS, which schedules and orchestrates complex AI workloads, VPC, which provides a flexible, secure, and isolated private cloud, and our Bare Metal service, which runs Kubernetes directly on bare metal instances.

- 应用软件服务。我们的专用软件工具，如 SUNK 和 Tensorizer，使客户能够在 Kubernetes 之上运行基于 Slurm 的工作负载、将训练和推理作业同置部署，并通过高效的模型检查点实现高速模型加载。我们近期宣布的对 Weights & Biases 的收购，使我们在收购完成后能够将应用软件服务扩展至包含更多面向开发者的能力，用于模型训练和 AI 应用开发。

- Application Software Services. Our dedicated software tools such as SUNK and Tensorizer, which allow customers to run Slurm-based workloads on top of Kubernetes, colocate training and inference jobs, and achieve high-speed model loading through efficient model checkpointing. Our recently announced acquisition of Weights & Biases positions us to extend our application software services offering to include additional developer-focused capabilities for the training of models and development of AI applications following closing of our acquisition.

- 任务控制与可观测性软件。我们的生命周期管理与监控软件，通过以客户为中心的仪表盘体验，提供先进的集群验证、主动健康检查能力以及全面的可观测性能力。

- Mission Control and Observability Software. Our lifecycle management and monitoring software that delivers advanced cluster validation, proactive health checking capabilities, and comprehensive observability capabilities through a customer-centric dashboard experience.

我们的 CoreWeave 云平台托管于我们由活跃的专用数据中心组成的分布式网络中，使客户能够使用最新的 AI 基础设施，其中包括最新、最先进的高性能 GPU、CPU、DPU、网络和存储组件，这些组件共同支持 AI 模型的开发和部署。我们的客户通常向我们作出大规模基础设施承诺，其结构为照付不议合同，期限通常为两到五年。这些承诺为我们带来高度可见的经常性收入，并表明随着客户认可我们差异化的能力和性能优势，我们的平台正被快速采用。截至 2024 年 12 月 31 日，我们的剩余履约义务为 $15.1 billion，较截至 2023 年 12 月 31 日的 $9.9 billion 增长 53%。在截至 2023 年 12 月 31 日和 2024 年 12 月 31 日的年度，Microsoft 是我们的最大客户；将我们截至 2024 年 12 月 31 日的 RPO 余额 $15.1 billion 与本文所述我们近期与 OpenAI 签署的主服务协议项下最高 $11.55 billion 的未来收入合并计算，Microsoft 将占我们预期未来承诺合同收入的比例低于 50%。

Our CoreWeave Cloud Platform is hosted in our distributed network of active purpose-built data centers and gives customers access to the latest AI infrastructure, which includes the latest and most advanced high-performance GPUs, CPUs, DPUs, networking, and storage components that collectively enable the development and deployment of AI models. Our customers often make large infrastructure commitments to us structured as take-or-pay contracts with terms that are typically two to five years in length. These commitments provide us with highly visible, recurring revenue, and demonstrate the rapid adoption of our platform as customers recognize our differentiated capabilities and performance advantages. As of December 31, 2024, we had $15.1 billion of remaining performance obligations, reflecting an increase of 53%, from $9.9 billion as of December 31, 2023. Microsoft, our largest customer for the years ended December 31, 2023 and 2024, will represent less than 50% of our expected future committed contract revenues when combining our RPO balance of $15.1 billion as of December 31, 2024 and up to $11.55 billion of future revenue from our recently signed Master Services Agreement with OpenAI, as described herein.

世界上一些最具雄心、算力密集的项目由我们的平台提供支持，自成立以来我们的业务快速增长。我们的收入在截至 2022 年、2023 年和 2024 年 12 月 31 日的年度分别为 $16 million、$229 million 和 $1.9 billion，同比增幅分别为 1,346% 和 737%。在这些期间，我们持续投资于业务增长，以把握市场机遇。因此，我们在截至 2022 年、2023 年和 2024 年 12 月 31 日的年度的净亏损分别为 $31 million、$594 million 和 $863 million。我们在截至 2022 年、2023 年和 2024 年 12 月 31 日的年度的调整后净亏损分别为 $27 million、$45 million 和 $65 million。有关我们使用调整后净亏损的信息以及净亏损与调整后净亏损的对账，请参见标题为“—非 GAAP 财务指标”的章节。

Some of the most ambitious compute-intensive projects in the world are powered by our platform, and our business has grown rapidly since our inception. Our revenue was $16 million, $229 million, and $1.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively, representing year-over-year growth of 1,346% and 737%, respectively. During these periods, we continued to invest in growing our business to capitalize on our market opportunity. As a result, our net loss for the years ended December 31, 2022, 2023, and 2024 was $31 million, $594 million, and $863 million, respectively. Our adjusted net loss for the years ended December 31, 2022, 2023, and 2024 was $27 million, $45 million, and $65 million, respectively. See the section titled “—Non-GAAP Financial Measures” for information regarding our use of adjusted net loss and a reconciliation of net loss to adjusted net loss.

自推出 CoreWeave 云平台以来的关键里程碑 Key Milestones Since Launching our CoreWeave Cloud Platform

自 2020 年推出 CoreWeave 云平台以来，我们在扩展基础设施、打破 AI 工作负载性能记录、大幅提升收入与剩余履约义务，以及筹集资金为扩张提供资金等方面实现了多个里程碑。以下时间线概述了我们自推出 CoreWeave 云平台以来所实现的部分里程碑。

Since we launched our CoreWeave Cloud Platform in 2020, we have achieved multiple milestones in scaling our infrastructure, breaking performance records for AI workloads, significantly growing our revenue and remaining performance obligations, and raising capital to finance our expansion. The timeline that follows summarizes select milestones we have achieved since we launched our CoreWeave Cloud Platform.

我们的商业模式 Our Business Model

我们通过 CoreWeave 云平台销售 AI 基础设施的访问权限以及专有托管软件和应用服务来产生收入。目前，平台访问权限（包括算力、网络、托管软件服务和应用软件服务）按每 GPU 每小时计价。存储则单独按每 GB 每月计价销售。

We generate revenue by selling access to our AI infrastructure and proprietary managed software and application services through our CoreWeave Cloud Platform. Access to our platform, including compute, networking, managed software services, and application software services, is currently priced on a per GPU per hour basis. Storage is sold separately on a per gigabyte per month basis.

客户从 CoreWeave 购买的方式 Ways Our Customers Buy from CoreWeave

我们的客户通过承诺合同或按需方式购买我们的 CoreWeave 云平台服务。

Our customers purchase our CoreWeave Cloud Platform services through either committed contracts or on-demand.

#### 承诺合同

#### Committed Contracts

- 我们几乎全部收入均来自承诺的长期合同。承诺合同收入来自 CoreWeave 云平台访问权的销售，客户在合同期限内（通常为两至五年）以照付不议（take-or-pay）方式预留容量。截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，承诺合同分别占我们收入的 20%、88% 和 96%。我们的承诺合同客户是需要大规模专用算力以承载高强度 AI 工作负载的 AI 实验室和 AI 企业。我们承诺合同收入的绝大部分来自与具有投资级评级的客户签订的合同，这使我们对这些合同的预期现金流抱有信心。

- We generate substantially all of our revenue from committed long-term contracts. Revenue from committed contracts is derived from sales of access to our CoreWeave Cloud Platform where customers reserve capacity over the contract length, typically two to five years, on a take-or-pay basis. For the years ended December 31, 2022, 2023, and 2024, committed contracts accounted for 20%, 88%, and 96% of our revenue, respectively. Our committed contract customers are AI labs and AI enterprises who require massive volumes of specialized compute at scale for high-intensity AI workloads. The vast majority of our committed contracts revenue is from contracts with customers with investment grade ratings, giving us confidence in the expected cash flows from these contracts.

- 承诺合同通常采用照付不议安排，即在合同期限内向客户提供我们平台的预留容量访问权。对于此类安排，收入通常在合同期限内根据客户的预留及承诺容量使用情况按比例确认。承诺合同在其期限内通常采用固定价格，以每合同 GPU 每小时美元数计量，并根据客户的预留使用承诺按月计费。承诺合同通常具有预定期限，并在固定日期或在我们交付合同规定的容量时开始。截至 2024 年 12 月 31 日，我们承诺合同的加权平均合同期限约为四年。若我们在合同规定的开始日期之前向客户交付 GPU 容量，我们通常按合同价格对提前于开始日期交付的那部分系统按小时计费。

- Committed contracts are generally structured as take-or-pay arrangements whereby a customer is provided reserved capacity access to our platform over the contract term. For these arrangements, revenue is generally recognized ratably throughout the contract duration based on the customer’s reserved and committed use of capacity. Committed contracts generally have a fixed price for their duration, which is measured on a dollar per contracted GPU per hour basis, and are billed monthly based on the customer’s reserved usage commitments. Committed contracts generally have a predetermined term and start either on a fixed date or when we deliver the capacity specified in the contract. As of December 31, 2024, our committed contracts had a weighted-average contract duration of approximately four years. In the event we deliver GPU capacity to a customer prior to the specified start date for a contract, we typically bill on a per hour basis at the contracted price for the subset of systems that are delivered in advance of the commencement date.

- 我们的承诺合同通常遵循从签约到收款的周期，可分为三个主要阶段：(1) 合同签署，(2) 基础设施采购与安装，以及 (3) 上线。

- Our committed contracts generally follow a contract to cash cycle that can be broken into three main phases: (1) contract signing, (2) infrastructure purchase and installation, and (3) go-live.

- 合同签署。当我们签署承诺合同时，我们通常会收到客户的预付款。该预付款通常用于抵减合同结束时客户应付的款项。收到预付款后，我们将收到的现金记为资产，并确认相应的递延收入负债。截至 2022 年、2023 年和 2024 年 12 月 31 日，我们所有有效合同的加权平均预付款为 TCV 的 15% 至 25%。随着我们持续扩大运营规模并不断演进我们的市场进入策略、客户群以及平台用例，我们预计该比例将继续随时间波动。

- Contract signing. When we execute a committed contract, we typically receive a prepayment from our customer. The prepayment generally offsets customer payments due at the end of the contract. Upon receipt of the prepayment, we record the cash received as an asset and recognize a corresponding liability for deferred revenue. As of December 31, 2022, 2023, and 2024, the weighted-average prepayment across all our active contracts was 15% to 25% of the TCV. We expect that this percentage will continue to fluctuate over time, as we continue to scale our operations and evolve our go-to-market strategy, customer base, and the use cases for our platform.

- 基础设施采购与安装。通常，我们在与客户签订合同的同时，向供应商下达新基础设施组件的采购订单，从而避免产能闲置。我们凭借稳固的供应商关系，为客户获取包括 GPU 在内的最新 AI 技术。我们在这些系统交付时向供应商付款。随后我们安装这些系统，安装通常历时约三个月。在安装阶段，部分安装成本予以资本化。

- Infrastructure purchase and installation. Generally, we enter into a purchase order for new infrastructure components from our suppliers concurrently with entering into a customer contract, thereby avoiding unutilized capacity. We leverage our strong supplier relationships to secure access to the latest AI technologies for our customers, including GPUs. We pay our suppliers upon delivery of these systems. We then install the systems, which typically occurs over a three-month period. During the installation phase, certain costs for installation are capitalized.

- 上线。安装完成后，合同即生效，我们开始确认收入。收入在合同期限内按比例确认，我们向客户开具账单的方式为

- Go-live. Once installation is complete, the contract goes live, and we start to recognize revenue. Revenue is recognized ratably throughout the contract duration, and we bill our customers on a

按月计算、于期末支付。通常，在合同最后几个月，客户初始预付款会抵扣原本应开具账单的金额，我们不再收取额外现金。在某些情况下，初始预付款会用于抵扣合同上线阶段最初几个月原本应开具账单的金额。

monthly basis in arrears. Generally, in the final months of the contract, the initial customer prepayment is credited against amounts that would otherwise be billed, and no additional cash is collected by us. In certain instances, the initial prepayment is applied to amounts that would have otherwise been billed in the beginning months of the go-live phase of the contract.

- 合同结束后，我们力求最大化相关 GPU 算力的价值。为此，我们在该基础设施剩余经济寿命内，将此前已到期合同所对应的基础设施变现给其他有承诺合同的客户，或投入按需变现的消费池。例如，我们已成功将上一代 A100 GPU 部署到与相同或新交易对手签订的新合同中，保持高利用率并延长其经济寿命。

- Once a contract concludes, we seek to maximize the value of our associated GPU capacity. We do this by monetizing the infrastructure underlying the previously expired contract to other committed contract customers for the remainder of its economic life or to a consumption pool to be monetized on-demand. For example, we have successfully deployed former generation A100 GPUs into new contracts with the same or new counterparties, maintaining high utilization rates and extending their economic life.

#### 按需

#### On-Demand

- 我们还按需销售对我们平台的访问权限。按需访问按月后付费，按使用小时数计费。我们在使用发生时确认来自此类安排的收入。从历史上看，我们平台按需访问的大部分收入来自与我们签订承诺合同的客户，这些客户需要短期访问额外的算力容量，以便按需扩容或缩容以应对突发工作负载。

- We also sell on-demand access to our platform. On-demand access is billed monthly in arrears on a pay-as-you-go basis for the hourly usage of our platform. We recognize revenue from these arrangements at time of usage. Historically, a majority of our revenue from on-demand access to our platform has been from customers who have committed contracts with us and needed short-term access to additional compute capacity that they can scale up and down as needed to serve burst workloads.

我们平台技术和基础设施的规模 The Scale of Our Platform Technology and Infrastructure

我们通过对 AI 基础设施的资本投资以及对软件研发的投入来投资我们的平台，这些软件用于自动化、管理和编排我们的平台。我们相信，我们平台的规模为我们提供了强大且持久的竞争优势。截至 2024 年 12 月 31 日，我们已部署的 GPU 总数超过 250,000 块，其中大多数为 NVIDIA Hopper 型号，构成了全球最大的下一代 GPU 集群之一。此外，我们是最早部署搭载 NVIDIA H100、H200 和 GH200 的高性能基础设施的云服务商之一，也是首家将基于 NVIDIA GB200 NVL72 的实例正式开放使用的云服务商，这体现了我们为客户提供市场领先的最新前沿技术接入能力。我们在软件工程能力方面的投资推动了我们的托管软件和应用服务以及我们的 Mission Control 和 Observability 软件，这些投资是我们能够交付全球一些规模最大、性能最强的算力集群的关键。这些投资释放了我们 GPU 集群的性能，我们持续发布云软件服务的更多更新，以进一步增强我们基础设施的能力。例如，在过去两年中，我们发布了包括 CKS、Mission Control、Object Storage 和 SUNK 在内的重大产品，所有这些产品都提升了客户训练模型和运行推理的能力。

We invest in our platform through capital investments in our AI infrastructure and research and development spend on our software that automates, manages, and orchestrates our platform. We believe the scale of our platform provides a strong and durable competitive advantage for us. Of our total deployed GPUs, which exceeded 250,000 as of December 31, 2024, a majority were NVIDIA Hopper models, representing one of the world’s largest next generation GPU fleets. Additionally, we were among the first cloud providers to deploy high-performance infrastructure with NVIDIA H100, H200, and GH200, and the first cloud provider to make NVIDIA GB200 NVL72-based instances generally available demonstrating our ability to provide our customers with market-leading access to the latest cutting-edge technology. Our investments in our software engineering capabilities that drive our managed software and application services as well as our Mission Control and Observability software are key to our ability to deliver some of the world’s largest and most performant compute clusters. These investments unlock the performance of our GPU clusters, and we continue to release additional updates to our cloud software services to further enhance the capabilities of our infrastructure. For example, in the last two years we have released major products including CKS, Mission Control, Object Storage, and SUNK, all of which accelerate the ability of our customers to train models and run inference.

具有吸引力的单位经济性 Attractive Unit Economics

我们受益于具有吸引力的单位经济性，其基础是已承诺的多年期客户合同以及我们基础设施较长的估计经济寿命。客户支付的初始预付款以及我们部分最大客户的投资级信用评级，使我们对已签署合同预期产生的现金流具有高度信心。

We benefit from attractive unit economics underpinned by committed multi-year customer contracts and the long estimated economic life of our infrastructure. The initial prepayments from our customers and the investment grade credit ratings of some of our largest customers provide us with a high degree of confidence in our expected cash flows from signed contracts.

此外，我们还受益于基础设施投资快速实现价值。以截至 2024 年 12 月 31 日已生效的已承诺合同为基础，我们预计平均现金回收期（包括客户预付款）约为 2.5 年。现金回收期是指我们预计通过调整后 EBITDA 收回 GPU 及其他财产和设备投资所需的时间。现金回收期反映了我们将算力资源变现的效率，衡量了投入资本预期产生回报的速度。该计算按每块 GPU 进行，首先以该季度在财产和设备上的估计现金支出（按财产和设备总额变动计算，不包括在建工程变动）除以该期间投入使用的 GPU 数量。然后，该投资按已承诺合同下从客户收到的任何预付款进行调整，得出按每块 GPU 计算的净现金支出。该净额再除以我们的调整后 EBITDA 利润率与该期间每块 GPU 的平均年化已承诺合同收入的乘积。鉴于合同期限通常在两年至五年之间，而据我们估计，我们基础设施资产的经济寿命超过典型合同期限，我们的商业模式可以通过在客户初始合同到期后创造重新签约基础设施的机会来产生具有吸引力的回报。我们密切关注单位经济性，以确保我们在规模化基础上持续实现尽可能高的投资资本回报率。

Additionally, we benefit from rapid time-to-value on our infrastructure investments. Using committed contracts that were in effect as of December 31, 2024 as a basis, we anticipate that our average cash payback period, including prepayments from customers, will be approximately 2.5 years. Our cash payback period is the time we anticipate it would take to break-even on our investment in GPUs and other property and equipment through adjusted EBITDA. The cash payback period reflects how efficiently we monetize our compute resources, providing a measure of the speed at which capital invested is expected to generate returns. The calculation is performed on a per-GPU basis, starting with the estimated cash spent on property and equipment (calculated as change in total property and equipment excluding the change in construction in progress) during the quarter, divided by the number of GPUs that went into service in the period. This investment is then adjusted for any prepayments received from customers under committed contracts, resulting in the net cash outlay on a per-GPU basis. This net figure is then divided by the product of our adjusted EBITDA margin and the average annualized committed contract revenue per GPU for the period. Given contract lengths generally range between two to five years, and the economic life of our infrastructure assets exceeds the typical contract length according to our estimates, our business model can generate attractive returns by creating opportunities to re-contract infrastructure after a customer’s initial contract expires. We closely monitor our unit economics to ensure that we continue to generate the highest possible return on invested capital at scale.

客户与市场进入策略 Customers and Go-to-Market Strategy

我们的销售组织专注于采用直销指定客户策略，以推动来自全球领先 AI 实验室和 AI 企业的需求。我们辅以产品驱动增长（“PLG”）模式，服务于在 AI 实验室和 AI 企业工作的个人用户和开发者。我们打算进一步投资于销售和营销，以便随着时间推移直接覆盖更广泛的企业客户，利用与数据基础设施和 AI 生态系统中其他参与者的合作伙伴关系来扩大客户覆盖范围，并进一步渗透我们的总可寻址市场机会。我们预计，已宣布的对 Weights & Biases 的收购（该收购完成后，将使我们能够扩大客户获取能力）将加速我们计划中的销售和营销投资。我们销售和营销策略的成功执行将取决于（其中包括）我们能否成功建立和扩展销售组织及运营，并识别、招聘、培训和管理销售人员，这可能需要大量时间、费用和精力，包括我们高级管理层和其他关键人员的投入。这些风险在“风险因素”一节中有更完整的描述。

Our sales organization is focused on a direct named account strategy to drive demand from the world’s leading AI labs and AI enterprises. We supplement this with a product-led growth (“PLG”) motion serving individual users and developers working at AI labs and AI enterprises. We intend to further invest in sales and marketing to target broader enterprise customers on a direct basis over time, leveraging partnerships with other participants in the data infrastructure and AI ecosystem to extend our customer reach, and further penetrate our total addressable market opportunity. We expect that the announced acquisition of Weights & Biases, which, following closing of the acquisition, allows us to expand our customer acquisition capabilities, will accelerate our planned investment in sales and marketing. The successful execution of our sales and marketing strategy will depend, among other things, on our ability to successfully build and expand our sales organization and operations and identify, recruit, train, and manage sales personnel which may require significant time, expense, and attention, including from our senior management and other key personnel. These risks are more fully described in the section titled “Risk Factors.”

我们认为，各种规模的企业都需要将 AI 整合到其业务中，以保持并增强其竞争优势。我们最初瞄准了一小批大型企业和资金充裕的 AI 实验室，例如 Cohere、Meta、Microsoft、Mistral、NVIDIA 和 OpenAI，这些客户正在消耗大量算力来训练下一代基础模型、为客户或消费者查询提供 AI 推理、开发新的 AI 原生产品、将 AI 整合到其现有产品中，以及进行工程开发和研发。通常，我们的目标客户是我们 CoreWeave 云平台为广泛组织、开发者和消费者群体赋能下游一系列 AI 应用所借助的渠道。

We believe that enterprises of all sizes will need to integrate AI into their businesses in order to preserve and grow their competitive advantages. We have initially targeted a small cohort of massive enterprises and well-funded AI labs, such as Cohere, Meta, Microsoft, Mistral, NVIDIA, and OpenAI, that are consuming vast amounts of compute to train the next generation of foundational models, providing AI inference to customer or consumer queries, developing new AI-native products, incorporating AI into their existing products, and performing engineering development and research. Often, our target customers act as the means through which our CoreWeave Cloud Platform powers a downstream set of AI applications for a broad base of organizations, developers, and consumers.

我们与客户紧密合作，以帮助他们实现商业目标，这使我们处于不断演进的 AI 生态系统的基石位置。此外，我们对客户的专注使我们能够快速扩张，并受益于在该市场规模化运营的优势，还使我们能够与最前沿的基础模型同步演进我们的平台，从而强化我们的工程优势。随着时间推移，当 AI 模型训练和推理扩展到更广泛的组织群体时，我们打算将覆盖范围扩大到更多正在部署 AI 的企业。

We partner closely with our customers so that we can help them achieve their commercial objectives, which has positioned us as at the cornerstone of the evolving AI ecosystem. In addition, our customer focus has allowed us to scale rapidly and benefit from the advantages of operating at scale in this market, and has enabled us to evolve our platform in lockstep with the most cutting-edge foundational models, thereby strengthening our engineering advantage. Over time, as AI model training and inference broadens to a larger group of organizations, we intend to broaden our reach to a larger base of enterprises that are deploying AI.

我们的 CoreWeave 云平台对客户而言具有关键任务重要性。我们交付高性能 AI 基础设施的能力已使我们成为客户的关键合作伙伴，并使我们能够建立长期、持久且随时间不断扩展的关系。作为佐证，截至 2024 年 12 月 31 日，按 TCV 计算排名前五的承诺合同客户中有三家在各自初始购买日期起 12 个月内签署了额外容量协议。这些协议在各自自初始签署日期起的 12 个月期间内计量，合计代表承诺支出增加约 $7.8 billion，约为初始合同价值的 4x。我们与客户的深厚关系是一项竞争优势，而我们在高性能技术方面率先进入市场的过往记录使客户在选择 CoreWeave 时充满信心。

Our CoreWeave Cloud Platform is mission critical to our customers. Our ability to deliver high-performance AI infrastructure has established us as a critical partner to our customers and has allowed us to create long-term, durable relationships that expand over time. As evidence of this, three of our top five committed contract customers by TCV as of December 31, 2024 signed agreements for additional capacity within 12 months of their respective initial purchase dates. These agreements, measured during each respective 12-month period from the initial date of signing, represent a cumulative increase of approximately $7.8 billion in committed spend and a multiple of approximately 4x on initial contract value. Our deep relationships with customers are a competitive advantage, and our first-to-market track record with highly performant technology gives customers confidence in choosing CoreWeave.

稳健的供应链关系 Robust Supply Chain Relationships

我们认为，作为领先的 AI 云平台，其成功是由与其他开创性 AI 生态系统创新领导者之间深厚、牢固的关系所驱动并依赖于这些关系，同时也依赖于能够获得具有韧性和可靠性的前沿 AI 基础设施（如 GPU）以及数据中心设备（如高速互连和液冷系统）的供应。这还要求拥有经过优化的数据中心空间（位置、规模、技术设计、产能爬坡时间表和合适的单位成本）以及必要的电力供应。我们认为，获得电力供应目前是、并将继续是 AI 发展的主要瓶颈，并且将需要新颖且有创意的电力解决方案。我们已经并将继续不懈地、创造性地探索增加电力容量的更多机会，正如我们与 Core Scientific 达成的协议所体现的那样——截至 2024 年 12 月 31 日，该协议涉及超过 500 MW 的容量。

We believe that success as a leading AI cloud platform is driven by, and dependent upon, deep, entrenched relationships with other pioneering AI ecosystem innovation leaders and access to a resilient and reliable supply of cutting-edge AI infrastructure such as GPUs, and data center equipment such as high-speed interconnects and liquid cooling systems. It also requires having optimized data center space (location, size, technical design, capacity ramp timelines, and the right unit costs) as well as the necessary power supply. We believe that access to power is, and will remain, a major bottleneck to the development of AI and will necessitate novel and creative power solutions. We have, and will continue to, relentlessly and creatively explore additional opportunities to add power capacity, as demonstrated by our agreement with Core Scientific for more than 500 MW of capacity as of December 31, 2024.

如今，我们的大部分数据中心场地是从领先的数据中心提供商处租赁的，除租金外，我们还支付全部或按比例分摊的运营费用，包括房地产税、建筑保险、维护、用水和电力费用。我们的团队在电力成本对冲和风险管理方面拥有丰富经验。

Today, the majority of our data center footprint is leased from leading data center providers where we pay all or our proportional share of the operating expenses in addition to rent, including real estate taxes, building insurance, maintenance, water, and power expenses. Our team has a depth of experience in hedging and risk managing power costs.

我们的实体技术基础设施是我们差异化优势的重要组成部分。我们将前沿设计标准融入我们的数据中心，这些数据中心采用了针对 AI 工作负载性能需求定制的特定设计特征。这涉及与我们租赁数据中心的业主合作，扩展和改造现有基础设施，并容纳高密度配电单元、液冷以及由数千英里光纤电缆构成的高性能网络等特征。此外，我们致力于确保数据中心之间的互连，包括环形冗余和暗光纤连接。另外，我们已与领先的芯片制造商和 OEM 建立了紧密关系，这些关系连同我们专用的基础设施管理和编排软件，帮助我们增强了以高性能和可靠方式最快、大规模部署其硬件的能力。

Our physical technology infrastructure is an essential component of our differentiation. We integrate cutting-edge design standards into our data centers, which incorporate specific design features customized for the performance requirements of AI workloads. This involves working with the data center owners from whom we lease data centers to expand and modify existing infrastructure and accommodate features such as high-density power distribution units, liquid cooling, and high-performance networking with thousands of miles of fiber cables. Furthermore, we work to ensure there is inter-data center connectivity including ring redundancy and dark fiber connectivity. Additionally, we have developed close relationships with leading chipmakers and OEMs, which, together with our dedicated infrastructure management and orchestration software, have helped enhance our ability to deliver the fastest, at-scale deployments of their hardware in a highly performant and reliable manner.

我们供应链中这些组成部分的资本支出规模巨大，并在安装和投入运营后作为财产和设备反映在我们的资产负债表上。其中部分投资，即我们购置的系统，在首次购置时在我们的资产负债表上归类为在建工程（“CIP”），属于财产和设备的一部分，一旦投入使用，则重新分类为财产和设备中的设备，并开始计提折旧。从购买系统到安装完成之间的时间通常为三个月。我们认为，跟踪扣除 CIP 后的财产和设备净额很重要，因为这代表了我们的基础设施基础中已投入生产并积极贡献于运营的有效算力。

The capital expenditures for these components of our supply chain are significant and are reflected on our balance sheet as property and equipment once they are installed and operational. Some of these investments, namely the systems that we acquire, are classified on our balance sheet as Construction in Progress (“CIP”), which is part of property and equipment, when first acquired, and, once placed in service, are reclassified to Equipment within property and equipment and begin depreciating. The time between when systems are purchased and when they are installed is typically three months. We believe it is important to track our property and equipment, net of CIP, as this represents the effective compute from our infrastructure base that is in production and actively contributing to operations.

随着时间推移，我们除租赁数据中心外，也可能自建并拥有数据中心。尽管这将显著增加我们的前期资本支出，但能让我们对数据中心的交付时间表施加更多控制，我们预计这还将降低运营成本。这还将增强我们更直接地管理数据中心设计的能力，以确保我们能够按所需配置建设高性能网络与电力基础设施以及液冷系统，从而实现更高的机架密度和电力效率。

Over time, we may own data centers in addition to leasing them. While this would significantly increase our upfront capital expenditures, it would allow us to exert more control over our data center delivery timeline and we expect it would reduce our operating costs. It would also increase our ability to more directly manage data center design to ensure we can build in the required configurations for highly performant networking and power infrastructure and liquid cooling systems, which enable greater rack density and power efficiency.

准时制融资模式 Just-In-Time Funding Model

我们业务中最大的现金支出之一是购买 AI 基础设施组件，为我们的 CoreWeave 云平台提供动力。我们利用债务融资和股权融资以及经营活动现金流的组合，为基础设施组件的成本提供资金。

One of the largest cash expenses in our business is the purchase of AI infrastructure components to power our CoreWeave Cloud Platform. We utilize a combination of debt and equity financing as well as cash flow from operations to fund the cost of infrastructure components.

- 我们通常不会在没有与这些系统所产生的算力水平相匹配的已承诺合同的情况下提交系统采购订单。我们通常在合同签署时按准时制提交系统采购订单。这确保我们通常能够按需向客户提供基础设施，而不是在没有还款确定性的情况下进行大额投资。

- We typically do not submit purchase orders for systems without having a committed contract that matches the level of compute generated by such systems. We generally submit purchase orders for systems on a just-in-time basis at the time of contract signing. This ensures that, generally, we provide infrastructure to customers as needed, versus making large investments without certainty of payback.

- 此外，我们在获得大型资产支持债务融资方面拥有良好往绩，能够实现我们业务模式的快速扩张。这些融资由分期偿还的延迟提取定期贷款（“DDTL”）组成，以出资合同所对应的资产以及质押的

- Additionally, we have a proven track record of securing large asset-backed debt facilities to enable rapid scaling of our business model. These facilities consist of amortizing delayed draw term loans (“DDTLs”) that are collateralized with the assets underlying the contributed contracts and the pledged

合同现金流作为抵押，这些现金流通常来自投资级交易对手。这些贷款在我们建设基础设施以支持客户需求时提取，并随着合同现金流以规律且可预测的方式产生而逐步摊销，多余现金可供我们使用。随着我们扩大规模，我们已设法降低各项融资的资本成本。

contractual cash flows, generally from investment grade counterparties. They are drawn as we build infrastructure to support customer requirements, and amortize over time as contracted cash flows are generated in a regular and predictable manner, with excess cash made available to us. As we have scaled, we have managed to drive lower cost of capital across our financings.

截至 2024 年 12 月 31 日，我们已通过 DDTL 累计获得 $9.9 billion 的融资承诺。我们于 2023 年 7 月通过 DDTL 1.0 融资获得 $2.3 billion，随后通过于 2024 年 5 月首次公布的 DDTL 2.0 融资获得 $7.6 billion 的承诺。除 DDTL 外，我们还通过其他融资安排为业务提供资本，包括截至 2024 年 12 月 31 日的 $650 million 循环信贷融资、$1.0 billion 定期贷款融资以及合计名义金额 $1.3 billion 的设备融资。我们计划继续寻找最有效的融资策略，使我们能够以更低的成本获得更多资本，从而扩大业务规模。

As of December 31, 2024, we had secured a cumulative $9.9 billion in financing commitments through our DDTLs. We secured $2.3 billion through the DDTL 1.0 Facility in July 2023 and subsequently secured $7.6 billion of commitments through the DDTL 2.0 Facility that was first announced in May 2024. In addition to our DDTLs, we have capitalized our business through other financing arrangements including a $650 million revolving credit facility, a $1.0 billion term loan facility, and an aggregate notional amount of $1.3 billion of equipment financing as of December 31, 2024. We plan to continue to look for the most efficient financing strategies to enable us to scale our business with greater access to capital at lower costs.

影响我们业绩的关键因素 Key Factors Impacting Our Performance

我们认为，我们业务的增长与成功取决于若干关键因素。这些因素各自为我们的业务带来重大机遇，但也构成我们必须应对的挑战，以维持我们的快速增长并确保我们 CoreWeave 云平台的持久性。

We believe the growth and success of our business depends on a number of key factors. These factors each present significant opportunities for our business, but also pose challenges that we must address in order to sustain our rapid growth and ensure the durability of our CoreWeave Cloud Platform.

#### AI 在社会中的普及

#### Adoption of AI in Society

AI 模型及基于其构建的产品的开发与早期采用，迄今推动了我们的增长，而我们未来的成功将在一定程度上取决于 AI 的持续普及。我们认为，AI 仍处于商业化的早期阶段，随着各组织采用 AI 的新用例并体验到部署 AI 产品所带来的生产力和效率提升，对模型训练和推理的需求将持续扩大。随着新一代 AI 技术的发布及其性能的持续提升，支撑 AI 用例的基础设施预计将持续改进。此外，随着更多数据的产生并可供基础模型获取，用于训练模型的数据量预计将持续增加。随着 AI 日益普及、芯片技术持续进步、可用于训练的数据量不断增长以及企业持续投资于 AI 基础设施，我们认为 AI 的采用将大幅扩大。

The development and early adoption of AI models and the products built on top of them have contributed to our growth to date and our future success will depend in part on the continued adoption of AI. We believe AI is still in the early stages of its commercialization and that demand for model training and inference will continue to scale as organizations embrace new use cases for AI and experience the productivity and efficiency gains associated with deploying AI products. The infrastructure that supports the use cases for AI is expected to continue improving as new generations of AI technologies are released and their performance continues to improve. Moreover, the volume of data on which models are trained is expected to continue to increase as more data is produced and becomes accessible to foundational models. As AI becomes more widespread, chip technology continues to improve, the amount of available data for training grows and companies continue to invest in infrastructure for AI, we believe that the adoption of AI will scale significantly.

#### 获取充足的电力容量

#### Securing Sufficient Power Capacity

我们认为，数据中心装机规模在未来数年内需要在空间和电力两方面大幅扩张，以跟上对 AI 产品和高性能算力的需求。截至 2022 年 12 月 31 日，我们拥有三个数据中心，合计运行超过 17,000 块 GPU，并由约 10 MW 的有效电力支撑；截至 2023 年 12 月 31 日，这一规模增长至 10 个数据中心，合计运行超过 53,000 块 GPU，并由超过 70 MW 的有效电力支撑；截至 2024 年 12 月 31 日进一步增长至 32 个数据中心，合计运行超过 250,000 块 GPU，并由超过 360 MW 的有效电力支撑。截至 2024 年 12 月 31 日，我们的合同电力总量延伸至约 1.3 GW，我们预计将在未来数年内逐步落地。重要的是，我们的电力容量以大型单体部署的形式提供，能够服务于大型基础设施集群，这对我们的大型客户至关重要。我们计划继续拓展电力容量的获取渠道，并探索替代能源解决方案以支撑我们不断增长的容量需求，包括但不限于零排放电力来源。我们认为，电力获取受限将有利于像我们这样专为在有限资源池中实现最大性能而构建的平台。

We believe the data center installed base will need to scale significantly over the course of the coming years in terms of both space and power to keep pace with demand for AI products and high-performance compute. As of December 31, 2022, we had three data centers running more than 17,000 GPUs in total and supported by approximately 10 MW of active power, which grew to 10 data centers running more than 53,000 GPUs in total and supported by more than 70 MW of active power as of December 31, 2023, and grew further to 32 data centers running more than 250,000 GPUs in total and supported by more than 360 MW of active power as of December 31, 2024. Our total contracted power extends to approximately 1.3 GW as of December 31, 2024, which we expect to roll out over the coming years. Importantly, our power capacity is available in large individual deployments that are capable of serving large infrastructure clusters, which is critical for our larger customers. We plan to continue to build out our access to power capacity and explore alternative energy solutions to support our growing capacity needs, including, but not limited to non-emitting sources of power. We believe that limited access to power will favor platforms like ours that are purpose-built to deliver maximum performance from a constrained pool of resources.

#### 维持稳健的供应链，以满足 AI 和高性能算力需求

#### Maintaining a Robust Supply Chain to Service AI and High-Performance Compute Requirements

我们未来的成功部分取决于能否获取最新一代高性能芯片及配套硬件，包括 GPU，以及运行我们的 CoreWeave 云平台所需的其它高性能网络和存储设备。我们已与芯片制造商和 OEM 建立了长期紧密的关系，以确保硬件组件的供应，并通过我们在无与伦比的规模和速度下交付前沿算力的已证能力，继续巩固这些关系。我们未来的成功还取决于能否获取用于液冷的冷水机组和 HVAC 系统等组件，以维护我们的数据中心基础设施。我们积极与供应商就未来产能开展合作，以确保满足我们未来的资源需求，同时继续发展与领先组件供应商的关系，以融入最新的硬件创新，并为我们的客户组装高性能 AI 算力解决方案。

Our future success depends in part on our access to the latest generation of high-performance chips and ancillary hardware, including GPUs, and other high-performance networking and storage equipment required to run our CoreWeave Cloud Platform. We have established close relationships with chipmakers and OEMs over time to secure our supply of hardware components and continue to strengthen these relationships through our demonstrated ability to deliver leading-edge compute at unparalleled scale and speed. Our future success also depends on our ability to access components such as chillers and HVAC systems for liquid cooling to maintain our data center infrastructure. We work actively with our suppliers on future capacity to ensure that our future resource needs are met while continuing to develop our relationships with leading component providers to incorporate the latest hardware innovations and assemble highly performant AI compute solutions for our customers.

#### 投资于创新与技术领先

#### Investing in Innovation and Technology Leadership

我们的成功取决于我们维持创新和技术领先的能力，以保持我们解决方案的竞争优势，并比竞争对手更快地将最新 GPU 推向市场。我们开创了 AI 超大规模云服务商 2，并得以在我们的 CoreWeave 云平台上培育出独特的技术差异化，以及在服务 AI 工作负载方面的专业化能力。我们构建了高度差异化的全栈解决方案，以最高性能和效率运行 AI 训练和推理工作负载，我们打算在我们 AI 专业知识的支持下继续调整和演进该解决方案。我们计划保持对工程和产品团队投资的优先地位，以继续扩展我们在 AI 基础设施领域的技术领先优势。我们以工程为主导的文化，加上我们团队拥抱复杂技术挑战的固有理念，将是我们未来业绩以及持续创新能力的关键因素。

Our success is dependent on our ability to sustain innovation and technology leadership in order to maintain the competitive advantage of our solution and to bring the latest GPUs to market faster than our competition. We pioneered2 the AI Hyperscaler and have been able to nurture a unique technological differentiation across our CoreWeave Cloud Platform and a specialization in serving AI workloads. We have built a highly differentiated full stack solution for running AI training and inference workloads at maximum performance and efficiency, which we intend to continue to adapt and evolve with the support of our AI specific expertise. We plan to maintain our prioritization of investments in our engineering and product teams to continue to extend our technology leadership in AI infrastructure. Our engineering-led culture, coupled with our team’s embedded philosophy of embracing complex technical challenges, will be a critical factor to our future performance and in our ability to continue innovating.

我们的 CoreWeave 云平台是依赖我们平台训练和推理其模型的 AI 开发者及 AI 产品和服务提供者日常运营的关键组成部分。我们仍致力于通过持续的技术领先和扩展我们的软件套件来投资和增长我们的业务，以进一步优化和增强 AI 算力。

Our CoreWeave Cloud Platform is a critical part of the daily operations of the AI developers and providers of AI products and services that rely on our platform to train and inference their models. We remain committed to investing in and growing our business through continued technology leadership and expansion of our software suite to further optimize and enhance AI compute.

#### 推动现有客户带来更多工作负载

#### Driving More Workloads from Existing Customers

我们已与全球一些领先的 AI 实验室和 AI 企业建立战略合作，这些实验室和企业正在构建下一代基础模型，并为全球各类组织提供 AI 能力。这些 AI 领导者是当今许多非 AI 原生组织获取 AI 效益的主要渠道，因为它们向用户交付由 AI 驱动的产品和服务，并利用我们的基础设施，而无需用户自行构建和运行模型。我们专注于在这些组织为企业和个人训练新模型、构建新 AI 能力的过程中持续获取 AI 云支出，并专注于帮助他们保持创新优势、加快其下一代模型的上市速度。我们在整体性能、效率和降低总拥有成本方面为这些客户带来的显著效益，使他们做出大额初始承诺，并随着时间推移不断扩大这些承诺。截至 2024 年 12 月 31 日，我们的剩余履约义务为 $15.1 billion，较截至 2023 年 12 月 31 日的 $9.9 billion 增长 53%。微软是我们截至 2023 年 12 月 31 日和 2024 年 12 月 31 日止年度的最大客户，在将我们截至 2024 年 12 月 31 日的 $15.1 billion RPO 余额与本文所述我们近期与 OpenAI 签署的《主服务协议》项下最高 $11.55 billion 的未来收入合并计算后，微软将占我们预期未来承诺合同收入的不到 50%。

We have strategically aligned with some of the world’s leading AI labs and AI enterprises that are building the next generation of foundational models and providing AI capabilities to organizations across the world. These AI leaders are the primary channel through which many non AI-native organizations access the benefits of AI today, given that they deliver AI-powered products and services that leverage our infrastructure to users without requiring them to build and run their own models. We are focused on continuing to capture AI cloud spend across these organizations as they train new models and build new AI capabilities for businesses and individuals, and focused on enabling them to maintain their innovation edge and accelerate the speed to market of their next generation of models. The significant benefits we deliver to these customers in terms of overall performance, efficiency, and reduced cost of ownership results in them making large initial commitments and expanding those commitments with us over time. As of December 31, 2024, we had $15.1 billion of remaining performance obligations, reflecting an increase of 53%, from $9.9 billion as of December 31, 2023. Microsoft, our largest customer for the years ended December 31, 2023 and 2024, will represent less than 50% of our expected future committed contract revenues when combining our RPO balance of $15.1 billion as of December 31, 2024 and up to $11.55 billion of future revenue from our recently signed Master Services Agreement with OpenAI, as described herein.

推动客户持续留存和扩张，将取决于我们处理其加速上市所需的规模、性能和效率的能力，并使他们能够产出更好的

Driving the continued retention and expansion of our customers will depend on our ability to handle the scale, performance, and efficiency required to accelerate their path to market and enable them to produce better

2 · 基于我们平台、解决方案和服务与竞争性超大规模云服务商相比的能力，我们作为最早交付前沿基础设施和技术的企业之一的过往记录，以及我们与领先的数据中心提供商、AI 实验室和 AI 企业合作，在 AI 云计算行业加速创新技术和基础设施。

2 · Based on the capabilities of our platform, solutions, and services as compared to competing hyperscalers, our track record of being among the first to deliver bleeding-edge infrastructure and technology, and our collaboration with leading data center providers and AI labs and AI enterprises to accelerate innovative technology and infrastructure in the AI cloud computing industry.

AI 产品和服务。鉴于客户为获取我们的 CoreWeave 云平台访问权限而做出大额初始承诺，我们预计剩余履约义务的增长将呈阶梯式，其中可能包括下降期，而非平滑的线性轨迹。

AI products and services. Given the large initial commitments customers make for access to our CoreWeave Cloud Platform, we expect the growth of our remaining performance obligations to be in steps, which may include periods of decline, versus a smooth linear trajectory.

#### 提升客户对我们 CoreWeave 云平台的采用

#### Increasing Customer Adoption of our CoreWeave Cloud Platform

我们预计，随着现有各行业借助 AI 进行创新以及新行业的涌现，AI 在全球范围内的采用率将不断提高。我们预计，AI 的应用将超越先行者，扩展至更广泛的企业群体，这些企业将利用 AI 提升内部效率，并将 AI 融入其产品和服务。这些组织正处于采用生成式 AI 等最新 AI 创新的早期阶段，目前专注于开展概念验证、调整基础模型以针对其特定用例进行优化，并将专有数据注入模型，以服务于从高频交易到药物发现等广泛的垂直应用。随着 AI 模型能力不断增强、更易获取且成本更低，我们还预计将催生我们今天可能无法准确预见的新行业和新用例。随着时间推移，随着更多非 AI 原生组织在更广泛的行业中基于其自有专有模型运行训练和推理工作负载，以及随着具有额外工作负载需求的新行业涌现，我们相信我们将处于独特地位，能够在我们的 CoreWeave 云平台上承接这些工作负载。我们全球分布且弹性的基础设施针对性能和低延迟进行了优化，我们的软件栈使部署、管理和监控变得简便，二者非常适合无缝运行和扩展这些工作负载。能否成功获取这些组织中的新客户，将取决于我们持续演进我们的市场推广组织和战略的能力、对 AI 算力的充足需求、AI 赋能产品和服务的终端用户需求，以及整体定价和竞争情况。我们近期宣布收购 Weights & Biases，这使我们能够通过更广泛地触达开发者社区以及扩展我们的应用软件服务产品，加速客户获取。我们预计，在收购交割后，整合 Weights & Biases 的销售人员和技术路线图将分别增加我们的销售与营销支出以及技术与基础设施支出。最后，如果 AI 未能如我们预期的那样被企业广泛采用，或者如果新的用例未能出现，那么我们的机会可能小于我们的预期。

We expect to see increasing adoption of AI globally as both existing industries innovate with AI and new industries arise. We anticipate that AI will expand beyond first movers to a broader set of enterprises that will utilize AI to drive internal efficiencies and implement AI into their products and services. These organizations are in their early stages of adopting the latest innovations in AI such as Generative AI, and are currently focused on running proof-of-concepts, adapting foundational models to optimize them for their specific use-cases and infusing them with their proprietary data for a broad range of vertical applications, from high frequency trading to drug discovery. As AI model capabilities grow and become more accessible and cheaper, we also expect to see the birth of new industries and use cases, which we may not be able to precisely anticipate today. Over time, as more non-AI-native organizations across a broader spectrum of industries run training and inference workloads on their own proprietary models, and as new industries with additional workload demands emerge, we believe we will be uniquely positioned to capture those workloads on our CoreWeave Cloud Platform. Our globally distributed and elastic infrastructure, which is optimized for performance and low latency, and our software stack, which makes it easy to deploy, manage, and monitor, are ideally suited to run and scale these workloads seamlessly. Successful acquisitions of new customers across these organizations will depend upon our ability to continue evolving our go-to-market organization and strategy, sufficient demand for AI compute, demand from end users of AI-enabled products and services, and overall pricing and competition. Our recently announced acquisition of Weights & Biases positions us to accelerate our customer acquisition through broader exposure to the developer community and through the expansion of our application software services offering. We expect that, following closing of the acquisition, the integration of Weights & Biases’ sales personnel and technology roadmap will increase our sales and marketing spend and technology and infrastructure spend respectively. Lastly, if AI is not broadly adopted by the enterprises to the extent we expect, or if new use cases do not arise, then our opportunity may be smaller than we expect.

#### 改善我们的资本成本

#### Improving our Cost of Capital

我们的业务由对平台基础性基础设施的投资所驱动。为这些投资提供资金，我们开创并扩大了创新的融资结构，使我们能够通过及时、灵活地获取资本，以快速的步伐发展业务。这些结构包括我们使用以合同现金流和基础设施资产作为抵押的 DDTL。这些结构使我们能够利用支撑我们合同的有价值基础设施、我们许多客户的强劲信用质量以及客户付款的高度可见性，来降低我们的资本成本。我们还纳入了投资级分档等特征（如 DDTL 2.0 融资机制中的情况），以进一步降低我们的资本成本。我们预计将继续产生债务，并且随着我们受益于规模经济并获取新的融资形式（包括资产支持证券化和评级母公司层面债务），我们的资本成本将继续下降。我们预计这一资本成本下降的趋势将使我们能够以创新的步伐加速增长，并帮助推动对最前沿技术的持续投资。然而，我们降低资本成本的能力取决于诸多因素，其中许多因素超出我们的控制范围，包括更广泛的宏观经济状况。如果我们无法继续降低资本成本，我们有效竞争的能力（尤其是与拥有更多财务及其他资源的更大竞争对手竞争的能力）以及我们的经营业绩、财务状况和业务可能会受到不利影响。

Our business is driven by investments in infrastructure that is foundational to our platform. In order to fund these investments, we have pioneered and scaled innovative financing structures that have enabled us to grow our business at a rapid pace through timely and flexible access to capital. These include our use of DDTLs that are collateralized by contractual cash flows and infrastructure assets. These structures have allowed us to leverage the valuable infrastructure underpinning our contracts, the strong credit quality of many of our customers, and high visibility of our customer payments to drive down our cost of capital. We have also incorporated features such as investment grade tranches, as in the case of the DDTL 2.0 Facility, to further reduce our cost of capital. We expect to continue to incur indebtedness and that our cost of capital to continue declining as we benefit from economies of scale and access new forms of financing including asset backed securitizations and rated parent level debt. We expect this trajectory towards a lower cost of capital to enable us to accelerate growth at the pace of innovation and help drive continued investments in the most cutting-edge technology. However, our ability to lower our cost of capital depends upon a number of factors, many of which are beyond our control, including broader macroeconomic conditions. If we are unable to continue lowering our cost of capital, our ability to effectively compete, especially with larger competitors that have greater financial and other resources, as well as our operating results, financial condition, and business, may be adversely impacted.

经营成果的构成 Components of Results of Operations

#### 收入

#### Revenue

我们通过向客户提供云计算服务来产生收入，包括由我们的软件和专为 AI 及高性能计算优化的基础设施所支持的算力。我们的客户通过承诺合同或按需方式购买我们的 CoreWeave 云平台服务。我们的收入主要来自承诺合同。

We generate revenue by providing our customers with cloud computing services, including compute enabled by our software and infrastructure optimized for AI and high-performance computing. Our customers purchase our CoreWeave Cloud Platform services through either committed contracts or on-demand. Our revenue primarily comes from committed contracts.

#### 收入成本

#### Cost of Revenue

收入成本主要由数据中心的直接成本构成，包括与我们设施相关的成本，如租金、公用事业费用（含电力）、参与数据中心运营和客户成功的员工的人事成本（包括工资、奖金、福利、股权激励费用及其他相关费用），以及折旧和摊销，包括电力安装和配电系统的折旧。

Cost of revenue primarily consists of direct costs for data centers, including costs associated with our facilities, such as rent, utilities including power, personnel costs for employees involved in data center operations and customer success, including salaries, bonuses, benefits, stock-based compensation expense, and other related expenses and depreciation and amortization, including depreciation of power installation and distribution systems.

我们预计，随着我们持续发展平台并扩大客户群，收入成本将以绝对美元金额增加。然而，我们预计未来收入成本占收入的百分比可能会因我们实现规模经济和运营效率的时点而波动。

We expect our cost of revenue to increase in absolute dollar terms as we continue to grow our platform and expand our customer base. However, we anticipate that cost of revenue may fluctuate as a percentage of revenue in the future due to the timing of when we achieve economies of scale and operational efficiencies.

#### 技术与基础设施

#### Technology and Infrastructure

技术与基础设施费用由与我们基础设施相关的成本构成，例如与我们的服务器、交换机、网络设备和内部开发软件相关的折旧和摊销，与新产品和服务的研究开发或与维护我们的计算基础设施相关的员工的人事成本（如工资、奖金、福利、股权激励费用、差旅费用及其他相关费用），以及与软件订阅相关的成本。

Technology and infrastructure expense consists of costs associated with our infrastructure, such as depreciation and amortization related to our servers, switches, networking equipment and internally developed software, personnel costs for employees associated with research and development of new and existing products and services or with maintaining our computing infrastructure, such as salaries, bonuses, benefits, stock-based compensation expense, travel expenses, and other related expenses, and costs related to software subscriptions.

我们预计，随着我们持续专注于增长和创新，技术与基础设施费用将以绝对美元金额增加。然而，我们预计未来技术与基础设施费用占收入的百分比可能会因我们平台投资的时点以及我们实现规模经济和运营效率的时点而波动。

We expect our technology and infrastructure expense to increase in absolute dollars as we continue to focus on growth and innovation. However, we anticipate technology and infrastructure may fluctuate as a percentage of revenue in the future due to the timing of investments in our platform, as well as when we achieve economies of scale and operational efficiencies.

#### 销售与营销

#### Sales and Marketing

销售与营销费用由与销售和营销我们的 CoreWeave 云平台相关的人事成本构成，如工资、股权激励费用、佣金、奖金、差旅费用及其他相关费用，第三方专业服务成本，以及与营销项目相关的广告成本。

Sales and marketing expense consists of personnel costs associated with selling and marketing our CoreWeave Cloud Platform, such as salaries, stock-based compensation expense, commissions, bonuses, travel expenses, and other related expenses, third-party professional services costs, and advertising costs associated with marketing programs.

#### 一般及行政

#### General and Administrative

一般及行政费用由与公司职能相关的成本构成，包括我们的财务、法务、人力资源、IT 和设施。这些成本包括人事成本（如工资、奖金、福利、股权激励费用及其他相关费用），第三方专业服务成本（如法律、会计和审计服务），公司设施，设备、家具和固定装置的折旧，以及运营我们公司职能所需的其他成本，包括非所得税、保险和办公室租金费用。

General and administrative expense consists of costs associated with corporate functions including our finance, legal, human resources, IT, and facilities. These costs include personnel costs, such as salaries, bonuses, benefits, stock-based compensation expense, and other related expenses, third-party professional services costs, such as legal, accounting, and audit services, corporate facilities, depreciation for equipment, furniture, and fixtures, and other costs necessary to operate our corporate functions, including expenses for non-income taxes, insurance, and office rental.

我们预计，作为上市公司运营将产生额外费用，包括为遵守适用于在全国性证券交易所上市公司的规则和法规而产生的费用、根据 SEC 规则和法规履行合规与报告义务相关的费用，以及一般及董事和高管保险、投资者关系和专业服务方面更高的费用。

We expect to incur additional expenses as a result of operating as a public company, including expenses to comply with the rules and regulations applicable to companies listed on a national securities exchange, expenses related to compliance and reporting obligations pursuant to the rules and regulations of the SEC, as well as higher expenses for general and director and officer insurance, investor relations, and professional services.

#### 公允价值调整损失

#### Loss on Fair Value Adjustments

公允价值调整损失由以下因素产生的收益和损失构成：在每个报告期末按公允价值计量我们的衍生工具和认股权证负债，以及在相关工具结算前记录我们的认股权证和嵌入式衍生工具。

Loss on fair value adjustments consists of gains and losses as a result of recording our derivative and warrant liabilities at fair value at the end of each reporting period, as well as recording our warrants and embedded derivatives prior to settlement of the associated instruments.

#### 利息费用净额

#### Interest Expense, Net

利息费用净额由与我们的融资租赁、票据和贷款相关的利息，以及折扣摊销、与债务义务相关的债务发行成本和未提取费用构成。利息费用净额以扣除资本化利息后的净额列示。我们预计将继续进行债务融资安排。

Interest expense, net consists of interest associated with our finance leases, notes, and loans, and amortization of discount, debt issuance costs associated with our debt obligations and undrawn fees. Interest expense, net is reflected net of capitalized interest. We expect to continue to enter into debt financing arrangements.

#### 其他收入净额

#### Other Income, Net

其他收入净额由投资收益、债务清偿收益（损失）、利息收入以及其他非经营收益和损失构成。

Other income, net consists of investment income, gain (loss) on extinguishment of debt, interest income, and other non-operating gains and losses.

#### 所得税费用（收益）

#### Provision for (benefit from) Income Taxes

所得税费用（收益）主要由我们在某些联邦、州、地方和外国司法管辖区开展业务所产生的所得税构成。外国司法管辖区的法定税率通常与美国不同。因此，我们的实际税率可能因以下因素而有所不同：估值备抵的影响以及对衍生工具不可抵扣的公允价值调整、外国收入相对于境内收入的占比、税收抵免的产生、递延所得税资产和负债估值的变化以及税法的变化。

The provision for (benefit from) income taxes consists primarily of income taxes in certain federal, state, local and foreign jurisdictions in which we conduct business. Foreign jurisdictions typically have different statutory tax rates from those in the United States. Accordingly, our effective tax rates may vary depending on the impact of the valuation allowance and nondeductible fair value adjustments to derivatives, as well as the relative proportion of foreign income to domestic income, generation of tax credits, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws.

经营成果 Results of Operations

下表列示了我们在所列期间的合并经营报表数据：

The following table sets forth our consolidated statements of operations data for the periods indicated:

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 2024 （单位：千美元） 收入 · $15,830 · $228,943 · $1,915,426 经营费用： 收入成本(1) · 12,122 · 68,780 · 493,350 技术与基础设施(1) · 18,106 · 131,855 · 960,685 销售与营销(1) · 2,481 · 12,917 · 18,389 一般及行政(1) · 6,001 · 29,842 · 118,644 经营费用合计 · 38,710 · 243,394 · 1,591,068 经营利润（亏损） · (22,880) · (14,451) · 324,358 公允价值调整损失 · (2,884) · (533,952) · (755,929) 利息费用，净额 · (9,444) · (28,404) · (360,824) 其他收入，净额 · 192 · 18,760 · 48,194 所得税费用（收益）计提前亏损 · (35,016) · (558,047) · (744,201) 所得税费用（收益）计提 · (4,150) · 35,701 · 119,247 持续经营净亏损 · $(30,866) · $(593,748) · $(863,448) 终止经营净亏损，税后净额 · $(189) · $— · $— 净亏损 · $(31,055) · $(593,748) · $(863,448)

2022 · 2023 · 2024 (in thousands) Revenue · $15,830 · $228,943 · $1,915,426 Operating expenses: Cost of revenue(1) · 12,122 · 68,780 · 493,350 Technology and infrastructure(1) · 18,106 · 131,855 · 960,685 Sales and marketing(1) · 2,481 · 12,917 · 18,389 General and administrative(1) · 6,001 · 29,842 · 118,644 Total operating expenses · 38,710 · 243,394 · 1,591,068 Operating income (loss) · (22,880) · (14,451) · 324,358 Loss on fair value adjustments · (2,884) · (533,952) · (755,929) Interest expense, net · (9,444) · (28,404) · (360,824) Other income, net · 192 · 18,760 · 48,194 Loss before provision for (benefit from) income taxes · (35,016) · (558,047) · (744,201) Provision for (benefit from) income taxes · (4,150) · 35,701 · 119,247 Net loss from continuing operations · $(30,866) · $(593,748) · $(863,448) Net loss from discontinued operations, net of tax · $(189) · $— · $— Net loss · $(31,055) · $(593,748) · $(863,448)

(1) · 包括如下股权激励费用：

(1) · Includes stock-based compensation expense as follows:

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 2024 （单位：千美元） 收入成本 · $133 · $694 · $1,307 技术与基础设施 · 624 · 7,100 · 10,137 销售与营销 · 74 · 1,740 · 3,408 一般及行政 · 659 · 5,620 · 16,635 股权激励费用合计 · $1,490 · $15,154 · $31,487

2022 · 2023 · 2024 (in thousands) Cost of revenue · $133 · $694 · $1,307 Technology and infrastructure · 624 · 7,100 · 10,137 Sales and marketing · 74 · 1,740 · 3,408 General and administrative · 659 · 5,620 · 16,635 Total stock-based compensation expense · $1,490 · $15,154 · $31,487

下表列示了我们在所列期间的合并经营报表数据，以收入百分比列示：

The following table sets forth our consolidated statements of operations data expressed as a percentage of revenue for the periods indicated:

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 2024 收入 · 100% · 100% · 100% 经营费用： 收入成本 · 77 · 30 · 26 技术与基础设施 · 114 · 58 · 50 销售与营销 · 16 · 6 · 1 一般及行政 · 38 · 13 · 6 经营费用合计 · 245 · 106 · 83 经营利润（亏损） · (145) · (6) · 17 公允价值调整损失 · (18) · (233) · (39) 利息费用，净额 · (60) · (12) · (19) 其他收入，净额 · 1 · 8 · 3 所得税费用（收益）计提前亏损 · (221) · (244) · (39) 所得税费用（收益）计提 · (26) · 16 · 6 持续经营净亏损 · (195) · (259) · (45) 终止经营净亏损，税后净额 · (1) · — · — 净亏损 · (196)% · (259)% · (45)%

2022 · 2023 · 2024 Revenue · 100% · 100% · 100% Operating expenses: Cost of revenue · 77 · 30 · 26 Technology and infrastructure · 114 · 58 · 50 Sales and marketing · 16 · 6 · 1 General and administrative · 38 · 13 · 6 Total operating expenses · 245 · 106 · 83 Operating income (loss) · (145) · (6) · 17 Loss on fair value adjustments · (18) · (233) · (39) Interest expense, net · (60) · (12) · (19) Other income, net · 1 · 8 · 3 Loss before provision for (benefit from) income taxes · (221) · (244) · (39) Provision for (benefit from) income taxes · (26) · 16 · 6 Net loss from continuing operations · (195) · (259) · (45) Net loss from discontinued operations, net of tax · (1) · — · — Net loss · (196)% · (259)% · (45)%

注： · 由于四舍五入，合计数可能无法加总。

Note: · Totals may not sum due to rounding.

截至 2023 年 12 月 31 日止年度与 2024 年度的比较 Comparison of the Year Ended December 31, 2023 and 2024

#### 收入

#### Revenue

截至 12 月 31 日的年度

Year Ended December 31,

2023 年 · 2024 年 · 变动额 · 变动百分比 （以千美元计） 收入 · $228,943 · $1,915,426 · $1,686,483 · 737%

2023 · 2024 · Change · % Change (dollars in thousands) Revenue · $228,943 · $1,915,426 · $1,686,483 · 737%

截至 2024 年 12 月 31 日的年度收入较截至 2023 年 12 月 31 日的年度增加$1.7 billion，增幅 737%。这一大幅增长与现有及新客户合同需求增加以及我们快速扩展运营的能力相关，凸显了我们客户关系的稳固性以及我们满足行业不断变化需求的能力。收入增长中超过 95%来自现有客户群的扩张，其余增长来自新客户。

Revenue for the year ended December 31, 2024 increased by $1.7 billion, or 737%, compared to the year ended December 31, 2023. This substantial growth was related to increased demand from both existing and new customer contracts and our ability to rapidly scale our operations, emphasizing the strength of our customer relationships and our ability to meet the evolving needs of the industry. Over 95% of the increase in revenue was attributable to expansion within our existing customer base and the remaining increase was attributable to new customers.

#### 收入成本

#### Cost of Revenue

截至 12 月 31 日的年度

Year Ended December 31,

2023 年 · 2024 年 · 变动额 · 变动百分比 （以千美元计） 收入成本 · $68,780 · $493,350 · $424,570 · 617% 占收入百分比 · 30% · 26%

2023 · 2024 · Change · % Change (dollars in thousands) Cost of revenue · $68,780 · $493,350 · $424,570 · 617% Percentage of revenue · 30% · 26%

截至 2024 年 12 月 31 日的年度收入成本较截至 2023 年 12 月 31 日的年度增加$425 million，增幅 617%。该增加归因于为支持客户需求大幅增长而运营数据中心所产生的直接相关成本上升，这得益于新数据中心的成功部署，导致租金费用增加约$290 million、数据中心公用事业及电力支出增加约$76 million、人员成本增加约$22 million（其中包括与数据中心直接相关的员工人数增长），以及与电力安装和配电系统相关的折旧和摊销增加约$18 million。

Cost of revenue for the year ended December 31, 2024 increased by $425 million, or 617%, compared to the year ended December 31, 2023. This increase was attributable to higher costs directly related to running our data centers to support the significant increase in customer demand, driven by the successful deployment of new data centers, which resulted in an increase in rent expense of approximately $290 million, an increase in data center utilities and power spend of approximately $76 million, an increase in personnel costs of approximately $22 million, which includes headcount growth of employees directly associated with data centers, and an increase in depreciation and amortization related to power installation and distribution systems of approximately $18 million.

#### 技术与基础设施

#### Technology and Infrastructure

截至 12 月 31 日的年度

Year Ended December 31,

2023 年 · 2024 年 · 变动额 · 变动百分比 （以千美元计） 技术与基础设施 · $131,855 · $960,685 · $828,830 · 629% 占收入百分比 · 58% · 50%

2023 · 2024 · Change · % Change (dollars in thousands) Technology and infrastructure · $131,855 · $960,685 · $828,830 · 629% Percentage of revenue · 58% · 50%

截至 2024 年 12 月 31 日的年度技术与基础设施费用较截至 2023 年 12 月 31 日的年度增加$829 million，增幅 629%。该增加归因于折旧和摊销增加约$742 million（由截至 2023 年 12 月 31 日的年度的$101 million 增至截至 2024 年 12 月 31 日的年度的$843 million），系因对我们基础设施内的平台以及服务器、交换机和其他网络设备固定资产的投资所致，此外还包括人员成本增加约$56 million 以及设备支持和软件费用增加约$45 million。

Technology and infrastructure expense for the year ended December 31, 2024 increased by $829 million, or 629%, compared to the year ended December 31, 2023. This increase was attributable to an increase in depreciation and amortization of approximately $742 million, from $101 million for the year ended December 31, 2023, to $843 million for the year ended December 31, 2024, resulting from investments in our platform and servers, switches, and other networking equipment fixed assets within our infrastructure, as well as an increase of approximately $56 million of personnel costs and an increase of approximately $45 million of equipment support and software expenses.

#### 销售与营销

#### Sales and Marketing

截至 12 月 31 日的年度

Year Ended December 31,

2023 年 · 2024 年 · 变动 · 变动百分比 （以千美元计） 销售与营销 · $12,917 · $18,389 · $5,472 · 42% 占收入的百分比 · 6% · 1%

2023 · 2024 · Change · % Change (dollars in thousands) Sales and marketing · $12,917 · $18,389 · $5,472 · 42% Percentage of revenue · 6% · 1%

截至 2024 年 12 月 31 日的年度，销售与营销费用较截至 2023 年 12 月 31 日的年度增加$5 百万，增幅 42%。该增加归因于人员成本增加约$3 百万，以助力我们推动客户需求的工作。

Sales and marketing expense for the year ended December 31, 2024 increased by $5 million, or 42%, compared to the year ended December 31, 2023. This increase was attributable to an increase of approximately $3 million in personnel costs to help our efforts in driving customer demand.

#### 一般及行政

#### General and Administrative

截至 12 月 31 日的年度

Year Ended December 31,

2023 年 · 2024 年 · 变动 · 变动百分比 （以千美元计） 一般及行政 · $29,842 · $118,644 · $88,802 · 298% 占收入的百分比 · 13% · 6%

2023 · 2024 · Change · % Change (dollars in thousands) General and administrative · $29,842 · $118,644 · $88,802 · 298% Percentage of revenue · 13% · 6%

截至 2024 年 12 月 31 日的年度，一般及行政费用较截至 2023 年 12 月 31 日的年度增加$89 百万，增幅 298%。该增加归因于人员相关费用增加约$41 百万，其中包括为支持我们不断扩大的运营而增加的人员编制。专业服务费用亦增加约$28 百万，主要来自为支持我们的增长及上市公司筹备活动所必需的会计、税务、法律及咨询服务。另有约$10 百万的增加归因于更高的间接费用，包括设施费用及软件成本。

General and administrative expense for the year ended December 31, 2024 increased by $89 million, or 298%, compared to the year ended December 31, 2023. This increase was attributable to an increase of approximately $41 million in personnel-related expenses, which includes headcount growth to support our expanding operations. Professional services expenses also increased by approximately $28 million, primarily from accounting, tax, legal, and advisory services necessary to support our growth and public company preparation activities. Additional increases of approximately $10 million were attributable to higher overhead costs, including facilities expenses and software costs.

#### 公允价值调整损失

#### Loss on Fair Value Adjustments

截至 12 月 31 日的年度

Year Ended December 31,

2023 年 · 2024 年 · 变动 · 变动百分比 （以千美元计） 公允价值调整损失 · $(533,952) · $(755,929) · $(221,977) · 42%

2023 · 2024 · Change · % Change (dollars in thousands) Loss on fair value adjustments · $(533,952) · $(755,929) · $(221,977) · 42%

截至 2024 年 12 月 31 日的年度，公允价值调整损失较截至 2023 年 12 月 31 日的年度增加$222 百万，增幅 42%。该增加系由所列期间内与我们普通股及可赎回可转换优先股相关的衍生工具及认股权证估值上升所驱动。

Loss on fair value adjustments for the year ended December 31, 2024 increased by $222 million, or 42%, compared to the year ended December 31, 2023. This increase was driven by an increase in the valuation of derivatives and warrants tied to our common stock and redeemable convertible preferred stock within the periods presented.

#### 利息费用净额

#### Interest Expense, Net

截至 12 月 31 日的年度

Year Ended December 31,

2023 年 · 2024 年 · 变动额 · 变动百分比 （千美元） 利息费用净额 · $(28,404) · $(360,824) · $(332,420) · 1,170%

2023 · 2024 · Change · % Change (dollars in thousands) Interest expense, net · $(28,404) · $(360,824) · $(332,420) · 1,170%

截至 2024 年 12 月 31 日止年度的利息费用净额较截至 2023 年 12 月 31 日止年度增加 $332 million，增幅为 1,170%。该增加归因于我们信贷融资项下借款水平上升，导致利息费用增加，部分被与我们平台及数据中心基础设施投资相关的资本化利息所抵消。

Interest expense, net for the year ended December 31, 2024 increased by $332 million, or 1,170%, compared to the year ended December 31, 2023. This increase was attributable to higher borrowing levels under our Credit Facilities, resulting in an increase in interest expense, partially offset by capitalized interest associated with investments in our platform and data center infrastructure.

#### 其他收入净额

#### Other Income, Net

截至 12 月 31 日的年度

Year Ended December 31,

2023 年 · 2024 年 · 变动额 · 变动百分比 （千美元） 其他收入净额 · $18,760 · $48,194 · $29,434 · 157%

2023 · 2024 · Change · % Change (dollars in thousands) Other income, net · $18,760 · $48,194 · $29,434 · 157%

截至 2024 年 12 月 31 日止年度的其他收入净额较截至 2023 年 12 月 31 日止年度增加 $29 million，增幅为 157%。该增加归因于投资收益增加约 $30 million 及利息收入增加约 $15 million，部分被债务清偿损失约 $11 million 所抵消。

Other income, net for the year ended December 31, 2024 increased by $29 million, or 157%, compared to the year ended December 31, 2023. This increase was attributable to an increase in investment income of approximately $30 million and interest income of approximately $15 million, partially offset by a loss on extinguishment of debt of approximately $11 million.

#### 所得税费用

#### Provision for Income Taxes

截至 12 月 31 日的年度

Year Ended December 31,

2023 年 · 2024 年 · 变动额 · 变动百分比 （千美元） 所得税费用 · $35,701 · $119,247 · $83,546 · 234% 实际税率 · (6)% · (16)%

2023 · 2024 · Change · % Change (dollars in thousands) Provision for income taxes · $35,701 · $119,247 · $83,546 · 234% Effective tax rate · (6)% · (16)%

截至 2024 年 12 月 31 日止年度的所得税费用较截至 2023 年 12 月 31 日止年度增加 $84 million，增幅为 234%。尽管我们在所有列报期间均录得税前亏损，我们仍确认了所得税费用，部分原因是公允价值调整产生的不可抵扣亏损以及我们实现某些税收优惠的能力预计将受到限制，这导致我们对美国递延所得税资产维持全额估值备抵。所得税费用同比增加主要归因于剔除该等不可抵扣亏损后的税前利润增加，以及无法就当期产生的递延所得税资产确认净收益。

Provision for income taxes for the year ended December 31, 2024 increased by $84 million, or 234%, compared to the year ended December 31, 2023. We recorded income tax expense in all periods presented despite experiencing pre-tax losses in part due to nondeductible losses on fair value adjustments and projected limitations on our ability to realize certain tax benefits, which has resulted in us maintaining a full valuation allowance on our U.S. deferred tax assets. The increase in year over year income tax expense primarily resulted from an increase in pre-tax income excluding these nondeductible losses and the inability to record a net benefit from deferred tax assets generated in the period.

由于不可抵扣项目的额外影响以及未来净递延所得税资产估值备抵的变动，我们的实际税率未来可能大幅波动。

Our effective tax rate might fluctuate significantly in the future due to additional impacts from non-deductible items and future changes in the valuation allowance on net deferred tax assets.

截至 2022 年 12 月 31 日止年度与 2023 年度的比较 Comparison of the Year Ended December 31, 2022 and 2023

#### 收入

#### Revenue

截至 12 月 31 日的年度

Year Ended December 31,

2022 年 · 2023 年 · 变动额 · 变动百分比 （以千美元计） 收入 · $15,830 · $228,943 · $213,113 · 1,346%

2022 · 2023 · Change · % Change (dollars in thousands) Revenue · $15,830 · $228,943 · $213,113 · 1,346%

截至 2023 年 12 月 31 日的年度收入较截至 2022 年 12 月 31 日的年度增加 $213 million，增幅 1,346%。这一大幅增长与来自新客户和现有客户合同的需求增加，以及我们快速扩展运营规模并满足行业不断变化需求的能力有关。收入增长中约 88% 来自向新客户的销售，其余增长来自向现有客户的销售。

Revenue for the year ended December 31, 2023 increased by $213 million, or 1,346%, compared to the year ended December 31, 2022. This substantial growth was related to increased demand from both new and existing customer contracts and our ability to rapidly scale our operations and meet the evolving needs of the industry. Approximately 88% of the increase in revenue was from sales to new customers and the remaining increase was attributable to sales to existing customers.

#### 收入成本

#### Cost of Revenue

截至 12 月 31 日的年度

Year Ended December 31,

2022 年 · 2023 年 · 变动额 · 变动百分比 （以千美元计） 收入成本 · $12,122 · $68,780 · $56,658 · 467% 占收入的百分比 · 77% · 30%

2022 · 2023 · Change · % Change (dollars in thousands) Cost of revenue · $12,122 · $68,780 · $56,658 · 467% Percentage of revenue · 77% · 30%

截至 2023 年 12 月 31 日的年度收入成本较截至 2022 年 12 月 31 日的年度增加 $57 million，增幅 467%。该增加归因于与运行我们的数据中心直接相关的成本上升，以支持客户需求的显著增长，这得益于新数据中心的成功部署，导致租金费用增加约 $48 million，人员成本增加约 $2 million，其中包括直接支持数据中心运营的员工人数增长。

Cost of revenue for the year ended December 31, 2023 increased by $57 million, or 467%, compared to the year ended December 31, 2022. This increase was attributable to higher costs directly related to running our data centers to support the significant increase in customer demand, driven by the successful deployment of new data centers, which resulted in an increase in rent expense of approximately $48 million and an increase in personnel costs of approximately $2 million, which includes headcount growth of employees directly supporting data center operations.

#### 技术与基础设施

#### Technology and Infrastructure

截至 12 月 31 日的年度

Year Ended December 31,

2022 年 · 2023 年 · 变动额 · 变动百分比 （以千美元计） 技术与基础设施 · $18,106 · $131,855 · $113,749 · 628% 占收入的百分比 · 114% · 58%

2022 · 2023 · Change · % Change (dollars in thousands) Technology and infrastructure · $18,106 · $131,855 · $113,749 · 628% Percentage of revenue · 114% · 58%

截至 2023 年 12 月 31 日的年度技术与基础设施费用较截至 2022 年 12 月 31 日的年度增加 $114 million，增幅 628%。该增加归因于折旧和摊销增加约 $90 million，从截至 12 月 31 日的年度的 $11 million 增至

Technology and infrastructure expense for the year ended December 31, 2023 increased by $114 million, or 628%, compared to the year ended December 31, 2022. This increase was attributable to an increase in depreciation and amortization of approximately $90 million, from $11 million for the year ended December 31,

从 2022 年的水平增至截至 2023 年 12 月 31 日止年度的 $101 million，这一增长主要得益于我们对平台以及基础设施内服务器、交换机和其他网络设备等固定资产的投资，此外还包括约 $17 million 的人员成本增加以及约 $4 million 的设备支持和软件费用增加。

2022, to $101 million for the year ended December 31, 2023, driven by investments in our platform and servers, switches, and other networking equipment fixed assets within our infrastructure, as well as an increase of approximately $17 million of personnel costs and an increase of approximately $4 million of equipment support and software expenses.

#### 销售与营销

#### Sales and Marketing

截至 12 月 31 日止年度

Year Ended December 31,

2022 年 · 2023 年 · 变动 · 变动百分比 （金额单位：千美元） 销售与营销 · $2,481 · $12,917 · $10,436 · 421% 占收入百分比 · 16% · 6%

2022 · 2023 · Change · % Change (dollars in thousands) Sales and marketing · $2,481 · $12,917 · $10,436 · 421% Percentage of revenue · 16% · 6%

截至 2023 年 12 月 31 日止年度的销售与营销费用较截至 2022 年 12 月 31 日止年度增加$10 million，增幅 421%。该增加归因于人员成本增加约$7 million，以协助我们推动客户需求的工作。

Sales and marketing expense for the year ended December 31, 2023 increased by $10 million, or 421%, compared to the year ended December 31, 2022. This increase was attributable to an increase of approximately $7 million in personnel costs to help our efforts in driving customer demand.

#### 一般及行政

#### General and Administrative

截至 12 月 31 日止年度

Year Ended December 31,

2022 年 · 2023 年 · 变动 · 变动百分比 （金额单位：千美元） 一般及行政 · $6,001 · $29,842 · $23,841 · 397% 占收入百分比 · 38% · 13%

2022 · 2023 · Change · % Change (dollars in thousands) General and administrative · $6,001 · $29,842 · $23,841 · 397% Percentage of revenue · 38% · 13%

截至 2023 年 12 月 31 日止年度的管理费用较截至 2022 年 12 月 31 日止年度增加 $24 million，增幅 397%。该增加归因于人员相关费用增加约 $16 million，其中包括为支持我们不断扩大的运营而增加的人员编制。专业服务费用亦增加约 $3 million，主要来自为支持我们增长所必需的会计、税务、法律及咨询服务。

General and administrative expense for the year ended December 31, 2023 increased by $24 million, or 397%, compared to the year ended December 31, 2022. This increase was attributable to an increase of approximately $16 million in personnel related expenses, which includes headcount growth to support our expanding operations. Professional services expenses also increased by approximately $3 million, primarily from accounting, tax, legal, and advisory services necessary to support our growth.

#### 公允价值调整损失

#### Loss on Fair Value Adjustments

截至 12 月 31 日止年度

Year Ended December 31,

2022 年 · 2023 年 · 变动 · 变动百分比 （金额单位：千美元） 公允价值调整损失 · $(2,884) · $(533,952) · $(531,068) · NM

2022 · 2023 · Change · % Change (dollars in thousands) Loss on fair value adjustments · $(2,884) · $(533,952) · $(531,068) · NM

NM——不具意义。

NM - Not meaningful.

截至 2023 年 12 月 31 日止年度的公允价值调整损失较截至 2022 年 12 月 31 日止年度增加 $531 million。该增加系由所列期间内与我们的普通股及可赎回可转换优先股相关的衍生工具和认股权证估值上升所驱动。

Loss on fair value adjustments for the year ended December 31, 2023 increased by $531 million, compared to the year ended December 31, 2022. This increase was driven by an increase in the valuation of derivatives and warrants tied to our common stock and redeemable convertible preferred stock within the periods presented.

#### 利息费用净额

#### Interest Expense, Net

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 变动 · 变动百分比 （千美元） 利息费用净额 · $(9,444) · $(28,404) · $(18,960) · 201%

2022 · 2023 · Change · % Change (dollars in thousands) Interest expense, net · $(9,444) · $(28,404) · $(18,960) · 201%

截至 2023 年 12 月 31 日止年度的利息费用净额较截至 2022 年 12 月 31 日止年度增加 $19 million，增幅 201%。该增加系由于我们信贷融资项下借款水平上升，导致利息费用增加，部分被与我们对平台及数据中心基础设施投资相关的资本化利息所抵消。

Interest expense, net for the year ended December 31, 2023 increased by $19 million, or 201%, compared to the year ended December 31, 2022. This increase was attributable to higher borrowing levels under our Credit Facilities, resulting in an increase in interest expense, partially offset by capitalized interest associated with investments in our platform and data center infrastructure.

#### 其他收入净额

#### Other Income, Net

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 变动 · 变动百分比 （千美元） 其他收入净额 · $192 · $18,760 · $18,568 · NM

2022 · 2023 · Change · % Change (dollars in thousands) Other income, net · $192 · $18,760 · $18,568 · NM

NM——不具意义。

NM - Not meaningful.

截至 2023 年 12 月 31 日止年度的其他收入净额较截至 2022 年 12 月 31 日止年度增加 $19 million。该增加系由于投资收益增加约 $21 million。

Other income, net for the year ended December 31, 2023 increased by $19 million, compared to the year ended December 31, 2022. This increase was attributable to an increase in investment income of approximately $21 million.

#### 所得税费用（收益）

#### Provision for (benefit from) Income Taxes

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 变动 · 变动百分比 （千美元） 所得税费用（收益） · $(4,150) · $35,701 · $39,851 · (960)% 实际税率 · 12% · (6)%

2022 · 2023 · Change · % Change (dollars in thousands) Provision for (benefit from) income taxes · $(4,150) · $35,701 · $39,851 · (960)% Effective tax rate · 12% · (6)%

截至 2023 年 12 月 31 日止年度的所得税费用（收益）较截至 2022 年 12 月 31 日止年度变动 $40 million，即 960%。尽管我们在截至 2023 年 12 月 31 日止年度出现税前亏损，我们仍确认了所得税费用，部分原因是公允价值调整产生的不可抵扣亏损，以及我们实现某些税收优惠的能力预计将受到限制，这导致我们对美国递延所得税资产维持全额估值备抵。所得税费用同比增加，主要原因是剔除该等不可抵扣亏损后的税前利润增加，以及无法就当期产生的递延所得税资产确认净收益。

Provision for (benefit from) income taxes for the year ended December 31, 2023 changed by $40 million, or 960%, compared to the year ended December 31, 2022. We recorded income tax expense for the year ended December 31, 2023 despite experiencing pre-tax losses in part due to nondeductible losses on fair value adjustments and projected limitations on our ability to realize certain tax benefits, which has resulted in us maintaining a full valuation allowance on our U.S. deferred tax assets. The increase in year over year income tax expense primarily resulted from an increase in pre-tax income excluding these nondeductible losses and, the inability to record a net benefit from deferred tax assets generated in the period.

由于不可抵扣项目的额外影响以及未来净递延所得税资产估值备抵的变动，我们的实际税率未来可能大幅波动。

Our effective tax rate might fluctuate significantly in the future due to additional impacts from non-deductible items and future changes in the valuation allowance on net deferred tax assets.

非 GAAP 财务指标 Non-GAAP Financial Measures

为补充我们按照 GAAP 编制和列示的合并财务报表，我们使用调整后 EBITDA 及调整后 EBITDA 利润率、调整后经营利润（亏损）及调整后经营利润（亏损）利润率，以及调整后净利润（亏损）及调整后净利润（亏损）利润率（合称）来帮助我们评估业务。我们使用此类非 GAAP 财务指标作出战略决策、制定业务计划和预测、识别影响我们业务的趋势，并评估经营业绩。我们认为，这些非 GAAP 财务指标综合来看可能对投资者有所帮助，因为它们使我们用于经营业务和衡量业绩的指标更加透明，并能够在相关项目可能因与业务表现无关的原因而波动的不同期间之间比较财务趋势和结果。这些非 GAAP 财务指标仅供补充信息之用，不应被视为按照 GAAP 列示的财务信息的替代，且可能与其他公司使用的类似名称的非 GAAP 指标不同。下文提供了每项非 GAAP 财务指标与按照 GAAP 列示的最直接可比财务指标的调节表。我们鼓励投资者审阅相关的 GAAP 财务指标以及这些非 GAAP 财务指标与其最直接可比 GAAP 财务指标的调节表，以及本招股说明书其他部分所载我们的合并财务报表及相关附注。

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use adjusted EBITDA and adjusted EBITDA margin, adjusted operating income (loss) and adjusted operating income (loss) margin, and adjusted net income (loss) and adjusted net income (loss) margin, collectively, to help us evaluate our business. We use such non-GAAP financial measures to make strategic decisions, establish business plans and forecasts, identify trends affecting our business, and evaluate operating performance. We believe that these non-GAAP financial measures, when taken collectively, may be helpful to investors because they allow for greater transparency into what measures we use in operating our business and measuring our performance and enable comparison of financial trends and results between periods where items may vary independent of business performance. These non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. A reconciliation is provided below for each non-GAAP financial measure to the most directly comparable financial measure presented in accordance with GAAP. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures, as well as our consolidated financial statements and related notes included elsewhere in this prospectus.

我们认为，剔除既与日常业务无关、也不反映我们基础业务表现的项目，或其他公司（包括我们行业中的公司）经常从类似非 GAAP 指标中剔除的项目，能够使我们和我们的投资者在不同期间之间比较我们的基础业务表现。因此，我们认为这些调整有助于对当前经营业绩进行有用的评估并与过往经营业绩进行比较，并为投资者提供评估成本和费用趋势的额外手段。此外，我们还认为这些调整增强了我们财务业绩的可比性，并且是分析师和投资者广泛用于评估公司业绩的类似指标。

We believe excluding items that neither relate to the ordinary course of business nor reflect our underlying business performance or that other companies, including companies in our industry, frequently exclude from similar non-GAAP measures enables us and our investors to compare our underlying business performance from period to period. Accordingly, we believe these adjustments facilitate a useful evaluation of our current operating performance and comparison to our past operating performance and provide investors with additional means to evaluate cost and expense trends. In addition, we also believe these adjustments enhance comparability of our financial performance and are similar measures that are widely used by analysts and investors as a means of evaluating a company’s performance.

我们的非 GAAP 指标存在若干局限性。其中一些局限性在于，这些指标（在适用范围内）剔除了：

There are a number of limitations related to our non-GAAP measures. Some of these limitations are that these measures, to the extent applicable, exclude:

- 公允价值调整损失，一项非现金费用，代表因在每个报告期末按公允价值计量我们的衍生工具和认股权证负债，以及在相关工具结算之前计量我们的衍生工具和认股权证而产生的收益和损失；

- loss on fair value adjustments, a non-cash expense, which represents gains and losses as a result of recording our derivative and warrant liabilities at fair value at the end of each reporting period, as well as recording our derivatives and warrants and prior to settlement of the associated instruments;

- 折旧和摊销，一项非现金费用，其中被折旧和摊销的资产未来可能必须更换，且这些指标不反映此类更换或新资本支出需求所需的现金资本支出。

- depreciation and amortization, a non-cash expense, where the assets being depreciated and amortized may have to be replaced in the future and these measures do not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements;

- 利息费用净额，或为偿还债务利息或本金支付所需的现金需求，这会减少我们可用的现金；

- interest expense, net, or the cash requirements necessary to service interest or principal payments on our indebtedness, which reduces cash available to us;

- 股权激励费用，该费用一直是、并且在可预见的未来仍将是我们业务的一项重大经常性费用，也是我们薪酬策略的重要组成部分；

- stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy;

- 所得税费用，这可能意味着我们可用现金的减少；以及

- provision for income taxes, which may represent a reduction in cash available to us; and

- 其他收入净额，针对某些不能反映我们持续经营成果的非现金或非经常性项目，目前主要与利息收入和债务清偿损失相关。

- other income, net, for certain non-cash or non-routine items that are not reflective of our ongoing operational results, which currently primarily relate to interest income and loss on extinguishment of debt.

此外，其他公司（包括我们行业内的公司）对这些非 GAAP 指标的計算方式可能不同，或可能使用其他指标来评估其业绩，所有这些都可能降低我们披露的非 GAAP 指标作为比较工具的实用性。

In addition, other companies, including companies in our industry, may calculate these non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our disclosure of non-GAAP measures as a tool for comparison.

由于上述及其他局限性，您应将此等非 GAAP 指标与其他财务业绩指标（包括我们按照 GAAP 编制的财务业绩）一并考虑。

Because of these and other limitations, you should consider these non-GAAP measures along with other financial performance measures, including our financial results prepared in accordance with GAAP.

#### 调整后 EBITDA 与调整后 EBITDA 利润率

#### Adjusted EBITDA and Adjusted EBITDA Margin

我们将调整后 EBITDA 定义为净亏损，剔除 (i) 公允价值调整损失、(ii) 折旧与摊销、(iii) 利息费用净额、(iv) 股权激励费用、(v) 其他收入净额，以及 (vi) 所得税费用（收益）。我们将调整后 EBITDA 利润率定义为调整后 EBITDA 除以收入。

We define adjusted EBITDA as net loss, excluding (i) loss on fair value adjustments, (ii) depreciation and amortization, (iii) interest expense, net, (iv) stock-based compensation, (v) other income, net, and (vi) provision for (benefit from) income taxes. We define adjusted EBITDA margin as adjusted EBITDA divided by revenue.

下表列示了所列各期间净亏损及净亏损利润率（按照 GAAP 列示的最直接可比的财务指标）分别与调整后 EBITDA 及调整后 EBITDA 利润率的调节情况：

The following table presents a reconciliation of net loss and net loss margin, the most directly comparable financial measures stated in accordance with GAAP, to adjusted EBITDA and adjusted EBITDA margin, respectively, for each of the periods presented:

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 2024 （除百分比外，金额单位为千美元） 净亏损 · $(31,055) · $(593,748) · $(863,448) 公允价值调整损失(1) · 2,884 · 533,952 · 755,929 折旧与摊销 · 11,695 · 103,210 · 863,413 利息费用净额 · 9,444 · 28,404 · 360,824 股权激励费用 · 1,490 · 15,154 · 31,487 其他收入净额 · (192) · (18,760) · (48,194) 所得税费用（收益） · (4,150) · 35,701 · 119,247 调整后 EBITDA · $(9,884) · $103,913 · $1,219,258 收入 · $15,830 · $228,943 · $1,915,426 净亏损利润率 · (196)% · (259)% · (45)% 调整后 EBITDA 利润率 · (62)% · 45% · 64%

2022 · 2023 · 2024 (dollars in thousands, except percentages) Net loss · $(31,055) · $(593,748) · $(863,448) Loss on fair value adjustments(1) · 2,884 · 533,952 · 755,929 Depreciation and amortization · 11,695 · 103,210 · 863,413 Interest expense, net · 9,444 · 28,404 · 360,824 Stock-based compensation · 1,490 · 15,154 · 31,487 Other income, net · (192) · (18,760) · (48,194) Provision for (benefit from) income taxes · (4,150) · 35,701 · 119,247 Adjusted EBITDA · $(9,884) · $103,913 · $1,219,258 Revenue · $15,830 · $228,943 · $1,915,426 Net loss margin · (196)% · (259)% · (45)% Adjusted EBITDA margin · (62)% · 45% · 64%

(1) · 指与以下事项相关的调整：就我们的 2021 年可转换优先担保票据在每个报告期末按公允价值计量衍生负债、与我们的 2022 年优先担保票据相关的认股权证负债，以及与我们的 B 轮融资相关的期权负债的公允价值重新计量。更多信息请参阅本招股说明书其他部分所载我们合并财务报表的附注 3“公允价值计量”。

(1) · Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B financing. Refer to Note 3. Fair Value Measurements to our consolidated financial statements included elsewhere in this prospectus for additional information.

#### 调整后经营利润（亏损）与调整后经营利润率

#### Adjusted Operating Income (Loss) and Adjusted Operating Income (Loss) Margin

我们将调整后经营利润（亏损）定义为经营利润（亏损）扣除股权激励费用后的金额，将调整后经营利润率定义为调整后经营利润（亏损）除以收入。

We define adjusted operating income (loss) as operating income (loss), excluding stock-based compensation and adjusted operating income (loss) margin as adjusted operating income (loss) divided by revenue.

下表列示了所列各期间经营利润（亏损）与经营利润率（按 GAAP 列示的最直接可比财务指标）分别与调整后经营利润（亏损）及调整后经营利润率的调节情况：

The following table presents a reconciliation of operating income (loss) and operating income (loss) margin, the most directly comparable financial measures stated in accordance with GAAP, to adjusted operating income (loss) and adjusted operating income (loss) margin, respectively, for each of the periods presented:

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 2024 （除百分比外，金额单位为千美元） 经营利润（亏损） · $(22,880) · $(14,451) · $324,358 股权激励费用 · 1,490 · 15,154 · 31,487 调整后经营利润（亏损） · $(21,390) · $703 · $355,845 收入 · $15,830 · $228,943 · $1,915,426 经营利润率 · (145)% · (6)% · 17% 调整后经营利润率 · (135)% · —% · 19%

2022 · 2023 · 2024 (dollars in thousands, except percentages) Operating income (loss) · $(22,880) · $(14,451) · $324,358 Stock-based compensation · 1,490 · 15,154 · 31,487 Adjusted operating income (loss) · $(21,390) · $703 · $355,845 Revenue · $15,830 · $228,943 · $1,915,426 Operating income (loss) margin · (145)% · (6)% · 17% Adjusted operating income (loss) margin · (135)% · —% · 19%

#### 调整后净利润（亏损）与调整后净利润率

#### Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Margin

我们将调整后净利润（亏损）定义为归属于普通股股东的净利润（亏损），并剔除(i)公允价值调整损失、(ii)股权激励费用、(iii)与某些不反映我们持续经营成果的非现金或非经常性项目相关的其他调整，以及(iv)所得税影响调整。调整后净利润率定义为调整后净利润（亏损）除以收入。

We define adjusted net income (loss) as net income (loss) attributable to common stockholders, excluding (i) loss on fair value adjustments, (ii) stock-based compensation, (iii) other adjustments for certain non-cash or non-routine items that are not reflective of our ongoing operational results, and (iv) income tax effect adjustments. Adjusted net income (loss) margin is defined as adjusted net income (loss) divided by revenue.

下表列示了所列各期间净亏损与净亏损率（按 GAAP 列示的最直接可比财务指标）分别与调整后净亏损及调整后净亏损率的调节情况：

The following table presents a reconciliation of net loss and net loss margin, the most directly comparable financial measures stated in accordance with GAAP, to adjusted net loss and adjusted net loss margin, respectively, for each of the periods presented:

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 2024 （除百分比外，金额单位为千美元） 净亏损 · $(31,055) · $(593,748) · $(863,448) 公允价值调整损失(1) · 2,884 · 533,952 · 755,929 股权激励费用 · 1,490 · 15,154 · 31,487 其他调整(2) · — · — · 11,124 调整后净亏损(3) · $(26,681) · $(44,642) · $(64,908) 收入 · $15,830 · $228,943 · $1,915,426 净亏损率 · (196)% · (259)% · (45)% 调整后净亏损率(3) · (169)% · (19)% · (3)%

2022 · 2023 · 2024 (dollars in thousands, except percentages) Net loss · $(31,055) · $(593,748) · $(863,448) Loss on fair value adjustments(1) · 2,884 · 533,952 · 755,929 Stock-based compensation · 1,490 · 15,154 · 31,487 Other adjustments(2) · — · — · 11,124 Adjusted net loss(3) · $(26,681) · $(44,642) · $(64,908) Revenue · $15,830 · $228,943 · $1,915,426 Net loss margin · (196)% · (259)% · (45)% Adjusted net loss margin(3) · (169)% · (19)% · (3)%

(1) · 指与以下事项相关的调整：就我们的 2021 年可转换优先担保票据在每个报告期末按公允价值计量衍生负债、与我们的 2022 年优先担保票据相关的认股权证负债，以及与我们的 B 轮融资相关的期权负债的公允价值重新计量。更多信息请参阅本招股说明书其他部分所载我们合并财务报表的附注 3“公允价值计量”。

(1) · Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B financing. Refer to Note 3. Fair Value Measurements to our consolidated financial statements included elsewhere in this prospectus for additional information.

(2) · 主要与我们的 2021 年可转换优先担保票据转换及 2022 年优先担保票据清偿相关的债务清偿损失有关。

(2) · Primarily relates to loss on extinguishment of debt related to the conversion of our 2021 Convertible Senior Secured Notes and settlement of our 2022 Senior Secured Notes.

(3) · 在所有列报期间，我们的非 GAAP 调整项目均无重大所得税影响。

(3) · There were no material income tax effects on our non-GAAP adjustments for all periods presented.

季度经营成果 Quarterly Results of Operations

下表列示了我们在所列各季度的未经审计季度合并经营报表数据。我们认为，下文所列未经审计季度经营报表数据系以与我们经审计财务报表一致的基础编制，并包含所有调整，该等调整仅包括正常且经常性的调整，系公允列示该等数据所必需。我们的历史业绩未必能预示未来可能预期的业绩，任何特定季度的业绩亦未必能预示全年或任何其他期间可能预期的业绩。下文未经审计季度财务数据应与本招股说明书其他部分所载我们的合并财务报表及相关附注一并阅读。

The following table sets forth our unaudited quarterly consolidated statements of operations data for each of the quarters indicated. In our opinion, the unaudited quarterly statements of operations data set forth below have been prepared on a basis consistent with our audited financial statements and contain all adjustments, consisting only of normal and recurring adjustments, necessary for the fair statement of such data. Our historical results are not necessarily indicative of the results that may be expected in the future, and the results for any particular quarter are not necessarily indicative of results to be expected for a full year or any other period. The following unaudited quarterly financial data should be read together with our consolidated financial statements and the related notes included elsewhere in this prospectus.

截至三个月

Three Months Ended

2024 年 3 月 31 日 · 2024 年 6 月 30 日 · 2024 年 9 月 30 日 · 2024 年 12 月 31 日 （单位：千美元） 收入 · $188,684 · $395,371 · $583,941 · $747,430 经营费用： 收入成本(1) · 59,220 · 108,838 · 143,134 · 182,158 技术与基础设施(1) · 92,881 · 182,886 · 285,509 · 399,409 销售与营销(1) · 4,050 · 4,172 · 4,554 · 5,613 一般及行政(1) · 15,686 · 21,754 · 33,628 · 47,576 经营费用合计 · 171,837 · 317,650 · 466,825 · 634,756 经营利润 · 16,847 · 77,721 · 117,116 · 112,674 公允价值调整损失 · (97,500) · (310,231) · (341,133) · (7,065) 利息费用，净额 · (40,656) · (66,766) · (104,375) · (149,027) 其他收入，净额 · 7,460 · 16,406 · 10,244 · 14,084 所得税费用计提前亏损 · (113,849) · (282,870) · (318,148) · (29,334) 所得税费用计提 · 15,399 · 40,151 · 41,659 · 22,038 净亏损 · $(129,248) · $(323,021) · $(359,807) · $(51,372)

March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024 (in thousands) Revenue · $188,684 · $395,371 · $583,941 · $747,430 Operating expenses: Cost of revenue(1) · 59,220 · 108,838 · 143,134 · 182,158 Technology and infrastructure(1) · 92,881 · 182,886 · 285,509 · 399,409 Sales and marketing(1) · 4,050 · 4,172 · 4,554 · 5,613 General and administrative(1) · 15,686 · 21,754 · 33,628 · 47,576 Total operating expenses · 171,837 · 317,650 · 466,825 · 634,756 Operating income · 16,847 · 77,721 · 117,116 · 112,674 Loss on fair value adjustments · (97,500) · (310,231) · (341,133) · (7,065) Interest expense, net · (40,656) · (66,766) · (104,375) · (149,027) Other income, net · 7,460 · 16,406 · 10,244 · 14,084 Loss before provision for income taxes · (113,849) · (282,870) · (318,148) · (29,334) Provision for income taxes · 15,399 · 40,151 · 41,659 · 22,038 Net loss · $(129,248) · $(323,021) · $(359,807) · $(51,372)

(1) · 包括如下股权激励费用：

(1) · Includes stock-based compensation expense as follows:

截至三个月

Three Months Ended

2024 年 3 月 31 日 · 2024 年 6 月 30 日 · 2024 年 9 月 30 日 · 2024 年 12 月 31 日 （单位：千美元） 收入成本 · $388 · $350 · $271 · $298 技术与基础设施 · 2,357 · 2,080 · 2,161 · 3,539 销售与营销 · 867 · 848 · 847 · 846 一般及行政 · 4,577 · 4,382 · 4,338 · 3,338 股权激励费用合计 · $8,189 · $7,660 · $7,617 · $8,021

March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024 (in thousands) Cost of revenue · $388 · $350 · $271 · $298 Technology and infrastructure · 2,357 · 2,080 · 2,161 · 3,539 Sales and marketing · 867 · 848 · 847 · 846 General and administrative · 4,577 · 4,382 · 4,338 · 3,338 Total stock-based compensation · $8,189 · $7,660 · $7,617 · $8,021

下表列示了我们在所列各季度的未经审计季度合并经营报表数据，以收入百分比列示：

The following table sets forth our unaudited quarterly consolidated statements of operations data expressed as a percentage of revenue for each of the quarters indicated:

截至三个月

Three Months Ended

2024 年 3 月 31 日 · 2024 年 6 月 30 日 · 2024 年 9 月 30 日 · 2024 年 12 月 31 日 收入 · 100% · 100% · 100% · 100% 经营费用： 收入成本 · 31% · 28% · 25% · 24% 技术与基础设施 · 49% · 46% · 49% · 53% 销售与营销 · 2% · 1% · 1% · 1% 一般及行政 · 8% · 6% · 6% · 6% 经营费用合计 · 91% · 80% · 80% · 85% 经营利润 · 9% · 20% · 20% · 15% 公允价值调整损失 · (52)% · (78)% · (58)% · (1)% 利息费用，净额 · (22)% · (17)% · (18)% · (20)% 其他收入，净额 · 4% · 4% · 2% · 2% 所得税费用计提前亏损 · (60)% · (72)% · (54)% · (4)% 所得税费用计提 · 8% · 10% · 7% · 3% 净亏损 · (68)% · (82)% · (62)% · (7)%

March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024 Revenue · 100% · 100% · 100% · 100% Operating expenses: Cost of revenue · 31% · 28% · 25% · 24% Technology and infrastructure · 49% · 46% · 49% · 53% Sales and marketing · 2% · 1% · 1% · 1% General and administrative · 8% · 6% · 6% · 6% Total operating expenses · 91% · 80% · 80% · 85% Operating income · 9% · 20% · 20% · 15% Loss on fair value adjustments · (52)% · (78)% · (58)% · (1)% Interest expense, net · (22)% · (17)% · (18)% · (20)% Other income, net · 4% · 4% · 2% · 2% Loss before provision for income taxes · (60)% · (72)% · (54)% · (4)% Provision for income taxes · 8% · 10% · 7% · 3% Net loss · (68)% · (82)% · (62)% · (7)%

注：由于四舍五入，合计数可能不等于各项之和

Note: Totals may not sum due to rounding

季度趋势 Quarterly Trends

#### 收入

#### Revenue

按季度计算，由于现有客户和新客户合同的需求增加，以及我们快速扩展运营的能力，所列各期间的收入均有所增长，这凸显了我们客户关系的稳固性以及我们满足行业不断变化需求的能力。收入增长几乎全部来自现有客户群的扩张，其余增长来自新客户。

On a quarterly basis, revenue increased during each period presented as a result of increased demand from both existing and new customer contracts and our ability to rapidly scale our operations, emphasizing the strength of our customer relationships and our ability to meet the evolving needs of the industry. Substantially all of the increase in revenue was attributable to expansion within our existing customer base and the remaining increase was attributable to new customers.

#### 收入成本

#### Cost of Revenue

按季度计算，所列各期间的收入成本均有所增加。该增加归因于与我们运营数据中心直接相关的成本上升，以支持客户需求的显著增长，这得益于新数据中心的成功部署，导致租金费用、数据中心公用事业费用和电力支出增加。然而，作为收入的百分比，收入成本在每个连续期间均有所下降，反映了我们扩展运营过程中的初步效率提升。我们预计收入成本占收入的百分比将随时间波动，原因是我们扩展数据中心布局的时机与相应收入的关系，以及我们持续优化这些设施运营成本的努力。

On a quarterly basis, cost of revenue increased during each period presented. This increase was attributable to higher costs directly related to running our data centers to support the significant increase in customer demand, driven by the successful deployment of new data centers, which resulted in an increase in rent expense, data center utilities and power spend. As a percentage of revenue, however, cost of revenue decreased in each consecutive period, reflecting initial efficiency gains as we expand our operations. We expect cost of revenue to fluctuate over time as a percentage of revenue due to the timing of expanding our data center footprint in relationship to the corresponding revenue and our ongoing efforts to optimize the costs of operating those facilities.

#### 技术与基础设施

#### Technology and Infrastructure

按季度计算，所列各期间的技术与基础设施费用均有所增加。该增加归因于折旧和摊销的增加，这是由于我们对平台以及基础设施内的服务器、交换机和其他网络设备进行了投资。作为收入的百分比，技术与基础设施费用在各期间温和波动，原因是我们对平台增长和创新的投资时机，我们预计这一趋势将随时间持续。

On a quarterly basis, technology and infrastructure expense increased during each period presented. This increase was attributable to an increase in depreciation and amortization, resulting from investments in our platform and servers, switches and other networking equipment within our infrastructure. As a percentage of revenue, technology and infrastructure expense fluctuated moderately in each period, due to the timing of investments in our growth and innovation of our platform, which we expect to continue over time.

#### 销售与营销

#### Sales and Marketing

按季度计算，所列各期间的销售与营销费用略有增加。该增加归因于人员成本的增加，以帮助我们推动客户需求。

On a quarterly basis, sales and marketing expense slightly increased during each period presented. This increase was attributable to an increase in personnel costs to help our efforts in driving customer demand.

#### 一般及行政

#### General and Administrative

按季度计算，所列各期间的一般及行政费用均有所增加。该增加归因于人员相关费用和专业服务费用的上升，这是支持我们增长和上市公司筹备活动所必需的。作为收入的百分比，一般及行政费用在各期间保持相对稳定。

On a quarterly basis, general and administrative expense increased during each period presented. The increase was attributable to a rise in personnel-related and professional services expenses, necessary to support our growth and public company preparation activities. As a percentage of revenue, general and administrative expense remained relatively consistent in each period.

#### 公允价值调整损失

#### Loss on Fair Value Adjustments

按季度计算，所列各期间公允价值调整损失波动显著。这种波动基于所列期间内与我们普通股和可赎回可转换优先股相关的衍生工具和认股权证的估值。在截至 2024 年 9 月 30 日的季度，所有未偿还的 2021 年可转换优先票据均转换为普通股股份，因此，截至 2024 年 12 月 31 日的季度记录的公允价值调整较前期有所减少。

On a quarterly basis, loss on fair value adjustments has varied significantly during each period presented. This variability is based on the valuation of derivatives and warrants tied to our common stock and redeemable convertible preferred stock within the periods presented. In the quarter ended September 30, 2024, all of the outstanding 2021 Convertible Senior Notes converted into shares of common stock, and as a result, the fair value adjustments recorded in the quarter ended December 31, 2024 decreased relative to prior periods.

#### 利息费用净额

#### Interest Expense, Net

按季度计算，所列各期间的利息费用净额均有所增加。该增加归因于我们信贷安排下借款水平的上升。

On a quarterly basis, interest expense, net increased during each period presented. This increase was attributable to higher borrowing levels under our Credit Facilities.

#### 所得税费用

#### Provision for Income Taxes

按季度计算，我们的所得税费用占收入的百分比保持相对稳定，但第四季度除外，该季度所得税费用较此前各季度有所下降。我们的有效税率可能因估值备抵及衍生工具不可抵扣公允价值调整的影响、境外收入与境内收入的相对比例、税收抵免的产生、递延所得税资产和负债估值的变化以及税法的变化而有所不同。

On a quarterly basis, our provision for income taxes has remained relatively consistent as a percentage of revenue, with the exception of the fourth quarter during which the provision for income taxes decreased relative to prior quarters. Our effective tax rates may vary depending on the impact of the valuation allowance and nondeductible fair value adjustments to derivatives, as well as the relative proportion of foreign income to domestic income, generation of tax credits, changes in the valuation of our deferred tax assets and liabilities, and changes in tax laws.

季度非 GAAP 财务指标 Quarterly Non-GAAP Financial Measures

#### 季度调整后 EBITDA 与调整后 EBITDA 利润率

#### Quarterly Adjusted EBITDA and Adjusted EBITDA Margin

下表列示了所列各期间按照 GAAP 列报的最直接可比财务指标——净亏损与净亏损利润率，分别与调整后 EBITDA 及调整后 EBITDA 利润率的调节情况：

The following table presents a reconciliation of net loss and net loss margin, the most directly comparable financial measures stated in accordance with GAAP, to adjusted EBITDA and adjusted EBITDA margin, respectively, for each of the periods presented:

截至三个月

Three Months Ended

2024 年 3 月 31 日 · 2024 年 6 月 30 日 · 2024 年 9 月 30 日 · 2024 年 12 月 31 日 （金额单位：千美元） 净亏损 · $(129,248) · $(323,021) · $(359,807) · $(51,372) 公允价值调整损失(1) · 97,500 · 310,231 · 341,133 · 7,065 折旧与摊销 · 79,510 · 164,460 · 254,024 · 365,419 利息费用，净额 · 40,656 · 66,766 · 104,375 · 149,027 股权激励费用 · 8,189 · 7,660 · 7,617 · 8,021 其他收入，净额 · (7,460) · (16,406) · (10,244) · (14,084) 所得税费用（收益） · 15,399 · 40,151 · 41,659 · 22,038 调整后 EBITDA · $104,546 · $249,841 · $378,757 · $486,114 收入 · $188,684 · $395,371 · $583,941 · $747,430 净亏损利润率 · (68)% · (82)% · (62)% · (7)% 调整后 EBITDA 利润率 · 55% · 63% · 65% · 65%

March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024 (dollars in thousands) Net loss · $(129,248) · $(323,021) · $(359,807) · $(51,372) Loss on fair value adjustments(1) · 97,500 · 310,231 · 341,133 · 7,065 Depreciation and amortization · 79,510 · 164,460 · 254,024 · 365,419 Interest expense, net · 40,656 · 66,766 · 104,375 · 149,027 Stock-based compensation · 8,189 · 7,660 · 7,617 · 8,021 Other income, net · (7,460) · (16,406) · (10,244) · (14,084) Provision for (benefit from) income taxes · 15,399 · 40,151 · 41,659 · 22,038 Adjusted EBITDA · $104,546 · $249,841 · $378,757 · $486,114 Revenue · $188,684 · $395,371 · $583,941 · $747,430 Net loss margin · (68)% · (82)% · (62)% · (7)% Adjusted EBITDA margin · 55% · 63% · 65% · 65%

(1) · 指与我们在各报告期末按公允价值计量 2021 年可转换优先担保票据相关的衍生负债、与 2022 年优先担保票据相关的认股权证负债，以及与 B 轮融资相关的期权负债公允价值重新计量有关的调整。更多信息请参阅本招股说明书其他部分所载我们合并财务报表附注 3“公允价值计量”。

(1) · Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B financing. Refer to Note 3. Fair Value Measurements to our consolidated financial statements included elsewhere in this prospectus for additional information.

#### 季度调整后经营利润（亏损）与调整后经营利润（亏损）利润率

#### Quarterly Adjusted Operating Income (Loss) and Adjusted Operating Income (Loss) Margin

下表列示了所列各期间按照 GAAP 列报的最直接可比财务指标——经营利润（亏损）与经营利润（亏损）利润率，分别与调整后经营利润（亏损）及调整后经营利润（亏损）利润率的调节情况：

The following table presents a reconciliation of operating income (loss) and operating income (loss) margin, the most directly comparable financial measures stated in accordance with GAAP, to adjusted operating income (loss) and adjusted operating income (loss) margin, respectively, for each of the periods presented:

截至三个月

Three Months Ended

2024 年 3 月 31 日 · 2024 年 6 月 30 日 · 2024 年 9 月 30 日 · 2024 年 12 月 31 日 （金额单位：千美元） 经营利润 · $16,847 · $77,721 · $117,116 · $112,674 股权激励费用 · 8,189 · 7,660 · 7,617 · 8,021 调整后经营利润 · $25,036 · $85,381 · $124,733 · $120,695 收入 · $188,684 · $395,371 · $583,941 · $747,430 经营利润率 · 9% · 20% · 20% · 15% 调整后经营利润率 · 13% · 22% · 21% · 16%

March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024 (dollars in thousands) Operating income · $16,847 · $77,721 · $117,116 · $112,674 Stock-based compensation · 8,189 · 7,660 · 7,617 · 8,021 Adjusted operating income · $25,036 · $85,381 · $124,733 · $120,695 Revenue · $188,684 · $395,371 · $583,941 · $747,430 Operating income margin · 9% · 20% · 20% · 15% Adjusted operating income margin · 13% · 22% · 21% · 16%

#### 季度调整后净利润（亏损）与调整后净利润（亏损）利润率

#### Quarterly Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Margin

下表列示了所列各期间按照 GAAP 列报的最直接可比财务指标——净亏损与净亏损利润率，分别与调整后净亏损及调整后净亏损利润率的调节情况：

The following table presents a reconciliation of net loss and net loss margin, the most directly comparable financial measures stated in accordance with GAAP, to adjusted net loss and adjusted net loss margin, respectively, for each of the periods presented:

截至三个月

Three Months Ended

2024 年 3 月 31 日 · 2024 年 6 月 30 日 · 2024 年 9 月 30 日 · 2024 年 12 月 31 日 （千美元） 净亏损 · $(129,248) · $(323,021) · $(359,807) · $(51,372) 公允价值调整损失(1) · 97,500 · 310,231 · 341,133 · 7,065 股权激励费用 · 8,189 · 7,660 · 7,617 · 8,021 其他调整(2) · — · — · 11,124 · — 调整后净利润（亏损）(3) · $(23,559) · $(5,130) · $67 · $(36,284) 收入 · $188,684 · $395,371 · $583,941 · $747,430 净亏损率 · (68)% · (82)% · (62)% · (7)% 调整后净利润（亏损）率(3) · (12)% · (1)% · —% · (5)%

March 31, 2024 · June 30, 2024 · September 30, 2024 · December 31, 2024 (dollars in thousands) Net loss · $(129,248) · $(323,021) · $(359,807) · $(51,372) Loss on fair value adjustments(1) · 97,500 · 310,231 · 341,133 · 7,065 Stock-based compensation · 8,189 · 7,660 · 7,617 · 8,021 Other adjustments(2) · — · — · 11,124 · — Adjusted net income (loss)(3) · $(23,559) · $(5,130) · $67 · $(36,284) Revenue · $188,684 · $395,371 · $583,941 · $747,430 Net loss margin · (68)% · (82)% · (62)% · (7)% Adjusted net income (loss) margin(3) · (12)% · (1)% · —% · (5)%

(1) · 指与在每个报告期末按公允价值计量我们的 2021 年可转换优先担保票据相关的衍生负债、与我们的 2022 年优先担保票据相关的认股权证负债，以及与我们的 B 轮融资相关的期权负债公允价值重新计量有关的调整。更多信息请参阅本招股说明书其他部分所载我们合并财务报表的附注 3“公允价值计量”。

(1) · Represents adjustments related to recording our derivative liabilities at fair value at the end of each reporting period for our 2021 Convertible Senior Secured Notes, warrant liabilities related to our 2022 Senior Secured Notes, and the fair value remeasurement of the option liability in connection with our Series B financing. Refer to Note 3. Fair Value Measurements to our consolidated financial statements included elsewhere in this prospectus for additional information.

(2) · 主要与债务清偿损失相关。

(2) · Primarily relates to loss on extinguishment of debt.

(3) · 在所有列报期间，我们的非 GAAP 调整均无重大所得税影响。

(3) · There were no material income tax effects on our non-GAAP adjustments for all periods presented.

有关我们使用非 GAAP 财务指标及其固有局限性的更多详情，请参阅标题为“—非 GAAP 财务指标”的章节。

For further details on our use of non-GAAP financial measures and their inherent limitations, see the section titled “—Non-GAAP Financial Measures.”

流动性与资本资源 Liquidity and Capital Resources

我们的经营活动已产生重大亏损，截至 2024 年 12 月 31 日，我们的累计亏损为$1.5 billion。此外，由于我们持续支持 CoreWeave 云平台的增长，我们的投资活动已产生重大负现金流。我们预计在可预见的未来将进行重大投资，包括对我们的基础设施和进入市场能力进行投资，以保持我们的领导地位，并使我们在 AI 革命中继续受益。

We have generated significant losses from operations, as reflected in our accumulated deficit of $1.5 billion as of December 31, 2024. Additionally, we have generated significant negative cash flows from investing activities as we continue to support the growth of our CoreWeave Cloud Platform. We anticipate making significant investments for the foreseeable future, including in our infrastructure and go-to-market capabilities, to maintain our leadership and position us to continue to capitalize on the AI revolution.

我们的不可撤销承诺披露于本招股说明书其他部分所载截至 2022 年、2023 年和 2024 年 12 月 31 日止年度的经审计合并财务报表附注 8. 租赁、附注 9. 承诺和或有事项以及附注 10. 债务。

Our non-cancellable commitments are disclosed in Note 8. Leases, Note 9. Commitments and Contingencies, and Note 10. Debt to our audited consolidated financial statements for the years ended December 31, 2022, 2023, and 2024 included elsewhere in this prospectus.

我们认为，我们现有的现金及现金等价物和短期投资余额，加上我们各项债务协议项下可供借入的金额，将足以满足我们自本招股说明书日期起一年内到期或预计到期的义务，包括运营费用、营运资金和当前资本支出承诺。我们未来的资本需求可能取决于许多因素，包括本招股说明书“风险因素”一节中列出的因素。我们预计当前和未来的投资将需要大量债务和/或股权融资。额外发行股权将导致我们股东的稀释。发生额外债务将导致偿债义务，且管辖此类债务的工具可能规定进一步限制我们运营的运营和/或财务契约。无法保证我们将能够以有利条件或根本无法筹集额外资本。无法筹集资本可能对我们实现业务目标的能力产生不利影响。

We believe our existing balance of cash and cash equivalents and short-term investments, in addition to amounts available for borrowing under our various debt agreements, will be sufficient to meet our obligations due or anticipated to be due within one year from the date of this prospectus, including operating expenses, working capital, and current commitments for capital expenditures. Our future capital requirements may depend on many factors, including those set forth in the section of this prospectus entitled “Risk Factors.” We anticipate that current and future investments will require significant debt and/or equity financing. The sale of additional equity would result in dilution to our stockholders. The incurrence of additional debt would result in debt service obligations, and the instruments governing such debt could provide for operational and/or financial covenants that further restrict our operations. There can be no assurances that we will be able to raise additional capital on favorable terms or at all. The inability to raise capital could adversely affect our ability to achieve our business objectives.

下表汇总了我们的主要流动性来源：

The following table summarizes our principal sources of liquidity:

截至 12 月 31 日止年度

Year Ended December 31,

2023 · 2024 (in thousands) 现金及现金等价物 · $217,147 · $1,361,083 短期投资 · 2,368 · — 现有融资安排下的可用额度(1) · 925,076 · 4,406,181 流动性总额 · $1,144,591 · $5,767,264

2023 · 2024 (in thousands) Cash and cash equivalents · $217,147 · $1,361,083 Short-term investments · 2,368 · — Availability under existing facilities(1) · 925,076 · 4,406,181 Total liquidity · $1,144,591 · $5,767,264

(1) · 指循环信贷安排和延迟提取定期贷款协议项下的有担保承诺。

(1) · Refers to secured commitments under the revolving credit facility and delayed draw term loan agreements.

#### 循环信贷安排

#### Revolving Credit Facility

2024 年 6 月 21 日，我们与 JPMorgan Chase Bank, N.A.（作为行政代理人和抵押代理人）、其担保方以及其贷款方和开证行签订了信贷协议。该信贷协议于 2027 年 6 月 21 日到期。2024 年 10 月 7 日，该信贷协议经修订，规定提供 6.5 亿美元的高级循环信贷额度，包括(i) 5 亿美元的有担保额度和(ii) 1.5 亿美元的无担保额度。2024 年 12 月 2 日，该信贷协议进一步修订，规定 6.5 亿美元的高级循环信贷额度将全部为有担保（“循环信贷额度”）。根据一项非承诺性手风琴条款的行使，现有和新的贷款方可自行选择同意提供额外融资，我们的循环信贷额度可增加 3 亿美元加上不会导致我们的总净杠杆率超过 6.00 倍或我们的有担保净杠杆率超过 4.00 倍的无限金额。我们的循环信贷额度的收益可用于营运资金和一般公司用途（包括为收购和投资提供融资）。我们的循环信贷额度包括 1.75 亿美元的信用证子额度。截至 2024 年 12 月 31 日，我们尚未从我们的循环信贷额度中提取资金。参见“重大债务说明—循环信贷额度”。

On June 21, 2024, we entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, the guarantors party thereto, and the lenders and issuing banks party thereto. The credit agreement matures on June 21, 2027. On October 7, 2024, the credit agreement was amended to provide for a $650 million senior revolving credit facility consisting of (i) a $500 million secured facility and (ii) a $150 million unsecured facility. On December 2, 2024, the credit agreement was further amended to provide for the $650 million senior revolving credit facility to be fully secured (the “Revolving Credit Facility”). Our Revolving Credit Facility may be increased by the sum of $300 million plus an unlimited amount that does not result in our total net leverage ratio exceeding 6.00x or our secured net leverage ratio exceeding 4.00x, pursuant to the exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The proceeds of our Revolving Credit Facility may be used for working capital and general corporate purposes (including the financing of acquisitions and investments). Our Revolving Credit Facility includes a $175 million letter of credit sub-facility. As of December 31, 2024, we had not drawn from our Revolving Credit Facility. See “Description of Material Indebtedness—Revolving Credit Facility.”

我们循环信贷额度项下的借款按年利率计息，由我们选择：(a)对于基准利率贷款，适用利差为 0.75%加上基准利率（受 1.00%下限约束），该基准利率参照以下最高者确定：(i)最优惠利率，(ii)联邦基金有效利率与隔夜银行融资利率中的较高者，在每种情况下均加 0.50%，以及(iii)一个月期限的有担保隔夜融资利率（“SOFR”）加 1.00%；或(b)对于期限基准贷款，适用利差为 1.75%加上一个月、三个月或六个月计息期的期限 SOFR（受 0.00%下限约束）。我们可随时自愿提前偿还循环信贷额度项下的未偿贷款，无需支付溢价或罚金，但惯常的“提前还款”成本除外。

Amounts borrowed under our Revolving Credit Facility are subject to an interest rate per annum equal to, at our option, either (a) for base rate loans, an applicable margin of 0.75% plus a base rate (subject to a 1.00% floor) determined by reference to the highest of (i) the prime rate, (ii) the greater of (a) the federal funds effective rate and (b) the overnight bank funding rate, in each case, plus 0.50%, and (iii) the one month term Secured Overnight Financing Rate (“SOFR”) plus 1.00% or (b) for term benchmark loans, an applicable margin of 1.75% plus the term SOFR (subject to a 0.00% floor) for a one, three or six month interest period. We may voluntarily prepay outstanding loans under our Revolving Credit Facility at any time without premium or penalty, other than customary “breakage” costs.

#### 额外有担保承诺

#### Additional Secured Commitments

延迟提取定期贷款额度 1.0

Delayed Draw Term Loan Facility 1.0

2023 年 7 月 30 日，我们的某家子公司与多家贷款方及作为行政代理人的 U.S. Bank, N.A.签订了延迟提款定期贷款协议。该协议提供最高达$2.3 billion 的延迟提款定期贷款额度（经修订，简称“DDTL 1.0 Facility”）。DDTL 1.0 Facility 项下的全部义务由我们无条件担保，并以该子公司的绝大部分资产以及该子公司 100%股权质押作为担保（受若干例外情形限制）。DDTL 1.0 Facility 项下的借款用于支付与购置计算设备相关的部分购买对价、费用及开支。参见“重大债务说明——延迟提款定期贷款 1.0 Facility”。

On July 30, 2023, one of our subsidiaries entered into a delayed draw term loan with various lenders and U.S. Bank, N.A., as the administrative agent. The agreement provides for a delayed draw term loan facility of up to $2.3 billion (as amended, the “DDTL 1.0 Facility”). All obligations under the DDTL 1.0 Facility are unconditionally guaranteed by us and secured, subject to certain exceptions, by substantially all of the subsidiary’s assets and a pledge of 100% of the equity interests in the subsidiary. Borrowings under the DDTL 1.0 Facility were used to finance a portion of the purchase consideration, fees, and expenses relating to the acquisition of computing equipment. See “Description of Material Indebtedness—Delayed Draw Term Loan 1.0 Facility.”

2024 年 5 月 15 日，利率修改为期限 SOFR 加 9.62% 或替代基准利率加 8.62%。贷款本金须按季度分期偿还，最后一笔气球付款于 2028 年 3 月 28 日到期。贷款可由我们选择随时、不时提前偿还，并在发生违约事件或我们控制权变更时，或使用某些资产处置或产生债务的所得款项时，须强制提前偿还。如贷款在贷款承诺终止日四周年之前提前偿还，除本金和应计利息外，我们还须支付适用的溢价，金额等于：(a) 对于在贷款承诺终止日三周年之前进行的提前偿还，等于按现行利率计算的、被提前偿还贷款本金截至贷款承诺终止日三周年本应计提的未来利息付款现值，加上被提前偿还贷款本金的 1.00%；以及 (b) 对于在贷款承诺终止日三周年至四周年之间进行的提前偿还，等于被提前偿还贷款本金的 1.00%。

On May 15, 2024, the interest rate was modified to Term SOFR plus 9.62% or the alternative base rate plus 8.62%. The principal amount of the loans is required to be repaid in quarterly installments, with the final balloon payment due on March 28, 2028. The loans are prepayable at any time, from time to time, at our option, and are required to be prepaid upon the occurrence of an event of default or change of control of us, or with the proceeds of certain asset dispositions or incurrences of indebtedness. If the loans are prepaid prior to the fourth anniversary of the loan commitment termination date, in addition to principal and accrued interest, we are required to pay an applicable premium equal to (a) with respect to prepayments made prior to the third anniversary of the loan commitment termination date, an amount equal to the present value of future interest payments that would have accrued on the principal amount of the loans being prepaid through the third anniversary of the loan commitment termination date based on the interest rate in effect plus 1.00% of the principal amount of the loans being prepaid and (b) with respect to prepayments made between the third and fourth anniversary of the loan commitment termination date, an amount equal to 1.00% of the principal amount of the loans being prepaid.

截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，我们在 DDTL 1.0 融资安排项下的未偿余额分别为 $1.4 billion 和 $2.0 billion。截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，DDTL 1.0 融资安排项下借款的实际平均利率分别为 14.12% 和 14.11%。

As of December 31, 2023 and 2024, we had $1.4 billion and $2.0 billion outstanding, respectively, under the DDTL 1.0 Facility. As of December 31, 2023 and 2024, the actual average interest rate being charged on the amounts borrowed against the DDTL 1.0 Facility was 14.12% and 14.11%, respectively.

延迟提取定期贷款融资安排 2.0

Delayed Draw Term Loan Facility 2.0

2024 年 5 月 16 日，我们的另一家子公司与多家贷款方及 U.S. Bank, N.A.（作为行政代理）签订了第二份延迟提取定期贷款融资安排。该协议规定，在满足相关抵押要求的前提下，提供最高 $7.6 billion 的延迟提取定期贷款融资安排（经修订，简称“DDTL 2.0 融资安排”）。根据 DDTL 2.0 融资安排，可在 2025 年 6 月之前提取额外贷款，并有权在贷款方同意的情况下将承诺期延长三个月。可用贷款总额限于贷款所资助合同的 GPU 服务器及相关基础设施折旧后购买价格的一定百分比，该百分比基于适用客户的信用评级确定。DDTL 2.0 融资安排项下的所有义务由我们无条件担保，并以该子公司几乎全部资产及该子公司 100% 股权质押作为担保（某些例外情况除外）。DDTL 2.0 融资安排项下的借款将用于为收购计算设备相关的部分购买对价、费用和开支提供资金。参见“重大债务说明——延迟提取定期贷款 2.0 融资安排”。

On May 16, 2024, another of our subsidiaries entered into a second delayed draw term loan facility with various lenders and U.S. Bank, N.A. as the administrative agent. The agreement provides for a delayed draw term loan facility of up to $7.6 billion assuming the relevant collateralization requirements are met (as amended, the “DDTL 2.0 Facility”). Under the DDTL 2.0 Facility, additional loans may be drawn until June 2025, with an option to extend the commitment period by three months subject to lender consent. The total loans available are limited to a percentage of the depreciated purchase price of GPU servers and related infrastructure for the contract that the loans are being used to finance, with such percentage based upon the credit rating of the applicable customer. All obligations under the DDTL 2.0 Facility are unconditionally guaranteed by us and secured, subject to certain exceptions, by substantially all of the subsidiary’s assets and a pledge of 100% of the equity interests in the subsidiary. Borrowings under the DDTL 2.0 Facility will be used to finance a portion of the purchase consideration, fees, and expenses relating to the acquisition of computing equipment. See “Description of Material Indebtedness—Delayed Draw Term Loan 2.0 Facility.”

DDTL 2.0 融资机制下未偿还借款的利息按年利率计提，利率为我们选择的 Term SOFR 或替代基准利率，加上基于相关客户合同信用质量的利差。对于指定的投资级客户，Term SOFR 贷款的利差为 6.00%，基准利率贷款的利差为 5.00%。对于投资级客户，Term SOFR 贷款的利差为 6.50%，基准利率贷款的利差为 5.50%。对于非投资级客户合同，Term SOFR 贷款的利差为 13.00%，基准利率贷款的利差为 12.00%。

Interest on outstanding borrowings on the DDTL 2.0 Facility accrued at a rate per annum equal to either, at our election, Term SOFR or the alternative base rate plus a spread based on the credit quality of the associated customer contracts. For specified investment-grade customers, the spread is equal to 6.00% for Term SOFR loans and 5.00% for base rate loans. For investment-grade customers, the spread is equal to 6.50% for Term SOFR loans and 5.50% for base rate loans. For non-investment-grade customer contracts, the spread is equal to 13.00% for Term SOFR loans and 12.00% for base rate loans.

贷款本金须自 2025 年 10 月起按季度分期偿还，最后一笔气球还款于相关贷款发放后满五年到期。贷款可由我们选择随时、不时提前偿还，并在发生违约事件或我们控制权变更时，或使用某些资产处置或产生债务的所得款项时，须强制提前偿还。若贷款在贷款承诺终止日满 30 个月之日前提前偿还，除本金和应计利息外，我们还需支付适用的溢价，金额等于按当时生效利率计算、自提前偿还日至贷款承诺终止日满 30 个月之日止本应就提前偿还的贷款本金计提的未来利息付款的现值。

The principal amount of the loans is required to be repaid in quarterly installments, beginning in October 2025, with the final balloon payment due five years after the applicable loan was funded. The loans are prepayable at any time, from time to time, at our option, and are required to be prepaid upon the occurrence of an event of default or change of control of us, or with the proceeds of certain asset dispositions or incurrences of indebtedness. If the loans are prepaid prior to the 30-month anniversary of the loan commitment termination date, in addition to principal and accrued interest, we are required to pay an applicable premium equal to the present value of future interest payments that would have accrued on the principal amount of the loans being prepaid through the 30-month anniversary of the loan commitment termination date based on the interest rate in effect.

截至 2024 年 12 月 31 日，我们已根据 DDTL 2.0 融资机制借入 $3.8 billion，另有 $3.8 billion 可供借入。截至 2024 年 12 月 31 日，根据 DDTL 2.0 融资机制借入款项的实际平均利率为 10.53%。

As of December 31, 2024, we had borrowed $3.8 billion against the DDTL 2.0 Facility and $3.8 billion remained available for borrowing. As of December 31, 2024, the actual average interest rate being charged on the amounts borrowed against the DDTL 2.0 Facility was 10.53%.

2024 年定期贷款融资

2024 Term Loan Facility

2024 年 12 月 16 日，我们与 JPMorgan Chase Bank, N.A.（作为行政代理人和抵押代理人）、其担保方以及其贷款方签订了一份信贷协议，提供 $1.0 billion 的定期贷款融资，包括 (i) 一项 $229.0 million 的有担保融资和 (ii) 一项 $771.0 million 的无担保融资。2024 年 12 月 16 日，我们全额借入了 2024 年定期贷款融资项下可用的 $1.0 billion 贷款。我们的 2024 年定期贷款融资可通过行使未承诺的增额功能增加 $500.0 million。我们的 2024 年定期贷款融资所得款项可用于营运资金和一般公司用途（包括为收购和投资提供融资）。截至 2024 年 12 月 31 日，我们的 2024 年定期贷款融资项下有 $1.0 billion 未偿还。2024 年定期贷款融资将于 2025 年 12 月 16 日到期。参见“重大债务说明——2024 年定期贷款融资”。

On December 16, 2024, we entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, the guarantors party thereto, and the lenders party thereto, providing for a $1.0 billion term loan facility consisting of (i) a $229.0 million secured facility and (ii) a $771.0 million unsecured facility. On December 16, 2024, we borrowed the full $1.0 billion of loans available under the 2024 Term Loan Facility. Our 2024 Term Loan Facility may be increased by $500.0 million pursuant to the exercise of an uncommitted accordion feature. The proceeds of our 2024 Term Loan Facility may be used for working capital and general corporate purposes (including the financing of acquisitions and investments). As of December 31, 2024, $1.0 billion was outstanding under our 2024 Term Loan Facility. The 2024 Term Loan Facility will mature on December 16, 2025. See “Description of Material Indebtedness—2024 Term Loan Facility.”

根据我们的 2024 年定期贷款融资借入的款项，按年利率计息，利率由我们选择为：(a) 对于基准利率贷款，为适用利差（范围为 4.25%至 5.25%，取决于贷款的未偿期限）加上参照以下最高者确定的基准利率（受 1.00%下限约束）：(i) 最优惠利率，(ii) (A) 联邦基金有效利率与 (B) 隔夜银行融资利率中的较高者，在每种情况下均加 0.50%，以及 (iii) 一个月期限 SOFR 加 1.00%；或 (b) 对于期限基准贷款，为适用利差（范围为 5.25%至 6.25%，取决于贷款的未偿期限）加上一个月、三个月或六个月计息期的期限 SOFR（受 0.00%下限约束）。该等贷款可由我们选择随时、不时提前偿还，并在发生违约事件时，或在使用某些资产处置、债务发生或股权发行的收益时，须强制提前偿还，包括须以本次发行的部分或全部收益提前偿还的要求。

Amounts borrowed under our 2024 Term Loan Facility are subject to an interest rate per annum equal to, at our option, either (a) for base rate loans, an applicable margin (ranging from 4.25% to 5.25%, depending on how long the loans are outstanding) plus a base rate (subject to a 1.00% floor) determined by reference to the highest of (i) the prime rate, (ii) the greater of (A) the federal funds effective rate and (B) the overnight bank funding rate, in each case, plus 0.50%, and (iii) the one month term SOFR plus 1.00% or (b) for term benchmark loans, an applicable margin (ranging from 5.25% to 6.25%, depending on how long the loans are outstanding) plus the term SOFR (subject to a 0.00% floor) for a one, three, or six month interest period. The loans are prepayable at any time, from time to time, at our option, and are required to be prepaid upon the occurrence of an event of default, or with the proceeds of certain asset dispositions, incurrences of indebtedness or equity issuances, including a requirement to be prepaid with some or all of the proceeds of this offering.

#### 额外无担保承诺

#### Additional Unsecured Commitments

2025 年定期贷款融资

2025 Term Loan Facility

2025 年 3 月 7 日，我们与 Morgan Stanley Senior Funding, Inc.（作为行政代理人）、其担保方及贷款方签订了 2025 年定期贷款信贷协议，设立了一项金额为 $300.0 百万的无担保定期贷款融资。我们在 2025 年定期贷款融资项下的义务由我们的子公司担保人按 2025 年定期贷款信贷协议所述提供无条件担保。2025 年定期贷款融资项下的借款仅可在单次提款中进行。截至本招股说明书日期，2025 年定期贷款融资项下尚无借款。2025 年定期贷款融资的所得款项可用于营运资金及一般公司用途（包括为收购和其他投资提供融资）。2025 年定期贷款融资将于 2025 年 12 月 16 日到期。参见“重大债务说明——2025 年定期贷款融资”。

On March 7, 2025, we entered into the 2025 Term Loan Credit Agreement with Morgan Stanley Senior Funding, Inc., as administrative agent, the guarantors party thereto, and the lenders party thereto, providing for a $300.0 million unsecured term loan facility. The obligations under our 2025 Term Loan Facility are unconditionally guaranteed by our subsidiary guarantors as described in the 2025 Term Loan Credit Agreement. Amounts borrowed under the 2025 Term Loan Facility may only be borrowed in a single funding. As the date of this prospectus, there have been no borrowings under the 2025 Term Loan Facility. The proceeds of our 2025 Term Loan Facility may be used for working capital and general corporate purposes (including the financing of acquisitions and other investments). The 2025 Term Loan Facility will mature on December 16, 2025. See “Description of Material Indebtedness—2025 Term Loan Facility.”

根据我们的 2025 年定期贷款融资借入的款项，按年利率计息，利率由我们选择为：(a) 对于基准利率贷款，适用利差为 0.75%加上基准利率（受 1.00%下限约束），该基准利率参照以下三者中的最高者确定：(i) 最优惠利率，(ii) (A) 联邦基金有效利率与 (B) 隔夜银行融资利率中的较高者，在上述每种情况下均加 0.50%，以及 (iii) 一个月期限 SOFR 加 1.00%；或 (b) 对于期限基准贷款，适用利差为 1.75%加上一个月、三个月或六个月计息期的期限 SOFR（受 0.00%下限约束）；此外，在 (a) 或 (b) 任一情形下，还需向相关贷款人支付 2.25%的费用。一旦提取，贷款可由我们选择在任何时间、不时提前偿还，并且须以某些资产处置、债务发生或股权发行的所得款项进行强制提前偿还，包括须以本次发行所得款项的部分或全部进行提前偿还的要求。2025 年定期贷款融资项下贷款人的所有未提取承诺应在以下较早发生者发生时终止：(i) 2025 年 4 月 7 日，及 (ii) 本次发行交割。

Amounts borrowed under our 2025 Term Loan Facility are subject to an interest rate per annum equal to, at our option, either (a) for base rate loans, an applicable margin of 0.75% plus a base rate (subject to a 1.00% floor) determined by reference to the highest of (i) the prime rate, (ii) the greater of (A) the federal funds effective rate and (B) the overnight bank funding rate, in each case, plus 0.50%, and (iii) the one month term SOFR plus 1.00% or (b) for term benchmark loans, an applicable margin of 1.75% plus the term SOFR (subject to a 0.00% floor) for a one, three, or six month interest period plus, in the case of either of clauses (a) or (b), a fee of 2.25% payable to the lenders thereof. Once drawn, the loans are prepayable at any time, from time to time, at our option, and are required to be prepaid with the proceeds of certain asset dispositions, incurrences of indebtedness or equity issuances, including a requirement to be prepaid with some or all of the proceeds of this offering. All unfunded commitments of the lenders under the 2025 Term Loan Facility shall terminate upon the earlier to occur of (i) April 7, 2025 and (ii) the closing of this offering.

#### 现金流量

#### Cash Flows

截至 12 月 31 日的年度

Year Ended December 31,

2022 · 2023 · 2024 （单位：千美元） 经营活动提供的净现金 · $910 · $1,832,650 · $2,749,168 投资活动使用的净现金 · (79,183) · (3,147,710) · (8,658,058) 融资活动提供的净现金 · 81,454 · 1,787,751 · 7,464,648

2022 · 2023 · 2024 (in thousands) Net cash provided by operating activities · $910 · $1,832,650 · $2,749,168 Net cash used in investing activities · (79,183) · (3,147,710) · (8,658,058) Net cash provided by financing activities · 81,454 · 1,787,751 · 7,464,648

#### 经营活动

#### Operating Activities

截至 2024 年 12 月 31 日止年度，经营活动提供的净现金为$2.7 billion，而截至 2023 年 12 月 31 日止年度为$1.8 billion。该增加主要由于来自新客户合同及扩展客户合同的承诺合同预付款所收到的现金，以及因业务增长和应计付款时间安排导致的应付账款和应计费用增加。该增加被较高的现金付款和应收账款增加部分抵消。

Net cash provided by operating activities was $2.7 billion for the year ended December 31, 2024 as compared to $1.8 billion for the year ended December 31, 2023. The increase was driven by cash received for upfront payments from our committed contracts from new and expanded customer contracts, as well as higher accounts payable and accrued expenses due to the growth of our business and timing of accrual payments. The increase was partially offset by higher cash payments and an increase in accounts receivable.

截至 2023 年 12 月 31 日止年度，经营活动提供的净现金为$1.8 billion，而截至 2022 年 12 月 31 日止年度为$1 million。该增加主要由于对新客户合同及扩展客户合同的需求增加，从而就承诺合同预付款收到的现金。

Net cash provided by operating activities was $1.8 billion for the year ended December 31, 2023, as compared to $1 million for the year ended December 31, 2022. The increase was driven by cash received for upfront payments from our committed contracts due to the increased demand for both new and expanded customer contracts.

#### 投资活动

#### Investing Activities

截至 2024 年 12 月 31 日止年度，投资活动使用的净现金为$8.7 billion，而截至 2023 年 12 月 31 日止年度为$3.1 billion。该增加主要由于对我们基础设施的资本投资增加，包括我们的 GPU 集群、网络设备和软件开发。该增加被有价证券及可供出售有价证券的出售和到期部分抵消。

Net cash used in investing activities was $8.7 billion for the year ended December 31, 2024, as compared to $3.1 billion for the year ended December 31, 2023. The increase was driven by increased capital investments in our infrastructure, including our GPU fleet, networking equipment, and software development. The increase was partially offset by sales and maturities of marketable securities and available-for-sale marketable securities.

截至 2023 年 12 月 31 日止年度，投资活动使用的净现金为$3.1 billion，而截至 2022 年 12 月 31 日止年度为$79 million。该增加主要由于对我们基础设施的资本投资增加，包括我们的 GPU 集群、网络设备和软件开发。

Net cash used in investing activities was $3.1 billion for the year ended December 31, 2023 as compared to $79 million for the year ended December 31, 2022. The increase was driven by increased capital investments in our infrastructure, including our GPU fleet, networking equipment, and software development.

#### 融资活动

#### Financing Activities

截至 2024 年 12 月 31 日止年度，融资活动提供的净现金为$7.5 billion，而截至 2023 年 12 月 31 日止年度为$1.8 billion。该增加主要由于我们延迟提取定期贷款项下的借款、发行 C 系列可赎回可转换优先股的所得款项以及发行 2024 年定期贷款融资的所得款项。该增加被我们 2022 年优先担保票据的结算及更高的债务偿付部分抵消。

Net cash provided by financing activities was $7.5 billion for the year ended December 31, 2024, as compared to $1.8 billion for the year ended December 31, 2023. The increase was driven by borrowings under our delayed draw term loans, proceeds from the issuance of our Series C redeemable convertible preferred stock, and proceeds from the issuance of our 2024 Term Loan Facility. The increase was partially offset by the settlement of our 2022 Senior Secured Note and higher payments on debt.

截至 2023 年 12 月 31 日止年度，融资活动提供的净现金为$1.8 billion，而截至 2022 年 12 月 31 日止年度为$81 million。该增加主要由于我们 DDTL 1.0 融资项下的借款以及发行 B 系列可赎回可转换优先股的所得款项。

Net cash provided by financing activities was $1.8 billion for the year ended December 31, 2023, as compared to $81 million for the year ended December 31, 2022. The increase was driven by borrowings under our DDTL 1.0 Facility and proceeds from the issuance of our Series B redeemable convertible preferred stock.

表外安排 Off-Balance Sheet Arrangements

在所列示期间内，我们不曾拥有、目前也不拥有任何表外融资安排，亦不存在与未合并实体或财务合伙企业的任何关系，包括有时被称为结构化融资或特殊目的实体的实体，该等实体系为促成表外安排或其他合同范围狭窄或有限的目的而设立。

We did not have during the periods presented, and we do not currently have, any off-balance sheet financing arrangements or any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities, that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

关键会计估计 Critical Accounting Estimates

#### 收入确认

#### Revenue Recognition

我们的收入来自云计算服务的交付。当客户取得所承诺商品或服务的控制权且相关商品或服务已交付时确认收入。确认的收入金额反映我们预期因该等商品或服务而收取的对价。我们按照会计准则汇编（“ASC”）第 606 号主题《与客户之间的合同产生的收入》（即 ASC 606）确认收入。我们通过以下步骤进行收入核算：

We generate revenue from the delivery of cloud computing services. Revenue is recognized when a customer obtains control of promised goods or services are delivered. The amount of revenue recognized reflects the consideration that we expect to receive in exchange for these goods or services. We recognize revenue in accordance with Accounting Standards Codification (“ASC”), Topic 606, Revenue from Contracts with Customers, or ASC 606. We account for revenue by applying the following steps:

1. · 识别与客户订立的合同。

1. · Identification of the contract, or contracts, with the customer.

2. · 识别合同中的履约义务。

2. · Identification of the performance obligations in the contract.

3. · 确定交易价格。

3. · Determination of the transaction price.

4. · 将交易价格分摊至合同中的履约义务。

4. · Allocation of the transaction price to the performance obligations in the contract.

5. · 在履约义务履行时或履行过程中确认收入。

5. · Recognition of the revenue when, or as, a performance obligation is satisfied.

对于包含多项履约义务的安排，我们按相对单独售价（“SSP”）基准将交易价格总额分摊至各项可明确区分的履约义务。SSP 反映在类似情形下向类似客户单独销售特定服务时我们将会收取的价格。若合同仅包含单项履约义务，则无需分摊。

We allocate the total transaction price to each distinct performance obligation in an arrangement containing multiple performance obligations on a relative stand-alone selling price (“SSP”) basis. The SSP reflects the price we would charge for a specific service if it were sold separately in similar circumstances and to similar customers. If a contract contains a single performance obligation, no allocation is required.

收入包括承诺合同和按需访问。承诺合同通常包含两项在特定期间内随时可履行的义务，即处理交易、存储数据和运行客户程序，其中一项为算力基础设施服务，另一项为相关支持服务。由于这两项义务均按比例且在相同期间内履行，因此作为一项合并履约义务进行核算。因此，收入在合同期间内按比例确认。按需访问以消耗量为基础向客户提供，并根据当期算力、存储及其他服务的使用量按月后付费开票。由于此类合同包含数量未知的交易，且按每月执行的每笔交易以固定合同费率计价，合同价格被视为可变。我们将可变对价分摊至我们依据合同拥有开票权利的月份，因为这代表我们预期就该月内服务转让而有权获得的对价金额。

Revenue includes both committed contracts and on-demand access. Committed contracts generally consist of two stand-ready obligations to process transactions, store data, and run customers’ programs over a specified period, one being the compute infrastructure services and the other being the related support services. As these are both delivered ratably and over the same term, they are accounted for as one combined performance obligation. As a result, revenue is recognized ratably over the contract period. On-demand access is provided to customers on a consumption basis and is billed monthly in arrears based on usage of compute, storage, and other services in the period. As these contracts include an unknown quantity of transactions at a fixed contractual rate per transaction executed on a monthly basis, the contract price is deemed variable. We allocate the variable consideration to the month in which we have the contractual right to bill under the contract as this represents the amount of consideration to which we expect to be entitled for the transfer of services during that month.

#### 所得税

#### Income Taxes

管理层作出估计、假设和判断，以确定我们的所得税准备、递延所得税资产和负债，以及针对递延所得税资产记录的任何估值备抵。当递延所得税资产很可能实现时，我们确认该资产。我们定期审查递延所得税资产的可回收性，并根据历史亏损、预计未来应纳税所得额以及现有暂时性差异预计转回的时间，确定估值。若我们在某一期间增加或减少备抵，我们在经审计的合并经营报表中“所得税（收益）准备”项目内确认该备抵变动。税率和税法的不可预见变化，以及预计应纳税所得额与实际应纳税所得额之间的差异，可能影响这些估计。

Management makes estimates, assumptions, and judgments to determine our provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. We recognize a deferred tax asset when it is more likely than not that the asset will be realized. We regularly review our deferred tax assets for recoverability and establish a valuation based upon historical losses, projected future taxable income and the expected timing of the reversals of existing temporary differences. To the extent we increase or decrease the allowance in a period, we recognize the change in the allowance within “Provision for (benefit from) income taxes” in the audited consolidated statements of operations. Unforeseen changes in tax rates and tax laws, as well as differences in the projected taxable income as compared to actual taxable income, may affect these estimates.

我们认为，存在合理可能性，即近期内可能出现足够的正面证据，使我们能够得出结论：部分估值备抵可能不再需要。如果由于上述原因，全部或部分估值备抵被转回，我们将在记录该转回的期间确认所得税费用减少。估值备抵转回（如有）的时间和金额，取决于我们实际能够实现的盈利水平（如有），并可能发生变化。对未来应纳税所得额的估计基于与我们计划一致的假设。

We believe that there is a reasonable possibility that sufficient positive evidence may become available in the near-term to allow us to reach a conclusion that a portion of the valuation allowance may no longer be needed. If, as a result of the above, all or a portion of the valuation allowance is released, we would recognize a decrease to income tax expense for the period during which such release is recorded. The timing and amount of the valuation allowance release, if any, are subject to change on the basis of the level of profitability, if any, that we are able to actually achieve. Estimates of future taxable income are based on assumptions that are consistent with our plans.

我们基于估计和假设计算当期和递延所得税准备，这些估计和假设可能与后续年度提交的所得税申报表中反映的实际结果存在差异，并在识别时根据已提交的纳税申报表记录调整。已缴纳的所得税金额须接受美国联邦和州税务机关的审查。

We calculate the current and deferred income tax provision based on estimates and assumptions that could differ from the actual results reflected in income tax returns filed in subsequent years and record adjustments based on filed tax returns when identified. The amount of income taxes paid is subject to examination by U.S. federal and state tax authorities.

#### 普通股估值

#### Common Stock Valuations

我们股权激励奖励所对应的普通股公允价值，历来由董事会根据管理层意见及同期第三方估值确定。我们认为，董事会具备确定我们普通股公允价值的相关经验和专业知识。鉴于我们的普通股不存在公开交易市场，且根据美国注册会计师协会《实务指引：作为补偿发行的非上市公司权益证券估值》，董事会行使合理判断并考虑众多客观和主观因素，以确定各授予日普通股公允价值的最佳估计。这些因素包括：

The fair value of common stock underlying our stock-based awards has historically been determined by our board of directors, with input from management and contemporaneous third-party valuations. We believe that our board of directors has the relevant experience and expertise to determine the fair value of our common stock. Given the absence of a public trading market of our common stock, and in accordance with the American Institute of Certified Public Accountants Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation, our board of directors exercised reasonable judgment and considered numerous objective and subjective factors to determine the best estimate of the fair value of our common stock at each grant date. These factors included:

- 由独立第三方专家对我们普通股进行的同期估值；

- contemporaneous valuations of our common stock performed by independent third-party specialists;

- 我们可赎回可转换优先股相对于普通股的价格、权利、优先权和特权；

- the prices, rights, preferences, and privileges of our redeemable convertible preferred stock relative to those of our common stock;

- 我们向第三方投资者出售的普通股或可转换优先股所支付的价格，以及我们在一臂之遥交易中回购股份的二级交易中所支付的价格，包括任何要约收购；

- the prices paid for common or convertible preferred stock sold to third-party investors by us and in secondary transactions for shares repurchased by us in arm’s-length transactions, including any tender offers;

- 我们普通股固有的缺乏市场流动性，以及涉及私人公司证券的情况；

- the lack of marketability inherent in our common stock and involving securities in a private company;

- 我们的实际经营和财务表现，以及对我们未来表现的估计趋势和前景；

- our actual operating and financial performance and estimated trends and prospects for our future performance;

- 我们的发展阶段；

- our stage of development;

- 关键人员的招聘以及我们管理层的经验；

- the hiring of key personnel and the experience of our management;

- 鉴于当前市场状况，实现流动性事件（如首次公开募股（“IPO”）、直接上市或出售本公司）的可能性；

- the likelihood of achieving a liquidity event, such as an initial public offering (“IPO”), direct listing, or sale of our company, given prevailing market conditions;

- 可比上市公司的市场表现；以及

- the market performance of comparable publicly traded companies; and

- 美国和全球资本市场状况。

- U.S. and global capital market conditions.

在对我们的普通股进行估值时，我们业务的公允价值采用多种估值方法确定，包括收益法和市场法的组合，并参考管理层的意见。收益法基于对我们可能产生的未来现金流的预期来估计价值。这些未来现金流使用折现率折现为现值，该折现率源自对截至各估值日我们所在行业或类似业务运营的可比上市公司的资本成本的分析，并经过调整以反映我们现金流中的固有风险。市场法基于将标的公司与类似业务领域的可比上市公司进行比较来估计价值，还可能包括反向求解法，即从近期融资轮次或要约收购中推断我们的价值。从这些可比公司中确定一个具有代表性的市场价值倍数，然后将其应用于标的公司的财务预测以估计其价值。

In valuing our common stock, the fair value of our business was determined using various valuation methods, including combinations of income and market approaches, with input from management. The income approach estimates value based on the expectation of future cash flows that we may generate. These future cash flows are discounted to their present values using a discount rate derived from an analysis of the cost of capital of comparable publicly traded companies in our industry or similar business operations as of each valuation date, adjusted to reflect the inherent risks in our cash flows. The market approach estimates value based on a comparison of the subject company to comparable public companies in a similar line of business and may also include backsolves, which infers our value from recent financing rounds or tender offers. From these comparable companies, a representative market value multiple is determined and then applied to the subject company’s financial forecasts to estimate its value.

对于每次估值，通过收益法和市场法确定的我们业务的公允价值，随后使用期权定价法（“OPM”），或概率加权预期回报法（“PWERM”）与 OPM 方法的混合方法，分配至普通股。OPM 基于 Black-Scholes-Merton 期权定价模型，该模型识别出一系列可能的未来结果，每种结果都有相关的概率。当可能的未来结果范围难以预测、导致预测具有高度投机性时，该方法适用。PWERM 涉及对企业潜在未来结果的前瞻性分析，包括 IPO 和其他基于市场的结果。在确定股权价值并将其分配至各类证券后，应用缺乏市场流动性折扣（“DLOM”）以得出我们普通股的公允价值。DLOM 反映了这样一种理论：私人公司股东出售其股票的机会有限，任何此类出售都会涉及重大的交易成本，从而降低整体公平市场价值。

For each valuation, the fair value of our business determined by the income and market approaches was then allocated to the common stock using either the option-pricing method (“OPM”), or a hybrid of the probability-weighted expected return method (“PWERM”) and OPM methods. The OPM is based on the Black-Scholes-Merton option pricing model, which identifies a range of possible future outcomes, each with an associated probability. This method is appropriate when the range of possible future outcomes is difficult to predict, resulting in highly speculative forecasts. PWERM involves a forward-looking analysis of potential future outcomes for the enterprise, including an IPO and other market-based outcomes. After determining and allocating the equity value to the various classes of securities, a discount for lack of marketability (“DLOM”) is applied to arrive at the fair value of our common stock. The DLOM reflects the theory that private company stockholders have limited opportunities to sell their stock, and any such sale would involve significant transaction costs, thereby reducing the overall fair market value.

此外，我们还考虑了涉及我们股本的任何二级交易。在评估这些交易时，我们考虑了每项交易的事实和情况，以确定其在多大程度上代表了公允价值的交换，并在我们普通股的估值中对这些交易赋予了适当的权重。考虑的因素包括不同的买方和卖方数量、交易量、相对于估值日的时间、交易是否发生在自愿且无关联的各方之间，以及交易是否涉及能够获取我们财务信息的投资者。

In addition, we also considered any secondary transactions involving our capital stock. In evaluating those transactions, we took into account the facts and circumstances of each transaction to determine the extent to which they represented a fair value exchange and assigned the transactions an appropriate weighting in the valuation of our common stock. Factors considered include the number of different buyers and sellers, transaction volume, timing relative to the valuation date, whether the transactions occurred between willing and unrelated parties, and whether the transactions involved investors with access to our financial information.

这些方法和模型的应用涉及使用高度复杂且主观的估计、判断和假设，例如关于我们预期未来收入、费用和现金流的估计；折现率；市场倍数；可比上市公司的选择；以及未来可能事件发生的概率和时间。任何或所有这些估计和假设的变化，或这些假设之间关系的变化，都会影响我们在每个估值日的估值，并可能对我们普通股的估值产生重大影响。

The application of these approaches and methodologies involves the use of highly complex and subjective estimates, judgments, and assumptions, such as those regarding our expected future revenue, expenses, and cash flows; discount rates; market multiples; the selection of comparable public companies; and the probability and timing of possible future events. Changes in any or all of these estimates and assumptions, or the relationships between those assumptions, impact our valuations as of each valuation date and may have a significant impact on the valuation of our common stock.

对于本次发行结束后的估值，我们的董事会将根据授予日我们 A 类普通股的收盘价确定每股 A 类普通股基础股份的公允价值。任何特定期间未来的费用金额可能会受到我们假设变化或市场状况的影响。

For valuations after the closing of this offering, our board of directors will determine the fair value of each share of underlying our Class A common stock based on the closing price of our Class A common stock on the date of grant. Future expense amounts for any particular period could be affected by changes in our assumptions or market conditions.

我们使用 Black-Scholes 期权定价模型估计授予员工和董事的股票期权的公允价值。预期将归属的股票期权的公允价值在所需服务期内按直线法确认为股权激励费用。限制性股票单位（RSU）的公允价值根据授予日我们普通股的公允市场价值估计。我们授予的 RSU 在同时满足基于服务的归属条件和基于业绩的归属条件后归属。预期将归属的 RSU 的公允价值，在基于业绩的归属条件很可能实现后，按加速归属法在所需服务期内确认为股权激励费用。截至 2024 年 12 月 31 日，由于基于业绩的归属条件尚未很可能满足，未就 RSU 确认任何股权激励费用。

We estimate the fair value of stock options granted to employees and directors using the Black-Scholes option-pricing model. The fair value of stock options that are expected to vest is recognized as stock-based compensation expense on a straight-line basis over the requisite service period. The fair value of RSUs is estimated based on the fair market value of our common stock on the date of grant. We grant RSUs that vest upon the satisfaction of both a service-based vesting condition and a performance-based vesting condition. The fair value of RSUs that are expected to vest is recognized as stock-based compensation expense over the requisite service period, using the accelerated attribution method, once the performance-based vesting condition becomes probable of being achieved. As of December 31, 2024, no stock-based compensation expense had been recognized for RSUs because the performance-based vesting condition had not been probable of being satisfied.

本次发行交割后，对于已满足服务期归属条件的股权激励奖励，我们可能确认一笔重大的非现金累计股权激励费用。截至 2024 年 12 月 31 日，与未归属 RSU 相关的未确认股权激励费用总额为$600 million，预计将在两年加权平均期间内确认。其中，约$78 million 与截至 2024 年 12 月 31 日已满足或部分满足服务期归属条件的 RSU 相关，该金额按加速归属法计算。对于截至本次发行交割时尚未行权的股权激励奖励，我们预计将在服务期归属条件满足时，按加速归属法并扣除失效部分后，按比例确认剩余的未确认非现金股权激励费用。此外，截至 2024 年 12 月 31 日，与未归属股票期权相关的未确认股权激励费用为$91 million，预计将在三年加权平均期间内确认。

Upon the closing of this offering, we may recognize a significant non-cash cumulative stock-based compensation charge for stock-based awards for which the service-based vesting condition has been satisfied. As of December 31, 2024, the total unrecognized stock-based compensation expense related to unvested RSUs was $600 million, which is expected to be recognized over a weighted-average period of two years. Of that amount, approximately $78 million relates to RSUs for which the service-based vesting condition had been satisfied or partially satisfied as of December 31, 2024, calculated using the accelerated attribution method. We expect to recognize the remaining unrecognized non-cash compensation expense for stock-based awards that were outstanding as of the closing of this offering ratably, using the accelerated attribution method, net of forfeitures, as the service-based vesting condition is satisfied. Additionally, as of December 31, 2024, unrecognized stock-based compensation expense related to unvested stock options was $91 million, which is expected to be recognized over a weighted-average period of three years.

2024 年 12 月 31 日之后，我们的董事会批准授予 8,753,320 份 RSU。基于首次公开发行价格，我们目前估计与这些 RSU 相关的未确认股权激励费用约为$360 million。该估计为初步估计，可能发生变化，并可能因截至本招股说明书日期的实际失效情况以及实际预扣税率等因素而与最终确认金额存在重大差异。这些 RSU 将在同时满足服务期归属条件和业绩归属条件后归属。对于本次发行交割后授予的股权激励奖励，我们预计将在奖励所需服务期内按直线法确认股权激励费用，因为预计这些奖励除分级归属的服务条件外不包含其他归属条件。

Subsequent to December 31, 2024, our board of directors approved grants of 8,753,320 RSUs. Based on the initial public offering price, we currently estimate that the unrecognized stock-based compensation expense related to these RSUs will be approximately $360 million. This estimate is preliminary, subject to change, and may differ materially from the final amount recognized depending on factors such as actual forfeitures through the date of this prospectus and actual tax withholding rates. These RSUs will vest upon satisfaction of both a service-based and performance-based vesting condition. For stock-based awards granted after the closing of this offering, we expect to record stock-based compensation expense on a straight-line basis over the requisite service period of the awards, as these awards are anticipated to include no additional vesting conditions beyond a graded vesting service condition.

#### 衍生工具与认股权证的估值

#### Valuation of Derivatives and Warrants

我们参与了某些包含嵌入式衍生工具并涉及发行普通股认股权证的债务融资交易。我们在发行日计量嵌入式衍生工具的公允价值并确认衍生负债。衍生负债在每个报告期重新计量至公允价值，直至结算或清偿，公允价值变动计入合并经营报表中的公允价值调整损失。

We are involved in certain debt financing transactions that contain embedded derivatives and include the issuance of common stock warrants. We measured the fair value of the embedded derivatives on the date of issuance and recognized derivative liabilities. The derivative liabilities are remeasured to fair value each reporting period until settlement or extinguishment, with changes in the fair value recorded in loss on fair value adjustments in the consolidated statements of operations.

对于与债务融资相关而发行的认股权证，我们在发行时针对每份认股权证的具体条款进行评估，并在认股权证存续期间的每个后续报告期末进行评估，据此将其作为权益类或负债类工具进行会计处理。对于权益类认股权证，认股权证在发行时的相对公允价值计入合并资产负债表中的资本公积，且发行日之后不再确认公允价值变动。对于负债类认股权证，认股权证在发行时的相对公允价值计入合并资产负债表中的其他衍生工具及认股权证负债，且每期按公允价值计量认股权证，公允价值变动计入经审计合并经营报表中的认股权证公允价值调整损失。

We account for warrants issued in connection with debt financings as either equity-classified or liability-classified instruments based on an assessment of the warrant’s specific terms at the time of issuance for each warrant and as of each subsequent reporting period while the warrants are outstanding. For equity-classified warrants, the relative fair value of the warrants at issuance is recorded in additional paid-in capital in the consolidated balance sheets and no changes in fair value are recognized after the issuance date. For liability-classified warrants, the relative fair value of the warrants at issuance is included within other derivative and warrant liabilities in the consolidated balance sheets and warrants are measured at fair value each period with changes in fair value recorded in loss on fair value adjustment to warrants in the audited consolidated statements of operations.

在衍生工具负债及认股权证负债发生转换、行权或到期（以较早者为准）之前，我们可能继续就公允价值变动对衍生工具负债及认股权证负债进行调整。衍生工具负债及认股权证负债的公允价值计量采用不可观察输入值，确定公允价值需要高度的判断。我们采用结合蒙特卡洛模拟的二项格点法估计衍生工具负债及认股权证负债的公允价值，该模拟考虑了我们的未来股价。

We may continue to adjust the derivative liabilities and warrant liabilities for changes in fair value until the earlier of conversions, exercise, or expirations. The fair value measurement of derivative liabilities and warrant liabilities are measured using unobservable inputs that require a high level of judgment to determine fair value. We estimate the fair value of derivative liabilities and warrant liabilities using a binomial lattice approach that incorporates a Monte Carlo simulation that considers our future stock price.

#### 租赁

#### Leases

我们在租赁开始时确定一项安排是否满足租赁的定义，并在租赁开始日将租赁分类为经营租赁或融资租赁。经营租赁在我们的经审计合并资产负债表中单独列报。融资租赁在物业及设备净额中确认，并作为融资负债在我们的经审计合并资产负债表中单独列示。

We determine if an arrangement meets the definition of a lease at the inception of the lease, with leases classified at commencement as either operating or finance leases. Operating leases are reported separately in our audited consolidated balance sheets. Finance leases are recognized within property and equipment, net, and as a finance liability separately presented in our audited consolidated balance sheets.

使用权（“ROU”）资产代表我们在租赁期内使用标的资产的权利，租赁负债代表我们在租赁期内因租赁而产生的支付租赁款项的义务。使用权资产按剩余租赁付款额、发生的初始直接费用及预付租赁付款额的折现现值计量，不包括租赁开始前收到的租赁激励。租赁负债按租赁开始日剩余租赁付款额的折现现值计量。我们采用增量借款利率（“IBR”）对剩余租赁付款额的现值进行折现。增量借款利率基于我们对具有与租赁相似期限和付款安排的抵押借款所估计的利率。

Right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease during the lease term. ROU assets are measured based on the discounted present value of the remaining lease payments, initial direct costs incurred, and prepaid lease payments, excluding lease incentives received prior to lease commencement. Lease liabilities are measured based on the discounted present value of the remaining lease payments at commencement date. We utilize our incremental borrowing rate (“IBR”) to discount the present value of the remaining lease payments. The IBR is based on our estimated rate of interest for a collateralized borrowing with a similar term and payments as the lease.

我们的许多租赁包含递增条款、续租选择权和终止选择权，当我们合理确定将行使该选择权时，这些条款会被纳入租赁付款额的确定。经营租赁协议项下某些未来最低租赁付款额包含免租期或租金递增条款。我们的融资租赁通常包含购买选择权和递减的最低付款额。初始期限为 12 个月或更短的短期租赁不在资产负债表中记录。

Many of our leases include escalation clauses, renewal options and termination options that are factored into the determination of lease payments when reasonably certain that we would exercise that option. Certain future minimum lease payments due under the operating lease agreements contain rent-free periods or escalating rent payment provisions. Our finance leases generally include purchase options and declining minimum payments. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheets.

我们将租赁组成部分和非租赁组成部分作为单一租赁组成部分进行会计处理。我们租赁协议项下的付款主要为固定付款。然而，某些租赁协议包含可变付款，该等付款在发生时计入费用，且不计入使用权资产和租赁负债。可变租赁付款主要由公共区域维护费、公用事业费、房地产税以及受指数变动影响的付款构成。

We account for lease components and non-lease components as a single lease component. Payments under our lease agreements are primarily fixed. However, certain lease agreements contain variable payments, which are expensed as incurred and not included in the ROU assets and lease liabilities. Variable lease payments are mainly composed of common area maintenance, utilities, real estate taxes, and payments affected by changes in indexes.

经营租赁在租赁期内按直线法计入费用。融资租赁的费用包括利息和摊销费用两个组成部分，其中利息部分在租赁期内按实际利率法计算，摊销部分在租赁期内按使用权资产的直线摊销计算。

Operating leases are expensed on a straight-line basis over the lease term. The expense for finance leases includes both interest and amortization expense components, with the interest component calculated based on the effective interest method over the lease term and the amortization component calculated based on the straight-line amortization of the ROU asset over the lease term.

近期会计公告 Recent Accounting Pronouncements

请参阅本招股说明书其他部分所载经审计合并财务报表附注 1 中题为“概述与重要会计政策摘要——已采用的近期会计公告”和“——尚未采用的近期会计公告”的章节，以了解更多信息。

See the sections titled “Overview and Summary of Significant Accounting Policies—Recent Accounting Pronouncements Adopted” and “—Recent Accounting Pronouncements Not Yet Adopted” in Note 1 to our audited consolidated financial statements included elsewhere in this prospectus for more information.

JOBS 法案会计选择 JOBS Act Accounting Election

在本次发行完成之日或 2025 年 12 月 31 日（以较早者为准）之前，出于某些目的，我们将被视为《JOBS 法案》所定义的新兴成长型公司（“EGC”）。《JOBS 法案》允许 EGC 在遵守适用于上市公司的新的或修订的会计准则公告方面享有延长的过渡期，并将此类公告的采用推迟至其适用于私营公司之时。《JOBS 法案》并不禁止 EGC 提前采用新的或修订的会计准则。我们已选择使用《JOBS 法案》允许的延长过渡期，同时也提前采用了某些会计准则公告。当我们不再是一家新兴成长型公司时，我们将不再能够享受这些豁免或在遵守新的或修订的会计准则方面享有的延长过渡期。

We will be treated as an emerging growth company (“EGC”), as defined in the JOBS Act for certain purposes until the earlier of the date on which we complete this offering or December 31, 2025. The JOBS Act allows EGCs to take advantage of an extended transition period for complying with new or revised accounting pronouncements applicable to public companies and delay adoption of such pronouncements until they are made applicable to private companies. The JOBS Act does not preclude an EGC from early adopting new or revised accounting standards. We have elected to use extended transition periods permissible under the JOBS Act, while also early adopting certain accounting pronouncements. When we cease to be an emerging growth company, we will no longer be able to benefit from these exemptions or the extended transition period for complying with new or revised accounting standards.

财务报告内部控制 Internal Control Over Financial Reporting

我们和我们的独立注册公共会计师事务所均未被要求、因此也未依据《萨班斯-奥克斯利法案》的规定，对我们财务报表所涵盖的任何期间或其后任何期间的财务报告内部控制进行评价。然而，在编制本招股说明书其他部分所载财务报表的过程中，我们识别出财务报告内部控制存在重大缺陷。重大缺陷是指财务报告内部控制中的一项缺陷或多项缺陷的组合，致使我们的年度或中期财务报表存在重大错报而未被及时防止或发现的合理可能性。

Neither we nor our independent registered public accounting firm were required to, and therefore did not perform, an evaluation of our internal control over financial reporting as of or for any period included in our financial statements, nor any period subsequent in accordance with the provisions of the Sarbanes-Oxley Act. However, while preparing the financial statements that are included elsewhere in this prospectus, we identified material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis.

所识别的重大缺陷涉及：对支持我们财务报告流程的工具和应用程序缺乏有效设计、实施和维护的 IT 一般控制；财务相关职能之间职责分离不足；以及我们的会计、财务和运营职能中缺乏足够数量、具备适当专业水平的合格人员，以合理保证交易得到恰当记录和披露。我们得出结论，这些重大缺陷之所以存在，是因为我们缺乏必要的业务流程、系统、人员及相关内部控制。所识别的缺陷并未导致我们财务报表出现重大错报。

The material weaknesses identified pertained to the lack of effectively designed, implemented, and maintained IT general controls over tools and applications that support our financial reporting processes; insufficient segregation of duties across financially relevant functions, and lack of sufficient number of qualified personnel within our accounting, finance, and operations functions who possessed an appropriate level of expertise to provide reasonable assurance that transactions were being appropriately recorded and disclosed. We have concluded that these material weaknesses existed because we did not have the necessary business processes, systems, personnel and related internal controls. The deficiencies identified did not result in a material misstatement to our financial statements.

我们已采取并将继续采取行动以整改这些重大缺陷，包括：

We have taken and will continue to take action to remediate these material weaknesses, including:

- 实施 IT 一般控制，以管理我们 IT 环境内的访问权限和程序变更；

- implementation of IT general controls to manage access and program changes within our IT environment;

- 实施流程和控制，以更好地识别和管理职责分离风险；

- implementation of processes and controls to better identify and manage segregation of duties risks;

- 继续招聘具备适当且充分技术专长的额外会计和财务人员，并更好地实现相互冲突职责的分离；以及

- continued hiring of additional accounting and finance resources with appropriate and sufficient technical expertise and to better allow for segregation of conflicting duties; and

- 就技术会计事项、内部控制以及我们财务报表的编制咨询专家。

- consulting with experts on technical accounting matters, internal controls, and in the preparation of our financial statements.

在这些步骤完成并有效运行足够长的时间之前，我们将无法完全整改这些重大缺陷。此外，如上所述，我们尚未对财务报告内部控制进行评价。因此，我们无法确保我们已识别出所有重大缺陷，也无法确保未来不会出现额外的重大缺陷。自本次发行完成后的第二份年度报告起，当我们依据《萨班斯-奥克斯利法案》第 404 条的要求报告财务报告内部控制的有效性时，重大缺陷可能仍然存在。

We will not be able to fully remediate these material weaknesses until these steps have been completed and have been operating effectively for a sufficient period of time. Additionally, as stated above, we have not performed an evaluation of our internal control over financial reporting. Accordingly, we cannot ensure that we have identified all, or that we will not in the future have additional, material weaknesses. Material weaknesses may still exist when we report on the effectiveness of our internal control over financial reporting as required under Section 404 of the Sarbanes-Oxley Act, beginning with our second annual report after the completion of this offering.

关于市场风险的定量和定性披露 Quantitative and Qualitative Disclosures About Market Risk

我们在日常经营中面临市场风险。市场风险是指因金融市场价格和利率的不利变动而可能影响我们财务状况的损失风险。我们的市场风险敞口主要源于利率波动。

We are exposed to market risk in the ordinary course of our business. Market risk represents the risk of loss that may impact our financial position due to adverse changes in financial market prices and rates. Our market risk exposure is primarily the result of fluctuations in interest rates.

#### 利率风险

#### Interest Rate Risk

截至 2024 年 12 月 31 日，我们拥有现金及现金等价物和有价证券 $1.4 billion。此外，我们还有 $704 million 的限制性现金及现金等价物和有价证券，由与担保贷款融资和信用证相关的银行存款构成。我们的现金、现金等价物和有价证券持有用于营运资金目的。我们不进行交易性或投机性投资。

As of December 31, 2024, we had cash and cash equivalents and marketable securities of $1.4 billion. In addition, we had $704 million of restricted cash and cash equivalents and marketable securities consisting of bank deposits related to collateralized loan facilities and letters of credit. Our cash, cash equivalents, and marketable securities are held for working capital purposes. We do not enter into investments for trading or speculative purposes.

我们对利率变动的市场风险敞口主要与我们的 DDTL 1.0 融资、DDTL 2.0 融资、2024 年定期贷款融资和循环信贷融资（如上所述）相关，这些融资采用浮动利率，利率上升环境可能增加这些贷款的利息支付金额。截至 2024 年 12 月 31 日止年度，利率每上升或下降 100 个基点，将使我们就这些融资相关的利息费用增加或减少约 $31 million。

Our exposure to market risk for changes in interest rates relates primarily to our DDTL 1.0 Facility, DDTL 2.0 Facility, 2024 Term Loan Facility, and Revolving Credit Facility (described above), which bear floating interest rates, and a rising interest rate environment may increase the amount of interest paid on these loans. For the year ended December 31, 2024, each 100-basis point increase or decrease in interest rates would have increased or decreased our interest expense related to these facilities by approximately $31 million.

概览 Overview

CoreWeave 为驱动创新的智能的创造与交付提供算力支持。

CoreWeave powers the creation and delivery of the intelligence that drives innovation.

我们是驱动 AI 革命的 AI 超大规模云服务商（AI HyperscalerTM）。我们的 CoreWeave 云平台由我们的专有软件和云服务组成，提供大规模管理复杂 AI 基础设施所需的软件与软件智能。我们的平台支持突破性模型的开发与使用，以及下一代 AI 应用的交付，这些应用正在改变全球各地人们的生活和工作方式——我们的平台受到包括 Cohere、IBM、Meta、Microsoft、Mistral、NVIDIA 和 OpenAI 在内的一些全球领先 AI 实验室和 AI 企业的信赖。

We are the AI HyperscalerTM driving the AI revolution. Our CoreWeave Cloud Platform consists of our proprietary software and cloud services that deliver the software and software intelligence needed to manage complex AI infrastructure at scale. Our platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications that are changing the way we live and work across the globe—our platform is trusted by some of the world’s leading AI labs and AI enterprises, including Cohere, IBM, Meta, Microsoft, Mistral, NVIDIA, and OpenAI.

我们相信 AI 是技术创新的下一个前沿，将推动生产力和效率提升，并在几乎每个行业和组织中催生新的商业模式。根据 IDC 的数据，到 2030 年，AI 将产生累计 20 万亿美元的全球经济影响，占全球 GDP 的 3.5%。始于 2000 年代的云革命由通用云基础设施驱动，这类基础设施是为托管网站、数据库和 SaaS 应用而构建的，其需求与 AI 的高性能要求存在根本性差异。随着工作负载和技术的演进，为其提供支撑的基础设施、云软件和服务也必须随之演进。我们相信我们正处于一个将驱动 AI 革命的新云时代的起点。专为 AI 构建的云平台（包括基础设施和集成软件）所面临的机遇是巨大的。根据 Bloomberg Intelligence 的市场研究，到 2028 年，AI 推理/微调、AI 工作负载监控和训练基础设施（包括 AI 服务器、AI 存储、训练算力、云工作负载和网络）的总支出将达到约 $399 billion。为充分释放 AI 的潜力，需要一个专为 AI 构建的云平台，以高效、自动化且高性能的方式交付基础设施和托管云服务。CoreWeave 应运而生，即 AI HyperscalerTM。

We believe AI is the next frontier for innovation in technology, driving productivity and efficiency gains and enabling new business models in nearly every industry and organization. According to IDC, AI will generate a cumulative global economic impact of $20 trillion, or 3.5% of global GDP, by 2030. The generalized cloud infrastructure that drove the cloud revolution beginning in the 2000s was built to host websites, databases, and SaaS apps that have fundamentally different needs than the high performance requirements of AI. As workloads and technologies evolve, so too must the infrastructure and cloud software and services that power them. We believe we are at the start of a new cloud era that will drive the AI revolution. The opportunity for a purpose-built AI cloud platform, including the infrastructure and integrated software, is massive. Based on market research from Bloomberg Intelligence, total spending on AI inference/fine-tuning, AI workload monitoring, and training infrastructure, including AI servers, AI storage, training compute, cloud workloads, and networking, will reach approximately $399 billion by 2028. For AI to reach its full potential, it needs a purpose-built AI cloud platform with infrastructure and managed cloud services that are delivered in an efficient, automated, and highly performant way. Enter CoreWeave, the AI HyperscalerTM.

我们专为 AI 构建了 CoreWeave 云平台，使其成为 AI 的基础设施和应用平台。我们的平台管理着大规模工程、组装、运行和监控最先进基础设施的复杂性，为 AI 工作负载提供高性能和高效率。通过我们的专有软件能力，我们使客户能够在现有基础设施云环境中实现显著更高的整体系统性能和更有利的正常运行时间，相较其他 AI 产品更具优势，并释放规模化速度。通过为 AI 工作负载提供更多算力周期，从而缩短训练模型所需的时间，我们的能力可以显著加快客户在持续白热化的竞争中构建下一代前沿 AI 模型的求解时间。例如，2023 年 6 月，我们的 NVIDIA H100 Tensor Core GPU 训练集群在十一分钟内完成了 MLPerf 基准测试（该测试衡量系统从零开始训练模型的速度）——在该基准测试进行时创下纪录，比当时排名第二的最佳竞争对手快 29 倍。

We purpose-built our CoreWeave Cloud Platform to be the infrastructure and application platform for AI. Our platform manages the complexity of engineering, assembling, running, and monitoring state-of-the-art infrastructure at a massive scale to deliver high performance and efficiency to AI workloads. Through our proprietary software capabilities, we enable our customers to achieve substantially higher total system performance and more favorable uptime relative to other AI offerings within existing infrastructure cloud environments and unlock speed at scale. By delivering more compute cycles to AI workloads and thereby reducing the time required to train models, our capabilities can significantly accelerate the time to solution for customers in the ongoing hyper-competitive race to build the next bleeding-edge AI models. For example, in June 2023, our NVIDIA H100 Tensor Core GPU training cluster completed the MLPerf benchmark test (which benchmarks how quickly a system can train a model from scratch) in eleven minutes—a record and 29 times faster than the next best competitor at the time of the benchmark test.

这些效率提升同样从训练延伸至推理用例，因为我们的 CoreWeave 云平台显著提升了推理工作负载的运行效率，并整体实现了更高的 AI 应用正常运行时间。这些性能提升有助于确保更低的性能调整后成本和更卓越的终端用户体验。我们为支撑平台而构建的超级计算机经过优化，可支持多种类型的 AI 工作负载，并通过我们的云服务套件得到增强，借助我们的编排、自动化和监控能力为客户带来显著的时间和成本节约。

These efficiencies also extend from training to inference use cases, as our CoreWeave Cloud Platform significantly improves both run-time efficiency for inference workloads and enables overall higher AI application uptime. These performance gains help to ensure lower performance-adjusted costs and a superior end-user experience. The supercomputers we build to power our platform are optimized to support many types of AI workloads, and they are augmented by our suite of cloud services to deliver meaningful time and cost savings to customers through our orchestration, automation, and monitoring capabilities.

我们这支多学科、以客户为中心的团队拥有经过验证的能力，能够构思、设计并实施解决方案，以解决推进 AI 发展过程中最复杂的工程挑战。我们聘用的人才有助于贡献并维护一种以解决最复杂的 AI 基础设施扩展、性能和可靠性挑战为核心的文化。

Our multidisciplinary, customer-centric team has a proven ability to conceptualize, design, and implement solutions to solve the most complex engineering challenges in the pursuit of furthering AI. We hire individuals who help contribute to and maintain a culture centered around solving the most complex AI infrastructure scaling, performance, and reliability challenges.

客户通过一套云服务使用我们的平台，包括基础设施服务、托管软件服务和应用软件服务，所有这些服务均由我们的 Mission Control 和 Observability 软件增强。我们全面且集成的云服务作为一个套件协同工作，提供最先进的算力、网络和存储。这些服务支持基础设施的配置、工作负载的编排，以及对客户训练和推理环境的主动监控，以提升性能并最大限度减少中断。

Customers utilize our platform through a set of cloud services comprising Infrastructure Services, Managed Software Services, and Application Software Services, all augmented by our Mission Control and Observability software. Our comprehensive and integrated cloud services work together as a suite to deliver state-of-the-art compute, networking, and storage. These services enable the provisioning of infrastructure, the orchestration of workloads, and the proactive monitoring of our customers’ training and inference environments to increase performance and minimize interruptions.

我们的 CoreWeave 云平台托管在我们分布式的专用数据中心网络中，这些数据中心通过低延迟连接与主要大都市区互联，并采用最先进的数据中心网络设备、增强的电力接入，以及在适当情况下采用最新的液冷技术。

Our CoreWeave Cloud Platform is hosted in our distributed network of active purpose-built data centers that are interconnected using low latency connections to major metropolitan areas, and incorporate state-of-the-art data center networking equipment, enhanced access to power and, where appropriate, the latest liquid cooling technologies.

截至 2022 年 12 月 31 日，我们拥有三个数据中心，总计运行超过 17,000 个 GPU，并由约 10 MW 的活跃电力支持；截至 2023 年 12 月 31 日，这一数字增长至 10 个数据中心，总计运行超过 53,000 个 GPU，并由超过 70 MW 的活跃电力支持；截至 2024 年 12 月 31 日，进一步增长至 32 个数据中心，总计运行超过 250,000 个 GPU，并由超过 360 MW 的活跃电力支持。截至 2024 年 12 月 31 日，我们的总合同电力扩展至约 1.3 GW，我们预计将在未来几年内逐步部署。

As of December 31, 2022, we had three data centers running more than 17,000 GPUs in total and supported by approximately 10 MW of active power, which grew to 10 data centers running more than 53,000 GPUs in total and supported by more than 70 MW of active power as of December 31, 2023, and grew further to 32 data centers running more than 250,000 GPUs in total and supported by more than 360 MW of active power as of December 31, 2024. Our total contracted power extends to approximately 1.3 GW as of December 31, 2024, which we expect to roll out over the coming years.

我们受益于与领先芯片制造商、OEM 和软件提供商的稳固合作，为我们供应基础设施组件和其他产品。我们在快速扩展电力容量以支持数据中心布局增长以及我们的托管云服务集合方面拥有经过验证的业绩记录。我们部署了精细的融资策略，并通过使用资产支持债务高效地为额外算力容量的开发提供资金，截至 2024 年 12 月 31 日，我们已筹集总计 $12.9 billion 的债务承诺，以支持我们平台的开发。

We benefit from robust collaborations with leading chipmakers, OEMs, and software providers to supply us with infrastructure components and other products. We have a proven track record of rapidly expanding our power capacity to support the growth of our data center footprint along with our collection of managed cloud services. We deploy a sophisticated financing strategy and have efficiently financed the development of additional compute capacity through the use of asset-backed debt, having raised total commitments of $12.9 billion in debt through December 31, 2024 to support the development of our platform.

我们的客户包括一些全球领先的 AI 实验室和 AI 企业——即 AI 的构建者和集成者——它们依赖我们的平台来支撑其核心产品和最具前景的创新。我们在整体性能、上市时间和降低总拥有成本方面为客户带来显著效益，这使客户做出大额、长期的初始承诺，并随着时间推移不断扩大这些承诺。如今我们绝大部分收入来自多年期承诺合同，即客户在合同期内以照付不议的方式购买对我们平台的访问权。我们也通过按需付费模式销售平台访问权。截至 2024 年 12 月 31 日，我们的剩余履约义务为 $15.1 billion，较截至 2023 年 12 月 31 日的 $9.9 billion 增长 53%。在截至 2023 年 12 月 31 日和 2024 年 12 月 31 日的年度，微软是我们最大的客户；将我们截至 2024 年 12 月 31 日的 RPO 余额 $15.1 billion 与本文所述我们近期与 OpenAI 签署的主服务协议项下最高 $11.55 billion 的未来收入合并计算，微软将占我们预期未来承诺合同收入的比例低于 50%。

Our customers include some of the world’s leading AI labs and AI enterprises — the builders and integrators of AI — who depend on our platform for their core products and most promising innovations. We deliver significant benefits to our customers in terms of overall performance, time to market, and reduced cost of ownership, which results in our customers making large, long-term initial commitments and expanding those commitments with us over time. The vast majority of our revenue today is from multi-year committed contracts, whereby a customer purchases access to our platform over the contract term on a take-or-pay basis. We also sell access to our platform on an on-demand basis through a pay-as-you-go model. As of December 31, 2024, we had $15.1 billion of remaining performance obligations reflecting an increase of 53%, from $9.9 billion as of December 31, 2023. Microsoft, our largest customer for the years ended December 31, 2023 and 2024, will represent less than 50% of our expected future committed contract revenues when combining our RPO balance of $15.1 billion as of December 31, 2024 and up to $11.55 billion of future revenue from our recently signed Master Services Agreement with OpenAI, as described herein.

我们能够消除客户自行组装、管理和部署该等基础设施所面临的复杂性，这使我们成为关键合作伙伴，并促成具有随时间推移扩大潜力的长期、持久关系。作为佐证，截至 2024 年 12 月 31 日按 TCV 计算我们前五大承诺合同客户中有三家在各自初始购买日期起 12 个月内签署了额外容量协议。这些协议在各自自初始签署日期起的 12 个月期间内计量，合计代表承诺支出增加约 $7.8 billion，约为初始合同价值的 4 倍。我们与客户的深厚关系是一项竞争优势，而我们在高性能技术方面率先进入市场的过往记录使客户有信心选择 CoreWeave。

Our ability to abstract away the complexity our customers would face in assembling, managing, and deploying this infrastructure themselves establishes us as a critical partner and leads to long-term, durable relationships that have the potential to expand over time. As evidence of this, three of our top five committed contract customers by TCV as of December 31, 2024 signed agreements for additional capacity within 12 months of their respective initial purchase dates. These agreements, measured during each respective 12-month period from the initial date of signing, represent a cumulative increase of approximately $7.8 billion in committed spend and a multiple of approximately 4x on initial contract value. Our deep relationships with customers are a competitive advantage, and our first-to-market track record with highly performant technology gives customers confidence in choosing CoreWeave.

世界上一些最具雄心的算力密集型项目由我们的平台驱动，自成立以来我们的业务快速增长。截至 2022 年、2023 年和 2024 年 12 月 31 日的年度，我们的收入分别为 $16 million、$229 million 和 $1.9 billion，同比增幅分别为 1,346% 和 737%。在这些期间，我们持续投资于发展业务以把握市场机遇。因此，截至 2022 年、2023 年和 2024 年 12 月 31 日的年度，我们的净亏损分别为 $31 million、$594 million 和 $863 million。截至 2022 年、2023 年和 2024 年 12 月 31 日的年度，我们的调整后净亏损分别为 $27 million、$45 million 和 $65 million。有关我们使用调整后净（亏损）收益的信息以及净亏损与调整后净（亏损）收益的对账，请参见标题为“管理层对财务状况和经营成果的讨论与分析——非 GAAP 财务指标”的章节。

Some of the most ambitious compute-intensive projects in the world are powered by our platform, and our business has grown rapidly since our inception. Our revenue was $16 million, $229 million, and $1.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively, representing year-over-year growth of 1,346% and 737%, respectively. During these periods, we continued to invest in growing our business to capitalize on our market opportunity. As a result, our net loss for the years ended December 31, 2022, 2023, and 2024 was $31 million, $594 million, and $863 million, respectively. Our adjusted net loss for the years ended December 31, 2022, 2023, and 2024 was $27 million, $45 million, and $65 million, respectively. See the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Non-GAAP Financial Measures” for information regarding our use of adjusted net (loss) income and a reconciliation of net loss to adjusted net (loss) income.

行业背景 Industry Background

过去五十年间，技术经历了多次长期性变革，彻底改变了生产力。20 世纪 60 年代，大型机将算力和存储技术引入数十万家机构，并帮助催生了新的产品能力，例如银行业的大批量交易处理。20 世纪 80 年代，客户端-服务器架构的发展大幅降低了算力成本，从而催生了个人电脑（“PC”）革命，使 PC 得到广泛普及并带来显著的生产力提升。20 世纪 90 年代，互联网从根本上改变了人们工作、互动、购物和学习的方式。21 世纪 00 年代和 10 年代，移动和云的采用开启了新的客户和开发者体验，并推动算力灵活性实现根本性改善，创造了数以百万计的新数字产品和体验。AI 代表着技术的下一次重大演进，其影响可能大于过去的这些变革性转变。预计 AI 将支持数百亿互联用户、设备和应用。根据数据显示，新技术被 50%的美国家庭采用所需的时间每个周期减半（以年计），预计 AI 将在三年内渗透到全美半数家庭。这一预期渗透速度比 PC 的采用快六倍，比移动的采用快两倍；并且自 2012 年以来，最大规模 AI 训练运行所使用的算力一直呈指数级增长，每三到四个月翻一番。这堪比一场新的工业革命，带来显著的生产力提升，催生有望从根本上重塑和改造各行各业的新产品，并帮助机构变得高效得多。

Over the past five decades, technology has experienced multiple secular shifts that have revolutionized productivity. In the 1960s, mainframes introduced compute and storage technology to hundreds of thousands of organizations and helped to introduce new product capabilities such as high-volume transaction processing in banking. In the 1980s, the development of client-server architecture dramatically reduced the cost of compute, which enabled the personal computer (“PC”) revolution and resulted in widespread access to PCs and significant productivity gains. In the 1990s, the internet fundamentally changed the way people worked, interacted, shopped, and learned. In the 2000s and 2010s, mobile and cloud adoption unlocked new customer and developer experiences and led to a fundamental improvement in the flexibility of compute, creating millions of new digital products and experiences. AI represents the next major evolution of technology, and its impact is potentially greater than these transformational shifts of the past. AI is expected to support tens of billions of connected users, devices and applications. It is also expected to penetrate half of all U.S. households in three years, based on data demonstrating that the time to adoption by 50% of U.S. households of new technology has halved each cycle, measured in years. This expected penetration time is six times faster than PC adoption and two times faster than mobile adoption, and, since 2012, the amount of compute used in the largest AI training runs has been increasing exponentially, doubling every three to four months. It is akin to a new industrial revolution delivering significant productivity gains, enabling new products that are poised to radically reshape and transform industries, and helping organizations become far more efficient.

#### 推动 AI 发展的需求侧与供给侧因素

#### Demand and Supply Side Factors Enabling AI

需求侧与供给侧因素的共同作用正在推动 AI 实现大规模且前所未有的增长，并为这场新的工业革命提供动力。

A combination of demand and supply side factors is enabling the massive and unprecedented growth of AI and powering the new industrial revolution.

需求侧因素

Demand Side Factors

- AI 已取得显著进步。随着 AI 模型变得更加先进，其能力超越简单的预测和基于规则的模式识别，扩展到具有类人推理和判断能力的基础模型应用，新的用例不断涌现。AI 正从专注于内容生成的生成式 AI，迈向能够在众多用例中采取行动以提供协助和建议的代理式 AI。

- AI has advanced significantly. There is a proliferation of new use cases as AI models become more advanced and their capabilities extend beyond simple prediction and rules-based pattern recognition, to foundational model-based applications with human-like reasoning and judgment capabilities. AI is moving beyond generative AI, which is focused on content creation, to agentic AI that takes action to assist and advise across myriads of use cases.

- AI 正在显著改善企业和个人的成果。AI 正在推动生产力发生结构性转变，从根本上改变我们日常与技术互动的方式，并带来实质性影响，例如更快的药物发现、个性化教育、更短的软件开发周期、更好的销售和客户支持，以及众多其他用例。AI 还有助于缩小工程、法律、设计和医学等专业化但需求旺盛的职业中存在的技能差距。

- AI is significantly improving outcomes for businesses and individuals. AI is enabling a tectonic shift in productivity that is fundamentally changing the way we interact with technology on a daily basis and is driving material impacts such as faster drug discovery, personalized education, shorter software development cycles, better sales and customer support, and a multitude of other use cases. AI is also helping to narrow the skills gap that exists in specialized, yet highly in-demand occupations, including engineering, law, design, and medicine.

- AI 是组织的战略优先事项。AI 已成为核心的竞争差异化来源。管理团队和董事会正将 AI 视为战略要务，据此重塑其技术预算，并重新架构其更广泛的公司战略。

- AI is a strategic priority for organizations. AI has become a primary source of competitive differentiation. Management teams and boards are reshaping their technology budgets and rearchitecting their broader corporate strategies through the lens of AI as a strategic imperative.

供给侧因素

Supply Side Factors

- 基础模型已广泛普及且行之有效。专有和开源的基础模型在商业上大量涌现，正在使 AI 的获取更加大众化，并赋能

- Foundational models are pervasive and effective. The explosion of commercially available foundational models, both proprietary and open-source, is democratizing access to AI and enabling

更多企业开发 AI 产品和服务。此外，对规模化扩展的持续投入及其由此产生的效果，使这些模型更具影响力和实用性。高性能且高效的云基础设施的可用性，对于有效运行这些模型至关重要。

more enterprises to develop AI products and services. Furthermore, continued investments in and the resulting effects of scaling have made these models more impactful and useful. Availability of performant and efficient cloud infrastructure is critical to run these models effectively.

- 数据量快速增长。海量企业数据和可获取的公开数据正因 AI 生成合成数据的出现和快速增长而得到进一步补充，形成了用于构建和训练 AI 模型的庞大数据量。处理这些数据需要巨大的算力和存储容量，以便将其部署于 AI 应用场景。

- The amount of data has grown rapidly. The vast amount of enterprise data and accessible public data is being further supplemented by the emergence and rapid growth of AI-generated synthetic data, creating a massive volume of data used to build and train AI models. Enormous amounts of compute and storage capacity will be required to process this data so that it can be deployed for AI use cases.

- 基础设施已演进到能够支撑 AI 工作负载。新一代基础设施为 AI 工作负载带来显著更高的性能，速度大幅提升、成本大幅降低，这反过来又随着基础设施变得更易获取而激发更多创新。驱动 AI 模型训练与推理的 GPU 性能，在过去二十年中提升了 7,000 倍。

- Infrastructure has evolved to enable AI workloads. New generations of infrastructure deliver significantly greater performance for AI workloads, with much greater speed and at dramatically lower cost, which in turn spurs more innovation as the infrastructure becomes more accessible. GPU performance, which powers AI model training and inference, has increased 7,000 times over the past two decades.

#### 基础设施是 AI 的关键使能因素

#### Infrastructure is the Key Enabler of AI

要释放 AI 的全部潜力，持续改进模型架构、获取数据以及可扩展、专用、高性能的算力基础设施至关重要。我们认为，专用算力基础设施是 AI 实验室和 AI 企业训练模型、大规模更快执行推理并加速其上市时间所需的关键赋能因素。人们已普遍接受，算力资源（FLOPs、训练和测试时间）与模型输出质量之间存在直接关系。用于训练和托管最先进 AI 模型的算力资源已大幅增加，OpenAI、Google DeepMind 和 Meta AI 发布的顶级模型通常需要比前几代模型呈指数级增长的算力，才能实现性能提升。

To unlock the full potential of AI, continuous improvements in model architecture, access to data, and scalable, specialized, high-performance compute infrastructure are essential. We believe that specialized compute infrastructure is the key enabler that AI labs and AI enterprises need to train models, perform inference faster at scale, and accelerate their time to market. It has become generally accepted that there is a direct relationship between compute resources (FLOPs, training, and testing time) and model output quality. There has been a dramatic increase in the computational resources dedicated to training and hosting state-of-the-art AI models, with top models released by OpenAI, Google DeepMind, and Meta AI generally requiring exponentially greater quantities of compute compared to prior model generations to unlock performance gains.

这场追求更高性能模型的竞赛，以及由此产生的对日益庞大的算力资源的需求，应当不足为奇。根据分析缩放定律的多篇论文，例如《神经语言模型的缩放定律》，随着算力基础设施的扩展，基础模型的性能也会提升。这一原则适用于训练和推理：它表明，可用的算力越强，模型以及构建于其上的应用就变得越好。为了获得更强的算力能力并在 AI 领域取得成功，AI 实验室和 AI 企业需要专门的算力平台，这些平台以卓越的性能和效率运行，并最大化底层基础设施的利用率。

This race towards more performant models and the resulting demand for increasingly significant amounts of compute resources should come as no surprise. According to various papers that analyze scaling laws such as ‘Scaling Laws for Neural Language Models,’ as compute infrastructure scales, the performance of the foundational models also increases. This principle applies for both training and inference: it states that the more compute power available, the better both the models and applications built on top of them become. To achieve greater compute capabilities and succeed in AI, AI labs and AI enterprises require specialized compute platforms that run at superior performance and efficiency and maximize the utilization of the underlying infrastructure.

#### 交付高性能 AI 基础设施极具挑战性

#### Delivering Performant AI Infrastructure is Immensely Challenging

释放 AI 潜力所需的高度专业化基础设施，其构建和运营极具挑战性，尤其是在规模化的情况下。此外，通用云中用于配置、编排和运行 AI 工作负载的软件架构既非专门构建，也不适合 AI，无法提供所需的效率和性能。所需基础设施的规模令人震惊，数万个 GPU、数千英里的高速网络电缆和数十万个互连设备汇聚在一起，形成用于训练和提供 AI 模型的“超级集群”，以及数百兆瓦的电力 和 PB 级的总存储。根据数据中心的配置，单个 32,000-GPU 集群可能需要部署约 600 英里的光纤电缆和约 80,000 个光纤连接。获取必要的高性能组件需要管理复杂的全球供应链，而在数据中心配置和部署这些组件需要深厚的运营经验。数据中心本身需要专门为高性能计算设计，这需要专门的热管理能力，例如液体冷却，以及热交换器和活动地板，以支持高密度机架和每机架的高功率供电。

The highly specialized infrastructure that is required to unlock the potential of AI is immensely challenging to build and operate, especially at scale. Additionally, the software architectures utilized in generalized clouds for provisioning, orchestrating, and running AI workloads are neither purpose-built nor suitable for AI and cannot deliver the required efficiency and performance. The scale of the required infrastructure is staggering, with tens of thousands of GPUs, thousands of miles of high-speed networking cables, and hundreds of thousands of interconnects coming together to create “superclusters” for training and serving AI models, as well as hundreds of MW of power and petabytes of total storage. Depending on the configuration of the data center, a single 32,000-GPU cluster may require the deployment of approximately 600 miles of fiber cables and around 80,000 fiber connections. Acquiring the necessary high-performance components requires managing a complex global supply chain, and configuring and deploying those components in data centers requires deep operational experience. The data centers themselves need to be specifically designed for high-performance compute, which requires specialized heat management capabilities such as liquid cooling, with heat exchangers and subfloors to support high density racks and high power supply per rack.

#### 软件是释放 AI 基础设施性能和效率的关键

#### Software is Critical to Unlocking the Performance and Efficiency of AI Infrastructure

AI 超级计算机是有史以来最复杂的计算机器之一，需要专门构建的软件才能在大规模下释放性能与效率。这些超级计算机需要软件来测试和验证每个组件，并配置基础设施，以便算力密集型工作负载能够在最短停机时间下运行。此外，AI 超级计算机通常需要多个专门的编排框架来调度复杂的工作负载，而这些框架往往需要配备大量工程资源。一旦投入运行，这些 AI 工作负载会对基础设施造成巨大压力，常常导致高比例的组件故障，进而使训练和推理任务失败，因此需要持续监控以管理和减少故障与停机时间。在训练基础模型时，单个系统组件的故障会对整个集群产生不利影响，表现为训练性能显著下降，或更常见的是整个任务失败。若未得到妥善监控和管理，高故障率会导致效率显著损失和成本增加。

AI supercomputers are some of the most complex computing machines to have ever been created, requiring purpose-built software to unlock performance and efficiency at massive scale. These supercomputers require software to test and validate each component and to provision the infrastructure so that compute-intensive workloads can run with minimal downtime. Moreover, AI supercomputers often require multiple specialized orchestration frameworks to schedule complex workloads, which frequently need to be paired with substantial engineering resources. Once operational, these AI workloads put enormous pressure on infrastructure, frequently leading to high rates of component failures that cause training and inference jobs to fail, and thus require constant monitoring to manage and reduce failures and downtime. While training foundational models, failure of a single system component adversely impacts the entire cluster, translating to either significantly reduced training performance or, more commonly, failure of the entire job. High failure rates result in a significant loss of efficiency and increased cost if not properly monitored and managed.

#### AI 基础设施面临 MFU“效率差距”

#### AI Infrastructure Suffers from an MFU “Efficiency Gap”

设计、配置和维护基础设施的健康状态极为复杂。此外，在大规模基础设施上调度 AI 工作负载还会带来显著的效率低下问题。这些复杂性叠加在一起，大幅增加了最大化基础设施组件算力潜力的难度，而算力潜力以芯片的 MFU 衡量。MFU 衡量的是实际观测吞吐量与系统在峰值 FLOPs 下运行时的理论最大值之比。管理 AI 基础设施的复杂性意味着，GPU 中嵌入的大部分算力容量因系统效率低下而损失，经验证据表明，实际观测到的性能水平在 35% 至 45% 区间内。缩小约 35% 与理论 100% 之间的效率差距，是释放 AI 基础设施性能潜力、进而整体提升 AI 质量的重大机遇。此外，管理这种高性能基础设施的复杂性随规模扩大呈指数级增长，使得从更大的 GPU 集群中提取高 MFU 和效率变得日益困难，而这正是当前市场的需求所在。

Designing, provisioning, and maintaining the health of infrastructure is highly complex. Additionally, significant inefficiencies are associated with scheduling AI workloads on infrastructure at scale. Together, these complexities substantially increase the difficulty of maximizing the compute potential of infrastructure components, as measured by the MFU of the chips. MFU is a measure of the observed throughput compared to the theoretical system maximum if it operates at peak FLOPs. The complexity of managing AI infrastructure means that a majority of the compute capacity embedded in GPUs is lost to system inefficiencies, with empirical evidence suggesting observed levels of performance within the 35% to 45% range. Minimizing the efficiency gap between the approximately 35% and the theoretical 100% represents a significant opportunity for unlocking AI infrastructure performance potential and therefore the improvement in quality of AI overall. Moreover, the complexity of managing this high-performance infrastructure as it scales increases exponentially, making it increasingly challenging to extract high MFU and efficiency out of larger GPU clusters, which is what the market is currently demanding.

#### AI 需要专门构建的云

#### AI Requires a Purpose-Built Cloud

AI 工作负载的复杂性和资源需求，要求它们在专为 AI 构建的云环境中运行，该环境需具备高性能基础设施以及软件和应用服务，以缓解运行训练和推理任务所特有的复杂性和效率低下问题。

The complexity and resource demands of AI workloads necessitate that they run in a cloud environment purpose-built for AI, with high-performance infrastructure as well as software and application services that alleviate the specific complexities and inefficiencies associated with running training and inference jobs.

由超大规模云服务商运营的通用云并非为满足 AI 的特定需求而构建。这些云创建于十多年前，是为搜索、电子商务、通用网站托管和数据库等通用用例而设计，依赖基于 CPU 的互联网级算力，因此并非最适合 AI 的高算力强度需求。

Generalized clouds operated by hyperscalers were not built to serve the specific requirements of AI. These clouds were created over a decade ago and were designed for general purpose use cases such as search, e-commerce, generalized web-hosting, and databases, and relied on CPU-based web-scale compute, and thus are not optimal for the high compute intensity requirements of AI.

组织需要获得一种从根本上不同的、基于 GPU 的算力基础设施，这种基础设施从底层开始就是为 AI 而构建的，并已被证明能够以交付 AI 所需的规模和效率运行。因此，云平台需要从根本上重新构想并专门构建，以满足 AI 工作负载对容量、性能、存储和可扩展性的要求，并提高底层基础设施的 MFU。

Organizations need access to a fundamentally different GPU-based compute infrastructure that is built from the ground-up for AI and proven to perform at the scale and efficiency required to deliver AI. Cloud platforms therefore need to be fundamentally reimagined and purpose-built to deliver the capacity, performance, storage, and scalability requirements of AI workloads and increase the MFU of the underlying infrastructure.

AI 云的需求 Requirements of the AI Cloud

我们认为，AI 云需要以第一性原理重新构想基础设施的构建方式，并满足以下要求：

We believe the AI cloud requires a first-principles reimagining of how infrastructure is built, with the following requirements:

- 卓越的基础设施性能与效率。AI 云应能够从底层 GPU 及其他基础设施组件中提取最大可能的产出。为此，它需要同时提供性能与韧性，以确保 AI 训练和推理的停机时间最短。

- Superior infrastructure performance and efficiency. The AI cloud should be able to extract the maximum possible output from the underlying GPUs and other infrastructure components. To achieve this, it needs to deliver a combination of performance and resiliency to ensure maximum AI training and inference uptime.

- 最大化性能。AI 云应运行最新且性能最高的组件，并利用优化的技术栈来降低延迟和开销以提升性能。通用云包含虚拟化算力、存储和网络，以及大量 AI 工作负载并不需要的托管服务，这些服务通常会消耗额外资源，导致性能下降。

- Maximize performance. The AI cloud should run the latest and highest performance components and leverage an optimized technology stack that reduces latency and overhead to increase performance. Generalized clouds include virtualized compute, storage, and networking, and a host of managed services that are not required by AI workloads and typically consume additional resources, degrading performance.

- 最小化停机时间与故障率。AI 云应能够识别并快速解决性能问题，并在故障发生前加以预防。AI 工作负载将基础设施推向极限，导致节点故障并引发存储、内存和网络延迟，从而中断训练运行。这会造成延误并增加算力成本。通用云提供的 GPU 产品因其以 CPU 为中心的传承，不具备高性能 AI 工作负载所需的能力。基于 CPU 的云缺乏避免 GPU 节点所经历的那类问题和宕机所需的补救能力，例如预测性维护和主动健康监测，而 GPU 节点远比 CPU 节点复杂。基于 CPU 的云中传统的将作业从受影响算力节点迁移走的工作负载迁移方式，并不适用于基于 GPU 的基础设施，后者具有大得多的数据和内存依赖以及作业重启复杂性。此外，由于其内置的抽象层（例如虚拟化），基于 CPU 的云缺乏完整的节点级可见性以及快速检测和补救基于 GPU 的基础设施中问题所需的自动化能力。

- Minimize downtime and failure rates. The AI cloud should be able to identify and rapidly solve performance issues and prevent failures before they occur. AI workloads push infrastructure to its limits, causing nodes to fail and inducing storage, memory, and network latencies, which interrupt training runs. This creates delays and increases the cost of compute. GPU offerings from generalized clouds do not have capabilities required for high-performance AI workloads due to their CPU-centric heritage. CPU-based clouds lack the remediation capabilities, such as predictive maintenance and proactive health monitoring, needed to avoid the types of issues and outages experienced by GPU nodes, which are significantly more complex than CPU nodes. Traditional workload migrations that shift jobs away from impacted compute nodes in CPU-based clouds do not work for GPU-based infrastructure, which has far greater data and memory dependencies and job restart complexities. Moreover, due to their built-in layers of abstraction (e.g., virtualization), CPU-based clouds lack the complete node level visibility and the automation required to rapidly detect and remediate issues in GPU-based infrastructure.

- 快速获取基础设施的最新技术进展。AI 的进步受限于支撑它的基础设施。为了持续推动 AI 前沿，客户应能够为其 AI 基础设施的每个组件获取最新的技术进展。当今最前沿的 AI 训练工作负载受益于运行在最新的 GPU、CPU 和 DPU 上，受益于最先进的存储、网络和内存，以及受益于高密度液冷数据中心机架，以最大化性能和效率。此外，基础设施技术的最新进展本身并不足够。客户受益于集成的解决方案，该方案能够实现其基础设施和工作负载的无缝部署、自动化、编排和监控。

- Rapid access to the latest advancements in infrastructure. AI advancement is limited by the infrastructure that supports it. To continuously push the AI frontier, customers should be able to access the latest advancements in technology for each component of their AI infrastructure. Bleeding-edge AI training workloads today benefit from running on the latest GPUs, CPUs, and DPUs, from the most advanced storage, networking, and memory, and from high-density liquid-cooled data center racks to maximize performance and efficiency. Moreover, the latest advancements in infrastructure technology are not in and of themselves enough. Customers benefit from an integrated solution that enables seamless deployment, automation, orchestration and monitoring of their infrastructure and workloads.

- 即时“开箱即用”功能。AI 云应提供自主、自助的方式，实现无缝部署与自动化，使开发者和研究人员能够专注于交付前沿 AI 创新。如果设置方式不当，由于 AI 基础设施部署的新颖性和庞大规模，GPU 验收、配置、老化测试和测试问题可能耗时数月，这会显著延迟最新 AI 模型和产品的解决方案交付时间

- Immediate “out-of-the-box” functionality. The AI cloud should deliver an autonomous, self-service approach with seamless deployment and automation, enabling developers and researchers to focus on delivering cutting-edge AI innovations. If not set up in the right way, due to the newness and the sheer scale of AI infrastructure deployments, GPU acceptance, provisioning, burn-in and testing issues can take months, which can significantly delay time to solution for the latest AI models and the products

构建于其之上。此外，当基础设施就绪时，由于缺乏配置自动化，通常需要工程资源的大量投入才能使用基础设施并部署工作负载。AI 云应以减少延迟和资源消耗为目标进行构建，并能在规模化下开箱即用。

built on top of them. Moreover, when infrastructure is ready, it typically takes significant involvement from engineering resources to consume the infrastructure and deploy workloads due to a lack of provisioning automation. The AI cloud should be built to minimize delays and resource intensity and work out-of-the-box at scale.

- 能够运行并动态平衡所有类型的 AI 工作负载。AI 云应在推理与训练之间纳入动态工作负载调度与平衡，以优化资源利用率和性能。目前，许多 AI 开发者分别使用 Slurm 和 Kubernetes 作为其训练算力与推理算力的编排和调度框架，并被迫为二者分别运行独立的容量池。这导致其基础设施利用率不足，进而造成效率显著下降和成本上升。客户应能够在同一集群上同时、无缝地承载训练和推理等各种 AI 工作负载。

- Ability to run and dynamically balance all types of AI workloads. The AI cloud should incorporate dynamic workload scheduling and balancing between inference and training to optimize resource utilization and performance. At present, many AI developers use Slurm and Kubernetes as their orchestration and scheduling frameworks for training and inference compute, respectively, and are forced to run separate pools of capacity for each. This results in underutilization of their infrastructure, which results in a material reduction of efficiency and increase in cost. Customers should be able to host a wide variety of AI workloads such as training and inference on the same clusters concurrently and seamlessly.

- 借助专用技术栈实现灵活性与定制化。通用云环境缺乏满足 AI 应用专用需求的灵活性，往往迫使客户接受僵化、预设的解决方案。AI 云应构建为能够实现最大程度可组合性，为客户提供自由，使其能够围绕自身独特的设计需求定制基础设施和运营设置。客户需要一个值得信赖的合作伙伴，该合作伙伴拥有在大规模下交付高性能、高效率 AI 云服务的过往记录。

- Flexibility and customization with a specialized technology stack. Generalized cloud environments lack the flexibility to meet the specialized needs of AI applications, often forcing customers into rigid, predefined solutions. The AI cloud should be built to enable maximum composability, offering customers the freedom to tailor infrastructure and operational setup around their unique set of design requirements. Customers need a trusted partner with a track record of delivering performant and efficient AI cloud services at massive scale.

- 更低的性能调整后成本。AI 云应通过优先考虑性能与效率来提供更优价值，帮助确保客户从其基础设施投资中获得最大利用率。并非专为 AI 构建的通用云会给运行 AI 工作负载的客户带来冗长的设置时间、更高的故障率、更长的停机时间以及手动工程工作流程等负担。因此，在这些云上运行 AI 工作负载需要更多时间、精力和算力，从而降低相对于性能的成本效益。

- Lower performance-adjusted cost. The AI cloud should deliver superior value by prioritizing performance and efficiency to help ensure that customers get the maximum utilization out of their infrastructure investments. Generalized clouds that are not purpose-built for AI burden customers running AI workloads with lengthy setup times, higher failure rate, longer downtime, and manual engineering workflows. As a result, running AI workloads on them requires more time, effort, and compute, degrading cost relative to performance.

我们认为，AI 革命需要一个高性能、高效、有韧性且专为 AI 打造的云。当今领先的 AI 实验室和 AI 企业需要高性能且高性价比的算力、存储、网络和托管软件服务，并将其集成到一个云平台中，使其能够通过最大化基础设施利用率并无缝、开箱即用地训练和部署模型，从而更快地将创新推向市场。

We believe the AI revolution requires a cloud that is performant, efficient, resilient, and purpose-built for AI. Today’s leading AI labs and AI enterprises demand high-performance and cost-efficient compute, storage, networking, and managed software services integrated into a cloud platform that enables them to bring their innovations to market faster by maximizing the utilization of their infrastructure and training and deploying models seamlessly and out-of-the box.

我们的解决方案 Our Solution

我们的 CoreWeave 云平台是一套集成式解决方案，专为以最高性能和效率运行模型训练、推理等 AI 工作负载而打造。它包括基础设施服务、托管软件服务和应用软件服务，所有这些服务均由我们的 Mission Control 和 Observability 软件提供增强。我们的专有软件支持基础设施的配置、工作负载的编排，以及对客户训练和推理环境的监控，从而实现高可用性并最大限度减少停机时间。我们的平台基于微服务架构构建，其各组件完全可互换、可组合。客户可以根据自身需求灵活配置对 CoreWeave 云平台的使用方式。例如，他们可以选择自带存储或托管软件服务，也可以运行我们相应的解决方案，并选择最适合其工作负载的部署类型和规模。这种灵活性使客户能够在不影响性能或效率的前提下定制对平台的使用。我们将安全设计为贯穿平台和技术栈的基本组成部分。我们采用 XDR 和 DLP 等先进安全能力，遵循 SOC2 和 ISO 27001 等行业领先的安全标准，并配备内部信息安全团队，以确保客户在安全的环境中运营。

Our CoreWeave Cloud Platform is an integrated solution that is purpose-built for running AI workloads such as model training and inference at maximum performance and efficiency. It includes Infrastructure Services, Managed Software Services, and Application Software Services, all of which are augmented by our Mission Control and Observability software. Our proprietary software enables the provisioning of infrastructure, the orchestration of workloads, and the monitoring of our customers’ training and inference environments to enable high availability and minimize downtime. Built on a microservices-based architecture, the components of our platform are fully fungible and composable. Customers can configure their use of our CoreWeave Cloud Platform to best fit their needs. For instance, they can choose to bring their own storage or managed software services or run our respective solutions, and choose the type and scale of deployment that best suits their workloads. This flexibility allows our customers to customize their use of our platform without compromising performance or efficiency. We have designed security as a fundamental component across our platform and technology stack. We leverage advanced security capabilities such as XDR and DLP, adhere to industry leading security standards such as SOC2 and ISO 27001, and employ our in-house information security teams to ensure that our customers operate in a secure environment.

以下是我们分层架构栈的概要。

The following is a summary of our Layered Architecture Stack.

基础设施服务为客户提供先进的 GPU 和 CPU 算力、高性能网络（由 DPU 支持）以及存储。

Infrastructure Services provide our customers with access to advanced GPU and CPU compute, highly performant networking (supported by DPUs), and storage.

托管软件服务包括 CKS（专为 AI 打造、注重效率、性能和易用性的托管 Kubernetes 环境）、我们灵活的虚拟私有云产品，以及我们的裸金属服务——该服务直接在高性能服务器上运行 Kubernetes，以实现最高性能和效率。

Managed Software Services include CKS (a purpose-built-for-AI managed Kubernetes environment with a focus on efficiency, performance and ease of use), our flexible Virtual Private Cloud offering, and our Bare Metal service that runs Kubernetes directly on high-performance servers for maximum performance and efficiency.

应用软件服务构建于我们的基础设施服务和托管软件服务之上，集成额外工具，以进一步加速和改善客户的训练与推理。这包括 SUNK（允许客户在 Kubernetes 之上运行基于 Slurm 的工作负载，并将训练和推理等工作负载共置于单一集群）、CoreWeave Tensorizer（显著提升模型检查点效率并实现高速模型加载）以及我们的推理优化服务。我们近期宣布收购 Weights & Biases，这使我们在收购完成后能够以端到端、全托管的软件平台扩展我们的应用软件，并加速应用软件服务的开发，以面向那些正在构建、微调和试验 AI 模型、以便将其部署以支持生产应用的 AI 开发者。

Application Software Services build on top of our infrastructure and managed software services, integrating additional tools to further accelerate and improve training and inference for our customers. This includes SUNK, which allows customers to run Slurm-based workloads on top of Kubernetes and colocate jobs—including training and inference workloads—on a single cluster; CoreWeave Tensorizer, which significantly increases the efficiency of model checkpointing and enables high-speed model loading; and our inference optimization services. Our recently announced acquisition of Weights & Biases positions us to extend our application software following closing of the acquisition with an end-to-end, fully managed software platform and to accelerate development of our Application Software Services to target AI developers who are building, fine-tuning, and experimenting with AI models in order to deploy them to support production applications.

我们专门构建的技术栈由我们的生命周期管理与监控软件 Mission Control 和 Observability，以及我们先进的集群验证、主动健康检查能力和可观测性能力加以增强。我们的 AI 云运行于由 32 个活跃的专用数据中心组成的分布式网络中，这些数据中心专为支持高强度 AI 工作负载而设计，具备增强供电、液冷和网络组件等特性，进一步强化了我们整个技术栈的稳健性。我们的第三方工具与解决方案通过提供可组合架构进一步增强了这种灵活性，使客户能够通过集成额外的第三方工具来定制其解决方案。

Our purpose-built technology stack is augmented by our lifecycle management and monitoring software, Mission Control and Observability, and our advanced cluster validation, proactive health checking capabilities, and observability capabilities. Our AI cloud runs in a distributed network of 32 active purpose-built data centers, which are specifically engineered to support high intensity AI workloads with features including enhanced power, liquid cooling, and networking components, reinforcing the robustness of our entire technology stack. Our Third-Party Tooling and Solutions further enhance this flexibility by providing a composable architecture that allows customers to customize their solution by integrating additional third-party tools.

对客户的主要益处 Key Benefits to Customers

通过我们的 CoreWeave 云平台，我们为客户提供以下关键优势：

Through our CoreWeave Cloud Platform, we offer the following key benefits to customers:

- 高效的基础设施。我们的 CoreWeave 云平台提供的 MFU 比通用型超大规模云服务商提供的云基础设施更优化，从而将观测到的 GPU 集群性能与理论最大值之间的效率差距降至最低。基于内部测试，与对照基准 MFU 性能相比，我们的 CoreWeave 云平台在系统 MFU 上最高可提升约 20%。这得益于我们 CoreWeave 云平台在规模化下的性能表现，包括 Tensorizer 等加速模型加载与检查点的优化、我们专为特定用途构建的基础设施，以及我们快速的故障修复与故障预防能力。因此，我们的客户要么能从其现有集群中获得更多性能，要么能以更少的基础设施达到同等性能水平。

- Highly efficient infrastructure. Our CoreWeave Cloud Platform delivers more optimized MFU than the cloud infrastructure provided by generalized hyperscalers, thereby minimizing the efficiency gap between the observed GPU cluster performance and the theoretical maximum. Based on internal testing, our CoreWeave Cloud Platform offers up to approximately 20% improvement in system MFU over comparative benchmark MFU performance. This is achieved through the performance at scale of our CoreWeave Cloud Platform, including optimizations such as Tensorizer to accelerate modeling loading and checkpointing, our purpose-built infrastructure, and our rapid fault remediation and failure prevention capabilities. As a result, our customers either derive more performance out of their existing clusters or need less infrastructure to achieve the same level of performance.

- 规模化性能。我们的基础设施针对运行 AI 工作负载进行了优化，为 AI 模型训练和推理用例提供前沿性能。我们的能力，例如裸金属 GPU 节点，依托高性能系统技术运行，包括具备行业领先有效网络速度之一的横向扩展网络、每 GPU 数据读取速度高达每秒 2GB 的存储服务，以及可高效利用基础设施性能的软件优化。我们的算力节点可快速启动，我们的云支持无缝自动扩缩容以承载复杂的训练运行，而我们由 Tensorizer 解决方案支持的快速模型加载能力可显著降低推理延迟。我们的 CoreWeave 云平台已打破性能纪录，包括在 2023 年创下比竞争对手快 29 倍的 MLPerf 纪录。

- Performance at scale. Our infrastructure is optimized to run AI workloads, delivering cutting-edge performance to AI model training and inference use cases. Our capabilities, such as Bare Metal GPU nodes, operate with highly performant system technologies, a scale-out network with one of the industry’s leading effective network speeds, storage services with data read speeds of up to 2GB per second per GPU, and software optimizations to efficiently utilize infrastructure performance. Our compute nodes spin up rapidly, our cloud enables seamless autoscaling to accommodate complex training runs, and our rapid model loading capabilities, facilitated by our Tensorizer solution, significantly reduce inference latency. Our CoreWeave Cloud Platform has broken performance records, including setting an MLPerf record that was 29 times faster than competitors in 2023.

- 可靠性与韧性。我们的 Mission Control 能力套件有助于交付并维护经过验证的云基础设施，并提供对整个解决方案健康状况和性能的可观测性。这有助于确保我们客户的集群持续以理想性能运行、从任何硬件事件中快速恢复，并最终通过使用我们的云解决方案获得更高价值。此外，我们自动化的 GPU 节点验证能力确保节点在修复后立即可供使用，不会处于闲置状态。这使我们的客户能够将更多时间和资源集中于更快地构建新产品，而非管理 AI 基础设施。

- Reliability and Resilience. Our Mission Control suite of capabilities help deliver and maintain vetted cloud infrastructure and provide observability into the health and performance of the entire solution. This helps ensure that our customers’ clusters continue to operate at ideal performance, quickly recover from any hardware events, and ultimately get better value by using our cloud solution. Moreover, our automated GPU node validation capabilities ensure when nodes are remediated that they are immediately made available for use and do not remain idle. This allows our customers to focus more of their time and resources on building new products faster instead of managing AI infrastructure.

(1) · 基于内部测试

(1) · Based on internal testing

- 更快获取最新 AI 基础设施进展。我们的客户受益于更快获取最新 AI 基础设施进展，包括我们能够大规模获取最新 GPU 技术。我们的 CoreWeave 云平台使客户能够在高性能算力、网络和存储基础设施上运行其 AI 工作负载，并通过我们专用的基础设施管理和工作负载编排软件进行优化。我们拥有率先将前沿基础设施技术推向市场的过往记录。例如，我们是首批以 AI 规模将 NVIDIA H100、H200 和 GH200 集群投入生产的公司之一，也是首家使基于 NVIDIA GB200 NVL72 的实例全面可用的云服务商。我们能够在我们基础设施中部署最新芯片，并在从 Dell 和 Super Micro 等 OEM 合作伙伴处收到芯片后最快两周内向客户提供算力容量。这使我们的客户能够利用 AI 基础设施和性能的最新创新来创新、构建新产品并更快地服务客户。

- Faster access to latest AI infrastructure advancements. Our customers benefit from faster access to the latest AI infrastructure advancements, including our access to the latest GPU technologies at scale. Our CoreWeave Cloud Platform enables customers to run their AI workloads on highly performant compute, networking, and storage infrastructure, optimized through our dedicated infrastructure management and workload orchestration software. We have a track record of being among the first to market with cutting-edge infrastructure technology. For instance, we were among the first to deliver NVIDIA H100, H200, and GH200 clusters into production at AI scale, and the first cloud provider to make NVIDIA GB200 NVL72-based instances generally available. We are able to deploy the newest chips in our infrastructure and provide the compute capacity to customers in as little as two weeks from receipt from our OEM partners such as Dell and Super Micro. This allows our customers to take advantage of the latest innovations in AI infrastructure and performance to innovate, build new products, and serve customers faster.

- 第 1 天即具备高性能。我们功能齐全的托管软件服务使基础设施的消费变得无缝。自动化配置和节点验证消除了手动老化测试的需要，并确保我们高性能的 CoreWeave 云平台为新客户启动并运行，在客户验收后数小时内即可供使用。客户接收基础设施后即可立即调度和运行训练与推理作业，而无需投入大量时间和资源对算力节点进行压力测试并验证其健康状况。CKS 有助于确保任何类型的工作负载都能立即在基础设施上调度，而 Mission Control 会自动审查所有基础设施，以持续确保主动检测并修复任何故障。这将基础设施管理的负担从客户身上转移开，显著降低成本并加速其实现解决方案的时间。

- Highly performant on day 1. Our full-featured managed software services make the consumption of infrastructure seamless. Automated provisioning and node validation remove the need for manual burn-in testing and ensure our highly-performant CoreWeave Cloud Platform is up and running for new customers and ready for consumption in a matter of hours from customer acceptance. Customers take receipt of the infrastructure and can immediately schedule and run training and inference jobs instead of investing significant time and resources in stress-testing compute nodes and verifying their health. CKS helps to ensure workloads of any type can be immediately scheduled on the infrastructure, while Mission Control automatically vets all the infrastructure to ensure on an ongoing basis that any faults are proactively detected and remediated. This shifts the burden of infrastructure management away from customers, significantly reducing costs and accelerating their time to solution.

- 高效的 GPU 机群利用率。我们的 CoreWeave 云平台在架构上支持所有类型的 AI 工作负载，包括训练（由预训练和微调组成）、合成数据生成和推理，覆盖客户需求的全部范围。客户可以在同一集群上同时编排所有这些类型的推理和训练工作负载，这得益于我们

- Efficient GPU fleet utilization. Our CoreWeave Cloud Platform is architected to support all types of AI workloads, including training (consisting of pre-training and fine tuning), synthetic data generation, and inference, covering the full spectrum of customer requirements. Customers can orchestrate all these types of inference and training workloads across the same cluster simultaneously, enabled by our

行业领先的 Slurm 集成 SUNK。在同一集群上同时运行不同类型的作业，通过允许客户在同一 GPU 集群上无缝切换基于 Slurm 的训练作业和容器化推理工作负载，提高了客户 AI 基础设施的利用率，无需拥有两个效率较低的独立集群。CKS 与 SUNK 相结合，实现了这种工作负载调度的智能管理，以优先满足推理需求高峰，并更好地利用跨训练和推理的 GPU 集群。

industry-leading Slurm integration, SUNK. Running different types of jobs on the same cluster at the same time increases the utilization of a customer’s AI infrastructure by allowing customers to seamlessly transition between Slurm based training jobs and containerized inference workloads on the same GPU cluster, negating the need to have two discrete clusters with lower efficiency. CKS, in conjunction with SUNK, enables this intelligent management of workload scheduling to prioritize serving inference demand spikes and better utilize GPU clusters across training and inference.

- 灵活的技术栈。我们根据客户需求进行调整，使客户能够获得最适合其 AI 应用运行的平台。我们的团队致力于快速行动，为客户解决他们在开发和提供下一代基础模型过程中此前从未被解决过的问题。这种合作关系超越了支持本身。我们的灵活性是客户的一项关键资产，因为我们不要求他们妥协，而是赋能他们以最适合其需求的方式与我们的平台集成。我们专为 AI 量身定制的基于微服务的架构实现了这种灵活性。例如，客户可以选择自带存储实例、选择在裸金属（Bare Metal）上运行、可以选择承诺型或按需部署，并且通常可以配置其对 CoreWeave 云平台的使用方式，以最大程度契合其需求。这使客户能够获得最适合其 AI 应用运行的平台，为他们提供恰好所需的能力，而无需他们做出会导致效率降低和成本增加的取舍或妥协。

- Flexible technology stack. We adapt to our customers’ needs, enabling our customers to obtain the platform most ideal for their AI applications to run on. Our team is committed to moving quickly and solving problems for our customers that have never been addressed before as they develop and serve the next generation of foundational models. This partnership extends beyond support. Our flexibility is a key asset for our customers as we do not ask them to compromise, but rather empower them to integrate with our platform in the way that best suits their needs. Our microservices-based architecture tailored to AI enables this flexibility. For instance, customers can choose to bring their own storage instance, opt to run on Bare Metal, can elect for committed or on-demand deployment, and can generally configure their use of our CoreWeave Cloud Platform to best fit their requirements. This enables customers to obtain the platform most ideal for their AI applications to run on, providing them with exactly what they require without needing them to make tradeoffs or compromises that leads to reduced efficiency and increased costs.

- 更低的性能调整后成本。我们通过开箱即用的全面优化 AI 性能、快速的集群修复和故障预防能力，以及在同一集群上同时无缝运行推理和训练任务的差异化能力，为客户带来效率。所有这些都显著提升了基础设施效率并提高了 MFU，相对于其他云服务商针对高要求 AI 工作负载提供的解决方案而言，这意味着更低的成本。

- Lower performance-adjusted cost. We deliver efficiency to our customers through fully optimized AI performance out-of-the-box, our rapid cluster remediation and failure prevention capabilities, and our differentiated ability to simultaneously and seamlessly run inference and training jobs on the same clusters. All this results in significantly improved infrastructure efficiency and higher MFU, which translates to lower costs relative to solutions provided by other cloud service providers for demanding AI workloads.

CoreWeave 云平台的性能优势、开箱即用的实用性与可靠性、更高的运行时效率、韧性以及整体 AI 基础设施正常运行时间，确保客户能够放心地构建 AI 产品和服务，同时受益于更低的总拥有成本。它使客户能够更快地交付更卓越的智能，并与其解决方案的商业化同步扩展其算力规模。

CoreWeave Cloud Platform’s performance advantage, day-one utility and reliability, higher run-time efficiency, resiliency, and overall AI infrastructure uptime ensures customers can confidently build AI products and services, while benefiting from a lower total cost of ownership. It enables customers to deliver superior intelligence faster, and to expand their compute footprint in lockstep with the commercialization of their solutions.

竞争优势 Competitive Strengths

我们认为，以下关键竞争优势使我们有别于行业内通用型云服务商：

Our key competitive strengths, which we believe set us apart from the generalized cloud providers in the industry, include:

- 我们专为 AI 而生。我们的平台从根本上就是为交付 AI 工作负载的尖端性能而从头构建的。我们重新构想了传统云架构，以提供 AI 所需的基础设施和技术栈，并对其进行优化，去除了虚拟机管理程序层等服务以及其他不必要的托管服务，否则这些服务会导致性能损耗。该平台旨在高效地在裸金属节点上运行工作负载，这使我们的 CoreWeave 云平台更加透明，因为我们的技术栈可生成丰富的 GPU 节点级指标，而大多数竞争性解决方案无法获取这些指标。我们的托管软件服务（包括编排解决方案 CKS 和应用服务）针对复杂的 AI 工作负载进行了优化。我们的基础设施构建在尖端组件之上，包括最新一代 GPU、网络和高性能存储，所有这些组件协同工作，为客户提供前所未有的性能。重要的是，我们的数据中心在设计上也秉承以 AI 为核心的“绝不妥协”理念，我们当前的建设项目尽可能采用液冷，以最大化机架密度并提升数据中心占地面积的利用率。正是这些创新使我们能够帮助弥合约 35% 的实际基础设施 MFU 与 100% 理论最大值之间的效率差距。

- We are purpose-built for AI. Our platform is fundamentally architected from the ground up to deliver cutting-edge performance for AI workloads. We have reimagined the traditional cloud architecture to deliver the infrastructure and technology stack required for AI, optimizing it to remove services such as the hypervisor layer and other unnecessary managed services that would otherwise cause performance leakage. It is built to efficiently run workloads on Bare Metal nodes, which makes our CoreWeave Cloud Platform more transparent given the wealth of GPU node-level metrics generated by our stack that most competing solutions are unable to retrieve. Our Managed Software Services, which include our orchestration solution, CKS, and our application services, are optimized for complex AI workloads. Our infrastructure is built on cutting-edge components, including the latest-generation GPUs, networking, and high-performance storage, all working cohesively to deliver unprecedented performance to our customers. Importantly, our data centers are also designed with our “no compromise” philosophy centered around AI, with our current builds incorporating liquid cooling where possible to maximize rack density and drive higher utilization of our data center footprint. These innovations are what enable us to help bridge the efficiency gap between the approximately 35% real-world infrastructure MFU and the 100% theoretical maximum.

- 我们身处技术的最前沿。我们多元化的多学科团队建立在一种对满足客户需求说“是”的文化之上。我们无惧面对并克服

- We live at the bleeding-edge of technology. Our diverse, multi-disciplinary team is founded on a culture of saying yes to delivering our customers’ needs. We are fearless in facing and overcoming

复杂的工程挑战，我们招募的人才帮助我们共同塑造并维护以这一理念为核心的文化。我们提升执行标准，以满足客户的需求，这些客户包括一些自身就处于最前沿的最大、最成熟的组织。我们已通过以下能力证明了这一点：打造迄今为止组装规模最大、性能最强的部分 GPU 集群，开发丰富的软件和服务套件以最大化基础设施利用率和效率，按加速的数据中心建设进度交付，并始终率先将前沿基础设施组件推向市场。我们是首批在生产规模的基础设施中部署 NVIDIA H100、H200 芯片、NVIDIA Bluefield 2 和 3 DPU、第四代 Intel® Xeon® 可扩展处理器（原 Sapphire Rapids）以及 InfiniBand 3200Gbps NDR 高性能网络的企业之一，也是首家将基于 NVIDIA GB200 NVL72 的实例正式推向市场的云服务商。

complex engineering challenges, and we hire individuals who help contribute to and maintain a culture centered around this philosophy. We raise the standards of execution to meet the needs of our customers, which include some of the largest and most sophisticated organizations that themselves live on the bleeding-edge. We have demonstrated this in our ability to create some of the largest and most performant GPU clusters assembled to date, develop a rich suite of software and services that maximizes infrastructure utilization and efficiency, deliver against an accelerated data center build schedule, and consistently be among the first to market with cutting-edge infrastructure components. We were one of the first to deploy NVIDIA’s H100, H200 chips, NVIDIA Bluefield 2 and 3 DPUs, 4th Generation Intel® Xeon® Scalable Processors (formerly Sapphire Rapids), and InfiniBand 3200Gbps NDR high-performance networking in our infrastructure at production scale, and the first cloud provider to make NVIDIA GB200 NVL72-based instances generally available.

- 我们以规模化方式运营。我们受益于一个由 32 个活跃的专用数据中心组成的网络，截至 2024 年 12 月 31 日，这些数据中心合计为 AI 工作负载运行了超过 250,000 块 GPU。运营数千块 GPU 的集群与运营数万块 GPU 的集群之间，存在巨大的运营能力差异。我们规模化运营的过往记录使我们能够以他人无法做到的方式参与这一市场。我们在大规模部署 AI 基础设施方面的专长，使我们能够服务于全球一些领先的 AI 提供商，这些提供商需要大规模部署才能有效训练和提供最新的基础模型。此外，这使我们能够受益于明显的规模经济。它赋予我们在 AI 生态系统中关键的品牌认知度，加速了客户对我们解决方案的主动需求。它强化了我们的供应链关系，并增强了我们获取最优秀工程和产品人才的能力。而且，重要的是，它使我们能够比竞争对手更早地从我们的 AI 基础设施中发现问题并获取洞察。从长期来看，我们的平台因此能够提供卓越的性能和价值。

- We operate at scale. We benefit from a network of 32 active purpose-built data centers that together ran more than 250,000 GPUs for AI workloads as of December 31, 2024. There is a massive operational capability difference between operating clusters of thousands versus tens of thousands of GPUs. Our track record of operating at scale enables us to participate in this market in ways that others cannot. Our specialization in deploying AI infrastructure at massive scale enables us to serve some of the world’s leading providers of AI who require massive deployments in order to effectively train and serve the latest foundational models. Moreover, it enables us to benefit from clear economies of scale. It lends us critical brand recognition in the AI ecosystem that accelerates inbound demand for our solutions. It strengthens our supply chain relationships and enhances our access to the best engineering and product talent. And, importantly, it enables us to detect issues and derive insights from across our AI infrastructure sooner than our competitors. Over the long term, our platform delivers superior performance and value as a result.

- 我们在获取电力方面拥有经过验证的过往记录。电力是 AI 革命的关键推动因素，也是我们已成功大规模获取的资产。截至 2024 年 12 月 31 日，我们拥有超过 360 MW 的活跃电力以及约 1.3 GW 的总合同电力。这为我们提供了持久、多年的电力容量储备。我们不懈且富有创造性地探索增加电力容量的额外机会，截至 2024 年 12 月 31 日我们与 Core Scientific 达成的超过 500 MW 容量的协议即体现了这一点。

- We have a proven track record of securing power. Power is a key enabler of the AI revolution and an asset that we have managed to secure at scale. As of December 31, 2024, we had more than 360 MW of active power and approximately 1.3 GW of total contracted power. This provides us with a durable, multi-year runway in power capacity. We relentlessly and creatively explore additional opportunities to add power capacity, as demonstrated by our agreement with Core Scientific for more than 500 MW of capacity as of December 31, 2024.

- 我们展现了独特的融资能力。我们设计资本结构，以支持维持与 AI 创新同步增长所需的投资。我们开创了以 GPU 基础设施为担保的贷款，迄今为止，我们已通过 12 次融资筹集了超过 $14.5 billion 的债务和股权资金。我们近期由 Blackstone 和 Magnetar 领投的 $7.6 billion 承诺性 GPU 基础设施担保债务融资，是历史上最大的私募债务融资之一，表明债务投资者对为我们公司提供资金以构建和扩展下一代 AI 云充满信心。我们当前竞争的 AI 云领域中的任何成熟参与者或新进入者都未曾实现这一融资规模，这体现了投资者对我们愿景和执行能力的信心。我们的快速增长以及创建高性能算力集群并为其融资的过往记录，使我们能够随着时间的推移降低资本成本。我们打算创新我们所采用的融资结构和策略，以获取业务增长所需规模的新形式资本，同时推动降低我们的整体资本成本。

- We have demonstrated unique financing capabilities. We have designed our capital structure to enable the investments needed to maintain growth at the pace of AI innovation. We have pioneered GPU infrastructure-backed lending, and to date, we have raised over $14.5 billion in debt and equity across 12 financings. Our recent raise of $7.6 billion in committed GPU infrastructure-backed debt led by Blackstone and Magnetar represents one of the largest private debt financings in history and signals the confidence that debt investors have in funding our company to build and scale the next generation AI cloud. This scale of funding has not been achieved by any established players or new entrants in the AI cloud space that we compete with today, demonstrating the confidence that investors have in our vision and execution capabilities. Our rapid growth and track record for creating high-performance compute clusters and financing them has enabled us to decrease our cost of capital over time. We intend to innovate the financing structures and strategies that we employ in order to access new forms of capital at the scale required to grow our business, while simultaneously driving down our overall cost of capital.

- 我们维护着稳健的生态系统关系。我们受益于与供应商和客户之间牢固、互利的关系，这些关系增强了我们的解决方案和市场地位。我们与 NVIDIA 的关系强化了我们的供应链。我们与 NVIDIA 合作，大规模部署最新的 GPU 技术。反过来，我们也是 NVIDIA 的合作伙伴，因为我们的专有软件和专用基础设施有助于缩小实际观测到的 GPU 集群性能与理论最大 GPU 集群性能之间的效率差距，有助于使其客户基础多元化，并有助于让他们的技术更快地到达终端客户手中。我们与一些全球领先且最具洞察力的 AI 实验室和 AI 企业（包括 Microsoft、Meta 和

- We maintain robust ecosystem relationships. We benefit from strong, mutually beneficial relationships with our suppliers and customers that strengthen our solution and market position. Our relationship with NVIDIA strengthens our supply chain. We work with NVIDIA to deploy the latest GPU technologies at scale. In turn, we are a partner to NVIDIA in that our proprietary software and purpose-built infrastructure help to minimize the efficiency gap between the observed GPU cluster performance and the theoretical maximum GPU cluster performance, help to diversify their customer base, and help to get their technology in the hands of end customers faster. Our relationships with some of the world’s leading and most discerning AI labs and AI enterprises, including Microsoft, Meta, and

OpenAI）的关系，进一步将我们定位为不断演进的 AI 生态系统的基石，并形成一个飞轮，通过持续学习与开发强化我们的工程优势。

OpenAI, further position us as a cornerstone of the evolving AI ecosystem and creates a flywheel that strengthens our engineering advantage through continuous learning and development.

这些与客户之间深厚的技术合作关系，让我们的工程师接触到独特的技术挑战，使他们能够建立起关于高效运行超级计算机以提取最大性能、实现运营自动化并优化总管理成本的复杂需求的无价知识库。这使我们能够交付一个 AI 云，其性能、规模和效率能够满足全球最复杂工作负载的要求。此外，我们服务于一些全球领先的 AI 实验室和 AI 企业，这培育了一个持续创新的强化循环，因为我们是率先体验并解决算力最密集的 AI 训练和推理工作负载挑战的一方。这些数据仅用于内部改进我们为客户提供的服务，是我们工程流程的关键输入，并在我们不断突破计算可能性边界的过程中强化我们的技术差异化。这种“AI 领导力经济”确保我们能够通过正反馈循环持续改进我们的 CoreWeave 云平台，使我们能够从庞大基础设施基础中检测到的任何问题或错误配置中学习，并将这些经验应用到我们所有的集群，这反过来又使我们成为新客户的首选前沿提供商。

These deep technical partnerships with our customers provide our engineers with exposure to unique technical challenges, enabling them to build an invaluable knowledge base regarding the complex requirements of running supercomputers efficiently to extract maximum performance, automate operations, and optimize total cost of management. This gives us the ability to deliver an AI cloud that can operate at the performance, scale and efficiency required by the world’s most complex workloads. Moreover, we serve some of the world’s leading AI labs and AI enterprises, which fosters a reinforcing cycle of continued innovation, as we are the first to experience and solve the challenges of the most compute intensive AI training and inference workloads. This data, which is only used internally to improve our services for our customers, is a critical input into our engineering process and strengthens our technological differentiation as we continue to push the boundaries of what is possible in computing. This “economy of AI leadership” ensures we can continuously improve our CoreWeave Cloud Platform over time in a positive feedback loop, by enabling us to learn from any issues or misconfigurations detected across our large infrastructure base and apply those learnings to all our clusters, which in turn positions us as a leading-edge provider of choice for new customers.

我们的市场机遇 Our Market Opportunity

AI 将对各行业各种规模的组织产生巨大影响，这些组织将通过部署 AI 技术实现显著的生产力提升以及时间和成本效率。IDC 估计，到 2030 年，AI 将为全球 GDP 增加近 $20 trillion。我们相信，各种规模的企业都将采用 AI 产品和服务来增强自动化并改善决策，并且需要将 AI 嵌入其解决方案以实现差异化并保持竞争力。

The impact of AI will be immense for organizations of all sizes across all sectors, which will realize significant productivity gains and time and cost-efficiencies by deploying AI technologies. IDC estimates that AI will add nearly $20 trillion to global GDP by 2030. We believe businesses of all sizes will adopt AI products and services to enhance automation and improve decision making and will need to embed AI into their solutions to differentiate and remain competitive.

我们相信，CoreWeave 将成为全球 AI 工作负载最受追捧的平台之一。我们的解决方案使 AI 产品、服务和模型能够以显著更高的速度和效率进行训练和运行。我们通过评估我们所开创的规模庞大且快速增长的 AI 算力软件和基础设施市场的规模，估算了我们的总可寻址市场机会。根据 Bloomberg Intelligence,AI 推理/微调、AI 工作负载监控以及训练基础设施（包括 AI 服务器、AI 存储、训练算力、云工作负载和网络）市场将从 2023 年到 2028 年增长超过 $300 billion，从 2023 年约 $79 billion 以 38% 的复合年增长率增长至 2028 年约 $399 billion。该市场机会预计将包括与训练基础设施相关的 $330 billion（包括 AI 服务器、AI 存储、训练算力、LLM 许可收入、云工作负载和网络）；与推理基础设施相关的 $49 billion；以及与工作负载监控相关的 $20 billion，所有这些均可由 CoreWeave 支持。

We believe that CoreWeave will be one of the most sought-after platforms for the world’s AI workloads. Our solution enables AI products, services and models to train and run with significantly greater speed and efficiency. We have estimated our total addressable market opportunity by evaluating the size of the large and rapidly growing AI compute software and infrastructure market that we are pioneering. According to Bloomberg Intelligence, the market for AI inference/fine-tuning, AI workload monitoring, and training infrastructure, including AI servers, AI storage, training compute, cloud workloads, and networking, will increase by over $300 billion from 2023 to 2028, growing at a CAGR of 38% from approximately $79 billion in 2023 to approximately $399 billion by 2028. This market opportunity is expected to include $330 billion related to training infrastructure, which includes AI servers, AI storage, training compute, LLM licensing revenue, cloud workloads, and networking; $49 billion related to inference infrastructure; and $20 billion related to workload monitoring, all of which are supportable by CoreWeave.

AI 云基础设施和软件市场充满活力，并将随着新模型的推出和推理的持续扩展而不断演变。我们相信，随着市场的发展和持续扩张，我们处于抓住这一机会的理想位置。目前，AI 算力市场以训练最新一代模型为中心，这由少数几家超大规模厂商和 AI 实验室推动，它们正在提升模型质量及其输出的智能水平。尽管推理很可能将增长至占 AI 工作负载越来越大的比例，但我们预计，随着新一代硬件、网络和存储的发布，在更新后的基础设施上训练和微调新一代模型将继续是一个重要的可寻址市场。我们相信，我们一流的软件和基础设施解决方案，以及我们作为首批推出最新基础设施形态的市场参与者之一的过往记录，使我们处于抓住这些前沿训练工作负载的最佳位置。

The AI cloud infrastructure and software market is dynamic and will continue to evolve as new models are introduced and inference continues to scale. We believe we are ideally positioned to capture the opportunity as the market develops and continues to expand. At present, the AI compute market is centered on training the latest generations of models, which is being driven by a select few hyperscalers and AI labs which are advancing model quality and the standard of intelligence they output. While it is likely that inference will grow to account for an increasingly larger proportion of AI workloads, we expect that training and fine-tuning new generations of models on updated infrastructure will continue to be an important addressable market as new generations of hardware, networking, and storage are released. We believe that our best-of-breed software and infrastructure solution and our track record of being among the first to market with the latest infrastructure modalities makes us optimally suited to capture these bleeding-edge training workloads.

短期内，我们预计，受模型规模和复杂度以及复杂推理能力的指数级增长推动，高要求的推理工作负载将持续快速增长，并且我们预计这些工作负载将需要在最新一代高性能基础设施上运行。随着时间的推移，我们预计，随着企业在高性能云基础设施上利用专有数据训练和提供自有模型，生产工作负载将在企业中得到更广泛的采用。这些工作负载将具有不同的复杂度水平。其中一些将需要在最先进的基础设施上运行，而其他强度较低的工作负载则将在较老一代基础设施上更高效地运行。这些强度较低的推理工作负载的加速，将与我们的地理分布式算力基础的增长同步发生；随着时间的推移，随着当前几代基础设施在现有合同到期后逐步退出并被新版本取代，该算力基础将由范围广泛的跨代基础设施构成。我们相信，在我们的算力基础中，针对不同用例优化的跨代硬件组合将确保我们处于最佳位置，以承接所有类型的工作负载，无论是推理还是训练。

In the near-term, we expect to see continued rapid growth in demanding inference workloads driven by an exponential increase in model size and complexity and complex reasoning skills, and we anticipate that these workloads will need to run on the latest generation of high-performance infrastructure. Over time, we expect there will be more widespread enterprise adoption of production workloads as enterprises train and serve their own models on high-performance cloud infrastructure leveraging proprietary data. These workloads will have a spectrum of complexity levels. Some of them will need to run on state-of-the-art infrastructure, while other, lower intensity workloads will run more efficiently on older generations of infrastructure. The acceleration of these lower intensity inference workloads will coincide with the growth of our geographically distributed compute base, which over time will consist of a broad range of cross-generation infrastructure as current generations roll off existing contracts and are superseded by new releases. We believe that the mix of hardware across generations that is optimized for different use cases in our compute base will ensure that we are optimally situated to capture all workload types, both inference and training.

增长战略 Growth Strategies

随着模型不断改进以及 AI 推动生产力和整体生活质量的提升，AI 训练和推理需求持续扩大。各类组织正直接或通过多层抽象方式获取 AI，例如通过将企业与当今流通中的领先基础模型相连接的 API。我们致力于投资自身业务，以把握 AI 算力需求加速增长带来的机遇，并扩大我们 CoreWeave 云平台的采用率，同时我们正在推行多项战略，以增强我们交付软件和基础设施的能力，为智能在全球经济和社会中的普及提供动力。我们的主要增长战略包括：

Demand for AI training and inference continues to scale as models improve and AI drives enhancements to productivity and overall quality of life. Organizations are accessing AI either directly or through layers of abstraction, for instance through APIs that connect businesses to the leading foundational models in circulation today. We are committed to investing in our business to capitalize on the accelerating demand for AI compute and grow the adoption of our CoreWeave Cloud Platform, and are pursuing a number of strategies to enhance our ability to deliver the software and infrastructure to power the proliferation of intelligence across the world’s economy and society. Our principal growth strategies include:

- 拓展我们的产品领导力和创新能力。我们开创了 AI 超大规模云服务商模式，并致力于通过持续创新来扩大我们的技术领先优势。我们的团队处于技术进步的最前沿，持续交付新解决方案并优化我们的技术栈，为大规模 AI 工作负载带来显著的性能和效率提升。我们已交付并释放了迄今为止组装的部分最大规模 GPU 集群的性能，并且我们持续发布云软件服务的更多更新，以进一步增强我们基础设施的能力，例如我们近期发布的产品 CKS、Mission Control 和 SUNK 即体现了这一点，这些产品均提升了客户训练和提供模型服务的能力。我们计划继续优先投资于我们的产品和工程团队，以开发我们的云软件服务。

- Extend our product leadership and innovation. We pioneered the AI Hyperscaler and are committed to innovating to extend our technology leadership. Our team operates at the bleeding-edge of technological advancement and continues to deliver new solutions and optimize our technology stack to deliver substantial performance and efficiency gains for AI workloads at scale. We have delivered and unlocked the performance of some of the largest GPU clusters assembled to date, and we continue to release additional updates to our cloud software services to further enhance the capabilities of our infrastructure, as demonstrated for example by our recent product releases including CKS, Mission Control, and SUNK all of which accelerate the ability of our customers to train and serve models. We plan to continue to prioritize investing in our product and engineering teams to develop our cloud software services.

- 持续从现有客户处获取更多工作负载。我们的 CoreWeave 云平台服务于当今构建 AI 产品的一些最强大的 AI 实验室和 AI 企业。通过其中部分基石客户，我们直接或经由其 API 承接了大量 AI 工作负载。随着这些领先的 AI 提供商借助最新基础模型持续实现产品市场契合，其训练和推理工作负载量将呈指数级增长。我们对 AI 实验室和 AI 企业的专注投入，将使我们能够随着 AI 持续普及、以及这些客户认识到我们 CoreWeave 云平台的性能和效率优势，在该客户群体中实现自然

- Continue capturing additional workloads from existing customers. Our CoreWeave Cloud Platform serves some of the most powerful AI labs and AI enterprises that are building AI products today. Through some of these cornerstone customers, it addresses a massive volume of AI workloads directly from them or through their APIs. As these leading providers of AI continue to achieve product market fit with the latest foundational models, their training and inference workload volume will scale exponentially. Our dedicated focus on both AI labs and AI enterprises will enable us to achieve natural

增长。我们在工程、产品、销售和客户体验组织中建立了由 AI 专家组成的专职团队，他们了解客户对快速演进的 AI 用例的需求。这些团队与客户紧密协作，帮助客户更好地了解我们的产品能力和创新成果，从而使我们处于最佳位置，在客户扩大支出时获取更多份额。

growth across this customer segment as AI continues to become ubiquitous, and as these customers realize the performance and efficiency benefits of our CoreWeave Cloud Platform. We have built dedicated teams of AI-experts across our engineering, product, sales and customer experience organization that understand customers’ needs for rapidly evolving AI use cases. These teams work hand-in-hand with our customers to help them better understand our product capabilities and innovations to best position us to capture increasing spend as they expand.

- 拓展至新行业和垂直领域的更广泛企业客户。我们当前和潜在客户包括全球顶尖的 AI 实验室和 AI 企业，对它们而言，AI 是其产品战略和整体商业模式的核心组成部分，它们依赖我们的 CoreWeave 云平台交付下一代 AI 模型和应用。随着 AI 在日常生活中日益普及，以及包括银行、高频交易和制药公司等受监管行业在内的其他垂直领域和行业开始开发和构建自己的专用 AI 解决方案，我们计划扩展业务以服务这些垂直领域，并把握机会提供我们的 CoreWeave 云平台来承载其工作负载。尽管尚处早期，我们已开始看到此类行业的浓厚兴趣。我们还预计，随着 AI 模型变得更易获取且成本更低，将出现新的行业和用例来利用不断发展的 AI 能力，为我们的平台带来更多增长机会。我们相信，我们近期宣布的对 Weights & Biases 的收购将使我们能够改进 CoreWeave 云平台，以满足正在研究、构建和部署 AI 模型和应用的客户的需求。收购完成后，我们计划整合 Weights & Biases 的能力，作为客户访问我们 CoreWeave 云平台的新入口，并利用我们提供的差异化基础设施和托管软件服务。

- Extend into broader enterprise customers across new industries and verticals. Our current and potential customers include the world’s premier AI labs and AI enterprises, for whom AI is a core component of their product strategy and overall business model, and who depend on our CoreWeave Cloud Platform to deliver the next generation of AI models and applications. As AI continues to become ubiquitous in daily life and as other verticals and industries, including regulated industries like banks, high-frequency trading, and pharmaceutical companies, begin to develop and build their own dedicated AI solutions, we plan to expand to serve those verticals and capitalize on the opportunity to provide our CoreWeave Cloud Platform to host their workloads. Although it is early, we have already started to see strong interest from such industries. We also anticipate that new industries and use cases will arise to take advantage of developing AI capabilities as AI models become more accessible and cheaper, presenting additional growth opportunities for our platform. We believe that our recently announced acquisition of Weights & Biases will enable us to improve our CoreWeave Cloud Platform to address the needs of customers who are researching, building, and deploying AI models and applications. Following closing of the acquisition, we plan to integrate Weights & Biases’ capabilities as a new entry point for customers to access our CoreWeave Cloud platform and take advantage of the differentiated infrastructure and managed software services that we offer.

- 国际扩张。我们正在扩展业务，以把握全球对 AI 应用和解决方案日益增长的需求，这一需求源于客户希望本地构建其 AI 应用并最大限度降低延迟。2024 年，我们在英国伦敦、西班牙巴塞罗那和瑞典法伦建立了业务据点，截至 2024 年 12 月 31 日，这些地点的活跃电力超过 40 MW。此外，我们已在加拿大、瑞典和挪威签约数据中心容量，并有更多容量在筹备中。此外，监管框架预计将日益限制数据跨境流动，这意味着 AI 模型最终可能需要在区域数据池上训练并在本地提供服务。扩大我们在关键国际市场的影响力，使我们能够满足区域对 AI 算力的需求。我们对国际扩张采取有条不紊的方式，并根据我们看到 AI 算力需求最大的地区进行定制。

- Expand internationally. We are expanding our business to capitalize on growing demand for AI applications and solutions across the globe, driven by customers’ desire to build their AI applications locally and minimize latency. In 2024, we established a presence in London, United Kingdom, Barcelona, Spain, and Falun, Sweden, with more than 40 MW of active power in these locations as of December 31, 2024. In addition, we have contracted data center capacity in Canada, Sweden, and Norway with additional capacity in the pipeline. In addition, regulatory frameworks are expected to increasingly restrict data from flowing across borders, meaning that AI models may eventually need to be trained on regional data pools and served locally. Expanding our reach in key international markets enables us to serve that regional demand for AI compute. We are methodical around our international expansion and tailor it to where we see the most demand for AI compute.

- 提高我们的垂直整合。我们计划继续通过创新和增加软件产品来“沿栈向上”垂直化，以推动客户参与和价值。同时，我们可能继续通过增强数据中心能力来“沿栈向下”垂直化，以巩固我们对数据中心容量的获取、使我们的解决方案面向未来，并推动进一步的运营效率。我们打算通过有机增长或定向收购来实现进一步的垂直整合。

- Increase our vertical integration. We plan to continue to verticalize “up the stack” by innovating and adding to our software offerings to drive customer engagement and value. At the same time, we may continue to verticalize “down the stack” by enhancing our data center capabilities to bolster our access to data center capacity, future-proof our solutions, and drive further operational efficiency. We intend to achieve further vertical integration either organically or through targeted acquisitions.

- 向“技术栈上层”纵向延伸。我们的解决方案作为控制平面的战略定位，可驱动对底层基础设施的性能、效率和可见性，这使我们能够在其之上构建更多功能与服务，包括专门的抽象层和自动化层，以简化客户与我们基础设施交互的方式，以及用于微调 AI 模型和为 AI 应用构建生产环境的解决方案。这使我们的客户能够更轻松地获取 AI 基础设施，随着其 AI 工作负载需求增长而扩展，并更快地将产品推向市场。例如，我们计划通过 Global Inferencing 解决方案进一步为客户抽象复杂性以提升易用性，该解决方案使客户能够通过接入 API 自动管理其推理部署，并避免在更细粒度上管理 GPU 的需要。我们还计划打造工具，赋能开发者和机器学习工程师无缝访问并微调基础模型，以在我们的平台上支撑 AI 应用，实现更高的效率和生产力。我们相信，我们已宣布的对 Weights & Biases 的收购将有助于加速扩展我们用于微调和训练的开发者工具

- Verticalize “up the stack.” The strategic position of our solution as the control plane which drives the performance, efficiency and visibility into the underlying infrastructure enables us to build additional functionality and services on top of it, including dedicated layers of abstraction and automation to simplify the way customers interact with our infrastructure, as well as solutions for fine-tuning AI models and production environments for AI applications. This enables our customers to access AI infrastructure more easily, scale as their need for AI workloads grows, and get their products to market faster. For example, we plan to further increase ease of use by abstracting complexity for our customers through our Global Inferencing solution which enables customers to automate the management of their inference deployments by plugging in APIs and avoiding the need to manage GPUs at a more granular level. We plan to also create tools to empower developers and machine learning engineers to seamlessly access and fine-tune foundational models to power AI applications on our platform achieving greater efficiency and productivity. We believe our announced acquisition of Weights & Biases will help to accelerate the expansion of our developer tools for both fine-tuning and training

以及构建 AI 应用，并增强我们在收购交割后继续向“技术栈上层”添加功能的能力。鉴于我们掌控底层基础设施，我们最有条件向“技术栈上层”添加功能，而底层基础设施是技术栈中最难复制的层面，这得益于我们长期以来对基础设施的投入。

models, as well as building AI applications, and reinforces our ability to continue adding functionality “up the stack” following closing of the acquisition. We are best positioned to add functionality “up the stack” given we control the underlying infrastructure, which is the most difficult layer of the technology stack to replicate given our investments into our infrastructure over time.

- 向“技术栈下层”纵向延伸。随着数据中心持续演进并占据核心地位，成为驱动 AI 革命的下一代超级计算机，我们进一步管理和定制数据中心布局的能力将降低我们未来增长和支出的风险。目前，我们数据中心组合的大部分为租赁。我们可能对数据中心进行投资，并提高我们拥有直接所有权权益的数据中心布局比例。这将使我们能够对新建设施的交付时间表拥有更多控制权和问责能力，并使我们能够对数据中心成本施加更多控制。

- Verticalize “down the stack.” As data centers continue to evolve and take center stage as the next-generation supercomputers driving the AI revolution, our ability to further manage and customize our data center footprint will de-risk our future growth and expense. Currently, the majority of our data center portfolio is leased. We may make investments into data centers and increase the proportion of our data center footprint where we have direct ownership stakes. This will enable us to have more control and accountability over the delivery timeline of new builds, and allow us to exert more control over our data center costs.

- 最大化我们基础设施的经济寿命。我们力求最大程度地发挥我们 GPU 机群的价值，并通过以下方式实现：将已到期合同所依托的基础设施在其剩余经济寿命内通过另一份合同变现，或通过按需消费池变现。我们预计，随着客户续签合同并采用未来几代芯片，大量 GPU 将可用于按需分布式算力池。这些当前代际的芯片在合同到期后非常适合处理推理工作负载和较低强度的训练工作负载，这将为客户带来成本最优的解决方案。随着 AI 革命持续演进以及 AI 工作负载在企业中得到更广泛的采用，将出现各种复杂程度的工作负载，需要与具有不同性能和成本水平的基础设施相匹配。其中一些工作负载的计算密集度较低，可以由较老代际的基础设施来承载。

- Maximize the economic life of our infrastructure. We seek to maximize the value of our fleet of GPUs to the fullest extent possible, and do this by monetizing the infrastructure underlying expired contracts through either another contract for the remainder of its economic life or through an on-demand consumption pool. We expect a large number of GPUs to become available for the on-demand distributed compute pool as our customers renew contracts with future generations of chips. These current generation chips will be well-suited to handle inference workloads and lower intensity training workloads after contracts expire, which will lead to cost optimal solutions for our customers. As the AI revolution continues and more widespread enterprise adoption of AI workloads occurs, there will be a breadth of workload complexity levels which will need to be matched to infrastructure with varying levels of performance and cost. Some of those workloads will be less computationally intensive and can be served by older generations of infrastructure.

我们的平台与产品服务 Our Platform and Product Offerings

我们的 CoreWeave 云平台是一套集成式解决方案，使企业能够以高性能和高效率运行 AI 工作负载。它包括我们的基础设施服务、托管软件服务和应用软件服务，所有这些都由我们的 Mission Control 和 Observability 软件提供支撑。我们的专有软件构成了平台每个组件的基础，可实现基础设施的高度安全配置、工作负载的有效编排，以及对训练和推理环境的实时监控。安全是我们平台的基本组成部分。我们通过实施数据访问的零信任模型，并采用先进的安全技术（包括部署在我们各端点上的 XDR 和 DLP），确保客户在安全的环境中运营。此外，我们使用单点登录和多因素身份验证，确保我们的 CoreWeave 云平台能够抵御基于身份的网络威胁。

Our CoreWeave Cloud Platform is an integrated solution that enables companies to run AI workloads with high performance and efficiency. It includes our Infrastructure Services, Managed Software Services, and Application Software Services, all bolstered by our Mission Control and Observability software. Our proprietary software underpins every component of the platform, allowing for highly secure provisioning of infrastructure, effective orchestration of workloads, and real-time monitoring of training and inference environments. Security is a fundamental component of our platform. We ensure our customers operate in a secure environment by implementing a zero trust model for data access and leveraging advanced security technologies, including XDR and DLP deployed across our endpoints. Additionally, we use single-sign-on and multi-factor authentication to ensure our CoreWeave Cloud Platform remains resilient against identity-based cyber threats.

基础设施服务：提供前沿算力、网络和存储基础设施 Infrastructure Services: Delivering bleeding-edge compute, networking, and storage infrastructure

我们的平台由我们的基础基础设施服务提供支持，这些服务利用我们的专有软件以及高性能 GPU、CPU、DPU、存储和网络设备的组合，所有这些都经过校准，以提供为 AI 工作负载提供动力所需的规模化性能。

Our platform is powered by our foundational Infrastructure Services, which utilize our proprietary software and a combination of high-performance GPUs, CPUs, DPUs, storage, and networking equipment, all calibrated to deliver the performance at scale required to power AI workloads.

- 算力。我们的算力通过 GPU 与 CPU 节点的组合交付，这些节点采用 NVIDIA InfiniBand 等最先进的高性能网络技术互连，并通过 DPU 在高吞吐网络拓扑中进行优化，为 AI 工作负载提供广泛的扩展能力。GPU 节点是 AI 算力的主要引擎，并由最新一代 CPU、内存、PCI-Express 数据互连、NVMe SSD 和 DPU 提供支持。这些组件有助于从 GPU 中提取最大性能，并卸载非核心任务。我们持续监控 GPU 和 CPU 节点的健康状况与性能，以确保提升韧性并实现快速恢复。

- Compute. Our compute is delivered through combinations of GPU and CPU nodes interconnected with state-of-the-art, high-performance networking technology such as NVIDIA InfiniBand and optimized through DPUs in a high throughput network topology that provides extensive scalability for AI workloads. GPU nodes are the primary engines for AI compute and are supported by the latest generation of CPUs, memory, PCI-Express data interconnects, NVMe SSDs, and DPUs. These components help to extract maximum performance out of GPUs and also offload non-core tasks. We continuously monitor the health and performance of GPU and CPU nodes to ensure improved resilience and rapid recovery.

- GPU 算力。我们为客户提供访问专为 AI 打造的大量高性能 GPU 产品组合的权限。其中包括 NVIDIA H200，我们是首批

- GPU Compute. We provide our customers with access to a vast portfolio of high-performance GPUs that are purpose-built for AI. This includes the NVIDIA H200, which we were among the

率先以生产规模推向市场，以及 NVIDIA H100。我们的 H100 架构使我们能够在 2023 年打破 MLPerf 纪录，在更大规模下实现比竞争对手快 29 倍的训练速度。

first to market with at production scale, and NVIDIA H100. Our H100 architecture enabled us to break the MLPerf record in 2023, delivering training speeds 29 times faster than competitors at greater scale.

- CPU 算力。我们提供多种用途的 CPU 实例以支持 AI 工作负载。我们的基础设施采用业内性能最高、最新一代的 CPU，而非可能导致 GPU 性能和效用下降的上一代技术。我们的 CPU 通过执行数据预处理、控制平面功能和工作负载编排等任务来补充 GPU，从而释放 GPU 以专注于算力密集型任务。

- CPU Compute. We offer versatile CPU instances to support AI workloads. Our infrastructure utilizes some of the industry’s highest performing and latest CPUs instead of prior generation technology that can degrade GPU performance and utility. Our CPUs complement our GPUs by performing tasks, including data pre-processing, control plane functions, and workload orchestration, which frees GPUs to focus on compute intensive tasks.

- DPU。DPU 通过将网络、安全和存储管理任务从 GPU 和 CPU 卸载，来优化 AI 工作负载的算力。它们是提升整体效率与性能的关键赋能组件。

- DPUs. DPUs optimize compute for AI workloads by offloading networking, security, and storage management tasks from GPUs and CPUs. They are a critical enabling component for increasing overall efficiency and performance.

- Nimbus。Nimbus 是我们运行于裸金属实例内 DPU 上的控制面与数据面软件，承担虚拟机管理程序（hypervisor）的典型职能，以实现安全性、灵活性与性能。支持 Nimbus 的 DPU 无需虚拟化层，使客户能够灵活地直接在我们的服务器上运行而无需虚拟机管理程序，从而实现更高的算力性能。Nimbus 还通过隔离客户模型与数据加密来提供安全保障，同时使客户能够搭建虚拟私有云环境。

- Nimbus. Nimbus is our control and data-plane software running on our DPUs inside Bare Metal instances, performing the typical role of a hypervisor in enabling security, flexibility and performance. Nimbus-enabled DPUs remove the need for a virtualization layer and give customers the flexibility to run directly on our servers without a hypervisor, enabling greater compute performance. Nimbus also provides security through the isolation of customer models and data encryption, while enabling them to set up Virtual Private Cloud environments.

- 网络。我们的网络架构高度专业化，专为满足 AI 用例的复杂需求而独特设计。它包括我们基于 InfiniBand 的高性能集群网络、我们的数据中心网络架构（通过 DPU 将我们的 GPU 和 CPU 节点连接到控制平面，以高效卸载某些处理任务）、我们的 VPC 网络框架，以及我们的 Direct Connect 产品（提供企业级网络并支持多云部署）。我们的网络架构所实现的超快连接和卓越吞吐量，确保我们的客户获得更快的训练和推理时间。

- Networking. Our networking architecture is highly specialized and uniquely designed to meet the complex needs of AI use cases. It includes our high-performance InfiniBand based cluster networking, our data center network fabric which connects our GPU and CPU nodes to our control plane via DPUs for efficient offloading of certain processing tasks, our VPC networking framework, as well as our Direct Connect offering which provides enterprise-grade networking and supports multi-cloud deployments. The ultra-fast connection and superior throughput enabled by our networking architecture ensures faster training and inference times for our customers.

- 集群网络是我们与 NVIDIA 合作设计专为 AI 集群打造的网络架构的成果。我们部署的 NVIDIA InfiniBand 网络是现有规模最大的网络之一，提供高达 3,200Gbps 的非阻塞 GPU 互连，并提供行业领先的有效网络吞吐量，以加速模型训练和推理的时间。我们的 Blackwell 部署还将得到外部 NVLink Switch 的支持，这是一种低延迟、可扩展且节能的协议，使 GPU 能够更高效地与同一系统内及不同系统内的其他 GPU 和 CPU 通信。这些技术使我们能够为客户提供在单一集群中连接数万个 GPU 的访问能力，以及创建大规模超级集群的能力。我们的超级集群韧性由 Mission Control 提供支持，它能够预防并快速修复出现的任何缺陷。

- Cluster Networking is the result of our relationship with NVIDIA to design a networking architecture that is purpose-built for AI clusters. The NVIDIA InfiniBand network that we deploy is one of the largest in existence with up to 3,200Gbps of non-blocking GPU interconnect and provides industry-leading effective networking throughput to accelerate time to train and serve models. Our Blackwell deployments will further be supported by external NVLink Switches, a low latency, scalable, and energy-efficient protocol that allows GPUs to communicate with other GPUs and CPUs within the same and different systems more efficiently. These technologies enable us to offer our customers access to tens of thousands of GPUs connected in a single cluster, and the ability to create massive megaclusters. Our megacluster resilience is supported by Mission Control, which prevents and rapidly remediates any deficiencies that arise.

- VPC 网络功能可创建隔离的虚拟网络，用于管理 CoreWeave 云平台资源，使客户能够采用最新的安全最佳实践（包括加密、隔离和访问控制），将算力、存储和网络资源安全地连接到其开发和部署平台。

- VPC Networking creates isolated virtual networks to manage CoreWeave Cloud Platform resources, allows customers to securely connect compute, storage, and networking resources to their development and deployment platforms using the latest security best practices including encryption, isolation, and access control.

- CoreWeave Direct Connect 接入我们的运营商级网络骨干，并实现支持我们数据中心的嵌入式规模扩展。它旨在满足多云需求，在美国和欧洲运营，并提供私有、高性能的连接，以兼具速度与安全的方式传输数据。它使我们的客户能够轻松地将其 CoreWeave 集群与其他云服务商或本地可用的资源连接起来。Direct Connect 拥有高达 400Gbps 的端口速度、可通过专用端口或现有运营商连接的灵活选项，以及无数据传输费或出站费用的经济实惠成本。

- CoreWeave Direct Connect plugs into our carrier grade networking backbone and enables embedded scale that supports our data centers. It is built to support multi-cloud needs, operates across the United States and Europe, and provides private, highly performant connections to transfer data with speed and security. It allows our customers to easily connect their CoreWeave clusters with resources available at other cloud providers or on-premises. Direct Connect boasts port speeds of up to 400Gbps, flexible options to connect through either dedicated ports or existing carriers, and budget-friendly costs with no data transfer or egress fees.

- 存储。我们的系统集成了企业级、软件定义的横向扩展存储能力。我们高性能、安全且可靠的存储能力专为最复杂、最严苛的 AI 工作负载而设计。它们以极快的速度加载数据，使大型分布式 AI 工作负载能够

- Storage. Our systems incorporate enterprise-grade, software-defined scale-out storage capabilities. Our highly performant, secure, and reliable storage capabilities are designed for the most complex and demanding AI workloads. They load data at rapid speeds, enabling large distributed AI workloads to be

可在数秒内完成扩容。这些存储能力还使客户能够受益于 GPU 的自动配置，并可存储大量模型检查点和中间结果，从而使团队在训练或推理任务中断后仍能保持进度。我们专为特定用途构建的存储架构使客户能够实现显著更快的加载时间。我们的存储服务包括对象存储和分布式文件存储，采用业界最佳安全实践，包括静态和传输中加密、基于角色的身份访问管理以及身份验证。

scaled up in seconds. These storage capabilities also allow customers to benefit from auto-provisioning of GPUs and store large volumes of model checkpoints and intermediate results so that teams can stay on track after interruptions to their training or inference jobs. Our purpose-built storage architecture enables our customers to achieve significantly faster load times. Our storage services, which include object storage and distributed file storage, leverage industry-best security practices, including encryption at rest and in transit, role-based identity access management, and authentication.

- 对象存储。鉴于传统对象存储解决方案并非为加速型工作负载而设计，客户通常需要在对象存储之上利用缓存层，才能以最佳性能运行其 GPU 集群。我们的对象存储解决方案专为 AI 从零构建。它消除了基于文件存储系统的中间缓存需求。它利用我们专有的本地对象传输加速器（Local Object Transport Accelerator），将数据本地缓存到 GPU 节点上，从而提供直接从对象存储到 GPU 所需的性能。

- Object Storage. Given traditional object storage solutions are not designed for accelerated workloads, customers typically need to leverage a caching layer on top of object storage to run their GPU clusters at top performance. Our object storage solution is built from the ground-up specifically for AI. It eliminates the need for an intermediate cache based on a file storage system. It leverages our proprietary Local Object Transport Accelerator, which caches data locally onto GPU nodes to deliver the performance required to go straight from object storage to GPUs.

- 分布式文件存储。我们提供分布式文件存储解决方案，可集中管理资产存储并支持并行计算配置。对于需要这些功能并希望在对象存储之外使用分布式文件存储系统的客户，我们的分布式文件存储系统提供了这样做的灵活性。我们的平台还使在本地部署的客户能够将其自有的分布式文件存储系统集成到我们的平台中，从而提供真正灵活的技术栈，旨在满足我们客户的存储需求。

- Distributed File Storage. We offer distributed file storage solutions that centralize asset storage and support parallel computation setups. For customers who require these features and prefer to utilize a distributed file storage system in addition to object storage, our Distributed File Storage system provides the flexibility to do so. Our platform also enables customers who run on-premise to integrate their own distributed file storage system into our platform, providing a truly flexible technology stack that is designed to support our customers’ storage needs.

- 专用存储集群。我们基于微服务的架构使我们能够支持客户所选择的存储后端。我们与存储云合作伙伴生态体系合作，提供灵活性和选择，以便客户能够获得与其偏好的、与我们 CoreWeave 云平台良好集成的存储解决方案。

- Dedicated Storage Clusters. Our microservices based architecture allows us to support our customers’ choice of storage back-ends. We work with an ecosystem of storage cloud partners to provide flexibility and choice in order to get access to their preferred storage solutions that are well integrated with our CoreWeave Cloud Platform.

**托管软件和应用软件服务：在云技术栈的多个层面为 AI 而构建**

**Managed Software and Application Software Services: Built for AI at Multiple Layers of the Cloud Technology Stack**

1. · 在我们完成对 Weights & Biases 的收购交割后，Weave、Models 和 Launch 将成为平台新增功能。

1. · Weave, Models, and Launch will be platform additions following the closing of our acquisition of Weights & Biases.

托管软件服务：为最高效的工作负载提供全托管部署 Managed Software Services: Fully managed deployment for the most efficient workloads

我们的托管软件服务包括 CoreWeave Kubernetes 服务、我们的 AI 工作负载编排与自动扩缩容解决方案、我们的 VPC 产品以及我们的裸金属服务。

Our Managed Software Services include CoreWeave Kubernetes Service, our AI workload orchestration and auto-scaling solution, our VPC product, and our Bare Metal service.

- CoreWeave Kubernetes 服务。CKS 是我们针对 AI 优化的托管 Kubernetes 服务，可最大限度减轻管理大型 GPU 集群的负担。CKS 专为 AI 工作负载而构建，在完全托管的 Kubernetes 解决方案中提供快速性能、安全性和灵活性。CKS 内置针对 AI 工作负载专门设计的防护机制和自动化流程，减少了团队花费大量时间管理复杂 Kubernetes 集群的需要。CKS 集群利用无需虚拟机管理程序的裸金属节点以最大化节点性能，并采用我们基于 DPU 的架构，通过私有集群 VPC 实现完全隔离和加速。因此，CKS 确保每个节点在安全、隔离的环境中以其峰值性能运行。我们提供丰富的自定义选项，用于管理数据、控制访问和策略，以及处理身份验证和其他安全控制，使客户对其特定的数据管理实践拥有最大的灵活性和自主权。

- CoreWeave Kubernetes Service. CKS is our AI-optimized, managed Kubernetes service that minimizes the burden of managing large GPU clusters. CKS is purpose-built for AI workloads and delivers fast performance, security, and flexibility in a fully managed Kubernetes solution. CKS has built-in guardrails and automated processes specialized for AI workloads that reduce the need for teams to spend countless hours managing complex Kubernetes clusters. CKS clusters leverage Bare Metal nodes without a hypervisor to maximize node performance, and our DPU-based architecture for complete isolation and acceleration with private-cluster VPCs. As such, CKS ensures that each node operates at peak performance within a secure, isolated environment. There are extensive customization options available to manage data, control access and policy, and handle authentication and other security controls, giving customers ultimate flexibility and authority over their specific data management practices.

- 虚拟私有云。我们的 VPC 解决方案使客户能够使用我们 CoreWeave 云平台的隔离私有部分，在其中于受控网络环境中运行其资源。它提供由增强安全性支持的灵活体验，兼具直接控制和高度的可定制性。它能够按工作负载逐一实施高度特定的网络策略，包括终止 VPN、管理路由和访问控制。我们强大的节点隔离能力实现了数据和 VPC 隔离，为客户工作负载提供最高级别的安全性。

- Virtual Private Cloud. Our VPC solution allows customers to utilize an isolated, private section of our CoreWeave Cloud Platform where they can run their resources in a controlled network environment. It delivers a flexible experience backed by enhanced security, with both direct control and a high degree of customization. It enables hyper specific networking policies on a workload-by-workload basis, including terminating VPNs, managing routing, and access control. Our robust node isolation capabilities create both data and VPC segregation that deliver maximum security for our customer workloads.

- 裸金属。我们的裸金属服务快速、可靠且性能卓越。绝大多数 AI 工作负载不需要虚拟化。相反，它们需要直接访问资源，以最高性能和低延迟运行训练、推理和实验。我们消除了对虚拟机管理程序层的需求，使客户能够直接在裸金属实例上运行 Kubernetes 或其选择的任何编排平台。这使我们能够将类似云的配置灵活性与专用硬件的强大性能和算力相结合，释放更高性能、提高可靠性、释放算力资源，并通过细粒度指标深入了解集群健康状况和性能。对于偏好更托管式体验的客户，我们的裸金属服务还使客户能够在 CKS 中启动裸金属节点，并卸载存储和网络驱动等某些基础功能。

- Bare Metal. Our Bare Metal service is fast, reliable, and performant. The vast majority of AI workloads do not need virtualization. Instead, they need direct access to resources to run training, inference, and experimentation with maximum performance and low latency. We eliminate the need to have a hypervisor layer and enable our customers to run Kubernetes, or an orchestration platform of their choice, directly on Bare Metal instances. This allows us to combine the flexibility of cloud-like provisioning and the power and performance of dedicated hardware, unlocking higher performance, increasing reliability, freeing up compute resources, and allowing for in-depth insights on cluster health and performance through granular metrics. For customers who prefer a more managed experience, our Bare Metal service also enables customers to spin up Bare Metal nodes in CKS and offload certain basic functions such as storage and network drivers.

应用软件服务：加速并改进训练与推理的附加工具 Application Software Services: Additional tools that accelerate and improve training and inferencing

我们的应用软件服务使企业能够无缝集成额外工具，从而加速并改进训练与推理。得益于我们基于微服务的架构，我们的平台完全可组合，客户能够无缝运行自己的编排解决方案或第三方应用，作为我们技术栈的一部分。与我们所有其他服务一样，我们在每一步都遵循安全最佳实践。

Our Application Software Services allow companies to seamlessly integrate additional tools that accelerate and improve training and inference. Due to our microservices-based architecture, our platform is fully composable, with customers able to run their own orchestration solution or third-party applications seamlessly as part of our stack. As with all our other services, we follow security best practices at every step.

- Kubernetes 上的 Slurm 集成（SUNK）。Slurm 是一款开源工作负载管理器，在 AI 模型开发者及其他高性能算力用户中广受欢迎。它是大规模并行调度作业（如 LLM 训练）编排领域的行业领导者。另一方面，Kubernetes 专为云原生环境中的容器化工作负载而设计，因此特别适合模型服务。此前，客户不得不按集群在 Slurm 或 Kubernetes 之间做出选择，以满足其资源管理需求，尽管这两款应用服务于不同的用例、各自擅长不同的环境。这往往导致需要维护两套独立的平台和算力池。我们通过创建 SUNK 消除了在 Slurm 或 Kubernetes 之间做选择的需要，SUNK 是我们于 2024 年初发布的一款专有产品，将 Slurm 与 CKS 集成，并允许 Slurm 作业在 Kubernetes 内运行。这使开发者能够同时利用 Slurm 和 Kubernetes 的资源管理能力，并带来无缝的终端用户体验。不同的 AI 工作负载可以共置于同一集群，包括训练、推理和实验，从而实现更高的工作负载可互换性。SUNK 通过在 Slurm 和 Kubernetes 之间共享资源并简化我们系统的部署，提升了算力效率。将 Slurm 引入我们的技术栈，解决了客户的一大基础设施痛点，同时降低了他们的总拥有成本。

- Slurm on Kubernetes Integration (SUNK). Slurm is an open-source workload manager popular among AI model developers and other users of high-performance compute. It is an industry leader for the orchestration of massive parallel scheduling jobs such as training LLMs. Kubernetes, on the other hand, is designed for containerized workloads in cloud-native environments making it particularly well suited for model serving. Customers previously had to either choose between Slurm or Kubernetes on a per cluster basis for their resource management needs, even though the two applications serve different use cases and excel in different environments. Often, this led to maintaining two distinct platforms and pools of compute. We have eliminated the need to choose between Slurm or Kubernetes by creating SUNK, a proprietary offering released in early 2024 that integrates Slurm with CKS and allows for Slurm jobs to run inside Kubernetes. This allows developers to leverage the resource management of both Slurm and Kubernetes and results in a seamless end-user experience. Different AI workloads can be co-located on the same cluster, including training, inference, and experimentation, unlocking greater workload fungibility. SUNK enhances the efficiency of compute by sharing resources between Slurm and Kubernetes and streamlining deployment of our system. Introducing Slurm into our stack has solved a major infrastructure pain point for our customers while reducing their total cost of ownership.

- CoreWeave Tensorizer。CoreWeave Tensorizer 是我们的训练与推理优化解决方案，可从多种不同端点将模型从存储直接快速加载到 GPU 内存中。它将模型序列化为单个二进制文件，并内置缓存层，以将模型快速传输至距客户端最近的节点，从而大幅减少因加载时间过长造成的资源消耗。在使用更高性能 GPU 对更大模型规模进行测试时，Tensorizer 对模型加载时间的影响更为显著。就相对性能而言，我们的 Tensorizer 平均模型加载时间分别比 SafeTensors 和 HuggingFace 快 1.7 倍和 1.4 倍。我们的 Tensorizer 解决方案还通过支持快速检查点和缩短重启时间，提升了模型训练效率。检查点机制确保模型在训练过程中被频繁保存和归档，从而在发生故障时无需进行完整且耗时的重启。

- CoreWeave Tensorizer. CoreWeave Tensorizer is our training and inference optimization solution that spins up models rapidly from storage directly into GPU memory from a variety of different endpoints. It serializes models into a single binary file and incorporates a caching layer to quickly flow models to the closest node to the client, thereby dramatically cutting down resource expenditure caused by long loading times. When tested on a larger model size using a higher-performing GPU, the impact of Tensorizer on model load time becomes even more pronounced. In terms of relative performance, our Tensorizer had average model load times that were 1.7x and 1.4x faster than that of SafeTensors and HuggingFace respectively. Our Tensorizer solution also increases model training efficiency by enabling fast checkpoints and reducing restart times. Checkpointing ensures models are frequently saved and archived during the training process such that failures do not require full and time consuming restarts.

- Weights & Biases Models。在我们宣布的 Weights & Biases 收购交易交割完成后，我们计划扩展平台以纳入其 Models 产品线，这将把目前通过 SUNK 和 Tensorizer 提供的能力扩展至包括训练运行的实时跟踪与可视化、客户打包和工作流优化，以及进一步优化超参数、跟踪模型谱系并对开源和专有模型进行微调的能力。

- Weights & Biases Models. Following the closing of our announced acquisition of Weights & Biases, we intend to expand our platform to include their Models product-line, which will extend the capabilities we currently offer with SUNK and Tensorizer to include real-time tracking and visualization of training runs, customer packaging, and workflow optimization, and the ability to further optimize hyperparameters, track model lineage, and fine-tune both open-source and proprietary models.

- 推理优化与服务。我们的平台针对推理进行了优化，在提供这些工作负载有效运行所需的算力方面，带来无与伦比的灵活性、效率和获取能力。通过我们计划中的推理优化服务，客户将能够根据其特定的性能和成本要求，使用多样化的 GPU 资源池来合理配置其工作负载，并可按需预置所需资源，以匹配其工作负载的复杂程度。在收购交易交割完成后，我们计划将 Weights & Biases 的 Weave 产品整合到我们的推理优化服务中，实现对 LLM 和提示词的实时监控与调试，提供用于对生成式 AI 应用进行严格评估的额外工具，并提供对智能体和提示词的监控与调试。

- Inference Optimization & Services. Our platform is optimized for inference, delivering unparalleled flexibility, efficiency and access to the compute required to serve these workloads effectively. Through our planned inference optimization services, customers will be able to right-size their workloads with access to a varied GPU fleet customized to their specific performance and cost requirements, and can provision what they need when they need it to match the complexity of their workloads. Following the closing of the acquisition, we intend to integrate Weights & Biases’ Weave product into our inference optimization services, enabling the real-time monitoring and debugging of LLMs and prompts, offering additional tools for rigorous evaluation of generative AI applications, and providing monitoring and debugging agents and prompts.

任务控制与可观测性：对基础设施和工作负载提供全面可见性与控制 Mission Control & Observability: Delivering full visibility into and control over infrastructure and workloads

AI 算力基础设施汇集了多项前沿技术，包括最新、最强大的算力资源、高带宽内存、高速芯片间互连以及节点间连接。尽管这些技术带来了前所未有的性能，但也伴随着处理节点和系统故障的额外开销与复杂性。我们的 Mission Control & Observability 解决方案通过一套旨在确保基础设施组件在整个生命周期内实现最优配置与功能的服务，帮助客户管理其基础设施与运营，从而预防并快速修复问题、提升性能。Mission Control 由我们的 FLCC 和 NLCC 组成，并由我们的 Observability 解决方案予以补充。

AI compute infrastructure brings together multiple cutting-edge technologies including the latest and most powerful compute resources, high bandwidth memory, high-speed chip-to-chip interconnects, and node-to-node connectivity. While these technologies deliver unprecedented performance, they come with the additional overhead and complexity of dealing with node and system failures. Our Mission Control & Observability solution helps customers to manage their infrastructure and operations with a suite of services designed to ensure optimal setup and functionality of infrastructure components throughout their entire lifecycle, thereby preventing and rapidly remediating issues and enhancing performance. Mission Control consists of our FLCC and NLCC, and is complemented by our Observability solution.

- 集群生命周期控制器（FLCC）。我们的集群生命周期控制器可自动执行节点配置、测试和监控，以验证节点和系统在 Day 1 运营及之后的表现。

- Fleet LifeCycle Controller (FLCC). Our Fleet LifeCycle Controller automates node provisioning, testing, and monitoring to validate nodes and systems for Day 1 operations and beyond.

- 节点生命周期控制器（NLCC）。我们的节点生命周期控制器会主动评估节点的持续健康状况和性能，确保在问题节点引发故障之前将其替换为健康节点。FLCC 和 NLCC 均为运行在我们后端上的系统。

- Node LifeCycle Controller (NLCC). Our Node LifeCycle Controller proactively assesses ongoing node health and performance to ensure problematic nodes are replaced with healthy ones before they cause failures. Both FLCC and NLCC are systems that are running on our back-end.

- Observability。我们的 Observability 解决方案提供对丰富的节点级和系统级指标的访问，以补充 Mission Control 的能力，帮助预防或快速识别系统故障并恢复系统级性能。故障可能由多种原因引起，例如用户配置不当（内存分配问题）、软件更新行为异常、服务器组件故障，或高速节点间网络出现问题。客户可以收集其整个集群的指标并接收告警，使用可可视化整个集群或单个

- Observability. Our Observability solution provides access to a rich collection of node and system-level metrics to complement the capabilities of Mission Control that help prevent or quickly identify system faults and restore system-level performance. Faults can occur for various reasons, such as bad user configuration (memory allocation issues), misbehaving software updates, server component malfunctions, or issues in the high speed node-to-node network. Customers can collect and receive alerts on metrics across their fleet, using dashboards that visualize either the entire cluster or individual

作业的仪表盘，并在几分钟内识别根本原因问题，以及发现早期预警信号，从而替换或修复濒临故障的节点。我们的 Observability 解决方案使客户能够深入洞察其基础设施，直至单个 GPU 的温度。

jobs, and identify root-cause issues in a matter of minutes, as well as early warning signs that enable them to replace or repair nodes that are close to failure. Our Observability solution gives customers deep insight into their infrastructure down to the temperature of individual GPUs.

**CoreWeave 实时仪表盘**

**CoreWeave Real-Time Dashboard**

深度技术合作 Deep Technical Partnerships

我们的合作战略是通过与那些与我们拥有共同愿景——即赋能客户并加速 AI 生态系统——的公司建立深度技术合作伙伴关系和联系，来增强我们的能力。这些合作伙伴关系是我们构建产品和服务方式的核心：它们使我们能够释放技术栈更高层的能力，并作为抽象层，将我们的覆盖范围延伸至最终在我们基础设施上运行的更广泛客户群。通过我们的合作伙伴关系，我们得以推动 AI 运维/推理方面的增强（例如 Run:ai）、改善基础设施能力（例如 Datadog），并设计全新的专用数据架构（例如 Vast Data 和 Pure Storage）。我们的合作战略还延伸至我们与 NVIDIA 等供应商的关系与协作——我们将其 GPU 以高效且高性能的架构推向终端客户市场，以及与我们与 Switch 和 Chirisa Technology Parks 等数据中心提供商的关系——我们与其合作，整合针对 AI 工作负载性能需求定制的最前沿设计与冷却标准。

Our partnership strategy is to augment our capabilities by developing deep technical partnerships and relationships with companies that share our vision for empowering customers and accelerating the AI ecosystem. These partnerships are central to how we build our products and services: they enable us to unlock capabilities further up the stack and serve as layers of abstraction that extend our reach to a broader customer base who ultimately run on our infrastructure. Through our partnerships, we have been able to drive enhancements in AI Ops/inference (e.g., Run:ai), improve infrastructure capabilities (e.g., Datadog), and engineer new purpose-built data architectures (e.g., Vast Data and Pure Storage). Our partnership strategy further extends to our relationships and collaboration with suppliers like NVIDIA whose GPUs we bring to market in highly efficient and performant architecture for end customers, and to our data center providers such as Switch and Chirisa Technology Parks who we work with to integrate the most cutting-edge design and cooling standards customized for the performance requirements of AI workloads.

客户体验 Customer Experience

我们所有的解决方案都由我们技术精湛且专注于 AI 的客户体验团队提供支持，这些团队在 AI 算力、网络和存储方面提供深刻洞察与专业能力。我们团队深厚的 AI 专业能力是我们赢得全球一些领先 AI 实验室和 AI 企业信任的根本所在，因此我们特意以能够将我们的专业能力无缝延伸至客户的方式设计了我们的客户体验组织。我们的客户体验团队由以下人员组成：

All of our solutions are complemented by our highly skilled and AI specialized Customer Experience teams, which provide deep insights and expertise in AI compute, networking, and storage. Our teams’ deep AI expertise is fundamental to us gaining the trust of some of the world’s leading AI labs and AI enterprises, and so we have purposefully designed our Customer Experience organization in a way that seamlessly extends our expert capabilities to our customers. Our Customer Experience team is comprised of:

- 机群运营与云运营：为我们的 FLCC 和 NLCC 解决方案提供支持、并作为运营中心支持客户基础设施整体系统韧性的团队。我们的机群运营团队监控机群的运行情况，而我们的云运营团队则监控客户特定的部署。

- Fleet Ops and Cloud Ops: Teams that support our FLCC and NLCC solutions and function as operations centers supporting overall system resilience across our customers’ infrastructure. Our Fleet Ops team monitors how fleets are operating, while our Cloud Ops team monitors customer-specific deployments.

- 支持专家：专职的支持运营工程师和客户成功工程师，负责搭建部署并与客户合作，以尽可能快速高效地扩展工作负载。这些团队通过主动支持和资源帮助客户借助我们的产品实现其目标，并专注于在售后了解和支持客户，以培养长期关系。我们的工程专家团队全天候 24/7 待命，为客户提供协助并提供确保集群最佳性能所需的支持。支持专家还包括我们的文档团队，该团队创建并维护技术文档，以支持我们的客户成功、销售和营销团队。

- Support specialists: Dedicated Support Operations Engineers and Customer Success Engineers who are tasked with setting-up deployments and working with customers to scale workloads as quickly and efficiently as possible. These teams help our customers achieve their goals with our product through proactive support and resources and focus on understanding and assisting customers post-sale to foster long-term relationships. Our team of engineering experts is available 24/7 to assist customers and provide the support needed to ensure optimal cluster performance. Support specialists also include our Documentation team, which creates and maintains the technical documentation to support our customer success, sales, and marketing teams.

- 解决方案架构师：与我们的工程团队合作、确保客户基础设施以最佳性能运行的专家。我们的解决方案架构师专注于帮助客户理解我们的平台并从中获得价值，涵盖售前和售后流程，包括概念验证、实施、迁移至新架构以及持续的管理/部署。他们确保客户从其基础设施中获得最大价值，并协助完成释放我们平台领先性能所需的任何调优工作。

- Solutions architects: Experts who work with our engineering teams to ensure customer infrastructure runs at peak performance. Our solutions architects focus on helping customers understand and derive value from our platform, and cover both pre-sale and post-sale processes including proof-of-concept, implementation, switching to new architectures, and ongoing management/deployment. They ensure customers derive maximum value from their infrastructure and assist with any tuning work required to unlock the leading performance of our platform.

在我们整个平台上，我们致力于提供稳健的安全解决方案，以维护系统完整性、可用性和数据安全。我们使用自动化测试方法持续测试平台的安全漏洞，并设有专门负责渗透测试、企业漏洞管理和应用安全的团队。我们还设有一个安全运营团队，全天 24 小时实时监控安全事件，以提供持续保护。

Across our entire platform, we are committed to delivering robust security solutions that maintain system integrity, availability, and data security. We continuously test our platform for security vulnerabilities using automated testing methods and have teams dedicated to penetration testing, enterprise vulnerability management, and application security. We also have a Security Operations team that monitors security events in real time 24 hours a day to provide continuous protection.

我们的数据中心布局 Our Data Center Footprint

**CoreWeave 的数据中心网络**

**CoreWeave’s Data Center Network**

我们的平台由全球一些规模最大、最先进的数据中心提供支持，这些数据中心由最前沿的 GPU 加速器复杂安装构成。这些大型集群采用开创性的网络架构和“毫不妥协”的理念设计与构建，其核心是最大化 AI 工作负载的性能。我们数据中心部署的最先进硬件需要最具前瞻性的物理基础设施设计，以提供高性能的网络、电力和冷却特性。我们数据中心技术栈的每个组件都经过精心选择，以贡献并叠加这一性能优势。最终形成的是一个地理上分布式、高性能的数据中心布局，其基础是前沿组件、高密度设计配置和稳健的安全标准。

Our platform is powered by some of the largest and most sophisticated data centers in the world, consisting of complex installations of the most cutting-edge GPU accelerators. These large clusters are designed and built with pioneering network architectures and a “no compromise” philosophy that centers around maximizing performance for AI workloads. The state-of-the-art hardware deployed in our data centers requires the most forward thinking physical infrastructure designs to deliver highly performant networking, power, and cooling characteristics. Each component of our data center technology stack is purposefully selected to contribute to, and compound, this performance advantage. The result is a geographically distributed and highly performant data center footprint underpinned by cutting-edge components, high-density design configurations, and robust security standards.

- 前沿数据中心技术最大化机架密度。我们的数据中心经过精心设计，以最大化机架密度并提升单机架功率。它们采用先进的液冷系统，通过去除风冷系统所需的笨重冷水机组和气流管理设备，实现空间的高效利用。液冷系统更高的热容量还使我们能够将机架更紧密地排列在一起，支持更高的功率密度，同时防止系统因过热而性能下降。液冷系统虽然在支持密集、高功耗工作负载方面非常高效，但需要对数据中心进行根本性重新设计

- Cutting-edge data center technologies maximize rack density. Our data centers are purposefully designed to maximize rack density and drive power per rack. They utilize advanced liquid cooling systems that enable the efficient use of space by removing the bulky chillers and airflow management equipment required in air cooling systems. The improved heat capacity of liquid cooling systems also allows us to stand up racks closer together, supporting higher power density while preventing performance degradation of our systems due to overheating. Liquid cooling systems, while highly efficient at supporting dense, power-intensive workloads, require a fundamental redesign of the data

以容纳必要的管道、泵和热交换器。这通常需要设置单独的下层地板来容纳布线和管道基础设施，同时保持主楼层更加有序和紧凑，以提升密度。

center in order to accommodate necessary piping, pumps, and heat exchangers. This often entails having a separate subfloor to contain routing and plumbing infrastructure while keeping the main floor more organized and compact to drive density.

**CoreWeave 首个采用液冷的 NVIDIA GB200 NVL72 集群**

**CoreWeave’s First NVIDIA GB200 NVL72 Cluster With Liquid Cooling**

这些设计要求使得传统云服务商无法在不经历耗时且昂贵的改造挑战的情况下最大化其数据中心容量，因为它们受制于大量现有的风冷数据中心布局和建设计划。液冷系统及其释放的更高功率密度和效率，并非锦上添花的功能，而是任何专为 AI 构建的基于 GPU 的基础设施的必要组成部分。

These design requirements render traditional cloud service providers, who are tied to significant existing air-cooled data center footprints and buildout plans, incapable of maximizing their data center capacity without time intensive and costly retrofitting challenges. Liquid cooling systems and the greater power density and efficiency it unlocks, is not a nice-to-have feature but rather an essential component of any GPU-based infrastructure that is purpose-built for AI.

- 广泛布局。我们构建了一个分布式、互联互通的数据中心组合，在靠近主要人口中心的地方提供高密度算力，从而最小化最终用户的延迟。我们的组合覆盖美国各城市，并正迅速扩展至欧洲的新市场，为当前算力受限的地区提供高算力容量。

- Broad Footprint. We have architected a distributed and interconnected portfolio of data centers that delivers a high density of compute close to major population centers, thereby minimizing latency for end users. Our portfolio covers cities spanning the United States and is rapidly expanding into new markets in Europe, delivering high-compute capacity to regions that are currently capacity constrained.

- 大规模。交付高性能且灵活的基础设施意味着建设高容量数据中心，能够针对突发工作负载（即需求的突然激增）快速从数十兆瓦扩展至数百兆瓦。我们利用暗光纤连接实现快速高效的数据中心间互联，并使客户工作负载能够跨区域突发。通过高速互连将多个活跃的专用数据中心连接起来，我们为针对 AI 工作负载优化的大规模超级计算机提供所需的灵活算力，并能够扩展该算力以满足客户需求。

- Massive Scale. Delivering highly performant and flexible infrastructure means building high capacity data centers that can quickly scale from tens to hundreds of megawatts in response to burst workloads, i.e., sudden surges in demand. We leverage dark fiber connectivity to deliver rapid and efficient inter-data-center connectivity and enable customer workloads to burst across regions. By connecting multiple active purpose-built data centers with high speed interconnects, we deliver the flexible compute required for large scale supercomputers optimized for AI workloads, and can scale this compute to match our customers’ needs.

- 内嵌安全。我们以行业领先的安全标准和认证（包括 SOC 2 和 ISO 27001）强化基础设施，确保客户获得最稳健的数据安全实践。我们的安全措施还延伸至物理安全，在背景调查、访问控制、安全意识培训和零信任框架方面采用严格标准。这种多层次方法确保我们数据中心各个层面均具备安全、有韧性的运行环境。

- Embedded Security. We reinforce our infrastructure with industry leading security standards and certifications, including SOC 2 and ISO 27001, to ensure that customers are met with the most robust data security practices. Our security measures also extend to our physical security, where we employ rigorous standards around background checks, access control, security awareness training, and a zero-trust framework. This multi-layered approach ensures a secure, resilient operating environment at every level of our data centers.

总而言之，这些设计考量使我们能够以空前的规模交付业内部分性能最强、最高效且最安全的基础设施部署。我们的创新还超越为数据中心提供动力的物理硬件和基础设施，延伸至配套软件和基础设施服务。这使客户能够运行其 AI 任务，而无需自行管理底层基础设施的负担。

Altogether, these design considerations have enabled us to deliver some of the most performant, efficient, and secure infrastructure deployments in the industry, at unprecedented scale. Our innovation also extends beyond the physical hardware and infrastructure powering our data centers to the supporting software and infrastructure services. This allows customers to run their AI jobs without the burden of managing the underlying infrastructure themselves.

截至 2024 年 12 月 31 日，我们拥有超过 360 MW 的活跃电力以及约 1.3 GW 的总合同电力。这包括位于美国 15 个州的 32 个尖端数据中心设施，以及位于三个国家的设施。重要的是，我们的电力容量以大型单体部署形式提供，能够服务大型基础设施集群，这对我们的大型客户至关重要。

As of December 31, 2024, we had more than 360 MW of active power and approximately 1.3 GW of total contracted power. This includes 32 cutting-edge data center facilities in the United States across 15 states, as well as facilities in three countries. Importantly, our power capacity is available in large individual deployments that are capable of serving large infrastructure clusters, which is critical for our larger customers.

2024 年 5 月，我们在伦敦开设了欧洲总部，以协助推进我们向欧洲的扩张。我们最初的欧洲扩张包括位于英国、西班牙和瑞典的五个站点。2024 年 6 月，我们宣布投资 $2.2 billion 在西班牙和瑞典扩张并在挪威启动业务，我们预计到 2025 年底这将使我们的 MW 容量增加一倍以上。

In May 2024, we opened our European headquarters in London to help facilitate our expansion to Europe. Our initial expansion to Europe includes five sites in the United Kingdom, Spain, and Sweden. In June 2024, we announced a $2.2 billion investment to expand in Spain and Sweden and launch in Norway, which we expect will more than double our MW of capacity by the end of 2025.

我们的文化与价值观 Our Culture and Values

我们的使命是赋能智能的创造与交付，以驱动创新。为完成这一使命，我们高度重视团队，并强调强大文化的重要性。我们多元化的跨学科团队建立在一种“说 yes”、直面并攻克复杂工程挑战的文化之上。我们汇聚了领先的工程与市场推广团队，我们认为其拥有在规模化加速计算领域无可匹敌的知识储备。这些团队同步协作，交付我们的 CoreWeave 云平台，并为我们的客户在 AI 工作负载中实现最大性能。为保持这一竞争优势并持续创新，我们始终专注于打造包容的工作环境，让团队成员能够突破可能的边界，并赋能员工在高度协作的环境中借助合适的工具成长与成功。

Our mission is to power the creation and delivery of the intelligence that drives innovation. To succeed in this mission, we place great value on our team and emphasize the importance of a strong culture. Our diverse, multidisciplinary team is founded on a culture of saying yes and facing and overcoming complex engineering challenges. We have assembled leading engineering and go-to-market teams with what we believe is an unmatched knowledge base in accelerated computing at scale. These teams work synchronously to deliver our CoreWeave Cloud Platform and drive the maximum performance in AI workloads for our customers. To maintain this competitive advantage and continue to innovate, we remain focused on building an inclusive working environment in which our team members can push the boundaries of what is possible, and we empower our employees to grow and succeed with the right tools in a highly collaborative environment.

我们创建并灌输了一套核心价值观，我们的员工每天都予以践行和体现。

We have created and instilled a set of Core Values that our employees embrace and demonstrate each day.

我们的核心价值观包括：

Our Core Values include:

- 保持好奇之心。我们培养持续学习的心态，深知好奇心驱动创新，是保持领先于竞争对手的关键。好奇心是一股驱动力，让我们得以探索推动边界、挑战现状并更好地服务客户的想法与创新。

- Be Curious at Your Core. We foster a mindset of continuous learning, understanding that curiosity drives innovation and is essential in staying ahead of our competition. Curiosity is a driving force that allows us to explore ideas and innovations that push boundaries, challenge the status quo, and better serve our customers.

- 像主人翁一样行事。我们对自身工作和决策承担全部责任，为任何挑战寻找最佳解决方案。我们主动作为、对自身负责，并营造一种让每个人都感到被赋能、为我们的成功贡献力量的文化。

- Act Like an Owner. We take full responsibility for our work and our decisions to find the best solution to any challenge. We take initiative, hold ourselves accountable, and foster a culture where everyone feels empowered to contribute to our success.

- 赋能员工。我们彼此信任以做出决策、透明沟通，并明确我们的目标。我们以成功所需的工具、资源和反馈相互支持。

- Empower Employees. We trust each other to make decisions, communicate transparently, and are clear on our goals. We support each other with the tools, resources, and feedback necessary to succeed.

- 交付一流的客户体验。我们竭尽全力理解客户需求，力求在每一步超越期望。我们对卓越的承诺确保我们建立持久的合作伙伴关系，并树立卓越服务的标准。

- Deliver Best-in-Class Customer Experiences. We go above and beyond to understand our clients’ needs and aim to exceed expectations at every step. Our commitment to excellence ensures we build lasting partnerships and set the standard for exceptional service.

- 共同成就更多。协作是我们成功的核心。携手并进，我们释放更大潜能，更有效地解决挑战。我们相信，通过利用多元视角、相互支持并作为一个团队协同工作，我们能够完成远超单打独斗所能取得的成就。

- Achieve More Together. Collaboration is at the heart of our success. Together, we unlock greater potential and solve challenges more effectively. We believe that by leveraging diverse perspectives, supporting each other, and working as one team, we can accomplish more than we could ever do alone.

我们还致力于多元、包容与归属感：

We are also committed to diversity, inclusion and belonging:

- 多元。确保在背景、技能组合和视角上的多元——这对持续创新、将新产品推向市场以有效服务我们的客户群体和新的 AI 用例而言，具有业务上的关键意义。

- Diversity. Ensuring diversity—in background, skill set, and perspective—which is business critical to continuing to innovate and bring new products into the market to effectively serve our customer base and new AI use cases.

- 包容。确保所有员工都有机会学习、成长、发展，并做出其职业生涯中最出色的工作。

- Inclusion. Ensuring all employees have opportunities to learn, grow, develop, and perform the best work of their lives.

- 归属感。确保我们所有员工都感到自己是 CoreWeave 有意义的一部分，并且对他们而言至关重要。

- Belonging. Ensuring that all our employees feel they are a meaningful part of CoreWeave and they matter.

截至 2024 年 12 月 31 日，我们拥有 881 名员工，其中 791 名在美国，90 名在其他五个国家。我们致力于识别、吸引和留住认同我们使命并将帮助我们推进使命的员工，并力求提供具有竞争力的现金和股权薪酬。我们相信我们与员工关系良好，我们强大的文化使我们与众不同，是业务成功的关键驱动力。

As of December 31, 2024, we had 881 employees, with 791 in the United States and 90 in five other countries. We work to identify, attract, and retain employees who are aligned with and will help us progress with our mission, and we seek to provide competitive cash and equity compensation. We believe we have a good relationship with our employees and our strong culture differentiates us and is a key driver of business success.

我们的客户 Our Customers

我们提供的解决方案被各种规模、需要复杂 AI 算力的组织所使用，从最大的企业到资金充裕的小型初创公司。我们目前的客户被划分为两个关键垂直领域：AI 原生公司和 AI 企业。这些垂直领域内的公司包括 AI 的构建者、AI 的集成者，以及那些商业模式成功在很大程度上取决于在其核心产品和技术栈中部署 AI 能力的公司。我们的差异化优势在于我们提供的专业 AI 基础设施，并在第一天就向客户开放，这使他们能够加快上市时间并实现更低的总拥有成本。我们将管理基础设施的全部负担从客户转移到我们的平台上，使他们能够将更多时间用于构建模型、提供模型服务，或专注于关键战略优先事项，例如扩大客户群或制定产品路线图。

We offer a solution used by organizations of all sizes that require sophisticated AI compute, from the largest of enterprises to small, well-funded start-ups. Our customers today are segmented into two key verticals: AI Natives and AI Enterprises. Companies within these verticals include the builders of AI, the integrators of AI, and those that have business models whose success largely hinges on deploying AI capabilities in their core products and technology stack. Our differentiation lies in the specialized AI infrastructure that we deliver and make accessible to our customers on Day 1, which enables them to accelerate their time to market and achieve lower total costs of ownership. We shift the entire burden of managing infrastructure from our customers to our platform, allowing them to spend more time building models, serving models, or focusing on critical strategic priorities such as growing their customer base or developing their product roadmaps.

#### 我们的客户垂直领域

#### Our Customer Verticals

我们的客户包括：

Our customers include:

- AI 原生公司：核心竞争力和唯一专注点就是 AI 的客户。这些公司充当市场重要的抽象层，使各行业的最终客户能够通过访问基础模型的能力来释放 AI 的力量。该垂直领域包括：

- AI Natives: Customers whose core competency and singular focus is AI. These companies serve as important layers of abstraction for the market and enable end customers across industries to unlock the power of AI by accessing the power of foundational models. This vertical includes:

- AI 实验室：通过专有数据集构建自有基础模型，并创建产品将这些模型推向市场的研究组织。虽然这些实验室往往更侧重于构建通用模型，但行业特定的 AI 实验室，例如 Chan Zuckerberg Initiative Foundation 旗下支持生命科学研究的人工智能集群，预计将成为该细分领域日益增长的一部分。这些 AI 实验室通过 API 向各种规模和形态的企业提供其通用模型或这些模型的定制版本，以支持日益广泛的应用。我们的 AI 实验室客户包括 Cohere、Mistral AI 和 OpenAI 等。

- AI Labs: Research organizations building their own foundational models through proprietary datasets, and creating products to deliver those models to the market. While these labs have tended to focus more on building general-purpose models, industry-specific AI labs, such as the AI cluster at the Chan Zuckerberg Initiative Foundation supporting research in the life sciences, are expected to become a growing part of this segment. These AI labs deliver their general purpose models or custom versions of those models via APIs to businesses of all shapes and sizes in order to power a growing range of applications. Our AI Lab customers include, among others, Cohere, Mistral AI, and OpenAI.

- AI Ops / ML Ops：在云基础设施之上提供软件或平台解决方案的组织，使有推理或训练需求的企业更容易采用 AI。这些公司提供一系列解决方案，包括访问预训练模型中心和数据集、简化模型部署的 API，以及帮助优化训练和微调技术的专用工具。该领域的公司将成为 AI 及其更广泛采用的关键推动者，因为它们将支持那些缺乏意愿、专业知识或财务手段通过自己的研究团队和专用基础设施构建专有模型的客户。AI Ops / ML Ops 客户包括 Replicate 等。

- AI Ops / ML Ops: Organizations providing software or platform solutions “up the stack” from cloud infrastructure to make AI adoption easier for businesses with inference or training needs. These companies provide a range of solutions, including access to pre-trained model hubs and datasets, APIs to streamline model deployment, and dedicated tooling that helps optimize training and fine-tuning techniques. Companies within this space will be critical enablers of AI and its broader adoption as they will support customers who either lack the willingness, expertise, or financial means to build proprietary models through their own research teams and dedicated infrastructure. AI Ops / ML Ops customers include, among others, Replicate.

- AI 企业：业务和产品并非 AI、但正被 AI 驱动的大型公司。此类公司包括《财富》500 强企业及其他大型企业，其商业模式正通过自身研发努力日益实现 AI 赋能，和/或直接利用 AI 推动内部效率提升。迄今为止，我们已看到大型科技公司、金融机构和生命科学公司在采用我们平台方面的初步进展，客户包括 Meta、IBM、Microsoft 和 Jane Street。

- AI Enterprises: Large companies whose business and product are not AI, but are being driven by AI. These include Fortune 500 companies and other large enterprises with business models that are increasingly AI-enabled through their own development efforts and/or that leverage AI directly to drive internal efficiency gains. We have seen initial traction in adopting our platform from big tech, financial institutions, and life sciences companies to date with customers such as Meta, IBM, Microsoft, and Jane Street.

除我们直接销售的 AI 原生公司和 AI 企业外，还有一大块市场间接使用我们的平台、解决方案和服务。这包括数以万计尚未自建 AI 模型或系统、但使用 AI 原生公司所开发解决方案的企业。随着 AI 持续找到产品市场契合点，我们预计这些企业将通过 AI 实验室增加对我们平台的间接消费。此外，随着这些企业消费的增加，以及我们的产品路线图不断演进并向技术栈上层垂直化发展，我们预计将通过我们的专用解决方案和合作伙伴关系，直接服务更多此类企业客户。

In addition to the AI Natives and AI Enterprises who we sell to directly, there is a large segment of the market that uses our platform, solutions and services indirectly. This includes the tens of thousands of enterprises that have not yet built in-house AI models or systems, but who use solutions developed by AI Natives. As AI continues to find product market fit, we expect these enterprises to grow their indirect consumption of our platform through AI labs. Furthermore, as these enterprises increase their consumption and our product roadmap evolves and verticalizes up-the-stack, we expect that we will serve more of these enterprise customers directly through our dedicated solutions and partnerships.

截至 2024 年 12 月 31 日，已签约客户的加权平均合同期限约为四年。由于我们专注于从事 AI 训练和推理的领先机构，在截至 2022 年 12 月 31 日和 2023 年 12 月 31 日的年度中，我们分别约有 41% 和 73% 的收入来自前三大客户。在截至 2024 年 12 月 31 日的年度中，我们约有 77% 的收入来自前两大客户。在截至 2024 年 12 月 31 日的年度中，没有其他客户占我们收入的 10% 或以上。在截至 2022 年 12 月 31 日的年度中，我们最大的客户占我们收入的 16%。在截至 2023 年 12 月 31 日和 2024 年 12 月 31 日的年度中，我们最大的客户是 Microsoft，分别占我们收入的 35% 和 62%。此外，将我们截至 2024 年 12 月 31 日的 151 亿美元 RPO 余额与下文所述我们近期与 OpenAI 签署的《主服务协议》带来的最高 115.5 亿美元未来增量收入合并计算，Microsoft 在我们预期未来已承诺合同收入中的占比将低于 50%。

Contracted customers had a weighted average contract term of approximately four years as of December 31, 2024. Due to our focus on the leading organizations engaged in AI training and inference, we recognized an aggregate of approximately 41% and 73% of our revenue from our top three customers for the years ended December 31, 2022 and 2023, respectively. We recognized an aggregate of approximately 77% of our revenue from our top two customers for the year ended December 31, 2024. None of our other customers represented 10% or more of our revenue for the year ended December 31, 2024. For the year ended December 31, 2022, our largest customer accounted for 16% of our revenue. For the years ended December 31, 2023 and 2024, our largest customer was Microsoft, which accounted for 35% and 62% of our revenue, respectively. Additionally, Microsoft will represent less than 50% of our expected future committed contract revenue when combining our RPO balance of $15.1 billion as of December 31, 2024 and up to $11.55 billion of future incremental revenue from our recently signed Master Services Agreement with OpenAI as described below.

2023 年 2 月，我们与 Microsoft 签订了主服务协议（“Microsoft 主服务协议”），据此，我们通过履行 Microsoft 向我们提交的预留容量订单，向 Microsoft 提供对我们的基础设施和平台服务的访问权限，该等订单可经我们与 Microsoft 双方协商一致后修订。根据 Microsoft 主服务协议，我们在截至 2023 年 12 月 31 日和 2024 年 12 月 31 日的年度分别确认了$81 million 和$1.2 billion 的收入。Microsoft 主服务协议将持续有效，直至 Microsoft 主服务协议项下所有未完成订单到期或终止，或 Microsoft 主服务协议根据其条款以其他方式终止。任何一方均可因故终止 Microsoft 主服务协议：(i)在向另一方发出违约书面通知后 45 天，或(ii)另一方被申请破产或其他破产程序、被接管、清算或为债权人利益进行转让。

In February 2023, we entered into a Master Services Agreement (the “Microsoft Master Services Agreement”) with Microsoft, pursuant to which we provide Microsoft with access to our infrastructure and platform services through fulfillment of reserved capacity orders submitted to us by Microsoft and as may be amended upon our and Microsoft’s mutual agreement. We have recognized revenue of $81 million and $1.2 billion for the years ended December 31, 2023 and 2024, respectively, pursuant to the Microsoft Master Services Agreement. The Microsoft Master Services Agreement will remain in place until either all outstanding orders under the Microsoft Master Services Agreement are expired or terminated, or the Microsoft Master Services Agreement is otherwise terminated in accordance with its terms. Either party may terminate the Microsoft Master Services Agreement for cause (i) upon 45 days’ written notice to the other party of a breach or (ii) if the other party becomes subject to a bankruptcy petition or other insolvency proceeding, receivership, liquidation or assignment for the benefit of creditors.

2025 年 3 月，我们与 OpenAI 签订了主服务协议（“OpenAI 主服务协议”），据此，我们通过履行 OpenAI 向我们提交的预留容量订单，向 OpenAI 提供云计算容量的访问权限，该等订单可经我们与 OpenAI 双方协商一致后修订。截至 2025 年 3 月 11 日，在受下述任何终止条款约束且满足交付和服务可用性要求的前提下，OpenAI 已承诺在截至 2030 年 10 月期间向我们支付最高约$11.9 billion。OpenAI 主服务协议将持续有效，直至 OpenAI 主服务协议项下所有未完成订单到期或终止，或 OpenAI 主服务协议根据其条款以其他方式终止。任何一方均可因故终止 OpenAI 主服务协议（及其项下任何订单）。根据 OpenAI 主服务协议项下的未完成订单，我们已于 2025 年 3 月 14 日设立一家特殊目的实体，其形式和实质令 OpenAI 合理满意，该实体将持有相关基础设施，我们拟由该特殊目的实体举债以为 OpenAI 主服务协议项下的义务提供融资。

In March 2025, we entered into a Master Services Agreement (the “OpenAI Master Services Agreement”) with OpenAI, pursuant to which we provide OpenAI access to cloud computing capacity through fulfillment of reserved capacity orders submitted to us by OpenAI and as may be amended upon our and OpenAI’s mutual agreement. As of March 11, 2025, subject to any termination described below and satisfaction of delivery and availability of service requirements, OpenAI has committed to pay us up to approximately $11.9 billion through October 2030. The OpenAI Master Services Agreement will remain in place until either all outstanding orders under the OpenAI Master Services Agreement are expired or terminated, or the OpenAI Master Services Agreement is otherwise terminated in accordance with its terms. Either party may terminate the OpenAI Master Services Agreement (and any orders thereunder) for cause. Under the outstanding order under the OpenAI Master Services Agreement, we have established a special purpose vehicle by March 14, 2025 that is reasonably satisfactory in form and substance to OpenAI that will hold the infrastructure, and we intend for the special purpose vehicle to incur indebtedness to finance the obligations under the OpenAI Master Services Agreement.

我们已同意根据 OpenAI 主服务协议的条款，并依据与 OpenAI 签订的股票发行协议（“OpenAI 股票发行协议”），向 OpenAI 发行若干股我们的 A 类普通股，总价值为$350.0 million，每股价格等于首次公开发行价格。更多信息请参见标题为“同步股份发行”的章节。

We have agreed to issue to OpenAI, in accordance with the terms of the OpenAI Master Services Agreement and pursuant to a stock issuance agreement (the “OpenAI Stock Issuance Agreement”) with OpenAI, a number of shares of our Class A common stock equal to $350.0 million valued at a price per share equal to the initial public offering price. For more information, see the section titled “Concurrent Share Issuance.”

我们专注于承诺合同以及来自全球部分领先 AI 提供商的收入，这是有意为之，因为这些紧密关系使我们得以快速扩张，并为我们提供了独特洞察，帮助我们大规模交付高性能、高效率的 AI 算力。反过来，我们使这些客户能够将更好的 AI 融入其产品，从而加快上市速度并扩大采用范围，进而巩固他们对我们平台的持续采用。

Our focus on committed contracts and revenue from some of the world’s leading providers of AI is deliberate in that these close relationships have allowed us to scale rapidly and provide us with unique insights into delivering highly performant and efficient AI compute at scale. In turn, we enable these customers to incorporate better AI into their products to drive faster time to market and broader adoption, thereby reinforcing their continued adoption of our platform.

#### 客户案例研究

#### Customer Case Studies

我们相信，以下案例研究展示了我们部分客户如何选择、部署我们的平台、解决方案和服务并从中受益。我们重点介绍了不同行业中不同规模和类型的客户。我们的客户会根据多种因素获得不同的结果，这些案例研究未必能代表这些类型或其他类型其他客户所取得的结果。

We believe the following case studies are examples of how some of our customers have selected, deployed and benefited from our platform, solutions and services. We have highlighted customers of varying size and types across different industries. Our customers experience different results depending on a number of factors, and these case studies are not necessarily representative of the results achieved by other customers of these types or otherwise.

#### Replicate

#### Replicate

- 背景：Replicate 使开发者能够轻松运行、微调和部署公开及私有机器学习模型。其基于云的 API 可简单集成 AI 能力，无需管理底层基础设施。企业依赖 Replicate 的平台来集成和扩展生成式 AI 应用（无论是文本、图像还是视频生成）的推理工作负载，覆盖其终端用户。

- Background: Replicate enables developers to easily run, fine-tune, and deploy both public and private machine learning models. Its cloud-based API allows for simple integration of AI capabilities without the need to manage the underlying infrastructure. Businesses rely on Replicate’s platform to integrate and scale inference workloads for generative AI applications – whether it be text, image, or video generation – across their end users.

- 挑战：在 Replicate 平台上运行的许多工作负载属于实时应用，用户期望近乎即时的响应。推理工作负载的高度可变性意味着 Replicate 需要能够根据用户需求动态扩展其平台。市场上其他云解决方案未能提供满足这些需求所需的能力和基础设施——它们缺乏最新一代 GPU 算力基础设施，遭遇瓶颈拖慢了 Replicate 的平台，并且在所需性能水平下规模化后成本高得令人望而却步。为实现让 AI 更易获取的使命，Replicate 需要一个可靠、弹性且高性能的解决方案，能够以最短停机时间应对突发工作负载，即使基础设施被推至最大性能。Replicate 还要求解决方案提供更低的性能调整后成本，以经济高效的方式支持其按使用付费的定价模式。

- Challenge: Many of the workloads that run on Replicate’s platform are for real-time applications where users expect near-instantaneous responses. The high variability nature of inference workloads meant that Replicate needed to be able to dynamically scale its platform in response to user demand. Other cloud solutions in the market did not offer the right set of capabilities and infrastructure to meet these needs – they lacked latest generation GPU-compute infrastructure, experienced bottlenecks that slowed down Replicate’s platform, and became cost prohibitive at scale for the level of performance required. To achieve its mission of making AI more accessible, Replicate needed a reliable, elastic, and highly performant solution that could accommodate burst workloads with minimal downtime, even as infrastructure was pushed to its maximum performance. Replicate also required a solution that provided lower performance-adjusted cost to support its pay-per-use pricing model in a cost-efficient way.

- 解决方案与成果：

- Solution & Outcomes:

- 自 2022 年以来，Replicate 选择 CoreWeave 作为其云服务商，为其推理需求获取高性能算力，利用 CoreWeave 以全托管形式交付的全栈云平台。

- Since 2022, Replicate has selected CoreWeave as its cloud provider to unlock access to high- performance compute for its inference needs, leveraging CoreWeave’s full-stack cloud platform delivered in a fully managed format.

- 大幅简化的基础设施管理使 Replicate 能够更专注于平台创新和客户互动建设，减少对运营高度复杂基础设施的投入。

- Radically simplified infrastructure management enabled Replicate to focus more on innovating across its platform and building client engagement and less on operating highly complex infrastructure.

- CoreWeave 的可观测性工具为 Replicate 提供了关于计费和资源利用的宝贵洞察。

- CoreWeave’s observability tools provided Replicate with valuable insights into billing and resource utilization.

- 客户评价：

- Customer Quote:

- “CoreWeave 是我们的关键云服务商，在使我们高要求的推理工作负载实现无缝扩展方面发挥了关键作用。CoreWeave 提供了高性能、韧性和可靠性，直接使我们能够让客户以极低的阻力访问并微调市场上一些最优秀的 AI 模型。”——Replicate 首席执行官 Ben Firshman

- “CoreWeave is our key cloud provider and has been instrumental in enabling our demanding inference workloads to scale seamlessly. CoreWeave has delivered high performance, resilience, and reliability that directly enables us to allow our customers to access and fine tune some of the best AI models on the market with minimal friction.” - Ben Firshman, CEO at Replicate

#### Jane Street

#### Jane Street

- 免责声明：Jane Street 是我们的客户，也是我们的投资者之一。

- Disclaimer: Jane Street is a customer and one of our investors.

- 背景：Jane Street 是一家全球性、技术驱动的流动性提供商和交易公司。它利用先进的定量分析和对市场机制的深刻理解，即使在最具挑战性的情况下也能进行交易。其前沿研究已日益依赖 GPU 驱动的算力。

- Background: Jane Street is a global, technology-driven liquidity provider and trading firm. It leverages sophisticated quantitative analysis and a deep understanding of market mechanics to trade in even the most challenging situations. Its cutting-edge research has become increasingly dependent on GPU-powered compute.

- 挑战：Jane Street 需要一套灵活的全栈解决方案，以满足其对可扩展性、效率和安全性的要求。Jane Street 需要可靠地获取最先进的 GPU 基础设施，以训练其下一代交易模型，同时保持适应快速演进技术的敏捷性。

- Challenge: Jane Street required a flexible, full-stack solution that would meet its demands for scalability, efficiency, and security. Jane Street needed reliable access to state-of-the-art GPU infrastructure to train its next generation of trading models while maintaining the agility to adapt to rapidly evolving technology.

- 解决方案与成果：

- Solution & Outcomes:

- 自 2024 年以来，Jane Street 一直依赖 CoreWeave 提供专为 Jane Street 运营的高性能和安全要求而构建的全栈算力解决方案。

- Since 2024, Jane Street has relied on CoreWeave to provide a full-stack compute solution purpose-built for the high performance and security requirements of Jane Street’s operations.

- 在设计、执行和扩展其自有专有模型时，Jane Street 受益于 CoreWeave 广泛而灵活的产品组合，包括直接连接、专用存储、升级选项等。

- Jane Street benefited from the broad and flexible array of CoreWeave’s offerings, including direct connections, dedicated storage, upgrade options, and more, when designing, executing, and scaling its own proprietary models.

- 通过 CoreWeave，Jane Street 能够及时获取最新的前沿基础设施技术，并以完全托管的方式交付，从而实现工作负载的快速部署。

- Through CoreWeave, Jane Street was able to obtain timely access to the latest cutting-edge infrastructure technologies, delivered in a fully managed fashion that enabled rapid deployment of workloads.

- CoreWeave 为 Jane Street 提供了可扩展性，使 Jane Street 能够扩展其训练和推理工作负载。

- CoreWeave provided Jane Street with scalability, enabling Jane Street to grow its training and inference workloads.

- 得益于 CoreWeave 的高性能算力专长，Jane Street 实现了更高的整体算力性能。

- Jane Street achieved higher overall compute performance thanks to CoreWeave’s high-performance compute specialization.

- 客户评价：

- Customer Quote:

- “在看到 CoreWeave 团队行动之迅速、率先将 Hopper 上线之后，我们决定选择 CoreWeave 作为我们的高性能云服务商。我们需要快速获得最前沿的硬件，而我们相信 CoreWeave 能比任何其他服务商更快地交付。CoreWeave 具备韧性的高性能算力基础设施，是我们能够快速构建的根本保障，因为 CoreWeave 交付了一个可靠的集群，能够承受我们高强度的训练需求。CoreWeave 深厚的技术能力和出色的可扩展性，在推动算法交易领域突破可能性边界方面发挥了关键作用。”——Craig Falls,Jane Street 量化研究主管

- “We decided on CoreWeave as our high-performance cloud provider after we saw how fast the CoreWeave team moved and got Hopper online first. We needed access to the latest cutting-edge hardware quickly, and we trusted CoreWeave to deliver it faster than any other provider. CoreWeave’s resilient, high-performance compute infrastructure is fundamental to allowing us to build quickly, as CoreWeave delivered a reliable cluster that could withstand our intense training requirements. CoreWeave’s deep technical capabilities and extensive scalability have been instrumental in pushing the boundaries of what’s possible in algorithmic trading.” - Craig Falls, Head of Quant Research, Jane Street

#### Mistral AI

#### Mistral AI

- 背景：Mistral AI 是一家总部位于巴黎的领先 AI 实验室，开发开源 AI 模型。其最新模型 Mistral Large 是全球性能最高的 LLM 之一，可通过

- Background: Mistral AI is a leading Paris-based AI lab that develops open-source AI models. Its most recent model, Mistral Large, is one of the world’s highest-performance LLMs available through an

API 使用，在多项关键基准测试中表现卓越，包括大规模多任务语言理解（MMLU）、数学与编程任务以及复杂推理挑战。自成立以来，Mistral 的使命一直聚焦于让前沿 AI 无处不在，并为构建者提供高质量的定制化解决方案。

API, demonstrating remarkable performance across multiple critical benchmarks, including the Measuring Massive Multitask Language Understanding (MMLU), math and coding tasks, and complex reasoning challenges. From inception, Mistral’s mission has been focused on making frontier AI ubiquitous and providing high-quality, tailor-made solutions to builders.

- 挑战：为履行使命并训练 Mistral Large 等前沿基础模型，Mistral 需要一个用于其训练工作负载的云计算平台，能够以较低的性价比成本提供快速、灵活的算力。具体而言，Mistral 需要一个大型高性能 GPU 集群，能够在单一 InfiniBand 网络上扩展至数千块 GPU。由于 Mistral 对 Slurm 调度系统运用娴熟，它也强烈希望使用 Slurm 来启动作业。此外，Mistral 无法在基础设施管理上耗费时间，需要一个云解决方案来卸下管理前沿高性能基础设施这一艰巨的运营工作。

- Challenge: To fulfill its mission and train bleeding-edge foundational models like Mistral Large, Mistral required a cloud computing platform for its training workloads that could provide access to rapid, flexible compute at a low performance-adjusted cost. Specifically, Mistral required a large high-performance GPU cluster that could scale to thousands of GPUs on a single InfiniBand fabric. Mistral also strongly desired to use Slurm to launch its jobs, due to its fluency with the scheduling system. In addition, Mistral could not afford to spend time on infrastructure management and needed a cloud solution that would offload the challenging operational aspects of managing bleeding-edge high-performance infrastructure.

- 解决方案与成果：

- Solution & Outcomes:

- Mistral 于 2023 年选择 CoreWeave，原因是 CoreWeave 的 ML Perf 基准测试表现强劲，且 CoreWeave 在为大型 GPU 集群交付基于 InfiniBand 的网络方面拥有良好记录，相比基于以太网的网络集群可带来显著的性能提升。

- Mistral selected CoreWeave in 2023 due to the strength of CoreWeave’s ML Perf benchmarks and CoreWeave’s track record of delivering InfiniBand-based networks for large GPU clusters that provided significant performance gains over clusters with ethernet-based networking.

- CoreWeave 云平台提供了对基于 NVIDIA H100 Tensor Core GPU 的基础设施的即时访问，使 Mistral 得以提升训练运行速度，并在成立仅几个月后发布了 Mistral-7B。

- The CoreWeave Cloud Platform provided immediate access to NVIDIA H100 Tensor Core GPU-based infrastructure, which enabled Mistral to increase the speed of its training runs and release Mistral-7B only a few months after founding.

- CoreWeave 的 Mission Control 生命周期自动化在运行大规模训练工作负载并以最高性能运行时，对监控和维护基础设施健康发挥了关键作用。这一自动化卸下了 Mistral 小团队管理基础设施的重担，使团队能够专注于构建高质量模型的使命，高效执行其 AI 路线图，并最终让模型更快推向市场。

- CoreWeave’s Mission Control lifecycle automation was instrumental in monitoring and maintaining infrastructure health while running massive training workloads at maximum performance. This automation offloaded the burden of managing infrastructure from Mistral’s small team, allowing the team to focus on its mission of building high-quality models, executing their AI roadmap efficiently, and ultimately getting their models to market faster.

- CoreWeave 作为客户与 Mistral 建立了深厚的技术合作伙伴关系，涉及在共享 GitOps 仓库中基于 Kubernetes 的持续交付模式，最终将运营职责从 Mistral 手中移除。

- CoreWeave’s deep technical partnership with Mistral as a customer involved a Kubernetes-based continuous delivery model in a shared GitOps repository, which ultimately removed operational responsibilities from Mistral’s hands.

- 随着时间的推移，CoreWeave 已成为 Mistral 首选的算力提供商，因为它能够借助最新的先进 NVIDIA 架构交付性能更优的部署，同时通过其自动化、监控和基础设施健康管理软件降低每 FLOP 的成本。

- Over time, CoreWeave has become Mistral’s compute provider of choice due to its ability to deliver more performant deployments with the latest state-of-the-art NVIDIA architecture while lowering its cost per FLOP through its automation, monitoring, and infrastructure health management software.

- 客户评价：

- Customer Quote:

- “CoreWeave 的 Mission Control 为我们的基础设施带来了变革性影响，释放了更高的集群性能，并大幅加快了我们的上市时间。CoreWeave 的智能生命周期管理和优化工具以及稳健的支持解决方案，在我们成为行业领先 AI 模型开发者的历程中发挥了关键作用。”——Arthur Mensch，Mistral 首席执行官兼联合创始人

- “CoreWeave’s Mission Control has been transformative for our infrastructure, unlocking higher cluster performance and dramatically accelerating our time to market. CoreWeave’s intelligent lifecycle management and optimization tools and robust support solutions, have been critical in our journey to becoming an industry-leading AI model developer.” - Arthur Mensch, Chief Executive Officer and Co-Founder at Mistral

市场推广 Go-to-Market

我们的市场推广组织由销售、市场营销、合作伙伴和客户体验部门组成。我们以精干的团队运作，秉持对 AI 市场发展轨迹、理想客户和增长杠杆的纪律性、长期性愿景，这使我们能够保持敏捷、高效地将市场推广战略付诸运营并有效执行。在这一历程中，我们已在一个历来由万亿美元级竞争对手主导的行业中建立起显著的品牌知名度，在客户和合作伙伴中赢得了卓越的有机声誉，并成功执行了自下而上和自上而下两种销售模式。

Our go-to-market organization consists of Sales, Marketing, Partnerships, and Customer Experience. We operate as a lean team with a disciplined, long-term vision of the AI market trajectory, our ideal customers, and our growth levers, which allows us to maintain agility, operationalize our go-to-market strategy efficiently, and execute effectively. On that journey, we have developed significant brand awareness within an industry that has been historically dominated by trillion-dollar competitors, built an exceptional organic reputation in market among both customers and partners, and successfully executed on both bottoms-up and top-down sales models.

自 2020 年下半年进入专业化 AI 云市场以来，我们的市场推广战略建立在需求创造、解决方案销售以及致力于提供卓越客户体验的深厚文化承诺这一坚实基础之上。我们精干的销售团队赋予了我们敏捷性，使我们能够适应并将精力投向长期最大的业务需求。

Since entering the specialized AI cloud market in the second half of 2020, our go-to-market strategy has been built upon a strong foundation of demand generation, solution selling, and a deep cultural commitment to delivering an exceptional customer experience. Our lean Sales team has afforded us the agility to adapt and direct our efforts towards the greatest business need for the long-run.

最初，这意味着专注于自下而上的销售模式，通过产品驱动增长来针对工程痛点。我们专注于在按需环境中获取客户，支持 AI、视觉特效和生命科学公司的各类用例，这些公司受益于一种托管解决方案，该方案抽象了复杂性，并提供无缝、弹性的算力资源消费。随着我们业务的持续演进，我们在此期间为发展业务而构建的许多 PLG 策略，对于我们今后在现有客户群中部署的增长和增购策略仍然至关重要。

Initially, this meant focusing on a bottoms-up sales model that targeted engineering pain points through product-led growth. We focused on customer acquisition within our on-demand environment, supporting use cases across AI, Visual Effects, and Life Sciences companies that benefited from a managed solution that abstracted complexity and provided seamless, elastic consumption of compute resources. As our business continues to evolve, many of the PLG strategies we built to grow the business during this time continue to be critical to the growth and upsell strategies we deploy across our existing customer base moving forward.

从 2023 年开始，我们将市场推广动作转型为直销指定客户策略。这使我们能够从服务多家基于开源模型提供推理产品的高增长初创企业，转变为从全球一些领先且最重要的 AI 公司获得十亿美元级合同。我们的销售组织仍专注于这一自上而下的销售模式，以推动来自全球最重要的 AI 原生和 AI 企业业务的需求和销售管道，并围绕一支由专职客户经理、客户主管和销售开发代表组成的团队构建。我们相信，在本次收购完成后，我们已宣布的对 Weights & Biases 的收购使我们能够加速这一直销指定客户策略的构建和部署，同时改进我们的 PLG 策略，以针对 AI 开发者和 AI 及机器学习工程师的附加功能来获取客户。随着我们提供为 AI 开发者构建的附加服务，我们预计定价模式将随时间推移而多元化，这也是我们打算在 Weights & Biases 收购完成后所做的。

Beginning in 2023, we transitioned our go-to-market motion to a direct named account strategy. This allowed us to transition from serving multiple high-growth start-ups delivering inference products built on top of open-source models, to securing billion-dollar contracts from some of the world’s leading and most important AI companies in the world. Our sales organization remains focused on this top-down sales model to drive demand and pipeline from the world’s most important AI Native and AI Enterprise businesses and is structured around a team of dedicated Account Managers, Account Executives, and Sales Development Representatives. We believe that, following closing of the acquisition, our announced acquisition of Weights & Biases enables us to accelerate this build and deployment of our direct named account strategy, while also improving our PLG strategy to land customers with additional functionality that targets AI developers and AI and machine learning engineers. We expect to diversify our pricing model over time as we offer additional services built for AI developers, as we intend to do following the closing of the acquisition of Weights & Biases.

我们的市场营销组织分为三大支柱：产品营销、需求创造和品牌。市场营销负责在整个客户旅程中构建和执行营销活动，包括品牌知名度、需求创造以及客户和合作伙伴营销。

Our Marketing organization is organized across three pillars: product marketing, demand-generation, and brand. Marketing is responsible for building and executing campaigns across the entirety of the customer journey, including brand awareness, demand generation, and customer and partner marketing.

我们的客户体验组织是客户旅程中售后阶段的第一线支持。我们敬业的团队使我们能够更好地服务客户，并通过确保客户从我们的 CoreWeave 云平台中获得最大价值来建立高度信任。我们的客户体验团队作为客户工程组织的延伸开展工作，以与客户自身团队同等的紧迫性应对挑战，使客户能够借助我们深厚的 AI 基础设施专业知识协同解决问题。这些紧密的关系使我们能够独特地洞察客户最迫切的需求，不仅通过创造性的问题解决方式为他们提供支持，还能在其寻求扩展 AI 工作负载时提供主动的容量规划。这种对客户不断变化需求的深入了解，使我们能够提前预判并满足未来需求，并在战略上使我们处于有利位置，得以继续扩大与客户的业务。同样，这些深入的客户互动为我们的知识飞轮增添动力，并提升我们在 AI 算力方面的技能基础，使我们能够更快地为所有客户解决问题。

Our Customer Experience organization is the first line of support in the post-sale portion of the customer journey. Our dedicated teams enable us to better serve our customers and establish a high degree of trust by ensuring they derive maximum value from our CoreWeave Cloud Platform. Our Customer Experience teams function as an extension of our customers’ engineering organizations, tackling challenges with the same level of urgency as their own teams and allowing them to leverage our deep AI infrastructure expertise to solve problems collaboratively. These close relationships give us unique insights into our customers’ most pressing needs and enable us to support them not only with creative problem solving but also with proactive capacity planning as they seek to scale their AI workloads. This intimate knowledge of our customers’ evolving needs allows us to anticipate and address future requirements in advance, and strategically positions us to continue expanding our business with them. Equally, these deep customer engagements add to our knowledge flywheel and increase our skill base in AI compute, allowing us to problem solve faster across all of our customers.

可持续发展 Sustainability

AI 可以带来诸多益处。然而，我们也认识到存在需要管理的风险，以确保我们的平台在构建时具备韧性并保障其长期存续。我们将面临的挑战之一是确保采取适当措施，减轻我们运营对环境的影响。我们专注于 CoreWeave 云平台所能带来的益处，同时管理相关风险。

AI can drive numerous benefits. However, we recognize that there are also risks that need to be managed to ensure that our platform is built to maintain resiliency and assure its longevity. One of the challenges we will face is to ensure that we take appropriate steps to mitigate the environmental impacts of our operations. We are focused on the benefits our CoreWeave Cloud Platform can provide while managing the associated risks.

该战略将围绕以下方面展开：减缓气候变化、提升能源效率、负责任地使用资源、供应商关系以及 ESG 监督。

This strategy will be centered around: Climate Change Mitigation, Energy Efficiency Improvements, Responsible Resource Usage, Supplier Relationships, and ESG Oversight.

#### 减缓气候变化

#### Climate Change Mitigation

能源消耗与可持续基础设施

Energy Consumption & Sustainable Infrastructure

我们的 32 个数据中心组成的机群必然消耗大量电力，以使我们的客户能够训练 AI 模型，尤其是大型语言模型和深度学习模型。这种能源使用会产生温室气体（“GHG”）排放，从而影响环境。我们的目标是尽量减少对环境的影响。例如，我们作为租户所在的美国及欧洲的若干现有数据中心由非排放能源供电，我们正在探索其他能够减少环境影响的方式。

Our fleet of 32 data centers necessarily uses a significant amount of power to enable our customers to train AI models, particularly large language, and deep learning models. This energy usage results in greenhouse gas (“GHG”) emissions, which impact the environment. Our goal is to minimize our environmental impact. For example, several of the existing data centers in the United States and Europe in which we are a tenant are powered by non-emitting sources of energy, and we are exploring other ways we can reduce our environmental impact.

我们目前正在评估和测量我们设施及数据中心运营产生的范围 1 和范围 2 温室气体排放，并将很快开始评估我们供应链产生的排放（范围 3）。目前我们温室气体排放的很大一部分是范围 2 排放，即我们数据中心外购电力所产生的排放。随着我们的增长并开始控制更多数据中心，我们的温室气体排放构成可能会随时间推移而变化，这有可能增强我们签订更大规模非排放能源合同的能力。

We are currently evaluating and measuring Scopes 1 and 2 GHG emissions from our facilities and data center operations and will soon begin to evaluate our emissions resulting from our supply chain (Scope 3). A large portion of our GHG emissions are currently Scope 2 emissions, which result from purchased electricity for our data centers. The mix of our GHG emissions could shift over time as we grow and begin to control more of our data centers, potentially increasing our ability to contract larger amounts of non-emitting sources of energy.

随着我们持续扩大规模，我们将力求把温室气体排放管理及其他可持续发展考量纳入新数据中心的租赁谈判和现有租约的续签中，以减少我们数据中心的环境影响。我们还将力求在高环境标准建筑中设立我们的运营设施。

As we continue to scale, we will seek to integrate GHG emissions management and other sustainability considerations into our lease negotiations for new data centers and the renewal of existing leases to reduce our data centers’ environmental impacts. We will also seek to establish our operations in buildings that meet high levels of environmental standards.

#### 提升能源效率

#### Energy Efficiency Improvements

为提升运营效率和能源效率，我们正在采用节能计算，并扩大使用创新冷却解决方案。这些举措旨在优化数据中心运营和性能，并减少训练 AI 模型所需的能源消耗。

To improve operational and energy efficiency, we are using energy-efficient computing and are expanding our use of innovative cooling solutions. These actions are designed to optimize data center operations and performance and to reduce energy consumption required to train AI models.

我们还在投资创新冷却技术，这将使我们能够应对因使用更小、更密集的服务器而产生的更高热量输出，并提升能源效率。我们还在收集必要数据以改善我们的电能使用效率，该指标衡量数据中心使用能源的效率。

We are also investing in innovative cooling technologies that will allow us to manage the increased heat output stemming from our use of smaller and more dense servers and improve energy efficiency. We are also collecting the necessary data to improve our Power Use Effectiveness, which measures how efficiently data centers use energy.

#### 负责任地使用资源

#### Responsible Resource Usage

水资源管理

Water Stewardship

我们致力于负责任的水资源消耗，力求平衡我们的水资源使用效率（Water Usage Effectiveness），该指标衡量数据中心用水的效率。我们还将探索参与水资源回补计划的机会。

We are committed to responsible water consumption that seeks to balance our Water Usage Effectiveness, which measures how efficiently data centers use water. We will also explore opportunities to participate in water replenishment programs.

废弃物管理

Waste Management

除管理水等稀缺资源外，我们打算将负责任的资源使用延伸至废弃物管理。例如，我们打算评估热回收系统的潜力，以重新利用数据中心产生的热量，从而优化电力消耗并改善环境绩效。

In addition to managing scarce resources such as water, we intend to extend our responsible resource usage to waste management. For example, we intend to evaluate the potential for heat recovery systems to repurpose heat generated by our data centers, which can optimize power consumption and improve environmental performance.

#### 供应商关系

#### Supplier Relationships

我们还将寻找机会利用与供应商的关系，以减轻其运营对环境的影响，同时改善我们数据中心的环境绩效。

We will also look for opportunities to utilize our relationships with suppliers to mitigate the environmental impacts of their operations, while improving our data centers’ environmental performance.

#### ESG 监督

#### ESG Oversight

我们打算将重大 ESG 考量适当纳入我们的战略决策、风险评估和企业风险管理，包括识别重大 ESG 风险并将其纳入长期风险管理战略。该风险管理战略将由内部可持续发展人员实施，并由我们的董事会监督。

We intend to appropriately integrate material ESG considerations into our strategic decisions, risk assessments and enterprise risk management, including identifying material ESG risks and incorporating them into a long-term risk management strategy. The risk management strategy will be implemented by internal sustainability staff with oversight by our board of directors.

竞争 Competition

我们所瞄准的终端市场竞争高度激烈且变化迅速。随着技术格局的演变，我们预计将持续面临来自各类行业参与者的竞争。

The end markets we target are highly competitive and are changing rapidly. As the technological landscape evolves, we anticipate continued competition from various industry participants.

我们的主要竞争对手是规模更大的全球性企业，它们将通用云计算作为更广泛、多元化产品组合的一部分提供。这一类别中的主要公司包括 Amazon（AWS）、Google（Google Cloud Platform）、IBM、Microsoft（Azure）和 Oracle。尽管这些企业在销售与营销以及研发方面拥有比我们更多的资源，并受益于广泛的品牌知名度，但它们并非专为满足我们所服务的 AI 和加速计算用例而构建。因此，在某些情况下，这些竞争对手中的一些反而成为了 CoreWeave 的客户和合作伙伴，这体现了我们的竞争差异化优势，以及我们交付高性能、专用基础设施的能力——这些基础设施的表现优于当今现有的通用云解决方案。

Our primary competitors are larger, global enterprises that offer general purpose cloud computing as part of a broader, diversified product portfolio. Key companies in this category are Amazon (AWS), Google (Google Cloud Platform), IBM, Microsoft (Azure), and Oracle. While these businesses have greater resources than us across sales and marketing and research and development, and benefit from broad brand awareness, they are not purpose-built for the AI and accelerated compute use cases that we serve. As a result, some of these very competitors have become customers of, and partners to, CoreWeave in a number of cases, demonstrating our competitive differentiation and ability to deliver highly performant, purpose-built infrastructure that outperforms existing general purpose cloud solutions today.

除这些大型公司外，我们还与规模较小的云服务商竞争，包括 Crusoe 和 Lambda。

In addition to these large companies, we also compete with smaller cloud service providers, including Crusoe and Lambda.

我们相信，基于以下因素，我们具备有利的竞争地位：

We believe we compete favorably based on the following factors:

- 我们在规模化交付性能与可靠性方面经过验证的过往记录；

- our proven track record of delivering performance and reliability at scale;

- 我们以更高效率服务高强度 AI 工作负载的能力；

- our ability to service high-intensity AI workloads with greater efficiency;

- 我们增强的健康监测与修复能力；

- our enhanced health monitoring and remediation capabilities;

- 我们的自动化与易用性，将基础设施管理从我们的客户转移至我们的平台；

- our automation and ease of use that shifts infrastructure management from our customers to our platform;

- 我们推出最新一代 GPU 的上市速度；

- our speed to market with the latest generation of GPUs;

- GPU 集群的规模；

- the scale of GPU clusters;

- 我们的安全性；

- our security;

- 我们在 AI 社区中的品牌知名度和声誉；

- our brand awareness and reputation within the AI community;

- 我们的客户体验、支持和服务，重点关注 AI 与加速计算用例；

- our customer experience, support, and service, with a focus on AI and accelerated computing use cases;

- 我们的定制化能力，可为依赖存储等特定技术的客户提供定制配置；

- our customization that enables bespoke configurations for customers reliant on specific technology such as storage;

- 价格、总拥有成本及透明度；以及

- the price, total cost of ownership, and transparency; and

- 我们的特性、功能及用户界面质量。

- our features, functionalities, and quality of user interface.

我们的内生增长步伐表明，我们已成为加速 AI 计算领域的技术领导者之一。我们的竞争差异化优势得益于我们能够比许多竞争对手更快速、更灵活地服务 AI 算力用例，因为我们能够获取一些性能最强的可用硬件，以及我们专为模型训练和推理量身定制的专有软件。

The pace of our organic growth demonstrates that we have become one of the technological leaders in accelerated AI computing. Our competitive differentiation is underpinned by our ability to service AI compute use cases more rapidly and flexibly than many competitors because of our access to some of the most performant hardware available and our proprietary software that is specially tailored for model training and inference.

知识产权 Intellectual Property

我们的知识产权是我们业务的重要方面，有助于我们维持竞争地位。为确立和保护我们对专有技术的权利，我们依赖商业秘密法和商标法以及合同限制（如保密协议、许可协议和知识产权转让协议）的组合。

Our intellectual property is an important aspect of our business and helps us to maintain our competitive position. To establish and protect our rights in our proprietary technology, we rely upon a combination of trade secret and trademark laws and contractual restrictions such as confidentiality agreements, licenses and intellectual property assignment agreements.

我们通过内部和外部控制来管控对我们知识产权和机密信息的访问。我们维持一项政策，要求我们的员工、承包商、顾问和其他第三方签订保密和专有权利协议，以控制对我们专有信息的访问和不披露。知识产权法以及我们的程序和限制仅提供有限的保护，我们的任何知识产权都可能受到质疑、被宣告无效、被规避、被侵犯、被盗用或被违反。

We control access to our intellectual property and confidential information through internal and external controls. We maintain a policy requiring our employees, contractors, consultants and other third parties to enter into confidentiality and proprietary rights agreements to control access to and non-disclosure of our proprietary information. Intellectual property laws and our procedures and restrictions provide only limited protection, and any of our intellectual property rights may be challenged, invalidated, circumvented, infringed, misappropriated or violated.

政府监管 Government Regulation

我们受多个司法管辖区及政府机构的法律法规约束，这些法律法规影响我们的运营以及我们在以下领域销售基础设施和服务，包括但不限于：AI、AI、知识产权；税务；进出口要求；反腐败；经济和贸易制裁；国家安全和外国投资；外汇管制和现金汇回限制；数据隐私和安全要求（如 CCPA）；竞争；广告；雇佣；产品法规；环境、健康和安全要求；以及消费者保护法。迄今为止，为遵守该等政府法规而产生的成本和应计费用对我们的资本支出和经营业绩并不重大。尽管无法保证现有或未来适用于我们运营及基础设施服务销售的政府法律法规不会对我们的资本支出、经营业绩和竞争地位产生重大不利影响，但我们目前预计不会因政府法规而产生重大支出。尽管如此，我们认为全球贸易法规可能对我们的业务产生重大影响。

We are subject to the laws and regulations of various jurisdictions and governmental agencies affecting our operations and the sale of our infrastructure and services in areas including, but not limited to: AI, AI, intellectual property; tax; import and export requirements; anti-corruption; economic and trade sanctions; national security and foreign investment; foreign exchange controls and cash repatriation restrictions; data privacy and security requirements (such as the CCPA); competition; advertising; employment; product regulations; environment, health and safety requirements; and consumer laws. To date, costs and accruals incurred to comply with these governmental regulations have not been material to our capital expenditures and results of operations. Although there is no assurance that existing or future governmental laws and regulations applicable to our operations and the sale of our infrastructure services will not have a material adverse effect on our capital expenditures, operating results, and competitive position, we do not currently anticipate material expenditures for government regulations. Nonetheless, we believe that global trade regulations could potentially have a material impact on our business.

作为一家全球性公司，我们基础设施服务和技术的进出口受法律法规约束，包括国际条约、美国出口管制和制裁法律、海关法规以及世界各地的当地贸易规则。此类管制的范围、性质和严厉程度在不同国家之间差异很大，并且可能随时间频繁变化。此类法律、规则和法规可能会延迟我们基础设施和服务的推出，或通过限制我们在某些地方或与某些实体和个人开展业务的能力来影响我们的竞争力。例如，美国商务部持续收紧出口管制并将企业列入实体清单。该等出口限制将要求我们从美国商务部获得许可，才能向该等列名企业出口基础设施服务，这可能限制或阻止我们与某些潜在客户或潜在供应商开展业务。该等限制性政府行动以及其他政府可能对美国公司实施的任何类似措施，可能限制我们在全球开展业务的能力。

As a global company, the import and export of our infrastructure services and technology are subject to laws and regulations including international treaties, U.S. export controls and sanctions laws, customs regulations, and local trade rules around the world. The scope, nature, and severity of such controls varies widely across different countries and may change frequently over time. Such laws, rules, and regulations may delay the introduction of our infrastructure and services or impact our competitiveness through restricting our ability to do business in certain places or with certain entities and individuals. For example, the U.S. Department of Commerce continues to tighten export controls and add firms to the Entity List. These export restrictions, which would require that we obtain licenses from the U.S. Department of Commerce to allow us to export infrastructure services to such listed firms, could limit or prevent us from doing business with certain potential customers or potential suppliers. These restrictive governmental actions and any similar measures that may be imposed on U.S. companies by other governments could limit our ability to conduct business globally.

请参阅标题为“我们受法律法规约束，包括政府出口和进口管制、制裁和反腐败法律，这些法律可能损害我们在市场上的竞争能力，如果我们未完全遵守适用法律，还可能使我们承担责任”、“我们在开展业务的不同市场受与数据隐私、数据保护和信息安全以及用户保护相关的法律、法规和行业要求约束，且此类法律、法规和行业要求不断演变和变化。任何实际或被认为未能遵守此类法律、法规和行业要求或我们的隐私政策的行为，都可能损害我们的业务”以及“我们的业务受广泛的法律法规约束，我们未能遵守这些法律法规可能损害我们的业务”的风险因素，以了解我们面临的与政府监管相关的风险的更多信息。

See the Risk Factors titled “We are subject to laws and regulations, including governmental export and import controls, sanctions, and anti-corruption laws, that could impair our ability to compete in our markets and subject us to liability if we are not in full compliance with applicable laws,” “We are subject to laws, regulations, and industry requirements related to data privacy, data protection and information security, and user protection across different markets where we conduct our business and such laws, regulations, and industry requirements are constantly evolving and changing. Any actual or perceived failure to comply with such laws, regulations, and industry requirements, or our privacy policies, could harm our business,” and “Our business is subject to a wide range of laws and regulations, and our failure to comply with those laws and regulations could harm our business” for additional information regarding risks we face related to government regulation.

设施 Facilities

我们的总部位于新泽西州利文斯顿，我们根据一份预计于 2035 年 10 月到期的租约占用约 30,856 平方英尺的办公空间，但须遵守该租约的条款。截至 2024 年 12 月 31 日，我们还在美国纽约、新泽西州、华盛顿州、宾夕法尼亚州和加利福尼亚州租赁办公空间，并在国际上于英国租赁办公空间，办公空间合计约 100,000 平方英尺，并在美国 15 个州以及国际上于英国、西班牙和瑞典租赁或获得许可使用数据中心。有关我们数据中心的更多信息，请参见上文“——我们的平台和产品 offerings——我们的数据中心布局”。

We are headquartered in Livingston, New Jersey, where we occupy approximately 30,856 square feet of office space pursuant to a lease that is expected to expire in October 2035, subject to the terms thereof. As of December 31, 2024, we also lease office space in the United States in New York, New Jersey, the State of Washington, Pennsylvania and California, and internationally in the United Kingdom, with an aggregate of approximately 100,000 square feet of office space, and lease or license data centers in the United States in 15 states and internationally in the United Kingdom, Spain, and Sweden. For additional information regarding our data centers, see “–Our Platform and Product Offerings–Our Data Center Footprint” above.

我们认为，我们当前的设施足以满足我们当前的需求，并且，如果需要，将会有合适的额外或替代空间可供我们用于运营。

We believe that our current facilities are adequate to meet our current needs and that, should it be needed, suitable additional or alternative space will be available to accommodate our operations.

法律诉讼 Legal Proceedings

我们可能不时卷入因正常业务活动而产生的各类法律诉讼。我们目前并非任何诉讼的当事方，我们认为，任何该等诉讼即使作出对我们不利的裁决，无论单独或合计，均不会对我们的业务、经营业绩、现金流或财务状况产生重大不利影响。我们未来可能收到第三方提出的索赔，其中包括主张其知识产权受到侵害。为此类诉讼进行抗辩成本高昂，并可能对管理层和员工造成重大负担；我们在诉讼过程中可能收到不利的初步或临时裁决，且无法保证最终能获得有利结果。

From time to time, we may be involved in various legal proceedings arising from the normal course of business activities. We are not presently a party to any litigation the outcome of which, we believe, if determined adversely to us, would individually or taken together have a material adverse effect on our business, results of operations, cash flows or financial condition. We may in the future receive claims from third parties asserting, among other things, infringement of their intellectual property rights. Defending such proceedings is costly and can impose a significant burden on management and employees, we may receive unfavorable preliminary or interim rulings in the course of litigation, and there can be no assurances that favorable final outcomes will be obtained.

执行官、非雇员董事及关键员工 Executive Officers, Non-Employee Directors, and Key Employees

下表提供截至 2025 年 3 月 15 日有关我们高管、非雇员董事及关键员工的信息：

The following table provides information regarding our executive officers, non-employee directors, and key employees as of March 15, 2025:

姓名 · 年龄 · 职位 高管： Michael Intrator · 56 · 首席执行官、总裁兼董事会主席 Brian Venturo · 40 · 首席战略官兼董事 Brannin McBee · 39 · 首席发展官 Nitin Agrawal · 45 · 首席财务官 Kristen McVeety · 54 · 总法律顾问兼公司秘书 Chen Goldberg · 44 · 工程高级副总裁 关键员工： Max Hjelm · 36 · 收入高级副总裁 Peter Salanki · 38 · 首席技术官 Sachin Jain · 47 · 首席运营官 Chetan Kapoor · 44 · 首席产品官 非雇员董事： Karen Boone(1)(2) · 51 · 董事 Jack Cogen(1)(3) · 68 · 董事 Glenn Hutchins(2)(3)(4) · 69 · 董事 Margaret C. Whitman(1)(3) · 68 · 董事

Name · Age · Position(s) Executive Officers: Michael Intrator · 56 · Chief Executive Officer, President, and Chairman of the Board of Directors Brian Venturo · 40 · Chief Strategy Officer and Director Brannin McBee · 39 · Chief Development Officer Nitin Agrawal · 45 · Chief Financial Officer Kristen McVeety · 54 · General Counsel and Corporate Secretary Chen Goldberg · 44 · Senior Vice President of Engineering Key Employees: Max Hjelm · 36 · Senior Vice President of Revenue Peter Salanki · 38 · Chief Technology Officer Sachin Jain · 47 · Chief Operating Officer Chetan Kapoor · 44 · Chief Product Officer Non-Employee Directors: Karen Boone(1)(2) · 51 · Director Jack Cogen(1)(3) · 68 · Director Glenn Hutchins(2)(3)(4) · 69 · Director Margaret C. Whitman(1)(3) · 68 · Director

(1) · 审计委员会成员。

(1) · Member of the audit committee.

(2) · 薪酬委员会成员。

(2) · Member of the compensation committee.

(3) · 提名与公司治理委员会成员。

(3) · Member of the nominating and corporate governance committee.

(4) · 首席独立董事。

(4) · Lead independent director.

#### 高管

#### Executive Officers

Michael Intrator 是我们的联合创始人之一，自 2017 年 9 月起担任我们的董事会主席、首席执行官兼总裁。此前，2013 年 1 月至 2018 年 1 月，Intrator 先生是天然气对冲基金 Hudson Ridge Asset Management LLC 的联合创始人兼首席执行官。1998 年 9 月至 2014 年 7 月，他在资产管理及咨询公司 Natsource Asset Management LLC 担任职责日益增加的多个职务，包括首席投资组合经理，负责监督全球环境市场及相关能源产品的投资。Intrator 先生获得宾汉姆顿大学政治学学士学位，以及哥伦比亚大学国际与公共事务学院公共管理硕士学位。我们相信，Intrator 先生作为我们的联合创始人、首席执行官兼总裁所带来的视角和经验，使其具备担任我们董事会成员的资格。

Michael Intrator is one of our co-founders and has served as Chairman of our board of directors and as our Chief Executive Officer and President since September 2017. Previously, from January 2013 to January 2018, Mr. Intrator was a co-founder and the Chief Executive Officer of Hudson Ridge Asset Management LLC, a natural gas hedge fund. From September 1998 to July 2014, he served in roles of increasing responsibilities, including as a Principal Portfolio Manager, for the asset management and advisory firm Natsource Asset Management LLC, where he oversaw investments in global environmental markets and related energy products. Mr. Intrator earned a B.A. in Political Science from Binghamton University, and an M.P.A. from Columbia University’s School of International and Public Affairs. We believe Mr. Intrator is qualified to serve as a member of our board of directors due to the perspective and experience he brings as our co-founder, Chief Executive Officer, and President.

Brian Venturo 是我们的联合创始人之一，自 2019 年 4 月起担任我们的董事会成员，并自 2024 年 3 月起担任我们的首席战略官。2017 年 10 月至 2024 年 3 月，Venturo 先生担任我们的首席技术官。此前，2013 年 1 月至 2018 年 1 月，Venturo 先生是天然气对冲基金 Hudson Ridge Asset Management LLC 的合伙人。2007 年 5 月至 2012 年 12 月，他在资产管理及咨询公司 Natsource Asset Management LLC 担任能源与排放投资组合经理，管理全球环境市场及相关能源产品的自营交易投资组合。Venturo 先生获得哈弗福德学院经济学学士学位。我们相信，Venturo 先生作为我们的联合创始人兼首席战略官所带来的视角和经验，使其具备担任我们董事会成员的资格。

Brian Venturo is one of our co-founders and has served as a member of our board of directors since April 2019 and as our Chief Strategy Officer since March 2024. From October 2017 to March 2024, Mr. Venturo served as our Chief Technology Officer. Previously, from January 2013 to January 2018, Mr. Venturo was a Partner at Hudson Ridge Asset Management LLC, a natural gas hedge fund. From May 2007 to December 2012, he served as Portfolio Manager – Energy and Emissions for the asset management and advisory firm Natsource Asset Management LLC, where he managed a proprietary trading portfolio of investments in global environmental markets and related energy products. Mr. Venturo earned a B.A. in Economics from Haverford College. We believe Mr. Venturo is qualified to serve as a member of our board of directors due to the perspective and experience he brings as our co-founder and Chief Strategy Officer.

Brannin McBee 是我们的联合创始人之一，自 2024 年 3 月起担任我们的首席发展官。2017 年 9 月至 2024 年 3 月，McBee 先生担任我们的首席战略官。此前，他于 2020 年 4 月至 2021 年 1 月在 Active Power Investments 担任自营交易员，该公司从事北美天然气、电力和农业市场业务。2017 年 3 月至 2018 年 8 月，McBee 先生担任 Fourth Floor Coastal LLC 的副总裁，该公司是一家油气行业的勘探与生产公司。在此之前，2013 年 1 月至 2018 年 1 月，他担任 Windy Bay Power LLC 的自营交易员，该公司是一家专注于大宗商品的对冲基金。McBee 先生拥有科罗拉多大学博尔德分校金融学学士学位。

Brannin McBee is one of our co-founders and has served as our Chief Development Officer since March 2024. From September 2017 to March 2024, Mr. McBee served as our Chief Strategy Officer. Previously, he worked as a Proprietary Trader at Active Power Investments, a company in the North American Natural Gas, Power and Agriculture markets from April 2020 to January 2021. From March 2017 to August 2018, Mr. McBee was Vice President at Fourth Floor Coastal LLC, an exploration and production company in the oil and gas industry. Prior to that, from January 2013 to January 2018, he was a proprietary trader at Windy Bay Power LLC, a commodity-focused hedge fund. Mr. McBee earned a B.S. in Finance from the University of Colorado Boulder.

Nitin Agrawal 自 2024 年 3 月起担任我们的首席财务官。在加入我们之前，2021 年 5 月至 2024 年 3 月，他担任 Google Cloud 的财务副总裁，Google Cloud 是 Alphabet Inc. 的云计算服务业务板块。2019 年 8 月至 2021 年 4 月，Agrawal 先生担任 Mapbox, Inc. 的首席财务官，该公司是一家位置技术公司。在此之前，2015 年 1 月至 2019 年 7 月，他担任 Amazon Web Services, Inc. 计算服务部门的财务总监，该公司是一家云计算公司，为 Amazon.com, Inc. 的子公司。Agrawal 先生拥有印度库鲁克谢特拉国立技术学院工程技术学士学位，以及杜克大学富卡商学院金融学工商管理硕士学位。

Nitin Agrawal has served as our Chief Financial Officer since March 2024. Prior to joining us, from May 2021 to March 2024, he served as Vice President, Finance of Google Cloud, the cloud computing services business segment of Alphabet Inc. From August 2019 to April 2021, Mr. Agrawal served as Chief Financial Officer of Mapbox, Inc., a location technology company. Prior to that, from January 2015 to July 2019, he served as Finance Director of the Compute Services division of Amazon Web Services, Inc., a cloud computing company and subsidiary of Amazon.com, Inc. Mr. Agrawal holds a Bachelor of Technology, Engineering from the National Institute of Technology in Kurukshetra, India, and an M.B.A. in Finance from The Fuqua School of Business at Duke University.

Kristen McVeety 自 2022 年 3 月起担任我们的总法律顾问，并自 2024 年 12 月起担任我们的公司秘书。在加入我们之前，2003 年 2 月至 2022 年 3 月，McVeety 女士是律师事务所 Gabler & McVeety LLP 的创始人和合伙人。在创立 Gabler & McVeety 之前，McVeety 女士于 1999 年 3 月至 2003 年 2 月在 Dorsey & Whitney LLP 的公司与并购业务组担任律师。她拥有波士顿大学国际关系与商业管理学士学位，以及布鲁克林法学院法学博士学位。

Kristen McVeety has served as our General Counsel since March 2022 and as our Corporate Secretary since December 2024. Prior to joining us, from February 2003 to March 2022, Ms. McVeety was a founder and partner of Gabler & McVeety LLP, a law firm. Prior to founding Gabler & McVeety, Ms. McVeety was an Associate in the Corporate and M&A practice groups at Dorsey & Whitney LLP from March 1999 to February 2003. She earned a B.A. in International Relations and Business Management from Boston University and a J.D. from Brooklyn Law School.

Chen Goldberg 自 2024 年 8 月起担任我们的工程高级副总裁。在加入我们之前，2016 年 2 月至 2024 年 8 月，Goldberg 女士在 Google Cloud 担任多个职务，Google Cloud 是 Alphabet Inc 的云计算服务业务板块，其最后一个职务是总经理兼工程副总裁，领导 Kubernetes 和无服务器团队及产品组合。在其职业生涯早期，Goldberg 女士曾担任 HP 的工程总监。Goldberg 女士拥有以色列开放大学的管理与计算机科学学士学位以及工商管理硕士学位。

Chen Goldberg has served as our Senior Vice President of Engineering since August 2024. Prior to joining us, from February 2016 to August 2024, Ms. Goldberg held multiple roles at Google Cloud, the cloud computing services business segment of Alphabet Inc, with her last role as General Manager & Vice President of Engineering, leading the Kubernetes and Serverless team and product portfolio. Earlier in her career, Ms. Goldberg served as Director of Engineering at HP. Ms. Goldberg holds a B.A. in Management and Computer Sciences and an M.B.A. from The Open University of Israel.

#### 关键员工

#### Key Employees

Max Hjelm 自 2024 年 1 月起担任我们的收入高级副总裁。2020 年 7 月至 2024 年 1 月，他在本公司担任职责不断提升的多个职务，包括最近于 2022 年 1 月至 2024 年 1 月担任销售副总裁，此前于 2020 年 7 月至 2022 年 1 月担任销售总监。加入我们之前，2020 年 1 月至 2020 年 7 月，Hjelm 先生受雇于 AspirelQ, Inc.（一家网红与社群智能营销平台）担任业务发展总监。在此之前，2017 年 1 月至 2019 年 12 月，Hjelm 先生担任 Curalate, Inc.（一家社交电商平台）的业务发展与战略合作负责人。Hjelm 先生持有 Haverford College 社会学学士学位。

Max Hjelm has served as our Senior Vice President of Revenue since January 2024. From July 2020 to January 2024, he served in roles of increasing responsibility at our company, including most recently as Vice President of Sales from January 2022 to January 2024 and prior to that as Director of Sales from July 2020 to January 2022. Prior to joining us, from January 2020 to July 2020, Mr. Hjelm was employed as Director of Business Development of AspirelQ, Inc., an influencer and community intelligence marketing platform. Prior to that role, from January 2017 to December 2019, Mr. Hjelm served as the Head of Business Development and Strategic Partnerships for Curalate, Inc., a social commerce platform. Mr. Hjelm holds a B.S. in Sociology from Haverford College.

Peter Salanki 是我们的联合创始人之一，自 2024 年 3 月起担任我们的首席技术官。2019 年 6 月至 2024 年 3 月，他在本公司担任职责不断提升的多个职务，包括最近于 2022 年 4 月至 2024 年 3 月担任工程副总裁，此前于 2019 年 6 月至 2022 年 4 月担任工程总监。2018 年 1 月至 2019 年 6 月，Salanki 先生担任 Sandvine（一家应用与网络智能公司）美洲区首席技术官办公室总监。

Peter Salanki is one of our co-founders and has served as our Chief Technology Officer since March 2024. From June 2019 to March 2024, he served in roles of increasing responsibility at our company, including most recently as Vice President of Engineering from April 2022 to March 2024 and prior to that as Director of Engineering from June 2019 to April 2022. From January 2018 to June 2019, Mr. Salanki served as Director, Americas, Office of the CTO at Sandvine, an application and network intelligence company.

Sachin Jain 自 2024 年 8 月起担任我们的首席运营官。2024 年 5 月至 2024 年 8 月，他担任 Oracle Corporation（“Oracle”）旗下云计算服务 Oracle Cloud 的高级副总裁，领导 Oracle 的 AI 基础设施、数据中心容量和基础设施产品团队。此前，2020 年 6 月至 2024 年 5 月，Jain 先生担任 Alphabet Inc. 旗下云计算服务业务板块 Google Cloud 的副总裁。在此之前，2002 年 1 月至 2020 年 6 月，Jain 先生在 Amazon.com, Inc. 担任职责不断提升的多个职务，包括最近于 2017 年 8 月至 2020 年 6 月担任销售伙伴体验副总裁。Jain 先生持有印度理工学院卡拉格普尔分校制造科学与工程学士学位，以及伊利诺伊大学厄巴纳-香槟分校计算机科学硕士学位和工业工程硕士学位。

Sachin Jain has served as our Chief Operating Officer since August 2024. From May 2024 to August 2024, he served as Senior Vice President at Oracle Cloud, the cloud computing service of Oracle Corporation (“Oracle”), where he led Oracle’s AI infrastructure, data center capacity and infrastructure product teams. Previously, from June 2020 to May 2024, Mr. Jain served as Vice President at Google Cloud, the cloud computing services business segment of Alphabet Inc. Prior to that, from January 2002 to June 2020, Mr. Jain served in roles of increasing responsibility at Amazon.com, Inc., including most recently as Vice President, Selling Partner Experience from August 2017 to June 2020. Mr. Jain holds a Bachelor of Technology in Manufacturing Science & Engineering from the Indian Institute of Technology, Kharagpur and an M.S. in Computer Science and an M.S. in Industrial Engineering from the University of Illinois Urbana-Champaign.

Chetan Kapoor 自 2024 年 6 月起担任我们的首席产品官。2016 年 8 月至 2024 年 6 月，Kapoor 先生在 Amazon Web Services, Inc.（一家云计算公司，为 Amazon.com, Inc. 的子公司）的 Amazon EC2 担任职责不断提升的多个职务，包括最近于 2021 年 10 月至 2024 年 6 月担任产品管理总监。此前，2015 年 9 月至 2016 年 7 月，他担任 National Instruments Corporation（一家自动化测试设备与虚拟仪器软件生产商）的首席产品经理。Kapoor 先生持有 Shivaji University 电气与计算机工程学士学位，以及俄克拉荷马大学电气与计算机工程硕士学位。

Chetan Kapoor has served as our Chief Product Officer since June 2024. From August 2016 to June 2024, Mr. Kapoor served in roles of increasing responsibility at Amazon EC2 by Amazon Web Services, Inc., a cloud computing company and subsidiary of Amazon.com, Inc., including most recently as Director – Product Management from October 2021 to June 2024. Previously, from September 2015 to July 2016, he served as the Principal Product Manager at National Instruments Corporation, a producer of automated test equipment and virtual instrumentation software. Mr. Kapoor holds a Bachelor’s of Science in Electrical and Computer Engineering from Shivaji University and a Master’s of Science in Electrical and Computer Engineering from the University of Oklahoma.

#### 非雇员董事

#### Non-Employee Directors

Karen Boone 自 2025 年 1 月起担任我们的董事会成员。Boone 女士此前于 2024 年 5 月至 2025 年 1 月担任 Peloton Interactive, Inc.（“Peloton”）的临时联席首席执行官兼联席总裁。在 Peloton 任职之前，Boone 女士于 2014 年 5 月至 2018 年 8 月担任家居用品公司 Restoration Hardware, Inc. 的总裁兼首席财务与行政官，并于 2012 年 6 月至 2014 年 5 月担任首席财务官。在此之前，1996 年至 2012 年，Boone 女士在公共会计师事务所 Deloitte & Touche LLP 担任多个职务，最近担任审计合伙人。Boone 女士目前担任 Peloton、Sonos, Inc.、Rivian Automotive, Inc. 以及多家私营公司的董事会成员。Boone 女士拥有加利福尼亚大学戴维斯分校商业经济学理学学士学位。我们相信，凭借其财务专业能力以及作为上市公司高管和董事的经验，Boone 女士具备担任我们董事会成员的资格。

Karen Boone has served as a member of our board of directors since January 2025. Ms. Boone previously served as the Interim Co-Chief Executive Officer and Co-President of Peloton Interactive, Inc. (“Peloton”) from May 2024 to January 2025. Prior to her service at Peloton, Ms. Boone served as the President and Chief Financial and Administrative Officer of Restoration Hardware, Inc., a home furnishings company, from May 2014 to August 2018 and as Chief Financial Officer from June 2012 to May 2014. Prior to that, from 1996 to 2012, Ms. Boone held various roles at Deloitte & Touche LLP, a public accounting firm, most recently as an Audit Partner. Ms. Boone currently serves on the board of directors of Peloton, Sonos, Inc., Rivian Automotive, Inc. and several private companies. Ms. Boone earned a B.S. in Business Economics from the University of California, Davis. We believe Ms. Boone is qualified to serve as a member of our board of directors due to her financial expertise and her experience as a public company executive officer and director.

Jack Cogen 自 2017 年 9 月起担任我们的董事会成员。Cogen 先生是一名私人投资者。1994 年 9 月至 2014 年 12 月，Cogen 先生是 Natsource Asset Management LLC 的创始人兼首席执行官，该公司是一家专注于全球环境市场及相关能源产品的资产管理和咨询公司。此外，2008 年 1 月至 2011 年 1 月，Cogen 先生担任国际排放交易协会（“IETA”）主席，该协会是一家致力于推动企业碳足迹减排的高诚信市场的非营利性行业组织，Cogen 先生继续以研究员身份支持 IETA。Cogen 先生此前还于 2013 年 11 月至 2018 年 6 月担任天然气对冲基金 Hudson Ridge Asset Management LLC 的非雇员董事。Cogen 先生拥有罗格斯大学文学学士学位，以及纽约大学数学理学硕士和工商管理硕士学位。我们相信，凭借其在科技公司的经验以及作为我们行业投资者的经验，Cogen 先生具备担任我们董事会成员的资格。

Jack Cogen has served as a member of our board of directors since September 2017. Mr. Cogen is a private investor. From September 1994 to December 2014, Mr. Cogen was a founder and the Chief Executive Officer of Natsource Asset Management LLC, an asset management and advisory firm focused on global environmental markets and related energy products. Additionally, from January 2008 to January 2011, Mr. Cogen served as Chair of the International Emissions Trading Association (the “IETA”), a non-profit trade organization committed to promoting high-integrity markets for corporate carbon footprint reduction, and Mr. Cogen continues to support the IETA as a Fellow. Mr. Cogen also previously served as a non-employee director of Hudson Ridge Asset Management LLC, a natural gas hedge fund, from November 2013 to June 2018. Mr. Cogen earned a B.A. from Rutgers University, as well as an M.S. in Mathematics and an M.B.A. from New York University. We believe Mr. Cogen is qualified to serve as a member of our board of directors due to his experience with technology companies and as an investor in our industry.

Glenn Hutchins 自 2025 年 2 月起担任我们的董事会成员。Hutchins 先生目前担任投资公司 North Island 的董事长，自 2013 年起担任该职务，并自 2020 年起担任投资公司 North Island Ventures 的董事长。他是科技投资公司 Silver Lake 的联合创始人，该公司成立于 1999 年，Hutchins 先生曾担任其联席首席

Glenn Hutchins has served as a member of our board of directors since February 2025. Mr. Hutchins currently serves as the Chairman of North Island, an investment firm, a role he has held since 2013, and as Chairman of North Island Ventures, an investment firm, since 2020. He was a co-founder of Silver Lake, a technology investment firm, which was founded in 1999, and of which Mr. Hutchins served as Co-Chief

担任高管至 2011 年，在此之前，于 1999 年至 2011 年担任董事总经理。在此之前，Hutchins 先生于 1994 年至 1999 年担任全球投资公司 The Blackstone Group 的高级董事总经理。自 2014 年 6 月起，他担任电信公司 AT&T Inc. 的董事，并自 2022 年 12 月起担任金融服务公司 Banco Santander S.A. 的副董事长兼首席独立董事。此前，Hutchins 先生于 2017 年 7 月至 2021 年 8 月担任金融服务公司 Virtu Financial, Inc. 的董事，并于 2005 年 4 月至 2017 年 7 月担任全球金融服务科技公司 Nasdaq, Inc. 的董事。自 2018 年 11 月起，Hutchins 先生担任布鲁金斯学会联席主席，并于 2011 年至 2020 年担任纽约联邦储备银行董事。他拥有哈佛学院文学学士学位、哈佛商学院工商管理硕士学位以及哈佛法学院法学博士学位。我们相信，Hutchins 先生凭借其在科技行业广泛运营、业务规划和投资方面的专业知识，具备担任我们董事会成员的资格。

Executive Officer until 2011 and, prior to that, as Managing Director from 1999 to 2011. Prior to that, Mr. Hutchins was a Senior Managing Director at The Blackstone Group, a global investment firm, from 1994 to 1999. He has served as a director of AT&T Inc., a telecommunications company, since June 2014 and as Vice Chairman and Lead Independent Director of Banco Santander S.A., a financial services firm, since December 2022. Previously, Mr. Hutchins served as a director of Virtu Financial, Inc., a financial services firm, from July 2017 to August 2021 and as a director at Nasdaq, Inc., a global financial services technology company, from April 2005 to July 2017. Mr. Hutchins has served as the Co-Chairman of the Brookings Institution since November 2018 and was a director of the Federal Reserve Bank of New York from 2011 to 2020. He holds an A.B. from Harvard College, an M.B.A. from Harvard Business School, and a J.D. from Harvard Law School. We believe Mr. Hutchins is qualified to serve as a member of our board of directors due to his extensive operational, business planning, and investment expertise within the technology industry.

Margaret C. Whitman 自 2025 年 3 月起担任我们董事会成员。Whitman 女士此前于 2022 年 7 月至 2024 年 11 月担任美国驻肯尼亚大使。在此之前，她于 2018 年 3 月至 2021 年 2 月担任移动媒体公司 Quibi Holdings, LLC 的首席执行官。2017 年 6 月至 2018 年 2 月，Whitman 女士担任跨国信息技术企业 Hewlett Packard Enterprise Company（“HPE”）的首席执行官，并于 2015 年 11 月至 2017 年 6 月担任 HPE 总裁兼首席执行官。在 HPE 任职之前，她于 2011 年 9 月至 2015 年 7 月担任 Hewlett-Packard Company（现称 HP Inc.）总裁兼首席执行官，并于 2014 年 7 月至 2015 年 11 月担任其董事会主席。Whitman 女士还于 1998 年 3 月至 2008 年 11 月担任电子商务公司 eBay Inc. 的总裁兼首席执行官。Whitman 女士此前曾于 2011 年 2 月至 2022 年 7 月担任跨国消费品公司 The Procter & Gamble Company 的董事，于 2021 年 3 月至 2022 年 7 月担任跨国汽车制造公司 General Motors Company 的董事，并于 2017 年 9 月至 2020 年 5 月担任云存储公司 Dropbox, Inc. 的董事。Whitman 女士拥有普林斯顿大学经济学文学学士学位和哈佛商学院工商管理硕士学位。我们相信，Whitman 女士凭借其广泛的领导、战略、风险管理和行业经验，具备担任我们董事会成员的资格。

Margaret C. Whitman has served as a member of our board of directors since March 2025. Ms. Whitman previously served as United States Ambassador to Kenya from July 2022 to November 2024. Prior to that, she was Chief Executive Officer of Quibi Holdings, LLC, a mobile media company, from March 2018 to February 2021. From June 2017 to February 2018, Ms. Whitman served as Chief Executive Officer of Hewlett Packard Enterprise Company (“HPE”), a multinational information technology enterprise, and as HPE’s President and Chief Executive Officer from November 2015 to June 2017. Before her role at HPE, she was President and Chief Executive Officer of Hewlett-Packard Company (now known as HP Inc.) from September 2011 to July 2015, as well as Chair of their board of directors from July 2014 to November 2015. Ms. Whitman also served as President and Chief Executive Officer of eBay Inc., an e-commerce company, from March 1998 to November 2008. Ms. Whitman has previously served on the boards of directors of The Procter & Gamble Company, a multinational consumer goods company, from February 2011 to July 2022, General Motors Company, a multinational automotive manufacturing company, from March 2021 to July 2022, and Dropbox, Inc., a cloud storage company, from September 2017 to May 2020. Ms. Whitman holds an A.B. in Economics from Princeton University and an MBA from Harvard Business School. We believe Ms. Whitman is qualified to serve as a member of our board of directors due to her extensive leadership, strategy, risk management, and industry experience.

亲属关系 Family Relationships

我们的任何高管或董事之间均不存在亲属关系。

There are no family relationships among any of our executive officers or directors.

商业行为与道德准则 Code of Business Conduct and Ethics

我们的董事会已通过一项商业行为与道德准则，适用于我们所有员工、高管和董事，包括我们的首席执行官、首席财务官以及其他高管和高级财务官。我们的商业行为与道德准则全文将发布在我们网站的投资者关系页面上。我们拟在我们网站或根据《交易法》提交的文件中披露对我们的商业行为与道德准则的任何修订，或对其要求的任何豁免。

Our board of directors has adopted a code of business conduct and ethics that applies to all of our employees, officers, and directors, including our Chief Executive Officer, Chief Financial Officer, and other executive and senior financial officers. The full text of our code of business conduct and ethics will be posted on the investor relations page on our website. We intend to disclose any amendments to our code of business conduct and ethics, or waivers of its requirements, on our website or in filings under the Exchange Act.

董事会 Board of Directors

我们的业务和事务在董事会的指导下管理。我们的董事会目前由六名董事组成。根据我们现行有效的经修订和重述的公司章程，以及我们与其他方于 2024 年 5 月 16 日签订的《第二份经修订和重述的表决协议》（“表决协议”），我们现任董事的选举情况如下：

Our business and affairs are managed under the direction of our board of directors. Our board of directors currently consists of six directors. Pursuant to our amended and restated certificate of incorporation, as currently in effect, and the Second Amended and Restated Voting Agreement between us and other parties, dated May 16, 2024 (the “Voting Agreement”), our current directors were elected as follows:

- Cogen 先生和 Whitman 女士作为由时任首席执行官提名的被提名人当选；

- Mr. Cogen and Ms. Whitman were elected as designees nominated by the then-serving Chief Executive Officer;

- Venturo 先生作为由当时以员工或顾问身份向我们提供服务的若干普通股持有人提名的被提名人当选；

- Mr. Venturo was elected as the designee nominated by certain holders of our common stock then providing services to us as employees or consultants;

- Boone 女士和 Hutchins 先生作为由我们提名的被提名人当选；以及

- Ms. Boone and Mr. Hutchins were elected as designees nominated by us; and

- Intrator 先生作为我们现任首席执行官当选。

- Mr. Intrator was elected as our current Chief Executive Officer.

我们的表决协议将终止，我们经修订和重述的公司章程中关于董事选举的条款将与本此发行相关进行修订和重述，且在本此发行之后，这些关于董事选举的合同义务将不再有效。在本此发行之后，董事人数将由我们的董事会确定，但须遵守将在本此发行完成前立即生效的经修订和重述的公司章程和经修订和重述的章程细则的条款。我们的每位现任董事将继续担任董事，直至其继任者当选并符合资格，或直至其提前去世、辞职或被免职。

Our Voting Agreement will terminate and the provisions of our amended and restated certificate of incorporation by which our directors were elected will be amended and restated in connection with this offering and, following this offering, these contractual obligations regarding the election of our directors will no longer be effective. After this offering, the number of directors will be fixed by our board of directors, subject to the terms of our amended and restated certificate of incorporation and amended and restated bylaws that will become effective immediately prior to the completion of this offering. Each of our current directors will continue to serve as a director until the election and qualification of their successor, or until their earlier death, resignation, or removal.

分类董事会 Classified Board of Directors

本次发行完成后，我们的董事会将由六名成员组成，并分为三类董事，任期交错，每类任期三年。在每届年度股东大会上，将选举一类董事，任期三年，接替任期即将届满的同一类董事。因此，每届年度股东大会仅选举一类董事，其他类别的董事将继续任职至其各自三年任期届满。我们的董事将按如下方式分为三类：

Upon the completion of this offering, our board of directors will consist of six members and be divided into three classes of directors that will serve staggered three-year terms. At each annual meeting of stockholders, a class of directors will be elected for a three-year term to succeed the same class whose term is then expiring. As a result, only one class of directors will be elected at each annual meeting of our stockholders, with the other classes continuing for the remainder of their respective three-year terms. Our directors will be divided among the three classes as follows:

- 第一类董事为 Michael Intrator 和 Jack Cogen，其任期将在本次发行完成后召开的首次年度股东大会上届满；

- the Class I directors will be Michael Intrator and Jack Cogen, and their terms will expire at the first annual meeting of stockholders to be held after the completion of this offering;

- 第二类董事为 Margaret C. Whitman 和 Glenn Hutchins，其任期将在本次发行完成后召开的第二次年度股东大会上届满；以及

- the Class II directors will be Margaret C. Whitman and Glenn Hutchins, and their terms will expire at the second annual meeting of stockholders to be held after the completion of this offering; and

- 第三类董事为 Brian Venturo 和 Karen Boone，其任期将在本次发行完成后召开的第三次年度股东大会上届满。

- the Class III directors will be Brian Venturo and Karen Boone, and their terms will expire at the third annual meeting of stockholders to be held after the completion of this offering.

每名董事的任期持续至其继任者经选举并符合任职资格之时，或其较早去世、辞职或被免职之时。我们将在本次发行完成前立即生效的经修订和重述的公司章程及经修订和重述的公司细则将仅授权我们的董事会填补董事会的空缺。董事人数的任何增加或减少将在三个类别之间分配，以使每个类别尽可能由三分之一的董事组成。我们董事会的这种分类可能具有延迟或阻止我们公司控制权变更的效果。参见标题为“股本说明——反收购条款”的章节。

Each director’s term continues until the election and qualification of his or her successor, or his or her earlier death, resignation, or removal. Our amended and restated certificate of incorporation and amended and restated bylaws to be in effect immediately prior to the completion of this offering will authorize only our board of directors to fill vacancies on our board of directors. Any increase or decrease in the number of directors will be distributed among the three classes so that, as nearly as possible, each class will consist of one-third of the directors. This classification of our board of directors may have the effect of delaying or preventing changes in control of our company. See the section titled “Description of Capital Stock—Anti-Takeover Provisions.”

董事独立性 Director Independence

就本次发行而言，我们已获准将我们的 A 类普通股在纳斯达克上市。根据纳斯达克规则，独立董事必须在本次发行完成后的一定期限内占上市公司董事会多数席位。此外，纳斯达克规则要求，除特定例外情形外，上市公司审计委员会、薪酬委员会以及提名与公司治理委员会的每位成员均须为独立人士。根据纳斯达克规则，只有在公司董事会认为某人士不存在会妨碍其在履行董事职责时行使独立判断的关系时，该董事方符合“独立董事”资格。

In connection with this offering, we have been approved to list our Class A common stock on Nasdaq. Under the rules of Nasdaq, independent directors must comprise a majority of a listed company’s board of directors within a specified period after the completion of this offering. In addition, the rules of Nasdaq require that, subject to specified exceptions, each member of a listed company’s audit, compensation, and nominating and corporate governance committees be independent. Under the rules of Nasdaq, a director will only qualify as an “independent director” if, in the opinion of that company’s board of directors, that person does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director.

此外，薪酬委员会成员与我们之间不得存在会对其作为薪酬委员会成员职责相关独立性产生重大影响的关系。

Additionally, compensation committee members must not have a relationship with us that is material to the director’s ability to be independent from management in connection with the duties of a compensation committee member.

审计委员会成员还必须满足《交易法》第 10A-3 条规定的独立性标准。为符合第 10A-3 条的独立性要求，上市公司审计委员会成员不得以审计委员会成员、董事会或任何其他董事会委员会成员身份之外的身份：直接或间接从上市公司或其任何子公司收取任何咨询费、顾问费或其他报酬；或成为上市公司或其任何子公司的关联人士。我们拟在本次发行完成时满足第 10A-3 条的审计委员会独立性要求。

Audit committee members must also satisfy the independence criteria set forth in Rule 10A-3 under the Exchange Act. In order to be considered independent for purposes of Rule 10A-3, a member of an audit committee of a listed company may not, other than in his or her capacity as a member of the audit committee, the board of directors or any other board committee: accept, directly or indirectly, any consulting, advisory, or other compensatory fee from the listed company or any of its subsidiaries; or be an affiliated person of the listed company or any of its subsidiaries. We intend to satisfy the audit committee independence requirements of Rule 10A-3 as of the completion of this offering.

我们的董事会已对每位董事的独立性进行审查，并考量每位董事是否与我们存在可能损害其在履行董事职责时行使独立判断能力的重大关系。经审查，我们的董事会认定，除 Michael Intrator 和 Brian Venturo 外，每位董事均为 SEC 适用规则和法规以及纳斯达克上市要求和规则所定义的“独立董事”。在作出上述认定时，我们的董事会审阅并讨论了董事及我们提供的有关每位董事可能与我们及管理层相关的业务和个人活动及关系的信息，包括每位非雇员董事对我们普通股的实益拥有情况以及“特定关系及关联方交易”一节所述涉及他们的交易。

Our board of directors has undertaken a review of the independence of each director and considered whether each director has a material relationship with us that could compromise his or her ability to exercise independent judgment in carrying out his or her responsibilities. As a result of this review, our board of directors determined that each director other than Michael Intrator and Brian Venturo is an “independent director” as defined under the applicable rules and regulations of the SEC and the listing requirements and rules of Nasdaq. In making these determinations, our board of directors reviewed and discussed information provided by the directors and by us with regard to each director’s business and personal activities and relationships as they may relate to us and our management, including the beneficial ownership of our common stock by each non-employee director and the transactions involving them described in the section titled “Certain Relationships and Related Party Transactions.”

首席独立董事 Lead Independent Director

我们的董事会已通过公司治理准则，规定由一名独立董事担任首席独立董事。我们的董事会已任命 Glenn Hutchins 担任首席独立董事。作为首席独立董事，若出现首席执行官与董事会主席角色可能或可能被视为存在冲突的情形，Hutchins 先生将为我们的董事会提供领导，并履行我们的董事会另行决定和委派的其他职责。

Our board of directors has adopted corporate governance guidelines that provide that one of our independent directors will serve as our lead independent director. Our board of directors has appointed Glenn Hutchins to serve as our lead independent director. As lead independent director, Mr. Hutchins will provide leadership to our board of directors if circumstances arise in which the role of Chief Executive Officer and chairperson of our board of directors may be, or may be perceived to be, in conflict, and perform such additional duties as our board of directors may otherwise determine and delegate.

董事提名函 Director Nomination Letter

2024 年 5 月，我们与 Magnetar DNL 各方签订了董事提名函，据此，自本次发行交割之日起至以下较早日期止的期间内：(i) 我们 B 类普通股不再有任何流通股之日，及 (ii) Magnetar DNL 各方及其关联方合计不再实益拥有我们至少 4,976,240 股股本之日，若 Magnetar DNL 各方的被提名人或关联方届时未担任我们董事会成员，则 Magnetar DNL 各方共同有权提名一名人士供考虑担任我们董事会成员（“Magnetar 被提名人”）。董事提名函所规定的权利将在以下最早发生的情形下终止：(i) Magnetar DNL 各方及其关联方不再实益拥有我们至少 4,976,240 股股本之时，(ii) 我们 B 类普通股不再有任何流通股之时，或 (iii) 公司完成合并或整合，且该合并或整合 (a) 系出于与消灭该等权利无关的独立商业原因；且 (b) 并非为了 (x) 公司将注册地变更至其他州；或 (y) 设立一家将由公司股东独家拥有并持有公司承继人全部已发行股本股份的控股公司。

In May 2024, we entered into the Director Nomination Letter with the Magnetar DNL Parties, pursuant to which, during the period beginning at the closing of this offering until the earlier of the date on which (i) no shares of our Class B common stock are outstanding and (ii) the Magnetar DNL Parties and their affiliates collectively no longer beneficially own at least 4,976,240 shares of our capital stock, if a designee or affiliate of the Magnetar DNL Parties is not then a member of our board of directors, the Magnetar DNL Parties have the collective right to nominate one individual for consideration to serve as a member of our board of directors (the “Magnetar Nominee”). The rights provided in the Director Nomination Letter will terminate upon the earliest of (i) such time as the Magnetar DNL Parties and their affiliates no longer beneficially own at least 4,976,240 shares of our capital stock, (ii) such time no shares of our Class B common stock are outstanding or (iii) the consummation of a merger or consolidation of the Company that is effected (a) for independent business reasons unrelated to extinguishing such rights; and (b) for purposes other than (x) the reincorporation of the Company in a different state; or (y) the formation of a holding company that will be owned exclusively by the Company’s stockholders and will hold all of the outstanding shares of capital stock of the Company’s successor.

我们的提名与治理委员会可依据其章程及纳斯达克的上市要求和规则，自行决定是否考虑 Magnetar 被提名人。若我们的提名与治理委员会批准 Magnetar 被提名人担任我们董事会成员，我们将有义务支持 Magnetar 被提名人的提名，并促使我们的董事会将 Magnetar 被提名人纳入向我们的股东推荐选举的候选人名单。若 (a) 我们的提名与治理委员会不批准 Magnetar 被提名人担任我们董事会成员，或 (b) Magnetar 被提名人因任何原因（我们的股东未能选举 Magnetar 被提名人担任董事除外）不再担任董事，则 Magnetar DNL 各方有权依据董事提名函的条款提名另一名被提名人，直至一名 Magnetar 被提名人当选为我们董事会成员为止。

Our nominating and governance committee may consider the Magnetar Nominee in its sole discretion in accordance with its charter and the listing requirements and rules of Nasdaq. If our nominating and governance committee approves of the Magnetar Nominee for service on our board of directors, we will have the obligation to support the nomination of the Magnetar Nominee and to cause our board of directors to include the Magnetar Nominee in the slate of nominees recommended to our stockholders for election. To the extent that (a) our nominating and governance committee does not approve of the Magnetar Nominee for service on our board of directors or (b) the Magnetar Nominee ceases to serve as a director for any reason (other than the failure of our stockholders to elect the Magnetar Nominee as a director), the Magnetar DNL Parties will have the right to nominate another nominee in accordance with the terms of the Director Nomination Letter until such time as a Magnetar Nominee is elected to our board of directors.

董事会在风险监督中的作用 Role of Board in Risk Oversight

风险评估与监督是我们治理和管理流程中不可或缺的组成部分。我们的董事会鼓励管理层培育一种将风险管理融入公司战略和日常业务运营的文化。管理层在定期管理会议上讨论战略风险和运营风险，并在年内开展特定的战略规划与审查会议，其中包括对我们所面临风险的集中讨论与分析。全年中，高级管理层在定期董事会会议上与我们的董事会一同审议这些风险，作为聚焦特定业务职能、运营或战略的管理层汇报的一部分，并呈报管理层为缓解或消除此类风险所采取的措施。

Risk assessment and oversight are an integral part of our governance and management processes. Our board of directors encourages management to promote a culture that incorporates risk management into our corporate strategy and day-to-day business operations. Management discusses strategic and operational risks at regular management meetings and conducts specific strategic planning and review sessions during the year that include a focused discussion and analysis of the risks we face. Throughout the year, senior management reviews these risks with our board of directors at regular board meetings as part of management presentations that focus on particular business functions, operations, or strategies, and presents the steps taken by management to mitigate or eliminate such risks.

我们的董事会未设立常设风险管理委员会。我们的董事会直接并通过各常设委员会履行该监督职能，各常设委员会在其各自的监督领域内处理相关风险。我们的董事会负责监控和评估战略风险敞口，而我们的审计委员会负责监督我们的重大财务风险敞口以及管理层为监控和控制这些敞口所采取的措施。审计委员会还审阅任何关联人士交易。我们的提名与公司治理委员会监控公司治理准则的有效性。我们的薪酬委员会评估并监控我们的任何薪酬政策和计划是否有可能鼓励过度冒险。

Our board of directors does not have a standing risk management committee. Our board of directors administers this oversight function directly and through various standing committees that address risks in their respective areas of oversight. While our board of directors is responsible for monitoring and assessing strategic risk exposure, our audit committee is responsible for overseeing our major financial risk exposures and the steps our management has taken to monitor and control these exposures. The audit committee also reviews any related person transactions. Our nominating and corporate governance committee monitors the effectiveness of our corporate governance guidelines. Our compensation committee assesses and monitors whether any of our compensation policies and programs has the potential to encourage excessive risk-taking.

董事会各委员会 Committees of the Board of Directors

我们的董事会设有审计委员会、薪酬委员会以及提名与公司治理委员会，各委员会依据其各自的章程，将在本次发行完成后具备下文所述的人员构成与职责。本次发行完成后，各委员会章程的副本将在我们网站的投资者关系部分提供。各委员会成员任职至其辞职或直至我们的董事会另行决定为止。

Our board of directors has an audit committee, a compensation committee, and a nominating and corporate governance committee, each of which, pursuant to its respective charter, will have the composition and responsibilities described below upon the completion of this offering. Following the completion of this offering, copies of the charters for each committee will be available on the investor relations portion of our website. Members serve on these committees until their resignation or until otherwise determined by our board of directors.

#### 审计委员会

#### Audit Committee

我们的审计委员会由 Karen Boone、Jack Cogen 和 Margaret C. Whitman 组成。Boone 女士担任我们审计委员会的主席。我们审计委员会的成员符合纳斯达克和 SEC 规则下的独立性要求。我们审计委员会的每位成员均具备财务知识。此外，我们的董事会已认定 Boone 女士为《证券法》项下 S-K 条例第 407(d)(5)(ii) 条所定义的“审计委员会财务专家”。但该认定并不对她施加超出我们审计委员会和董事会其他成员普遍适用的任何额外职责、义务或责任。我们审计委员会的主要职能是协助我们的董事会对以下事项进行监督：

Our audit committee is composed of Karen Boone, Jack Cogen, and Margaret C. Whitman. Ms. Boone is the chair of our audit committee. The members of our audit committee meet the independence requirements under Nasdaq and SEC rules. Each member of our audit committee is financially literate. In addition, our board of directors has determined that Ms. Boone is an “audit committee financial expert” as that term is defined in Item 407(d)(5)(ii) of Regulation S-K promulgated under the Securities Act. This designation does not, however, impose on her any supplemental duties, obligations, or liabilities beyond those that are generally applicable to the other members of our audit committee and board of directors. Our audit committee’s principal functions are to assist our board of directors in its oversight of:

- 选聘一家事务所担任我们的独立注册公共会计师事务所，以审计我们的合并财务报表；

- selecting a firm to serve as our independent registered public accounting firm to audit our consolidated financial statements;

- 确保独立注册公共会计师事务所的独立性；

- ensuring the independence of the independent registered public accounting firm;

- 与独立注册公共会计师事务所讨论审计的范围和结果，并与管理层及该事务所审阅我们的中期和年度经营业绩；

- discussing the scope and results of the audit with the independent registered public accounting firm, and reviewing, with management and that firm, our interim and year-end operating results;

- 建立员工匿名提交对可疑会计或审计事项的疑虑的程序；

- establishing procedures for employees to anonymously submit concerns about questionable accounting or audit matters;

- 考虑我们内部控制是否充分；

- considering the adequacy of our internal controls;

- 审阅重大或涉及披露要求的关联方交易；以及

- reviewing related party transactions that are material or otherwise implicate disclosure requirements; and

- 批准或按允许的方式预先批准由独立注册公共会计师事务所提供的所有审计和非审计服务。

- approving, or as permitted, pre-approving all audit and non-audit services to be performed by the independent registered public accounting firm.

#### 薪酬委员会

#### Compensation Committee

我们的薪酬委员会由 Karen Boone 和 Glenn Hutchins 组成。Hutchins 先生担任我们薪酬委员会的主席。我们薪酬委员会的成员符合纳斯达克和 SEC 规则下的独立性要求。该委员会的每位成员亦为《交易法》第 16b-3 条规则所指的“非雇员董事”。我们的薪酬委员会负责（其中包括）：

Our compensation committee is composed of Karen Boone and Glenn Hutchins. Mr. Hutchins is the chair of our compensation committee. The members of our compensation committee meet the independence requirements under Nasdaq and SEC rules. Each member of this committee is also a “non-employee director” within the meaning of Rule 16b-3 under the Exchange Act. Our compensation committee is responsible for, among other things:

- 评估、建议、批准和审查我们维持的高管和董事薪酬安排、计划、政策和方案；

- evaluating, recommending, approving and reviewing the executive officer and director compensation arrangements, plans, policies and programs maintained by us;

- 管理我们的现金和股权激励计划；以及

- administering our cash- and equity-based compensation plans; and

- 与管理层一起审查我们的组织和人员活动。

- reviewing with management our organization and people activities.

#### 提名与公司治理委员会

#### Nominating and Corporate Governance Committee

我们的提名与公司治理委员会由 Jack Cogen、Glenn Hutchins 和 Margaret C. Whitman 组成。Whitman 女士担任我们的提名与公司治理委员会主席。我们的提名与公司治理委员会成员符合纳斯达克和 SEC 规则下的独立性要求。我们的提名与公司治理委员会的主要职能包括：

Our nominating and corporate governance committee is composed of Jack Cogen, Glenn Hutchins, and Margaret C. Whitman. Ms. Whitman is the chair of our nominating and corporate governance committee. The members of our nominating and corporate governance committee meet the independence requirements under Nasdaq and SEC rules. Our nominating and corporate governance committee’s principal functions include:

- 识别、考虑并推荐我们的董事会成员候选人；

- identifying, considering, and recommending candidates for membership on our board of directors;

- 制定并推荐我们的公司治理准则和政策；

- developing and recommending our corporate governance guidelines and policies;

- 监督对我们的董事会及各委员会的评估；

- overseeing the evaluation of our board of directors and our committees;

- 就公司治理事项向我们的董事会提供建议；以及

- advising our board of directors on corporate governance matters; and

- 就联邦证券法要求的任何相关事项提供建议。

- advising on any related matters required by federal securities laws.

薪酬委员会交叉任职与内部人参与 Compensation Committee Interlocks and Insider Participation

薪酬委员会的任何成员目前均不是、且从未担任过我们的高级管理人员或员工。在截至 2024 年 12 月 31 日的年度内，我们的任何高级管理人员均未担任任何实体的董事会成员或薪酬或类似委员会成员，而该实体有一名或多名高级管理人员曾在我们董事会或薪酬委员会任职。

None of the members of the compensation committee is currently, or has been at any time, one of our officers or employees. None of our executive officers has served as a member of the board of directors, or as a member of the compensation or similar committee, of any entity that has one or more executive officers who served on our board or compensation committee during the year ended December 31, 2024.

董事薪酬 Director Compensation

#### 2024 年董事薪酬

#### 2024 Director Compensation

在截至 2024 年 12 月 31 日的年度内，我们未向董事会非雇员成员支付任何薪酬；截至 2024 年 12 月 31 日，我们的非雇员董事均未持有未归属的股权奖励。

In the year ended December 31, 2024, no compensation was paid to our non-employee members of our board of directors, and as of December 31, 2024, none of our non-employee directors held unvested equity awards.

#### 2025 年董事薪酬

#### 2025 Director Compensation

Karen Boone

Karen Boone

2025 年 1 月，我们向 Karen Boone 授予了两项 RSU 奖励：第一项奖励为 17,560 个 RSU，与其开始担任我们董事会成员相关（“第一项 Boone 奖励”）；第二项奖励为 1,060 个 RSU，与其开始担任我们审计委员会主席相关（“第二项 Boone 奖励”，与第一项 Boone 奖励合称“Boone RSU 奖励”），两项奖励均根据 2019 年计划授予，可归属并结算为我们的 A 类普通股股份。每项 Boone RSU 奖励的期限均为十年，并将基于服务期条件和业绩条件的满足情况归属。

In January 2025, we granted Karen Boone two awards of RSUs: the first award for 17,560 RSUs in connection with the commencement of her service on our board of directors (the “First Boone Award”) and the second award for 1,060 RSUs in connection with the commencement of her service as chair of our audit committee (the “Second Boone Award,” and, together with the First Boone Award, the “Boone RSU Awards”), each under the 2019 Plan, which may vest and be settled for shares of our Class A common stock. Each of the Boone RSU Awards has a ten-year term and will vest based on the satisfaction of service-based and performance-based vesting conditions.

第一项 Boone 奖励的服务期归属条件将分三年按季度归属，每季度归属总奖励的 1/12，首个归属日期预定为 2025 年 4 月 6 日，其后每个归属日期为其季度周年日，但须以 Boone 女士继续为我们服务为前提。第二项 Boone 奖励的服务期归属条件将分一年按季度归属，每季度归属总奖励的 1/4，首个归属日期预定为 2025 年 4 月 6 日，其后每个归属日期为其季度周年日，但须以 Boone 女士继续为我们服务为前提。

The service-based vesting condition for the First Boone Award will be satisfied as to 1/12th of the total award quarterly over three years, with the first vesting date scheduled for April 6, 2025 and each subsequent vesting date occurring on the quarterly anniversary thereof, subject to Ms. Boone’s continued service with us. The service-based vesting condition for the Second Boone Award will be satisfied as to 1/4th of the total award quarterly over one year, with the first vesting date scheduled for April 6, 2025 and each subsequent vesting date occurring on the quarterly anniversary thereof, subject to Ms. Boone’s continued service with us.

Boone RSU 奖励的业绩归属条件已与本次发行相关而得到满足。Boone 女士还将因其在我们董事会的服务而获得每年 $25,000 的现金费用，按季度于期末支付，不足一个季度的按比例计算。

The performance-based vesting condition for the Boone RSU Awards was satisfied in connection with this offering. Ms. Boone will also receive an annual cash fee of $25,000 in connection with her service on our board of directors, to be paid quarterly and in arrears and to be pro-rated for partial quarters served.

Glenn Hutchins

Glenn Hutchins

2025 年 2 月，我们向 Glenn Hutchins 授予了四项 RSU 奖励：第一项奖励为 17,340 个 RSU，与其开始担任我们董事会成员相关（“第一项 Hutchins 奖励”）；第二项奖励为 1,040 个 RSU，与其开始担任我们的首席独立董事相关（“第二项 Hutchins 奖励”）；第三项奖励为 520 个 RSU，与其开始担任我们薪酬委员会主席相关（“第三项 Hutchins 奖励”）；第四项奖励为 520 个 RSU，与其开始担任我们提名与公司治理委员会临时主席相关（“第四项 Hutchins 奖励”，与第一项 Hutchins 奖励、第二项 Hutchins 奖励及第三项 Hutchins 奖励合称“Hutchins RSU 奖励”），各项奖励均根据 2019 年计划授予，可归属并结算为我们的 A 类普通股股份。每项 Hutchins RSU 奖励的期限均为十年，并将基于服务期条件和业绩条件的满足情况归属。

In February 2025, we granted Glenn Hutchins four awards of RSUs: the first award for 17,340 RSUs in connection with the commencement of his service on our board of directors (the “First Hutchins Award”), the second award for 1,040 RSUs in connection with the commencement of his service as our lead independent director (the “Second Hutchins Award”), the third award for 520 RSUs in connection with the commencement of his service as the chair of our compensation committee (the “Third Hutchins Award”), and the fourth award for 520 RSUs in connection with the commencement of his service as the interim chair of our nominating and corporate governance committee (the “Fourth Hutchins Award,” and, together with the First Hutchins Award, the Second Hutchins Award, and the Third Hutchins Award, the “Hutchins RSU Awards”), each under the 2019 Plan, which may vest and be settled for shares of our Class A common stock. Each of the Hutchins RSU Awards has a ten-year term and will vest based on the satisfaction of service-based and performance-based vesting conditions.

First Hutchins Award 的服务期归属条件将分三年按季度满足总授予量的 1/12，首个归属日定于 2025 年 5 月 10 日，其后每个归属日为该日的季度周年日，前提是 Hutchins 先生持续为我们提供服务。Second Hutchins Award、Third Hutchins Award 和 Fourth Hutchins Award 的服务期归属条件将各自分一年按季度满足总授予量的 1/4，首个归属日定于 2025 年 5 月 10 日，其后每个归属日为该日的季度周年日，前提是 Hutchins 先生持续为我们提供服务。

The service-based vesting condition for the First Hutchins Award will be satisfied as to 1/12th of the total award quarterly over three years, with the first vesting date scheduled for May 10, 2025 and each subsequent vesting date occurring on the quarterly anniversary thereof, subject to Mr. Hutchins’s continued service with us. The service-based vesting condition for the Second Hutchins Award, Third Hutchins Award, and Fourth Hutchins Award will each be satisfied as to 1/4th of the total award quarterly over one year, with the first vesting date scheduled for May 10, 2025 and each subsequent vesting date occurring on the quarterly anniversary thereof, subject to Mr. Hutchins’s continued service with us.

Hutchins RSU Awards 的业绩归属条件已就本次发行获得满足。Hutchins 先生还将因其在我们董事会的服务而获得每年 $25,000 的现金费用，按季度于期末支付，不足一个季度的按比例折算。

The performance-based vesting condition for the Hutchins RSU Awards was satisfied in connection with this offering. Mr. Hutchins will also receive an annual cash fee of $25,000 in connection with his service on our board of directors, to be paid quarterly and in arrears and to be pro-rated for partial quarters served.

Margaret C. Whitman

Margaret C. Whitman

2025 年 3 月，我们向 Margaret C. Whitman 授予了两项 RSU 奖励：第一项奖励为 14,340 个 RSU，与其开始在我们董事会任职相关（“First Whitman Award”）；第二项奖励为 420 个 RSU，与其开始担任我们提名与公司治理委员会主席相关（“Second Whitman Award”，与 First Whitman Award 合称“Whitman RSU Awards”），两项奖励均根据 2019 年计划授予，可归属并结算为我们的 A 类普通股股份。Whitman RSU Awards 的每项奖励期限均为十年，并将基于服务期归属条件和业绩归属条件的满足而归属。

In March 2025, we granted Margaret C. Whitman two awards of RSUs: the first award for 14,340 RSUs in connection with the commencement of her service on our board of directors (the “First Whitman Award”) and the second award for 420 RSUs in connection with the commencement of her service as the chair of our nominating and corporate governance committee (the “Second Whitman Award,” and, together with the First Whitman Award, the “Whitman RSU Awards”), each under the 2019 Plan, which may vest and be settled for shares of our Class A common stock. Each of the Whitman RSU Awards has a ten-year term and will vest based on the satisfaction of service-based and performance-based vesting conditions.

First Whitman Award 的服务期归属条件将分三年按季度满足总授予量的 1/12，首个归属日定于 2025 年 6 月 14 日，其后每个归属日为该日的季度周年日，前提是 Whitman 女士持续为我们提供服务。Second Whitman Award 的服务期归属条件将分一年按季度满足总授予量的 1/4，首个归属日定于 2025 年 6 月 14 日，其后每个归属日为该日的季度周年日，前提是 Whitman 女士持续为我们提供服务。

The service-based vesting condition for the First Whitman Award will be satisfied as to 1/12th of the total award quarterly over three years, with the first vesting date scheduled for June 14, 2025 and each subsequent vesting date occurring on the quarterly anniversary thereof, subject to Ms. Whitman’s continued service with us. The service-based vesting condition for the Second Whitman Award will be satisfied as to 1/4th of the total award quarterly over one year, with the first vesting date scheduled for June 14, 2025 and each subsequent vesting date occurring on the quarterly anniversary thereof, subject to Ms. Whitman’s continued service with us.

Whitman RSU Awards 的业绩归属条件已就本次发行获得满足。Whitman 女士还将因其在我们董事会的服务而获得每年 $25,000 的现金费用，按季度于期末支付，不足一个季度的按比例折算。

The performance-based vesting condition for the Whitman RSU Awards was satisfied in connection with this offering. Ms. Whitman will also receive an annual cash fee of $25,000 in connection with her service on our board of directors, to be paid quarterly and in arrears and to be pro-rated for partial quarters served.

Jack Cogen

Jack Cogen

2025 年 3 月，我们向 Jack Cogen 授予了一项 4,780 份 RSU 的奖励（“Cogen RSU 奖励”），以表彰其在我们董事会的服务，该奖励相当于根据本次发行相关的非雇员董事薪酬政策将授予非雇员董事的年度奖励，具体如下所述。Cogen RSU 奖励根据 2019 年计划授予，期限为十年，并将在满足基于服务和基于绩效的归属条件后以我们的 A 类普通股股份结算。

In March 2025, we granted Jack Cogen one award for 4,780 RSUs (the “Cogen RSU Award”) in connection with his service on our board of directors, which is equivalent to the annual award to be granted to non-employee directors pursuant to the non-employee director compensation policy adopted in connection with this offering, as described below. The Cogen RSU Award was granted under the 2019 Plan, has a ten-year term and will be settled for shares of our Class A common stock based on the satisfaction of service-based and performance-based vesting conditions.

Cogen RSU 奖励的基于服务的归属条件将在以下较早日期满足：(i) 我们下一届年度股东大会之日，以及 (ii) 授予日一周年，但须以 Cogen 先生继续为我们服务为前提。

The service-based vesting condition for the Cogen RSU Award will be satisfied on the earlier of (i) the date of the next annual meeting of our stockholders and (ii) the first anniversary of the grant date, subject to Mr. Cogen’s continued service with us.

Cogen RSU 奖励的基于绩效的归属条件已在本次发行相关事项中满足。Cogen 先生还将根据本次发行相关的非雇员董事薪酬政策获得现金薪酬，具体如下所述。

The performance-based vesting condition for the Cogen RSU Award was satisfied in connection with this offering. Mr. Cogen will also receive the cash compensation pursuant to the non-employee director compensation policy adopted in connection with this offering, as described below.

非雇员董事薪酬政策 Non-Employee Director Compensation Policy

在本次发行之前，我们并未制定正式政策，就非雇员董事在董事会或董事会各委员会任职向其提供任何现金或股权补偿。有关截至 2024 年 12 月 31 日止年度及截至 2025 年 12 月 31 日止年度向非雇员董事支付的补偿的说明，请参见上文标题为“—董事薪酬”的章节。

Before this offering, we did not have a formal policy to provide any cash or equity compensation to our non-employee directors for their service on our board of directors or committees of our board of directors. See the section titled “—Director Compensation” above for a description of compensation paid to our non-employee directors during the year ended December 31, 2024 and year ending December 31, 2025.

就本次发行，我们的董事会批准了一项非雇员董事薪酬政策，根据该政策，我们的非雇员董事将有资格获得下述费用和股权奖励。如上所述，Hutchins 先生以及 Boone 女士和 Whitman 女士在本次发行之前、因其加入我们的董事会而于 2025 年获得了股权授予。因此，在本次发行完成后我们首次召开年度股东大会之日之前，他们无资格获得我们非雇员董事薪酬政策项下的费用和股权奖励。

In connection with this offering, our board of directors approved a non-employee director compensation policy, pursuant to which our non-employee directors will be eligible to receive the fees and equity awards described below. As described above, Mr. Hutchins and Mses. Boone and Whitman received equity grants in 2025, prior to this offering and in connection with their joining our board of directors. As a result, they will not be eligible to receive the fees and equity awards under our non-employee director compensation policy until the date of our first annual meeting of our stockholders that occurs following the completion of this offering.

雇员董事因其担任我们董事会成员的服务不会获得额外补偿。Michael Intrator 和 Brian Venturo 分别因其担任我们的首席执行官以及总裁兼首席战略官的服务作为雇员获得薪酬，且二人均不会因其担任我们董事会成员的服务获得额外补偿。有关 Michael Intrator 和 Brian Venturo 各自作为我们雇员所获薪酬的信息，请参见标题为“高管薪酬—薪酬汇总表”的章节。

Employee directors will receive no additional compensation for their service as members of our board of directors. Michael Intrator and Brian Venturo are each compensated as employees for their service as our Chief Executive Officer and President and Chief Strategy Officer, respectively, and neither receives additional compensation for their service as members of our board of directors. See the section titled “Executive Compensation—Summary Compensation Table” for information regarding each of Michael Intrator’s and Brian Venturo’s compensation as our employee.

#### 现金补偿

#### Cash Compensation

本次发行完成后，每位非雇员董事将有权获得下述年度现金补偿，按季度于期末支付，并按不足一个季度的服务期间按比例折算。

Following the completion of this offering, each non-employee director will be entitled to receive the annual cash compensation set forth below, payable quarterly in arrears and prorated for partial quarters of service.

一般董事会服务费：$25,000。

General Board Service Fee: $25,000.

首席独立董事费（在一般服务费之外另行支付）：$60,000。

Lead Independent Director Fee (in addition to the general service fee): $60,000.

委员会主席服务费（在一般服务费之外另行支付）：

Committee Chair Service Fee (in addition to the general service fee):

- 审计委员会主席：$30,000。

- Audit committee chair: $30,000.

- 薪酬委员会主席：$20,000。

- Compensation committee chair: $20,000.

- 提名与治理委员会主席：$15,000。

- Nominating and governance committee chair: $15,000.

我们的非雇员董事可每年选择将其全部已赚取现金费用转换为根据 2025 年计划授予的一定数量的 RSU，该等 RSU 将于授予日全部归属。

Our non-employee directors may elect, on an annual basis, to convert all of his or her earned cash fees into a number of RSUs granted under the 2025 Plan, which will be fully vested on the date of grant.

#### 股权激励

#### Equity Compensation

本次发行完成后，每位非雇员董事将有权获得下述特定股权奖励。所有该等股权奖励均将根据 2025 年计划授予。

Following the completion of this offering, each non-employee director will be entitled to receive certain equity awards as set forth below. All such equity awards will be granted under the 2025 Plan.

初始授予。每位在本次发行完成后加入我们董事会的非雇员董事，将在其首次当选或被任命为非雇员董事之日（或其后尽快），获得一项初始奖励，其限制性股票单位数量通过以下方式确定：将 (i) $800,000 除以 (ii) 截至授予日之前最后一日止的 30 个日历日期间我们 A 类普通股的平均收盘价，并向下取整至最接近的整数股。初始奖励将按季度归属，每次归属奖励所涉 RSU 总数的 1/12，前提是该非雇员董事在每个归属日之前持续为我们提供服务。

Initial Grant. Each non-employee director who joins our board of directors following the completion of this offering will be granted, upon the date of his or her initial election or appointment to be a non-employee director (or as soon as practicable thereafter), an initial award of a number of restricted stock units determined by dividing (i) $800,000 by (ii) by the average closing price of our Class A common stock for the 30 calendar day period ending on the last day prior to the date of grant, rounded down to the nearest whole share. The initial award will vest quarterly with respect to 1/12th of the total number of RSUs subject to the award, so long as the non-employee director provides continuous service to us through each vesting date.

年度授予。在本次发行完成后召开的每次股东年会之日，每位当时在职且将继续在我们董事会任职的非雇员董事将获得一项年度奖励，其 RSU 数量通过以下方式确定：将 (i) $275,000 除以 (ii) 截至授予日之前最后一日止的 30 个日历日期间我们 A 类普通股的平均收盘价，并向下取整至最接近的整数股。年度奖励将在以下最早发生之日全部归属：(i) 下一次股东年会之日，以及 (ii) 授予日一周年，在每种情况下均须该非雇员董事持续服务至该日。

Annual Grant. On the date of each annual meeting of our stockholders that occurs following the completion of this offering, each non-employee director who is then-serving, and will continue to serve, on our board of directors will be granted an annual award of a number of RSUs determined by dividing (i) $275,000 by (ii) by the average closing price of our Class A common stock for the 30 calendar day period ending on the last day prior to the date of grant, rounded down to the nearest whole share. The annual award will fully vest on the earliest to occur of (i) the date of the next annual meeting of our stockholders and (ii) the first anniversary of the grant date, in each case subject to the non-employee director’s continuous service through such date.

根据非雇员董事薪酬政策授予的每位非雇员董事当时尚未兑现的股权奖励，将在控制权变更（定义见 2025 年计划）时全部归属，前提是该非雇员董事持续服务至控制权变更交割之前。

Each non-employee director’s then-outstanding equity awards granted under the non-employee director compensation policy will become fully vested upon a change in control (as defined in the 2025 Plan), subject to the non-employee director remaining in continuous service until immediately prior to the closing of the change in control.

责任限制与赔偿事项 Limitations on Liability and Indemnification Matters

我们经修订和重述的公司章程将在本次发行完成前立即生效，其中包含的条款将在《特拉华州普通公司法》（DGCL）允许的最大范围内限制我们的董事和高级管理人员因金钱损害赔偿而承担的责任。因此，对于董事或高级管理人员违反受信义务的行为，我们的董事和高级管理人员将不会对我们或我们的股东承担金钱损害赔偿责任，但以下责任除外：

Our amended and restated certificate of incorporation that will become effective immediately prior to the completion of this offering contains provisions that will limit the liability of our directors and officers for monetary damages to the fullest extent permitted by the DGCL. Consequently, our directors and officers will not be personally liable to us or our stockholders for monetary damages for any breach of fiduciary duties as directors or officers, except liability for:

- 董事或高级管理人员违反其对我们或我们股东的忠实义务；

- any breach of the director’s or officer’s duty of loyalty to us or our stockholders;

- 任何非善意的作为或不作为，或涉及故意不当行为或明知违反法律的行为；

- any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

- 根据 DGCL 第 174 条规定非法支付股息或非法回购或赎回股票；

- unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL;

- 董事或高级管理人员从中获取不当个人利益的任何交易；以及

- any transaction from which the director or officer derived an improper personal benefit; and

- 就高级管理人员而言，由公司提起或代表公司提起的任何诉讼。

- with respect to officers, any action by or in the right of the corporation.

我们经修订和重述的公司章程和经修订和重述的公司细则将在本次发行前立即生效，将要求我们在 DGCL 不禁止的最大范围内对我们的董事和高级管理人员进行赔偿，并允许我们按 DGCL 的规定对其他员工和代理人进行赔偿。在受某些限制的前提下，我们经修订和重述的公司细则还将要求我们预付董事和高级管理人员为抗辩任何需要或允许赔偿的诉讼而发生的费用，但存在非常有限的例外情形。

Our amended and restated certificate of incorporation and our amended and restated bylaws that will become effective immediately prior to this offering will require us to indemnify our directors and officers to the maximum extent not prohibited by the DGCL and allow us to indemnify other employees and agents as set forth in the DGCL. Subject to certain limitations, our amended and restated bylaws will also require us to advance expenses incurred by our directors and officers for the defense of any action for which indemnification is required or permitted, subject to very limited exceptions.

我们已与董事、高级管理人员及部分其他员工签订，并打算继续签订单独的赔偿协议。除其他事项外，这些协议要求我们就董事、高级管理人员和关键员工因其为我们或我们的任何子公司或该人员应我们要求提供服务的任何其他公司或企业提供服务而产生的任何诉讼或程序中实际合理发生的某些费用（包括律师费、判决、罚款和和解金额）进行赔偿。在受某些限制的前提下，我们的赔偿协议还要求我们预付董事、高级管理人员和关键员工为抗辩任何需要或允许赔偿的诉讼而发生的费用。

We have entered, and intend to continue to enter, into separate indemnification agreements with our directors, officers, and certain of our other employees. These agreements, among other things, require us to indemnify our directors, officers, and key employees for certain expenses, including attorneys’ fees, judgments, fines, and settlement amounts actually and reasonably incurred by such director, officer, or key employee in any action or proceeding arising out of their service to us or any of our subsidiaries or any other company or enterprise to which the person provides services at our request. Subject to certain limitations, our indemnification agreements also require us to advance expenses incurred by our directors, officers, and key employees for the defense of any action for which indemnification is required or permitted.

我们认为，我们经修订和重述的公司章程及赔偿协议中的这些条款对于吸引和留住董事、高级管理人员和关键员工等合格人员是必要的。我们还投保了董事和高级管理人员责任保险。

We believe that these provisions in our amended and restated certificate of incorporation and indemnification agreements are necessary to attract and retain qualified persons such as directors, officers, and key employees. We also maintain directors’ and officers’ liability insurance.

我们经修订和重述的公司章程以及经修订和重述的公司细则中的责任限制和补偿条款，可能会阻碍股东就董事和高级管理人员违反其信义义务的行为对其提起诉讼。这些条款还可能降低针对我们的董事和高级管理人员提起衍生诉讼的可能性，即使该等诉讼若胜诉可能会使我们和其他股东受益。此外，如果我们需要按照这些补偿条款支付针对董事和高级管理人员的和解费用和损害赔偿金，股东的投资可能会受到不利影响。

The limitation of liability and indemnification provisions in our amended and restated certificate of incorporation and amended and restated bylaws may discourage stockholders from bringing a lawsuit against our directors and officers for breaches of their fiduciary duties. They may also reduce the likelihood of derivative litigation against our directors and officers, even though an action, if successful, might benefit us and other stockholders. Further, a stockholder’s investment may be adversely affected to the extent that we pay the costs of settlement and damage awards against directors and officers as required by these indemnification provisions.

对于《证券法》项下产生的责任，若允许向董事、高级管理人员或控制我们的人士提供补偿，我们已获悉，美国证券交易委员会（SEC）认为此类补偿违反《证券法》所体现的公共政策，因此不可强制执行。

Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, executive officers or persons controlling us, we have been informed that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act and is therefore unenforceable.

高管薪酬 Executive Compensation

截至 2024 年 12 月 31 日，我们的高管薪酬披露对象（由我们的首席执行官及薪酬次高的两名高管组成）为：

Our named executive officers, consisting of our principal executive officer and the next two most highly compensated executive officers, as of December 31, 2024, were:

- Michael Intrator，首席执行官兼总裁；

- Michael Intrator, Chief Executive Officer and President;

- Brian Venturo，首席战略官；以及

- Brian Venturo, Chief Strategy Officer; and

- Brannin McBee，首席发展官。

- Brannin McBee, Chief Development Officer.

薪酬汇总表 Summary Compensation Table

下表列示了截至 2024 年 12 月 31 日止年度内，我们向各位具名高管以各种身份提供的服务所授予、赚取或支付的总薪酬的汇总信息。

The following table presents summary information regarding the total compensation for services rendered in all capacities that was awarded to, earned by, or paid to our named executive officers for the year ended December 31, 2024.

姓名及主要职位 · 财年 · 薪金($) · 奖金($)(1) · 股票奖励(2) · 其他全部薪酬($) · 合计($) Michael Intrator，首席执行官 · 2024 · 750,000 · 2,000,000 · — · 18,252 · (3) · 2,768,252 Brian Venturo，首席战略官 · 2024 · 750,000 · 2,000,000 · — · 8,865 · (4) · 2,758,865 Brannin McBee，首席发展官 · 2024 · 400,000 · 2,000,000 · — · 6,154 · (5) · 2,406,154

Name and Principal Position · Fiscal Year · Salary($) · Bonus ($)(1) · Stock Awards(2) · All Other Compensation ($) · Total($) Michael Intrator, Chief Executive Officer · 2024 · 750,000 · 2,000,000 · — · 18,252 · (3) · 2,768,252 Brian Venturo, Chief Strategy Officer · 2024 · 750,000 · 2,000,000 · — · 8,865 · (4) · 2,758,865 Brannin McBee, Chief Development Officer · 2024 · 400,000 · 2,000,000 · — · 6,154 · (5) · 2,406,154

(1) · 所列金额系就其对我们的业绩所作贡献而支付的全权奖金。

(1) · The amounts presented represent discretionary bonuses paid for contributions to our performance.

(2) · 每位具名高管均获授一项 RSU 奖励，该奖励包含基于时间的组成部分和基于业绩的组成部分（即业绩条件）。截至相应授予日，我们尚未就这些奖励确认股权激励费用，因为作为业绩条件的基于业绩的归属组成部分的实现被认为并非很可能发生。因此，表中未计入这些奖励的任何价值。假设基于业绩的归属组成部分得以实现，则 Intrator 先生、Venturo 先生和 McBee 先生各自所获 RSU 奖励的授予日公允价值合计将分别为 $83,230,875（按 ASC 第 718 主题计算），代表这些奖励业绩条件实现的最高水平。有关确定这些奖励公允价值所用假设的信息，请参阅本招股说明书其他部分所载合并财务报表附注 11。

(2) · Each named executive officer was granted an RSU award that was subject to a time-based component and performance-based component (which constitutes the performance condition). As of the applicable grant date, we had not recognized stock-based compensation expense for these awards because achievement of the performance-based vesting component, as the performance condition, was not deemed probable. As a result, no value is included in the table for these awards. Assuming achievement of the performance-based vesting component, the aggregate grant-date fair values of the RSU awards for each of Mr. Intrator, Mr. Venturo, and Mr. McBee would have been $83,230,875, computed in accordance with ASC Topic 718, and representing the highest level of performance condition achievement for these awards. For information regarding the assumptions used in determining the fair value of these awards, please refer to Note 11 of the consolidated financial statements included elsewhere in this prospectus.

(3) · 本栏就 Intrator 先生报告的金额包括：我们为其 401(k) 计划所作的公司缴款 $12,692，以及我们为其配偶差旅费用承担的 $5,560。

(3) · Amounts reported in this column for Mr. Intrator represent the following: $12,692 for company contributions to our 401(k) plan and $5,560 for spousal travel expenses incurred by us.

(4) · 本栏就 Venturo 先生报告的金额为我们为其 401(k) 计划所作的公司缴款 $8,865。

(4) · Amounts reported in this column for Mr. Venturo represent $8,865 for company contributions to our 401(k) plan.

(5) · 本栏就 McBee 先生报告的金额为我们为其 401(k) 计划所作的公司缴款 $6,154。

(5) · Amounts reported in this column for Mr. McBee represent $6,154 for company contributions to our 401(k) plan.

薪酬汇总表说明 Narrative to Summary Compensation Table

#### 基本薪酬

#### Base Salaries

我们的具名高管获得基本薪酬，作为薪酬的固定组成部分，以反映高管的技能组合、经验、角色和职责。Intrator 先生 2024 年的年度基本薪酬为 $750,000，Venturo 先生 2024 年的年度基本薪酬为 $750,000，McBee 先生 2024 年的年度基本薪酬为 $400,000。

Our named executive officers receive a base salary to provide a fixed component of compensation reflecting the executive’s skill set, experience, role, and responsibilities. Mr. Intrator’s annual base salary for 2024 was $750,000, Mr. Venturo’s annual base salary for 2024 was $750,000 and Mr. McBee’s annual base salary for 2024 was $400,000.

#### 年度奖金

#### Annual Bonuses

我们为具名高管提供根据个人绩效赚取酌情现金奖金的机会。如上文“薪酬汇总表”中标题为“奖金”的列所述，我们的每位具名高管就其 2024 年度的服务获得了金额为 $2,000,000 的酌情现金奖金。

We offer our named executive officers the opportunity to earn discretionary cash bonuses based upon individual performance. As described above in the Summary Compensation Table in the column titled “Bonus,” each of our named executive officers received a discretionary cash bonus equal to $2,000,000 with respect to their service during 2024.

#### 股权激励

#### Equity Compensation

我们不时向具名高管授予股票期权和限制性股票单位形式的股权奖励，该等奖励须以各具名高管继续为我们服务为条件进行归属。我们的股票期权通常允许员工按等于授予日每股公允市场价值（由董事会确定）的行权价格购买我们的 A 类普通股。我们的股票期权通常在四年期内归属，新员工授予的期权在授予日一周年时就相关股份的 25% 归属，并在随后三年内按月等额分期归属；更新、晋升或基于绩效的授予在授予日后四年内按月等额分期归属，在每种情况下均以持有人继续为我们服务为条件。我们的限制性股票单位授予通常基于时间归属条件和绩效归属条件的满足而归属。绩效归属条件已就本次发行获得满足。新入职员工的时间归属条件通常为：在适用归属起始日一周年时就 25% 的限制性股票单位满足，并在随后三年内按季度等额分期满足；更新、晋升或基于绩效的授予的时间条件通常在四年内按季度等额分期满足。我们的董事会还不时制定其认为适当的其他归属安排，以激励特定员工。

From time to time, we have granted equity awards in the form of stock options and restricted stock units to our named executive officers, which are subject to vesting based on each named executive officer’s continued service with us. Our stock options generally allow employees to purchase shares of our Class A common stock at an exercise price equal to the fair market value of a share on the date of grant, as determined by the board of directors. Our stock options typically vest over a four-year period, with new hire grants vesting as to 25% of the underlying shares on the first anniversary of the date of grant and in equal monthly installments over the following three-year period, and refresh, promotion, or merit-based grants vesting in equal monthly installments over the four-year period following the date of grant, in each case, subject to the holder’s continued service with us. Our restricted stock unit grants generally vest based on the satisfaction of a time-based vesting component and a performance-based vesting component. The performance-based vesting component was satisfied in connection with this offering. The time-based vesting component for newly hired employees is generally satisfied as to 25% of the restricted stock units on the first anniversary of the applicable vesting commencement date and in equal quarterly installments over the subsequent three years, and the time-based component for refresh, promotion, or merit-based grants is generally satisfied in equal quarterly installments over four years. From time to time, our board of directors may also construct alternate vesting schedules as it determines are appropriate to motivate particular employees.

我们每一位高管目前均持有根据我们 2019 年计划授予的、可购买我们 A 类普通股股份的未行权股票期权，具体如下文“—2024 财年末未行权股权激励”所述。我们授予员工的期权拟在经修订的 1986 年美国《国内税收法典》允许的范围内符合“激励性股票期权”的资格。根据与 Michael Intrator、Brian Venturo 和 Brannin McBee 签订的若干股权交换权协议，Intrator 先生、Venturo 先生和 McBee 先生各自就其未行权期权所对应的 A 类普通股股份获得了股权交换权，据此可要求我们将该等高管在行使该等股票期权奖励时取得的任何 A 类普通股股份交换为等量（或等值）的 B 类普通股股份。有关股权交换权的更多信息，请参见“某些关系及关联方交易—其他交易—股权交换权协议”一节。

Each of our named executive officers currently holds outstanding stock options to purchase shares of our Class A common stock that were granted under our 2019 Plan, as set forth in the “—Outstanding Equity Awards at Fiscal 2024 Year-End” below. The options we grant to employees are intended to qualify as “incentive stock options” to the extent permitted under the U.S. Internal Revenue Code of 1986, as amended. Pursuant to certain equity exchange right agreements entered into with Michael Intrator, Brian Venturo, and Brannin McBee, each of Mr. Intrator, Mr. Venturo, and Mr. McBee has been granted Equity Exchange Rights in connection with the shares of Class A common stock underlying their outstanding options to require us to exchange any shares of Class A common stock that the named executive officer acquires upon the exercise of such stock option awards for an equivalent number (or value) of shares of our Class B common stock. See the section titled “Certain Relationships and Related Party Transactions—Other Transactions—Equity Exchange Right Agreements” for more information on the Equity Exchange Rights.

2024 年 12 月，我们的董事会向 Intrator 先生、Venturo 先生和 McBee 先生各自授予了涉及 1,750,000 股 A 类普通股的限制性股票单位奖励。该等限制性股票单位奖励在同时满足服务条件与业绩条件后归属。服务条件自 2025 年 3 月 31 日起至 2028 年 12 月 31 日止，分 16 个季度分期满足，且须在各该日期仍持续为我们服务。业绩条件已就本次发行获得满足。

In December 2024, our board of directors granted RSU awards in respect of 1,750,000 shares of our Class A common stock to each of Messrs. Intrator, Venturo, and McBee. The RSU awards vest upon satisfaction of both a service-based condition and a performance-based condition. The service-based condition is satisfied in 16 quarterly installments beginning on March 31, 2025 through December 31, 2028, subject to continued service with us as of each such date. The performance-based condition was satisfied in connection with this offering.

就本次发行，我们已采纳 2025 年计划，以便向本公司董事、员工（包括我们的高管）和顾问授予现金及股权激励，并使本公司能够获得并留住这些人士的服务。2025 年计划生效日后，我们将不再根据 2019 年计划进行任何进一步授予；但是，2019 年计划将继续管辖其项下已授予的未行权奖励的条款和条件。有关 2025 年计划的更多信息，请参见下文“股票计划”一节。

In connection with this offering, we have adopted the 2025 Plan in order to facilitate the grant of cash and equity incentives to directors, employees (including our named executive officers), and consultants of our company and to enable our company to obtain and retain services of these individuals. Following the effective date of the 2025 Plan, we will not make any further grants under our 2019 Plan, However, the 2019 Plan will continue to govern the terms and conditions of the outstanding awards granted under it. For additional information about the 2025 Plan, please see the section titled “Stock Plans” below.

薪酬的其他要素 Other Elements of Compensation

#### 福利及其他待遇

#### Welfare and Other Benefits

我们向列名高管提供健康、牙科、视力、人寿及伤残保险福利，其条款和条件与向所有其他符合条件的美国员工提供的一致。

We provide health, dental, vision, life, and disability insurance benefits to our named executive officers, on the same terms and conditions as provided to all other eligible U.S. employees.

我们还发起了一项面向广泛员工的 401(k) 计划，旨在为符合条件的美国员工提供将符合条件的薪酬递延至特定年度上限的机会。作为一项税收合格退休计划，我们作出的供款（如有）可在作出时由我们扣除，且该等供款及其收益在从 401(k) 计划提取或分配之前，通常无需由员工纳税。我们的列名高管有权与其他员工同等参与我们的员工福利计划，包括我们的 401(k) 计划。在截至 2024 年 12 月 31 日的年度内，我们作出的匹配供款最高为每位列名高管基本工资的 1.7%。

We also sponsor a broad-based 401(k) plan intended to provide eligible U.S. employees with an opportunity to defer eligible compensation up to certain annual limits. As a tax-qualified retirement plan, contributions (if any) made by us are deductible by us when made, and contributions and earnings on those amounts are generally not taxable to the employees until withdrawn or distributed from the 401(k) plan. Our named executive officers are eligible to participate in our employee benefit plans, including our 401(k) plan, on the same basis as our other employees. During the year ended December 31, 2024, we made matching contributions of up to 1.7% of each of our named executive officer’s base salary.

2024 财年末未兑现的股权奖励 Outstanding Equity Awards at Fiscal 2024 Year-End

下表列示了截至 2024 年 12 月 31 日，我们每位具名高管持有可购买 A 类普通股股份的未行使股票期权的相关信息。

The following table presents, for each of our named executive officers, information regarding outstanding stock options to purchase shares of Class A common stock held as of December 31, 2024.

期权授予(1) · 股票授予(1) 姓名 · 归属起算日 · 授予日 · 可行权未行使期权对应的证券数量（#） · 不可行权未行使期权对应的证券数量（#） · 期权行权价格($) · 期权到期日 · 尚未归属的股票或股票单位数量(#) · 尚未归属的股票或股票单位的市值($) Michael Intrator · 2/26/2021 · 2/26/2021 · (2) · 500,000 · — · 0.38 · 2/25/2031 首席执行官 · 12/29/2022 · 12/29/2022 · (3) · 250,000 · 250,000 · 1.07 · 12/28/2027 6/28/2023 · 6/28/2023 · (4) · 1,120 · 1,880 · 2.80 · 6/27/2028 7/16/2023 · 7/16/2023 · (5) · 708,320 · 1,291,680 · 2.80 · 7/15/2028 12/31/2024 · 12/31/2024 · (6) · 1,750,000 Brian Venturo · 8/31/2020 · 8/31/2020 · (7) · 2,400,000 · — · 0.13 · 8/30/2030 首席战略官 · 12/29/2022 · 12/29/2022 · (8) · 250,000 · 250,000 · 1.07 · 12/28/2027 6/28/2023 · 6/28/2023 · (9) · 1,120 · 1,880 · 2.80 · 6/27/2028 7/16/2023 · 7/16/2023 · (10) · 708,320 · 1,291,680 · 2.80 · 7/15/2028 12/31/2024 · 12/31/2024 · (11) · 1,750,000 Brannin McBee · 12/29/2022 · 12/29/2022 · (12) · 100,000 · 100,000 · 1.07 · 12/28/2027 首席开发官 · 6/28/2023 · 6/28/2023 · (13) · 1,120 · 1,880 · 2.54 · 6/27/2033 7/16/2023 · 7/16/2023 · (12) · 354,160 · 645,840 · 2.54 · 7/15/2033 12/31/2024 · 12/31/2024 · (14) · 1,750,000

Option Awards(1) · Stock Awards(1) Name · Vesting Commencement Date · Grant Date · Number of Securities Underlying Unexercised Options (#) Exercisable · Number of Securities Underlying Unexercised Options (#) Unexercisable · Option Exercise Price ($) · Option Expiration Date · Number of Shares or Units of Stock That Have Not Vested (#) · Market Value of Shares or Units of Stock That Have Not Vested ($) Michael Intrator · 2/26/2021 · 2/26/2021 · (2) · 500,000 · — · 0.38 · 2/25/2031 Chief Executive Officer · 12/29/2022 · 12/29/2022 · (3) · 250,000 · 250,000 · 1.07 · 12/28/2027 6/28/2023 · 6/28/2023 · (4) · 1,120 · 1,880 · 2.80 · 6/27/2028 7/16/2023 · 7/16/2023 · (5) · 708,320 · 1,291,680 · 2.80 · 7/15/2028 12/31/2024 · 12/31/2024 · (6) · 1,750,000 Brian Venturo · 8/31/2020 · 8/31/2020 · (7) · 2,400,000 · — · 0.13 · 8/30/2030 Chief Strategy Officer · 12/29/2022 · 12/29/2022 · (8) · 250,000 · 250,000 · 1.07 · 12/28/2027 6/28/2023 · 6/28/2023 · (9) · 1,120 · 1,880 · 2.80 · 6/27/2028 7/16/2023 · 7/16/2023 · (10) · 708,320 · 1,291,680 · 2.80 · 7/15/2028 12/31/2024 · 12/31/2024 · (11) · 1,750,000 Brannin McBee · 12/29/2022 · 12/29/2022 · (12) · 100,000 · 100,000 · 1.07 · 12/28/2027 Chief Development Officer · 6/28/2023 · 6/28/2023 · (13) · 1,120 · 1,880 · 2.54 · 6/27/2033 7/16/2023 · 7/16/2023 · (12) · 354,160 · 645,840 · 2.54 · 7/15/2033 12/31/2024 · 12/31/2024 · (14) · 1,750,000

(1) · 所有未行使的股权授予均根据 2019 年计划授予。

(1) · All outstanding equity awards were granted under the 2019 Plan.

(2) · 该已完全归属的期权授予在归属起算日一周年时就授予总量的 1/3 归属，此后每满一个月就授予总量的 1/36 归属，前提是 Intrator 先生继续为我们服务。行使该期权授予时可发行的 A 类普通股股份，可根据股权交换权交换为 B 类普通股股份。

(2) · The fully vested option award vested as to 1/3rd of the total award on the first anniversary of the vesting commencement date and as to 1/36th of the total award on each monthly anniversary thereafter, subject to Mr. Intrator’s continued service with us. The shares of Class A common stock issuable upon the exercise of this option award are exchangeable for shares of Class B common stock pursuant to the Equity Exchange Rights.

(3) · 该期权授予在归属起算日之后每满一个月就授予总量的 1/48 归属，前提是 Intrator 先生继续为我们服务。行使该期权授予时可发行的 A 类普通股股份，可根据股权交换权交换为 B 类普通股股份。

(3) · The option award vests as to 1/48th of the total award on each monthly anniversary of the vesting commencement date, subject to Mr. Intrator’s continued service with us. The shares of Class A common stock issuable upon the exercise of this option award are exchangeable for shares of Class B common stock pursuant to the Equity Exchange Rights.

(4) · 该期权授予在归属起算日一周年时就授予总量的 1/4 归属，此后每满一个月就授予总量的 1/48 归属，前提是 Intrator 先生继续为我们服务。行使该期权授予时可发行的 A 类普通股股份，可根据股权交换权交换为 B 类普通股股份。Intrator 先生在授予时持有我们普通股股份超过 10%，因此，根据《税法》（定义见下文）第 422 条，该激励性股票期权授予的行权价格反映了授予时我们普通股公平市场价值的 110%。

(4) · The option award vests as to 1/4th of the total award on the first anniversary of the vesting commencement date and as to 1/48th of the total award on each monthly anniversary thereafter, subject to Mr. Intrator’s continued service with us. The shares of Class A common stock issuable upon the exercise of this option award are exchangeable for shares of Class B common stock pursuant to the Equity Exchange Rights. Mr. Intrator was a holder of greater than 10% of our shares of common stock at the time of grant so, pursuant to Section 422 of the Code (as defined below), the exercise price of this incentive stock option award reflects 110% of the fair market value of our common stock at the time of grant.

(5) · 该期权奖励自归属起算日起，于每个月的周年日按总奖励的 1/48 归属，前提是 Intrator 先生继续为我们提供服务。行使该期权奖励可发行的 A 类普通股股份，可根据股权交换权交换为 B 类普通股股份。Intrator 先生在授予时持有我们超过 10% 的普通股股份，因此，根据《税法》第 422 条，该激励性股票期权奖励的行权价格反映了授予时我们普通股公平市场价值的 110%。

(5) · The option award vests as to 1/48th of the total award on each monthly anniversary of the vesting commencement date, subject to Mr. Intrator’s continued service with us. The shares of Class A common stock issuable upon the exercise of this option award are exchangeable for shares of Class B common stock pursuant to the Equity Exchange Rights. Mr. Intrator was a holder of greater than 10% of our shares of common stock at the time of grant so, pursuant to Section 422 of the Code, the exercise price of this incentive stock option award reflects 110% of the fair market value of our common stock at the time of grant.

(6) · 该 RSU 在同时满足服务归属条件和业绩归属条件后归属。截至 2024 年 12 月 31 日，该 RSU 均未满足服务归属条件和业绩归属条件。该 RSU 按总奖励的 1/16 归属，并在业绩归属条件满足后，于归属起算日起的每个季度周年日以 A 类普通股股份结算，前提是 Intrator 先生继续为我们提供服务。业绩归属条件已与本次发行相关而满足。

(6) · The RSUs vest based on the satisfaction of both a service-based vesting condition and a performance-based vesting condition. The service-based vesting condition and performance-based vesting condition were not satisfied as to any of the RSUs as of December 31, 2024. The RSUs vest as to 1/16th of the total award and may be settled for shares of Class A common stock on each quarterly anniversary of the vesting commencement date, once the performance-based vesting condition has been satisfied and subject to Mr. Intrator’s continued service with us. The performance-based vesting condition was satisfied in connection with this offering.

(7) · 该已完全归属的期权奖励于归属起算日的第一周年日按总奖励的 1/3 归属，此后于每个月的周年日按总奖励的 1/36 归属，前提是 Venturo 先生继续为我们提供服务。行使该期权奖励可发行的 A 类普通股股份，可根据股权交换权交换为 B 类普通股股份。

(7) · The fully vested option award vested as to 1/3rd of the total award on the first anniversary of the vesting commencement date and as to 1/36th of the total award on each monthly anniversary thereafter, subject to Mr. Venturo’s continued service with us. The shares of Class A common stock issuable upon the exercise of this option award are exchangeable for shares of Class B common stock pursuant to the Equity Exchange Rights.

(8) · 该期权奖励自归属起算日起，于每个月的周年日按总奖励的 1/48 归属，前提是 Venturo 先生继续为我们提供服务。行使该期权奖励可发行的 A 类普通股股份，可根据股权交换权交换为 B 类普通股股份。

(8) · The option award vests as to 1/48th of the total award on each monthly anniversary of the vesting commencement date, subject to Mr. Venturo’s continued service with us. The shares of Class A common stock issuable upon the exercise of this option award are exchangeable for shares of Class B common stock pursuant to the Equity Exchange Rights.

(9) · 该期权奖励于归属起算日的第一周年日按总奖励的 1/4 归属，此后于每个月的周年日按总奖励的 1/48 归属，前提是 Venturo 先生继续为我们提供服务。行使该期权奖励可发行的 A 类普通股股份，可根据股权交换权交换为 B 类普通股股份。Venturo 先生在授予时持有我们超过 10% 的普通股股份，因此，根据《税法》第 422 条，该激励性股票期权奖励的行权价格反映了授予时我们普通股公平市场价值的 110%。

(9) · The option award vests as to 1/4th of the total award on the first anniversary of the vesting commencement date and as to 1/48th of the total award on each monthly anniversary thereafter, subject to Mr. Venturo’s continued service with us. The shares of Class A common stock issuable upon the exercise of this option award are exchangeable for shares of Class B common stock pursuant to the Equity Exchange Rights. Mr. Venturo was a holder of greater than 10% of our shares of common stock at the time of grant so, pursuant to Section 422 of the Code, the exercise price of this incentive stock option award reflects 110% of the fair market value of our common stock at the time of grant.

(10) · 该期权奖励自归属起算日起每满一个月归属总奖励的 1/48，前提是 Venturo 先生持续为我们服务。根据股权交换权，行使该期权奖励可发行的 A 类普通股股份可交换为 B 类普通股股份。根据股权交换权，行使该期权奖励可发行的 A 类普通股股份可交换为 B 类普通股股份。Venturo 先生在授予时持有我们超过 10% 的普通股股份，因此，根据《税法》第 422 条，该激励性股票期权奖励的行权价格反映了授予时我们普通股公平市场价值的 110%。

(10) · The option award vests as to 1/48th of the total award on each monthly anniversary of the vesting commencement date, subject to Mr. Venturo’s continued service with us. The shares of Class A common stock issuable upon the exercise of this option award are exchangeable for shares of Class B common stock pursuant to the Equity Exchange Rights. The shares of Class A common stock issuable upon the exercise of this option award are exchangeable for shares of Class B common stock pursuant to the Equity Exchange Rights. Mr. Venturo was a holder of greater than 10% of our shares of common stock at the time of grant so, pursuant to Section 422 of the Code, the exercise price of this incentive stock option award reflects 110% of the fair market value of our common stock at the time of grant.

(11) · 该 RSU 的归属取决于服务归属条件和业绩归属条件的同时满足。截至 2024 年 12 月 31 日，任何 RSU 均未满足服务归属条件和业绩归属条件。该 RSU 归属总奖励的 1/16，并在业绩归属条件满足后，于归属起算日起每满一个季度之日可结算为 A 类普通股股份，前提是 Venturo 先生持续为我们服务。业绩归属条件已与本次发行相关而满足。

(11) · The RSUs vest based on the satisfaction of both a service-based vesting condition and a performance-based vesting condition. The service-based vesting condition and performance-based vesting condition were not satisfied as to any of the RSUs as of December 31, 2024. The RSUs vest as to 1/16th of the total award and may be settled for shares of Class A common stock on each quarterly anniversary of the vesting commencement date, once the performance-based vesting condition has been satisfied and subject to Mr. Venturo’s continued service with us. The performance-based vesting condition was satisfied in connection with this offering.

(12) · 该期权奖励自归属起算日起每满一个月归属总奖励的 1/48，前提是 McBee 先生持续为我们服务。根据股权交换权，行使该期权奖励可发行的 A 类普通股股份可交换为 B 类普通股股份。

(12) · The option award vests as to 1/48th of the total award on each monthly anniversary of the vesting commencement date, subject to Mr. McBee’s continued service with us. The shares of Class A common stock issuable upon the exercise of this option award are exchangeable for shares of Class B common stock pursuant to the Equity Exchange Rights.

(13) · 该期权奖励在归属起算日一周年时归属总奖励的 1/4，此后每满一个月归属总奖励的 1/48，前提是 McBee 先生持续为我们服务。根据股权交换权，行使该期权奖励可发行的 A 类普通股股份可交换为 B 类普通股股份。

(13) · The option award vests as to 1/4th of the total award on the first anniversary of the vesting commencement date and as to 1/48th of the total award on each monthly anniversary thereafter, subject to Mr. McBee’s continued service with us. The shares of Class A common stock issuable upon the exercise of this option award are exchangeable for shares of Class B common stock pursuant to the Equity Exchange Rights.

(14) · 该 RSU 的归属取决于服务归属条件和业绩归属条件的同时满足。截至 2024 年 12 月 31 日，任何 RSU 均未满足服务归属条件和业绩归属条件。该 RSU 归属总奖励的 1/16，并在业绩归属条件满足后，于归属起算日起每满一个季度之日可结算为 A 类普通股股份，前提是 McBee 先生持续为我们服务。业绩归属条件已与本次发行相关而满足。

(14) · The RSUs vest based on the satisfaction of both a service-based vesting condition and a performance-based vesting condition. The service-based vesting condition and performance-based vesting condition were not satisfied as to any of the RSUs as of December 31, 2024. The RSUs vest as to 1/16th of the total award and may be settled for shares of Class A common stock on each quarterly anniversary of the vesting commencement date, once the performance-based vesting condition has been satisfied and subject to Mr. McBee’s continued service with us. The performance-based vesting condition was satisfied in connection with this offering.

高管薪酬安排 Executive Compensation Arrangements

#### 高管录用通知函

#### Executive Offer Letters

作为我们的联合创始人，我们的具名高管未与我们签订录用通知函或任何其他关于其雇佣关系的正式安排或谅解。我们目前未与任何具名高管签订雇佣协议或录用通知函。我们所有具名高管均以随意雇佣方式任职，无固定雇佣期限。我们的每位具名高管将在特定符合条件的终止雇佣情形下获得福利，具体如“—控制权变更与遣散安排”一节所述。

As our Co-Founders, our named executive officers did not enter into offer letters or any other formal arrangements or understandings with us regarding their employment. We currently do not have employment agreements or offer letters with any of our named executive officers. All of our named executive officers are employed on an at-will basis, with no fixed term of employment. Each of our named executive officers will receive benefits upon certain qualifying terminations as described in the section titled “—Change of Control and Severance Arrangements.”

#### 高管遣散与控制权变更计划

#### Executive Severance and Change in Control Plan

就本次发行，我们通过了高管遣散与控制权变更计划，我们的每位具名高管均将参与该计划。高管遣散与控制权变更计划将在本次发行完成后生效。

In connection with this offering, we adopted an executive severance and change in control plan, under which each of our named executive officers will participate. The executive severance and change in control plan will become effective upon the completion of this offering.

高管遣散与控制权变更计划规定，当我们以非“正当理由”解除高管的雇佣，或高管因“合理理由”辞职时（各术语定义见高管遣散与控制权变更计划），该高管将获得(i)相当于该高管 12 个月基本工资的一次性付款，以及(ii)继续支付 12 个月的 COBRA 保费（或如更早，则至该高管符合后续雇主计划下实质等同保障资格之日止）。

The executive severance and change in control plan provides that, upon a termination by us of an executive without “cause” or by the executive due to “good reason” (each as defined in the executive severance and change in control plan), the executive will receive (i) a lump sum payment equal to 12 months of such executive’s base salary and (ii) continued payment of COBRA premiums for 12 months (or, if earlier, until the date that the executive is eligible for substantially equivalent coverage under a subsequent employer’s plan).

高管遣散与控制权变更计划还规定，如果该等雇佣终止发生在“控制权变更”（定义见高管遣散与控制权变更计划）之前三个月内或之后 12 个月内，该高管将获得(i)相当于 12 个月基本工资的一次性付款，(ii)继续支付 12 个月的 COBRA 保费（或如更早，则至高管符合后续雇主计划下实质等同保障资格之时止），以及(iii)该高管持有的所有未兑现且未归属股权奖励的完全加速归属，但须受限于绩效条件的任何未兑现且未归属股权奖励将改为适用相应奖励协议中规定的条款。

The executive severance and change in control plan also provides that, if such termination of employment occurs within three months prior to, or 12 months following, a “change in control” (as defined in the executive severance and change in control plan), the executive will receive (i) a lump sum payment equal to 12 months of base salary, (ii) continued payment of COBRA premiums for 12 months (or, if earlier, when the executive is eligible for substantially equivalent coverage under a subsequent employer’s plan), and (iii) full accelerated vesting of all outstanding and unvested equity award held by the executive, provided that any outstanding and unvested equity awards subject to performance conditions will instead be subject to the terms set forth in the applicable award agreements.

如果我们的具名高管有权获得高管遣散与控制权变更计划项下福利以外的任何福利，则其在高管遣散与控制权变更计划项下的各项福利仅在此类福利比该等其他安排项下相应福利更为有利的范围内提供。高管遣散与控制权变更计划项下的所有此类遣散付款和福利均以各高管签署对我们的一般性索赔豁免为前提。

If our named executive officers are entitled to any benefits other than the benefits under the executive severance and change in control plan, each of his benefits under the executive severance and change in control plan shall be provided only to the extent more favorable than the corresponding benefit under such other arrangement. All such severance payments and benefits under the executive severance and change in control plan will be subject to each executive’s execution of a general release of claims against us.

股票计划 Stock Plans

我们认为，我们授予基于股权的奖励的能力是一项有价值的薪酬工具，使我们能够通过将员工、顾问和董事会成员的经济利益与股东的利益保持一致，来吸引、留住和激励他们。我们的股权激励计划的主要特征概述如下。这些概述完全以计划的实际文本为准，计划文本作为本招股说明书所构成注册声明的附件提交。

We believe that our ability to grant equity-based awards is a valuable compensation tool that enables us to attract, retain, and motivate our employees, consultants, and members of our board of directors by aligning their financial interests with those of our stockholders. The principal features of our equity incentive plans are summarized below. These summaries are qualified in their entirety by reference to the actual text of the plans, which are filed as exhibits to the registration statement of which this prospectus forms a part.

#### 2019 年股票期权计划

#### 2019 Stock Option Plan

2019 年 7 月，我们通过了 2019 年计划，该计划最近一次修订于 2025 年 3 月 12 日。2019 年计划的目的是吸引、留住和激励其贡献对我们业务成功至关重要的合资格员工、董事和顾问。

In July 2019, we adopted our 2019 Plan as most recently amended on March 12, 2025. The purpose of the 2019 Plan is to attract, retain, and motivate eligible employees, directors, and consultants whose contributions are important to the success of our business.

股份储备。截至 2024 年 12 月 31 日，我们已预留 73,637,600 股 A 类普通股，用于根据 2019 年计划授予的奖励，其中 3,750,480 股仍可供授予。2024 年 12 月 31 日之后，我们将 2019 年计划下预留供发行的股份数量增加了 5,300,000 股。截至 2024 年 12 月 31 日，可购买 7,213,820 股的期权已被行使，可购买 47,218,580 股的期权仍尚未行使，加权平均行权价为每股 $1.75。截至 2024 年 12 月 31 日，2019 年计划下已授予 15,454,720 份 RSU 奖励。截至 2024 年 12 月 31 日，2019 年计划下未授予任何限制性股票股份，也未授予任何股票增值权（“SARs”），且预计在本次发行之前不会授予任何此类奖励；但 2019 年计划下授予的某些期权可提前行权，并可就未归属的普通股股份行权，但须受回购权约束。本次发行之后，2019 年计划下将不再授予新的奖励。

Share Reserve. As of December 31, 2024, we had 73,637,600 shares of our Class A common stock reserved for issuance pursuant to grants under our 2019 Plan of which 3,750,480 shares remained available for grant. Subsequent to December 31, 2024, we increased the number of shares reserved for issuance under our 2019 Plan by 5,300,000 shares. As of December 31, 2024, options to purchase 7,213,820 shares had been exercised and options to purchase 47,218,580 shares remained outstanding, with a weighted-average exercise price of $1.75 per share. As of December 31, 2024, 15,454,720 awards of RSUs were granted under the 2019 Plan. As of December 31, 2024, no shares of restricted stock and no stock appreciation rights (“SARs”) were granted under the 2019 Plan, and no such awards are expected to be granted prior to this offering; provided that certain options granted under the 2019 Plan are early exercisable and may be exercised for unvested shares of our common stock subject to a repurchase right. No new awards will be granted under the 2019 Plan after this offering.

管理。我们的 2019 年计划由我们的董事会或董事会任命的委员会管理，本文中称为“管理人”。在符合 2019 年计划条款的前提下，管理人有权（其中包括）选择将向其授予奖励的人员，解释和说明我们的 2019 年计划，以及制定、修订和废止与 2019 年计划及其下授予的奖励有关的规则和条例。管理人可在符合 2019 年计划条款的前提下修改奖励。

Administration. Our 2019 Plan is administered by our board of directors or a committee appointed by our board of directors, referred to herein as the “administrator.” Subject to the terms of the 2019 Plan, the administrator has the authority to, among other things, select the persons to whom awards will be granted, construe and interpret our 2019 Plan as well as to prescribe, amend and rescind rules and regulations relating to the 2019 Plan and awards granted thereunder. The administrator may modify awards subject to the terms of the 2019 Plan.

资格。根据 2019 年计划，我们只能向我们或我们母公司或子公司（如适用）的员工（包括同时为员工的执行官和董事）授予激励性股票期权（“ISOs”）。我们可以向我们或我们母公司及子公司（如适用）的员工（包括同时为员工的执行官和董事）、非员工董事和顾问授予非法定股票期权（“NQSOs”）、RSU、SARs 和限制性股票股份。

Eligibility. Pursuant to the 2019 Plan, we may grant incentive stock options (“ISOs”) only to our employees or the employees of our parent or subsidiaries, as applicable (including officers and directors who are also employees). We may grant non-statutory stock options (“NQSOs”), RSUs, SARs, and shares of restricted stock to our employees (including officers and directors who are also employees), non-employee directors, and consultants, or the employees, directors, and consultants of our parent and subsidiaries, as applicable.

股票期权。2019 年计划规定可授予(i)激励性股票期权（ISO），旨在符合《税法》第 422 条规定的税务处理资格，以及(ii)购买我们 A 类普通股的非合格股票期权（NQSO），两者均按规定的行权价格授予。每项期权的行权价格必须至少等于授予日我们普通股的公允市场价值（除非管理人另有决定）。但是，授予持有我们全部股本总合并投票权超过百分之十的个人的任何 ISO，其行权价格必须至少等于授予日我们普通股公允市场价值的 110%。管理人将确定适用于每项期权的归属时间表。根据我们 2019 年计划授予的期权的最长允许期限为自授予日起十年，但授予持有我们全部股本总合并投票权超过百分之十的个人的 ISO 的最长允许期限为自授予日起五年。

Stock Options. The 2019 Plan provides for the grant of both (i) ISOs, which are intended to qualify for tax treatment as set forth under Section 422 of the Code and (ii) NQSOs to purchase shares of our Class A common stock, each at a stated exercise price. The exercise price of each option must be at least equal to the fair market value of our common stock on the date of grant (unless otherwise determined by the administrator). However, the exercise price of any ISO granted to an individual who owns more than ten percent of the total combined voting power of all classes of our capital stock must be at least equal to 110% of the fair market value of our common stock on the date of grant. The administrator will determine the vesting schedule applicable to each option. The maximum permitted term of options granted under our 2019 Plan is ten years from the date of grant, except that the maximum permitted term of ISOs granted to an individual who owns more than ten percent of the total combined voting power of all classes of our capital stock is five years from the date of grant.

限制性股票单位。2019 年计划还允许授予限制性股票单位（RSU），其条款一般由管理人确定（依据 2019 年计划），并载于奖励协议中。RSU 代表在未来的指定日期获得我们 A 类普通股股份的权利，但该权利可能因雇佣终止或未能实现某些业绩条件而被没收。一般而言，根据 2019 年计划授予的 RSU 的归属须同时满足基于业绩的归属条件和基于时间的归属时间表，且须在该等 RSU 到期日或之前满足。如果在基于业绩的归属条件和基于时间的归属时间表均获满足之前发生雇佣或服务终止，则 RSU 将被没收；或者，一般而言，如果基于业绩的归属条件或基于时间的归属时间表任一未获满足，RSU 也将被没收。基于业绩的归属条件已在本招股说明书构成其一部分的注册声明生效之日获满足。在基于业绩的归属条件获满足后，截至该流动性事件之日因 RSU 的基于时间的归属时间表而仍未归属的 RSU，将在基于业绩的归属条件获满足后继续归属，前提是持有人持续保持连续服务状态直至每个该等基于时间的归属日期。

Restricted Stock Units. The 2019 Plan also allows for the grant of restricted stock units, or RSUs, with terms as generally determined by the administrator (in accordance with the 2019 Plan) and to be set forth in an award agreement. RSUs represent the right to receive shares of our Class A common stock at a specified date in the future, subject to forfeiture of that right because of termination of employment or failure to achieve certain performance conditions. Generally, the vesting of our RSUs granted under the 2019 Plan is upon satisfaction of both a performance-based vesting condition and a time-based vesting schedule on or before the expiration date of such RSUs. RSUs will be forfeited in case of a termination of employment or service before the satisfaction of both the performance-based vesting condition and the time-based vesting schedule or, otherwise, generally in case of non-satisfaction of either the performance-based vesting condition or the time-based vesting schedule. The performance-based vesting condition was satisfied upon the effective date of the registration statement of which this prospectus forms a part. Following the satisfaction of the performance-based vesting condition, RSUs that remain unvested as of the date of such liquidity event due to the RSUs’ time-based vesting schedule will continue to vest after the performance-based vesting condition for so long as the holder remains in continuous service status through each such time-based vesting date.

限制性股票、股票增值权。此外，2019 年计划允许授予限制性股票奖励（RSA）和股票增值权（SAR），其条款一般由管理人确定（依据 2019 年计划），并载于奖励协议中。我们尚未根据 2019 年计划授予任何限制性股票股份或任何 SAR，且预计在本次发行之前不会授予任何此类奖励；但根据 2019 年计划授予的某些期权可提前行权，并可就未归属的普通股股份行权，但须受回购权约束。

Restricted Stock, Stock Appreciation Rights. In addition, the 2019 Plan allows for the grant of restricted stock awards (“RSAs”) and SARs, with terms as generally determined by the administrator (in accordance with the 2019 Plan) and to be set forth in an award agreement. We have not granted any shares of restricted stock or any SARs under the 2019 Plan and no such awards are expected to be granted prior to this offering; provided that certain options granted under the 2019 Plan are early exercisable and may be exercised for unvested shares of our common stock subject to a repurchase right.

有限可转让性。除非管理人另有决定，根据 2019 年计划授予的奖励一般不得以遗嘱、继承与分配法律以外的任何方式出售、质押、转让、抵押、转移或处置；对于 NQSO，亦不得通过向生前信托或遗嘱信托出具的文书进行转让（在该等信托中，NQSO 将在委托人死亡时传递给受益人），或通过赠与合格家庭成员的方式进行转让。

Limited Transferability. Unless otherwise determined by the administrator, awards granted under the 2019 Plan generally may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will, the laws of descent and distribution and, with respect to NQSOs, by instrument to an inter vivos or testamentary trust in which the NQSOs are to be passed to beneficiaries upon the death of the trustor, or by gift to a qualified family member.

控制权变更。如果我们发生“收购”或“其他合并”（定义见 2019 年计划，通常统指合并、出售或转让我们全部已发行证券表决权 50% 以上，或出售我们全部或实质上全部资产），2019 年计划规定，奖励将受证明该收购或其他合并的协议约束，该协议无需以类似方式对待所有奖励。该协议可在未经参与者同意的情况下，规定继续存续已授予奖励、承继或替代奖励、加速奖励归属、以现金、证券或其他对价结算奖励（无论是否已归属），或无偿注销该等奖励。

Change of Control. In the event that we are subject to an “acquisition” or “other combination” (as defined in the 2019 Plan and generally meaning, collectively, a merger, a sale or transfer of more than 50% of the voting power of all of our outstanding securities, or a sale of all or substantially all of the assets of ours), the 2019 Plan provides that awards will be subject to the agreement evidencing such acquisition or other combination, which agreement need not treat all awards in a similar manner. Such agreement may, without the participant’s consent, provide for the continuation of outstanding awards, the assumption or substitution of awards, the acceleration of vesting of awards, the settlement of awards (whether or not vested) in cash, securities, or other consideration, or the cancellation of such awards for no consideration.

调整。如果因股票股息、资本重组、股票拆分、反向股票拆分、股份细分、合并、重分类或其他影响我们股份的资本结构变动（且无对价）导致我们 A 类普通股的已发行股份数量发生变化，则为了防止 2019 年计划项下拟提供的利益或潜在利益减少或扩大，(i) 2019 年计划项下预留供发行的股份数量，(ii) 已授予期权和 SAR 的行权价格及对应股份数量，以及 (iii) 其他已授予奖励的购买价格和/或对应股份数量将（在适当范围内）按比例调整（须经董事会或我们的股东采取必要行动）。

Adjustments. In the event that the number of outstanding shares of our Class A common stock is changed by a stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification, or other change in our capital structure affecting our shares without consideration, then in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the 2019 Plan (i) the number of shares reserved for issuance under the 2019 Plan, (ii) the exercise prices of and number of shares subject to outstanding options and SARs, and (iii) the purchase prices of and/or number of shares subject to other outstanding awards will (to the extent appropriate) be proportionately adjusted (subject to required action by the board or our stockholders).

奖励的交换、重新定价和买断。管理人可修改、延长或续期奖励，或发行新奖励以换取交出并注销任何或全部已授予奖励，但前提是，如果任何该等行动会损害参与者的任何现有权利，则须征得相关参与者的同意。管理人可在未经股东事先批准的情况下，降低期权或 SAR 的行权价格，或买断先前授予的奖励并以现金、股份或其他对价支付，在每种情况下均须遵守 2019 年计划的条款。

Exchange, repricing, and buyout of awards. The administrator may modify, extend, or renew awards or issue new awards in exchange for the surrender and cancellation of any or all outstanding awards, provided that any such action will require the consent of the respective participants to the extent that any such action would impair any of the participants’ existing rights. The administrator may, without prior stockholder approval, reduce the exercise price of options or SARs or buy an award previously granted with payment in cash, shares or other consideration, in each case, subject to the terms of the 2019 Plan.

修订；终止。我们的董事会可随时修订或终止 2019 年计划，并可在我们解散或清算时终止任何及全部未行权的期权、RSU 或 SAR，但某些修订须经股东批准或参与者同意。自我们的 2025 年计划（如下所述）生效之日（即本招股说明书构成其一部分的注册声明生效之日的前一日）起，我们已停止根据 2019 年计划授予奖励。根据 2019 年计划授予的任何未行权奖励将在本次发行后继续有效，并受我们的 2019 年计划条款及适用奖励协议的约束，直至该等奖励被行权或按其条款终止或到期。

Amendment; Termination. Our board of directors may amend or terminate the 2019 Plan at any time and may terminate any and all outstanding options, RSUs, or SARs upon a dissolution or liquidation of us, provided that certain amendments will require shareholder approval or participant consent. We ceased issuing awards under the 2019 Plan upon the effective date of our 2025 Plan (described below), which was the date immediately prior to the date of the effectiveness of the registration statement of which this prospectus forms a part. Any outstanding awards granted under the 2019 Plan will remain outstanding following this offering, subject to the terms of our 2019 Plan and applicable award agreements, until such awards are exercised or until they terminate or expire by their terms.

#### 2025 年股权激励计划

#### 2025 Equity Incentive Plan

2025 年 2 月，我们的董事会和股东批准了我们的 2025 年计划，作为我们 2019 年计划的继任计划，该计划于本招股说明书构成其一部分的注册声明生效之日的前一日生效。2025 年计划授权授予 ISO（旨在符合《税法》第 422 条规定的税务处理资格）和 NQSO，以及授予 RSA、SAR、RSU 以及绩效和股票奖金奖励。根据 2025 年计划，ISO 仅可授予我们的员工。我们可向我们的员工、董事和顾问授予所有其他类型的奖励。

In February 2025, our board of directors and our stockholders approved our 2025 Plan as a successor to our 2019 Plan, which became effective on the date immediately prior to the effectiveness of the registration statement of which this prospectus forms a part. The 2025 Plan authorizes the award of both ISOs, which are intended to qualify for tax treatment under Section 422 of the Code, and NQSOs, as well for the award of RSAs, SARs, RSUs, and performance and stock bonus awards. Pursuant to the 2025 Plan, ISOs may be granted only to our employees. We may grant all other types of awards to our employees, directors, and consultants.

股份储备。我们最初预留了 50,000,000 股 A 类普通股，加上 2025 年计划生效日根据 2019 年计划未发行或不受未行权授予约束的任何预留 A 类普通股，用于根据我们的 2025 年计划授予的奖励作为我们的 A 类普通股发行。根据我们的 2025 年计划预留用于发行的股份数量将在 2026 年至 2035 年每年的 1 月 1 日自动增加，增加数量等于以下两者中的较小者：(a) 截至紧接前一年 12 月 31 日我们所有类别普通股已发行股份总数加上优先股转换后可发行的 A 类普通股股份总数（如有）的百分之五，或 (b) 我们的董事会或薪酬委员会可能确定的 A 类普通股股份数量。

Share Reserve. We have initially reserved 50,000,000 shares of our Class A common stock, plus any reserved shares of our Class A common stock not issued or subject to outstanding grants under the 2019 Plan on the effective date of the 2025 Plan, for issuance as our Class A common stock pursuant to awards granted under our 2025 Plan. The number of shares reserved for issuance under our 2025 Plan will increase automatically on January 1 of each of 2026 through 2035 by the number of shares equal to the lesser of (a) five percent of the aggregate number of outstanding shares of all classes of our common stock plus the total number of shares of our Class A common stock issuable upon conversion of preferred stock (if any), in each case as of the immediately preceding December 31, or (b) such number of shares of our Class A common stock as may be determined by our board of directors or our compensation committee.

此外，下述股份将再次可用于根据我们的 2025 年计划授予的奖励发行：

In addition, the shares set forth below will again be available for issuance pursuant to awards granted under our 2025 Plan:

- 根据我们的 2025 年计划授予的期权或 SAR 所对应的股份，因行权以外的任何原因不再受该期权或 SAR 约束的；

- shares subject to options or SARs granted under our 2025 Plan that cease to be subject to the option or SAR for any reason other than exercise of the option or SAR;

- 根据我们的 2025 年计划授予的奖励所对应的股份，随后被我们没收或按原始发行价回购的；

- shares subject to awards granted under our 2025 Plan that are subsequently forfeited or repurchased by us at the original issue price;

- 根据我们的 2025 年计划授予的奖励所对应的股份，以其他方式终止而未发行该等股份的；

- shares subject to awards granted under our 2025 Plan that otherwise terminate without such shares being issued;

- 根据我们的 2025 年计划授予的奖励所对应的股份，被交出、取消或交换为现金或不同奖励（或其组合）的；

- shares subject to awards granted under our 2025 Plan that are surrendered, cancelled, or exchanged for cash or a different award (or combination thereof);

- 根据我们的 2019 计划授予的期权在 2025 计划生效日之后被没收的，行使该等期权可发行的股份；

- shares issuable upon the exercise of options granted under our 2019 Plan that, after the effective date of the 2025 Plan, are forfeited;

- 根据我们的 2019 计划授予的奖励而发行的股份，在 2025 计划生效日之后被没收或由我们按原价回购的；以及

- shares issued pursuant to awards granted under our 2019 Plan that are forfeited or repurchased by us at the original price after the effective date of the 2025 Plan; and

- 根据我们的 2019 计划或 2025 计划授予的奖励所涉及的股份，用于支付期权行权价格或代扣与任何奖励相关的纳税义务的。

- shares subject to awards under our 2019 Plan or our 2025 Plan that are used to pay the exercise price of an option or withheld to satisfy the tax withholding obligations related to any award.

截至本招股说明书日期，根据 2019 计划已预留但尚未发行的股份，或根据 2019 计划已发行但随后根据我们的 2025 计划可供授予的股份（如上所述），仅应作为我们的 A 类普通股股份根据 2025 计划发行。

Shares of our Class A common stock that were either reserved, but not issued under the 2019 Plan as of the date of this prospectus, or issued under the 2019 Plan and later become available for grant under our 2025 Plan, either as set forth above, shall be issued under the 2025 Plan only as shares of our Class A common stock.

管理。我们的 2025 计划由我们的薪酬委员会或由我们的董事会代行薪酬委员会职责进行管理。在 2025 计划的条款和条件约束下，管理人有权（其中包括）选择可向其授予奖励的人员，解释和说明我们的 2025 计划，以及确定该等奖励的条款，并制定、修订和废止与 2025 计划或据此授予的任何奖励相关的规则和条例。2025 计划规定，管理人可在适用法律允许的范围内将其权力（包括授予奖励的权力）授予一名或多名高级管理人员，但授予非雇员董事的奖励只能由我们的董事会决定。

Administration. Our 2025 Plan is administered by our compensation committee or by our board of directors acting in place of our compensation committee. Subject to the terms and conditions of the 2025 Plan, the administrator has the authority, among other things, to select the persons to whom awards may be granted, construe and interpret our 2025 Plan as well as to determine the terms of such awards and prescribe, amend, and rescind the rules and regulations relating to the 2025 Plan or any award granted thereunder. The 2025 Plan provides that the administrator may delegate its authority, including the authority to grant awards, to one or more executive officers to the extent permitted by applicable law, provided that awards granted to non-employee directors may only be determined by our board of directors.

期权。2025 计划规定授予旨在符合《税法》第 422 条资格的 ISO，以及以规定行权价格购买我们 A 类普通股股份的 NQSO。ISO 只能授予员工，包括同时为员工的高级管理人员和董事。根据 2025 计划授予的股票期权的行权价格必须至少等于授予日我们 A 类普通股的公允市场价值。授予直接或通过归属持有我们全部股本总合并投票权超过百分之十的个人的 ISO，其行权价格必须至少为授予日我们 A 类普通股公允市场价值的 110%。

Options. The 2025 Plan provides for the grant of both ISOs intended to qualify under Section 422 of the Code, and NQSOs to purchase shares of our Class A common stock at a stated exercise price. ISOs may only be granted to employees, including officers and directors who are also employees. The exercise price of stock options granted under the 2025 Plan must be at least equal to the fair market value of our Class A common stock on the date of grant. ISOs granted to an individual who holds, directly or by attribution, more than ten percent of the total combined voting power of all classes of our capital stock must have an exercise price of at least 110% the fair market value of our Class A common stock on the date of grant.

期权可根据管理人的决定，基于服务和/或业绩条件的达成情况归属。管理人可规定期权仅在归属后方可行权，或可立即行权，行权时发行的任何股份均受我们的回购权约束，该回购权随股份归属而失效。根据 ISO 发行的股份不得超过 150,000,000 股。根据我们的 2025 计划授予的期权的最长期限为自授予日起十年，但授予直接或通过归属持有我们全部股本总合并投票权超过百分之十的个人的 ISO 的最长允许期限为自授予日起五年。

Options may vest based on service and/or achievement of performance conditions, as determined by the administrator. The administrator may provide for options to be exercised only as they vest or to be immediately exercisable, with any shares issued on exercise being subject to our right of repurchase that lapses as the shares vest. No more than 150,000,000 shares may be issued pursuant to ISOs. The maximum term of options granted under our 2025 Plan is ten years from the date of grant, except that the maximum permitted term of ISOs granted to an individual who holds, directly or by attribution, more than ten percent of the total combined voting power of all classes of our capital stock is five years from the date of grant.

限制性股票奖励。限制性股票奖励（RSA）是我们授予或出售受限制的 A 类普通股股份的要约，该等限制可在满足服务条件和/或达成业绩条件后解除。RSA 的价格（如有）由管理人确定。与期权持有人不同，RSA 持有人享有投票权，且就该等股份支付的任何股息或分配将受与 RSA 相同的归属条款及其他限制约束，并将在该等股份的归属条款解除时计提并支付。除管理人另有决定外，归属将在参与者不再向我们提供服务之日终止，未归属股份可能被没收归我们所有或由我们回购。

Restricted Stock Awards. An RSA is an offer by us to grant or sell shares of our Class A common stock subject to restrictions, which may lapse based on the satisfaction of service and/or achievement of performance conditions. The price, if any, of an RSA will be determined by the administrator. Holders of RSAs, unlike holders of options, will have the right to vote and any dividends or distributions paid with respect to such shares will be subject to the same vesting terms and other restrictions as the RSA and will be accrued and paid when the vesting terms on such shares lapse. Unless otherwise determined by the administrator, vesting will cease on the date the participant no longer provides services to us and unvested shares may be forfeited to or repurchased by us.

股票增值权。股票增值权（SAR）规定向参与者支付一笔款项，以现金或我们的 A 类普通股股份支付（如管理人确定，最高不超过指定的股份上限），金额等于行权日我们 A 类普通股的公允市场价值与预定行权价格之间的差额乘以股份数量。SAR 可根据服务条件和/或达成业绩条件归属。任何 SAR 的期限不得超过自授予日起十年。

Stock Appreciation Rights. An SAR provides for a payment, in cash or shares of our Class A common stock (up to a specified maximum of shares, if determined by the administrator), to the participant based upon the difference between the fair market value of our Class A common stock on the date of exercise and a predetermined exercise price, multiplied by the number of shares. SARs may vest based on service and/or achievement of performance conditions. No SAR may have a term that is longer than ten years from the date of grant.

限制性股票单位。限制性股票单位（RSU）代表在未来的特定日期获得我们 A 类普通股股份的权利，并可能根据服务条件和/或达成业绩条件归属。RSU 可在归属后尽快或在更晚日期以现金、我们的 A 类普通股股份或两者组合结算，具体受 2025 年计划条款及任何适用奖励协议的约束（该协议可能规定仅以股份结算）。任何 RSU 的期限不得超过自授予日起十年。

Restricted Stock Units. An RSU represents the right to receive shares of our Class A common stock at a specified date in the future and may be subject to vesting based on service and/or achievement of performance conditions. RSUs may be settled in cash, shares of our Class A common stock, or a combination of both as soon as practicable following vesting or on a later date subject to the terms of the 2025 Plan and any applicable award agreement (which may provide for settlement only in shares). No RSU may have a term that is longer than ten years from the date of grant.

业绩奖励。根据 2025 年计划授予的业绩奖励可采用现金奖金的形式，或以我们 A 类普通股股份计价的业绩股份或业绩单位奖励的形式，该等奖励可以现金、财产或发行该等股份的方式结算，但须满足或达成特定业绩条件。

Performance Awards. A performance award granted pursuant to the 2025 Plan may be in the form of a cash bonus, or an award of performance shares or performance units denominated in shares of our Class A common stock that may be settled in cash, property, or by issuance of those shares, subject to the satisfaction or achievement of specified performance conditions.

股票奖金奖励。股票奖金奖励规定以现金、我们的 A 类普通股股份或其组合形式支付，金额基于管理人所确定的该等奖励所涉股份的公允市场价值。该等奖励可作为对已提供服务之对价授予，或由管理人酌情决定，受基于持续服务和/或业绩条件的归属限制约束。

Stock Bonus Awards. A stock bonus award provides for payment in the form of cash, shares of our Class A common stock, or a combination thereof, based on the fair market value of shares subject to such award as determined by the administrator. The awards may be granted as consideration for services already rendered, or at the discretion of the administrator, may be subject to vesting restrictions based on continued service and/or performance conditions.

股息等值权利。股息等值权利可由管理人酌情授予，代表就某项奖励所对应的我们 A 类普通股股份数量收取我们支付的股息（如有）价值的权利。股息等值权利将受与基础奖励相同的归属或业绩条件约束，且仅在基础奖励归属时支付，或可视为由我们进行再投资。

Dividend Equivalent Rights. Dividend equivalent rights may be granted at the discretion of the administrator and represent the right to receive the value of dividends, if any, paid by us in respect of the number of shares of our Class A common stock underlying an award. Dividend equivalent rights will be subject to the same vesting or performance conditions as the underlying award and will be paid only when the underlying award becomes vested or may be deemed to have been reinvested by us.

控制权变更。我们的 2025 年计划规定，如果发生根据该计划条款构成公司控制权变更的公司交易，则未兑现的奖励将受证明该控制权变更的协议约束，该协议无需以相同方式对待所有未兑现奖励，并可包括以下一项或多项：(1) 未兑现奖励的延续；(2) 存续公司或存续公司的母公司或子公司对未兑现奖励的承继；(3) 存续公司或存续公司的母公司或子公司以新期权或实质等同的股权奖励替代未兑现奖励；(4) 全部或部分加速可行使性或归属，或我们的回购权或其他没收条款的失效，以及奖励的加速到期；或 (5) 可按其内在价值（无论届时是否已归属或可行使）以现金、现金等价物或股权（包括受与该等奖励或相关股份适用的归属限制一致的递延归属和交付约束的现金或股权）进行结算，随后注销该等奖励；但前提是，如果我们的薪酬委员会自行酌情认定该等奖励无价值，则该等奖励可在无对价的情况下被注销，在每种情况下均无需参与者同意。继任公司还可发行与参与者持有的我们未兑现股份实质相似的股份，或其他受回购限制的财产作为替代，且该等限制对参与者不逊于原限制。如果该继任公司拒绝根据 2025 年计划承继、替代或替换任何奖励，则尽管 2025 年计划中有任何相反规定，每项该等奖励应在公司交易完成之前立即全部归属（如适用）并可行使，且其上任何回购权或没收限制将失效。受基于业绩的归属约束且未根据前述规定被承继的奖励，应被视为已按目标水平的 100% 赚取并归属，除非适用的奖励协议条款和条件另有规定。

Change of Control. Our 2025 Plan provides that, in the event of a corporate transaction that constitutes a change of control of our company under the terms of the plan, outstanding awards will be subject to the agreement evidencing the change of control, which need not treat all outstanding awards in an identical manner, and may include one or more of the following: (1) the continuation of the outstanding awards, (2) the assumption of the outstanding awards by the surviving corporation or a parent or subsidiary of the surviving corporation, (3) the substitution by the surviving corporation or a parent or subsidiary of the surviving corporation of new options or substantially equivalent equity awards for the outstanding awards, (4) the full or partial acceleration of exercisability or vesting or lapse of our right to repurchase or other terms of forfeiture and accelerated expiration of the award, or (5) may be settled for their intrinsic value (whether or not then vested or exercisable) in cash, cash equivalents, or equity (including cash or equity subject to deferred vesting and delivery consistent with vesting restrictions applicable to such awards or the underlying shares) followed by the cancellation of such awards, provided however, that such awards may be cancelled without consideration if such awards have no value, as determined by our compensation committee, in its discretion, in each case without the participant’s consent. The successor corporation may also issue, as replacement of our outstanding shares held by a participant, substantially similar shares, or other property subject to repurchase restrictions no less favorable to the participant. In the event such successor corporation refuses to assume, substitute, or replace any award in accordance with the 2025 Plan, then notwithstanding any other provision in the 2025 Plan to the contrary, each such award shall become fully vested and, as applicable, exercisable and any rights of repurchase or forfeiture restrictions thereon will lapse, immediately prior to the consummation of the corporate transaction. Awards subject to performance-based vesting that are not assumed pursuant to the foregoing shall be deemed earned and vested at 100% of target level, unless otherwise indicated pursuant to the terms and conditions of the applicable award agreement.

如果某项奖励因上文所述的公司交易而代替或替换授予并归属，我们的董事会或薪酬委员会将以书面或电子方式通知该奖励的持有人，该奖励将可在董事会或薪酬委员会自行决定的一段时间内行使，且该奖励将在该期限届满时无对价终止。董事会或薪酬委员会的任何决定无需以相同方式对待所有未兑现奖励，且对每位相关参与者具有终局性和约束力。董事会有充分的权力和授权，将我们的回购权、重新收购权和/或没收权转让给该等继受公司或收购公司。

If an award vests in lieu of assumption or substitution in connection with a corporate transaction as provided above, our board of directors or our compensation committee will notify the holder of such award in writing or electronically that such award will be exercisable for a period of time determined by our board of directors or our compensation committee, in its sole discretion, and such award will terminate upon the expiration of such period without consideration. Any determinations by our board of directors or our compensation committee need not treat all outstanding awards in an identical manner, and shall be final and binding on each applicable participant. Our board of directors shall have full power and authority to assign our right to repurchase, right to re-acquire, and/or forfeiture rights to such successor or acquiring corporation.

根据我们的 2025 年计划授予我们非雇员董事的所有奖励，在公司交易发生时应全部加速归属。

The vesting of all awards granted to our non-employee directors under our 2025 Plan shall accelerate in full in the event of a corporate transaction.

调整。如果由于股票股息、特别股息或分配（无论以现金、股份或其他财产形式，常规现金股息除外）、资本重组、股票拆分、反向股票拆分、股份细分、合并、整合、重分类、分拆或我们资本结构的类似变化，导致我们 A 类普通股流通股的数量或类别发生无对价变化，则应对以下各项进行比例调整：根据我们的 2025 年计划预留供发行的股份数量和类别；未兑现期权或 SAR 的行权价格、股份数量和类别；其他未兑现奖励所对应的股份数量和类别；以及适用于 ISO 的任何最高奖励限额。

Adjustment. In the event of a change in the number or class of outstanding shares of our Class A common stock, without consideration, by reason of a stock dividend, extraordinary dividend, or distribution (whether in cash, shares, or other property, other than a regular cash dividend), recapitalization, stock split, reverse stock split, subdivision, combination, consolidation, reclassification, spin-off or similar change in our capital structure, proportional adjustments will be made to the number and class of shares reserved for issuance under our 2025 Plan; the exercise prices, number, and class of shares subject to outstanding options or SARs; the number and class of shares subject to other outstanding awards; and any applicable maximum award limits with respect to ISOs.

奖励的交换、重新定价和买断。管理人可在未经股东事先批准的情况下，(1) 在无需任何参与者同意的情况下降低未兑现期权或 SAR 的行权价格（前提是向该等参与者提供重新定价的书面通知），以及 (2) 支付现金或发行新奖励，以换取任何或所有未兑现奖励的交回和注销，但须在 2025 年计划条款要求的范围内取得任何受影响参与者的同意。

Exchange, Repricing, and Buyout of Awards. The administrator may, without prior stockholder approval, (1) reduce the exercise price of outstanding options or SARs without the consent of any participant (provided that written notice of the repricing is provided to such participants) and (2) pay cash or issue new awards in exchange for the surrender and cancellation of any, or all, outstanding awards, subject to the consent of any affected participant to the extent required by the terms of the 2025 Plan.

董事薪酬限额。任何非雇员董事因担任非雇员董事而根据我们的 2025 年计划获得的奖励，其授予日价值加上因担任非雇员董事而获得的现金薪酬，在任一日历年度内不得超过 $1 million，或在其首次担任我们非雇员董事的日历年度内不得超过 $1.5 million。个人在担任雇员期间或作为顾问提供服务而获得的奖励或支付的现金薪酬，不计入本限额。

Director Compensation Limits. No non-employee director may receive awards under our 2025 Plan in consideration for such director’s service as a non-employee director with a grant date value that when combined with cash compensation received for such director’s service as a non-employee director, exceeds $1 million in a calendar year or $1.5 million in the calendar year of his or her initial service as a non-employee director with us. Awards granted, or cash compensation paid, to an individual while he or she was serving in the capacity as an employee or in consideration of services as a consultant will not count for purposes of this limitation.

追回；可转让性。所有奖励均须根据我们董事会采纳或法律要求的任何薪酬追回或追偿政策予以追回或追偿，以该等政策或适用协议所规定的范围为限。除有限情形外，根据我们 2025 年计划授予的奖励一般不得以遗嘱或继承与分配法律以外的任何方式转让。

Clawback; Transferability. All awards are subject to clawback or recoupment pursuant to any compensation clawback or recoupment policy adopted by our board of directors or required by law, to the extent set forth in such policy or applicable agreement. Except in limited circumstances, awards granted under our 2025 Plan may generally not be transferred in any manner other than by will or by the laws of descent and distribution.

子计划。在符合 2025 年计划条款的前提下，计划管理人可根据 2025 年计划设立子计划，和/或修改授予美国境外参与者的奖励条款，以遵守适用于任何该等司法管辖区的任何法律或法规。

Sub-plans. Subject to the terms of the 2025 Plan, the plan administrator may establish a sub-plan under the 2025 Plan and/or modify the terms of awards granted to participants outside of the United States to comply with any laws or regulations applicable to any such jurisdiction.

修订；终止。我们的董事会或薪酬委员会可随时修订我们 2025 年计划，但须经可能要求的股东批准。我们 2025 年计划将自我们董事会采纳该计划之日起十年后终止，除非我们的董事会提前终止。2025 年计划的任何终止或修订均不得在未经受影响参与者同意的情况下对任何当时尚未兑现的奖励产生不利影响，但为遵守适用法律或 2025 年计划条款另有规定所必需者除外。

Amendment; Termination. Our board of directors or compensation committee may amend our 2025 Plan at any time, subject to stockholder approval as may be required. Our 2025 Plan will terminate ten years from the date our board of directors adopts the plan, unless it is terminated earlier by our board of directors. No termination or amendment of the 2025 Plan may adversely affect any then-outstanding award without the consent of the affected participant, except as is necessary to comply with applicable laws or as otherwise provided by the terms of the 2025 Plan.

#### 2025 年员工购股计划

#### 2025 Employee Stock Purchase Plan

2025 年 2 月，我们的董事会和股东批准了我们 2025 年员工购股计划（2025 ESPP），该计划于本招股说明书构成其一部分的注册声明之日生效，以使符合条件的员工能够用累积的工资扣款购买我们 A 类普通股的股份。

In February 2025, our board of directors and our stockholders approved our 2025 ESPP, which became effective on the date of the registration statement of which this prospectus forms a part to enable eligible employees to purchase shares of our Class A common stock with accumulated payroll deductions.

2025 ESPP 包括两个组成部分：“423 组成部分”和“非 423 组成部分”。我们意图使 423 组成部分符合《税法》第 423(b) 条所定义的“员工购股计划”下发行的期权资格。除 2025 ESPP 另有规定或董事会或薪酬委员会另有决定外，非 423 组成部分（如有）将以与 423 组成部分相同的方式运作和管理。

The 2025 ESPP includes two components: a “423 Component” and a “Non-423 Component.” We intend the 423 Component to qualify as options issued under an “employee stock purchase plan” as that term is defined in Section 423(b) of the Code. Except as otherwise provided in the 2025 ESPP or determined by the board of directors or the compensation committee, the Non-423 Component (if any) will operate and be administered in the same manner as the 423 Component.

股份储备。我们最初预留 10,000,000 股 A 类普通股，用于根据我们 2025 ESPP 发行和出售。根据我们 2025 ESPP 预留用于发行和出售的股份数量将于 2026 年至 2035 年每年的 1 月 1 日自动增加，增加数量等于以下两者中的较小者：(a) 相当于我们所有类别普通股已发行股份总数加上可因优先股转换而发行的 A 类普通股股份总数（如有）之和的 1% 的股份数量，在每种情况下均以紧接前一 December 31 的已发行股份为准；及 (b) 由我们的董事会或薪酬委员会确定的 A 类普通股股份数量；但我们的董事会或薪酬委员会可自行决定减少任何特定日历年的增加数量。在股份拆分、资本重组或类似事件的前提下，在我们 2025 ESPP 期限内发行的 A 类普通股股份不得超过 100,000,000 股。

Share Reserve. We have initially reserved 10,000,000 shares of our Class A common stock for issuance and sale under our 2025 ESPP. The number of shares reserved for issuance and sale under our 2025 ESPP will increase automatically on January 1st of each of 2026 through 2035 by the number of shares equal to the lesser of (a) the number of shares equal to 1% of the sum of the total number of outstanding shares of all classes of our common stock plus the total number of shares of our Class A common stock issuable upon conversion of preferred stock (if any), in each case outstanding as of the immediately preceding December 31 and (b) such number of shares of our Class A common stock determined by our board of directors or compensation committee; provided, that our board of directors or our compensation committee may in its sole discretion reduce the amount of the increase in any particular calendar year. Subject to stock splits, recapitalizations, or similar events, no more than 100,000,000 shares of our Class A common stock may be issued over the term of our 2025 ESPP.

管理。我们的 2025 年员工购股计划（ESPP）由我们的薪酬委员会或由我们的董事会代行薪酬委员会职责进行管理，并受我们 2025 年 ESPP 条款和条件的约束。除其他事项外，管理人有权（在适用法律允许的范围内）确定参与我们 2025 年 ESPP 的资格、在该计划下指定单独的发行（并确定该等发行的期限），以及解释、阐释和适用该计划的条款。

Administration. Our 2025 ESPP is administered by our compensation committee or by our board of directors acting in place of our compensation committee, subject to the terms and conditions of our 2025 ESPP. Among other things, the administrator has the authority to determine eligibility for participation in our 2025 ESPP (to the extent permitted by applicable law), designate separate offerings under the plan (and determine the length of such offerings), and construe, interpret, and apply the terms of the plan.

资格。有资格参与我们 2025 年 ESPP 项下任何发行的员工，通常包括在发行期开始时受雇于我们或我们某些指定子公司的任何员工。但是，管理人可以排除以下员工：受雇不足两年的员工、通常每周工作 20 小时或以下的员工、通常在一个日历年内工作五个月或以下的员工、根据适用税法确定的某些高薪员工，或属于外国司法管辖区公民或居民的某些员工（如果适用当地法律禁止此类参与，或此类参与将违反《税法》第 423 条的要求（就 423 组成部分项下的发行而言））。此外，任何拥有（或因归属规则而被视为拥有）我们各类资本股票或我们某一合格子公司资本股票合计总投票权或价值的 5% 或以上，或因参与我们 2025 年 ESPP 而拥有该等数量的员工，均无资格参与我们 2025 年 ESPP。管理人可不时对资格施加额外限制。

Eligibility. Employees eligible to participate in any offering pursuant to our 2025 ESPP generally include any employee that is employed by us or certain of our designated subsidiaries at the beginning of the offering period. However, the administrator may exclude employees who have been employed for less than two years, are customarily employed for 20 hours or less per week, are customarily employed for five months or less in a calendar year, are certain highly compensated employees as determined in accordance with applicable tax laws or are certain employees who are citizens or residents of a foreign jurisdiction if such participation is prohibited under applicable local laws or would violate the requirements of Section 423 of the Code (with respect to an offering under a 423 Component). In addition, any employee who owns (or is deemed to own because of attribution rules) 5% or more of the total combined voting power or value of all classes of our capital stock, or the capital stock of one of our qualifying subsidiaries, or who owns such amount because of participation in our 2025 ESPP, is not eligible to participate in our 2025 ESPP. The administrator may impose additional restrictions on eligibility from time to time.

发行。根据我们的 2025 年 ESPP，合格员工可在系列发行期内，通过在该期间内累积的工资扣款，获得以折扣价购买我们 A 类普通股股份的选择权。每个发行期本身可包含一个或多个购买期。任何发行期不得超过 27 个月。在任何给定购买期内，根据我们 2025 年 ESPP 购买股份的购买价格为以下两者中较低者的 85%:(1) 适用发行期首个交易日的我们 A 类普通股公平市场价值，或 (2) 适用购买期最后一个交易日的我们 A 类普通股公平市场价值。

Offerings. Under our 2025 ESPP, eligible employees are offered the option to purchase shares of our Class A common stock at a discount over a series of offering periods through accumulated payroll deductions over the period. Each offering period may itself consist of one or more purchase periods. No offering period may be longer than 27 months. The purchase price for shares purchased under our 2025 ESPP during any given purchase period is 85% of the lesser of the fair market value of our Class A common stock on (1) the first trading day of the applicable offering period or (2) the last trading day of the applicable purchase period.

任何参与者在任何一个购买期内不得购买超过 5,000 股我们 A 类普通股（或我们的薪酬委员会可能确定的更高或更低数量），并且在发行生效的任何日历年内，不得认购公平市场价值超过 $25,000 的我们 A 类普通股股份（以发行期开始之日确定）。

No participant may purchase more than 5,000 shares of our Class A common stock (or such greater or lesser number as our compensation committee may determine) during any one purchase period and may not subscribe for more than $25,000 in fair market value of shares of our Class A common stock (determined as of the date the offering period commences) in any calendar year in which the offering is in effect.

资本重组时的调整。若因股票股利、资本重组、股票拆分、反向股票拆分、股份细分、股份合并、股份重新分类或类似的无对价资本结构变动导致我们 A 类普通股已发行股份的数量或类别发生变化，则管理人将按比例调整我们 2025 年 ESPP 下可供发行的 A 类普通股股份数量或类别、购买价格及任何参与人选择购买的股份数量或类别，以及参与人可购买的最大股份数量。

Adjustments Upon Recapitalization. If the number or class of outstanding shares of our Class A common stock is changed by stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or similar change in our capital structure without consideration, then the administrator will proportionately adjust the number or class of shares of our Class A common stock that are available under our 2025 ESPP, the purchase price and number or class of shares any participant has elected to purchase as well as the maximum number of shares which may be purchased by participants.

控制权变更。若我们发生根据我们 2025 年 ESPP 条款确定的控制权变更交易，则届时生效的任何发售期将由继任公司或其母公司或子公司承继，或以同等权利替代。若继任公司拒绝承继或替代购买权，则届时生效的任何发售期将缩短，并在管理人确定的最终购买日终止。最终购买日应发生在控制权变更交易生效日当日或之前，且我们 2025 年 ESPP 将在控制权变更交割时终止。

Change of Control. If we experience a change of control transaction as determined under the terms of our 2025 ESPP, any offering period then in effect will be assumed or an equivalent option substituted by the successor corporation or a parent or a subsidiary of the successor corporation. In the event that the successor corporation refuses to assume or substitute for the purchase right, any offering period then in effect will be shortened and terminated on a final purchase date established by the administrator. The final purchase date will occur on or prior to the effective date of the change of control transaction, and our 2025 ESPP will terminate on the closing of the change of control.

可转让性。参与人一般不得转让、转移、质押或以其他方式处置其账户中已计入的工资扣款，或与我们 2025 年 ESPP 项下购买股份选择相关的任何权利，但依遗嘱或继承或分配法律进行的除外。

Transferability. Participants may generally not assign, transfer, pledge, or otherwise dispose of payroll deductions credited to their account or any rights regarding an election to purchase shares pursuant to our 2025 ESPP other than by will or the laws of descent or distribution.

修订；终止。董事会或薪酬委员会可在任何时候未经股东同意修订、暂停或终止我们 2025 年 ESPP，但法律另有要求的除外。除非提前终止，我们 2025 年 ESPP 在我们 2025 年 ESPP 项下预留发行的全部 A 类普通股股份发行完毕之日或生效日十周年之日（以较早者为准）终止。

Amendment; Termination. The board of directors or compensation committee may amend, suspend, or terminate our 2025 ESPP at any time without stockholder consent, except as required by law. Unless earlier terminated, our 2025 ESPP terminates upon the earlier to occur of the issuance of all shares of our Class A common stock reserved for issuance under our 2025 ESPP, or the tenth anniversary of the effective date.

#### 薪酬追回政策

#### Compensation Recovery Policy

2025 年 2 月，我们通过了《薪酬追回政策》（“《薪酬追回政策》”）。《薪酬追回政策》依据 SEC 于 2022 年 10 月通过的关于在与会计重述相关的情形下追回错误授予高管薪酬的最终规则制定，并与相应的纳斯达克上市标准保持一致（合称“追回规则”）。根据《薪酬追回政策》，并在追回规则规定的某些有限例外情形下，若我们需要重述财务报表，我们须追回在要求进行会计重述之日前的三个完整财年内，向任何现任或前任高管（如追回规则所述）支付的错误授予的激励性薪酬（如追回规则所述，包括现金和股权薪酬）。可追回金额为高管基于重述前财务报表所获得的任何激励性薪酬中，超过假设该激励性薪酬基于财务重述确定时该高管本应获得的金额的部分。

In February 2025, we adopted a Compensation Recovery Policy (the “Compensation Recovery Policy”). The Compensation Recovery Policy is in accordance with the final rules regarding recovery of erroneously awarded executive officer compensation in connection with an accounting restatement, as adopted by the SEC in October 2022, and consistent with the corresponding Nasdaq listing standards (together, the “Clawback Rules”). Pursuant to the Compensation Recovery Policy, and subject to certain limited exceptions in the Clawback Rules, in the event we are required to restate our financial statements, we are required to recoup erroneously awarded incentive-based compensation (as described in the Clawback Rules, including both cash and equity compensation) paid to any current or former executive officer (as described in the Clawback Rules) during the three completed fiscal years immediately prior to the date the accounting restatement was required. The amount recoverable is the amount of any incentive-based compensation received by the executive officer based on the financial statements prior to the restatement that exceeds the amount that such executive officer would have received had the incentive-based compensation been determined based on the financial restatement.

特定关系与关联方交易 Certain Relationships and Related Party Transactions

除“管理层”和“高管薪酬”章节中讨论的薪酬安排外，以下描述的是自 2022 年 1 月 1 日以来的每项交易以及目前拟议的每项交易，其中：

In addition to the compensation arrangements discussed in the sections titled “Management” and “Executive Compensation,” the following is a description of each transaction since January 1, 2022 and each currently proposed transaction in which:

- 我们曾经或将要作为参与方；

- we have been or are to be a participant;

- 所涉金额已超过或将超过$120,000；以及

- the amount involved exceeded or will exceed $120,000; and

- 我们的任何董事、高管或持有我们已发行股本 5%以上的股东，或任何该等人士的直系亲属或与其同住的人士，已经或将会拥有直接或间接的重大利益。

- any of our directors, executive officers, or holders of more than 5% of our outstanding capital stock, or any immediate family member of, or person sharing the household with, any of these individuals, had or will have a direct or indirect material interest.

要约收购 Tender Offers

#### 2024 年要约收购

#### 2024 Tender Offer

2024 年 10 月，若干现有股东及新股东提出以每股 47.00 美元现金的价格，向我们的若干证券持有人购买我们的 A 类普通股(包括在 (i) 行使已归属的普通股购买期权和/或 (ii) 转换我们的可转换优先股和 B 类普通股时发行的若干 A 类普通股)、B 类普通股和可转换优先股（以下简称“2024 年要约收购”）。合计 13,851,240 股 A 类普通股、B 类普通股和可转换优先股被要约出售，合计购买价格为 $651 million。在 2024 年要约收购中出售的每一股 B 类普通股和可转换优先股均在每次购买前自动转换为一股 A 类普通股。

In October 2024, certain existing stockholders and new stockholders offered to purchase shares of our Class A common stock (including certain shares of our Class A common stock issued upon (i) exercise of vested options to purchase common stock; and/or (ii) conversion of shares of our convertible preferred stock and Class B common stock), Class B common stock, and convertible preferred stock, from certain of our securityholders for $47.00 per share in cash (the “2024 Tender Offer”). An aggregate of 13,851,240 shares of our Class A common stock, Class B common stock, and convertible preferred stock were tendered for an aggregate purchase price of $651 million. Each share of our Class B common stock and convertible preferred stock sold in the 2024 Tender Offer was automatically converted into one share of Class A common stock immediately prior to each purchase.

我们未从 2024 年要约收购的出售所得中获得任何对价，惟因若干员工行使已归属期权进行净额行权、并在 2024 年要约收购中出售随后发行的股份而收到的款项除外。我们就该等净额行权所涉在 2024 年要约收购中出售的股份收到的合计金额为 $1 million。

We did not receive any consideration from the sale proceeds of the 2024 Tender Offer, except for amounts received upon the net exercise of employee stock options by certain of our employees who exercised vested options to sell the subsequently issued shares in the 2024 Tender Offer. The aggregate amount received by us in respect of these net exercises for shares sold in the 2024 Tender Offer was $1 million.

与 Glenn Hutchins（其于 2025 年 2 月加入我们的董事会）有关联的若干基金作为 A 类普通股购买方参与了 2024 年要约收购。除 Hutchins 先生外，我们的任何董事或高级管理人员均未作为购买方参与 2024 年要约收购。由 Magnetar 管理或提供咨询的若干基金或账户，以及与 FMR LLC（“Fidelity”）有关联的若干实体（各自均为我们已发行股本超过 5% 的实益拥有人），作为 A 类普通股购买方参与了 2024 年要约收购。下表汇总了我们的董事和高级管理人员以及我们已发行股本超过 5% 的持有人购买的 A 类普通股股份：

Certain funds affiliated with Glenn Hutchins, who joined as a member of our board of directors in February 2025, participated in the 2024 Tender Offer as purchasers of our Class A common stock. Other than Mr. Hutchins, none of our directors or officers participated as purchasers in the 2024 Tender Offer. Certain funds or accounts managed or advised by Magnetar and certain entities affiliated with FMR LLC (“Fidelity”), each beneficial owners of more than 5% of our outstanding capital stock, participated in the 2024 Tender Offer as purchasers of our Class A common stock. The following table summarizes the shares of Class A common stock purchased by our directors and officers and holders of more than 5% of our outstanding capital stock:

股东 · A 类普通股股份 · 合计购买价格 与 Fidelity 有关联的实体(1) · 1,416,340 · $66,557,577 由 Magnetar 管理或提供咨询的基金或账户(2) · 1,934,980 · $90,929,848 与 Glenn Hutchins 有关联的基金(3) · 212,780 · $9,999,097

Stockholder · Shares of Class A Common Stock · Total Purchase Price Entities affiliated with Fidelity(1) · 1,416,340 · $66,557,577 Funds or accounts managed or advised by Magnetar(2) · 1,934,980 · $90,929,848 Funds affiliated with Glenn Hutchins(3) · 212,780 · $9,999,097

(1) · 由 Fidelity 的若干关联方持有的股份构成，该等关联方实益拥有我们已发行股本超过 5% 的股份。

(1) · Consists of shares held by certain affiliates of Fidelity, which beneficially owns more than 5% of our outstanding capital stock.

(2) · 由 Magnetar 管理或提供咨询的若干基金或账户持有的股份构成，该等基金或账户实益拥有我们已发行股本超过 5% 的股份。我们董事会的前成员 Ernie Rogers 担任 Magnetar 的首席运营官。

(2) · Consists of shares held by certain funds or accounts managed or advised by Magnetar, which beneficially owns more than 5% of our outstanding capital stock. Ernie Rogers, a former member of our board of directors, is the Chief Operating Officer of Magnetar.

(3) · 由 Glenn Hutchins（我们的董事会成员）担任投资管理人的若干基金持有的股份构成。

(3) · Consists of shares held by certain funds for which Glenn Hutchins, a member of our board of directors, serves as investment manager.

我们的若干董事和高级管理人员及其关联方作为出售方参与了 2024 年要约收购。下表汇总了我们的董事和高级管理人员及其关联方在 2024 年要约收购中出售的 A 类普通股、B 类普通股和可转换优先股股份。

Certain of our directors and officers and their affiliates participated as sellers in the 2024 Tender Offer. The following table summarizes the shares of our Class A common stock, our Class B common stock, and our convertible preferred stock sold by our directors and officers and their affiliated parties in the 2024 tender offer.

“总购买价”一栏所列金额代表卖方实现的销售总收入，尚未扣除交易费用、预扣税款，亦未扣除因员工股票期权净行权而向我们支付的款项：

The amounts set forth in the column titled “Total Purchase Price” represent the gross sales proceeds realized by the seller, before any reduction for transaction costs, tax withholding, or amounts remitted to us in respect of the net exercise of employee stock options:

股东 · A 类普通股股数(6) · 总购买价 与 Michael Intrator 相关的人士及实体(1) · 1,063,980 · $49,999,245 与 Brian Venturo 相关的人士及实体(2) · 2,241,560 · $105,336,856 与 Brannin McBee 相关的人士及实体(3) · 2,075,080 · $97,513,519 Kristen McVeety · 135,660 · $5,257,701 与 Jack Cogen 相关的人士及实体(4) · 1,110,080 · $52,165,606 KOPACC, LLC(5) · 245,740 · $11,547,975

Stockholder · Shares of Class A Common Stock(6) · Total Purchase Price Persons and entities affiliated with Michael Intrator(1) · 1,063,980 · $49,999,245 Persons and entities affiliated with Brian Venturo(2) · 2,241,560 · $105,336,856 Persons and entities affiliated with Brannin McBee(3) · 2,075,080 · $97,513,519 Kristen McVeety · 135,660 · $5,257,701 Persons and entities affiliated with Jack Cogen(4) · 1,110,080 · $52,165,606 KOPACC, LLC(5) · 245,740 · $11,547,975

(1) · 由我们的首席执行官、总裁兼董事会主席 Michael Intrator 以及若干关联人士及关联方持有的股份构成。

(1) · Consists of shares held by Michael Intrator, our Chief Executive Officer, President, and chairman of our board of directors, and certain related persons and affiliates.

(2) · 由我们的首席战略官兼董事会成员 Brian Venturo 以及若干关联人士及关联方持有的股份构成。

(2) · Consists of shares held by Brian Venturo, our Chief Strategy Officer and a member of our board of directors, and certain related persons and affiliates.

(3) · 由我们的首席发展官 Brannin McBee 以及若干关联人士及关联方持有的股份构成。

(3) · Consists of shares held by Brannin McBee, our Chief Development Officer, and certain related persons and affiliates.

(4) · 由我们的董事会成员 Jack Cogen 以及若干关联人士及关联方持有的股份构成。

(4) · Consists of shares held by Jack Cogen, a member of our board of directors, and certain related persons and affiliates.

(5) · 由 KOPACC, LLC 直接登记持有并出售的 245,740 股构成，该公司持有我们已发行股本超过 5%。曾担任我们董事会成员至 2023 年 4 月的 Stephen Jamison 是 KOPACC, LLC 的管理成员。

(5) · Consists of 245,740 shares directly held of record and sold by KOPACC, LLC, a holder of more than 5% of our outstanding capital stock. Stephen Jamison, a former member of our board of directors who served until April 2023, is a managing member of KOPACC, LLC.

(6) · 我们所有 B 类普通股和可转换优先股均在 2024 年要约收购中出售前立即转换为 A 类普通股。

(6) · All shares of our Class B common stock and convertible preferred stock were converted into shares of our Class A common stock immediately prior to being sold in the 2024 Tender Offer.

#### 2023 年要约收购

#### 2023 Tender Offer

2023 年 12 月，若干现有股东和新股东提出以每股 15.50 美元现金从我们的若干证券持有人处购买我们的 A 类普通股(包括因 (i) 行使已归属的普通股购买期权和 (ii) 可转换优先股转换而发行的若干 A 类普通股)及可转换优先股（即“2023 年要约收购”）。合计 41,476,000 股 A 类普通股和可转换优先股被要约出售，总购买价为 $643 million。在 2023 年要约收购中出售的每一股可转换优先股均在每次购买前立即自动转换为一股 A 类普通股。

In December 2023, certain existing stockholders and new stockholders offered to purchase shares of our Class A common stock (including certain shares of our Class A common stock issued upon (i) exercise of vested options to purchase common stock and (ii) conversion of shares of our convertible preferred stock) and convertible preferred stock from certain of our securityholders for $15.50 per share in cash (the “2023 Tender Offer”). An aggregate of 41,476,000 shares of our Class A common stock and convertible preferred stock were tendered for an aggregate purchase price of $643 million. Each share of our convertible preferred stock sold in the 2023 Tender Offer was automatically converted into one share of Class A common stock immediately prior to each purchase.

我们的董事或高级管理人员均未作为购买方参与 2023 年要约收购。我们未从 2023 年要约收购的出售所得中获得任何对价，惟因若干员工净行权员工股票期权而收到的款项除外，该等员工行使已归属期权以在 2023 年要约收购中出售随后发行的股份。我们就 2023 年要约收购中出售股份的该等净行权合计收到 $354,436。

None of our directors or officers participated as purchasers in the 2023 Tender Offer. We did not receive any consideration from the sale proceeds of the 2023 Tender Offer, except for amounts received upon the net exercise of employee stock options by certain of our employees who exercised vested options to sell the subsequently issued shares in the 2023 Tender Offer. The aggregate amount received by us in respect of these net exercises for shares sold in the 2023 Tender Offer was $354,436.

与 Fidelity 关联的某些实体作为我们 A 类普通股的购买方参与了 2023 年要约收购。2023 年 12 月要约收购完成后，与 Fidelity 关联的某些实体被视同合计实益持有我们已发行股本超过 5%。下表汇总了由持有我们已发行股本超过 5% 的持有人购买的 A 类普通股股份：

Certain entities affiliated with Fidelity participated in the 2023 Tender Offer as purchasers of our Class A common stock. Upon completion of the tender offer in December 2023, certain entities affiliated with Fidelity were deemed to beneficially own more than 5% of our outstanding capital stock, on an aggregated basis. The following table summarizes the shares of our Class A common stock purchased by holders of more than 5% of our outstanding capital stock:

股东 · A 类普通股股份(2) · 总购买价格 与 Fidelity 关联的实体(1) · 20,009,040 · $310,000,057

Stockholder · Shares of Class A Common Stock(2) · Total Purchase Price Entities affiliated with Fidelity(1) · 20,009,040 · $310,000,057

(1) · 由 Fidelity 的某些关联方持有的股份构成，该等关联方实益持有我们已发行股本超过 5%。

(1) · Consists of shares held by certain affiliates of Fidelity, which beneficially owns more than 5% of our outstanding capital stock.

(2) · 我们全部可转换优先股在 2024 年要约收购中出售之前已立即转换为我们的 A 类普通股股份。

(2) · All shares of our convertible preferred stock were converted into shares of our Class A common stock immediately prior to being sold in the 2024 Tender Offer.

我们的某些董事和高管及其关联方作为出售方参与了 2023 年要约收购。2023 年要约收购完成后，Stephen Jamison（曾任我们董事会成员，任职至 2023 年 4 月）及其关联方不再合计实益持有我们已发行股本超过 5%。除上述情况外，没有其他持有我们已发行股本超过 5% 的持有人在 2023 年要约收购中出售股份。

Certain of our directors and officers and their affiliates participated as sellers in the 2023 Tender Offer. Upon completion of the 2023 Tender Offer, Stephen Jamison, a former member of our board of directors who served until April 2023, and his affiliates ceased to be beneficial owners of more than 5% of our outstanding capital stock, on an aggregated basis. No other holder of more than 5% of our outstanding capital stock sold shares in the 2023 Tender Offer.

下表汇总了我们的董事和高管及其关联方在 2023 年要约收购中出售的 A 类普通股股份。标题为“总购买价格”一栏所列金额代表出售方实现的销售总收入，未扣除任何交易费用、代扣税款或因员工股票期权净行权而向我们支付的款项：

The following table summarizes the shares of our Class A common stock sold by our directors and officers and their affiliated parties in the 2023 Tender Offer. The amounts set forth in the column titled “Total Purchase Price” represent the gross sales proceeds realized by the seller, before any reduction for transaction costs, tax withholding, or amounts remitted to us in respect of the net exercise of employee stock options:

股东 · A 类普通股股份(7) · 总购买价格 与 Michael Intrator 关联的个人和实体(1) · 7,098,620 · $109,978,920 与 Brian Venturo 关联的个人和实体(2) · 4,622,520 · $71,616,703 与 Brannin McBee 关联的个人和实体(3) · 3,447,360 · $53,409,948 Kristen McVeety(4) · 83,480 · $1,293,356 与 Jack Cogen 关联的个人和实体(5) · 8,002,260 · $123,979,015 与 Stephen Jamison 关联的实体(6) · 3,140,480 · $48,655,457

Stockholder · Shares of Class A Common Stock(7) · Total Purchase Price Persons and entities affiliated with Michael Intrator(1) · 7,098,620 · $109,978,920 Persons and entities affiliated with Brian Venturo(2) · 4,622,520 · $71,616,703 Persons and entities affiliated with Brannin McBee(3) · 3,447,360 · $53,409,948 Kristen McVeety(4) · 83,480 · $1,293,356 Persons and entities affiliated with Jack Cogen(5) · 8,002,260 · $123,979,015 Entities affiliated with Stephen Jamison(6) · 3,140,480 · $48,655,457

(1) · 由我们的首席执行官兼董事会主席 Michael Intrator 及某些关联人士和关联方持有的股份构成。

(1) · Consists of shares held by Michael Intrator, our Chief Executive Officer and chairman of our board of directors, and certain related persons and affiliates.

(2) · 由我们的首席战略官兼董事会成员 Brian Venturo 及某些关联人士和关联方持有的股份构成。

(2) · Consists of shares held by Brian Venturo, our Chief Strategy Officer and a member of our board of directors, and certain related persons and affiliates.

(3) · 由我们的首席发展官 Brannin McBee 及某些关联人士和关联方持有的股份构成。

(3) · Consists of shares held by Brannin McBee, our Chief Development Officer, and certain related persons and affiliates.

(4) · 由我们的总法律顾问兼秘书 Kristen McVeety 直接登记持有并出售的 83,480 股股份构成。上表所报总购买价格包括 McVeety 女士在 2023 年要约收购中出售股份的同时就其员工股票期权净行权向我们支付的 $45,664。

(4) · Consists of 83,480 shares directly held of record and sold by Kristen McVeety, our General Counsel and Secretary. The total purchase price reported in the table above includes $45,664 Ms. McVeety paid to us in connection with her net exercise of employee stock options concurrent with her sale in the 2023 tender offer.

(5) · 由我们的董事会成员 Jack Cogen 及某些关联人士和关联方持有的股份构成。

(5) · Consists of held by Jack Cogen, a member of our board of directors, and certain related persons and affiliates.

(6) · 包括由 KOPACC, LLC 直接登记持有并出售的 3,140,480 股股份，KOPACC, LLC 持有我们已发行股本超过 5% 的股份。Stephen Jamison 曾担任我们董事会成员至 2023 年 4 月，现为 KOPACC, LLC 的管理成员。

(6) · Consists of 3,140,480 shares directly held of record and sold by KOPACC, LLC, a holder of more than 5% of our outstanding capital stock. Stephen Jamison, a former member of our board of directors who served until April 2023, is a managing member of KOPACC, LLC.

(7) · 我们全部可转换优先股在 2023 年要约收购中出售之前，已立即转换为普通股股份。

(7) · All shares of our convertible preferred stock were converted into shares of our common stock immediately prior to being sold in the 2023 Tender Offer.

就 2023 年要约收购而言，我们授予 Fidelity 一项选择权，可按每股 $40.00 的首次公开发行价格购买本招股说明书所发售股份的最多 15%，该选择权可在本次发行完成之前立即行使。Fidelity 已行使参与本次发行的选择权，该权利在本次发行完成之前立即终止。

In connection with the 2023 Tender Offer, we granted to Fidelity an option to purchase up to 15% of the shares offered by this prospectus at the initial public offering price of $40.00 per share, which option is exercisable until immediately prior to the consummation of this offering. Fidelity exercised its option to participate in this offering, and this right terminated immediately prior to the consummation of this offering.

可转换优先股融资 Convertible Preferred Stock Financings

#### C 轮可转换优先股融资

#### Series C Convertible Preferred Stock Financing

2024 年 5 月，我们以每股 $38.96 的购买价格出售了合计 29,523,120 股 C 轮可转换优先股，合计购买价格约为 $1.2 billion。每股 C 轮可转换优先股将在本次发行完成前立即自动转换为我们的 A 类普通股股份。

In May 2024, we sold an aggregate of 29,523,120 shares of our Series C convertible preferred stock at a purchase price of $38.96 per share for an aggregate purchase price of approximately $1.2 billion. Each share of our Series C convertible preferred stock will convert automatically into shares of our Class A common stock immediately prior to the completion of this offering.

下表汇总了与我们若干董事存在关联关系的实体以及我们已发行股本超过 5% 的持有人所购买的 C 轮可转换优先股股份：

The following table summarizes the shares of our Series C convertible preferred stock purchased by entities affiliated with certain of our directors and holders of more than 5% of our outstanding capital stock:

股东 · C 轮可转换优先股股份(3) · 合计购买价格 由 Magnetar 管理或提供咨询的基金或账户(1) · 8,985,300 · $349,999,898 与 Fidelity 存在关联关系的实体(2) · 1,283,620 · $50,000,208

Stockholder · Shares of Series C Convertible Preferred Stock(3) · Total Purchase Price Funds or accounts managed or advised by Magnetar(1) · 8,985,300 · $349,999,898 Entities affiliated with Fidelity(2) · 1,283,620 · $50,000,208

(1) · 由 Magnetar 管理或提供咨询的基金或账户持有，该等基金或账户实益拥有我们已发行股本超过 5% 的股份。我们董事会前成员 Ernie Rogers 为 Magnetar 的首席运营官。

(1) · Consists of shares held by funds or accounts managed or advised by Magnetar, which beneficially owns more than 5% of our outstanding capital stock. Ernie Rogers, a former member of our board of directors, is the Chief Operating Officer of Magnetar.

(2) · 由 Fidelity 的若干关联方持有，该等关联方实益拥有我们已发行股本超过 5% 的股份。

(2) · Consists of shares held by certain affiliates of Fidelity, which beneficially own more than 5% of our outstanding capital stock.

(3) · 每股 C 轮可转换优先股可转换为一定数量的 A 类普通股股份，该数量根据就各季度股息支付期未按我们选择及时以现金支付的任何应计股息进行调整。各持有人所持每股 C 轮可转换优先股就该等应计股息的利息，自该等股份发行之日起至 2024 年 6 月 30 日止按日计提。

(3) · Each share of our Series C convertible preferred stock is convertible into such number of shares of our Class A common stock as adjusted for all accrued dividends that are not timely paid in cash at our election with respect to each quarterly dividend payment period. Interest on each share of our Series C convertible preferred stock held by each individual holder with respect to such accrued dividends accrues on a daily basis from the date of issuance of such shares through June 30, 2024.

此外，29,874,066 股 C 轮可转换优先股享有在 (i) 2029 年 8 月 15 日与 (ii) 本次发行交割两周年二者中较早者发生后的第一个交易日向我们“回售”的权利。在行使回售权（定义见本文件）后，回售股份（定义见本文件）持有人将有权从我们处收取相当于 C 轮可转换优先股每股原始发行价 $38.95 的现金金额，合计支付金额为 $1.2 billion。本次发行交割日之后，C 轮可转换优先股股份将不存在应计未付股息。有关回售权的更多信息，请参见标题为“股本说明——C 轮优先股回售权”的章节。

In addition, 29,874,066 shares of our Series C convertible preferred stock are subject to a right to be “put” to us on the first trading day immediately after the earlier to occur of (i) August 15, 2029 and (ii) the second anniversary of the closing of this offering. Upon exercise of the Put Right (as defined herein), holders of the Put Shares (as defined herein) would be entitled to receive from us an amount in cash equal to the original issue price per share of the Series C convertible preferred stock, of $38.95, representing an aggregate payment of $1.2 billion. There will be no accrued and unpaid dividends with respect to the shares of Series C convertible preferred stock following the date of closing of this offering. For additional information relating to the Put Right, please see the section titled “Description of Capital Stock—Series C Preferred Stock Put Right.”

#### B 轮可转换优先股融资

#### Series B Convertible Preferred Stock Financing

2023 年 4 月至 2024 年 1 月期间，我们以每股 $5.58 的购买价格出售了合计 79,978,760 股 B 轮可转换优先股，合计购买价格约为 $446 million。每股 B 轮可转换优先股将在本次发行完成前立即自动转换为我们的 A 类普通股股份。

Between April 2023 and January 2024, we sold an aggregate of 79,978,760 shares of our Series B convertible preferred stock at a purchase price of $5.58 per share for an aggregate purchase price of approximately $446 million. Each share of our Series B convertible preferred stock will convert automatically into shares of our Class A common stock immediately prior to the completion of this offering.

下表汇总了与我们某些董事存在关联关系的实体以及我们已发行股本超过 5% 的持有人所购买的我们的 B 系列可转换优先股股份：

The following table summarizes the shares of our Series B convertible preferred stock purchased by entities affiliated with certain of our directors and holders of more than 5% of our outstanding capital stock:

股东 · B 系列可转换优先股股份 · 总购买价 由 Magnetar 管理或提供咨询的基金或账户(1) · 60,253,060 · $336,000,014

Stockholder · Shares of Series B Convertible Preferred Stock · Total Purchase Price Funds or accounts managed or advised by Magnetar(1) · 60,253,060 · $336,000,014

(1) · 由 Magnetar 管理或提供咨询的基金或账户所持有的股份构成，Magnetar 实益拥有我们已发行股本超过 5% 的股份。我们董事会的前成员 Ernie Rogers 是 Magnetar 的首席运营官。

(1) · Consists of shares held by funds or accounts managed or advised by Magnetar, which beneficially owns more than 5% of our outstanding capital stock. Ernie Rogers, a former member of our board of directors, is the Chief Operating Officer of Magnetar.

#### B-1 系列可转换优先股融资

#### Series B-1 Convertible Preferred Stock Financing

2023 年 4 月，在先前向若干合格私人投资者发行的、本金总额为 $4 million 且按每年 7% 的 PIK 利率计息的可转换本票转换时，我们以每股 $0.41 的购买价发行了合计 12,484,540 股我们的 B-1 系列可转换优先股。我们的 B-1 系列可转换优先股的每一股流通股将在本次发行完成之前自动转换为我们的 A 类普通股股份。

In April 2023, we issued an aggregate of 12,484,540 shares of our Series B-1 convertible preferred stock at a purchase price of $0.41 per share upon conversion of convertible notes previously issued to several accredited private investors for an aggregate principal amount of $4 million and which bore a PIK interest rate of 7% per annum. Each outstanding share of our Series B-1 convertible preferred stock will convert automatically into shares of our Class A common stock immediately prior to the completion of this offering.

下表汇总了我们某些董事以及我们已发行股本超过 5% 的持有人及其关联方所收购的我们的 B-1 系列可转换优先股股份：

The following table summarizes the shares of our Series B-1 convertible preferred stock acquired by certain of our directors and holders of more than 5% of our outstanding capital stock and their affiliates:

股东 · B-1 系列可转换优先股股份 · 总购买价 Michael Intrator(1) · 1,458,680 · $584,959 Jack Cogen 及关联实体(2) · 1,458,720 · $584,961 Stephen Jamison(3) · 1,458,720 · $584,961

Stockholder · Shares of Series B-1 Convertible Preferred Stock · Total Purchase Price Michael Intrator(1) · 1,458,680 · $584,959 Jack Cogen and affiliated entities(2) · 1,458,720 · $584,961 Stephen Jamison(3) · 1,458,720 · $584,961

(1) · 由 Michael Intrator 直接登记持有的股份构成。Intrator 先生是我们的首席执行官、总裁兼董事会主席。Intrator 先生及其某些关联方实益拥有我们已发行股本超过 5% 的股份。

(1) · Consists of shares directly held of record by Michael Intrator. Mr. Intrator is our Chief Executive Officer, President, and Chairman of our board of directors. Mr. Intrator and certain of his affiliates beneficially own more than 5% of our outstanding capital stock.

(2) · 由与我们董事会成员 Jack Cogen 存在关联关系的实体所收购的股份构成。此外，Cogen 先生及其某些关联方实益拥有我们已发行股本超过 5% 的股份。

(2) · Consists of shares acquired by entities affiliated with Jack Cogen, a member of our board of directors. Additionally, Mr. Cogen and certain of his affiliates beneficially own more than 5% of our outstanding capital stock.

(3) · 由 KOPACC, LLC 收购的股份构成。我们董事会的前成员 Stephen Jamison 任职至 2023 年 4 月，他是 KOPACC, LLC 的管理成员。截至 2023 年 4 月，Jamison 先生及其某些关联方在合并基础上被视为实益拥有我们已发行股本超过 5% 的股份。

(3) · Consists of shares acquired by KOPACC, LLC. Stephen Jamison, a former member of our board of directors who served until April 2023, is a managing member of KOPACC, LLC. As of April 2023, Mr. Jamison and certain of his affiliates were deemed to beneficially own more than 5% of our outstanding capital stock, on an aggregated basis.

其他交易 Other Transactions

#### 股权交换权协议

#### Equity Exchange Right Agreements

2024 年 9 月，我们与每位联合创始人 Intrator 先生、Venturo 先生和 McBee 先生签订了股权交换权协议。根据该协议，每位联合创始人均有权（但无义务）要求我们将该创始人行使或结算股权奖励时获得的任何 A 类普通股股份，交换为 B 类普通股股份（“股权交换权”）。股权交换权仅适用于 2024 年 9 月之前授予我们联合创始人的股权奖励。截至 2024 年 12 月 31 日，我们联合创始人持有的、可购买 A 类普通股股份的未行使股票期权对应的 A 类普通股股份为 9,109,000 股，这些股份在行使时可根据股权交换权交换为等量的 B 类普通股股份。

In September 2024, we entered into an Equity Exchange Right Agreement with each of our Co-Founders, Messrs. Intrator, Venturo, and McBee, pursuant to which each of our Co-Founders have a right (but not an obligation), to require us to exchange, for shares of our Class B common stock, any shares of our Class A common stock received upon by him upon the exercise or settlement of equity awards for shares of our Class A common stock (the “Equity Exchange Rights”). The Equity Exchange Rights only apply to equity awards granted to our Co-Founders prior to September 2024. As of December 31, 2024, there were 9,109,000 shares of our Class A common stock subject to outstanding stock options to purchase shares of our Class A common stock held by our Co-Founders and that may be exchanged, upon exercise, for an equivalent number of shares of our Class B common stock pursuant to the Equity Exchange Rights.

股权交换权在以下情况下终止：(a) 对于联合创始人持有的、受股权奖励约束的 A 类普通股股份，在根据适用股权奖励条款没收该等股份之日终止；(b) 对于因行使或结算联合创始人持有的股权奖励而发行的 A 类普通股股份，在以下较早发生者时终止：(i) 联合创始人出售、转让或以其他方式处置该等 A 类普通股股份时，或 (ii) 以下日期中较早者：(i) 我们董事会确定的、不晚于本次发行七周年后 61 天的日期，(ii) 经 B 类普通股已发行投票权三分之二 affirmative vote 指定的日期，或 (iii) Michael Intrator 服务终止（定义见本文）后不超过 61 天的日期。

The Equity Exchange Rights terminate (a) with respect to shares of our Class A common stock subject to equity awards that are held by our Co-Founders, on the date on which such shares are forfeited pursuant to the terms of the applicable equity award, and (b) with respect to shares of our Class A common stock issued upon the exercise or settlement of equity awards held by a Co-Founder, (i) when the Co-Founder sells, transfers, or otherwise disposes of such shares of our Class A common stock or (ii) upon the earlier of (i) a date that is fixed by our board of directors that is no more than 61 days following the seventh anniversary of this offering, (ii) the date specified by the affirmative vote of two-thirds of the outstanding voting power of the Class B common stock, or (iii) no more than 61 days following Michael Intrator’s Service Termination (as defined herein).

#### NVIDIA 主服务协议

#### NVIDIA Master Services Agreement

2023 年 4 月，我们与 NVIDIA（持有我们已发行股本超过 5%的实益拥有人）签订了主服务协议（“主服务协议”），据此，我们通过履行 NVIDIA 向我们提交的订单表格，向 NVIDIA 提供我们的基础设施和平台服务。截至 2024 年 12 月 31 日，NVIDIA 已根据主服务协议及相关订单表格向我们支付合计约$320 million。任何一方均可在以下情况下终止主服务协议：(i) 就违约事项向另一方发出 30 天书面通知，或 (ii) 如果另一方成为破产申请或其他破产程序、接管、清算或为债权人利益进行转让的对象，且该等程序未在 90 天内被驳回。

In April 2023, we entered into a Master Services Agreement (the “Master Services Agreement”) with NVIDIA, a beneficial owner of more than 5% of our outstanding capital stock, pursuant to which we provide NVIDIA with our infrastructure and platform services through fulfillment of order forms submitted to us by NVIDIA. As of December 31, 2024, NVIDIA has paid us an aggregate of approximately $320 million pursuant to the Master Services Agreement and related order forms. Either party may terminate the Master Services Agreement (i) upon 30 days’ written notice to the other party of a breach or (ii) if the other party becomes subject to a bankruptcy petition or other insolvency proceeding, receivership, liquidation or assignment for the benefit of creditors and such proceedings are not dismissed within 90 days.

#### 与直系亲属的雇佣安排

#### Employment Arrangement with an Immediate Family Member

Michael McBee 是我们的首席开发官 Brannin McBee 的兄弟，自 2024 年 11 月起以非高管身份受雇于我们。截至 2024 年 12 月 31 日止年度，Michael McBee 先生的年度基本工资为 $190,000，此外还有股权激励。Michael McBee 先生的薪酬是参照类似职位的外部市场惯例确定的，或在与我们首席开发官无亲属关系的类似职位员工所获薪酬进行比较时，参照内部薪酬公平性确定的。Michael McBee 先生还有资格按照与适用于与我们首席开发官无亲属关系的类似职位员工相同的一般条款和条件获得股权奖励。

Michael McBee, the brother of Brannin McBee, our Chief Development Officer, has been employed by us in a non-executive role since November 2024. For the year ended December 31, 2024, Mr. Michael McBee’s annual base salary was $190,000, in addition to equity compensation. Mr. Michael McBee’s compensation was based on reference to external market practice of similar positions or internal pay equity when compared to the compensation paid to employees in similar positions who were not related to our Chief Development Officer. Mr. Michael McBee was also eligible for equity awards on the same general terms and conditions as applicable to employees in similar positions who were not related to our Chief Development Officer.

Magnetar 关联方交易 Magnetar Related Party Transactions

我们已与 Magnetar 以及由 Magnetar 管理或提供咨询的某些基金或账户订立了若干交易，详情见下文。Magnetar 实益拥有我们已发行股本超过 5% 的股份。

We have entered into certain transactions, as further described below, with Magnetar and certain funds or accounts managed or advised by Magnetar. Magnetar beneficially owns more than 5% of our outstanding capital stock.

#### AI 算力服务预留容量及预付款协议

#### AI Computing Service Reserved Capacity and Prepayment Agreement

2024 年 8 月，我们与由 Magnetar 管理的一只基金（“MagAI Ventures”）订立了一项协议（经修订，简称“MagAI 容量协议”）。根据 MagAI 容量协议，我们将以预先协商的小时费率向 MagAI Ventures 的某些投资组合公司提供预定数量的云计算服务。各投资组合公司实际使用的云计算服务具体数量（如有）将与该投资组合公司单独协商，并须经 MagAI Ventures 最终批准。

In August 2024, we entered into an agreement (as amended, the “MagAI Capacity Agreement”) with a fund managed by Magnetar (“MagAI Ventures”). Under the MagAI Capacity Agreement, we will provide certain portfolio companies of MagAI Ventures with a predetermined amount of cloud computing services at a pre-negotiated hourly rate. The specific amount of cloud computing services to be used by each portfolio company, if any, will be negotiated individually with each portfolio company, and will be subject to final approval by MagAI Ventures.

我们就 MagAI 容量协议收到了约 $230 million 的可退还保证金。MagAI Ventures（包括其投资组合公司）根据该安排对云服务的任何消费均从该保证金金额中扣除，未使用部分将在该安排期限结束时退还给 MagAI Ventures。

We received a refundable deposit of approximately $230 million in connection with the MagAI Capacity Agreement. Any consumption of cloud services by MagAI Ventures, including by their portfolio companies, under this arrangement is deducted from this deposit amount, with the unused portion refunded back to MagAI Ventures at the end of the term of the arrangement.

在该安排的整个期限内，如果 MagAI Ventures 的投资组合公司未就全部预定云计算服务签约，我们可与 MagAI Ventures 协商，将该可用容量改用于其他客户，并就按 MagAI Ventures 预先协商费率向这些客户收费本可产生的收入以上的任何已实现收入，与 MagAI Ventures 分享利润。

Throughout the term of the arrangement, if MagAI Ventures portfolio companies do not contract for the full amount of the predetermined cloud computing services, we may agree with MagAI Ventures to instead use this available capacity for other customers, and share profits with MagAI Ventures for any revenues realized above the revenues that would have been generated by charging these customers the MagAI Ventures pre-negotiated rate.

MagAI 容量协议的初始期限为四年，MagAI Ventures 有权选择将安排再延长两年，且任何一方均可出于便利终止该安排。如因便利终止该安排，我们需要向 MagAI Ventures 支付一笔分手费，金额等于保证金未使用部分乘以一个在该安排期限内从 1.06x 增至 1.73x 的系数。截至 2024 年 12 月 31 日，由于尚未根据该安排提供任何服务，该可退还保证金中的约 $230 million 计入合并资产负债表中的其他流动负债。

The MagAI Capacity Agreement runs for an initial period of four years, with an option for MagAI Ventures to extend the arrangement for two additional years, and the arrangement can be terminated by either party out of convenience. If the arrangement is terminated out of convenience, we are required to pay MagAI Ventures a breakup fee equal to the unused portion of the deposit multiplied by a factor that increases from 1.06x to 1.73x over the term of the arrangement. As of December 31, 2024, approximately $230 million of this refundable deposit is included within other current liabilities in the consolidated balance sheet, as no services had yet been provided under this arrangement.

#### 优先股投资

#### Preferred Stock Investment

2024 年 6 月 14 日，我们就 Magnetar 管理的基金（“MAIV”）购买一家私营公司的优先股股份事宜，向该基金合计出资$50 million。就该投资而言，在以下两者中较早发生之日：(a) MAIV 交割一周年之日，及(b) 我们以书面形式向 Magnetar 证明我们拟在 30 个日历日内就首次公开发行向 SEC 提交注册声明之日，起至优先股发行交割日七周年届满之日止，我们可在任何月末经提前 30 日书面通知，要求 MAIV 以实物形式向我们分配合计不超过我们在 MAIV 中权益的 99%。任何该等请求将由 MAIV 通过以下方式满足：(i) 向我们分配该私营公司的优先股股份，或(ii) 在 MAIV 出售该等股份后向我们支付该等股份的总出售价款，在每种情况下均应在合理可行范围内尽快完成。

On June 14, 2024, we contributed an aggregate amount of $50 million to a fund managed by Magnetar (“MAIV”) in connection with MAIV’s purchase of shares of preferred stock in a private company. In connection with this investment, upon the earlier of (a) the one year anniversary of the closing of MAIV and (b) the date that we certify in writing to Magnetar that we intend to file a registration statement with the SEC in respect of an initial public offering within 30 calendar days, and ending upon the expiration of the seventh anniversary of the closing date of the preferred stock offering, we may, at any month-end upon 30 days’ written notice, request that MAIV make a distribution in kind to us of up to, in the aggregate, 99% of our interest in MAIV. Any such request will be satisfied by MAIV either (i) distributing to us shares of the private company’s preferred stock, or (ii) providing payment to us of the aggregate sale price of such shares following MAIV’s sale of the shares, in each case, as promptly as reasonably practicable.

若该私营公司的优先股以实物形式向我们分配，且在该等分配后我们出售该等优先股的任何股份（或该等股份转换或交换所成的任何证券），我们将按如下方式分配该等出售的净收益：(i) 在我们收到相当于我们对 MAIV 合计出资额的金额之前，净收益的 100%归我们；(ii) 此后，净收益的 75%归我们，25%归 Magnetar 的关联方。

To the extent there is an in-kind distribution of the private company’s preferred stock to us and following such distribution we sell any shares of such preferred stock (or any securities into which such stock is converted or exchanged), we will allocate the net proceeds from such sale as follows (i) 100% of the net proceeds to us until we receive an amount equal to our aggregate capital contribution to MAIV and (ii) thereafter, 75% of the net proceeds to us and 25% to an affiliate of Magnetar.

#### 延迟提款定期贷款 2.0 融资

#### Delayed Draw Term Loan 2.0 Facility

2024 年 5 月 16 日，我们的直接全资子公司 CCAC IV 作为借款人，与 U.S. Bank National Association（作为存款银行）、U.S. Bank Trust Company, National Association（作为行政代理人和抵押代理人）、Blackstone Alternative Credit Advisors LP、Blackstone Alternative Solutions L.L.C.、Blackstone Tactical Opportunities Advisors L.L.C.及 Blackstone Private

On May 16, 2024, CCAC IV, our direct, wholly-owned subsidiary, as borrower, entered into a credit agreement with U.S. Bank National Association, as depository bank, U.S. Bank Trust Company, National Association, as administrative agent and collateral agent, Blackstone Alternative Credit Advisors LP, Blackstone Alternative Solutions L.L.C., Blackstone Tactical Opportunities Advisors L.L.C., and Blackstone Private

Investments Advisors L.L.C.（作为牵头贷款人和联席牵头投资人）、Magnetar（作为联席牵头投资人）以及作为协议一方的贷款人签订了一份信贷协议，设立了一项$7.6 billion 的延迟提款定期贷款融资（经修订，即“DDTL 2.0 融资”）。我们签订 DDTL 2.0 融资主要是为了为履行客户合同所需的资本支出提供资金，包括购置 GPU 服务器及相关基础设施。

Investments Advisors L.L.C., as lead lenders and co-lead investors, Magnetar, as a co-lead investor, and the lenders party thereto, providing for a $7.6 billion delayed draw term loan facility (as amended, the “DDTL 2.0 Facility”). Our DDTL 2.0 Facility was entered into primarily to finance capital expenditures required to perform customer contracts, including the acquisition of GPU servers and related infrastructure.

在我们的 DDTL 2.0 融资项下，可在 2025 年 6 月的承诺终止日之前提取额外贷款，经所需贷款人同意，该终止日可再延长三个月。就任何借款请求而言，我们 DDTL 2.0 融资项下可提取的贷款总额限于贷款所资助合同对应的 GPU 服务器及相关基础设施折旧后购买价格的一定百分比，该百分比基于相关客户的信用评级确定。

Additional loans are available to be drawn under our DDTL 2.0 Facility until the commitment termination date in June 2025, which may be extended for an additional three months with the consent of the required lenders. The aggregate amount of loans available to be drawn under our DDTL 2.0 Facility in connection with any borrowing request are limited to a percentage of the depreciated purchase price of GPU servers and related infrastructure for the contract that the loans are being used to finance, with such percentage based upon the credit rating of the applicable customer.

我们 DDTL 2.0 融资安排项下的借款金额适用的年利率，由我们选择，为以下两者之一：(a) 对于基准利率贷款，适用的利差（范围为 5.0% 至 12.0%，取决于正在融资的合同对应客户的信用评级）加上基准利率（下限为 0.00%），该基准利率参照以下三者中的最高者确定：(i) 最优惠利率，(ii) 联邦基金有效利率加 0.50%，以及 (iii) 一个月期限 SOFR 加 1.00%；或 (b) 对于期限 SOFR 贷款，适用的利差（范围为 6.0% 至 13.0%，取决于正在融资的合同对应客户的信用评级）加上三个月利息期的期限 SOFR（下限为 0.00%）。

Amounts borrowed under our DDTL 2.0 Facility are subject to an interest rate per annum equal to, at our option, either (a) for base rate loans, an applicable margin (ranging from 5.0% to 12.0%, depending on the credit rating of the customer whose contract is being financed) plus a base rate (subject to a 0.00% floor) determined by reference to the highest of (i) the prime rate, (ii) the federal funds effective rate plus 0.50%, and (iii) the one month term SOFR plus 1.00% or (b) for term SOFR loans, an applicable margin (ranging from 6.0% to 13.0%, depending on the credit rating of the customer whose contract is being financed) plus the term SOFR (subject to a 0.00% floor) for a three month interest period.

我们 DDTL 2.0 融资安排项下的所有义务，除某些例外情形外，均由该子公司的绝大部分资产以及该子公司 100% 股权权益的质押提供担保。

All obligations under our DDTL 2.0 Facility are secured, subject to certain exceptions, by substantially all of the subsidiary’s assets and a pledge of 100% of the equity interests in the subsidiary.

我们 DDTL 2.0 融资安排项下的每笔贷款在放款后 5 年到期。截至 2024 年 12 月 31 日，我们 DDTL 2.0 融资安排已提取 $3.8 billion，我们 DDTL 2.0 融资安排项下尚有 $3.8 billion 可供借款。截至 2024 年 12 月 31 日，我们就延迟提取定期贷款 2.0 融资安排项下未偿金额分别支付了 $0 million 的本金和 $21 million 的利息。

Each loan under our DDTL 2.0 Facility matures 5 years after funding. As of December 31, 2024, $3.8 billion of our DDTL 2.0 Facility was drawn and $3.8 billion remained available for borrowing under our DDTL 2.0 Facility. As of December 31, 2024, we have paid $0 million and $21 million in principal and in interest on outstanding amounts under our Delayed Draw Term Loan 2.0 Facility, respectively.

有关 DDTL 2.0 融资安排的更多信息，请参见“重大债务说明——DDTL 2.0 融资安排”。

For additional information regarding the DDTL 2.0 Facility, see “Description of Material Indebtedness— DDTL 2.0 Facility.”

#### 延迟提取定期贷款 1.0 融资安排

#### Delayed Draw Term Loan 1.0 Facility

2023 年 7 月 30 日，我们的直接全资子公司 CCAC II 作为借款人，与作为存款银行的 U.S. Bank National Association、作为行政代理人和担保代理人的 U.S. Bank Trust Company, National Association、Blackstone Tactical Opportunities Advisors L.L.C. 以及代表某些贷款人作为牵头贷款人的 Magnetar，以及安排人、账簿管理人和贷款人各方订立了一份信贷协议，提供一项 $2.3 billion 的延迟提取定期贷款融资安排（经修订，即“DDTL 1.0 融资安排”）。我们订立 DDTL 1.0 融资安排主要是为了融资履行客户合同所需的资本支出，包括购置 GPU 服务器及相关基础设施。

On July 30, 2023, CCAC II, our direct, wholly-owned subsidiary, as borrower, entered into a credit agreement with U.S. Bank National Association, as depository bank, U.S. Bank Trust Company, National Association, as administrative agent and collateral agent, Blackstone Tactical Opportunities Advisors L.L.C., and Magnetar, on behalf of certain lenders as the lead lenders, and the arrangers, bookrunners, and lenders party thereto, providing for a $2.3 billion delayed draw term loan facility (as amended, the “DDTL 1.0 Facility”). Our DDTL 1.0 Facility was entered into primarily to finance capital expenditures required to perform customer contracts, including the acquisition of GPU servers and related infrastructure.

我们 DDTL 1.0 融资安排项下的借款金额适用的年利率，由我们选择，为以下两者之一：(i) 对于基准利率贷款，适用利差为 8.6196% 加上基准利率（下限为 0.00%），该基准利率参照以下三者中的最高者确定：(a) 最优惠利率，(b) 联邦基金有效利率加 0.50%，以及 (c) 一个月期限 SOFR 加 1.00%；或 (ii) 对于期限 SOFR 贷款，适用利差为 9.6196% 加上三个月利息期的期限 SOFR（下限为 0.00%）。

Amounts borrowed under our DDTL 1.0 Facility are subject to an interest rate per annum equal to, at our option, either (i) for base rate loans, an applicable margin of 8.6196% plus a base rate (subject to a 0.00% floor) determined by reference to the highest of (a) the prime rate, (b) the federal funds effective rate plus 0.50%, and (c) the one month term SOFR plus 1.00% or (ii) for term SOFR loans, an applicable margin of 9.6196% plus the term SOFR (subject to a 0.00% floor) for a three month interest period.

我们 DDTL 1.0 融资安排项下的所有义务，除某些例外情形外，均由该子公司的绝大部分资产以及该子公司 100% 股权权益的质押提供担保。

All obligations under our DDTL 1.0 Facility are secured, subject to certain exceptions, by substantially all of the subsidiary’s assets and a pledge of 100% of the equity interests in the subsidiary.

我们 DDTL 1.0 融资安排的到期日为 2028 年 3 月 28 日。截至 2024 年 12 月 31 日，我们 DDTL 1.0 融资安排已全部提取，我们 DDTL 1.0 融资安排项下有 $2.0 billion 未偿。截至 12 月 31 日，

The maturity date of our DDTL 1.0 Facility is March 28, 2028. As of December 31, 2024, our DDTL 1.0 Facility was fully drawn, and we had $2.0 billion outstanding under our DDTL 1.0 Facility. As of December 31,

2024 年，我们已就 DDTL 1.0 融资项下的未偿金额分别支付了 $288 million 的本金和 $255 million 的利息。

2024, we have paid $288 million and $255 million in principal and in interest on outstanding amounts under our DDTL 1.0 Facility, respectively.

有关 DDTL 1.0 融资的更多信息，请参见“重大债务说明——延迟提取定期贷款 1.0 融资”。

For additional information regarding the DDTL 1.0 Facility, see “Description of Material Indebtedness— Delayed Draw Term Loan 1.0 Facility.”

#### 2025 年到期的可转换优先担保票据

#### Convertible Senior Secured Notes due 2025

2021 年 10 月，我们与 Magnetar 签订了票据发行协议，据此我们向由 Magnetar 管理或提供咨询的基金或账户（“2025 可转换票据购买方”）发行了本金总额为 $50 million 的 2025 年到期的可转换优先担保票据（“2025 可转换票据”）。2023 年，由于支付了若干实物利息，2025 可转换票据的本金总额增加至 $55 million。

In October 2021, we entered into a Note Issuance Agreement with Magnetar, pursuant to which we issued to funds or accounts managed or advised by Magnetar (the “2025 Convertible Note Purchasers”) $50 million aggregate principal amount of Convertible Senior Secured Notes due 2025 (the “2025 Convertible Notes”). In 2023, the aggregate principal amount of the 2025 Convertible Notes was increased to $55 million as a result of the payment of certain interest payments in kind.

自 2024 年 9 月 17 日起，2025 可转换票据购买方根据票据发行协议的条款和条件，促使 2025 可转换票据转换为我们的 A 类普通股股份。由于该转换，我们向 2025 可转换票据购买方发行了 24,543,980 股 A 类普通股，且我们在票据发行协议及相关文件项下的所有义务均已全部履行并解除（惯例存续义务及本文另有讨论者除外）。

Effective as of September 17, 2024, the 2025 Convertible Note Purchasers caused the 2025 Convertible Notes to be converted into shares of our Class A common stock pursuant to the terms and conditions of the Note Issuance Agreement. As a result of the conversion, 24,543,980 shares of our Class A common stock were issued to the 2025 Convertible Note Purchasers, and all our obligations under the Note Issuance Agreement and related documents were satisfied and discharged in full (except customary surviving obligations and as otherwise discussed herein).

就发行 2025 可转换票据而言，我们向 Magnetar 授予了 (a) 一项按首次公开发行价格每股 $40.00 购买 $15.0 million 我们 A 类普通股的期权，该期权可在我们 A 类普通股上市一周年之前行使，以及 (b) 一项权利（使用我们商业上合理的努力），可认购并购买我们未来任何公开股权发行中所发行股本至少 5% 的股份，包括本次发行中拟出售和发行的我们 A 类普通股。

In connection with the issuance of the 2025 Convertible Notes, we granted to Magnetar (a) an option to purchase $15.0 million of our Class A common stock at the initial public offering price of $40.00 per share, which option is exercisable until the one-year anniversary of the listing of our Class A common stock and (b) the right (using our commercially reasonable efforts) to subscribe for and purchase at least 5% of our capital stock issued in any future public equity offering by us, including our Class A common stock to be sold and issued in this offering.

#### 2025 年到期的优先担保票据

#### Senior Secured Notes due 2025

2022 年 10 月，我们与 Magnetar 签订了票据发行协议，据此我们向由 Magnetar 管理或提供咨询的基金或账户（“2025 票据购买方”）发行了本金总额为 $125 million 的 2025 年到期的优先担保票据（“2025 票据”）。就发行 2025 票据而言，我们还向 2025 票据购买方发行了以下认股权证：

In October 2022, we entered into a Note Issuance Agreement with Magnetar, pursuant to which we issued to funds or accounts managed or advised by Magnetar (the “2025 Note Purchasers”) $125 million aggregate principal amount of Senior Secured Notes due 2025 (the “2025 Notes”). In connection with the 2025 Notes issuance, we also issued to the 2025 Note Purchasers the following warrants:

- 可购买 4,337,386 股我们普通股的认股权证，其行权价格在行权日确定，等于以下两者中的较低者：(i) 与已完成的价值 $1.0 billion 的合格股权融资相关的每股视为购买价格，或 (ii) 基于我们估值范围从 $1.5 billion（若 2025 票据在 120 天内偿还）至 $1.0 billion（若 2025 票据在超过 360 天后仍未偿还）确定的每股购买价格（“常规认股权证”，该行权价格称为“常规认股权证行权价格”）；以及

- warrants to purchase 4,337,386 shares of our common stock with an exercise price determined as of the exercise date equal to the lower of (i) the deemed purchase price per share in connection with a qualified equity financing equal to $1.0 billion that is completed or (ii) the purchase price per share determined based on a valuation of us ranging from $1.5 billion (if the 2025 Notes were repaid within 120 days) to $1.0 billion (if the 2025 Notes remained outstanding more than 360 days) (the “Regular Warrants,” and such exercise price, the “Regular Warrants Exercise Price”); and

- 可购买 7,807,282 股普通股的认股权证，行权价格为每股 $0.0005（“一分钱认股权证”）。

- warrants to purchase 7,807,282 shares of common stock with an exercise price of $0.0005 per share (the “Penny Warrants”).

2024 年 7 月 17 日，我们向 2025 年票据购买方支付约$136 million，以全额赎回 2025 年票据，该金额为 2025 年票据的未偿本金总额加上应计未付利息及提前还款溢价，且我们在票据发行协议及相关文件项下的全部义务均已得到完全履行和解除（除惯常的存续义务及本文件另有讨论者外）。

On July 17, 2024, we paid approximately $136 million to redeem the 2025 Notes in full from the 2025 Note Purchasers, which amount represented the aggregate outstanding principal amount of the 2025 Notes plus accrued and unpaid interest and prepayment premiums, and all our obligations under the Note Issuance Agreement and related documents were satisfied and discharged in full (except customary surviving obligations and as otherwise discussed herein).

就 2025 年票据的发行，我们授予 2025 年票据购买方认购和购买本次发行中我们所发行股本至少 5%的权利。根据每份

In connection with the issuance of the 2025 Notes, we granted to the 2025 Note Purchasers the right to subscribe for and purchase at least 5% of our capital stock issued in this offering. Pursuant to the terms of each

常规认股权证和便士认股权证（Penny Warrant）的条款，持有该等常规认股权证或便士认股权证的 2025 年票据购买方对其按比例享有的我们未来任何 A 类普通股发行份额（除其他事项外，不包括因承销商削减而无法获得的、在承销公开发行中发行的 A 类普通股）享有优先认购权，包括本次发行中拟出售和发行的我们的 A 类普通股，该权利在以下较早发生者时终止：(a) 该等常规认股权证或便士认股权证被全额行权，或 (b) 2029 年 10 月 18 日。2025 年 3 月 27 日，我们与 Magnetar 及由 Magnetar 管理或提供咨询的某些基金或账户订立协议，据此，Magnetar 及由 Magnetar 管理或提供咨询的某些基金或账户放弃了其在本次发行中的购买权。

Regular Warrant and Penny Warrant, the 2025 Note Purchaser holding such Regular Warrant or Penny Warrant has a right of first offer with respect to its pro rata portion of any future issuances of our Class A common stock (other than, among other things, Class A common stock issued in an underwritten public offering that is not available due to underwriter cutbacks), including our Class A common stock to be sold and issued in this offering, which right terminates upon the earlier of (a) the full exercise of such Regular Warrant or Penny Warrant or (b) October 18, 2029. On March 27, 2025, we entered into an agreement with Magnetar and certain funds or accounts managed or advised by Magnetar, pursuant to which Magnetar and certain funds or accounts managed or advised by Magnetar waived their purchase rights in this offering.

#### 董事提名函

#### Director Nomination Letter

2024 年 5 月，我们与 Magnetar DNL 各方订立了一份董事提名协议，就其指定我们董事会一名成员的能力提供某些权利。有关董事提名函的更多信息，请参见标题为“管理层——董事提名函”的章节。

In May 2024, we entered into a Director Nomination Agreement with the Magnetar DNL Parties to provide certain rights with respect to their ability to designate a member of our board of directors. See the section titled “Management—Director Nomination Letter” for additional information regarding the Director Nomination Letter.

#### 聘用 Magnetar 高管

#### Hiring of Magnetar Executives

Ernie Rogers 曾是我们的董事会成员兼 Magnetar 首席运营官，我们已向其提供战略融资首席架构师一职。担任该职位期间，Rogers 先生将被授予 600,000 份 RSU，分两年归属，并有权获得$450,000 的年度基本工资及相当于其年度基本工资 100%的目标奖金，但须达成业绩指标。若 Rogers 先生与我们之间的雇佣关系因“非因正当理由”被终止或其因“正当理由”辞职，Rogers 先生的 RSU 将全部加速归属，但以其签署索赔豁免书为前提。Rogers 先生已原则上同意上述条款，但须与 Magnetar 就其离职事宜达成一致。在入职我们之前，且假设其与 Magnetar 能够达成该等协议，Rogers 先生将辞去其 Magnetar 首席运营官一职。

Ernie Rogers, a former member of our board of directors and the Chief Operating Officer of Magnetar, has been offered a position as our Chief Architect, Strategic Financing. In this position, Mr. Rogers would be granted 600,000 RSUs vesting over two years and would be entitled to an annual base salary of $450,000 and a target bonus of 100% of his annual base salary, subject to achievement of performance metrics. Upon a termination of Mr. Rogers’ employment with us without “cause” or his resignation for “good reason,” Mr. Rogers’ RSUs would accelerate in full, subject to him signing a release of claims. Mr. Rogers has agreed in principle to these terms, subject to reaching agreement with Magnetar with respect to his separation therefrom. Prior to his start date with us, and assuming he and Magnetar can reach such agreement, Mr. Rogers would resign from his position as Chief Operating Officer of Magnetar.

Magnetar 管理公司首席财务官 Jessica Damrat 已获邀担任我们的高级副总裁（战略融资）。担任该职位期间，Damrat 女士将被授予 200,000 份 RSU，分两年归属，并有权获得 450,000 美元的年度基本工资以及相当于其年度基本工资 100% 的目标奖金，但须达成业绩指标。若 Damrat 女士与我们之间的雇佣关系因“正当理由”之外的原因终止，或她因“合理理由”辞职，则其 RSU 将全部加速归属，前提是她签署一份权利豁免书。Damrat 女士已原则上同意上述条款，但须与 Magnetar 就其离职事宜达成一致。在入职我们之前，且假设她与 Magnetar 能够达成该等协议，Damrat 女士将辞去其 Magnetar 管理公司首席财务官的职务。

Jessica Damrat, the Chief Financial Officer, Management Company, of Magnetar, has been offered a position as our SVP, Strategic Financing. In this position, Ms. Damrat would be granted 200,000 RSUs vesting over two years and would be entitled to an annual base salary of $450,000 and a target bonus of 100% of her annual base salary, subject to achievement of performance metrics. Upon a termination of Ms. Damrat’s employment with us without “cause” or her resignation for “good reason,” Ms. Damrat’s RSUs would accelerate in full, subject to her signing a release of claims. Ms. Damrat has agreed in principle to these terms, subject to reaching agreement with Magnetar with respect to her separation therefrom. Prior to her start date with us, and assuming she and Magnetar can reach such agreement, Ms. Damrat would resign from her position as Chief Financial Officer, Management Company, of Magnetar.

登记权协议 Registration Rights Agreements

#### 投资者权利协议

#### Investors’ Rights Agreement

我们与其它方于 2024 年 5 月 16 日签订了《第三份经修订和重述的投资者权利协议》（“权利协议”），该协议除其他事项外规定，我们股本证券的若干持有人，包括由 Magnetar 和 NVIDIA 管理或提供咨询的基金或账户（二者均为我们已发行股本证券 5% 以上的实益拥有人），以及我们董事会成员 Jack Cogen、我们的首席执行官、总裁兼董事会主席 Michael Intrator 和我们的首席战略官 Brian Venturo 的若干关联方，有权要求我们提交注册声明，或要求将其持有的股本股份纳入我们另行提交的注册声明中。有关该等注册权利的更多信息，请参见“股本说明——注册权”一节。

We are party to a Third Amended and Restated Investors’ Rights Agreement between us and other parties, dated May 16, 2024 (the “Rights Agreement”), which provides, among other things, that certain holders of our capital stock, including funds or accounts managed or advised by Magnetar and NVIDIA, each beneficial owners of more than 5% of our outstanding capital stock, as well as certain affiliates of Jack Cogen, a member of our board of directors, and Michael Intrator, our Chief Executive Officer, President, and Chairman of our board of directors, and Brian Venturo, our Chief Strategy Officer, have the right to demand that we file a registration statement or request that their shares of our capital stock be included on a registration statement that we are otherwise filing. See the section titled “Description of Capital Stock—Registration Rights” for more information regarding these registration rights.

#### Magnetar 经修订和重述的注册权协议

#### Magnetar Amended and Restated Registration Rights Agreement

我们与 2025 年可转换票据购买方、2025 年票据购买方以及由 Magnetar 管理或提供咨询的若干其他基金或账户（合称“Magnetar RRA 各方”）于 2022 年 10 月 17 日签订了《经修订和重述的注册权协议》（经修订，即“Magnetar 注册权协议”），该协议除其他事项外规定，Magnetar RRA 各方将有权就以下各项的注册享有权利：(i) 2025 年可转换票据转换后所对应的 A 类普通股股份，(ii) 常规认股权证、一分钱认股权证，(iii) 行使常规认股权证和一分钱认股权证后可发行的 A 类普通股股份，以及 (iv) 截至我们的任何类别或系列证券在全国性证券交易所上市之日任何 Magnetar RRA 各方持有的任何 A 类普通股股份，截至本招股说明书日期，假设行使常规认股权证和一分钱认股权证，上述各项合计构成 107,962,916 股 A 类普通股（合称“Magnetar 可注册证券”），将根据《证券法》予以注册。有关该等注册权利的更多信息，请参见“股本说明——注册权”一节。

We are party to an Amended and Restated Registration Rights Agreement between us and the 2025 Convertible Note Purchasers and the 2025 Note Purchasers and certain other funds or accounts managed or advised by Magnetar (collectively, the “Magnetar RRA Parties”), dated October 17, 2022 (as amended, the “Magnetar Registration Rights Agreement”), which provides, among other things, that the Magnetar RRA Parties will be entitled to rights with respect to the registration of (i) the shares of our Class A common stock into which the 2025 Convertible Notes were converted, (ii) the Regular Warrants, the Penny Warrants, (iii) the shares of our Class A common stock issuable upon exercise of the Regular Warrants and the Penny Warrants, and (iv) any shares of our Class A common stock held by any Magnetar RRA Party as of the date any class or series of our securities become listed on a national securities exchange which, as of the date of this prospectus, collectively constitute an aggregate of 107,962,916 shares of our Class A common stock assuming exercise of the Regular Warrants and the Penny Warrants (collectively, the “Magnetar Registrable Securities”) under the Securities Act. See the section titled “Description of Capital Stock—Registration Rights” for more information regarding these registration rights.

投票协议 Voting Agreement

根据我们的投票协议，我们股本的某些持有人已同意就某些事项对其股份进行投票，包括就我们董事会成员的选举进行投票。有关根据我们的投票协议选举我们董事会成员的更多信息，请参见标题为“管理层——董事会”的章节。我们股本的持有人，包括由 Magnetar 管理或提供咨询的基金或账户、与 Fidelity 关联的某些实体以及 NVIDIA（各自均为我们已发行股本超过 5% 的实益拥有人），以及我们董事会成员 Jack Cogen 及其某些关联方，我们的首席执行官兼总裁 Michael Intrator 及其某些关联方，我们的首席战略官 Brian Venturo 及其某些关联方，以及我们的首席发展官 Brannin McBee 的某些关联方，均为我们投票协议的当事方。我们的投票协议将在本次发行完成后终止。

Pursuant to our Voting Agreement, certain holders of our capital stock have agreed to vote their shares on certain matters, including with respect to the election of members of our board of directors. See the section titled “Management—Board of Directors” for more information regarding the election of members of our board of directors pursuant to our Voting Agreement. Holders of our capital stock, including funds or accounts managed or advised by Magnetar, certain entities affiliated with Fidelity, and NVIDIA, each beneficial owners of more than 5% of our outstanding capital stock, as well as Jack Cogen, a member of our board of directors, and certain of his affiliates, and Michael Intrator, our Chief Executive Officer and President, and certain of his affiliates, Brian Venturo, our Chief Strategy Officer, and certain of his affiliates, and certain affiliates of Brannin McBee, our Chief Development Officer, are parties to our Voting Agreement. Our Voting Agreement will terminate upon the completion of this offering.

赔偿协议 Indemnification Agreements

我们已与每位高管和董事（包括与某些 5% 股东有关联的高管和董事）签订赔偿协议，并打算继续签订此类协议。赔偿协议以及我们经修订并重述的章程将要求我们在 DGCL 允许的最大范围内对董事进行赔偿。除极有限的例外情形外，我们经修订并重述的章程还将要求我们预付董事和高管发生的费用。有关这些协议的更多信息，请参见“管理层——责任限制与赔偿事项”。

We have entered into, and intend to continue to enter into, separate indemnification agreements with each of our executive officers and directors, including those affiliated with certain of our 5% stockholders. The indemnification agreements and our amended and restated bylaws will require us to indemnify our directors to the fullest extent not prohibited by DGCL. Subject to very limited exceptions, our amended and restated bylaws will also require us to advance expenses incurred by our directors and officers. For more information regarding these agreements, see “Management—Limitations on Liability and Indemnification Matters.”

定向股份计划 Directed Share Program

应我们的请求，承销商已预留最多 1,875,000 股 A 类普通股，按首次公开发行价格出售给我们的现有员工（包括管理层）、其他服务提供者以及由我们某些授权高管确定的其他个人和实体，占本招股说明书项下所发售股份的 5%。定向股份计划不会限制我们的董事、高管及其家庭成员，或持有我们超过 5% 资本股票的持有人购买价值超过 $120,000 的 A 类普通股的能力。我们目前尚不清楚这些关联人士将在多大程度上参与我们的定向股份计划（如有），也不清楚他们将在多大程度上购买价值超过 $120,000 的 A 类普通股。

At our request, the underwriters have reserved for sale, at the initial public offering price, up to 1,875,000 shares of our Class A common stock, or 5% of the shares being offered pursuant to this prospectus, to our current employees, including management, other service providers, and other individuals and entities as determined by certain of our authorized officers. The directed share program will not limit the ability of our directors, officers and their family members, or holders of more than 5% of our capital stock, to purchase more than $120,000 in value of our Class A common stock. We do not currently know the extent to which these related persons will participate in our directed share program, if at all, or the extent to which they will purchase more than $120,000 in value of our Class A common stock.

关联方交易的政策与程序 Policies and Procedures for Related Party Transactions

本次发行完成后，我们的审计委员会将主要负责审查并批准或不批准“关联方交易”，即我们与关联人士之间涉及的合计金额超过或预计可能超过 $120,000 且关联人士在其中拥有或将会拥有直接或间接重大利益的交易。

Following the completion of this offering, our audit committee will have the primary responsibility for reviewing and approving or disapproving “related party transactions,” which are transactions between us and related persons in which the aggregate amount involved exceeds or may be expected to exceed $120,000 and in which a related person has or will have a direct or indirect material interest.

本次发行完成后，我们关于我们与关联人士之间交易的书面政策将规定，关联人士是指董事、高级管理人员、董事候选人或在最近一个完整年度开始以来的任何时点持有 5% 股份的股东，以及上述任何人士的直系亲属。本次发行完成后生效的审计委员会章程将规定，我们的审计委员会应审查并批准或不批准任何关联方交易。在批准或否决任何此类交易时，我们的审计委员会将考虑其可获得并认为与其相关的相关事实和情况，包括但不限于交易条款在商业上是否合理，以及关联人士在交易中直接或间接利益的重大性和性质。

Upon completion of this offering, our written policy regarding transactions between us and related persons will provide that a related person is defined as a director, executive officer, nominee for director or 5% stockholder, in each case since the beginning of the most recently completed year, and any of their immediate family members. Our audit committee charter that will be in effect upon completion of this offering will provide that our audit committee shall review and approve or disapprove any related party transactions. In approving or rejecting any such transactions, our audit committee will consider the relevant facts and circumstances available and deemed relevant to our audit committee, including, but not limited to, the commercial reasonableness of the terms of the transaction and the materiality and character of the related person’s direct or indirect interest in the transaction.

主要股东与出售股东 Principal and Selling Stockholders

下表列示了截至 2025 年 3 月 15 日我们普通股实益所有权的若干信息，以及经调整以反映本次发行中出售我们的 A 类普通股（假设承销商不行使购买额外股份的选择权）以及同步股份发行中发行我们的 A 类普通股股份后的信息，涉及以下各方：

The following table sets forth certain information with respect to the beneficial ownership of our common stock as of March 15, 2025 and as adjusted to reflect the sale of our Class A common stock in this offering, assuming no exercise of the underwriters’ option to purchase additional shares, and the issuance of shares of our Class A common stock in the concurrent share issuance for:

- 我们的每位高管；

- each of our named executive officers;

- 我们的每位董事；

- each of our directors;

- 我们全体现任董事及高级管理人员作为一个整体；

- all of our current directors and executive officers as a group;

- 每位出售股东；以及

- each of the selling stockholders; and

- 我们所知的每位实益拥有我们 A 类普通股或 B 类普通股流通在外股份 5% 以上的人士。

- each person known by us to be the beneficial owner of more than 5% of the outstanding shares of our Class A common stock or Class B common stock.

我们根据 SEC 的规则确定实益所有权，该信息不一定表明用于任何其他目的的实益所有权。除下文脚注另有说明外，我们基于向我们提供的信息认为，下表所列个人和实体对其实益拥有的所有普通股股份拥有唯一投票权和唯一投资权，但须遵守适用的夫妻共同财产法。

We have determined beneficial ownership in accordance with the rules of the SEC, and the information is not necessarily indicative of beneficial ownership for any other purpose. Except as indicated by the footnotes below, we believe, based on information furnished to us, that the persons and entities named in the table below have sole voting and sole investment power with respect to all shares of common stock that they beneficially owned, subject to applicable community property laws.

本次发行及同步股份发行前我们普通股的适用所有权百分比基于截至 2025 年 3 月 15 日我们 300,753,906 股 A 类普通股、118,102,040 股 B 类普通股流通在外股份以及无 C 类普通股流通在外股份计算。就下表而言，我们假设 (i) 股本转换、B 类转换、期权行使和 RSU 净额结算已发生，以及 (ii) 本次发行及同步股份发行中将发行 45,340,000 股我们的 A 类普通股。因 RSU 净额结算而从股东处扣留的 A 类普通股的确切股份数可能因股东的个人税率而异。在计算某人实益拥有的普通股股份数及该人的所有权百分比时，我们视为流通在外的是该人或实体持有的、目前可行使或在 2025 年 3 月 15 日后 60 天内将可行使的期权所对应的全部普通股股份，以及预计在 2025 年 3 月 15 日后 60 天内归属并结算的 RSU。此外，我们假设根据股权交换权，将我们的联合创始人持有的、在 2025 年 3 月 15 日后 60 天内可行使的股票期权行使后可收取的全部 A 类普通股股份交换为 B 类普通股股份。然而，就计算任何其他人的所有权百分比而言，我们并未将这些股份视为流通在外。此外，下表未反映可能在本次发行中购买的我们的任何 A 类普通股股份，包括通过我们在“承销商（利益冲突）——定向股份计划”中所述的定向股份计划购买的股份。

Applicable percentage ownership of our common stock before this offering and the concurrent share issuance is based on 300,753,906 shares of our Class A common stock, 118,102,040 shares of our Class B common stock outstanding, and no shares of our Class C common stock outstanding, in each case as of March 15, 2025. For purposes of the table below, we have assumed the (i) occurrence of the Capital Stock Conversion, the Class B Conversion, the Option Exercise, and the RSU Net Settlement and (ii) that 45,340,000 shares of our Class A common stock will be issued in this offering and the concurrent share issuance. The exact number of shares of our Class A common stock that will be withheld from a stockholder in connection with the RSU Net Settlement may differ based on the stockholder’s personal tax rates. In computing the number of shares of common stock beneficially owned by a person and the percentage ownership of that person, we deemed to be outstanding all shares of common stock subject to options held by that person or entity that are currently exercisable or that will become exercisable within 60 days of March 15, 2025 and RSUs that are expected to vest and settle within 60 days of March 15, 2025. In addition, we have assumed the exchange for shares of our Class B common stock, pursuant to the Equity Exchange Rights, of all shares of our Class A common stock receivable upon exercise of stock options held by our Co-Founders, and that are exercisable within 60 days of March 15, 2025. We did not deem these shares outstanding, however, for the purpose of computing the percentage ownership of any other person. In addition, the following table does not reflect any shares of our Class A common stock that may be purchased in this offering, including through our directed share program described under “Underwriters (Conflicts of Interest)—Directed Share Program.”

除非另有说明，下表中各受益所有人的地址均为 c/o CoreWeave, Inc., 290 W Mt. Pleasant Ave., Suite 4100, Livingston, NJ 07039。

Unless otherwise indicated, the address of each beneficial owner in the table below is c/o CoreWeave, Inc., 290 W Mt. Pleasant Ave., Suite 4100, Livingston, NJ 07039.

本次发行及同步股份发行前实益拥有的股份 A 类 · 本次发行及同步股份发行前实益拥有的股份 B 类 · 本次发行及同步股份发行前的总投票权百分比 · 拟发售股份数量 · 本次发行及同步股份发行后实益拥有的股份 A 类 · 本次发行及同步股份发行后实益拥有的股份 B 类 · 本次发行及同步股份发行后的总投票权百分比 受益所有人姓名 · 股份数% · 股份数% · 股份数% · 股份数%% 被列名的执行官及董事： Michael Intrator(1) · 7,072,260 · 2.35% · 56,689,580 · 47.33% · 38.30% · — · 7,072,260 · 2.04% · 56,689,580 · 47.33% · 37.18% Brannin McBee(2) · 61,800 · * · 28,742,100 · 24.22% · 19.33% · — · 61,800 · * · 28,742,100 · 24.22% · 18.76% Brian Venturo(3) · 718,320 · * · 38,461,920 · 31.61% · 25.39% · — · 718,320 · * · 38,461,920 · 31.61% · 24.66% Karen Boone(4) · 12,040 · * · — · — · * · — · 12,040 · * · — · — · * Jack Cogen(5) · 22,241,600 · 7.40% · — · — · 1.50% · — · 22,241,600 · 6.43% · — · — · 1.46% Glenn Hutchins(6) · 424,960 · * · — · — · * · — · 424,960 · * · — · — · * Margaret C. Whitman · — · — · — · — · — · — · — · — · — · — · — 全体执行官及董事作为一个整体（10 人）(7) · 32,592,220 · 10.77% · 123,893,600 · 100.00% · 82.48% · 87,180 · 32,505,040 · 9.34% · 123,893,600 · 100.00% · 80.12% 其他 5% 或以上股东： 由 Magnetar Financial LLC 管理或提供咨询的基金或账户(8) · 107,962,916 · 34.50% · — · — · 7.23% · — · 107,962,916 · 30.14% · — · — · 7.01% 与 FMR LLC 关联的实体(9) · 22,724,460 · 7.56% · — · — · 1.53% · — · 22,724,460 · 6.57% · — · — · 1.49% KOPACC, LLC(10) · 18,422,720 · 6.13% · — · — · 1.24% · — · 18,422,720 · 5.32% · — · — · 1.21% The Linden West Trust(11) · 18,252,500 · 6.07% · — · — · 1.23% · — · 18,252,500 · 5.27% · — · — · 1.20% NVIDIA Corporation(12) · 17,932,460 · 5.96% · — · — · 1.21% · — · 17,932,460 · 5.18% · — · — · 1.17% 其他出售股东 Max Hjelm(13) · 3,241,980 · 1.07% · — · — · * · 158,440 · 3,083,540 · * · — · — · * Kristen McVeety(14) · 1,571,940 · * · — · — · * · 74,460 · 1,497,480 · * · — · — · * Nitin Agrawal(15) · 489,300 · * · — · — · * · 12,720 · 476,580 · * · — · — · * 实益拥有少于 80,000 股 A 类普通股的其他出售股东(16) · 2,903,840 · * · — · — · * · 122,840 · 2,781,000 · * · — · — · * 实益拥有 80,001 至 190,000 股 A 类普通股的其他出售股东(16) · 2,701,760 · * · — · — · * · 113,340 · 2,588,420 · * · — · — · *

Shares Beneficially Owned Before this Offering and the Concurrent Share Issuance Class A · Shares Beneficially Owned Before this Offering and the Concurrent Share Issuance Class B · % Total Voting Power before this Offering and the Concurrent Share Issuance · Number of Shares Being Offered · Shares Beneficially Owned After this Offering and the Concurrent Share Issuance Class A · Shares Beneficially Owned After this Offering and the Concurrent Share Issuance Class B · % Total Voting Power after this Offering and the Concurrent Share Issuance Name of Beneficial Owner · Shares% · Shares% · Shares% · Shares%% Named Executive Officers and Directors: Michael Intrator(1) · 7,072,260 · 2.35% · 56,689,580 · 47.33% · 38.30% · — · 7,072,260 · 2.04% · 56,689,580 · 47.33% · 37.18% Brannin McBee(2) · 61,800 · * · 28,742,100 · 24.22% · 19.33% · — · 61,800 · * · 28,742,100 · 24.22% · 18.76% Brian Venturo(3) · 718,320 · * · 38,461,920 · 31.61% · 25.39% · — · 718,320 · * · 38,461,920 · 31.61% · 24.66% Karen Boone(4) · 12,040 · * · — · — · * · — · 12,040 · * · — · — · * Jack Cogen(5) · 22,241,600 · 7.40% · — · — · 1.50% · — · 22,241,600 · 6.43% · — · — · 1.46% Glenn Hutchins(6) · 424,960 · * · — · — · * · — · 424,960 · * · — · — · * Margaret C. Whitman · — · — · — · — · — · — · — · — · — · — · — All executive officers and directors as a group (10 persons)(7) · 32,592,220 · 10.77% · 123,893,600 · 100.00% · 82.48% · 87,180 · 32,505,040 · 9.34% · 123,893,600 · 100.00% · 80.12% Other 5% or Greater Stockholders: Funds or accounts managed or advised by Magnetar Financial LLC(8) · 107,962,916 · 34.50% · — · — · 7.23% · — · 107,962,916 · 30.14% · — · — · 7.01% Entities affiliated with FMR LLC(9) · 22,724,460 · 7.56% · — · — · 1.53% · — · 22,724,460 · 6.57% · — · — · 1.49% KOPACC, LLC(10) · 18,422,720 · 6.13% · — · — · 1.24% · — · 18,422,720 · 5.32% · — · — · 1.21% The Linden West Trust(11) · 18,252,500 · 6.07% · — · — · 1.23% · — · 18,252,500 · 5.27% · — · — · 1.20% NVIDIA Corporation(12) · 17,932,460 · 5.96% · — · — · 1.21% · — · 17,932,460 · 5.18% · — · — · 1.17% Other Selling Stockholders Max Hjelm(13) · 3,241,980 · 1.07% · — · — · * · 158,440 · 3,083,540 · * · — · — · * Kristen McVeety(14) · 1,571,940 · * · — · — · * · 74,460 · 1,497,480 · * · — · — · * Nitin Agrawal(15) · 489,300 · * · — · — · * · 12,720 · 476,580 · * · — · — · * Other selling stockholders that beneficially own less than 80,000 shares of Class A common stock(16) · 2,903,840 · * · — · — · * · 122,840 · 2,781,000 · * · — · — · * Other selling stockholders that beneficially own between 80,001 and 190,000 shares of Class A common stock(16) · 2,701,760 · * · — · — · * · 113,340 · 2,588,420 · * · — · — · *

本次发行及同步股份发行前实益拥有的股份 A 类 · 本次发行及同步股份发行前实益拥有的股份 B 类 · 本次发行及同步股份发行前的总投票权百分比 · 拟发售股份数量 · 本次发行及同步股份发行后实益拥有的股份 A 类 · 本次发行及同步股份发行后实益拥有的股份 B 类 · 本次发行及同步股份发行后的总投票权百分比 实益拥有人名称 · 股份数% · 股份数% · 股份数% · 股份数%% 实益拥有 190,001 至 300,000 股 A 类普通股的其他出售股东(16) · 1,982,860 · * · — · — · * · 80,440 · 1,902,420 · * · — · — · * 实益拥有 300,001 至 400,000 股 A 类普通股的其他出售股东(16) · 2,417,500 · * · — · — · * · 114,900 · 2,302,600 · * · — · — · * 实益拥有 400,001 至 700,000 股 A 类普通股的其他出售股东(16) · 1,788,320 · * · — · — · * · 88,740 · 1,699,580 · * · — · — · * 实益拥有 700,001 至 1,500,000 股 A 类普通股的其他出售股东(16) · 2,526,220 · * · — · — · * · 144,120 · 2,382,100 · * · — · — · *

Shares Beneficially Owned Before this Offering and the Concurrent Share Issuance Class A · Shares Beneficially Owned Before this Offering and the Concurrent Share Issuance Class B · % Total Voting Power before this Offering and the Concurrent Share Issuance · Number of Shares Being Offered · Shares Beneficially Owned After this Offering and the Concurrent Share Issuance Class A · Shares Beneficially Owned After this Offering and the Concurrent Share Issuance Class B · % Total Voting Power after this Offering and the Concurrent Share Issuance Name of Beneficial Owner · Shares% · Shares% · Shares% · Shares%% Other selling stockholders that beneficially own between 190,001 and 300,000 shares of Class A common stock(16) · 1,982,860 · * · — · — · * · 80,440 · 1,902,420 · * · — · — · * Other selling stockholders that beneficially own between 300,001 and 400,000 shares of Class A common stock(16) · 2,417,500 · * · — · — · * · 114,900 · 2,302,600 · * · — · — · * Other selling stockholders that beneficially own between 400,001 and 700,000 shares of Class A common stock(16) · 1,788,320 · * · — · — · * · 88,740 · 1,699,580 · * · — · — · * Other selling stockholders that beneficially own between 700,001 and 1,500,000 shares of Class A common stock(16) · 2,526,220 · * · — · — · * · 144,120 · 2,382,100 · * · — · — · *

* · 表示实益拥有的股份不足我们普通股的百分之一。

* · Represents beneficial ownership of less than one percent of the shares of our common stock.

(1) · 包括：(i) Michael Intrator 直接持有的 7,072,260 股 A 类普通股；(ii) Intrator 先生直接持有的 22,103,520 股 B 类普通股；(iii) Intrator 先生直接持有、可在 2025 年 3 月 15 日起 60 日内行使的股票期权行权时可发行的 1,668,020 股 B 类普通股；(iv) Intrator 先生的配偶直接持有的 365,200 股 B 类普通股；(v) Omnadora Capital LLC（“Omnadora”）直接持有的 25,649,280 股 B 类普通股；(vi) PMI 2024 F&F GRAT（“PMI”）直接持有的 30,000 股 B 类普通股；(vii) Silver Thimble Resulting Trust（“Silver Thimble”）直接持有的 7,240 股 B 类普通股；(viii) Intrator Family GST-Exempt Trust（“Intrator GST Trust”）直接持有的 4,576,000 股 B 类普通股；以及 (ix) Intrator Family Trust（与 Intrator GST Trust 合称“Intrator Family Trusts”）直接持有的 2,290,320 股 B 类普通股。Intrator 先生担任 Omnadora Management LLC 的唯一管理人，而该公司为 Omnadora 的管理人，因此可能被视为对 Omnadora 持有的证券行使投票及投资酌情权。Intrator 先生的配偶为 PMI 的受托人及 Intrator Family Trusts 的共同受托人，可能被视为对上述实体持有的证券行使投票及投资酌情权。Intrator 先生担任 Silver Thimble 的投资管理人，并以此身份对其持有的证券行使投票及投资酌情权。

(1) · Consists of (i) 7,072,260 shares of our Class A common stock directly held by Michael Intrator; (ii) 22,103,520 shares of our Class B common stock directly held by Mr. Intrator; (iii) 1,668,020 shares of our Class B common stock issuable upon the exercise of stock options directly held by Mr. Intrator which are exercisable within 60 days of March 15, 2025; (iv) 365,200 shares of our Class B common stock directly held by Mr. Intrator’s spouse; (v) 25,649,280 shares of our Class B common stock directly held by Omnadora Capital LLC (“Omnadora”); (vi) 30,000 shares of our Class B common stock directly held by the PMI 2024 F&F GRAT (“PMI”), (vii) 7,240 shares of our Class B common stock directly held by the Silver Thimble Resulting Trust (“Silver Thimble”); (viii) 4,576,000 shares of our Class B common stock directly held by the Intrator Family GST-Exempt Trust (the “Intrator GST Trust”); and (ix) 2,290,320 shares of our Class B common stock directly held by the Intrator Family Trust (together with the Intrator GST Trust, the “Intrator Family Trusts”). Mr. Intrator serves as the sole manager of Omnadora Management LLC, which is the manager of Omnadora, and therefore may be deemed to exercise voting and investment discretion over securities held by Omnadora. Mr. Intrator’s spouse is the trustee of PMI and co-trustee of the Intrator Family Trusts and may be deemed to exercise voting and investment discretion over securities held by them. Mr. Intrator serves as investment manager with respect to Silver Thimble and in such capacity exercises voting and investment discretion over securities held by it.

(2) · 由以下各项组成：(i) Brannin McBee 直接持有的 11,642,260 股 B 类普通股；(ii) McBee 先生直接持有的、可在 2025 年 3 月 15 日后 60 天内行使的股票期权行权时可发行的 555,520 股 B 类普通股；(iii) McBee 先生配偶直接持有的 2,300,300 股 B 类普通股；(iv) Brannin J. McBee 2022 Irrevocable Trust（“McBee Trust”）直接持有的 6,666,020 股 B 类普通股；(v) Canis Major 2025 GRAT（“Canis Major GRAT”）直接持有的 6,000,000 股 B 类普通股；(vi) Canis Major 2025 Family Trust LLC（“Canis Major LLC”）直接持有的 104,000 股 B 类普通股；(vii) Meghan Q. Bennett 2024 Delaware Family Trust（“Bennett Family Trust”）直接持有的 360,000 股 B 类普通股；(viii) Canis Minor 2025 GRAT（“Canis Minor GRAT”）直接持有的 1,000,000 股 B 类普通股；(ix) Canis Minor 2025 Family Trust LLC（“Canis Minor LLC”）直接持有的 114,000 股 B 类普通股；(x) McBee 先生未成年子女直接持有的 1,800 股 A 类普通股；以及 (xi) Canis Major SM Trust（“Canis SM Trust”）直接持有的 60,000 股 A 类普通股。McBee 先生的配偶担任 McBee Trust 和 Canis Minor GRAT 的受托人，可能被视为对上述各实体所持证券行使投票权和投资自由裁量权。McBee 先生担任 Bennett Family Trust 的投资顾问、Canis Major GRAT 的受托人，以及 Canis Major LLC 和 Canis Minor LLC 的经理，因此可能被视为对上述各实体所持证券行使投票权和投资自由裁量权。McBee 先生因其有权更换 Canis SM Trust 的专业受托人，可能被视为对 Canis SM Trust 直接持有的 A 类普通股股份拥有实益所有权。

(2) · Consists of (i) 11,642,260 shares of our Class B common stock directly held by Brannin McBee; (ii) 555,520 shares of our Class B common stock issuable upon the exercise of stock options directly held by Mr. McBee which are exercisable within 60 days of March 15, 2025; (iii) 2,300,300 shares of our Class B common stock directly held by Mr. McBee’s spouse; (iv) 6,666,020 shares of our Class B common stock directly held by the Brannin J. McBee 2022 Irrevocable Trust (“McBee Trust”); (v) 6,000,000 shares of our Class B common stock directly held by the Canis Major 2025 GRAT (the “Canis Major GRAT”); (vi) 104,000 shares of our Class B common stock directly held by the Canis Major 2025 Family Trust LLC (“Canis Major LLC”); (vii) 360,000 shares of our Class B common stock directly held by the Meghan Q. Bennett 2024 Delaware Family Trust (“Bennett Family Trust”); (viii) 1,000,000 shares of our Class B common stock directly held by the Canis Minor 2025 GRAT (the “Canis Minor GRAT”); (ix) 114,000 shares of our Class B common stock directly held by the Canis Minor 2025 Family Trust LLC (the “Canis Minor LLC”); (x) 1,800 shares of our Class A common stock directly held by Mr. McBee’s minor child; and (xi) 60,000 shares of our Class A common stock directly held by the Canis Major SM Trust (the “Canis SM Trust”). Mr. McBee’s spouse serves as trustee of the McBee Trust and the Canis Minor GRAT and may be deemed to exercise voting and investment discretion over securities held by each of them. Mr. McBee serves as investment adviser to the Bennett Family Trust, trustee of the Canis Major GRAT, and as manager of each of Canis Major LLC and Canis Minor LLC and, therefore, may be deemed to exercise voting and investment discretion over securities held by each of them. Mr. McBee may be deemed to have beneficial ownership with respect to the shares of our Class A common stock directly held by the Canis SM Trust by virtue of his power to replace its professional trustee.

(3) · 由以下各项组成：(i) Brian Venturo 直接持有的 123,820 股 A 类普通股；(ii) Venturo 先生直接持有的 14,284,000 股 B 类普通股；(iii) Venturo 先生直接持有、可于 2025 年 3 月 15 日起 60 日内行使的股票期权行权后可发行的 3,568,020 股 B 类普通股；(iv) Venturo 先生配偶直接持有的 2,001,900 股 B 类普通股；(v) West Clay Capital LLC（“West Clay”）直接持有的 6,837,000 股 B 类普通股；(vi) 2023 年 6 月 30 日设立的 2023 Venturo Family GRAT（“Venturo GRAT I”）直接持有的 5,500,000 股 B 类普通股；(vii) Venturo Family 2024 Friends and Family GRAT（“Venturo GRAT II”）直接持有的 2,000,000 股 B 类普通股；(viii) 2023 年 6 月 30 日设立的 Venturo Family GST Exempt Trust（“Venturo GST Trust”）直接持有的 4,271,000 股 B 类普通股；(ix) Estate of Patricia Shafi 直接持有的 22,500 股 A 类普通股；(x) YOLO ECV Trust 直接持有的 286,000 股 A 类普通股；以及 (xi) YOLO APV Trust 直接持有的 286,000 股 A 类普通股。Venturo 先生担任 West Clay 的管理成员以及 Venturo GRAT I 和 Venturo GRAT II 的受托人，可能被视为对其各自持有的证券行使投票权和投资决定权。Venturo 先生的配偶担任 Venturo GST Trust 的受托人，可能被视为对其持有的证券行使投票权和投资决定权。Venturo 先生的一名家庭成员担任 Estate of Patricia Shafi 的遗嘱执行人，因此可能被视为对其持有的证券行使投票权和投资决定权。Venturo 先生因有权更换 YOLO ECV Trust 和 YOLO APV Trust 的专业受托人，可能被视为对上述信托直接持有的 A 类普通股拥有受益所有权。

(3) · Consists of (i) 123,820 shares of our Class A common stock directly held by Brian Venturo; (ii) 14,284,000 shares of our Class B common stock directly held by Mr. Venturo; (iii) 3,568,020 shares of our Class B common stock issuable upon the exercise of stock options directly held by Mr. Venturo which are exercisable within 60 days of March 15, 2025; (iv) 2,001,900 shares of our Class B common stock directly held by Mr. Venturo’s spouse; (v) 6,837,000 shares of our Class B common stock directly held by West Clay Capital LLC (“West Clay”); (vi) 5,500,000 shares of our Class B common stock directly held by the 2023 Venturo Family GRAT dated June 30, 2023 (“Venturo GRAT I”); (vii) 2,000,000 shares of our Class B common stock directly held by the Venturo Family 2024 Friends and Family GRAT (“Venturo GRAT II”); (viii) 4,271,000 shares of our Class B common stock directly held by the Venturo Family GST Exempt Trust dated June 30, 2023 (the “Venturo GST Trust”); (ix) 22,500 shares of our Class A common stock directly held by the Estate of Patricia Shafi; (x) 286,000 shares of our Class A common stock directly held by the YOLO ECV Trust; and (xi) 286,000 shares of our Class A common stock directly held by the YOLO APV Trust. Mr. Venturo serves as managing member of West Clay and as trustee of Venturo GRAT I and Venturo GRAT II and may be deemed to exercise voting and investment discretion over securities held by each of them. Mr. Venturo’s spouse serves as trustee of the Venturo GST Trust and may be deemed to exercise voting and investment discretion over securities held by it. A member of Mr. Venturo’s household serves as executor of the Estate of Patricia Shafi and may therefore be deemed to exercise voting and investment discretion over securities held by it. Mr. Venturo may be deemed have beneficial ownership with respect to the shares of our Class A common stock directly held by the YOLO ECV Trust and the YOLO APV Trust, by virtue of his power to replace their professional trustee.

(4) · 由以下各项组成：(i) 2015 年 8 月 6 日设立的 The Boone Family Trust（“Boone Trust”）直接持有的 10,520 股 A 类普通股；以及 (ii) 可于 2025 年 3 月 15 日起 60 日内归属并结算的限制性股票单位对应的 1,520 股 A 类普通股。Karen Boone 及其配偶为 Boone Trust 的共同受托人，因此可能被视为对其持有的证券行使投票权和投资决定权。

(4) · Consists of (i) 10,520 shares of our Class A common stock directly held by The Boone Family Trust, dated August 6, 2015 (the “Boone Trust”); and (ii) 1,520 shares of our Class A common stock issuable upon the vesting and settlement of restricted stock units within 60 days of March 15, 2025. Karen Boone and her spouse are co-trustees of the Boone Trust and as such may be deemed to exercise voting and investment discretion over securities held by it.

(5) · 由以下各项组成：(i) 由 Jack Cogen 直接持有的 261,140 股我们的 A 类普通股；(ii) 由 Cogen 先生的配偶直接持有的 136,560 股我们的 A 类普通股；(iii) 由 Cogen Family Trust（日期为 2012 年 12 月 17 日，简称“Cogen 2012 Trust”）直接持有的 1,200,000 股我们的 A 类普通股；(iv) 由 Jack D. Cogen 2020 Family Trust（简称“Cogen 2020 Trust”）直接持有的 19,200 股我们的 A 类普通股；(v) 由 Cherry Tree 2024 GRAT 直接持有的 126,220 股我们的 A 类普通股；(vi) 由 CW Holding 987 LLC 直接持有的 16,997,680 股我们的 A 类普通股；(vii) 由 Birch Tree Trust LLC 直接持有的 875,200 股我们的 A 类普通股；(viii) 由 Chestnut Tree Trust LLC 直接持有的 875,200 股我们的 A 类普通股；(ix) 由 Maple Tree Trust LLC 直接持有的 875,200 股 A 类普通股；以及 (x) 由 Willow Tree Trust LLC 直接持有的 875,200 股 A 类普通股（与 Birch Tree Trust LLC、Chestnut Tree Trust LLC 和 Maple Tree Trust LLC 合称“Tree LLCs”）。Cogen 先生的配偶是 Cogen 2012 Trust 的共同受托人，因此可能被视为对其持有的证券行使共同投票权和投资自由裁量权。Cogen 先生因其有权更换 Cogen 2020 Trust 的受托人，可能被视为对 Cogen 2020 Trust 直接持有的我们的 A 类普通股股份拥有实益所有权。Cogen 先生担任 Cherry Tree 2024 GRAT 的受托人以及 CW Holding 987 LLC 和各 Tree LLCs 的经理，可能被视为对上述各实体持有的证券行使投票权和投资自由裁量权。

(5) · Consists of (i) 261,140 shares of our Class A common stock directly held by Jack Cogen; (ii) 136,560 shares of our Class A common stock directly held by Mr. Cogen’s spouse; (iii) 1,200,000 shares of our Class A common stock directly held by the Cogen Family Trust, dated December 17, 2012 (“Cogen 2012 Trust”); (iv) 19,200 shares of our Class A common stock directly held by the Jack D. Cogen 2020 Family Trust (“Cogen 2020 Trust”); (v) 126,220 shares of our Class A common stock directly held by the Cherry Tree 2024 GRAT; (vi) 16,997,680 shares of our Class A common stock directly held by CW Holding 987 LLC; (vii) 875,200 shares of our Class A common stock directly held by Birch Tree Trust LLC; (viii) 875,200 shares of our Class A common stock directly held by Chestnut Tree Trust LLC; (ix) 875,200 shares of Class A common stock directly held by Maple Tree Trust LLC; and (x) 875,200 shares of Class A common stock directly held by Willow Tree Trust LLC (together with Birch Tree Trust LLC, Chestnut Tree Trust LLC, and Maple Tree Trust LLC, the “Tree LLCs”). Mr. Cogen’s spouse is co-trustee of the Cogen 2012 Trust and as such may be deemed to exercise shared voting and investment discretion over securities held by it. Mr. Cogen may be deemed have beneficial ownership with respect to the shares of our Class A common stock directly held by the Cogen 2020 Trust, by virtue of his power to replace its trustee. Mr. Cogen serves as trustee of the Cherry Tree 2024 GRAT and as manager of CW Holding 987 LLC and each of the Tree LLCs and may be deemed to exercise voting and investment discretion over securities held by each of them.

(6) · 由以下各项组成：(i) 由 North Island Inferno Fund II LLC（简称“North Island Inferno”）直接持有的 10,640 股我们的 A 类普通股；(ii) 由 North Island SPV CW LLC（简称“North Island SPV”）直接持有的 27,540 股我们的 A 类普通股；(iii) 由 Tide Mill LLC（简称“Tide Mill”）直接持有的 384,840 股我们的 A 类普通股；以及 (iv) 在 2025 年 3 月 15 日起 60 天内归属并结算的限制性股票单位对应的可发行 1,940 股我们的 A 类普通股。Glenn Hutchins 担任 North Island Inferno 和 North Island SPV 的投资经理，因此可能被视为对其持有的证券行使共同投票权和投资自由裁量权。Tide Mill 的管理成员为 North Island Management, LLC（简称“NIM”）。Hutchins 先生担任 NIM 的董事长，可能被视为直接或间接对 NIM 和 Tide Mill 的投资行使投票权和投资自由裁量权。上述各方的营业地址均为：330 Madison Avenue, 33rd Floor, New York, NY 10017。

(6) · Consists of (i) 10,640 shares of our Class A common stock directly held by North Island Inferno Fund II LLC (“North Island Inferno”); (ii) 27,540 shares of our Class A common stock directly held by North Island SPV CW LLC (“North Island SPV”); (iii) 384,840 shares of our Class A common stock directly held by Tide Mill LLC (“Tide Mill”); and (iv) 1,940 shares of our Class A common stock issuable upon the vesting and settlement of restricted stock units within 60 days of March 15, 2025. Glenn Hutchins serves as investment manager for North Island Inferno and North Island SPV and as such may be deemed to exercise shared voting and investment discretion over securities held by it. The managing member of Tide Mill is North Island Management, LLC (“NIM”). Mr. Hutchins serves as chairman of NIM and may be deemed to directly or indirectly exercise voting and investment discretion over the investments of NIM and Tide Mill. The business address of each of the aforementioned parties is: 330 Madison Avenue, 33rd Floor, New York, NY 10017.

(7) · 所报告的金额代表我们的董事和高级管理人员实益拥有的全部证券总额，包括 (i) 30,627,520 股我们的 A 类普通股；(ii) 118,102,040 股我们的 B 类普通股；(iii) 1,471,940 股我们的 A 类普通股，可在 2025 年 3 月 15 日起 60 天内行使的股票期权行使时发行；(iv) 5,791,560 股我们的 B 类普通股，可在 2025 年 3 月 15 日起 60 天内行使的股票期权行使时发行；以及 (v) 492,760 股我们的 A 类普通股，可在 2025 年 3 月 15 日起 60 天内限制性股票单位归属和结算时发行。

(7) · The reported amounts represent the total of all securities beneficially owned by our directors and officers, consisting of (i) 30,627,520 shares of our Class A common stock; (ii) 118,102,040 shares of our Class B common stock; (iii) 1,471,940 shares of our Class A common stock issuable upon the exercise of stock options which are exercisable within 60 days of March 15, 2025; (iv) 5,791,560 shares of our Class B common stock issuable upon the exercise of stock options which are exercisable within 60 days of March 15, 2025; and (v) 492,760 shares of our Class A common stock issuable upon the vesting and settlement of restricted stock units within 60 days of March 15, 2025.

(8) · 包括 (i) 由 CW Opportunity 2 LP 直接持有的 7,792,568 股我们的 A 类普通股；(ii) 由 CW Opportunity LLC 直接持有的 29,545,300 股我们的 A 类普通股；(iii) 由 Longhorn Special Opportunities Fund LP 直接持有的 4,417,607 股我们的 A 类普通股；(iv) 由 Magnetar Alpha Star Fund LLC 直接持有的 2,537,600 股我们的 A 类普通股和 1,335,913 股可在已归属认股权证行使时发行的我们的 A 类普通股；(v) 由 Magnetar Capital Master Fund Ltd 直接持有的 400,484 股我们的 A 类普通股；(vi) 由 Magnetar Constellation Master Fund Ltd 直接持有的 7,177,289 股我们的 A 类普通股和 1,457,361 股可在已归属认股权证行使时发行的我们的 A 类普通股；(vii) 由 Magnetar Lake Credit Fund LLC 直接持有的 9,184,380 股我们的 A 类普通股和 2,550,383 股可在已归属认股权证行使时发行的我们的 A 类普通股；(viii) 由 Magnetar Longhorn Fund LP 直接持有的 10,182,360 股我们的 A 类普通股和 242,891 股可在已归属认股权证行使时发行的我们的 A 类普通股；(ix) 由 Magnetar SC Fund Ltd 直接持有的 2,021,480 股我们的 A 类普通股和 1,335,913 股可在已归属认股权证行使时发行的我们的 A 类普通股；(x) 由 Magnetar Structured Credit Fund, LP 直接持有的 11,732,080 股我们的 A 类普通股和 728,678 股可在已归属认股权证行使时发行的我们的 A 类普通股；(xi) 由 Magnetar Xing He Master Fund Ltd 直接持有的 5,118,220 股我们的 A 类普通股和 2,671,831 股可在已归属认股权证行使时发行的我们的 A 类普通股；(xii) 由 Purpose Alternative Credit Fund - F 直接持有的 4,523,780 股我们的 A 类普通股和 1,700,255 股可在已归属认股权证行使时发行的我们的 A 类普通股

(8) · Consists of (i) 7,792,568 shares of our Class A common stock directly held by CW Opportunity 2 LP; (ii) 29,545,300 shares of our Class A common stock directly held by CW Opportunity LLC; (iii) 4,417,607 shares of our Class A common stock directly held by Longhorn Special Opportunities Fund LP; (iv) 2,537,600 shares of our Class A common stock and 1,335,913 shares of our Class A common stock issuable upon the exercise of vested warrants directly held by Magnetar Alpha Star Fund LLC; (v) 400,484 shares of our Class A common stock directly held by Magnetar Capital Master Fund Ltd; (vi) 7,177,289 shares of our Class A common stock and 1,457,361 shares of our Class A common stock issuable upon the exercise of vested warrants directly held by Magnetar Constellation Master Fund Ltd; (vii) 9,184,380 shares of our Class A common stock and 2,550,383 shares of our Class A common stock issuable upon the exercise of vested warrants directly held by Magnetar Lake Credit Fund LLC; (viii) 10,182,360 shares of our Class A common stock and 242,891 shares of our Class A common stock issuable upon the exercise of vested warrants directly held by Magnetar Longhorn Fund LP; (ix) 2,021,480 shares of our Class A common stock and 1,335,913 shares of our Class A common stock issuable upon the exercise of vested warrants directly held by Magnetar SC Fund Ltd; (x) 11,732,080 shares of our Class A common stock and 728,678 shares of our Class A common stock issuable upon the exercise of vested warrants directly held by Magnetar Structured Credit Fund, LP; (xi) 5,118,220 shares of our Class A common stock and 2,671,831 shares of our Class A common stock issuable upon the exercise of vested warrants directly held by Magnetar Xing He Master Fund Ltd; (xii) 4,523,780 shares of our Class A common stock and 1,700,255 shares of our Class A common stock issuable upon the exercise of vested warrants directly held by Purpose Alternative Credit Fund - F

有限责任公司；(xiii) 1,185,100 股 A 类普通股，以及 Purpose Alternative Credit Fund - T LLC 直接持有的、在行使已归属认股权证时可发行的 121,443 股 A 类普通股。Magnetar Financial LLC（“MFL”）担任上述各基金和实体（以下除外）的投资管理人：(i) Magnetar Lake Credit Fund LLC，由 MFL 担任管理人；(ii) CW Opportunity LLC，由 MFL 担任管理人；(iii) Magnetar Structured Credit Fund, LP（与上述所有基金合称“Magnetar Funds”），由 MFL 担任普通合伙人。在上述身份下，MFL 对为 Magnetar Funds 账户持有的上述证券行使投票权和投资自由裁量权。MFL 是经修订的《1940 年投资顾问法》（“1940 年法案”）第 203 条项下注册的投资顾问。Magnetar Capital Partners LP（“MCP”）是 MFL 的唯一成员和母控股公司。Supernova Management LLC（“Supernova”）是 MCP 的唯一普通合伙人。Supernova 的管理人为 David J. Snyderman，美国公民。上述各方的营业地址均为 1603 Orrington Avenue, 13th Floor, Evanston, IL 60201。

LLC; and (xiii) 1,185,100 shares of our Class A common stock and 121,443 shares of our Class A common stock issuable upon the exercise of vested warrants directly held by Purpose Alternative Credit Fund - T LLC. Magnetar Financial LLC (“MFL”) serves as the investment manager to each of the aforementioned funds and entities other than: (i) Magnetar Lake Credit Fund LLC, for which MFL is the manager, (ii) CW Opportunity LLC, for which MFL is the manager, and (iii) Magnetar Structured Credit Fund, LP (together with all of the foregoing funds, the “Magnetar Funds”), for which MFL is the general partner. In such capacities, MFL exercises voting and investment discretion over the securities listed above held for the accounts of the Magnetar Funds. MFL is a registered investment adviser under Section 203 of the Investment Advisers Act of 1940, as amended (the “1940 Act”). Magnetar Capital Partners LP (“MCP”) is the sole member and parent holding company of MFL. Supernova Management LLC (“Supernova”) is the sole general partner of MCP. The manager of Supernova is David J. Snyderman, a citizen of the U.S. The business address of each of the aforementioned parties is 1603 Orrington Avenue, 13th Floor, Evanston, IL 60201.

(9) · 由以下各项组成：(i) 由 Booth & Co fbo Fidelity Concord Street Trust: Fidelity Founders Fund 直接持有的 3,402 股我们的 A 类普通股；(ii) 由 Booth & Co FBO Fidelity Contrafund: Fidelity Contrafund K6 直接持有的 541,480 股我们的 A 类普通股；(iii) 由 Booth & Co FBO Fidelity Securities Fund: Fidelity Blue Chip Growth K6 Fund 直接持有的 656,796 股我们的 A 类普通股；(iv) 由 Booth & Co., LLC fbo Variable Insurance Products Fund III: VIP Growth Opportunities Portfolio 直接持有的 60,504 股我们的 A 类普通股；(v) 由 BRIDGEBOARD & CO FBO Fidelity Venture Capital Fund I LP 直接持有的 224,553 股我们的 A 类普通股；(vi) 由 FLAPPER CO fbo FIAM Target Date Blue Chip Growth Commingled Pool 直接持有的 358,300 股我们的 A 类普通股；(vii) 由 Mag & Co fbo Fidelity Advisor Series I: Fidelity Advisor Growth Opportunities Fund 直接持有的 388,557 股我们的 A 类普通股；(viii) 由 Mag & Co fbo Fidelity Blue Chip Growth Commingled Pool 直接持有的 400,150 股我们的 A 类普通股；(ix) 由 Mag & Co fbo Fidelity Contrafund Commingled Pool 直接持有的 877,320 股我们的 A 类普通股；(x) 由 Mag & Co fbo Fidelity Contrafund: Fidelity Advisor New Insights Fund - Sub A 直接持有的 208,780 股我们的 A 类普通股；(xi) 由 Mag & Co fbo Fidelity Contrafund: Fidelity Advisor New Insights Fund - Sub B 直接持有的 645,460 股我们的 A 类普通股；(xii) 由 Mag & Co fbo Fidelity Contrafund: Fidelity Contrafund 直接持有的 2,242,040 股我们的 A 类普通股；(xiii) 由 Mag & Co fbo Fidelity Contrafund: Fidelity Series Opportunistic Insights Fund 直接持有的 178,960 股我们的 A 类普通股；(xiv) 由 Mag & Co fbo Fidelity Growth Company Commingled Pool 直接持有的 3,557,885 股我们的 A 类普通股；(xv) 由 Mag & Co fbo Fidelity Mt. Vernon Street Trust: Fidelity New Millennium Fund 直接持有的 237,732 股我们的 A 类普通股；(xvi) 由 Mag & Co fbo Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund 直接持有的 637,282 股我们的 A 类普通股；(xvii) 由 Mag & Co fbo Fidelity Securities Fund: Fidelity Blue Chip Growth Fund 直接持有的 3,153,469 股我们的 A 类普通股；（xviii）由 Mag & Co fbo Fidelity Select Portfolios: Select Technology Portfolio 直接持有的 1,216,143 股我们的 A 类普通股；(xix) 由 Mag & Co fbo Variable Insurance Products Fund II: VIP Contrafund Portfolio - Subportfolio A 直接持有的 235,740 股我们的 A 类普通股；(xx) 由 Mag & Co fbo Variable Insurance Products Fund IV: VIP Technology Portfolio 直接持有的 200,205 股我们的 A 类普通股；(xxi) 由 Mag & Co. fbo Fidelity Advisor Series VII: Fidelity Advisor Technology Fund 直接持有的 491,997 股我们的 A 类普通股；(xxii) 由 Powhatan & Co., LLC fbo Fidelity Mt. Vernon Street Trust: Fidelity Growth Company K6 Fund 直接持有的 961,346 股我们的 A 类普通股；（xxiii）由 Powhatan & Co., LLC fbo Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund 直接持有的 2,371,078 股我们的 A 类普通股；(xxiv) 由 ROWBOAT & CO. fbo Fidelity Destiny Portfolios: Fidelity Advisor Diversified Stock Fund 直接持有的 88,644 股我们的 A 类普通股；(xxv) 由 THISBE & CO fbo Fidelity Canadian Growth Company Fund 直接持有的 709,234 股我们的 A 类普通股；(xxvi) 由 Thisbe & Co fbo Fidelity Global Growth and Value Investment Trust - Sub A 直接持有的 15,740 股我们的 A 类普通股；（xxvii）由 THISBE & CO fbo Fidelity Global Innovators Investment Trust 直接持有的 1,011,674 股我们的 A 类普通股；（xxviii）由 Thisbe & Co fbo Fidelity Insights Investment Trust 直接持有的 191,020 股我们的 A 类普通股；(xxix) 由 THISBE & CO fbo Fidelity NorthStar Fund - Sub D 直接持有的 15,026 股我们的 A 类普通股；(xxx) 由 THISBE & CO fbo Fidelity Special Situations Fund 直接持有的 226,644 股我们的 A 类普通股；(xxxi) 由 THISBE & CO fbo Fidelity U.S. Growth Opportunities Investment Trust 直接持有的 3,521 股 A 类普通股；（xxxii）由 THISBE & Co: FBO Fidelity Blue Chip Growth Institutional Trust 直接持有的 13,069 股我们的 A 类普通股；（xxxiii）由 THISBE CO FBO Fidelity Founders Investment Trust 直接持有的 11,047 股我们的 A 类普通股；（xxxiv）由 WARMWIND + CO fbo Fidelity Advisor Series I: Fidelity Advisor Series Growth Opportunities Fund 直接持有的 16,306 股我们的 A 类普通股；以及 (xxxv) 由 WAVECHART + CO fbo Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund 直接持有的 573,356 股 A 类普通股。这些基金和账户由 FMR LLC 的直接或间接子公司管理。Abigail P. Johnson 是 FMR LLC 的董事、董事长兼首席执行官。Johnson 家族成员（包括 Abigail P. Johnson）直接或通过信托持有 FMR LLC 的 B 系列有表决权普通股，为 FMR LLC 的主要所有者，占 FMR LLC 表决权的 49%。Johnson 家族集团及所有其他 B 系列股东已签订股东表决协议，根据该协议，所有 B 系列有表决权普通股将按照 B 系列有表决权普通股的多数表决结果进行表决。因此，通过持有有表决权普通股及签署股东表决协议，根据《1940 年投资公司法》，Johnson 家族成员可能被视为就 FMR LLC 构成控制集团。对于由 FMR LLC 的全资子公司 Fidelity Management & Research Company LLC（“FMR Co. LLC”）提供咨询、根据《1940 年投资公司法》注册的各投资公司（统称“Fidelity Funds”）直接持有的股份，FMR LLC 和 Abigail P. Johnson 均无单独投票或指示投票的权力，该权力归属于 Fidelity Funds 的受托人董事会。FMR Co. LLC 根据 Fidelity Funds 受托人董事会制定的书面指引行使股份表决权。这些基金和账户以及 FMR LLC 的地址为 245 Summer Street, Boston, MA 02210。

(9) · Consists of (i) 3,402 shares of our Class A common stock directly held by Booth & Co fbo Fidelity Concord Street Trust: Fidelity Founders Fund; (ii) 541,480 shares of our Class A common stock directly held by Booth & Co FBO Fidelity Contrafund: Fidelity Contrafund K6; (iii) 656,796 shares of our Class A common stock directly held by Booth & Co FBO Fidelity Securities Fund: Fidelity Blue Chip Growth K6 Fund; (iv) 60,504 shares of our Class A common stock directly held by Booth & Co., LLC fbo Variable Insurance Products Fund III: VIP Growth Opportunities Portfolio; (v) 224,553 shares of our Class A common stock directly held by BRIDGEBOARD & CO FBO Fidelity Venture Capital Fund I LP; (vi) 358,300 shares of our Class A common stock directly held by FLAPPER CO fbo FIAM Target Date Blue Chip Growth Commingled Pool; (vii) 388,557 shares of our Class A common stock directly held by Mag & Co fbo Fidelity Advisor Series I: Fidelity Advisor Growth Opportunities Fund; (viii) 400,150 shares of our Class A common stock directly held by Mag & Co fbo Fidelity Blue Chip Growth Commingled Pool; (ix) 877,320 shares of our Class A common stock directly held by Mag & Co fbo Fidelity Contrafund Commingled Pool; (x) 208,780 shares of our Class A common stock directly held by Mag & Co fbo Fidelity Contrafund: Fidelity Advisor New Insights Fund - Sub A; (xi) 645,460 shares of our Class A common stock directly held by Mag & Co fbo Fidelity Contrafund: Fidelity Advisor New Insights Fund - Sub B; (xii) 2,242,040 shares of our Class A common stock directly held by Mag & Co fbo Fidelity Contrafund: Fidelity Contrafund; (xiii) 178,960 shares of our Class A common stock directly held by Mag & Co fbo Fidelity Contrafund: Fidelity Series Opportunistic Insights Fund; (xiv) 3,557,885 shares of our Class A common stock directly held by Mag & Co fbo Fidelity Growth Company Commingled Pool; (xv) 237,732 shares of our Class A common stock directly held by Mag & Co fbo Fidelity Mt. Vernon Street Trust: Fidelity New Millennium Fund; (xvi) 637,282 shares of our Class A common stock directly held by Mag & Co fbo Fidelity Mt. Vernon Street Trust: Fidelity Series Growth Company Fund; (xvii) 3,153,469 shares of our Class A common stock directly held by Mag & Co fbo Fidelity Securities Fund: Fidelity Blue Chip Growth Fund; (xviii) 1,216,143 shares of our Class A common stock directly held by Mag & Co fbo Fidelity Select Portfolios: Select Technology Portfolio; (xix) 235,740 shares of our Class A common stock directly held by Mag & Co fbo Variable Insurance Products Fund II: VIP Contrafund Portfolio - Subportfolio A; (xx) 200,205 shares of our Class A common stock directly held by Mag & Co fbo Variable Insurance Products Fund IV: VIP Technology Portfolio; (xxi) 491,997 shares of our Class A common stock directly held by Mag & Co. fbo Fidelity Advisor Series VII: Fidelity Advisor Technology Fund; (xxii) 961,346 shares of our Class A common stock directly held by Powhatan & Co., LLC fbo Fidelity Mt. Vernon Street Trust: Fidelity Growth Company K6 Fund; (xxiii) 2,371,078 shares of our Class A common stock directly held by Powhatan & Co., LLC fbo Fidelity Mt. Vernon Street Trust: Fidelity Growth Company Fund; (xxiv) 88,644 shares of our Class A common stock directly held by ROWBOAT & CO. fbo Fidelity Destiny Portfolios: Fidelity Advisor Diversified Stock Fund; (xxv) 709,234 shares of our Class A common stock directly held by THISBE & CO fbo Fidelity Canadian Growth Company Fund; (xxvi) 15,740 shares of our Class A common stock directly held by Thisbe & Co fbo Fidelity Global Growth and Value Investment Trust - Sub A; (xxvii) 1,011,674 shares of our Class A common stock directly held by THISBE & CO fbo Fidelity Global Innovators Investment Trust; (xxviii) 191,020 shares of our Class A common stock directly held by Thisbe & Co fbo Fidelity Insights Investment Trust; (xxix) 15,026 shares of our Class A common stock directly held by THISBE & CO fbo Fidelity NorthStar Fund - Sub D; (xxx) 226,644 shares of our Class A common stock directly held by THISBE & CO fbo Fidelity Special Situations Fund; (xxxi) 3,521 shares of Class A common stock directly held by THISBE & CO fbo Fidelity U.S. Growth Opportunities Investment Trust; (xxxii) 13,069 shares of our Class A common stock directly held by THISBE & Co: FBO Fidelity Blue Chip Growth Institutional Trust; (xxxiii) 11,047 shares of our Class A common stock directly held by THISBE CO FBO Fidelity Founders Investment Trust; (xxxiv) 16,306 shares of our Class A common stock directly held by WARMWIND + CO fbo Fidelity Advisor Series I: Fidelity Advisor Series Growth Opportunities Fund; and (xxxv) 573,356 shares of Class A common stock directly held by WAVECHART + CO fbo Fidelity Securities Fund: Fidelity Series Blue Chip Growth Fund. These funds and accounts are managed by direct or indirect subsidiaries of FMR LLC. Abigail P. Johnson is a Director, the Chairman, and the Chief Executive Officer of FMR LLC. Members of the Johnson family, including Abigail P. Johnson, are the predominant owners, directly or through trusts, of Series B voting common shares of FMR LLC, representing 49% of the voting power of FMR LLC. The Johnson family group and all other Series B shareholders have entered into a shareholders’ voting agreement under which all Series B voting common shares will be voted in accordance with the majority vote of Series B voting common shares. Accordingly, through their ownership of voting common shares and the execution of the shareholders’ voting agreement, members of the Johnson family may be deemed, under the 1940 Act to form a controlling group with respect to FMR LLC. Neither FMR LLC nor Abigail P. Johnson has the sole power to vote or direct the voting of the shares owned directly by the various investment companies registered under the 1940 Act (collectively, the “Fidelity Funds”) advised by Fidelity Management & Research Company LLC (“FMR Co. LLC”), a wholly owned subsidiary of FMR LLC, which power resides with the Fidelity Funds’ Boards of Trustees. FMR Co. LLC carries out the voting of the shares under written guidelines established by the Fidelity Funds’ Boards of Trustees. The address of these funds and accounts and of FMR LLC is 245 Summer Street, Boston, MA 02210.

(10) · 由 KOPACC, LLC 直接持有的 18,422,720 股 A 类普通股构成。KOPACC, LLC 的管理成员为 Koppenberg Management LLC，Koppenberg Management LLC 的经理为 Luchetti Street Investment Management, LLC

(10) · Consists of 18,422,720 shares of our Class A common stock directly held by KOPACC, LLC. The managing member of KOPACC, LLC is Koppenberg Management LLC, and the manager of Koppenberg Management LLC is Luchetti Street Investment Management, LLC

（“Luchetti Street”）。Stephen Jamison（曾担任本公司董事会成员，任职至 2023 年 4 月）与 Wesley Jamison 为 Luchetti Street 的经理，因此可能被视为对其所持证券行使投票权和投资决定权。上述各方的营业地址均为 1373 Luchetti Street #501, San Juan, Puerto Rico 00907。

(“Luchetti Street”). Stephen Jamison, a former member of our board of directors who served until April 2023, and Wesley Jamison are the managers of Luchetti Street and as such may be deemed to exercise voting and investment discretion over securities held by it. The business address of each of the aforementioned parties is 1373 Luchetti Street #501, San Juan, Puerto Rico 00907.

(11) · 由 The Linden West Trust 直接持有的 18,252,500 股 A 类普通股构成。The Linden West Trust 的唯一受托人为 Matthew S. Zeiger，因此 Zeiger 先生可能被视为对其所持证券行使投票权和投资决定权。上述各方的营业地址均为 31 East 79th St., New York, NY 10075。

(11) · Consists of 18,252,500 shares of our Class A common stock directly held by The Linden West Trust. The sole trustee of The Linden West Trust is Matthew S. Zeiger and as such Mr. Zeiger may be deemed to exercise voting and investment discretion over securities held by it. The business address of each of the aforementioned parties is 31 East 79th St., New York, NY 10075.

(12) · 由 NVIDIA Corporation（一家在纳斯达克上市的上市公司）直接持有的 17,932,460 股 A 类普通股构成。NVIDIA Corporation 的地址为 2788 San Tomas Expressway, Santa Clara, CA 95051。

(12) · Consists of 17,932,460 shares of our Class A common stock directly held by NVIDIA Corporation, a publicly traded company listed on Nasdaq. The address of NVIDIA Corporation is 2788 San Tomas Expressway, Santa Clara, CA 95051.

(13) · 由以下各项构成：(i) Max Hjelm 2024 Friends and Family GRAT（“Hjelm GRAT”）直接持有的 111,000 股 A 类普通股，以及 (ii) Max Hjelm 直接持有的、可在 2025 年 3 月 15 日起 60 日内行使的股票期权行权后可发行的 3,130,980 股 A 类普通股。Hjelm 先生的配偶为 Hjelm GRAT 的受托人，可能被视为对其所持证券行使投票权和投资决定权。如上文所述，Hjelm 先生担任本公司收入高级副总裁。

(13) · Consists of (i) 111,000 shares of our Class A common stock directly held by the Max Hjelm 2024 Friends and Family GRAT (the “Hjelm GRAT”) and (ii) 3,130,980 shares of our Class A common stock issuable upon the exercise of stock options directly held by Max Hjelm which are exercisable within 60 days of March 15, 2025. Mr. Hjelm’s spouse is the trustee of the Hjelm GRAT and may be deemed to exercise voting and investment discretion over securities held by it. As discussed above herein, Mr. Hjelm serves as our Senior Vice President of Revenue.

(14) · 由以下各项构成：(i) Jackfruit 2024 GRAT（“Jackfruit GRAT”）直接持有的 100,000 股 A 类普通股，以及 (ii) Kristen McVeety 直接持有的、可在 2025 年 3 月 15 日起 60 日内行使的股票期权行权后可发行的 1,471,940 股 A 类普通股。McVeety 女士为 Jackfruit GRAT 的受托人，可能被视为对其所持证券行使投票权和投资决定权。如上文所述，McVeety 女士担任本公司总法律顾问兼秘书。

(14) · Consists of (i) 100,000 shares of our Class A common stock directly held by the Jackfruit 2024 GRAT (the “Jackfruit GRAT”) and (ii) 1,471,940 shares of our Class A common stock issuable upon the exercise of stock options directly held by Kristen McVeety. Ms. McVeety is the trustee of the Jackfruit GRAT and may be deemed to exercise voting and investment discretion over securities held by it. As discussed above herein, Ms. McVeety serves as our General Counsel and Secretary.

(15) · 由 Nitin Agrawal 在 2025 年 3 月 15 日起 60 日内限制性股票单位归属及结算后可向其发行的 489,300 股 A 类普通股构成。如上文所述，Agrawal 先生担任本公司首席财务官。

(15) · Consists of 489,300 shares of our Class A common stock issuable to Nitin Agrawal upon the vesting and settlement of restricted stock units within 60 days of March 15, 2025. As discussed above herein, Mr. Agrawal serves as our Chief Financial Officer.

(16) · 由本表中未另行列示的员工构成，其在所示各组别内合计分别持有本公司 A 类普通股和 B 类普通股不足 1%。

(16) · Consists of employees not otherwise listed in this table who, within the groups indicated, collectively own less than 1% of our Class A common stock and Class B common stock, respectively.

重大债务说明 Description of Material Indebtedness

以下描述是对我们重大债务的重要条款的摘要。我们提请阁下参阅管辖我们重大债务的信贷协议、担保文件及其他贷款文件，其副本已作为本招股说明书所构成注册声明的附件提交。

The following description is a summary of the material terms of our material indebtedness. We refer you to the credit agreements, security documents and other loan documents governing our material indebtedness, copies of which are filed as exhibits to the registration statement of which this prospectus forms a part.

循环信贷额度 Revolving Credit Facility

2024 年 6 月 21 日，我们作为借款人（“母公司”）与 JPMorgan Chase Bank, N.A.（作为行政代理人和抵押代理人）、其担保方以及其贷款方和开证行签订了信贷协议。2024 年 10 月 7 日，该信贷协议经修订，设立了一项金额为$650 million 的高级循环信贷融资，包括(i)一项$500 million 的有担保融资和(ii)一项$150 million 的无担保融资。2024 年 12 月 2 日，该信贷协议经进一步修订，使该高级循环信贷融资成为全额有担保。根据一项非承诺性增额条款（据此现有及新贷款方可自行选择同意提供额外融资），我们的循环信贷融资可增加$300 million 加上不会导致我们的总净杠杆率超过 6.00x 或我们的有担保净杠杆率超过 4.00x 的无上限金额。我们的循环信贷融资所得款项可用于营运资金和一般公司用途（包括为收购和投资提供融资）。我们的循环信贷融资包括一项$175 million 的信用证子融资。

On June 21, 2024, we, as borrower (“Parent”), entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, the guarantors party thereto, and the lenders and issuing banks party thereto. On October 7, 2024, the credit agreement was amended to provide for a $650 million senior revolving credit facility consisting of (i) a $500 million secured facility and (ii) a $150 million unsecured facility. On December 2, 2024, the credit agreement was further amended to make the senior revolving credit facility fully secured. Our Revolving Credit Facility may be increased by the sum of $300 million plus an unlimited amount that does not result in our total net leverage ratio exceeding 6.00x or our secured net leverage ratio exceeding 4.00x, pursuant to the exercise of an uncommitted accordion feature through which existing and new lenders may, at their option, agree to provide additional financing. The proceeds of our Revolving Credit Facility may be used for working capital and general corporate purposes (including the financing of acquisitions and investments). Our Revolving Credit Facility includes a $175 million letter of credit sub-facility.

截至 2024 年 12 月 31 日，我们尚未从我们的循环信贷融资中提取款项。

As of December 31, 2024, we had not drawn from our Revolving Credit Facility.

我们的循环信贷融资的重大条款如下所述。

The material terms of our Revolving Credit Facility are described below.

#### 利率与费用

#### Interest Rate and Fees

我们循环信贷融资项下的借款按年利率计息，由我们选择：(a)对于基准利率贷款，适用利差为 0.75%加上参照以下最高者确定的基准利率（受 1.00%下限约束）：(i)最优惠利率，(ii)联邦基金有效利率与隔夜银行融资利率中的较高者，在每种情况下均加 0.50%，以及(iii)一个月期限的有担保隔夜融资利率（“SOFR”）加 1.00%；或(b)对于期限基准贷款，适用利差为 1.75%加上一个、三个或六个月计息期的期限 SOFR（受 0.00%下限约束）。

Amounts borrowed under our Revolving Credit Facility are subject to an interest rate per annum equal to, at our option, either (a) for base rate loans, an applicable margin of 0.75% plus a base rate (subject to a 1.00% floor) determined by reference to the highest of (i) the prime rate, (ii) the greater of (a) the federal funds effective rate and (b) the overnight bank funding rate, in each case, plus 0.50%, and (iii) the one month term Secured Overnight Financing Rate (“SOFR”) plus 1.00% or (b) for term benchmark loans, an applicable margin of 1.75% plus the term SOFR (subject to a 0.00% floor) for a one, three or six month interest period.

我们循环信贷融资的未使用部分按年利率 0.25%计提未使用承诺费，我们循环信贷融资项下开立的信用证按信用证面额以年利率 1.75%计提参与费。

The unused portion of our Revolving Credit Facility accrues unused commitment fees at a rate per annum equal to 0.25%, and letters of credit issued under our Revolving Credit Facility accrue participation fees on the stated amount of the letters of credit at a rate per annum equal to 1.75%.

#### 自愿还款

#### Voluntary Repayments

我们可随时自愿提前偿还我们循环信贷融资项下的未偿贷款，无需支付溢价或罚金，但惯常的“提前还款”成本除外。

We may voluntarily prepay outstanding loans under our Revolving Credit Facility at any time without premium or penalty, other than customary “breakage” costs.

#### 到期日

#### Maturity Date

我们循环信贷融资的到期日为 2027 年 6 月 21 日。

The maturity date of our Revolving Credit Facility is June 21, 2027.

#### 担保与抵押

#### Guarantees and Security

我们循环信贷融资项下的义务须由我们的受限子公司无条件担保，该等受限子公司通常包括我们直接和间接全资拥有的、未被我们指定为不受限子公司的境内子公司。

The obligations under our Revolving Credit Facility are required to be unconditionally guaranteed by our restricted subsidiaries, which generally includes our direct and indirect wholly-owned domestic subsidiaries which are not designated by us as unrestricted subsidiaries.

我们循环信贷融资项下的所有义务及该等义务的担保，除某些例外情形外，均由母公司实质上全部资产及其附属担保人的资产提供担保。

All obligations under our Revolving Credit Facility, and the guarantees of those obligations, are secured, subject to certain exceptions, by substantially all of Parent’s assets and the assets of its subsidiary guarantors.

截至 2024 年 12 月 31 日，CoreWeave Cash Management LLC 是我们循环信贷融资项下唯一的附属担保人。

As of December 31, 2024, CoreWeave Cash Management LLC was the only subsidiary guarantor under our Revolving Credit Facility.

#### 财务契约

#### Financial Covenants

我们需要遵守循环信贷融资项下的若干财务契约，具体如下所述。

We are required to comply with certain financial covenants under our Revolving Credit Facility which are described below.

总净杠杆率。我们需要在每个财季最后一日维持总净杠杆率不超过 6.00x。但是，在完成某些重大收购后的四个财季内，总净杠杆率允许从 6.00x 提高至 7.00x，但须受某些限制。

Total Net Leverage Ratio. We are required to maintain a total net leverage ratio as of the last day of each of our fiscal quarters that does not exceed 6.00x. However, our total net leverage ratio is permitted to increase from 6.00x to 7.00x for the four fiscal quarters ending after consummation of certain material acquisitions, subject to certain limitations.

总净杠杆率为以下两者之比：(i) 有息债务减去非受限现金；与 (ii) 过去四个财季期间的息税折旧摊销前利润之比，但须受管辖循环信贷融资的信贷协议中规定的某些额外调整和限制（“调整后 EBITDA”）。总净杠杆率按母公司及其合并子公司的合并基础计算，且调整后 EBITDA 允许根据最近一个财季进行年化（若接下来两个财季预计高于前两个财季）。

Total net leverage ratio is the ratio of: (i) interest-bearing debt minus unrestricted cash; to (ii) earnings before interest, taxes, depreciation, and amortization for the prior four fiscal quarter period, subject to certain additional adjustments and limitations set forth in the credit agreement governing the Revolving Credit Facility (“Adjusted EBITDA”). Total net leverage ratio is calculated on a consolidated basis among Parent and its consolidated subsidiaries and Adjusted EBITDA is permitted to be annualized based on the most recent fiscal quarter (if the next two fiscal quarters are projected to be higher than the prior two fiscal quarters).

最低合同收入。我们需要在每个财季最后一日拥有合同收入不低于 $1.0 billion 的有约束力客户合同。为遵守该契约，合同收入按以下之和计算：(i) 母公司与任何合并子公司同具有投资级评级的客户之间合同的预计合同收入的 1.00x，加上 (ii) 母公司与任何合并子公司同不具有投资级评级的客户之间合同的预计合同收入的 0.75x。

Minimum Contracted Revenue. We are required to have binding customer contracts with contracted revenues of $1.0 billion or more as of the last day of each of our fiscal quarters. For purposes of compliance with the covenant, contracted revenue is calculated based on the sum of (i) 1.00x of the projected contracted revenues from contracts between Parent or any consolidated subsidiary and customers which have an investment grade rating plus (ii) 0.75x of the projected contracted revenues from contracts between Parent or any consolidated subsidiary and customers which do not have an investment grade rating.

#### 某些其他契约及违约事件

#### Certain Other Covenants and Events of Default

我们的循环信贷融资包含若干其他契约，除其他事项外并受某些例外情形限制，这些契约限制母公司及其受限子公司进行以下事项的能力：

Our Revolving Credit Facility contains a number of other covenants that, among other things and subject to certain exceptions, restrict the ability of Parent and its restricted subsidiaries to:

- 产生额外债务，包括资本租赁；

- incur additional indebtedness, including capital leases;

- 设立留置权；

- create liens;

- 合并或兼并；

- consolidate or merge;

- 出售资产，包括我们受限子公司的股本；

- sell assets, including the capital stock of our restricted subsidiaries;

- 就我们的股本支付股息，或赎回、回购或注销我们的股本；

- pay dividends on our capital stock or redeem, repurchase, or retire our capital stock;

- 与我们的关联方进行交易；

- engage in transactions with our affiliates;

- 对我们设立某些留置权的能力、我们受限子公司向我们支付股息或其他款项的能力，或作出某些担保的能力施加限制；以及

- create restrictions on our ability to create certain liens, have our restricted subsidiaries pay dividends or other amounts to us or make certain guarantees; and

- 进行投资、贷款、垫款和收购。

- make investments, loans, advances, and acquisitions.

管理我们循环信贷融资的信贷协议包含惯常的违约事件，其中包括付款违约、未能履行或遵守契约、与某些其他债务的交叉违约、控制权变更以及某些破产事件等。本次发行将不构成管理我们循环信贷融资的信贷协议项下的控制权变更。

The credit agreement governing our Revolving Credit Facility contains customary events of default, including payment defaults, failure to perform or observe covenants, cross-defaults with certain other indebtedness, a change of control, and certain bankruptcy events, among others. This offering will not constitute a change of control under the credit agreement governing our Revolving Credit Facility.

延迟提取定期贷款 1.0 额度 Delayed Draw Term Loan 1.0 Facility

2023 年 7 月 30 日，CoreWeave Compute Acquisition Co. II, LLC（母公司直接全资子公司，作为借款人，简称“CCAC II”）与作为存款银行的 U.S. Bank National Association、作为行政代理人和抵押品代理人的 U.S. Bank Trust Company, National Association、Blackstone Tactical Opportunities Advisors L.L.C.，以及代表若干贷款人的 Magnetar（作为牵头贷款人），连同相关安排行、账簿管理人和贷款人订立了一份信贷协议，设立了一项 23 亿美元的延迟提款定期贷款融资（经修订，简称“DDTL 1.0 融资”）。我们订立 DDTL 1.0 融资主要是为了为履行客户合同所需的资本支出提供资金，包括购置 GPU 服务器及相关基础设施。

On July 30, 2023, CoreWeave Compute Acquisition Co. II, LLC, a direct, wholly-owned subsidiary of Parent, as borrower (“CCAC II”), entered into a credit agreement with U.S. Bank National Association, as depository bank, U.S. Bank Trust Company, National Association, as administrative agent and collateral agent, Blackstone Tactical Opportunities Advisors L.L.C., and Magnetar, on behalf of certain lenders as the lead lenders, and the arrangers, bookrunners, and lenders party thereto, providing for a $2.3 billion delayed draw term loan facility (as amended, the “DDTL 1.0 Facility”). Our DDTL 1.0 Facility was entered into primarily to finance capital expenditures required to perform customer contracts, including the acquisition of GPU servers and related infrastructure.

截至 2024 年 12 月 31 日，我们的 DDTL 1.0 融资已全部提取。

As of December 31, 2024 our DDTL 1.0 Facility was fully drawn.

#### 利率

#### Interest Rate

我们 DDTL 1.0 融资项下的借款按年利率计息，由我们选择：(i) 对于基准利率贷款，适用利差为 8.6196% 加上基准利率（下限为 0.00%），基准利率参照以下三者中的最高者确定：(a) 最优惠利率，(b) 联邦基金有效利率加 0.50%，以及 (c) 一个月期限 SOFR 加 1.00%；或 (ii) 对于期限 SOFR 贷款，适用利差为 9.6196% 加上三个月利息期的期限 SOFR（下限为 0.00%）。

Amounts borrowed under our DDTL 1.0 Facility are subject to an interest rate per annum equal to, at our option, either (i) for base rate loans, an applicable margin of 8.6196% plus a base rate (subject to a 0.00% floor) determined by reference to the highest of (a) the prime rate, (b) the federal funds effective rate plus 0.50%, and (c) the one month term SOFR plus 1.00% or (ii) for term SOFR loans, an applicable margin of 9.6196% plus the term SOFR (subject to a 0.00% floor) for a three month interest period.

#### 强制还款

#### Mandatory Repayments

我们 DDTL 1.0 融资项下的未偿贷款须按季度偿还，金额等于以下三者中的较高者：(i) 固定摊还金额，(ii) 将未偿贷款剩余本金降至基于预计合同现金流量的金额所需的金额，以及 (iii) 自 2025 年 1 月起，将未偿贷款剩余本金降至基于 GPU 服务器和基础设施折旧后购买价格的金额所需的金额。

The loans outstanding under our DDTL 1.0 Facility are required to be repaid quarterly in an amount equal to the greater of (i) fixed amortization amounts, (ii) the amount required to reduce the remaining principal amount of outstanding loans to an amount based on projected contracted cash flows, and (iii) beginning in January 2025, the amount required to reduce the remaining principal amount of outstanding loans to an amount based on the depreciated purchase price of the GPU servers and infrastructure.

管辖我们 DDTL 1.0 融资的信贷协议要求我们（除某些例外情况外）用以下款项提前偿还未偿贷款：(i) 任何未签约 GPU 服务器处置所得净收益的 100%，(ii) 我们 DDTL 1.0 融资不允许的任何债务所得净收益的 100%，(iii) 某些资产出售和伤亡事件所得净收益的 100%，以及 (iv) 发生控制权变更时。

The credit agreement governing our DDTL 1.0 Facility requires us to prepay outstanding loans, subject to certain exceptions, with (i) 100% of the net proceeds of any disposition of uncontracted GPU servers, (ii) 100% of the net proceeds of any indebtedness not permitted under our DDTL 1.0 Facility, (iii) 100% of the net proceeds of certain asset sales and casualty events, and (iv) upon a change of control.

#### 自愿还款

#### Voluntary Repayments

我们可以随时自愿提前偿还我们 DDTL 1.0 融资项下的未偿贷款，但须支付下文讨论的提前还款费用和惯常的“提前还款中断”成本。

We may voluntarily prepay outstanding loans under our DDTL 1.0 Facility at any time, subject to payment of the prepayment fees discussed below and customary “breakage” costs.

#### 提前还款费用

#### Prepayment Fees

在我们 DDTL 1.0 融资的承诺终止日第四个周年之前发生任何强制提前还款（因意外事故事件导致的除外）或自愿提前还款时，我们需要支付提前还款费，金额等于：(i) 对于在承诺终止日第三个周年之前进行的提前还款，金额等于按现行利率计算的、被提前偿还的贷款本金自提前还款日至承诺终止日第三个周年期间本应计提的未来利息付款的现值，加上被提前偿还贷款本金的 1.00%；以及 (ii) 对于在承诺终止日第三个周年至第四个周年之间进行的提前还款，金额等于被提前偿还贷款本金的 1.00%。

Upon any mandatory prepayment (except as a result of a casualty event) or voluntary prepayment prior to the fourth anniversary of the commitment termination date under our DDTL 1.0 Facility, we are required to pay prepayment fees equal to: (i) with respect to prepayments made prior to the third anniversary of the commitment termination date, an amount equal to the present value of future interest payments that would have accrued on the principal amount of the loans being prepaid through the third anniversary of the commitment termination date based on the interest rate in effect plus 1.00% of the principal amount of the loans being prepaid; and (ii) with respect to prepayments made between the third and fourth anniversary of the commitment termination date, an amount equal to 1.00% of the principal amount of the loans being prepaid.

#### 到期日

#### Maturity Date

我们 DDTL 1.0 融资的到期日为 2028 年 3 月 28 日。

The maturity date of our DDTL 1.0 Facility is March 28, 2028.

#### 担保与抵押

#### Guarantees and Security

我们 DDTL 1.0 融资项下的义务由 Parent 无条件担保。与我们 DDTL 1.0 融资相关的担保协议包含若干承诺，除其他事项外并在某些例外情形下，限制 Parent 产生额外债务（包括资本租赁）、设立留置权、就其股本支付股息或赎回、回购或清偿其股本、进行合并或兼并、进行收购，以及就其重大项目合同采取某些行动的能力。

The obligations under our DDTL 1.0 Facility are unconditionally guaranteed by Parent. The guaranty agreement with respect to our DDTL 1.0 Facility contains covenants that, among other things and subject to certain exceptions, restrict the ability of Parent to incur additional indebtedness, including capital leases, create liens, pay dividends on its capital stock or redeem, repurchase or retire its capital stock, consolidate or merge, make acquisitions, and take certain actions with respect to its material project contracts.

我们 DDTL 1.0 融资项下的所有义务（在某些例外情形下）由 CCAC II 的绝大部分资产以及 CCAC II 100% 股权权益的质押提供担保。

All obligations under our DDTL 1.0 Facility are secured, subject to certain exceptions, by substantially all of CCAC II’s assets and a pledge of 100% of the equity interests in CCAC II.

#### 财务承诺

#### Financial Covenants

CCAC II 须在我们 DDTL 1.0 融资项下于每月最后一日维持最低流动性水平，金额等于 (i) $19 million 与 (ii) 我们 DDTL 1.0 融资项下未偿还贷款本金的 4.0% 两者中的较高者；但前提是，在 (x) 合格 IPO 与 (y) 我们 DDTL 1.0 融资项下未偿还贷款本金降至承诺终止日我们 DDTL 1.0 融资项下未偿还贷款本金 30% 之日两者中的较早者之后，流动性要求不得低于 $25 million。流动性要求在任何情况下均不得超过 $56 million。

CCAC II is required to maintain a minimum liquidity level under our DDTL 1.0 Facility as of the last day of each month equal to the greater of (i) $19 million and (ii) 4.0% of the principal amount of loans outstanding under our DDTL 1.0 Facility; provided, that following the earlier of (x) a qualified IPO and (y) the date that the principal amount of loans outstanding under our DDTL 1.0 Facility is reduced to 30% of the principal amount of loans outstanding under our DDTL 1.0 Facility as of the commitment termination date, the liquidity requirement cannot be less than $25 million. In no event can the liquidity requirement be greater than $56 million.

#### 某些其他承诺与违约事件

#### Certain Other Covenants and Events of Default

我们 DDTL 1.0 融资包含若干其他承诺，除其他事项外并在某些例外情形下，限制 CCAC II 从事以下行为的能力：

Our DDTL 1.0 Facility contains a number of other covenants that, among other things and subject to certain exceptions, restrict the ability of CCAC II to:

- 产生额外债务，包括资本租赁；

- incur additional indebtedness, including capital leases;

- 设立留置权；

- create liens;

- 进行投资、贷款和垫款；

- make investments, loans, and advances;

- 进行合并或兼并、出售资产或进行收购；

- consolidate or merge, sell assets, or make acquisitions;

- 就其股本支付股息，或赎回、回购或注销其股本；

- pay dividends on its capital stock or redeem, repurchase, or retire its capital stock;

- 与我们的关联方进行交易；

- engage in transactions with our affiliates;

- 拥有任何子公司；

- have any subsidiaries;

- 对其设立某些留置权的能力施加限制；以及

- create restrictions on its ability to create certain liens; and

- 就其重大项目的合同采取某些行动。

- take certain actions with respect to its material project contracts.

管辖我们 DDTL 1.0 融资的信贷协议包含惯常的违约事件，包括付款违约、未能履行或遵守承诺、与某些其他债务的交叉违约、控制权变更以及某些破产事件等。本次发行不构成管辖我们 DDTL 1.0 融资的信贷协议项下的控制权变更。管辖我们 DDTL 1.0 融资的信贷协议还包含与某些重大合同的特定不利事件相关的违约事件。

The credit agreement governing our DDTL 1.0 Facility contains customary events of default, including payment defaults, failure to perform or observe covenants, cross-defaults with certain other indebtedness, a change of control, and certain bankruptcy events, among others. This offering will not constitute a change of control under the credit agreement governing our DDTL 1.0 Facility. The credit agreement governing our DDTL 1.0 Facility also contains events of default related to certain adverse events with respect to certain material contracts.

延迟提取定期贷款 2.0 额度 Delayed Draw Term Loan 2.0 Facility

2024 年 5 月 16 日，CoreWeave Compute Acquisition Co. IV, LLC（母公司直接全资子公司，作为借款人，简称“CCAC IV”）与 U.S. Bank National Association（作为存款银行）、U.S. Bank Trust Company, National Association（作为行政代理人和抵押代理人）、Blackstone Alternative Credit Advisors LP、Blackstone Alternative Solutions L.L.C.、Blackstone Tactical Opportunities Advisors L.L.C. 及 Blackstone Private Investments Advisors L.L.C.（作为牵头贷款人和联合牵头投资人）、Magnetar（作为联合牵头投资人）以及协议项下各贷款人签订了一份信贷协议，设立了一项金额为 $7.6 billion 的延迟提取定期贷款融资（经修订，简称“DDTL 2.0 融资”）。我们签订 DDTL 2.0 融资主要是为了为履行客户合同所需的资本支出提供资金，包括购置 GPU 服务器及相关基础设施。

On May 16, 2024, CoreWeave Compute Acquisition Co. IV, LLC, a direct, wholly-owned subsidiary of Parent, as borrower (“CCAC IV”), entered into a credit agreement with U.S. Bank National Association, as depository bank, U.S. Bank Trust Company, National Association, as administrative agent and collateral agent, Blackstone Alternative Credit Advisors LP, Blackstone Alternative Solutions L.L.C., Blackstone Tactical Opportunities Advisors L.L.C., and Blackstone Private Investments Advisors L.L.C., as lead lenders and co-lead investors, Magnetar, as a co-lead investor, and the lenders party thereto, providing for a $7.6 billion delayed draw term loan facility (as amended, the “DDTL 2.0 Facility”). Our DDTL 2.0 Facility was entered into primarily to finance capital expenditures required to perform customer contracts, including the acquisition of GPU servers and related infrastructure.

截至 2024 年 12 月 31 日，我们的 DDTL 2.0 融资已提取 $3.8 billion，DDTL 2.0 融资项下尚有 $3.8 billion 可供借入。本次发行所得款项净额中约 $500 million 将作为受限现金存入托管账户，用于担保我们在 DDTL 2.0 融资项下的义务。

As of December 31, 2024, $3.8 billion of our DDTL 2.0 Facility was drawn and $3.8 billion remained available for borrowing under our DDTL 2.0 Facility. Approximately $500 million of the net proceeds from this offering will be held as restricted cash in escrow to secure our obligations under our DDTL 2.0 Facility.

#### 额外可用额度

#### Additional Availability

在 2025 年 6 月的承诺终止日之前，我们的 DDTL 2.0 融资项下可提取额外贷款，经所需贷款人同意，该终止日可再延长三个月。就任何借款请求而言，DDTL 2.0 融资项下可提取的贷款总额以贷款所资助合同的 GPU 服务器及相关基础设施折旧后购买价格的一定百分比为限，该百分比取决于相关客户的信用评级。

Additional loans are available to be drawn under our DDTL 2.0 Facility until the commitment termination date in June 2025, which may be extended for an additional three months with the consent of the required lenders. The aggregate amount of loans available to be drawn under our DDTL 2.0 Facility in connection with any borrowing request are limited to a percentage of the depreciated purchase price of GPU servers and related infrastructure for the contract that the loans are being used to finance, with such percentage based upon the credit rating of the applicable customer.

#### 利率与费用

#### Interest Rate and Fees

我们的 DDTL 2.0 融资项下借入的款项按年利率计息，由我们选择：(a) 对于基准利率贷款，为适用利差（根据所资助合同客户的信用评级，范围为 5.0% 至 12.0%）加上基准利率（下限为 0.00%），该基准利率参照以下三者中的最高者确定：(i) 最优惠利率，(ii) 联邦基金有效利率加 0.50%，以及 (iii) 一个月期限 SOFR 加 1.00%；或 (b) 对于期限 SOFR 贷款，为适用利差（根据所资助合同客户的信用评级，范围为 6.0% 至 13.0%）加上三个月计息期的期限 SOFR（下限为 0.00%）。

Amounts borrowed under our DDTL 2.0 Facility are subject to an interest rate per annum equal to, at our option, either (a) for base rate loans, an applicable margin (ranging from 5.0% to 12.0% depending on the credit rating of the customer whose contract is being financed) plus a base rate (subject to a 0.00% floor) determined by reference to the highest of (i) the prime rate, (ii) the federal funds effective rate plus 0.50%, and (iii) the one month term SOFR plus 1.00% or (b) for term SOFR loans, an applicable margin (ranging from 6.0% to 13.0% depending on the credit rating of the customer whose contract is being financed) plus the term SOFR (subject to a 0.00% floor) for a three month interest period.

我们的 DDTL 2.0 融资安排规定支付以下费用：(i) 承诺费，金额等于 $6.1 billion 与截至承诺终止日我们 DDTL 2.0 融资安排项下已提取总额之间差额的 2.50%；(ii) 前端费，金额等于每个融资日实际向 CCAC IV 发放的贷款总额的 1.50%；以及 (iii) 未提取费，金额等于 $7.6 billion 与未偿贷款平均本金总额和 $6.1 billion 两者中较高者之间差额的 0.50%，该未提取费在承诺终止日之前按月计提并赚取。

Our DDTL 2.0 Facility provides for payment of the following fees: (i) commitment fees in an amount equal to 2.50% of the difference between $6.1 billion and the total amount drawn under our DDTL 2.0 Facility as of the commitment termination date; (ii) upfront fees in an amount equal to 1.50% of the aggregate amount of loans actually funded to CCAC IV on each funding date; and (iii) undrawn fees in an amount equal to 0.50% of the difference between $7.6 billion and the greater of the average aggregate principal amount of loans outstanding and $6.1 billion, which undrawn fees accrue and are earned monthly prior to the commitment termination date.

#### 强制还款

#### Mandatory Repayments

我们 DDTL 2.0 融资安排项下的未偿贷款须自 2025 年 10 月起按季度偿还，金额等于以下两者中的较高者：(i) 将未偿贷款的剩余本金金额降至基于预计合同现金流量的金额所需的金额，以及 (ii) 将未偿贷款的剩余本金金额降至基于 GPU 服务器及基础设施折旧后购买价格的金额所需的金额。

The loans outstanding under our DDTL 2.0 Facility are required to be repaid quarterly, commencing in October 2025, in an amount equal to the greater of (i) the amount required to reduce the remaining principal amount of outstanding loans to an amount based on projected contracted cash flows and (ii) the amount required to reduce the remaining principal amount of outstanding loans based on the depreciated purchase price of the GPU servers and infrastructure.

管辖我们 DDTL 2.0 融资安排的信贷协议要求我们提前偿还未偿贷款（受某些例外情况约束），还款来源包括：(i) 任何未签约基础设施处置所得净收益的 100%，(ii) 我们 DDTL 2.0 融资安排不允许的任何债务所得净收益的 100%，(iii) 某些资产出售和伤亡事件所得净收益的 100%，以及 (iv) 控制权变更时。

The credit agreement governing our DDTL 2.0 Facility requires us to prepay outstanding loans, subject to certain exceptions, with (i) 100% of the net proceeds of any disposition of uncontracted infrastructure, (ii) 100% of the net proceeds of any indebtedness not permitted under our DDTL 2.0 Facility, (iii) 100% of the net proceeds of certain asset sales and casualty events, and (iv) upon a change of control.

#### 自愿还款

#### Voluntary Repayments

我们可以随时自愿提前偿还我们 DDTL 2.0 融资安排项下的未偿贷款，但须支付下文讨论的提前还款费以及惯常的“提前还款补偿”成本。

We may voluntarily prepay outstanding loans under our DDTL 2.0 Facility at any time, subject to payment of the prepayment fees discussed below and customary “breakage” costs.

#### 提前还款费

#### Prepayment Fees

在我们 DDTL 2.0 融资安排项下承诺终止日之后 30 个月之日前的任何强制提前还款（因伤亡事件导致的除外）或自愿提前还款，我们须支付提前还款费，金额等于按现行利率计算，被提前偿还贷款本金自提前还款日至承诺终止日之后 30 个月之日期间本应计提的未来利息付款的现值。

Upon any mandatory prepayment (except as a result of a casualty event) or voluntary prepayment prior to the date that is 30 months after the commitment termination date under our DDTL 2.0 Facility, we are required to pay prepayment fees equal to the present value of future interest payments that would have accrued on the principal amount of the loans being prepaid through the date that is 30 months after the commitment termination date based on the interest rate in effect.

#### 到期日

#### Maturity Date

我们 DDTL 2.0 融资安排的到期日，就每笔贷款而言，为该笔贷款发放之日后的五周年之日。

The maturity date of our DDTL 2.0 Facility is, with respect to each loan, the date that is five years after the date each such loan was funded.

#### 担保与抵押

#### Guarantees and Security

我们 DDTL 2.0 融资安排项下的义务由母公司无条件担保。与我们 DDTL 2.0 融资安排相关的担保协议包含若干承诺，除其他事项外并受某些例外情况约束，限制母公司产生额外债务（包括资本租赁）、设立留置权、就其股本支付股息或赎回、回购或清偿其股本、合并或兼并、进行收购以及就其重大项目合同采取某些行动的能力。

The obligations under our DDTL 2.0 Facility are unconditionally guaranteed by Parent. The guaranty agreement with respect to our DDTL 2.0 Facility contains covenants that, among other things and subject to certain exceptions, restrict the ability of Parent to incur additional indebtedness, including capital leases, create liens, pay dividends on its capital stock or redeem, repurchase, or retire its capital stock, consolidate or merge, make acquisitions and take certain actions with respect to its material project contracts.

我们在 DDTL 2.0 融资项下的全部义务均由 CCAC IV 的绝大部分资产以及 CCAC IV 100% 股权权益的质押提供担保（受若干例外情形限制）。

All obligations under our DDTL 2.0 Facility are secured, subject to certain exceptions, by substantially all of CCAC IV’s assets and a pledge of 100% of the equity interests in CCAC IV.

#### 财务契约

#### Financial Covenants

CCAC IV 须遵守我们在 DDTL 2.0 融资项下的若干财务契约，具体如下所述。

CCAC IV is required to comply with certain financial covenants under our DDTL 2.0 Facility which are described below.

合同覆盖率。自 2026 年 1 月起，CCAC IV 须在我们的 DDTL 2.0 融资项下，于每个季度付款日维持合同覆盖率（即不同类别客户合同的预计合同现金流与该等类别客户合同融资相关偿债额之比）为 1.4x 或以上。我们在 DDTL 2.0 融资项下的合同覆盖率系针对与特定客户的合同、与具有投资级评级的客户的合同以及与不具有投资级评级的客户的合同进行衡量。

Contract Coverage Ratios. Beginning in January 2026, CCAC IV is required to maintain contract coverage ratios under our DDTL 2.0 Facility (each the ratio of projected contracted cash flows for different categories of customer contracts to the debt service related to the financing of those categories of customer contracts) of 1.4x or more as of each quarterly payment date. The contract coverage ratios under our DDTL 2.0 Facility are measured against contracts with a specified customer, contracts with customers with an investment grade rating and contracts with customers without an investment grade rating.

非投资级抵押品比率上限。CCAC IV 须在我们的 DDTL 2.0 融资项下，于我们每个财季的最后一日维持非投资级抵押品比率（即 (i) CCAC IV 为履行与不具有投资级评级的客户的合同而拥有的 GPU 服务器和基础设施的折旧后购买价格及相关资本支出，与 (ii) CCAC IV 为履行全部客户合同而拥有的 GPU 服务器和基础设施的折旧后购买价格及相关资本支出之比）为 0.35x 或以下。

Maximum Non-IG Collateral Ratio. CCAC IV is required to maintain a non-IG collateral ratio under our DDTL 2.0 Facility (the ratio of (i) the depreciated purchase price of the GPU servers and infrastructure owned by, and related capital expenditures made by, CCAC IV to perform contracts with customers without an investment grade rating to (ii) the depreciated purchase price of the GPU servers and infrastructure owned by, and related capital expenditures made by, CCAC IV to perform all customer contracts) as of the last day of each of our fiscal quarters of 0.35x or less.

非投资级收入比率上限。CCAC IV 须在我们的 DDTL 2.0 融资项下，于我们每个财季的最后一日维持非投资级收入比率（即 (i) 与不具有投资级评级的客户的合同相关的预计合同现金流，与 (ii) 全部客户合同相关的预计合同现金流之比）为 0.35x 或以下。

Maximum Non-IG Revenue Ratio. CCAC IV is required to maintain a non-IG revenue ratio under our DDTL 2.0 Facility (the ratio of (i) the projected contracted cash flows with respect to contracts with customers without an investment grade rating to (ii) the projected contracted cash flows with respect to all customer contracts) as of the last day of each of our fiscal quarters of 0.35x or less.

最低流动性。CCAC IV 须在我们的 DDTL 2.0 融资项下，于我们每个财季的最后一日维持最低流动性水平，金额等于我们 DDTL 2.0 融资项下未偿还贷款本金的 2.0%；但前提是，在 (i) 合格 IPO 与 (ii) 我们 DDTL 2.0 融资项下未偿还贷款本金降至承诺终止日我们 DDTL 2.0 融资项下未偿还贷款本金的 30% 之日两者中较早者之后，流动性要求不得低于 (x) $25 million 与 (y) 我们 DDTL 2.0 融资项下未偿还贷款本金的 1.0% 两者中的较高者。

Minimum Liquidity. CCAC IV is required to maintain a minimum liquidity level under our DDTL 2.0 Facility as of the last day of each of our fiscal quarters equal to 2.0% of the principal amount of loans outstanding under our DDTL 2.0 Facility; provided, that following the earlier of (i) a qualified IPO and (ii) the date that the principal amount of loans outstanding under our DDTL 2.0 Facility is reduced to 30% of the principal amount of loans outstanding under our DDTL 2.0 Facility as of the commitment termination date, the liquidity requirement cannot be less than the greater of (x) $25 million and (y) 1.0% of the principal amount of loans outstanding under our DDTL 2.0 Facility.

#### 若干其他契约及违约事件

#### Certain Other Covenants and Events of Default

我们的 DDTL 2.0 融资包含若干其他契约，除其他事项外并在受若干例外情形限制的前提下，限制 CCAC IV 从事以下行为的能力：

Our DDTL 2.0 Facility contains a number of other covenants that, among other things and subject to certain exceptions, restrict the ability of CCAC IV to:

- 产生额外债务，包括资本租赁；

- incur additional indebtedness, including capital leases;

- 设立留置权；

- create liens;

- 进行投资、贷款和垫款；

- make investments, loans, and advances;

- 进行合并或兼并、出售资产或进行收购；

- consolidate or merge, sell assets, or make acquisitions;

- 就其股本支付股息，或赎回、回购或注销其股本；

- pay dividends on its capital stock or redeem, repurchase, or retire its capital stock;

- 与我们的关联方进行交易；

- engage in transactions with our affiliates;

- 拥有任何子公司；

- have any subsidiaries;

- 对其设立某些留置权的能力施加限制；以及

- create restrictions on its ability to create certain liens; and

- 就其重大项目合同采取某些行动。

- take certain actions with respect to its material project contracts.

管辖我们 DDTL 2.0 融资安排的信贷协议包含惯常的违约事件，包括付款违约、未能履行或遵守契约、与某些其他债务的交叉违约、控制权变更以及某些破产事件等。本次发行将不构成管辖我们 DDTL 2.0 融资安排的信贷协议项下的控制权变更。管辖我们 DDTL 2.0 融资安排的信贷协议还包含与某些重大合同的特定不利事件相关的违约事件。

The credit agreement governing our DDTL 2.0 Facility contains customary events of default, including payment defaults, failure to perform or observe covenants, cross-defaults with certain other indebtedness, a change of control, and certain bankruptcy events, among others. This offering will not constitute a change of control under the credit agreement governing our DDTL 2.0 Facility. The credit agreement governing our DDTL 2.0 Facility also contains events of default related to certain adverse events with respect to certain material contracts.

2024 年定期贷款额度 2024 Term Loan Facility

2024 年 12 月 16 日，我们作为借款人，与 JPMorgan Chase Bank, N.A.（作为行政代理人和抵押代理人）、其担保方以及其贷款方订立了一份信贷协议（“2024 年定期贷款信贷协议”），设立了一项$1.0 billion 的定期贷款融资，包括(a)一笔$229 million 的有担保融资，由我们及我们的子公司担保方的绝大部分资产提供担保，以及(b)一笔$771 million 的无担保融资（“2024 年定期贷款融资”）。2024 年定期贷款融资可通过行使手风琴式增额条款增加至多$500 million，且我们在 2024 年定期贷款融资项下的义务由我们的子公司担保方按 2024 年定期贷款信贷协议所述无条件提供担保。2024 年 12 月 16 日，我们全额借入了 2024 年定期贷款融资项下可用的$1.0 billion 贷款。2024 年定期贷款融资的所得款项可用于营运资金和一般公司用途（包括为收购和投资提供融资）。2024 年定期贷款融资将于 2025 年 12 月 16 日到期。

On December 16, 2024, we, as borrower, entered into a credit agreement (the “2024 Term Loan Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, the guarantors party thereto, and the lenders party thereto, providing for a $1.0 billion term loan facility consisting of (a) a $229 million secured facility secured by substantially all of our assets and the assets of our subsidiary guarantors and (b) a $771 million unsecured facility (the “2024 Term Loan Facility”). The 2024 Term Loan Facility may be increased up to $500 million pursuant to the exercise of an accordion feature and the obligations under our 2024 Term Loan Facility are unconditionally guaranteed by our subsidiary guarantors as described in the 2024 Term Loan Credit Agreement. On December 16, 2024, we borrowed the full $1.0 billion of loans available under the 2024 Term Loan Facility. The proceeds of our 2024 Term Loan Facility may be used for working capital and general corporate purposes (including the financing of acquisitions and investments). The 2024 Term Loan Facility will mature on December 16, 2025.

截至 2024 年 12 月 31 日，我们在 2024 年定期贷款融资项下有$1.0 billion 未偿还。

As of December 31, 2024, we had $1.0 billion outstanding under our 2024 Term Loan Facility.

#### 利率与费用

#### Interest Rate and Fees

我们在 2024 年定期贷款融资项下借入的款项按年利率计息，由我们选择：(a)对于基准利率贷款，为适用利差（视贷款未偿还时间长短，范围为 4.25%至 5.25%）加基准利率（下限为 1.00%），该基准利率参照以下最高者确定：(i)最优惠利率，(ii)(y)联邦基金有效利率与(z)隔夜银行融资利率中的较高者，在每种情况下均加 0.50%，以及(iii)一个月期限 SOFR 利率加 1.00%；或(b)对于期限基准贷款，为适用利差（视贷款未偿还时间长短，范围为 5.25%至 6.25%）加一个月、三个月或六个月计息期的期限 SOFR 利率（下限为 0.00%）。

Amounts borrowed under our 2024 Term Loan Facility are subject to an interest rate per annum equal to, at our option, either (a) for base rate loans, an applicable margin (ranging from 4.25% to 5.25%, depending on how long the loans are outstanding) plus a base rate (subject to a 1.00% floor) determined by reference to the highest of (i) the prime rate, (ii) the greater of (y) the federal funds effective rate and (z) the overnight bank funding rate, in each case, plus 0.50%, and (iii) the one month term SOFR rate plus 1.00% or (b) for term benchmark loans, an applicable margin (ranging from 5.25% to 6.25%, depending on how long the loans are outstanding) plus the term SOFR rate (subject to a 0.00% floor) for a one, three or six month interest period.

#### 还款

#### Repayments

2024 年定期贷款融资须在发生违约事件时，或以某些资产处置、债务发生或股权发行的所得款项提前偿还，包括须以本次发行的部分或全部所得款项提前偿还。我们亦可随时自愿提前偿还 2024 年定期贷款融资项下的未偿还贷款，无需支付溢价或罚金，但惯常的“提前还款损失”费用除外。

The 2024 Term Loan Facility is required to be prepaid upon the occurrence of an event of default, or with the proceeds of certain asset dispositions, incurrences of indebtedness or equity issuances, including a requirement to be prepaid with some or all of the proceeds of this offering. We may also voluntarily prepay outstanding loans under our 2024 Term Loan Facility at any time without premium or penalty, other than customary “breakage” costs.

#### 承诺事项与违约事件

#### Covenants and Events of Default

2024 年定期贷款信贷协议包含此类协议惯常的承诺事项和违约事件，包括各项报告、肯定性和否定性承诺事项。我们还须遵守某些财务承诺事项，包括在每个财季最后一日维持 6.00x 或更低的总净杠杆率，以及在每个财季最后一日须拥有合同收入为$1.0 billion 或以上的具有约束力的客户合同，各项均受 2024 年定期贷款信贷协议所述某些例外、限制和计算的约束。

The 2024 Term Loan Credit Agreement includes customary covenants and events of default for agreements of this type, including various reporting, affirmative and negative covenants. We are also required to comply with certain financial covenants including maintenance of a total net leverage ratio of 6.00x or lower as of the last day of each of our fiscal quarters and a requirement to have binding customer contracts with contracted revenues of $1.0 billion or more as of the last day of each of our fiscal quarters, each subject to certain exceptions, limitations and calculations as described in the 2024 Term Loan Credit Agreement.

2025 年定期贷款融资 2025 Term Loan Facility

2025 年 3 月 7 日，我们作为借款人，与作为行政代理人的 Morgan Stanley Senior Funding, Inc.、其担保方以及其贷款方签订了 2025 年定期贷款信贷协议，该协议提供了一项金额为$300.0 百万的无担保定期贷款融资。我们在 2025 年定期贷款融资项下的义务由我们的子公司担保人按 2025 年定期贷款信贷协议所述提供无条件担保。2025 年定期贷款融资项下的借款仅可在单次提款中进行。截至本招股说明书日期，2025 年定期贷款融资项下尚无任何借款。我们 2025 年定期贷款融资的所得款项可用于营运资金及一般公司用途（包括为收购和其他投资提供融资）。2025 年定期贷款融资将于 2025 年 12 月 16 日到期。2025 年定期贷款融资项下贷款方的所有未提取承诺应在以下较早发生者发生时终止：(i) 2025 年 4 月 7 日，及(ii) 与本招股说明书相关的我们 A 类普通股发售交割。

On March 7, 2025, we, as borrower, entered into the 2025 Term Loan Credit Agreement with Morgan Stanley Senior Funding, Inc., as administrative agent, the guarantors party thereto, and the lenders party thereto, providing for a $300.0 million unsecured term loan facility. The obligations under our 2025 Term Loan Facility are unconditionally guaranteed by our subsidiary guarantors as described in the 2025 Term Loan Credit Agreement. Amounts borrowed under the 2025 Term Loan Facility may only be borrowed in a single funding. As of the date of this prospectus, there have been no borrowings under the 2025 Term Loan Facility. The proceeds of our 2025 Term Loan Facility may be used for working capital and general corporate purposes (including the financing of acquisitions and other investments). The 2025 Term Loan Facility will mature on December 16, 2025. All unfunded commitments of the lenders under the 2025 Term Loan Facility shall terminate upon the earlier to occur of (i) April 7, 2025 and (ii) the closing of the offering of our Class A common stock to which this prospectus relates.

#### 利率与费用

#### Interest Rate and Fees

我们 2025 年定期贷款融资项下的借款按年利率计息，利率由我们选择为：(a) 对于基准利率贷款，适用利差为 0.75%加基准利率（受 1.00%下限约束），该基准利率参照以下最高者确定：(i) 最优惠利率，(ii) (x) 联邦基金有效利率与(y) 隔夜银行融资利率中的较高者，在每种情况下均加 0.50%，及(iii) 一个月期限 SOFR 加 1.00%；或(b) 对于期限基准贷款，适用利差为 1.75%加一个月、三个月或六个月利息期的期限 SOFR（受 0.00%下限约束）；此外，在(a)或(b)任一情形下，还需向相关贷款方支付 2.25%的费用。

Amounts borrowed under our 2025 Term Loan Facility are subject to an interest rate per annum equal to, at our option, either (a) for base rate loans, an applicable margin of 0.75% plus a base rate (subject to a 1.00% floor) determined by reference to the highest of (i) the prime rate, (ii) the greater of (x) the federal funds effective rate and (y) the overnight bank funding rate, in each case, plus 0.50%, and (iii) the one month term SOFR plus 1.00% or (b) for term benchmark loans, an applicable margin of 1.75% plus the term SOFR (subject to a 0.00% floor) for a one, three, or six month interest period plus, in the case of either of clauses (a) or (b), a fee of 2.25% payable to the lenders thereof.

#### 还款

#### Repayments

2025 年定期贷款融资须以某些资产处置、债务发生或股权发行的所得款项进行提前还款，包括须以本次发售的部分或全部所得款项进行提前还款的要求。我们亦可随时自愿提前偿还 2025 年定期贷款融资项下的未偿贷款，无需支付溢价或罚金，但惯常的“提前还款成本”除外。

The 2025 Term Loan Facility is required to be prepaid with the proceeds of certain asset dispositions, incurrences of indebtedness or equity issuances, including a requirement to be prepaid with some or all of the proceeds of this offering. We may also voluntarily prepay outstanding loans under our 2025 Term Loan Facility at any time without premium or penalty, other than customary “breakage” costs.

#### 承诺与违约事件

#### Covenants and Events of Default

2025 年定期贷款信贷协议包含此类协议惯常的承诺和违约事件，包括各类报告、肯定性和否定性承诺。我们还须遵守某些财务承诺，包括在我们每个财季最后一日维持 6.00 倍或更低的总净杠杆率，以及在我们每个财季最后一日拥有合同收入为$1.0 十亿或以上的具有约束力的客户合同的要求，每项均受 2025 年定期贷款信贷协议所述某些例外、限制和计算的约束。

The 2025 Term Loan Credit Agreement includes customary covenants and events of default for agreements of this type, including various reporting, affirmative and negative covenants. We are also required to comply with certain financial covenants including maintenance of a total net leverage ratio of 6.00x or lower as of the last day of each of our fiscal quarters and a requirement to have binding customer contracts with contracted revenues of $1.0 billion or more as of the last day of each of our fiscal quarters, each subject to certain exceptions, limitations and calculations as described in the 2025 Term Loan Credit Agreement.

OEM 融资安排 OEM Financing Arrangements

2024 年 2 月至 12 月期间，我们作为借款人，与一家原始设备制造商（OEM）签订了多项协议，据此就若干设备获得融资，截至 2024 年 12 月 31 日，其名义余额合计为$1.3 billion（“OEM 融资协议”）。就 OEM 融资协议而言，我们为所融资设备授予了担保权益。OEM 融资协议作为融资安排进行会计处理，期限为两至三年。OEM 融资协议规定了整个期限内的还款计划，实际利率介于 9%至 11%之间。

Between February and December 2024, we, as borrower, entered into various agreements with an OEM whereby we obtained financing for certain equipment with an aggregate notional balance of $1.3 billion as of December 31, 2024 (the “OEM Financing Agreements”). Related to the OEM Financing Agreements, we granted a security interest for the financed equipment. The OEM Financing Agreements are accounted for as financing arrangements, with terms between two to three years. The OEM Financing Agreements have a stated repayment schedule over the term with effective interest rates between 9% to 11%.

概述 General

以下描述概述了我们股本最重要的条款，即本次发行完成后将生效的条款。由于本描述仅为摘要，因此并不包含可能对您重要的全部信息。我们预计将通过经修订和重述的公司章程以及经修订和重述的公司细则，二者将在本次发行完成前立即生效，本描述概述了预计将纳入该等文件中的条款。如需完整描述，您应参阅我们的经修订和重述的公司章程、经修订和重述的公司细则以及我们的权利协议（该等文件作为本招股说明书所构成注册声明的附件收录），并参阅特拉华州法律的适用条款。

The following description summarizes the most important terms of our capital stock, as they will be in effect following this offering. Because it is only a summary, it does not contain all the information that may be important to you. We expect to adopt an amended and restated certificate of incorporation and amended and restated bylaws that will become effective immediately prior to the completion of this offering, and this description summarizes provisions that are expected to be included in these documents. For a complete description, you should refer to our amended and restated certificate of incorporation, amended and restated bylaws, and our Rights Agreement, which are included as exhibits to the registration statement of which this prospectus forms a part, and to the applicable provisions of Delaware law.

本次发行完成后，我们的授权股本将包括 (a) 3,400,000,000 股普通股，每股面值 $0.000005，其中 (i) 3,000,000,000 股将被指定为 A 类普通股，每股面值 $0.000005，(ii) 200,000,000 股将被指定为 B 类普通股，每股面值 $0.000005，以及 (iii) 200,000,000 股将被指定为 C 类普通股，每股面值 $0.000005，以及 (b) 100,000,000 股未指定优先股，每股面值 $0.000005。

Upon the completion of this offering, our authorized capital stock will consist of (a) 3,400,000,000 shares of common stock, $0.000005 par value per share, of which (i) 3,000,000,000 shares will be designated as Class A common stock, $0.000005 par value per share, (ii) 200,000,000 shares will be designated as Class B common stock, $0.000005 par value per share, and (iii) 200,000,000 shares will be designated as Class C common stock, $0.000005 par value per share, and (b) 100,000,000 shares of undesignated preferred stock, $0.000005 par value per share.

假设截至 2024 年 12 月 31 日已发生股本转换、B 类转换、期权行权和 RSU 净额结算，则以下股份为流通在外：

Assuming the occurrence of the Capital Stock Conversion, the Class B Conversion, the Option Exercise, and the RSU Net Settlement as of December 31, 2024, there were outstanding:

- 300,657,406 股我们的 A 类普通股，由 391 名登记在册股东持有；

- 300,657,406 shares of our Class A common stock, held by 391 stockholders of record;

- 118,102,040 股我们的 B 类普通股，由 17 名登记在册股东持有；

- 118,102,040 shares of our Class B common stock, held by 17 stockholders of record;

- 无我们的 C 类普通股；

- no shares of our Class C common stock;

- 无优先股；

- no shares of preferred stock;

- 46,577,580 股我们的 A 类普通股可因行使股票期权而发行，加权平均行权价为每股 $1.75，其中 9,109,000 股可由我们的联合创始人在行权时选择交换为同等数量的我们的 B 类普通股；

- 46,577,580 shares of our Class A common stock issuable upon the exercise of stock options, with a weighted-average exercise price of $1.75 per share, of which 9,109,000 shares will be exchangeable for an equal number of shares of our Class B common stock at the election of our Co-Founders upon exercise;

- 14,982,220 股我们的 A 类普通股可因未归属 RSU 的归属和结算而发行；以及

- 14,982,220 shares of our Class A common stock issuable upon the vesting and settlement of RSUs outstanding; and

- 12,144,668 股我们的 A 类普通股可因行使购买我们的 A 类普通股的认股权证而发行，其中 7,807,282 股的行权价为每股 $0.0005，4,337,386 股的行权价等于常规认股权证行权价。

- 12,144,668 shares of our Class A common stock issuable upon the exercise of warrants to purchase shares of our Class A common stock, of which 7,807,282 had an exercise price of $0.0005 per share and 4,337,386 had an exercise price equal to the Regular Warrants Exercise Price.

我们目前没有发行任何 C 类普通股的计划。我们的董事会有权在无需股东批准的情况下（除非纳斯达克规则要求）发行额外的股本股份。

We have no current plans to issue any shares of our Class C common stock. Our board of directors is authorized, without stockholder approval except as required by the rules of Nasdaq, to issue additional shares of our capital stock.

普通股 Common Stock

我们有三类已授权普通股：A 类普通股、B 类普通股和 C 类普通股。A 类普通股、B 类普通股和 C 类普通股持有人的权利相同，但在投票权和转换权方面除外。

We have three series of authorized common stock: Class A common stock, Class B common stock, and Class C common stock. The rights of holders of shares of Class A common stock, Class B common stock, and Class C common stock are identical, except with respect to voting and conversion rights.

#### 股息权

#### Dividend Rights

在受限于当时可能适用于任何已发行优先股的优先权的前提下，如果我们的董事会自行决定宣派股息，则 A 类普通股、B 类普通股和 C 类普通股的持有人有权从合法可用资金中获得股息，且仅在我们董事会可能确定的时间和金额范围内获得。请参见标题为“股息政策”的章节。

Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of shares of our Class A common stock, Class B common stock, and Class C common stock are entitled to receive dividends out of funds legally available if our board of directors, in its discretion, determines to issue dividends and then only at the times and in the amounts that our board of directors may determine. See the section titled “Dividend Policy.”

#### 投票权

#### Voting Rights

对于提交股东投票表决的所有事项，A 类普通股持有人持有的每股 A 类普通股享有一票投票权，B 类普通股持有人持有的每股 B 类普通股享有十票投票权，C 类普通股持有人持有的每股 C 类普通股不享有投票权，但法律另有要求的除外。

Holders of shares of our Class A common stock are entitled to one vote for each share of our Class A common stock held on all matters submitted to a vote of stockholders, holders of our Class B common stock are entitled to ten votes for each share of our Class B common stock held on all matters submitted to a vote of stockholders, and holders of our Class C common stock are entitled to no votes for each share of our Class C common stock held on all matters submitted to a vote of stockholders, except as otherwise required by law.

本次发行完成及同步股份发行完成后，并假设承销商未行使超额配售选择权，我们的联合创始人、首席执行官、总裁兼董事会主席 Michael Intrator 将持有我们已发行股本约 37.5% 的投票权，我们的联合创始人、首席战略官兼董事会成员 Brian Venturo 将持有我们已发行股本约 23.5% 的投票权，我们的联合创始人兼首席开发官 Brannin McBee 将持有我们已发行股本约 19.0% 的投票权，该等投票权可能随着我们的联合创始人根据其股权交换权行使或结算并交换其持有的股权奖励而随时间增加。

Immediately following the completion of this offering and the concurrent share issuance, and assuming no exercise of the underwriters’ over-allotment option, Michael Intrator, our Co-Founder, Chief Executive Officer, President, and Chairman of our board of directors, will hold approximately 37.5% of the voting power of our outstanding capital stock, Brian Venturo, our Co-Founder, Chief Strategy Officer and a member of our board of directors, will hold approximately 23.5% of the voting power of our outstanding capital stock, and Brannin McBee, our Co-Founder and Chief Development Officer, will hold approximately 19.0% of the voting power of our outstanding capital stock, which voting power may increase over time upon the exercise or settlement and exchange of equity awards held by our Co-Founders pursuant to their Equity Exchange Rights.

如果我们的联合创始人截至 2024 年 12 月 31 日持有的所有可购买我们 A 类普通股的未行使股票期权均被行使，并根据股权交换权交换为同等数量的 B 类普通股，则在本次发行完成及同步股份发行完成后，Intrator 先生、Venturo 先生和 McBee 先生将分别持有我们已发行股本约 38.7%、26.0% 和 19.6% 的投票权。

If all stock options to purchase shares of our Class A common stock held by our Co-Founders outstanding as of December 31, 2024 were exercised and exchanged for an equal number of shares of our Class B common stock pursuant to the Equity Exchange Rights, then immediately following the completion of this offering and the concurrent share issuance, Mr. Intrator, Mr. Venturo, and Mr. McBee would hold approximately 38.7%, 26.0%, and 19.6%, respectively, of the voting power of our outstanding capital stock.

我们的 A 类普通股和 B 类普通股的持有人作为一个单一类别，就提交股东表决的所有事项（包括董事选举）共同投票，除非特拉华州法律另有要求。如果我们寻求以改变或变更某类股本的权利、优先权或特殊权利的方式修订我们的重述公司注册证书，且该修订对该类股本持有人产生不利影响，特拉华州法律可能要求我们的 A 类普通股、B 类普通股或 C 类普通股的持有人作为单一类别分别投票。

Holders of shares of our Class A common stock and Class B common stock vote together as a single class on all matters (including the election of directors) submitted to a vote of stockholders, unless otherwise required by Delaware law. Delaware law could require holders of our Class A common stock, Class B common stock, or Class C common stock to vote separately as a single class if we were to seek to amend our restated certificate of incorporation in a manner that alters or changes the powers, preferences, or special rights of a class of our capital stock in a manner that affected its holders adversely.

此外，我们的经修订和重述的公司注册证书将规定，对于我们的经修订和重述的公司注册证书的任何修订，如果该修订将改变 B 类普通股的权利、将任何 A 类普通股股份重新分类为优先于 B 类普通股的股份，或授权发行任何每股投票权超过一票的股本股份（B 类普通股除外），则需经我们的 B 类普通股持有人另行投票批准。我们的经修订和重述的公司注册证书（将在本次发行完成前立即生效）未规定董事选举的累积投票制。

In addition, our amended and restated certificate of incorporation will provide that a separate vote of the holders of our Class B common stock will be required in connection with any amendment to our amended and restated certificate of incorporation that would alter the rights of the Class B common stock, reclassify any shares of our Class A common stock into shares senior to the Class B common stock, or authorize the issuance of any shares of capital stock with voting rights greater than one vote per share (other than the Class B common stock). We have not provided for cumulative voting for the election of directors in our amended and restated certificate of incorporation that will become effective immediately prior to the completion of this offering.

#### 无优先认购权或类似权利

#### No Preemptive or Similar Rights

我们的 A 类普通股、B 类普通股和 C 类普通股不享有优先认购权，且不受赎回（下文“—C 系列优先股认沽权”所述的认沽权除外）或偿债基金条款的约束。

Our Class A common stock, Class B common stock, and Class C common stock are not entitled to preemptive rights and are not subject to redemption (except for the put-right described below under “—Series C Preferred Stock Put Right”) or sinking fund provisions.

#### 获得清算分配的权利

#### Right to Receive Liquidation Distributions

在我们清算、解散或清盘时，依法可供分配给股东的资产将在我们的 A 类普通股、B 类普通股和 C 类普通股以及当时流通的任何参与优先股的持有人之间按比例分配，但须事先清偿所有未偿债务和责任，并须满足任何流通优先股股份的优先权和清算优先权（如有）的支付。

Upon our liquidation, dissolution, or winding-up, the assets legally available for distribution to our stockholders would be distributable ratably among the holders of our Class A common stock, Class B common stock, and Class C common stock and any participating preferred stock outstanding at that time, subject to prior satisfaction of all outstanding debt and liabilities and the preferential rights of and the payment of liquidation preferences, if any, on any outstanding shares of preferred stock.

#### 转换

#### Conversion

B 类普通股。由联合创始人或若干获准关联方（合称“适用持有人”）持有的每一股已发行 B 类普通股，均可由相关联合创始人选择随时转换为一股 A 类普通股。此外，适用持有人持有的每一股 B 类普通股将在以下情形下自动转换为一股 A 类普通股：(i) 本次发行交割后发生的任何转让（无论是否有偿），但本公司经修订并重述的公司章程所述若干获准转让除外，包括向配偶、由该股东或其配偶担任受托人的信托，以及由联合创始人或其配偶独家拥有的合伙企业、公司和其他实体进行的转让；(ii) 董事会确定的日期，该日期不迟于相关联合创始人及其获准关联方所持 A 类普通股和 B 类普通股合计已发行股份（包括已发行期权或其他可转换证券对应的股份）首次低于本招股说明书所属注册声明获 SEC 宣布生效之日所持该等股份 50% 之日后的 61 天；(iii) 董事会确定的日期，该日期为董事会认定相关联合创始人不再作为高级管理人员、员工或顾问向我们提供占据其绝大部分工作时间和业务精力的服务（因该联合创始人无因解除雇佣关系而导致的除外）（“服务终止”）之日后的 61 天内；(iv) 相关联合创始人的雇佣关系因故被解除之日；以及 (v) 董事会确定的日期，该日期为相关联合创始人死亡或丧失行为能力后此类服务终止后的 61 天内。B 类普通股一经转换或转让并转换为 A 类普通股，即不再重新发行。

Class B Common Stock. Each outstanding share of our Class B common stock held by a Co-Founder or certain permitted affiliates (collectively, the “Applicable Holders”) is convertible at any time at the option of the applicable Co-Founder into one share of our Class A common stock. In addition, each share of our Class B common stock held by an Applicable Holder will convert automatically into one share of our Class A common stock (i) upon any transfer, whether or not for value, which occurs after the closing of this offering, except for certain permitted transfers described in our amended and restated certificate of incorporation, including transfers to spouses, trusts for which the stockholder or their spouse serves as trustee, and partnerships, corporations, and other entities exclusively owned by the Co-Founder or their spouse; (ii) upon the date fixed by the board of directors, which date will be no more than 61 days following the first date on which the applicable Co-Founder and his permitted affiliates hold less than 50% of the aggregate outstanding shares of our Class A common stock and Class B common stock (including shares underlying outstanding options or other convertible securities) held on the date on which the registration statement of which this prospectus forms a part is declared effective by the SEC; (iii) upon the date fixed by the board of directors following the first date the applicable Co-Founder is no longer providing services that occupy substantially all of his working time and business efforts to us as an officer, employee, or consultant, as determined by the board of directors (other than as a result of termination of such Co-Founder’s employment without cause) (a “Service Termination”), which date will be no more than 61 days following such Service Termination; (iv) upon the date the applicable Co-Founder’s employment is terminated for cause; and (v) upon the date fixed by the board of directors after the death or disability of the applicable Co-Founder, which date will be no more than 61 days following such Service Termination. Once converted or transferred and converted into our Class A common stock, the Class B common stock will not be reissued.

我们所有已发行的 B 类普通股将在以下较早日期自动转换为 A 类普通股：(x) 董事会确定的、不迟于本次发行七周年后 61 天的日期；(y) 经 B 类普通股已发行表决权三分之二 affirmative 表决所指定的日期；或 (z) Michael Intrator 服务终止后不超过 61 天的日期。转换完成后，每股 A 类普通股享有一票表决权，且所有已发行普通股持有人的权利将完全相同。B 类普通股一经转换为 A 类普通股，即不得重新发行。

All the outstanding shares of our Class B common stock will convert automatically into shares of our Class A common stock upon the earlier of (x) a date that is fixed by our board of directors that is no more than 61 days following the seventh anniversary of this offering, (y) the date specified by the affirmative vote of two-thirds of the outstanding voting power of the Class B common stock, or (z) no more than 61 days following Michael Intrator’s Service Termination. Following such conversion, each share of Class A common stock will have one vote per share and the rights of the holders of all outstanding common stock will be identical. Once converted into our Class A common stock, the Class B common stock may not be reissued.

C 类普通股。在我们 C 类普通股的全部已发行股份将在以下两项条件均满足后自动转换为我们的 A 类普通股股份：(a) 以下最早发生者：(i) 当时已发行的全部 B 类普通股转换为或交换为 A 类普通股股份，(ii) B 类自动转换，以及 (iii) 当时已发行的 B 类普通股多数股份持有人的赞成票；以及 (b) 由当时已发行的 A 类普通股多数股份持有人投票指定的日期和时间或事件发生之日。我们目前没有发行任何 C 类普通股的计划。

Class C Common Stock. All of the outstanding shares of our Class C common stock will automatically convert into shares of our Class A common stock following both (a) the earliest of (i) the conversion or exchange of all then-outstanding shares of our Class B common stock into or for shares of our Class A common stock, (ii) the Class B Automatic Conversion, and (iii) the affirmative vote of the holders of a majority of the then-outstanding shares of Class B common stock and upon (b) the date and time or occurrence of an event specified by the vote of the holders of a majority of the then-outstanding shares of Class A common stock. We have no current plans to issue any Class C common stock.

#### C 类普通股

#### Class C Common Stock

我们已授权但未发行的 C 类普通股股份，经董事会批准即可发行，无需股东批准，但纳斯达克规则另有要求的除外。我们目前没有发行任何 C 类普通股股份的计划。但是，我们未来可能为多种公司目的发行 C 类普通股股份，包括融资、收购、投资以及向我们的员工、顾问和董事提供股权激励。我们的 C 类普通股使我们能够灵活地进行上述操作，而不会稀释我们已发行的 A 类和 B 类普通股股份的现有投票权。由于我们的 C 类普通股不附带投票权（法律另有要求的除外），且未在交易所上市交易或未向 SEC 注册销售，因此与 A 类普通股股份相比，我们 C 类普通股股份的流动性可能较低，对未来这些股份的任何接收方的吸引力也可能较低，尽管我们未来可能会寻求将 C 类普通股股份上市交易并注册销售 C 类普通股股份。此外，由于我们的 C 类普通股不附带投票权（法律另有要求的除外），如果我们未来发行 C 类普通股股份，我们 B 类普通股的持有人可能能够持有重大投票控制权，并在比我们在该等交易中发行 A 类普通股股份而非 C 类普通股股份的情况下更长的期间内决定提交我们股东投票的大多数事项的结果。此外，如果我们未来发行 C 类普通股股份，该等发行将对我们的 A 类和 B 类普通股的经济利益产生稀释效应。

Our authorized but unissued shares of Class C common stock are available for issuance with the approval of our board of directors without stockholder approval, except as may be required by the rules of Nasdaq. We have no current plans to issue any shares of our Class C common stock. However, we may in the future issue shares of our Class C common stock for a variety of corporate purposes, including financings, acquisitions, investments, and equity incentives to our employees, consultants, and directors. Our Class C common stock provides us with the flexibility to do so without diluting the existing voting power of the outstanding shares of our Class A and Class B common stock. Because our Class C common stock carries no voting rights (except as otherwise required by law) and is not listed for trading on an exchange or registered for sale with the SEC, shares of our Class C common stock may be less liquid and less attractive to any future recipients of these shares than shares of our Class A common stock, although we may seek to list shares of our Class C common stock for trading and register shares of our Class C common stock for sale in the future. In addition, because our Class C common stock carries no voting rights (except as otherwise required by law), if we issue shares of our Class C common stock in the future, the holders of our Class B common stock may be able to hold significant voting control and determine the outcome of most matters submitted to a vote of our stockholders for a longer period of time than would be the case if we issued shares of our Class A common stock rather than shares of our Class C common stock in such transactions. In addition, if we issue shares of our Class C common stock in the future, such issuances would have a dilutive effect on the economic interests of our Class A and Class B common stock.

优先股 Preferred Stock

根据我们现行有效的经修订和重述的公司章程细则的规定，在本次发行完成时，我们目前每一股已发行的可转换优先股将自动转换为一股我们的 A 类普通股。本次发行完成后，将不再有任何已发行的可转换优先股。

Pursuant to the provisions of our amended and restated certificate of incorporation, as currently in effect, each currently outstanding share of our convertible preferred stock will automatically be converted into one share of our Class A common stock in connection with the completion of this offering. Following this offering, no shares of our convertible preferred stock will be outstanding.

本次发行完成后，我们的董事会将获授权，在特拉华州法律规定的限制下，发行一个或多个系列的优先股，不时确定每个系列所包含的股份数量，并确定每个系列股份的指定、权力、优先权和权利及其任何资格、限制或约束，在每种情况下均无需我们的股东进一步投票或采取行动。我们的董事会还可以增加或减少任何系列优先股的股份数量，但不得低于该系列当时已发行的股份数量，且无需我们的股东进一步投票或采取行动。我们已授权优先股的股份数量可由有权就此投票的我们股本持有人投票增加或减少（但不得低于其当时已发行的股份数量），而无需优先股持有人单独投票，无论《特拉华州普通公司法》第 242(b)(2)条的规定如何，除非根据任何适用的指定证书条款要求一个或多个系列的持有人单独投票。我们的董事会可授权发行具有投票权或转换权的优先股，该等权利可能对我们普通股持有人的投票权或其他权利产生不利影响。发行优先股虽在可能的收购和其他公司目的方面提供了灵活性，但除其他事项外，可能具有延迟、推迟或阻止我们控制权变更的效果，并可能对我们 A 类普通股的市场价格以及我们 A 类普通股、B 类普通股和 C 类普通股持有人的投票权和其他权利产生不利影响。我们目前没有发行任何优先股股份的计划。

Following this offering, our board of directors will be authorized, subject to limitations prescribed by Delaware law, to issue preferred stock in one or more series, to establish from time to time the number of shares to be included in each series, and to fix the designation, powers, preferences, and rights of the shares of each series and any of its qualifications, limitations, or restrictions, in each case without further vote or action by our stockholders. Our board of directors can also increase or decrease the number of shares of any series of preferred stock, but not below the number of shares of that series then outstanding, without any further vote or action by our stockholders. The number of authorized shares of our preferred stock may be increased or decreased (but not below the number of shares thereof then outstanding) by the vote of the holders of our capital stock entitled to vote thereon, without a separate vote of the holders of the preferred stock, irrespective of the provisions of Section 242(b)(2) of the DGCL, unless a separate vote of the holders of one or more series is required pursuant to the terms of any applicable certificate of designation. Our board of directors may authorize the issuance of preferred stock with voting or conversion rights that could adversely affect the voting power or other rights of the holders of our common stock. The issuance of preferred stock, while providing flexibility in connection with possible acquisitions and other corporate purposes, could, among other things, have the effect of delaying, deferring, or preventing a change in our control and might adversely affect the market price of our Class A common stock and the voting and other rights of the holders of our Class A common stock, Class B common stock, and Class C common stock. We have no current plan to issue any shares of preferred stock.

期权 Options

截至 2024 年 12 月 31 日，根据我们的 2019 年计划，我们有可购买合计 47,218,580 股 A 类普通股的未行使股票期权，加权平均行权价为每股 $1.74，其中 9,109,000 股可由我们的联合创始人在行权时选择交换为等数量的 B 类普通股。

As of December 31, 2024, we had outstanding stock options to purchase an aggregate of 47,218,580 shares of our Class A common stock under our 2019 Plan, with a weighted-average exercise price of $1.74 per share, of which 9,109,000 shares will be exchangeable for an equal number of shares of our Class B common stock at the election of our Co-Founders upon exercise.

就期权行权而言，641,000 股 A 类普通股将以现金行权，加权平均行权价为每股 $1.38。

In connection with the Option Exercise, 641,000 shares of our Class A common stock will be cash exercised, with a weighted-average exercise price of $1.38 per share.

认股权证 Warrants

截至 2024 年 12 月 31 日，我们有尚未行权的认股权证可购买 12,144,668 股 A 类普通股，其中 7,807,282 股的行权价为每股 $0.0005，4,337,386 股的行权价等于常规认股权证行权价。

As of December 31, 2024, we had outstanding warrants to purchase 12,144,668 shares of our Class A common stock, of which 7,807,282 had an exercise price of $0.0005 per share and 4,337,386 had an exercise price equal to the Regular Warrants Exercise Price.

限制性股票单位（RSU） RSUs

截至 2024 年 12 月 31 日，根据我们的 2019 年计划，我们存在尚未行权的 RSU，这些 RSU 可能以合计 15,454,720 股我们的 A 类普通股进行结算。在 2024 年 12 月 31 日之后，我们根据 2019 年计划授予了可能以合计 8,753,320 股我们的 A 类普通股进行结算的 RSU。

As of December 31, 2024, we had outstanding RSUs that may be settled for an aggregate of 15,454,720 shares of our Class A common stock under our 2019 Plan. After December 31, 2024, we granted RSUs that may be settled for an aggregate of 8,753,320 shares of our Class A common stock under our 2019 Plan.

就 RSU 净额结算而言，我们将发行 245,700 股我们的 A 类普通股，在扣留合计 226,800 股 A 类普通股以满足相关估计的预扣税和汇缴义务后。

In connection with the RSU Net Settlement, we will issue 245,700 shares of our Class A common, after withholding an aggregate of 226,800 shares of Class A common stock, to satisfy associated estimated tax withholding and remittance obligations.

注册权 Registration Rights

#### 权利协议

#### Rights Agreement

本次发行完成后，本公司 A 类普通股和 B 类普通股的若干持有人或其获准受让人将有权就其股份根据《证券法》进行注册登记享有相关权利。该等权利依据本公司权利协议（Rights Agreement）的条款提供，该协议系与本公司可转换优先股融资相关而订立，包括要求注册权、S-3 表格注册权及附带注册权。根据本公司权利协议进行的任何注册中，承销注册的全部费用、成本和开支将由本公司承担，全部出售费用，包括预计承销折扣、销售佣金、股票转让税以及任何持有人的律师费和支出，将由被注册股份的持有人承担，但本公司将支付向任何出售持有人提供的一名律师的合理费用和支出，不超过 $50,000。

Following the completion of this offering, certain holders of shares of our Class A common stock and Class B common stock or their permitted transferees will be entitled to rights with respect to the registration of their shares under the Securities Act. These rights are provided under the terms of our Rights Agreement, which was entered into in connection with our convertible preferred stock financings, and include demand registration rights, Form S-3 registration rights, and piggyback registration rights. In any registration made pursuant to our Rights Agreement, all fees, costs, and expenses of underwritten registrations will be borne by us and all selling expenses, including estimated underwriting discounts, selling commissions, stock transfer taxes, and fees and disbursements of counsel for any holder will be borne by the holders of the shares being registered, provided, however, that we will pay the reasonable fees and disbursements of one counsel to any selling holders not to exceed $50,000.

注册权在以下情形终止：(i) 本次发行完成后四年；(ii) 发生视为清算事件（定义见本公司现行有效的经修订和重述的公司章程）时；或 (iii) 就任何特定股东而言，在该股东能够根据《证券法》第 144 条或其任何后续规则在任何三个月期间内不受数量或销售方式限制地出售其全部可注册证券（定义见本公司权利协议）之时。

The registration rights terminate (i) four years following the completion of this offering, (ii) upon a deemed liquidation event (as defined in our amended and restated certificate of incorporation, as currently in effect), or (iii) with respect to any particular stockholder, at the time that such stockholder can sell all of its registrable securities (as defined in our Rights Agreement) without any restriction on volume or manner of sale in any three-month period pursuant to Rule 144 of the Securities Act or any successor rule thereto.

要求注册权

Demand Registration Rights

本次发行完成后，375,927,734 股本公司 A 类普通股的持有人将有权在本招股说明书构成其一部分的注册声明生效日期后 180 天后的任何时间要求注册权。根据本公司权利协议的条款，应代表当时享有本公司权利协议项下注册权的多数已发行股份的持有人请求，本公司须在切实可行的情况下尽快且无论如何在请求日期后 60 天内，提交 S-1 表格注册声明，以登记该等股份的全部或一部分以供公开转售，前提是所发售股份向公众的总价（扣除销售费用后）至少为 $10 million。根据本公司权利协议的该条款，本公司仅须完成两次注册。如果本公司董事会善意确定提交注册声明将对本公司产生重大不利影响，本公司可在任何 12 个月期间内推迟提交注册声明不超过一次，推迟期限不超过 90 天。在本公司权利协议规定的某些额外情形下，本公司无须完成要求注册。

Following the completion of this offering, holders of 375,927,734 shares of our Class A common stock will be entitled to demand registration rights at any time after 180 days after the effective date of the registration statement of which this prospectus forms a part. Under the terms of our Rights Agreement, we will be required, upon the request of holders representing a majority of the then-outstanding shares that are entitled to registration rights under our Rights Agreement, to file a registration statement on Form S-1 to register, as soon as practicable and in any event within 60 days of the date of the request, all or a portion of these shares for public resale, if the aggregate price to the public of the shares offered is at least $10 million, net of selling expenses. We are required to effect only two registrations pursuant to this provision of the Rights Agreement. We may postpone the filing of a registration statement no more than once during any 12-month period for a period of not more than 90 days if our board of directors determines in good faith that the filing would be materially detrimental to us. We are not required to effect a demand registration under certain additional circumstances specified in our Rights Agreement.

S-3 表格注册权

Form S-3 Registration Rights

本次发行完成后，持有 375,927,734 股 A 类普通股的持有人将享有 Form S-3 注册权。持有当时已发行且享有注册权股份至少 20%的持有人，可要求我们以 Form S-3 注册其全部或部分股份，前提是我们有资格提交 Form S-3 注册声明，且所发行股份向公众发行的总价至少为$4 million。该等持有人在任何 12 个月期间内最多仅可要求我们提交两份 Form S-3 注册声明。若我们的董事会认定提交该等文件将对我们造成重大不利影响，我们可在任何 12 个月期间内推迟提交 Form S-3 注册声明不超过一次，推迟期限不超过 90 天。

Following the completion of this offering, holders of 375,927,734 shares of our Class A common stock will be entitled to Form S-3 registration rights. The holders representing at least 20% of the then-outstanding shares having registration rights can request that we register all or part of their shares on Form S-3 if we are eligible to file a registration statement on Form S-3 and if the aggregate price to the public of the shares offered is at least $4 million. The holders may only require us to effect at most two registration statements on Form S-3 in any 12-month period. We may postpone the filing of a registration statement on Form S-3 no more than once during any 12-month period for a period of not more than 90 days if our board of directors determines that the filing would be materially detrimental to us.

附带注册权

Piggyback Registration Rights

若我们为公开出售而注册任何证券，持有 375,927,734 股 A 类普通股且享有注册权的持有人将有权将其股份纳入该注册声明。但是，该权利不适用于以下注册：与员工福利计划相关的注册、与 SEC Rule 145 交易相关的注册、采用任何不包含与涵盖我们普通股出售的注册声明所要求包含的信息实质相同的表格进行的注册，或仅注册作为同时注册的债务证券转换后可发行普通股的普通股的注册。任何包销发行的承销商若认定市场因素要求限制，将有权限制该等持有人注册的股份数量，在此情况下，将按各持有人有权纳入的证券总量在这些持有人之间按比例分配注册股份数量。但是，该等持有人注册的股份数量不得被减少：(i) 除非所有其他证券（我们拟出售的证券除外）首先被排除在本次发行之外，或 (ii) 低于注册声明所涵盖股份总数的 30%，首次公开发行（IPO）除外。

If we register any of our securities for public sale, holders of 375,927,734 shares of our Class A common stock having registration rights will have the right to include their shares in the registration statement. However, this right does not apply to a registration relating to employee benefit plans, a registration relating to an SEC Rule 145 transaction, a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of our common stock, or a registration in which the only common stock being registered is common stock issuable upon conversion of debt securities that are also being registered. The underwriters of any underwritten offering will have the right to limit the number of shares registered by these holders if they determine that marketing factors require limitation, in which case the number of shares to be registered will be apportioned pro rata among these holders, according to the total amount of securities entitled to be included by each holder. However, the number of shares to be registered by these holders cannot be reduced (i) unless all other securities (other than securities to be sold by us) are first excluded from this offering or (ii) below 30% of the total shares covered by the registration statement, other than in the IPO.

#### Magnetar 修订及重述注册权协议

#### Magnetar Amended and Restated Registration Rights Agreement

根据 Magnetar 注册权协议，Magnetar RRA 各方将享有根据《证券法》注册 Magnetar 可注册证券的权利。该等注册权将在本次发行完成后五年终止。

Pursuant to the Magnetar Registration Rights Agreement, the Magnetar RRA Parties will be entitled to rights with respect to the registration of the Magnetar Registrable Securities under the Securities Act. The registration rights will terminate five years following the completion of this offering.

Magnetar RRA 各方均与承销商签订了锁定期协议，据此，除其他事项外，其已同意，未经 Morgan Stanley 事先书面同意，在锁定期内不会就任何 A 类普通股或任何可转换为或可行使或可交换为我们 A 类普通股的证券的注册提出任何要求或行使任何权利。

Each of the Magnetar RRA Parties is subject to a lock-up agreement with the underwriters pursuant to which it has agreed, among other things, that without the prior written consent of Morgan Stanley, it will not make any demand for, or exercise any right with respect to, the registration of any shares of our Class A common stock or any security convertible into or exercisable or exchangeable for our Class A common stock during the Lock-up Period.

储架发行权

Shelf Takedown Rights

在任何储架注册声明生效日之后，Magnetar RRA 各方可随时并不时请求通过依据该储架注册声明注册的承销发行，出售全部或部分 Magnetar 可注册证券，其合计发行价格（扣除销售费用后）超过 $15 million，或构成 Magnetar RRA 各方当时持有的全部合计 Magnetar 可注册证券。我们须完成两次此类储架减持。

At any time and from time to time after the effective date of any shelf registration statement, the Magnetar RRA Parties may request to sell in an underwritten offering that is registered pursuant to the shelf registration statement all or a portion of the Magnetar Registrable Securities having an aggregate offering price in excess of $15 million, net of selling expenses, or otherwise constituting the total aggregate Magnetar Registrable Securities then held by the Magnetar RRA Parties. We are required to effect two such shelf takedowns.

要求注册权

Demand Registration Rights

根据经修订的 Magnetar 注册权协议，如我们在本次发行交割后收到 Magnetar RRA 各方的请求，我们将须在该请求后 45 天内提交 S-1 表格或 S-3 表格（如可用）注册声明（“初始储架”），以注册 Magnetar 可注册证券的转售，并须尽我们合理的最大努力促使初始储架在提交后尽快宣布生效，但不得晚于该请求后 75 天（如 SEC 通知我们其拟对初始储架进行审查，则为 90 天）。

Pursuant to the Magnetar Registration Rights Agreement, as amended, if we receive a request from the Magnetar RRA Parties following the closing of this offering, we will be required to file a registration statement on Form S-1 or Form S-3, if available (the “Initial Shelf”), to register the resale of the Magnetar Registrable Securities no later than 45 days following such request, and to use our reasonable best efforts to have the Initial Shelf declared effective as soon as practicable after the filing thereof, but no later than 75 days following such request (or 90 days if the SEC notifies us of its intention to review the Initial Shelf).

对于初始储架提交或生效的每延迟一个月，除 Magnetar 注册权协议规定的某些例外情形外，我们将须向 Magnetar RRA 各方支付一笔现金，作为部分约定违约金，金额等于 0.25% 乘以 2025 年票据和 2025 年可转换票据的合计本金金额；但就超过一年的任何延迟，该金额上限为该合计本金金额的 3.0%。

For each monthly delay in the filing or effectiveness of the Initial Shelf, subject to certain exceptions as provided in the Magnetar Registration Rights Agreement, we will be required to pay to the Magnetar RRA Parties an amount in cash, as partial liquidated damages, equal to the product of 0.25% multiplied by the aggregate principal amounts of the 2025 Notes and the 2025 Convertible Notes; provided that such amount will be capped at 3.0% of such aggregate principal amount for any delay beyond one year.

如在初始储架生效日后 180 天之后的任何时间，我们收到 Magnetar RRA 各方的请求，要求我们就 Magnetar 可注册证券提交 S-1 表格注册声明，且该等证券 (1) 预期合计发行价格（扣除销售费用后）超过 $15 million，或 (2) 构成全体 Magnetar RRA 各方当时持有的全部合计 Magnetar 可注册证券，则我们须尽快且在任何情况下于该请求发出之日起 60 天内，根据《证券法》提交 S-1 表格注册声明，涵盖提出初始请求的 Magnetar RRA 各方要求注册的全部 Magnetar 可注册证券，以及任何其他 Magnetar RRA 各方或我们证券的其他持有人根据其在要求通知发出之日起 20 天内向我们发出的通知要求纳入该注册声明的任何额外 Magnetar 可注册证券或同等证券，且在每种情况下均受 Magnetar 注册权协议规定的适用限制约束；但如我们在收到 Magnetar RRA 各方请求之日起 60 天内符合使用 S-3 表格注册声明的资格，我们可使用 S-3 表格注册声明代替 S-1 表格注册声明。

If at any time after the date that is 180 days after the effective date of the Initial Shelf, we receive a request from the Magnetar RRA Parties that we file a Form S-1 registration statement with respect to Magnetar Registrable Securities (1) having an anticipated aggregate offering price in excess of $15 million, net of selling expenses, or (2) constituting the total aggregate Magnetar Registrable Securities then held by all Magnetar RRA Parties, then we will, as soon as practicable, and in any event within 60 days after the date such request is given, file a Form S-1 registration statement under the Securities Act covering all Magnetar Registrable Securities that the initial requesting Magnetar RRA Parties requested to be registered and any additional Magnetar Registrable Securities or equivalent securities requested to be included in such registration statement by any other Magnetar RRA Parties, or other holders of our securities, as specified by notice given by the Magnetar RRA Parties or other holders to us within 20 days of the date the demand notice is given, and in each case, subject to applicable limitations provided in the Magnetar Registration Rights Agreement; provided that we may use a Form S-3 registration statement instead of a Form S-1 registration statement if we would qualify to use a Form S-3 registration statement within 60 days after the date on which the request from Magnetar RRA Parties is received.

此外，如果在我们有资格使用 S-3 表格注册声明的任何时候，我们收到持有 Magnetar 可登记证券的 Magnetar RRA 各方提出的请求，要求我们就发行在外、预计总发行价至少为 $5 million（扣除销售费用后净额）的 Magnetar 可登记证券提交 S-3 表格注册声明，则我们将尽快并在任何情况下于该请求发出之日起 45 天内，根据《证券法》提交 S-3 表格注册声明，涵盖 Magnetar RRA 各方或其他证券持有人按照其在要求通知发出之日起 20 天内向我们发出的通知所指定、请求纳入该注册声明的全部 Magnetar 可登记证券或同等证券，且在每种情况下均受 Magnetar 登记权协议中规定的适用限制的约束。

In addition, if at any time when we are eligible to use a Form S-3 registration statement, we receive a request from the Magnetar RRA Parties holding Magnetar Registrable Securities that we file a Form S-3 registration statement with respect to outstanding Magnetar Registrable Securities having an anticipated aggregate offering price of at least $5 million, net of selling expenses, then we will, as soon as practicable, and in any event within 45 days after the date such request is given, file a Form S-3 registration statement under the Securities Act covering all Magnetar Registrable Securities or equivalent securities requested to be included in such registration statement by the Magnetar RRA Parties or other holders of our securities, as specified by notice given by the Magnetar RRA Parties or other holders to us within 20 days of the date the demand notice is given, and in each case, subject to the applicable limitations provided in the Magnetar Registration Rights Agreement.

如果我们的董事会善意地认定提交注册声明会对我们造成重大不利影响，我们可在任何 12 个月期间内推迟提交 S-1 表格或 S-3 表格注册声明（包括初始储架注册声明）不超过一次，推迟期限不超过 60 天。

We may postpone the filing of a registration statement on Form S-1 or S-3, including the Initial Shelf, no more than once during any 12-month period for a period of not more than 60 days if our board of directors determines in good faith that the filing would be materially detrimental to us.

附带登记权

Piggyback Registration Rights

如果我们拟根据《证券法》登记我们的任何证券，或根据先前提交的注册声明（包括根据权利协议）完成承销发行，则除 Magnetar 登记权协议所述某些例外情形外，我们届时将及时向每一 Magnetar RRA 方发出有关该登记或承销发行的通知。应每一 Magnetar RRA 方在我们发出该通知后 20 天内提出的请求，我们将促使每一该等 Magnetar RRA 方请求纳入该登记的全部 Magnetar 可登记证券获得转售登记，和/或尽我们合理的最大努力将每一该等 Magnetar RRA 方请求纳入该承销发行的全部 Magnetar 可登记证券纳入其中。任何承销发行的承销商如认定营销因素要求限制，则有权限制该等持有人（包括 Magnetar RRA 各方）登记的股份数量，在此情况下，将按照各持有人有权纳入的证券总量在持有人之间按比例分配拟登记的股份数量；但除非所有其他证券首先被完全排除在承销之外，否则不得减少 Magnetar RRA 各方拟纳入该承销的 Magnetar 可登记证券数量。

If we propose to register any of our securities under the Securities Act or consummate an underwritten offering pursuant to a previously filed registration statement (including pursuant to the Rights Agreement), subject to certain exceptions as described in the Magnetar Registration Rights Agreement, we will, at such time, promptly give each Magnetar RRA Party notice of such registration or underwritten offering. Upon the request of each Magnetar RRA Party given within 20 days after such notice is given by us, we will cause to be registered for resale all of the Magnetar Registrable Securities that each such Magnetar RRA Party has requested to be included in such registration and/or use our reasonable best efforts to include all of the Magnetar Registrable Securities that each such Magnetar RRA Party has requested to be included in such underwritten offering. The underwriters of any underwritten offering will have the right to limit the number of shares registered by these holders, including the Magnetar RRA Parties, if they determine that marketing factors require limitation, in which case the number of shares to be registered will be apportioned pro rata among the holders, according to the total amount of securities entitled to be included by each holder; provided, that the number of Magnetar Registrable Securities held by the Magnetar RRA Parties to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting.

C 轮优先股认沽权 Series C Preferred Stock Put Right

29,874,066 股出售权股份受出售权约束，行使时点为以下两者中较早发生者之后的第一个交易日：(i) 2029 年 8 月 15 日，以及 (ii) 公开出售日，即本次发行交割两周年之日。行使出售权后，出售权股份持有人将有权从我们处收取相当于 C 轮原始发行价（Series C OIP）$38.95 的现金金额，合计支付金额为 $1.2 billion。本次发行交割日之后，C 轮可转换优先股股份不存在任何累计未付股息。

29,874,066 Put Shares are subject to the Put Right on the first trading day immediately after the earlier to occur of (i) August 15, 2029 and (ii) the Public Sale Date which would be on the second anniversary of the closing of this offering. Upon exercise of the Put Right, holders of the Put Shares would be entitled to receive from us an amount in cash equal to the Series C OIP of $38.95, representing an aggregate payment of $1.2 billion. There will be no accrued and unpaid dividends with respect to the shares of Series C convertible preferred stock following the date of closing of this offering.

出售权应在以下日期自动终止（按股份逐一计算）：(i) 该股份被公开转让、出售或转移之日，或 (ii) 在本次发行之后的任何时点且不晚于公开出售日期间，我们的 A 类普通股在任何连续 30 个交易日内的 20 日成交量加权平均价格至少达到 C 轮原始发行价的 175%，且在该期间 Coatue Management, L.L.C. 不受合同锁定期协议约束（第 (i) 项和第 (ii) 项合称“行权终止事件”）。

The Put Right shall automatically terminate (on a share by share basis) on the date on which (i) such share is assigned, sold, or transferred publicly or (ii) our Class A common stock has a 20 day volume-weighted average price in any consecutive 30 trading day period of at least 175% of the Series C OIP at any point following this offering and on or prior to the Public Sale Date during which Coatue Management, L.L.C. is not subject to a contractual lock-up agreement (clauses (i) and (ii) collectively, an “Exercise Termination Event”).

出售权股份持有人行使出售权后，(i) 我们将被视为向该持有人发行一份无担保票据，其受偿顺序优先于我们所有已发行权益证券，本金金额等于根据该出售权应向该持有人支付的金额，以履行其义务（每份称为“出售权票据”），该出售权票据应于公开出售日之后 15 日（“票据付款日”）到期应付，且 (ii) 相关出售权股份应被存入托管账户。出售权票据应自发行日起按其本金金额计息，年利率为 10%（按季度复利），但若我们未能在票据付款日或之前支付本金金额，则利率应提高至年利率 14%。若出售权票据未能在票据付款日或之前获得全额清偿，则应指示托管代理人或其他方自票据付款日起清算该托管账户中持有的股份，并按比例向未获清偿的行权持有人分配相关所得款项，该等分配所得款项应用于抵偿相关出售权票据项下的欠款。

Upon the exercise of a Put Right by a holder of Put Shares, (i) we will be deemed to issue an unsecured note senior in the right of payment to all our outstanding equity securities to such holder having a principal amount equal to the amount payable to such holder pursuant to such Put Right to satisfy its obligations (each, a “Put Note”), which Put Note shall be due and payable 15 days after the Public Sale Date (the “Note Payment Date”), and (ii) the applicable Put Shares shall be placed into an escrow account. The Put Note shall accrue interest on the principal amount thereof beginning on the date of issuance at a rate of 10% per annum (compounding quarterly), provided that the interest rate shall increase to 14% per annum if we fail to pay the principal amount on or before the Note Payment Date. In the event a Put Note is not fully satisfied on or prior to the Note Payment Date, the escrow agent or other party shall be instructed to liquidate the shares held in such escrow account commencing on the Note Payment Date and distribute the proceeds in respect thereof ratably to the unsatisfied exercising holders, which distributed proceeds shall be applied against the amounts owing in respect of the applicable Put Notes.

若 (i) 在公开出售日之前发生对我们的出售，且 (ii) 尚未发生行权终止事件，则仍持有出售权股份的我们的 A 类普通股持有人有权在该出售交易中获得以下两者中的较高者：(x) 我们的 A 类普通股持有人在该出售交易中有权获得的每股对价，以及 (y) 相当于每股 C 轮原始发行价的现金金额。

If (i) there is a sale of us prior to the Public Sale Date and (ii) there has not yet occurred an Exercise Termination Event, the holders of our Class A common stock still holding Put Shares shall be entitled in such sale transaction to receive the greater of (x) the consideration received per share the holders of our Class A common stock are entitled to receive in such sale transaction and (y) an amount in cash equal to the Series C OIP per share.

反收购条款 Anti-Takeover Provisions

《特拉华州普通公司法》（DGCL）的规定、我们经修订和重述的公司章程以及我们经修订和重述的公司细则（该等文件将在本次发行完成前立即生效）可能会产生延迟、推迟或阻止他人取得我们公司控制权的效果。下述该等规定预计将抑制某些类型的强制性收购行为和不当收购要约，并促使寻求取得我们公司控制权的人士首先与我们的董事会进行协商。我们认为，增强对我们与不友好或主动提出收购的收购方进行协商的潜在能力的保护所带来的益处，超过因抑制收购我们的提议而产生的不利之处，因为就该等提议进行协商可能会改善其条款。

The provisions of the DGCL, our amended and restated certificate of incorporation, and our amended and restated bylaws that will become effective immediately prior to the completion of this offering could have the effect of delaying, deferring, or discouraging another person from acquiring control of our company. These provisions, which are summarized below, are expected to discourage certain types of coercive takeover practices and inadequate takeover bids and encourage persons seeking to acquire control of our company to first negotiate with our board of directors. We believe that the benefits of increased protection of our potential ability to negotiate with an unfriendly or unsolicited acquirer outweigh the disadvantages of discouraging a proposal to acquire us because negotiation of these proposals could result in an improvement of their terms.

#### 特拉华州法律

#### Delaware Law

我们受《特拉华州普通公司法》第 203 条（规范公司收购）的约束。一般而言，第 203 条禁止一家公开上市的特拉华州公司在某股东成为“利益相关股东”之后的三年内与该“利益相关股东”进行“业务合并”，除非该业务合并以规定方式获得批准。根据第 203 条，公司与利益相关股东之间的业务合并被禁止，除非其满足下列条件之一：

We are subject to the provisions of Section 203 of the DGCL regulating corporate takeovers. In general, Section 203 prohibits a publicly held Delaware corporation from engaging in a “business combination” with an “interested stockholder” for a three-year period following the time that this stockholder becomes an interested stockholder, unless the business combination is approved in a prescribed manner. Under Section 203, a business combination between a corporation and an interested stockholder is prohibited unless it satisfies one of the following conditions:

- 在该股东成为利益相关股东之前，我们的董事会已批准该业务合并或导致该股东成为利益相关股东的交易；

- before the stockholder became interested, our board of directors approved either the business combination or the transaction, which resulted in the stockholder becoming an interested stockholder;

- 在导致该股东成为利益相关股东的交易完成时，该利益相关股东拥有公司在该交易开始时已发行有表决权股票的至少 85%，但在确定已发行有表决权股票时，不包括由同时担任董事和高管的人士所拥有的股份，以及在某些情况下的员工持股计划中的股份，但不包括该利益相关股东所拥有的已发行有表决权股票；或

- upon consummation of the transaction, which resulted in the stockholder becoming an interested stockholder, the interested stockholder owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, excluding for purposes of determining the voting stock outstanding, shares owned by persons who are directors and also officers, and employee stock plans in some instances, but not the outstanding voting stock owned by the interested stockholder; or

- 在该股东成为利益相关股东之时或之后，该业务合并经我们的董事会批准，并在股东年度会议或特别会议上经至少三分之二的、非由该利益相关股东所拥有的已发行有表决权股票的赞成票授权。

- at or after the time the stockholder became interested, the business combination was approved by our board and authorized at an annual or special meeting of the stockholders by the affirmative vote of at least two-thirds of the outstanding voting stock, which is not owned by the interested stockholder.

第 203 条将业务合并定义为包括：

Section 203 defines a business combination to include:

- 涉及公司与该利益相关股东的任何合并或整合；

- any merger or consolidation involving the corporation and the interested stockholder;

- 涉及该利益相关股东的对公司 10% 或以上资产的任何出售、转让、租赁、质押或其他处置；

- any sale, transfer, lease, pledge, or other disposition involving the interested stockholder of 10% or more of the assets of the corporation;

- 除例外情形外，任何导致公司向该利益相关股东发行或转让公司任何股票的交易；

- subject to exceptions, any transaction that results in the issuance of transfer by the corporation of any stock of the corporation to the interested stockholder;

- 除例外情形外，任何涉及公司的、具有增加该利益相关股东实益拥有的公司任何类别或系列股票比例效果的交易；以及

- subject to exceptions, any transaction involving the corporation that has the effect of increasing the proportionate share of the stock of any class or series of the corporation beneficially owned by the interested stockholder; and

- 利害关系股东获得由公司或通过公司提供的任何贷款、预付款、担保、质押或其他财务利益。

- the receipt by the interested stockholder of the benefit of any loans, advances, guarantees, pledges, or other financial benefits provided by or through the corporation.

一般而言，第 203 条将利害关系股东定义为任何实益拥有公司已发行有表决权股份 15% 或以上的实体或个人，以及与该实体或个人存在关联关系、控制该实体或个人或受该实体或个人控制的任何实体或个人。

In general, Section 203 defines an interested stockholder as any entity or person beneficially owning 15% or more of the outstanding voting stock of the corporation and any entity or person affiliated with or controlling or controlled by the entity or person.

**经修订和重述的公司章程及经修订和重述的公司细则条款**

**Amended and Restated Certificate of Incorporation and Amended and Restated Bylaw Provisions**

我们将在本次发行完成前立即生效的经修订和重述的公司章程及经修订和重述的公司细则将包含若干条款，这些条款可能具有阻止敌意收购，或延迟或阻止我们管理团队的控制权变更，或我们董事会、治理或政策变更的效果，包括以下各项：

Our amended and restated certificate of incorporation and our amended and restated bylaws that will become effective immediately prior to the completion of this offering will include a number of provisions that may have the effect of deterring hostile takeovers, or delaying or preventing changes in control of our management team or changes in our board of directors or our governance or policy, including the following:

- 多类别普通股。如标题为“—普通股—表决权”一节所述，我们经修订和重述的公司章程将规定多类别普通股结构，据此，我们 B 类普通股的持有人可能对提交股东批准的事项的结果产生重大影响，即使其拥有的股份远低于我们已发行普通股的多数，这些事项包括董事选举和重大公司交易，例如合并或其他出售我们公司或其资产的行为。我们的联合创始人将有能力对这些事项施加重大影响。

- Multi-Class Common Stock. As described above in the section titled “—Common Stock—Voting Rights,” our amended and restated certificate of incorporation will provide for a multi-class common stock structure pursuant to which holders of our Class B common stock may have significant influence over the outcome of matters submitted to our stockholders for approval, even if they own significantly less than a majority of the shares of our outstanding common stock, including the election of directors and significant corporate transactions, such as a merger or other sale of our company or its assets. Our Co-Founders will have the ability to exercise significant influence over those matters.

- 董事会空缺。我们经修订和重述的公司章程及经修订和重述的公司细则将一般仅授权我们的董事会填补因任何原因产生的或由董事会扩员产生的空缺董事职位。此外，构成我们董事会的董事人数只能由经我们全体董事会多数票通过的决议确定。这些条款可防止股东通过扩大董事会规模并以自身提名人选填补由此产生的空缺来获得对我们董事会的控制权。

- Board of Directors Vacancies. Our amended and restated certificate of incorporation and our amended and restated bylaws will authorize generally only our board of directors to fill vacant directorships resulting from any cause or created by the expansion of our board of directors. In addition, the number of directors constituting our board of directors may be set only by resolution adopted by a majority vote of our entire board of directors. These provisions prevent a stockholder from increasing the size of our board of directors and gaining control of our board of directors by filling the resulting vacancies with its own nominees.

- 分类董事会。我们经修订和重述的公司章程及经修订和重述的公司细则将规定，我们的董事会分为三类董事。分类董事会的存在可能使成功的要约收购方延迟获得对我们董事会的多数控制权，而这种延迟的前景可能阻止潜在要约方。有关更多信息，请参见标题为“管理层—分类董事会”一节。

- Classified Board. Our amended and restated certificate of incorporation and our amended and restated bylaws will provide that our board of directors is classified into three classes of directors. The existence of a classified board of directors could delay a successful tender offeror from obtaining majority control of our board of directors, and the prospect of that delay might deter a potential offeror. For additional information, see the section titled “Management—Classified Board of Directors.”

- 仅可因故罢免董事。我们经修订和重述的公司章程将规定，股东仅可因故罢免董事，且仅需经当时已发行股本表决权至少三分之二的持有人投赞成票。

- Directors Removed Only for Cause. Our amended and restated certificate of incorporation will provide that stockholders may remove directors only for cause and only by the affirmative vote of the holders of at least two-thirds of the voting power of the then-outstanding capital stock.

- 修订我们的经修订和重述的公司章程及经修订和重述的章程细则所需的绝对多数要求。我们的经修订和重述的公司章程将进一步规定，修订我们的经修订和重述的公司章程的某些条款，包括与分类董事会、董事会规模、董事罢免、特别会议以及书面同意行动有关的条款，须经当时所有已发行股本股份表决权至少三分之二的持有人投赞成票。

- Supermajority Requirements for Amendments of Our Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws. Our amended and restated certificate of incorporation will further provide that the affirmative vote of holders of at least two-thirds of the voting power of all of the then outstanding shares of capital stock will be required to amend certain provisions of our amended and restated certificate of incorporation, including provisions relating to the classified board, the size of our board of directors, removal of directors, special meetings, and actions by written

修订或废止我们的经修订和重述的章程细则，须经当时所有已发行股本股份表决权至少三分之二的持有人投赞成票，尽管我们的经修订和重述的章程细则可由我们的董事会以简单多数票修订。此外，对于我们的董事会批准并提交股东通过的经修订和重述的章程细则任何条款的任何拟议通过、修订或废止，如果我们的董事会三分之二成员选择将经修订和重述的章程细则任何条款的该等通过、修订或废止提交我们的股东通过，则通过、修订或废止我们的经修订和重述的章程细则任何条款仅需当时所有已发行股本股份表决权的多数投赞成票。

consent. The affirmative vote of holders of at least two-thirds of the voting power of all of the then outstanding shares of capital stock will be required to amend or repeal our amended and restated bylaws, although our amended and restated bylaws may be amended by a simple majority vote of our board of directors. Additionally, in the case of any proposed adoption, amendment, or repeal of any provisions of the amended and restated bylaws that is approved by our board of directors and submitted to the stockholders for adoption, if two-thirds of our board of directors elects to submit such adoption, amendment, or repeal of any provisions of our amended and restated bylaws to our stockholders for adoption, then only the affirmative vote of a majority of the voting power of all of the then outstanding shares of capital stock shall be required to adopt, amend, or repeal any provision of our amended and restated bylaws.

- 股东行动；股东特别会议。我们的经修订和重述的公司章程将规定，我们的股东不得以书面同意方式采取行动，而只能在我们的股东年度会议或特别会议上采取行动；但前提是，只要当时已发行的 B 类普通股全部股份的表决权占我们当时已发行股本全部股份合计表决权的多数以上，则经我们当时已发行股本全部股份表决权多数的股东书面同意采取股东行动是允许的。因此，除前述当时已发行 B 类普通股多数股份的持有人外，我们的股本持有人将无法在不按照我们的经修订和重述的章程细则召开股东会议的情况下修订我们的经修订和重述的章程细则或罢免董事。我们的经修订和重述的公司章程及我们的经修订和重述的章程细则将规定，我们的股东特别会议只能由我们的董事会多数成员、我们的董事会主席、我们的首席执行官或我们的首席独立董事召集，从而禁止股东召集特别会议。这些条款可能会延迟我们的股东强制审议提案或股东采取任何行动（包括罢免董事）的能力。

- Stockholder Action; Special Meetings of Stockholders. Our amended and restated certificate of incorporation will provide that our stockholders may not take action by written consent but may only take action at annual or special meetings of our stockholders; provided that stockholder action by written consent of a majority of the voting power of all then-outstanding shares of our capital stock is permitted so long as the voting power of all then-outstanding shares of Class B common stock represents greater than a majority of the combined voting power of all then-outstanding shares of our capital stock. As a result, holders of our capital stock, other than holders of a majority of then-outstanding shares of Class B common stock as previously described, would not be able to amend our amended and restated bylaws or remove directors without holding a meeting of our stockholders called in accordance with our amended and restated bylaws. Our amended and restated certificate of incorporation and our amended and restated bylaws will provide that special meetings of our stockholders may be called only by a majority of our board of directors, the chairperson of our board of directors, our chief executive officer, or our lead independent director, thus prohibiting a stockholder from calling a special meeting. These provisions might delay the ability of our stockholders to force consideration of a proposal or for stockholders to take any action, including the removal of directors.

- 股东提案与董事提名的提前通知要求。我们经修订和重述的章程将规定提前通知程序，供寻求在年度股东大会上提出事项或提名董事候选人的股东遵循。我们经修订和重述的章程还将就股东通知的形式和内容规定某些要求。这些条款可能使我们的股东无法在年度股东大会上提出事项或提名董事。我们预计，这些条款还可能阻碍或阻止潜在收购方进行委托书征集以选举其自行提名的董事人选，或以其他方式试图取得对我们公司的控制权。

- Advance Notice Requirements for Stockholder Proposals and Director Nominations. Our amended and restated bylaws will provide advance notice procedures for stockholders seeking to bring business before our annual meeting of stockholders or to nominate candidates for election as directors at our annual meeting of stockholders. Our amended and restated bylaws also will specify certain requirements regarding the form and content of a stockholder’s notice. These provisions may preclude our stockholders from bringing matters before our annual meeting of stockholders or from making nominations for directors at our annual meeting of stockholders. We expect that these provisions might also discourage or deter a potential acquirer from conducting a solicitation of proxies to elect the acquirer’s own slate of directors or otherwise attempting to obtain control of our company.

- 无累积投票制。《特拉华州普通公司法》（DGCL）规定，除非公司章程另有规定，股东在董事选举中无权累积投票。我们经修订和重述的公司章程和经修订和重述的章程将不规定累积投票制。

- No Cumulative Voting. The DGCL provides that stockholders are not entitled to the right to cumulate votes in the election of directors unless a corporation’s certificate of incorporation provides otherwise. Our amended and restated certificate of incorporation and amended and restated bylaws will not provide for cumulative voting.

- 发行未指定优先股。我们预计，在提交经修订和重述的公司章程后，我们的董事会将有权在无需股东进一步行动的情况下，发行最多 100,000,000 股未指定优先股，其权利和优先权（包括投票权）由我们的董事会不时指定。已授权但未发行的优先股的存在，使我们的董事会能够使通过合并、要约收购、委托书争夺或其他方式取得对我们控制权的尝试变得更加困难或予以阻止。

- Issuance of Undesignated Preferred Stock. We anticipate that after the filing of our amended and restated certificate of incorporation, our board of directors will have the authority, without further action by the stockholders, to issue up to 100,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by our board of directors. The existence of authorized but unissued shares of preferred stock enables our board of directors to render more difficult or to discourage an attempt to obtain control of us by means of a merger, tender offer, proxy contest or otherwise.

- 管辖法院的选择。此外，我们经修订和重述的章程将规定，在法律允许的最大范围内，特拉华州衡平法院将作为以下事项的专属管辖法院：代表我们提起的任何派生诉讼或程序；主张违反信义义务的任何诉讼；主张依据 DGCL、我们经修订和重述的公司章程或我们经修订和重述的章程对我们提出索赔的任何诉讼；主张对我们提出索赔的任何诉讼

- Choice of Forum. In addition, our amended and restated bylaws will provide that, to the fullest extent permitted by law, the Court of Chancery of the State of Delaware will be the exclusive forum for any derivative action or proceeding brought on our behalf; any action asserting a breach of fiduciary duty; any action asserting a claim against us arising pursuant to the DGCL, our amended and restated certificate of incorporation or our amended and restated bylaws; any action asserting a claim against us

该等诉讼由内部事务原则管辖，或主张《特拉华州普通公司法》（DGCL）所定义的“公司内部索赔”；或任何旨在解释、适用、执行或判定经修订和重述的公司章程或经修订和重述的公司细则之效力的诉讼。其他公司公司章程中类似法院选择条款的可执行性曾在法律诉讼中受到质疑，法院有可能认定此类条款不适用或不可执行。我们经修订和重述的公司细则还将包含一项联邦法院条款。尽管无法保证联邦法院或州法院会遵循特拉华州最高法院近期的裁定（该裁定认定此类条款根据特拉华州法律在表面上有效），也无法保证法院会在特定案件中认定联邦法院条款应予执行，但联邦法院条款的适用意味着，我们的股东为执行《证券法》所创设的任何义务或责任而提起的诉讼必须在联邦法院提起，不能向州法院提起。由于《证券法》第 22 条就为执行《证券法》或其项下规则和条例所创设的任何义务或责任而提起的所有诉讼，赋予联邦法院和州法院并行管辖权，因此法院是否会执行该条款存在不确定性。此外，《交易法》第 27 条就为执行《交易法》或其项下规则和条例所创设的任何义务或责任而提起的所有索赔，赋予联邦法院专属管辖权。此外，联邦法院条款在法律允许的最大范围内适用于为执行《交易法》所创设的任何义务或责任而提起的诉讼。因此，我们的股东为执行《交易法》或其项下规则和条例所创设的任何义务或责任而提起的诉讼必须在联邦法院提起。我们的股东不应被视为已放弃我们遵守联邦证券法及其项下颁布的法规。任何购买或以其他方式取得或持有我们任何证券权益的个人或实体，均应被视为已注意到并同意我们的专属法院条款，包括联邦法院条款。该等条款可能限制股东就其与我们或我们的董事、高级管理人员或其他员工之间的争议选择司法法院提起诉讼的能力，这可能抑制针对我们及我们的董事、高级管理人员和其他员工的诉讼。如果法院在某一诉讼中认定我们经修订和重述的公司细则中的联邦法院条款不适用或不可执行，我们可能因在其他司法管辖区解决争议而产生进一步的大额额外费用，所有这些都可能损害我们的业务。

that is governed by the internal affairs doctrine or asserting an “internal corporate claim,” as defined by the DGCL; or any to interpret, apply, enforce, or determine the validity of the amended and restated certificate of incorporation or amended and restated bylaws. The enforceability of similar choice of forum provisions in other companies’ certificates of incorporation has been challenged in legal proceedings, and it is possible that a court could find these types of provisions to be inapplicable or unenforceable. Our amended and restated bylaws will also contain a Federal Forum Provision. While there can be no assurance that federal or state courts will follow the holding of the Supreme Court of the State of Delaware which recently found that such provisions are facially valid under Delaware law or determine that the Federal Forum Provision should be enforced in a particular case, application of the Federal Forum Provision means that suits brought by our stockholders to enforce any duty or liability created by the Securities Act must be brought in federal court and cannot be brought in state court. As Section 22 of the Securities Act creates concurrent jurisdiction for federal and state courts over all suits brought to enforce any duty or liability created by the Securities Act or the rules and regulations thereunder, there is uncertainty as to whether a court would enforce such provision. Further, Section 27 of the Exchange Act creates exclusive federal jurisdiction over all claims brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. In addition, the Federal Forum Provision applies, to the fullest extent permitted by law, to suits brought to enforce any duty or liability created by the Exchange Act. Accordingly, actions by our stockholders to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder must be brought in federal court. Our stockholders will not be deemed to have waived our compliance with the federal securities laws and the regulations promulgated thereunder. Any person or entity purchasing or otherwise acquiring or holding any interest in any of our securities shall be deemed to have notice of and consented to our exclusive forum provisions, including the Federal Forum Provision. These provisions may limit a stockholder’s ability to bring a claim in a judicial forum of their choosing for disputes with us or our directors, officers, or other employees, which may discourage lawsuits against us and our directors, officers, and other employees. If a court were to find the Federal Forum Provision in our amended and amended and restated bylaws to be inapplicable or unenforceable in an action, we may incur further significant additional costs associated with resolving the dispute in other jurisdictions, all of which could harm our business.

过户代理与登记机构 Transfer Agent and Registrar

我们 A 类普通股和 B 类普通股的过户代理及登记机构为 Computershare Trust Company, N.A.。过户代理地址为 150 Royall Street, Canton, Massachusetts 02021。

The transfer agent and registrar for our Class A common stock and Class B common stock is Computershare Trust Company, N.A. The transfer agent’s address is 150 Royall Street, Canton, Massachusetts 02021.

交易所上市 Exchange Listing

我们已获准在纳斯达克上市我们的 A 类普通股，股票代码为“CRWV”。

We have been approved to list our Class A common stock on Nasdaq the under the symbol “CRWV.”

未来可出售股份 Shares Eligible for Future Sale

在本次发行之前，我们的 A 类普通股不存在公开市场，我们无法预测我们的 A 类普通股的市场销售或可供出售的 A 类普通股股份的可获得性，对我们 A 类普通股不时 prevailing 的市场价格可能产生的影响（如有）。

Before this offering, there has been no public market for our Class A common stock, and we cannot predict the effect, if any, that market sales of shares of our Class A common stock or the availability of shares of our Class A common stock for sale will have on the market price of our Class A common stock prevailing from time to time.

然而，在本次发行及同步股份发行之后，在公开市场上大量出售我们的 A 类普通股（包括行使未行使的股票期权或结算 RSU 时发行的股份），或这些出售或发行发生的可能性，可能会对不时 prevailing 的市场价格产生不利影响，并可能损害我们筹集股权资本的能力。

Nevertheless, sales of substantial amounts of our Class A common stock, including shares issued upon exercise of outstanding stock options or settlement of RSUs, in the public market following this offering and the concurrent share issuance, or the possibility of these sales or issuances occurring, could adversely affect market prices prevailing from time to time and could impair our ability to raise equity capital.

在本次发行及同步股份发行完成后，基于截至 2024 年 12 月 31 日我们已发行的 464,099,446 股股本，并在使以下事项生效后：(i) 我们经修订和重述的公司章程的提交和生效（该等事项将在本次发行完成之前立即发生），(ii) 股本转换，(iii) B 类转换，(iv) 期权行使，以及 (v) RSU 净额结算，我们将合计拥有 345,997,406 股已发行的 A 类普通股、118,102,040 股已发行的 B 类普通股，以及 0 股已发行的 C 类普通股。在这些已发行股份中，本次发行中出售的所有 A 类普通股股份均可自由交易，但我们的关联方（该术语在《证券法》第 144 条中定义）在本次发行中购买的任何股份，只能按照下述第 144 条的限制进行出售。此外，我们可能会不时与本次发行中的部分投资者签订单独的锁定期协议。这些单独的锁定期协议可能规定的受限期限长于上述适用于管理层持有人以外现有股东的期限。如果本次发行中出售的某些股份存在单独的锁定期协议，则在上述锁定期协议期限内，我们可在公开市场上出售的股份将减少。

Upon the completion of this offering and the concurrent share issuance, based on the 464,099,446 shares of our capital stock outstanding as of December 31, 2024, and after giving effect to (i) the filing and effectiveness of our amended and restated certificate of incorporation, which will occur immediately prior to the completion of this offering, (ii) the Capital Stock Conversion, (iii) the Class B Conversion, (iv) the Option Exercise and (v) the RSU Net Settlement, we will have a total of 345,997,406 shares of our Class A common stock outstanding, 118,102,040 shares of our Class B common stock outstanding, and no shares of our Class C common stock outstanding. Of these outstanding shares, all of the shares of our Class A common stock sold in this offering will be freely tradable, except that any shares purchased in this offering by our affiliates, as that term is defined in Rule 144 under the Securities Act, only would be able to be sold in compliance with the Rule 144 limitations described below. In addition, we may, from time to time, enter into separate lock-up agreements with some of the investors in this offering. These separate lock-up agreements may provide for a restricted period that is longer than the period described above that is applicable to existing stockholders other than the Management Holders. If there is a separate lock-up agreement on certain shares sold in this offering, our shares available for sale in the public market will be reduced during the term of these lock-up agreements.

我们 A 类普通股和 B 类普通股的其余已发行股份，包括将在同步股份发行中发行的 A 类普通股股份，将被视为第 144 条所定义的“受限证券”。受限证券只有在根据《证券法》进行注册，或符合《证券法》下颁布的第 144 条或第 701 条规定的注册豁免条件时，方可在公开市场上出售，这些规则概述如下。本次发行完成后，将不会有已发行的 C 类普通股股份。

The remaining outstanding shares of our Class A common stock and Class B common stock, including the shares of Class A common stock to be issued in the concurrent share issuance, will be deemed “restricted securities” as defined in Rule 144. Restricted securities may be sold in the public market only if they are registered under the Securities Act or if they qualify for an exemption from registration under Rule 144 or Rule 701 promulgated under the Securities Act, which rules are summarized below. There will be no shares of Class C common stock outstanding upon the completion of this offering.

由于本招股说明书中所述的锁定期协议和市场禁售协议、以及标题为“股本说明——登记权”一节中所述我们权利协议的规定，并在遵守 Rule 144 或 Rule 701 规定的前提下，我们的普通股将按以下方式在公开市场可供出售：

As a result of the lock-up and market standoff agreements described herein and the provisions of our Rights Agreement described in the section titled “Description of Capital Stock—Registration Rights,” and subject to the provisions of Rule 144 or Rule 701, shares of our common stock will be available for sale in the public market as follows:

最早可在公开市场出售的日期 · 普通股股数 在我们公开发布本招股说明书所载财务报表对应最近期间之后第一个季度财报后的第二个交易日收盘时；前提是，在包含至少一天落在首次发行后财报发布日之后的连续十个交易日期间内，我们的 A 类普通股在纳斯达克任意五个交易日的收盘价至少比本招股说明书封面所载的每股首次公开发行价格高出 25%。 · 约 963,140 股。包括我们现任员工及其他服务提供者持有的股份（不包括管理层持有人和董事）。包括上述所有可供出售股份。

Earliest Date Available for Sale in the Public Market · Number of Shares of Common Stock The close of trading on the second trading day immediately following our public release of earnings for the first quarter following the most recent period for which financial statements are included in this prospectus; provided that the closing price of our Class A common stock on Nasdaq for any five trading days out of the ten consecutive trading day period including at least one day occurring after the Initial Post-Offering Earnings Release Date is at least 25% greater than the initial public offering price per share set forth on the cover page of this prospectus. · Approximately 963,140 shares. Includes shares held by our current employees and other service providers (excluding the Management Holders and directors). Includes all available for sale shares described above.

最早可在公开市场出售的日期 · 普通股股数 以下两者中的较早者：(i) 在我们公开发布本招股说明书所载财务报表对应最近期间之后第二个季度财报后的第二个交易日收盘时，以及 (ii) 本招股说明书日期后第 180 天。 · 我们股东持有的此前不具备出售资格的全部剩余股份，但须遵守下文所述适用于 Rule 144 项下“关联方”的成交量限制。

Earliest Date Available for Sale in the Public Market · Number of Shares of Common Stock The earlier of (i) the close of trading on the second trading day immediately following our public release of earnings for the second quarter following the most recent period for which financial statements are included in this prospectus and (ii) the 180th day after the date of this prospectus. · All remaining shares held by our stockholders not previously eligible for sale, subject to volume limitations applicable to “affiliates” under Rule 144 as described below.

此外，根据锁定期协议和市场禁售协议的某些例外情形，在锁定期内，最多约 727,342 股我们的 A 类普通股将有资格在公开市场通过卖出补税交易出售，以满足代扣代缴税款义务。我们预计这些 RSU 的结算将于 2025 年 6 月 25 日开始，并根据接收人的入职日期按既定安排归属。此外，因该等代扣代缴税款义务而有资格在公开市场出售的我们 A 类普通股的确切股数，可能因我们股东的个人税率而有所不同。

In addition, pursuant to certain exceptions to the lock-up agreements and market standoff agreements, up to approximately 727,342 shares of our Class A common stock will be eligible for sale in the open market during the Lock-up Period in sell-to-cover transactions in order to satisfy tax withholding obligations. We expect the settlement of these RSUs to begin on June 25, 2025 and vest on a schedule based on the recipient’s new hire date. In addition, the exact number of shares of our Class A common stock eligible for sale in the open market in connection with such tax withholding obligations may differ based on our stockholders’ personal tax rates.

锁定期与市场禁售协议 Lock-Up and Market Standoff Agreements

就本次发行而言，我们全体董事和高级管理人员、出售股东以及若干其他持有人（合计约占我们已发行 A 类普通股及可直接或间接转换为、可交换为或可行使为 A 类普通股的证券的 83.7%）与承销商签订了锁定期协议。根据该等协议，除特定例外情形外，未经 Morgan Stanley（代表承销商）与 Magnetar 事先书面同意，在自本招股说明书之日起至下列两者中较早发生之日止的期间内，他们不得按照该等协议的条款：(i) 我们公开宣布本招股说明书所载财务报表对应最近期间之后第二季度业绩后的第二个交易日交易收盘时，及 (ii) 本招股说明书日期后 180 天：

In connection with this offering, all of our directors and executive officers, the selling stockholders, and certain other holders that together represent approximately 83.7% of our outstanding Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock are subject to lock-up agreements with the underwriters pursuant to which they have agreed, subject to certain exceptions, that without the prior written consent of Morgan Stanley, on behalf of the underwriters, and Magnetar, they will not, in accordance with the terms of such agreements during the period ending on the earlier of (i) the close of trading on the second trading day after the date that we publicly announce earnings for the second quarter following the most recent period for which financial statements are included in this prospectus and (ii) 180 days after the date of this prospectus:

(1) · 直接或间接要约、质押、出售、签订出售合同、出售任何期权或购买合同、购买任何期权或出售合同、授予任何期权、权利或认股权证以购买、出借或以其他方式转让或处置我们的任何普通股股份以及可直接或间接转换为、可交换为或可行使为我们的普通股的证券；

(1) · offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of our common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our common stock;

(2) · 订立任何互换、对冲交易或其他安排，将我们普通股所有权的任何经济后果全部或部分转移给另一方，无论上述任何此类交易是否以交付我们的普通股或该等其他证券、现金或其他方式结算；

(2) · enter into any swap, hedging transaction, or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our common stock, whether any such transaction described above is to be settled by delivery of our common stock or such other securities, in cash or otherwise;

(3) · 公开披露采取上述第 (1) 或 (2) 条所限制的任何行动的意图；或

(3) · publicly disclose the intention to take any of the actions restricted by clause (1) or (2) above; or

(4) · 就我们的任何普通股股份或可转换为、可行使为或可交换为我们的普通股的任何证券的登记提出任何要求，或行使任何相关权利。

(4) · make any demand for, or exercise any right with respect to, the registration of any shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock.

此外，另有约 14.7% 的已发行 A 类普通股以及可直接或间接转换为、可交换为或可行权为 A 类普通股的证券，受市场禁售条款约束。根据该等条款，相关持有人同意，在锁定期内，不得出借、要约出售、出售、订立出售合同、出售任何购买期权或合同、购买任何出售期权或合同、授予任何购买期权、权利或认股权证，或以其他方式直接或间接转让或处置其在包含本招股说明书的注册声明生效前即时持有的任何 A 类普通股股份或任何可转换为、可行权为或可交换为 A 类普通股的证券，亦不得订立任何互换或其他安排，将此类 A 类普通股所有权的任何经济后果全部或部分转移给他人。这些市场禁售条款的形式和具体限制性规定因证券持有人而异。例如，尽管其中部分市场禁售协议并未明确限制对冲交易，且其他协议在我们与证券持有人之间就可能是否限制对冲存在不同解释，但我们的内幕交易政策禁止我们所有现任董事、高级管理人员、员工、承包商和顾问进行对冲。涉及我们股权证券的出售、卖空或对冲交易，无论发生在本次发行之前还是之后，也无论我们是否认为其被禁止，均可能对我们 A 类普通股的价格产生不利影响。

Furthermore, an additional approximately 14.7% of our outstanding Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock are subject to market standoff provisions, pursuant to which such holders agreed to not lend, offer, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of our Class A common stock or any securities convertible into or exercisable or exchangeable for our Class A common stock held immediately prior to the effectiveness of the registration statement of which this prospectus forms a part, or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such Class A common stock during the Lock-up Period. The forms and specific restrictive provisions within these market standoff provisions vary among security holders. For example, although some of these market standoff agreements do not specifically restrict hedging transactions and others may be subject to different interpretations between us and security holders as to whether they restrict hedging, our insider trading policy prohibits hedging by all of our current directors, officers, employees, contractors, and consultants. Sales, short sales, or hedging transactions involving our equity securities, whether before or after this offering and whether or not we believe them to be prohibited, could adversely affect the price of our Class A common stock.

鉴于上述情况，我们几乎所有已发行的 A 类普通股以及可直接或间接转换为、可交换为或可行权为 A 类普通股的证券，在锁定期内均受锁定协议或市场禁售条款约束。我们已同意代表承销商执行所有该等市场禁售限制，并同意在锁定期内未经 Morgan Stanley（代表承销商）和 Magnetar 事先书面同意，不修订或豁免任何该等市场禁售条款；但前提是，对于根据本招股说明书所述由我们的董事和高级管理人员、出售股东及我们证券的某些其他登记持有人与承销商签订的锁定协议格式本应有权解除限制的股份，我们可以解除该等限制。

As a result of the foregoing, substantially all of our outstanding Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock are subject to a lock-up agreement or market standoff provisions during the Lock-up Period. We have agreed to enforce all such market standoff restrictions on behalf of the underwriters and not to amend or waive any such market standoff provisions during the Lock-up Period without the prior written consent of Morgan Stanley, on behalf of the underwriters, and Magnetar, provided that we may release shares from such restrictions to the extent such shares would be entitled to release under the form of lock-up agreement with the underwriters entered into by our directors and executive officers, the selling stockholders, and certain other record holders of our securities as described herein.

某些不受市场禁售限制或锁定期协议约束的证券持有人，可能就其所持 A 类普通股进行交易，从而对我们的股价产生负面影响。此外，既不受与我们签订的市场禁售限制约束、也不受与承销商签订的锁定期协议约束的证券持有人，在遵守我们适用的内幕交易政策及适用证券法的前提下，可随时出售、卖空、转让、质押或以其他方式处置或试图出售、卖空、转让、对冲、质押或以其他方式处置其股权权益。

Certain of our security holders that are not bound by market standoff restrictions or lock-up agreements could enter into transactions with respect to those shares of our Class A common stock that negatively impact our stock price. In addition, a security holder who is neither subject to market standoff restrictions with us nor a lock-up agreement with the underwriters may be able to sell, short sell, transfer, pledge, or otherwise dispose of or attempt to sell, short sell, transfer, hedge, pledge, or otherwise dispose of their equity interests at any time, subject to our insider trading policy, as applicable, and applicable securities laws.

此外，根据锁定期协议和市场禁售协议的某些例外规定，在锁定期内，最多约 727,342 股 A 类普通股将有资格在公开市场以卖出补缴（sell-to-cover）交易方式出售，以满足代扣代缴税款义务。此外，由我们现任员工和服务提供者（不包括管理层持有人和董事）持有的约 963,140 股已发行 A 类普通股以及可直接或间接转换为、可交换为或可行使为我们普通股的证券，可在我们公开公布本招股说明书所载财务报表对应最近期间之后第一个季度财报之日后的第二个交易日收盘时出售，前提是：在包含至少一日落在首次发行后财报发布日之后的连续十个交易日期间内，任意五个交易日内我们 A 类普通股在纳斯达克的每股收盘价至少比本招股说明书封面所载我们 A 类普通股的首次公开发行价格高出 25%。

In addition, pursuant to certain exceptions to the lock-up agreements and market standoff agreements, up to approximately 727,342 shares of our Class A common stock will be eligible for sale in the open market during the Lock-up Period in sell-to-cover transactions in order to satisfy tax withholding obligations. Furthermore, approximately 963,140 shares of our outstanding Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our common stock held by our current employees and service providers (excluding the Management Holders and directors) may be sold at the close of trading of the second trading day after the date that we publicly announce earnings for the first quarter following the most recent period for which financial statements are included in this prospectus, if the closing price per share of our Class A common stock on Nasdaq for any five trading days out of the ten consecutive trading day period including at least one day occurring after the Initial Post-Offering Earnings Release Date is at least 25% greater than the initial public offering price of our Class A common stock set forth on the cover of this prospectus.

锁定期协议和市场禁售条款所施加的限制受某些例外情形约束，包括就以下事项而言：

The restrictions imposed by the lock-up agreements and market standoff provisions are subject to certain exceptions, including with respect to:

(a) · 与我们在本次发行中或本次发行完成后在公开市场交易中取得的普通股或其他证券相关的交易，前提是在锁定期内，就随后出售我们在本次发行中或该等公开市场交易中取得的 A 类普通股或其他证券而言，无需且不得自愿根据《交易法》第 16(a)条作出任何公告或备案，也无需且不得自愿作出任何其他公开备案或披露以报告我们普通股实益所有权的减少；

(a) · transactions relating to shares of our common stock or other securities acquired in the this offering or in open market transactions after the completion of this offering, provided that no public announcement or filing under Section 16(a) of the Exchange Act, or any other public filing or disclosure reporting a reduction in beneficial ownership of shares of our common stock, shall be required or shall be voluntarily made during the Lock-up Period in connection with subsequent sales of our Class A common stock or other securities acquired either in this offering or in such open market transactions;

(b) · 转让我们的普通股或任何可转换为、可行使为或可交换为我们普通股的证券，(i) 作为善意赠与，或赠与慈善组织或教育机构，或 (ii) 出于善意的遗产规划目的，在每种情况下，该等转让均不涉及有偿处置；

(b) · transfers of shares of our common stock or any security convertible into or exercisable or exchangeable for shares of our common stock (i) as a bona fide gift or to a charitable organization or educational institution or (ii) for bona fide estate planning purposes, in each case, in a transfer not involving a disposition for value;

(c) · 将我们普通股的股份或任何可转换为、可行使或可交换为我们普通股的证券转让或处置给(i)锁定期方的任何直系亲属成员，或为锁定期方或锁定期方直系亲属的直接或间接利益设立的任何信托，或若锁定期方为信托，则转让或处置给委托人或受托人或任何受益人（包括该委托人、受托人或受益人的遗产），以及(ii)在不涉及有偿处置的交易中；

(c) · transfers or dispositions of shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock to (i) any member of the immediate family of the lock-up party or any trust for the direct or indirect benefit of the lock-up party or the immediate family of the lock-up party, or if the lock-up party is a trust, to a trustor, trustee, or any beneficiary (including such trustor, trustee, or beneficiary’s estate), and (ii) in a transaction not involving a disposition for value;

(d) · 将我们普通股的股份或其他证券分配、转让或处置给任何公司、合伙企业、有限责任公司、其他实体，该实体是锁定期方的关联方、投资基金，

(d) · distributions, transfers, or dispositions of shares of our common stock or other securities to any corporation, partnership, limited liability company, other entity that is an affiliate of the lock-up party, investment fund

由锁定期方的投资管理人、顾问发起、管理、提供建议或提供副顾问服务，或锁定期方或其直系亲属持有其全部受益权益的实体，且该等交易不涉及有偿处置；

sponsored, managed, advised, or sub-advised by the investment manager, or advisor of the lock-up party or of which all of the beneficial ownership interests of which are held by the lock-up party or the immediate family of the lock-up party in a transaction not involving a disposition for value;

(e) · 通过遗嘱、其他遗嘱文件或无遗嘱继承，以及(ii)通过法律运作，包括但不限于依据法院或监管机构的命令、与协商离婚和解相关、依据合格家庭关系令或其他法院命令，转让或处置我们普通股的股份或任何可转换为、可行使或可交换为我们普通股的证券；

(e) · transfers or dispositions of shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock (i) by will, other testamentary document or intestate succession and (ii) by operation of law including, without limitation, pursuant to orders of a court or regulatory agency, in connection with a negotiated divorce settlement, pursuant to a qualified domestic relations order or by other court order;

(f) · 转让或处置给根据上文(b)至(e)条允许进行处置或转让的个人或实体的代名人或托管人；

(f) · to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (b) through (e) above;

(g) · 若锁定期方为公司、合伙企业、有限责任公司、信托或其他实体，(x)将我们普通股的股份或其他可转换为、可行使或可交换为我们普通股的证券转让或处置给另一公司、成员、管理人、合伙企业、有限责任公司、信托或其他实体（或在每种情况下其代名人或托管人），该实体是锁定期方的直接或间接关联方（按《交易法》第 12b-2 条的定义），或转让或处置给控制、管理、提供建议或提供副顾问服务，或与锁定期方或锁定期方关联方处于共同控制下的投资基金或其他实体，或(y)将我们普通股的股份或任何可转换为、可行使或可交换为我们普通股的证券分配给锁定期方的现任或前任合伙人（普通或有限）、成员、管理人、股东、受益人或其它权益持有人（或在每种情况下其代名人或托管人），或分配给任何该等合伙人、成员、管理人、股东、受益人或其它权益持有人的遗产；

(g) · if the lock-up party is a corporation, partnership, limited liability company, trust, or other entity, (x) transfers or dispositions of shares of our common stock or other securities convertible into or exercisable or exchangeable for our common stock to another corporation, member, managers, partnership, limited liability company, trust, or other entity (or in each case its nominee or custodian) that is a direct or indirect affiliate (as defined under Rule 12b-2 of the Exchange Act) of the lock-up party, or to an investment fund or other entity that controls, manages, advises or sub-advises, or is under common control with, the lock-up party or affiliates of the lock-up party, or (y) distributions of shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock to current or former partners (general or limited), members, managers, stockholders, beneficiaries, or other equity holders of the lock-up party (or in each case its nominee or custodian) or to the estate of any such partners, members, managers, stockholders, beneficiaries, or other equity holders;

(h) · (i) 锁定期方从我们处收到我们普通股股份或任何可转换为普通股或可行使或可交换为普通股的证券，系因行使期权、结算限制性股票单位或其他股权奖励，或行使截至本招股说明书日期尚未行使且已在本招股说明书中披露的认股权证；或 (ii) 因限制性股票单位、期权、认股权证或其他购买我们普通股股份的权利，或任何可转换为普通股或可行使或可交换为我们普通股的证券（在每种情况下均包括通过“净额”或“无现金”行使方式）的归属、结算或行使而向我们进行的转让或处置，包括因该等限制性股票单位、期权、认股权证或其他权利的归属、结算或行使而向我们转让以支付应缴税款预扣或汇缴款项，或因可转换证券转换而向我们进行的转让，在所有这些情况下均依据股票激励计划或其他股权奖励计划授予的股权奖励，或依据可转换证券的条款进行，各项均如本文所述；但前提是 (i) 锁定期方收到的任何该等我们普通股股份或任何可转换为普通股或可行使或可交换为我们普通股的证券均应受锁定期协议条款的约束，(ii) 除 (iii) 所述外，在锁定期内不得自愿作出任何公告或根据《交易法》第 16(a) 条进行任何备案，或作出任何其他报告我们普通股股份实益所有权减少的公开备案或披露，且 (iii) 若在锁定期内因依据第 (h)(ii) 条进行的该等转让或处置而需要根据《交易法》第 16(a) 条进行备案，则该备案应明确表明该备案与本第 (h)(ii) 条所述情形有关；

(h) · (i) the receipt by the lock-up party from us of shares of our common stock or any security convertible into or exercisable or exchangeable for common stock upon the exercise of options, settlement of restricted stock units or other equity awards, or the exercise of warrants which are outstanding as of the date of this prospectus and are disclosed in this prospectus, or (ii) transfers or dispositions to us in connection with the vesting, settlement, or exercise of restricted stock units, options, warrants or other rights to purchase shares of our common stock, or any security convertible into or exercisable or exchangeable for our common stock (including, in each case, by way of “net” or “cashless” exercise), including any transfer to us for the payment of tax withholdings or remittance payments due as a result of the vesting, settlement, or exercise of such restricted stock units, options, warrants, or other rights, or in connection with the conversion of convertible securities, in all such cases pursuant to equity awards granted under a stock incentive plan or other equity award plan, or pursuant to the terms of convertible securities, each as described in herein; provided that (i) any such shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock received by the lock-up party shall be subject to the terms of the lock-up agreement, (ii) except as set forth in (iii), no public announcement or filing under Section 16(a) of the Exchange Act, or any other public filing or disclosure reporting a reduction in beneficial ownership of shares of our common stock, shall be voluntarily made during the Lock-up Period and (iii) to the extent a filing under Section 16(a) of the Exchange Act is required during the Lock-up Period as a result of such transfers or dispositions pursuant to clause (h)(ii), it shall clearly indicate that the filing relates to the circumstances described in this clause (h)(ii);

(i) · 在锁定期内通过公开市场交易进行出售，以使锁定期方从该等出售中获得（扣除佣金后）净收益总额不超过因锁定期方持有的、依据本招股说明书所述计划或安排发行且于锁定期内归属和/或结算的公司股权奖励的归属和/或结算而到期应缴税款或估计税款（如适用）总额的金额，但为免疑义，在实施本条规定后由锁定期方保留的任何我们普通股股份或其他证券均应受锁定期协议条款的约束；但前提是，对于依据本第 (i) 条进行的任何出售，在锁定期内仅当该备案在其脚注中明确表明该备案涉及仅为弥补因公司股权奖励的归属和/或结算而到期应缴税款或估计税款（如适用）而出售证券以产生净收益时，方可根据《交易法》第 16(a) 条进行备案；

(i) · sales in open market transactions during the Lock-up Period to generate such amount of net proceeds to the lock-up party from such sales (after deducting commissions) in an aggregate amount up to the total amount of taxes or estimated taxes (as applicable) that become due as a result of the vesting and/or settlement of Company equity awards held by the lock-up party and issued pursuant to a plan or arrangement described in this prospectus that vest and/or settle during the Lock-up Period, provided that, for the avoidance of doubt, any shares of our common stock or other securities retained by the lock-up party after giving effect to this provision shall be subject to the terms of the lockup agreement; provided that in the case of any sale pursuant to this clause (i), filings under Section 16(a) of the Exchange Act shall only be permissible during the Lock-up Period if such filing shall clearly indicates in the footnotes thereto that the filing relates to securities being sold to generate net proceeds solely to cover taxes or estimated taxes (as applicable) that became due as a result of the vesting and/or settlement of a Company equity award;

(j) · 代表股东、高级管理人员或董事根据《交易法》第 10b5-1 条规则设立交易计划以转让我们的普通股股份，前提是 (i) 该计划不规定在锁定期内转让我们的普通股（上述第 (i) 条另有允许的除外），且 (ii) 若锁定期一方或我们或代表其就设立该计划须根据《交易法》作出任何公告或备案，或自愿作出任何公告或备案，则该公告或备案应包含一项声明，大意是在锁定期内不得根据该计划转让我们的普通股（上述第 (i) 条另有允许的除外）；

(j) · the establishment of a trading plan on behalf of a stockholder, officer, or director pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of our common stock, provided that (i) such plan does not provide for the transfer of our common stock during the Lock-up Period (except as otherwise allowed pursuant to clause (i) above) and (ii) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the lock-up party or us regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of our common stock may be made under such plan during the Lock-up Period (except as otherwise allowed pursuant to clause (i) above);

(k) · 根据我们拥有回购该等普通股股份或可转换为或可行使或可交换为我们普通股的任何证券的选择权的安排，或就该等证券享有的优先购买权，向我们转让我们的普通股股份或可转换为或可行使或可交换为我们普通股的任何证券；前提是，若锁定期一方或我们或代表其就设立该计划须根据《交易法》作出任何公告或备案，或自愿作出任何公告或备案，则该公告或备案应包含一项声明，大意是该等转让系因回购我们的普通股股份而向我们作出；

(k) · transfers of shares of our common stock or any securities convertible into or exercisable or exchangeable for our common stock to us pursuant to arrangements under which we have the option to repurchase such shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock or a right of first refusal with respect to such securities; provided to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the lock-up party or by us regarding the establishment of such plan, such announcement or filing shall include a statement to the effect such transfer was to us in connection with the repurchase of shares of our common stock;

(l) · 在本次发行完成之前或与之相关，将已发行的优先股或可认购优先股的认股权证转换为我们的普通股股份，或行使可认购我们普通股股份的认股权证，或将已发行的优先股或其他类别股本转换为我们的普通股股份的转换、交换、注销或重新分类，前提是，在该等转换、交换、注销或重新分类时收到的任何该等普通股股份应受锁定期协议条款的约束；

(l) · the conversion of the outstanding preferred stock or warrants to acquire preferred stock into shares of our common stock or the exercise of warrants to acquire shares of our common stock prior to or in connection with the consummation of this offering, or the conversion exchange, retirement, or reclassification of the outstanding shares of preferred stock or other classes of capital stock into shares of our common stock, provided that any such shares of our common stock received upon such conversion, exchange, retirement, or reclassification shall be subject to the terms of the lock-up agreement;

(m) · (i) 依据经董事会批准、向本公司全体股本持有人作出且涉及控制权变更（定义见下文）的善意第三方要约收购、合并、兼并或其他类似交易，转让本公司普通股股份或任何可转换为本公司普通股或可行使或可交换为本公司普通股的证券；以及 (ii) 就上述 (i) 项所述交易订立任何锁定期、投票或类似协议，据此锁定期一方可同意转让、出售、要约出售或以其他方式处置本公司普通股股份或其他该等证券；但前提是，若该等要约收购、合并、兼并或其他类似交易未能完成，签署人实益拥有的本公司普通股股份或任何可转换为本公司普通股或可行使或可交换为本公司普通股的证券仍应受锁定期协议所载限制的约束。就本 (m) 条而言，“控制权变更”指通过一项交易或一系列相关交易进行的转让（无论是通过要约收购、合并、兼并或其他类似交易），其结果是任何“人士”(《交易法》第 13(d)(3) 条所定义)或人士团体（本公司或本次发行的承销商除外）成为本公司有表决权股票（或存续实体）总投票权超过 50% 的实益拥有人（《交易法》第 13d-3 条和第 13d-5 条所定义）；

(m) · (i) transfers of shares of our common stock or any securities convertible into or exercisable or exchangeable for our common stock pursuant to a bona fide third-party tender offer, merger, consolidation or other similar transaction, that is approved by the Board of Directors, made to all holders of our capital stock involving a Change of Control (as defined below) and (ii) entry into any lock-up, voting, or similar agreement pursuant to which the lock-up party may agree to transfer, sell, tender, or otherwise dispose of shares of our common stock or such other securities in connection with a transaction described in (i) above; provided, that, in the event that such tender offer, merger, consolidation, or other similar transaction is not completed, the shares of our common stock or any securities convertible into or exercisable or exchangeable for our common stock beneficially owned by the signatory shall remain subject to the restrictions contained in the lock-up agreement. For purposes of this clause (m), “Change of Control” shall mean the transfer (whether by tender offer, merger, consolidation, or other similar transaction), in one transaction or a series of related transactions, the result of which is that any “person” (as defined in Section 13(d)(3) of the Exchange Act), or group of persons, other than us or an underwriter pursuant to this offering, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of more than 50% of the total voting power of our voting stock (or the surviving entity);

(n) · 经 Morgan Stanley 代表承销商事先书面同意；

(n) · with the prior written consent of Morgan Stanley on behalf of the underwriters;

(o) · 依据承销协议向承销商转让；

(o) · to the underwriters pursuant to the underwriting agreement;

(p) · 就本公司普通股股份或任何可转换为本公司普通股或可行使或可交换为本公司普通股的证券进行的任何转让，该等证券系在善意交易中质押给第三方，作为担保该第三方（或其关联方或指定人）与锁定期一方和/或其关联方之间于本协议日期生效的借贷或其他安排项下义务的抵押品，或与为锁定期一方和/或其关联方利益而进行的融资安排有关的任何现有或未来类似安排；但就本 (p) 条项下的质押或类似安排而言，任何该等质权人或其他方应在对质押证券行使止赎权时，签署并交付一份实质上采用锁定期协议格式的锁定期协议；此外，锁定期一方或其代表不得在锁定期内自愿就此类转让进行《交易法》项下的任何申报或任何其他公开申报或披露，且若因依据 (p) 条进行的此类转让或处置而须在锁定期内依据《交易法》第 16(a) 条进行申报，该申报应明确说明该申报与本 (p) 条所述情形有关；或

(p) · any transfer of shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock pledged in a bona fide transaction to third parties as collateral to secure obligations pursuant to lending or other arrangements in effect as of the date hereof between such third parties (or their affiliates or designees) and the lock-up party and/or its affiliates or any existing or future similar arrangement relating to a financing arrangement for the benefit of the lock-up party and/or its affiliates, provided that in the case of pledges or similar arrangements under this clause (p), any such pledgee or other party shall, upon foreclosure on the pledged securities, sign and deliver a lock-up agreement substantially in the form of the lock-up agreement, and provided further that no filing under the Exchange Act, or any other public filing or disclosure, of such transfer by or on behalf of the lock-up party, shall be voluntarily made during the Lock-up Period and to the extent a filing under Section 16(a) of the Exchange Act is required during the Lock-up Period as a result of such transfers or dispositions pursuant to clause (p), it shall clearly indicate that the filing relates to the circumstances described in this clause (p); or

(q) · 根据与本公司普通股或可转换为、可行使或可交换为本公司普通股的任何证券的任何发行相关的任何承销协议，向任何承销商转让，该发行由本公司经摩根士丹利根据承销协议向本公司交付的事先书面同意后进行，且锁定期一方已就其行使登记权；

(q) · to any underwriters pursuant to any underwriting agreement entered into in connection with any offering of shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock undertaken by us with the prior written consent delivered by Morgan Stanley to us in accordance with the underwriting agreement and for which the lock-up party has exercised its registration rights;

但就依据第(b)至(g)项进行的任何转让、处置或分配而言，(i) 每一受让人、受赠人或分配接收人应签署并交付一份与锁定期协议实质形式相同的锁定期协议，且 (ii) 在锁定期内，不得要求或自愿作出任何公告或依据《交易法》第 16(a)条的任何备案，或任何其他报告本公司普通股实益所有权减少的公开备案或披露（但依据第(b)、(e)、(f)项进行的转让或其他处置除外，前提是该等转让或其他处置的对象为根据上文第(b)或(e)项允许向其进行处置或转让的个人或实体的代名人或托管人，以及第(g)项，若锁定期一方须依据《交易法》向本公司履行第 16 条报告义务且须依据《交易法》提交任何表格 4 或表格 5，则任何该等备案将通过脚注披露或其他方式说明该转让或处置的性质）。此外，依据第(n)项进行的任何转让、处置或分配均须获得 Magnetar 的事先书面同意。

provided, in the case of any transfer, disposition or distribution pursuant to clauses (b) through (g), that (i) each transferee, donee, or distributee shall sign and deliver a lock-up agreement substantially in the form of the lock-up agreement and (ii) no public announcement or filing under Section 16(a) of the Exchange Act or any other public filing or disclosure reporting a reduction in beneficial ownership of shares of our common stock, shall be required or shall be voluntarily made during the Lock-up Period with respect to such transfer, disposition or distribution (other than, in the case of a transfer or other disposition pursuant to clause (b), (e), (f), to the extent such transfer or other disposition is to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clause (b) or (e), and (g), above, if the lock-up party is subject to Section 16 reporting with us under the Exchange Act and any Form 4 or Form 5 is required to be filed under the Exchange Act, any such filing will indicate by footnote disclosure or otherwise the nature of the transfer or disposition). Further, any transfer, disposition, or distribution pursuant to clause (n) is subject to the prior written consent of Magnetar.

锁定期届满后，受该等锁定限制的绝大部分股份将具备出售资格，但须受上述限制的约束。有关该等锁定期协议的进一步说明，请参见“承销（利益冲突）”。

Upon the expiration of the Lock-up Period, substantially all of the shares subject to such lock-up restrictions will become eligible for sale, subject to the limitations discussed above. For a further description of these lock-up agreements, please see “Underwriting (Conflicts of Interest).”

就本次发行而言，在以下两者中较早发生之日止的期间内（(i) 我们发布紧接本招股说明书所载财务报表所属最近期间之后第二季度财报后的第二个交易日交易收盘时，与 (ii) 本招股说明书日期后 180 天（“限制期”），我们在以下方面的能力将受到一定限制：(1) 直接或间接地要约、质押、出售、签订出售合同、出售任何购买期权或购买合同、购买任何出售期权或出售合同、授予任何购买期权、权利或认股权证、出借或以其他方式转让或处置我们普通股的任何股份或任何可转换为普通股或可行使或可交换为普通股的证券，或 (2) 订立任何互换或其他安排，将我们普通股所有权的任何经济后果全部或部分转移给另一方，无论上述第 (1) 项或第 (2) 项所述的任何此类交易是否以交付普通股或该等其他证券、现金或其他方式结算，或 (3) 就任何普通股股份或任何可转换为普通股或可行使或可交换为普通股的证券的发行向 SEC 提交任何注册声明，但“承销（利益冲突）”中所述的某些例外情形除外。

In connection with the offering, and during the period ending on the earlier of (i) the closing of trading on the second trading day immediately following our release of earnings for the second quarter following the most recent period for which financial statements are included in this prospectus and (ii) 180 days after the date of this prospectus (the “Restricted Period”), we will be subject to certain restrictions on our ability to: (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of our common stock or any securities convertible into or exercisable or exchangeable for common stock or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our common stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of common stock or such other securities, in cash or otherwise or (3) file any registration statement with the SEC relating to the offering of any shares of our common stock or any securities convertible into or exercisable or exchangeable for common stock, subject to certain exceptions as described in “Underwriting (Conflicts of Interest).”

除与承销商订立的锁定期协议外，Mike Intrator、Brian Venturo、Brannin McBee 和 Peter Salanki 均已订立创始人锁定期协议，该协议规定，各管理层持有人及其获准关联方（定义见我们现行有效的经修订及重述的公司章程）将不会 (i) 出借、要约、质押、出售、签订出售合同、出售任何购买期权或购买合同、购买任何出售期权或出售合同、授予任何购买期权、权利或认股权证，或以其他方式直接或间接转让或处置各管理层持有人及该等管理层持有人的所有获准关联方在本招股说明书构成其一部分的注册声明生效日所持有的我们普通股的任何股份或任何可（直接或间接）转换为或可行使或可交换为我们普通股的证券，或 (ii) 订立任何互换或其他安排，将该等证券所有权的任何经济后果全部或部分转移给另一方，无论上述 (i) 或 (ii) 项所述的任何此类交易是否以交付我们的证券、现金或其他方式结算，期间自本招股说明书构成其一部分的注册声明生效日起至该生效日十二个月周年日止。

In addition to the lock-up agreement with the underwriters, all of Mike Intrator, Brian Venturo, Brannin McBee and Peter Salanki have entered into a Founder Lock-up Agreement, which provides that each Management Holder and their permitted affiliates (as defined in our amended and restated certificate of incorporation, as is currently in effect) will not (i) lend, offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, or otherwise transfer or dispose of, directly or any directly, any shares of our common stock or any securities convertible into or exercisable or exchangeable (directly or indirectly) for our common stock held by each Management Holder and all permitted affiliates of such Management Holder on the effective date of the registration statement of which this prospectus forms a part or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described above in (i) or (ii) is to be settled by delivery of our securities, in cash, or otherwise, during the period commencing on the effective date of the registration statement of which this prospectus forms a part and ending on the twelve-month anniversary thereto.

创始人锁定期协议受若干例外情形约束，包括：(a) 依据承销协议向承销商出售股份；(b) 为管理持有人或管理持有人直系亲属的直接或间接利益，向任何获准关联方转让任何股份，但任何该等转让不得涉及有偿处置；或 (c) 在本招股说明书构成其一部分的注册声明生效日，该管理持有人及该管理持有人全部获准关联方合计持有的证券中最多 2.5% 的出售，前提是在本次发行中与承销商签订的锁定期协议到期后，我们 A 类普通股在 Nasdaq 的每股收盘价在锁定期协议到期后发生的任何连续十个交易日的期间内至少有五个交易日使我们对应的市值达到 $150 billion 或以上。

The Founder Lock-Up Agreement is subject to certain exceptions, including (a) the sale of shares to the underwriters pursuant to the underwriting agreement, (b) the transfer of any shares to any permitted affiliates for the direct or indirect benefit of the Management Holder or the immediate family of the Management Holder, provided that any such transfer shall not involve a disposition for value, or (c) the sales of up to 2.5% of the securities held by such Management Holder and all of such Management Holder’s permitted affiliates, in the aggregate, on the effective date of the registration statement of which this prospectus forms a part, if, following the expiration of the lock-up agreement entered into with the underwriters in this offering, the closing price per share of our Class A common stock on Nasdaq imputes a market capitalization to us of $150 billion or greater for at least five trading days in any ten-day consecutive trading day period occurring after the expiration of the lock-up agreement entered into with the underwriters in this offering.

尽管有上述规定，若某管理持有人已与承销商签订锁定期协议、未作为出售股东参与本次发行且未就本次发行进行同步私募出售，则创始人锁定期协议对该管理持有人不再具有任何效力。

Notwithstanding the above, the Founder Lock-up Agreement shall be of no further force and effect with respect to a Management Holder in the event that such Management Holder has entered into a lock-up agreement with the underwriters, does not participate as a selling stockholder in this offering and does not engage in a concurrent private sale in connection with this offering.

此外，我们可能不时与本次发行的部分投资者另行签订单独的锁定期协议。该等单独的锁定期协议可能规定的受限期限长于上述适用于管理持有人以外现有股东的期限。若本次发行中出售的某些股份存在单独的锁定期协议，则在这些锁定期协议期限内，我们可在公开市场出售的股份将减少。

In addition, we may, from time to time, enter into separate lock-up agreements with some of the investors in this offering. These separate lock-up agreements may provide for a restricted period that is longer than the period described above that is applicable to existing stockholders other than the Management Holders. If there is a separate lock-up agreement on certain shares sold in this offering, our shares available for sale in the public market will be reduced during the term of these lock-up agreements.

我们已发行普通股以及可直接或间接转换为、可交换为或可行使为我们普通股的证券的其余持有人未与承销商签订锁定期协议，因此不受上述限制的约束。该等持有人受与我们签订的市场禁售协议约束，该等协议限制其转让我们已发行普通股以及可直接或间接转换为、可交换为或可行使为我们普通股的证券的能力，且在锁定期届满前，我们不会就我们的员工放弃该等市场禁售协议的任何限制。

The remaining holders of our outstanding common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our common stock, have not entered into lock-up agreements with the underwriters and, therefore, are not subject to the restrictions described above. These holders are subject to market standoff agreements with us that restrict their ability to transfer shares of our outstanding common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our common stock, and we will not waive any of the restrictions of such market standoff agreements with respect to our employees prior to the expiration of the Lock-up Period.

在同步股份发行中向 OpenAI 发行的股份将受与我们签订的市场禁售协议约束，期限为本招股说明书日期后最长 180 天，并将受与承销商签订的锁定期协议约束，期限为本招股说明书日期后最长 180 天。

The shares issued in the concurrent share issuance to OpenAI will be subject to a market standoff agreement with us for a period of up to 180 days after the date of this prospectus and will be subject to a lock-up agreement with the underwriters for a period of up to 180 days after the date of this prospectus.

144 规则 Rule 144

一般而言，根据现行有效的 144 规则，一旦我们已受《交易法》第 13 条或第 15(d) 条上市公司报告要求约束至少 90 天，则任何在出售前 90 天内任何时候均不被视为《证券法》项下我们关联方的人士，且其已实益持有拟出售股份至少六个月（包括任何先前非关联方持有人的持有期），有权无需遵守 144 规则的出售方式、数量限制或通知规定而出售该等股份，但须遵守 144 规则的公开信息要求。若该人士已实益持有拟出售股份至少一年（包括任何先前非关联方持有人的持有期），则该人士有权无需遵守 144 规则任何要求而出售该等股份。

In general, under Rule 144 as currently in effect, once we have been subject to public company reporting requirements of Section 13 or Section 15(d) of the Exchange Act for at least 90 days, a person who is not deemed to have been one of our affiliates for purposes of the Securities Act at any time during the 90 days preceding a sale and who has beneficially owned the shares proposed to be sold for at least six months, including the holding period of any prior owner other than our affiliates, is entitled to sell those shares without complying with the manner of sale, volume limitation or notice provisions of Rule 144, subject to compliance with the public information requirements of Rule 144. If such a person has beneficially owned the shares proposed to be sold for at least one year, including the holding period of any prior owner other than our affiliates, then that person would be entitled to sell those shares without complying with any of the requirements of Rule 144.

一般而言，根据现行有效的 144 规则，我们的关联方或代表关联方出售股份的人士有权在上述锁定期及市场禁售协议届满后，在任何三个月期间内出售不超过以下两者中较大者的股份数量：

In general, under Rule 144, as currently in effect, our affiliates or persons selling shares on behalf of our affiliates are entitled to sell upon expiration of the lock-up and market standoff agreements described above, within any three-month period, a number of shares that does not exceed the greater of:

- 当时已发行的我们 A 类普通股股份数量的 1%，在本次发行及同步股份发行完成后将约等于 3,459,974 股；或

- 1% of the number of shares of our Class A common stock then outstanding, which will equal approximately 3,459,974 shares immediately after this offering and the concurrent share issuance; or

- 在就该项出售向 SEC 提交 Form 144 通知之前的四个日历周内，我们 A 类普通股的周平均交易量。

- the average weekly trading volume of our Class A common stock during the four calendar weeks preceding the filing of a notice on Form 144 with respect to that sale.

我们的关联方或代表关联方出售股份的人士根据 144 规则进行的出售，还须遵守某些出售方式规定和通知要求，以及关于我们的当前公开信息的可获得性。

Sales under Rule 144 by our affiliates or persons selling shares on behalf of our affiliates are also subject to certain manner of sale provisions and notice requirements and to the availability of current public information about us.

701 规则 Rule 701

规则 701 通常允许依据书面补偿计划或合同购买我们股本股份、且在紧接前 90 天内未被视作公司关联方的股东，依据规则 144 出售该等股份，但无需遵守规则 144 的公开信息、持有期、数量限制或通知条款。规则 701 亦允许公司关联方依据规则 144 出售其规则 701 股份，而无需遵守规则 144 的持有期要求。然而，该规则要求所有规则 701 股份持有人须自本招股说明书之日起满 90 天后，方可依据规则 701 出售该等股份，且以本文所述锁定期及市场禁售协议届满为前提。

Rule 701 generally allows a stockholder who purchased shares of our capital stock pursuant to a written compensatory plan or contract and who is not deemed to have been an affiliate of our company during the immediately preceding 90 days to sell these shares in reliance upon Rule 144, but without being required to comply with the public information, holding period, volume limitation, or notice provisions of Rule 144. Rule 701 also permits affiliates of our company to sell their Rule 701 shares under Rule 144 without complying with the holding period requirements of Rule 144. All holders of Rule 701 shares, however, are required by that rule to wait until 90 days after the date of this prospectus before selling those shares pursuant to Rule 701, subject to the expiration of the lock-up and market standoff agreements described herein.

注册声明 Registration Statements

本次发行完成后，我们拟在可行情况下尽快根据《证券法》以 S-8 表格提交一份或多份注册声明，涵盖所有受未行使期权及 RSU 约束的 A 类普通股股份，以及根据我们的股权激励计划预留供发行的 A 类普通股股份。我们预计将在《证券法》允许的情况下尽快提交该等注册声明。然而，在 S-8 表格上登记的股份可能受 Rule 144 的成交量限制以及销售方式、通知和公开信息要求的约束，并且在相关股份所受的锁定期和市场禁售协议到期之前，不具备转售资格。

As soon as practicable after the completion of this offering, we intend to file one or more registration statements on Form S-8 under the Securities Act covering all of the shares of our Class A common stock subject to outstanding options and RSUs and the shares of our Class A common stock reserved for issuance under our equity incentive plans. We expect to file such registration statement(s) as soon as permitted under the Securities Act. However, the shares registered on Form S-8 may be subject to the volume limitations and the manner of sale, notice, and public information requirements of Rule 144 and will not be eligible for resale until expiration of the lock-up and market standoff agreements to which they are subject.

注册权 Registration Rights

我们已向部分股东授予要求登记权、附带登记权和 S-3 表格登记权，以便其出售我们的普通股。根据《证券法》登记这些股份的出售，将使这些股份在登记生效后立即可以根据《证券法》自由交易而不受限制，但关联方购买的股份除外。有关这些权利的进一步说明，请参见标题为“股本说明——登记权”的章节。

We have granted demand, piggyback, and Form S-3 registration rights to certain of our stockholders to sell our common stock. Registration of the sale of these shares under the Securities Act would result in these shares becoming freely tradable without restriction under the Securities Act immediately upon the effectiveness of the registration, except for shares purchased by affiliates. For a further description of these rights, see the section titled “Description of Capital Stock—Registration Rights.”

**针对我们 A 类普通股非美国持有人的重大美国联邦所得税考量**

**MATERIAL U.S. FEDERAL INCOME TAX CONSIDERATIONS FOR NON-U.S. HOLDERS OF OUR CLASS A COMMON STOCK**

以下摘要描述了非美国持有人（定义见下文）在本次发行中取得的 A 类普通股的取得、持有和处置所产生的重大美国联邦所得税后果。本讨论并未涵盖美国联邦所得税的所有方面，未讨论任何替代性最低税或净投资收入医疗保险附加税的潜在适用，也未讨论《税法》第 451(b) 条下的特殊税务会计规则，并且不涉及任何州或地方税、美国联邦赠与税或遗产税法（仅在以下有限范围内除外），也不涉及根据非美国持有人的特定情况可能与其相关的任何非美国税务后果。

The following summary describes the material U.S. federal income tax consequences of the acquisition, ownership, and disposition of our Class A common stock acquired in this offering by Non-U.S. Holders (as defined below). This discussion does not address all aspects of U.S. federal income taxes, does not discuss the potential application of any alternative minimum tax or the Medicare contribution tax on net investment income, or the special tax accounting rules under Section 451(b) of the Code, and does not deal with any state or local taxes, U.S. federal gift or estate tax laws (except to the limited extent provided below), or any non-U.S. tax consequences that may be relevant to Non-U.S. Holders in light of their particular circumstances.

下文所述规则之外的特殊规则可能适用于某些根据经修订的《1986 年国内税收法典》（“《税法》”）享有特殊待遇的非美国持有人，例如：

Special rules different from those described below may apply to certain Non-U.S. Holders that are subject to special treatment under the Internal Revenue Code of 1986, as amended (the “Code”), such as:

- 保险公司、银行和其他金融机构；

- insurance companies, banks, and other financial institutions;

- 免税组织（包括私人基金会）和符合税收条件的退休计划；

- tax-exempt organizations (including private foundations) and tax-qualified retirement plans;

- 《税法》第 897(l)(2) 条所定义的“合格外国养老基金”，以及全部权益均由合格外国养老基金持有的实体；

- “qualified foreign pension funds” as defined in Section 897(l)(2) of the Code and entities all of the interests of which are held by qualified foreign pension funds;

- 非美国政府及国际组织；

- non-U.S. governments and international organizations;

- 证券交易商和交易员；

- dealers and traders in securities;

- 美国侨民及某些美国前公民或长期居民；

- U.S. expatriates and certain former citizens or long-term residents of the United States;

- 拥有或被视同拥有我们 A 类普通股超过 5% 的人士；

- persons that own, or are deemed to own, more than 5% of our Class A common stock;

- “受控外国公司”、“被动外国投资公司”，以及为规避美国联邦所得税而累积收益的公司；

- “controlled foreign corporations,” “passive foreign investment companies,” and corporations that accumulate earnings to avoid U.S. federal income tax;

- 作为“跨式”、“对冲”、“转换交易”、“合成证券”或综合投资或其他风险降低策略的一部分持有我们 A 类普通股的人士；

- persons that hold our Class A common stock as part of a “straddle,” “hedge,” “conversion transaction,” “synthetic security,” or integrated investment or other risk reduction strategy;

- 不将我们 A 类普通股作为《税法》第 1221 条含义下的资本资产持有的人士（一般而言，即出于投资目的持有）；以及

- persons who do not hold our Class A common stock as a capital asset within the meaning of Section 1221 of the Code (generally, for investment purposes); and

- 合伙企业及其他穿透实体和安排，以及此类穿透实体和安排的投资者（无论其组织或设立地点如何）。

- partnerships and other pass-through entities and arrangements, and investors in such pass-through entities and arrangements (regardless of their places of organization or formation).

我们敦促此类非美国持有人咨询其税务顾问，以确定收购、持有和处置我们 A 类普通股可能对其相关的美国联邦、州、地方及其他税务后果。

Such Non-U.S. Holders are urged to consult their tax advisors to determine the U.S. federal, state, local, and other tax consequences that may be relevant to them of the acquisition, ownership, and disposition of our Class A common stock.

此外，下述讨论基于截至本文件日期《税法》的规定、据此颁布的《财政部条例》、据此作出的司法判决以及美国国税局（“IRS”）的裁定和行政公告，且此类权威依据可能被废止、撤销或修改（可能具有追溯效力），并可能受到不同解释的影响，从而导致与下述讨论不同的美国联邦所得税后果。我们未就下述摘要中作出的陈述和得出的结论向 IRS 申请裁定，且无法保证 IRS 不会就本文所述的税务后果采取相反立场，或任何此类相反立场不会得到法院支持。

Furthermore, the discussion below is based upon the provisions of the Code, Treasury Regulations promulgated thereunder, judicial decisions thereunder, and rulings and administrative pronouncements of the Internal Revenue Service (the “IRS”) all as of the date hereof, and such authorities may be repealed, revoked, or modified, possibly retroactively, and are subject to differing interpretations which could result in U.S. federal income tax consequences different from those discussed below. We have not requested a ruling from the IRS with respect to the statements made and the conclusions reached in the following summary, and there can be no assurance that the IRS will not take a contrary position regarding the tax consequences described herein or that any such contrary position would not be sustained by a court.

考虑根据本次发行购买我们 A 类普通股的人士应咨询其税务顾问，了解收购、持有和处置我们 A 类

PERSONS CONSIDERING THE PURCHASE OF OUR CLASS A COMMON STOCK PURSUANT TO THIS OFFERING SHOULD CONSULT THEIR TAX ADVISORS CONCERNING THE U.S. FEDERAL INCOME TAX CONSEQUENCES OF ACQUIRING, OWNING, AND DISPOSING OF OUR CLASS A

普通股在其特定情况下的美国联邦所得税后果，以及根据任何其他征税管辖区法律产生的任何税务后果，包括任何州、地方或非美国税务后果或任何美国联邦非所得税后果，以及税务条约可能适用的情况。

COMMON STOCK IN LIGHT OF THEIR PARTICULAR SITUATIONS AS WELL AS ANY TAX CONSEQUENCES ARISING UNDER THE LAWS OF ANY OTHER TAXING JURISDICTION, INCLUDING ANY STATE, LOCAL, OR NON-U.S. TAX CONSEQUENCES OR ANY U.S. FEDERAL NON-INCOME TAX CONSEQUENCES, AND THE POSSIBLE APPLICATION OF TAX TREATIES.

就本讨论而言，非美国持有人是指对我们的 A 类普通股享有受益所有权，且就美国联邦所得税而言不属于美国持有人、也不属于合伙企业或其他穿透实体或安排的受益所有人。美国持有人是指对我们的 A 类普通股享有受益所有权，且就美国联邦所得税而言属于以下情形之一的人：(1) 为美国公民或美国居民的个人；(2) 根据美国、美国任何州或哥伦比亚特区法律设立或组织的公司（或就美国联邦所得税而言作为公司征税的其他实体）；(3) 其收入无论来源如何均须缴纳美国联邦所得税的遗产；或 (4) 信托，前提是该信托 (i) 受美国境内法院的主要监督，且一名或多名美国人(按《税法》第 7701(a)(30) 条的含义)有权控制该信托的所有重大决定，或 (ii) 根据适用的财政部法规作出有效选择，被视为美国人。

For purposes of this discussion, a Non-U.S. Holder is a beneficial owner of our Class A common stock that is not a U.S. Holder or a partnership or other pass-through entity or arrangement for U.S. federal income tax purposes. A U.S. Holder means a beneficial owner of our Class A common stock that is, for U.S. federal income tax purposes, (1) an individual who is a citizen or resident of the United States, (2) a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) created or organized in or under the laws of the United States, any state thereof, or the District of Columbia, (3) an estate the income of which is subject to U.S. federal income taxation regardless of its source, or (4) a trust if it (i) is subject to the primary supervision of a court within the United States and one or more United States persons (within the meaning of Section 7701(a)(30) of the Code) have the authority to control all substantial decisions of the trust or (ii) has a valid election in effect under applicable Treasury Regulations to be treated as a United States person.

如果您是非美国公民的个人，则可能因在某一日历年度内在美国境内停留至少 31 天，且在截至当前日历年度的三年期间内累计停留至少 183 天而被视为居民外国人（而非非居民外国人）。一般而言，为此目的，当前年度停留的全部天数、紧接上一年度停留天数的三分之一以及再上一年度停留天数的六分之一均计入。居民外国人一般须像美国公民一样缴纳美国联邦所得税。对于自身就美国联邦所得税而言属于居民外国人还是非居民外国人身份不确定的个人，我们建议其就收购、持有和处置我们的 A 类普通股所产生的美国联邦所得税后果咨询其税务顾问。

If you are an individual non-U.S. citizen, you may be deemed to be a resident alien (as opposed to a nonresident alien) by virtue of being present in the United States for at least 31 days in the calendar year and for an aggregate of at least 183 days during a three-year period ending in the current calendar year. Generally, for this purpose, all the days present in the current year, one-third of the days present in the immediately preceding year, and one-sixth of the days present in the second preceding year are counted. Resident aliens are generally subject to U.S. federal income tax as if they were U.S. citizens. Individuals who are uncertain of their status as resident or nonresident aliens for U.S. federal income tax purposes are urged to consult their tax advisors regarding the U.S. federal income tax consequences of the acquisition, ownership, and disposition of our Class A common stock.

分配 Distributions

我们目前没有计划在可预见的未来就我们的 A 类普通股支付任何股息。但是，如果我们确实就我们的 A 类普通股进行分配，则向非美国持有人作出的该等分配，在从我们当期或累计的收益和利润（按美国联邦所得税原则确定）中支付的范围内，将构成美国税务意义上的股息。超过我们当期和累计收益和利润的分配将构成资本返还，用于冲减（但不低于零）非美国持有人在我们 A 类普通股中的调整计税基础。任何剩余的超出部分将被视为出售或交换我们 A 类普通股所实现的收益，如下文“——我们 A 类普通股处置收益”一节所述。

We do not have current plans to pay any dividends on our Class A common stock in the foreseeable future. If we do make distributions on our Class A common stock, however, such distributions made to a Non-U.S. Holder will constitute dividends for U.S. tax purposes to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax principles). Distributions in excess of our current and accumulated earnings and profits will constitute a return of capital that is applied against and reduces, but not below zero, a Non-U.S. Holder’s adjusted tax basis in our Class A common stock. Any remaining excess will be treated as gain realized on the sale or exchange of our Class A common stock as described below under the section titled “—Gain on Disposition of Our Class A Common Stock.”

我们 A 类普通股的任何分配，若被视为向非美国持有人支付的股息，且与该持有人在美国境内开展贸易或业务无实际关联，通常将按 30%的税率或美国与该非美国持有人居住国之间适用的所得税条约所规定的较低税率缴纳预提税。为根据适用的所得税条约获得降低的预提税率，非美国持有人通常需要向适用的预提代理人提供正确填写的 IRS Form W-8BEN、IRS Form W-8BEN-E 或其他适当表格，证明该非美国持有人有权享受该所得税条约下的优惠。该表格必须在支付股息之前提供，并须定期更新。如果非美国持有人通过代表其行事的金融机构或其他代理人持有股票，则该持有人需要向该代理人提供适当的文件。随后，该持有人的代理人需要直接或通过其他中介向适用的预提代理人提供证明。如果您有资格根据所得税条约享受降低的美国预提税税率，您应咨询您的税务顾问，以确定您是否能够通过及时向 IRS 提交适当的退税申请，获得任何超额预提款项的退还或抵免。

Any distribution on our Class A common stock that is treated as a dividend paid to a Non-U.S. Holder that is not effectively connected with the holder’s conduct of a trade or business in the United States will generally be subject to withholding tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty between the United States and the Non-U.S. Holder’s country of residence. To obtain a reduced rate of withholding tax under an applicable income tax treaty, a Non-U.S. Holder generally will be required to provide the applicable withholding agent with a properly executed IRS Form W-8BEN, IRS Form W-8BEN-E, or other appropriate form, certifying the Non-U.S. Holder’s entitlement to benefits under that income tax treaty. Such form must be provided prior to the payment of dividends and must be updated periodically. If a Non-U.S. Holder holds stock through a financial institution or other agent acting on the holder’s behalf, the holder will be required to provide appropriate documentation to such agent. The holder’s agent will then be required to provide certification to the applicable withholding agent, either directly or through other intermediaries. If you are eligible for a reduced rate of U.S. withholding tax under an income tax treaty, you should consult with your tax advisor to determine if you are able to obtain a refund or credit of any excess amounts withheld by timely filing an appropriate claim for a refund with the IRS.

通常情况下，我们无需就支付给非美国持有人的股息代扣税款，前提是该等股息与该持有人在美国境内开展贸易或业务存在实际关联（且若适用的所得税条约有此要求，该等股息可归属于该持有人在美国维持的常设机构），并且已向相关扣缴义务人提供正确填写的 IRS W-8ECI 表格，说明该等股息存在上述关联。一般而言，该等实际关联股息将按适用于美国人士的常规税率，以净收入为基础缴纳美国联邦所得税。收到实际关联股息的公司制非美国持有人还可能需缴纳额外的“分支机构利润税”，该税在特定情形下按 30% 的税率（或适用条约规定的更低税率）对公司制非美国持有人的实际关联收益和利润征收，并需作若干调整。

We generally are not required to withhold tax on dividends paid to a Non-U.S. Holder that are effectively connected with the holder’s conduct of a trade or business within the United States (and, if required by an applicable income tax treaty, are attributable to a permanent establishment that the holder maintains in the United States) if a properly executed IRS Form W-8ECI, stating that the dividends are so connected, is furnished to the applicable withholding agent. In general, such effectively connected dividends will be subject to U.S. federal income tax on a net income basis at the regular rates applicable to United States persons. A corporate Non-U.S. Holder receiving effectively connected dividends may also be subject to an additional “branch profits tax,” which is imposed, under certain circumstances, at a rate of 30% (or such lower rate as may be specified by an applicable treaty) on the corporate Non-U.S. Holder’s effectively connected earnings and profits, subject to certain adjustments.

另请参见标题为“—备用预扣税与信息申报”和“—外国账户”的章节，了解可能适用于股息的额外预扣规则，包括向特定外国金融机构或非金融外国实体支付的股息。

See also the sections titled “—Backup Withholding and Information Reporting” and “—Foreign Accounts” for additional withholding rules that may apply to dividends, including dividends paid to certain foreign financial institutions or non-financial foreign entities.

处置我们 A 类普通股的收益 Gain on Disposition of Our Class A Common Stock

在遵守下文“—备用预扣税与信息申报”及“—外国账户”两节所述讨论的前提下，非美国持有人通常无需就出售或以其他方式处置我们的 A 类普通股所实现的收益缴纳美国联邦所得税或预扣税，除非：(1) 该收益与非美国持有人在美国开展的贸易或业务存在有效关联（且若适用所得税条约有此要求，该收益归属于非美国持有人在美国维持的常设机构）；(2) 非美国持有人为非居民外籍个人，且在处置的纳税年度内在美国停留 183 天或以上，并满足某些其他条件；或(3) 我们在该处置之前的五年期间或非美国持有人持有我们 A 类普通股的持有期（以较短者为准）内的任何时间，属于或曾经属于《税法》第 897(c)(2)条所指的“美国不动产持有公司”。

Subject to the discussions below under the sections titled “—Backup Withholding and Information Reporting” and “—Foreign Accounts,” a Non-U.S. Holder generally will not be subject to U.S. federal income or withholding tax with respect to gain realized on a sale or other disposition of our Class A common stock unless (1) the gain is effectively connected with a trade or business of the Non-U.S. Holder in the United States (and, if required by an applicable income tax treaty, is attributable to a permanent establishment that the Non-U.S. Holder maintains in the United States), (2) the Non-U.S. Holder is a nonresident alien individual and is present in the United States for 183 or more days in the taxable year of the disposition and certain other conditions are met, or (3) we are or have been a “United States real property holding corporation” within the meaning of Section 897(c)(2) of the Code at any time within the shorter of the five-year period preceding such disposition or the Non-U.S. Holder’s holding period in our Class A common stock.

若您为非美国持有人，上述第(1)项所述收益将按适用于美国人的常规美国联邦所得税税率，就出售所得净收益缴税。若您为公司型非美国持有人，上述第(1)项所述收益还可能需缴纳额外的分支机构利润税，税率为 30%或适用所得税条约可能规定的较低税率。若您为上述第(2)项所述的个人非美国持有人，您将需就出售所得收益缴纳 30%的统一所得税，该收益可用某些美国来源的资本损失予以抵销（即使您不被视为美国居民），前提是您已就此类损失及时申报美国联邦所得税申报表。就上述第(3)项而言，一般而言，若美国不动产权益（定义见《税法》及《财政部条例》）按公允市场价值计算至少占我们全球不动产及我们用于或持有用于贸易或业务的其他资产的一半，我们即属于美国不动产持有公司。我们认为我们目前不是、且预计不会成为美国不动产持有公司。但是，无法保证我们未来不会成为美国不动产持有公司。即使我们被视为美国不动产持有公司，只要(1) 在(i) 处置之前的五年期间或(ii) 非美国持有人的持有期（以较短者为准）内，非美国持有人直接、间接及推定拥有的我们 A 类普通股始终不超过 5%，且(2) 就相关规则而言，我们的 A 类普通股在成熟证券市场上定期交易，则非美国持有人处置我们 A 类普通股所实现的收益将无需缴纳美国联邦所得税。无法保证我们的 A 类普通股将符合就此目的在成熟证券市场上定期交易的条件。

If you are a Non-U.S. Holder, gain described in (1) above will be subject to tax on the net gain derived from the sale at the regular U.S. federal income tax rates applicable to United States persons. If you are a corporate Non-U.S. Holder, gain described in (1) above may also be subject to the additional branch profits tax at a 30% rate or such lower rate as may be specified by an applicable income tax treaty. If you are an individual Non-U.S. Holder described in (2) above, you will be required to pay a flat 30% income tax on the gain derived from the sale, which gain may be offset by certain U.S. source capital losses (even though you are not considered a resident of the United States), provided you have timely filed U.S. federal income tax returns with respect to such losses. With respect to (3) above, in general, we would be a United States real property holding corporation if United States real property interests (as defined in the Code and the Treasury Regulations) comprised (by fair market value) at least half of our worldwide real property and our other assets which are used or held for use in a trade or business. We believe that we are not, and do not anticipate becoming, a United States real property holding corporation. However, there can be no assurance that we will not become a United States real property holding corporation in the future. Even if we are treated as a United States real property holding corporation, gain realized by a Non-U.S. Holder on a disposition of our Class A common stock will not be subject to U.S. federal income tax so long as (1) the Non-U.S. Holder owned, directly, indirectly, and constructively, no more than five percent of our Class A common stock at all times within the shorter of (i) the five-year period preceding the disposition or (ii) the Non-U.S. Holder’s holding period and (2) our Class A common stock is regularly traded on an established securities market for purposes of the relevant rules. There can be no assurance that our Class A common stock will qualify as regularly traded on an established securities market for this purpose.

美国联邦遗产税 U.S. Federal Estate Tax

非居民外籍个人的遗产通常需就位于美国境内的财产缴纳美国联邦遗产税。由于本公司为美国公司，我们的 A 类普通股将属于美国境内财产，因此，除非美国与被继承人居住国之间适用的遗产税条约另有规定，否则该等股份将被计入非居民外籍被继承人的应税遗产。就美国联邦遗产税而言，“居民”和“非居民”的定义与美国联邦所得税下的定义不同。敦促投资者就收购、持有或处置我们的 A 类普通股所产生的美国联邦遗产税后果咨询其税务顾问。

The estates of nonresident alien individuals generally are subject to U.S. federal estate tax on property with a U.S. situs. Because we are a U.S. corporation, our Class A common stock will be U.S. situs property and, therefore, will be included in the taxable estate of a nonresident alien decedent, unless an applicable estate tax treaty between the United States and the decedent’s country of residence provides otherwise. The terms “resident” and “nonresident” are defined differently for U.S. federal estate tax purposes than for U.S. federal income tax purposes. Investors are urged to consult their tax advisors regarding the U.S. federal estate tax consequences of the acquisition, ownership, or disposition of our Class A common stock.

备用预扣税与信息申报 Backup Withholding and Information Reporting

一般而言，我们或适用的预扣代理人必须就我们向 A 类普通股支付的任何分配（无论该分配是否构成股息）向 IRS 报告信息，包括任何该等分配的金额、收款人的姓名和地址，以及预扣税款金额（如有）。类似的报告也会发送给获得任何该等分配的持有人。根据税收协定或某些其他协议，IRS 可能会将其报告提供给收款人居住国的税务机关。

Generally, we or an applicable withholding agent must report information to the IRS with respect to any distributions we pay on our Class A common stock (whether or not the distribution constitutes a dividend), including the amount of any such distributions, the name and address of the recipient, and the amount, if any, of tax withheld. A similar report is sent to the holder to whom any such distributions are paid. Pursuant to tax treaties or certain other agreements, the IRS may make its reports available to tax authorities in the recipient’s country of residence.

我们（或我们的付款代理人）向非美国持有人支付的股息也可能需要缴纳美国备用预扣税。美国备用预扣税通常不适用于提供了正确填写的 IRS Form W-8BEN 或 IRS Form W-8BEN-E（如适用）或以其他方式确立豁免的非美国持有人，前提是适用的预扣代理人并不实际知悉或有理由知悉该持有人为美国人。

Dividends paid by us (or our paying agents) to a Non-U.S. Holder may also be subject to U.S. backup withholding. U.S. backup withholding generally will not apply to a Non-U.S. Holder who provides a properly executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or otherwise establishes an exemption, provided that the applicable withholding agent does not have actual knowledge or reason to know the holder is a United States person.

根据现行美国联邦所得税法，美国信息报告和备用预扣税要求通常适用于通过任何经纪商（无论美国或非美国）的美国办事处处置我们 A 类普通股所得的款项，除非非美国持有人提供了正确填写的 IRS Form W-8BEN 或 IRS Form W-8BEN-E（如适用），或以其他方式满足确立非美国人身份的证明文件要求，或以其他方式确立豁免。一般而言，如果交易是通过非美国经纪商的非美国办事处在美国境外进行的，则美国信息报告和备用预扣税要求不适用于向非美国持有人支付处置所得款项。但是，如果经纪商实际知悉或有理由知悉该持有人实际上是美国人，则信息报告和备用预扣税要求可能适用于处置所得款项的支付。仅为信息报告目的，某些在美国拥有大量所有权或业务的经纪商通常将按照类似于美国经纪商的方式处理。

Under current U.S. federal income tax law, U.S. information reporting and backup withholding requirements generally will apply to the proceeds of a disposition of our Class A common stock effected by or through a U.S. office of any broker, U.S. or non-U.S., unless the Non-U.S. Holder provides a properly executed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, or otherwise meets documentary evidence requirements for establishing non-U.S. person status or otherwise establishes an exemption. Generally, U.S. information reporting and backup withholding requirements will not apply to a payment of disposition proceeds to a Non-U.S. Holder where the transaction is effected outside the United States through a non-U.S. office of a non-U.S. broker. Information reporting and backup withholding requirements may, however, apply to a payment of disposition proceeds if the broker has actual knowledge, or reason to know, that the holder is, in fact, a United States person. For information reporting purposes only, certain brokers with substantial U.S. ownership or operations will generally be treated in a manner similar to U.S. brokers.

备用预扣税不是额外税款。如果对您适用了备用预扣税，您应咨询您的税务顾问，以确定您是否能够获得多缴税款的退税或抵免。

Backup withholding is not an additional tax. If backup withholding is applied to you, you should consult with your tax advisor to determine whether you are able to obtain a tax refund or credit of the overpaid amount.

境外账户 Foreign Accounts

此外，根据《外国账户税收合规法案》（“FATCA”），美国联邦预提税可能适用于某些类型的付款，包括向我们 A 类普通股支付的股息，支付对象为非美国金融机构及某些其他非美国实体。具体而言，向我们 A 类普通股支付的股息若支付给“外国金融机构”或“非金融外国实体”（各自定义见《税法》），可能被征收 30%的预提税，除非（1）该外国金融机构同意承担某些尽职调查和报告义务，（2）该非金融外国实体证明其没有任何“美国实质性所有人”（定义见《税法》），或提供关于每位美国实质性所有人的身份信息，或（3）该外国金融机构或非金融外国实体以其他方式符合上述规则的豁免条件。本段所述的 30%联邦预提税通常不适用美国所得税协定下的减免。如果收款人是外国金融机构且受上述第（1）项尽职调查和报告要求的约束，则其必须与美国财政部签订协议，要求其除其他事项外承诺识别由某些“特定美国人”或“美国拥有的外国实体”（各自定义见《税法》）持有的账户，每年报告有关该等账户的某些信息，并对向不合规的外国金融机构及某些其他账户持有人支付的某些款项预提 30%的税款。位于与美国就 FATCA 签订了政府间协定的司法管辖区的外国金融机构可能适用不同的规则。尽管根据适用的财政部条例和行政指引，FATCA 项下的预提税通常也会适用于出售或以其他方式处置我们 A 类普通股所得的毛收入款项，但拟议的财政部条例完全取消了针对毛收入款项的 FATCA 预提税。拟议条例的前言明确指出，在最终定稿之前，纳税人可以依赖该等拟议条例。

In addition, U.S. federal withholding taxes may apply under the Foreign Account Tax Compliance Act (“FATCA”) on certain types of payments, including dividends on our Class A common stock, made to non-U.S. financial institutions and certain other non-U.S. entities. Specifically, a 30% withholding tax may be imposed on dividends on our Class A common stock paid to a “foreign financial institution” or a “non-financial foreign entity” (each as defined in the Code), unless (1) the foreign financial institution agrees to undertake certain diligence and reporting obligations, (2) the non-financial foreign entity either certifies it does not have any “substantial United States owners” (as defined in the Code) or furnishes identifying information regarding each substantial United States owner, or (3) the foreign financial institution or non-financial foreign entity otherwise qualifies for an exemption from these rules. The 30% federal withholding tax described in this paragraph is not generally subject to reduction under income tax treaties with the United States. If the payee is a foreign financial institution and is subject to the diligence and reporting requirements in (1) above, it must enter into an agreement with the U.S. Department of the Treasury requiring, among other things, that it undertake to identify accounts held by certain “specified United States persons” or “United States-owned foreign entities” (each as defined in the Code), annually report certain information about such accounts, and withhold 30% tax on certain payments to non-compliant foreign financial institutions and certain other account holders. Foreign financial institutions located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules. While under the applicable Treasury Regulations and administrative guidance, withholding taxes under FATCA generally also would have applied to payments of gross proceeds from the sale or other disposition of our Class A common stock, proposed Treasury Regulations eliminate FATCA withholding on payments of gross proceeds entirely. The preamble to the proposed regulations specifies that taxpayers are permitted to rely on such proposed regulations pending finalization.

潜在投资者应就其对我们 A 类普通股的投资可能适用 FATCA 项下预提税一事咨询其税务顾问。

Prospective investors should consult their tax advisors regarding the potential application of withholding taxes under FATCA to their investment in our Class A common stock.

每位潜在投资者均应就其收购、持有和处置我们 A 类普通股所涉及的税务后果咨询其税务顾问，包括适用法律任何拟议变更的后果，以及根据任何州、地方、非美国或美国联邦非所得税法律（如遗产税和赠与税）产生的税务后果，以及税务协定可能适用的情况。

EACH PROSPECTIVE INVESTOR SHOULD CONSULT ITS TAX ADVISOR REGARDING THE TAX CONSEQUENCES OF ACQUIRING, OWNING, AND DISPOSING OF OUR CLASS A COMMON STOCK, INCLUDING THE CONSEQUENCES OF ANY PROPOSED CHANGE IN APPLICABLE LAW, AS WELL AS TAX CONSEQUENCES ARISING UNDER ANY STATE, LOCAL, NON-U.S. OR U.S. FEDERAL NON-INCOME TAX LAWS SUCH AS ESTATE AND GIFT TAX, AND THE POSSIBLE APPLICATION OF TAX TREATIES.

承销（利益冲突） Underwriting (conflicts of Interest)

根据本招股说明书日期签署的承销协议中的条款并受其条件约束，下列承销商（由 Morgan Stanley & Co. LLC、J.P. Morgan Securities LLC 和 Goldman Sachs & Co. LLC 担任其代表）已分别同意购买，且我们与出售股东已同意分别向其出售下述数量的我们的 A 类普通股股份：

Under the terms and subject to the conditions in an underwriting agreement dated the date of this prospectus, the underwriters named below, for whom Morgan Stanley & Co. LLC, J.P. Morgan Securities LLC, and Goldman Sachs & Co. LLC are acting as representatives, have severally agreed to purchase, and we and the selling stockholders have agreed to sell to them, severally, the number of shares of our Class A common stock indicated below:

名称 · 股份数量 Morgan Stanley & Co. LLC · 10,125,000 J.P. Morgan Securities LLC · 9,187,500 Goldman Sachs & Co. LLC · 5,625,000 Barclays Capital Inc. · 1,875,000 Citigroup Global Markets Inc. · 1,875,000 MUFG Securities Americas Inc. · 2,062,500 Deutsche Bank Securities Inc. · 1,125,000 Jefferies LLC · 1,125,000 Mizuho Securities USA LLC · 1,125,000 Wells Fargo Securities, LLC · 1,125,000 BofA Securities, Inc. · 937,500 Guggenheim Securities, LLC · 187,500 The Klein Group, LLC · 281,250 Macquarie Capital (USA) Inc. · 187,500 Needham & Company, LLC · 187,500 Santander US Capital Markets LLC · 187,500 Stifel, Nicolaus & Company, Incorporated · 187,500 Galaxy Digital Partners LLC · 93,750 合计 · 37,500,000

Name · Number of Shares Morgan Stanley & Co. LLC · 10,125,000 J.P. Morgan Securities LLC · 9,187,500 Goldman Sachs & Co. LLC · 5,625,000 Barclays Capital Inc. · 1,875,000 Citigroup Global Markets Inc. · 1,875,000 MUFG Securities Americas Inc. · 2,062,500 Deutsche Bank Securities Inc. · 1,125,000 Jefferies LLC · 1,125,000 Mizuho Securities USA LLC · 1,125,000 Wells Fargo Securities, LLC · 1,125,000 BofA Securities, Inc. · 937,500 Guggenheim Securities, LLC · 187,500 The Klein Group, LLC · 281,250 Macquarie Capital (USA) Inc. · 187,500 Needham & Company, LLC · 187,500 Santander US Capital Markets LLC · 187,500 Stifel, Nicolaus & Company, Incorporated · 187,500 Galaxy Digital Partners LLC · 93,750 Total · 37,500,000

承销商与代表分别统称为“承销商”和“代表”。承销商发售我们的 A 类普通股股份，须以其从我们及出售股东处接受该等股份为前提，并须以先行售出为前提。承销协议规定，各承销商支付并接受本招股说明书所发售的我们的 A 类普通股股份交付的义务，须经其法律顾问对若干法律事项的批准以及若干其他条件的满足。若承销商接受任何该等股份，则有义务接受并支付本招股说明书所发售的全部我们的 A 类普通股股份。但是，承销商无须接受或支付下述承销商超额配售选择权所涵盖的股份。

The underwriters and the representatives are collectively referred to as the “underwriters” and the “representatives,” respectively. The underwriters are offering the shares of our Class A common stock subject to their acceptance of the shares from us and the selling stockholders and subject to prior sale. The underwriting agreement provides that the obligations of the several underwriters to pay for and accept delivery of the shares of our Class A common stock offered by this prospectus are subject to the approval of certain legal matters by their counsel and to certain other conditions. The underwriters are obligated to take and pay for all of the shares of our Class A common stock offered by this prospectus if any such shares are taken. However, the underwriters are not required to take or pay for the shares covered by the underwriters’ over-allotment option described below.

承销商初步建议按本招股说明书封面所列的发售价格向公众直接发售部分我们的 A 类普通股股份，并向若干经销商发售部分股份。在我们的 A 类普通股股份首次发售后，代表可不时变更发售价格及其他销售条款。

The underwriters initially propose to offer part of the shares of our Class A common stock directly to the public at the offering price listed on the cover page of this prospectus and part to certain dealers. After the initial offering of the shares of our Class A common stock, the offering price and other selling terms may from time to time be varied by the representatives.

我们已授予承销商一项选择权，自本招股说明书之日起 30 天内可行使，按本招股说明书封面所列公开发行价格减去承销折扣和佣金，购买最多 5,625,000 股额外 A 类普通股。承销商仅可为弥补与本招股说明书所发售 A 类普通股相关的超额配售（如有）之目的行使该选择权。在该选择权被行使的范围内，各承销商将有义务（受某些条件约束）按其在上一表格中名称旁所列股份数量占上一表格中所有承销商名称旁所列 A 类普通股总股数的比例，购买大致相同比例的额外 A 类普通股。

We have granted to the underwriters an option, exercisable for 30 days from the date of this prospectus, to purchase up to 5,625,000 additional shares of our Class A common stock at the public offering price listed on the cover page of this prospectus, less underwriting discounts and commissions. The underwriters may exercise this option solely for the purpose of covering over-allotments, if any, made in connection with the offering of the shares of our Class A common stock offered by this prospectus. To the extent the option is exercised, each underwriter will become obligated, subject to certain conditions, to purchase about the same percentage of the additional shares of our Class A common stock as the number listed next to the underwriter’s name in the preceding table bears to the total number of shares of Class A common stock listed next to the names of all underwriters in the preceding table.

下表列示了每股及合计的公开发行价格、承销折扣和佣金，以及向我们和出售股东支付的扣除费用前的所得款项。这些金额分别按未行使和全额行使承销商购买最多 5,625,000 股额外 A 类普通股的选择权两种情况列示。

The following table shows the per share and total public offering price, underwriting discounts and commissions, and proceeds before expenses to us and the selling stockholders. These amounts are shown assuming both no exercise and full exercise of the underwriters’ option to purchase up to an additional 5,625,000 shares of Class A common stock.

合计

Total

每股 · 未行使 · 全额行使 公开发行价格 · $40.00 · $1,500,000 · $1,725,000 我们应付的承销折扣和佣金 · $1.12 · $40,981 · $47,281 出售股东应付的承销折扣和佣金 · $1.12 · $1,019 · $1,019 我们扣除费用前的所得款项 · $38.88 · $1,422,619 · $1,641,319 出售股东扣除费用前的所得款项 · $38.88 · $35,381 · $35,381

Per Share · No Exercise · Full Exercise Public offering price · $40.00 · $1,500,000 · $1,725,000 Underwriting discounts and commissions to be paid by us · $1.12 · $40,981 · $47,281 Underwriting discounts and commissions to be paid by the selling stockholders · $1.12 · $1,019 · $1,019 Proceeds, before expenses, to us · $38.88 · $1,422,619 · $1,641,319 Proceeds, before expenses, to the selling stockholders · $38.88 · $35,381 · $35,381

我们应支付的估计发行费用（不包括承销折扣和佣金）约为 $26 million。我们已同意向承销商报销其某些费用，最高不超过 $60,000。此外，承销商已同意按每股 $40.00 的首次公开发行价格并假设未行使超额配售选择权，向我们报销与本发行相关的约 $1 million 费用。

The estimated offering expenses payable by us, exclusive of the underwriting discounts and commissions, are approximately $26 million. We have agreed to reimburse the underwriters for certain of their expenses up to $60,000. In addition, the underwriters have agreed to reimburse us for approximately $1 million of our expenses in connection with this offering, based on the initial public offering price per share of $40.00 and assuming no exercise of the over-allotment option.

承销商已告知我们，其不打算向全权委托账户的销售超过其发售的 A 类普通股总股数的 5%。

The underwriters have informed us that they do not intend sales to discretionary accounts to exceed 5% of the total number of shares of our Class A common stock offered by them.

我们已获准将 A 类普通股在 Nasdaq 上市，交易代码为“CRWV”。

We have been approved to list our Class A common stock on Nasdaq under the trading symbol “CRWV.”

应我们的请求，承销商已将 1,041,805 股 A 类普通股分配给表示有兴趣按首次公开发行价格在本发行中购买 A 类普通股的投资者。然而，由于意向表示不构成具有约束力的购买协议或承诺，承销商可决定向任何或所有该等方出售更多、更少或不出售本发行中的股份，或任何或所有该等方可决定在本发行中购买更多、更少或不购买股份。承销商就该等方购买的任何股份所收取的承销折扣，将与其在本发行中向公众出售的任何其他股份所收取的承销折扣相同。

At our request, the underwriters have allocated 1,041,805 shares of our Class A common stock to investors that have indicated an interest in purchasing shares of our Class A common stock in this offering at the initial public offering price. However, because indications of interest are not binding agreements or commitments to purchase, the underwriters may determine to sell more, fewer, or no shares in this offering to any or all of these parties, or any or all of these parties may determine to purchase more, fewer, or no shares in this offering. The underwriters will receive the same underwriting discount on any shares purchased by these parties as they will on any other shares sold to the public in this offering.

就本次发行而言，我们全体董事和高级管理人员、出售股东以及若干其他持有人（合计约占我们已发行 A 类普通股及可直接或间接转换为、可交换为或可行使为 A 类普通股的证券的 83.7%）与承销商签订了锁定期协议。根据该等协议，除特定例外情形外，未经 Morgan Stanley（代表承销商）与 Magnetar 事先书面同意，在自本招股说明书之日起至下列两者中较早发生之日止的期间内，他们不得按照该等协议的条款：(i) 我们公开宣布本招股说明书所载财务报表对应最近期间之后第二季度业绩后的第二个交易日交易收盘时，及 (ii) 本招股说明书日期后 180 天：

In connection with this offering, all of our directors and executive officers, the selling stockholders, and certain other holders that together represent approximately 83.7% of our outstanding Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock are subject to lock-up agreements with the underwriters pursuant to which they have agreed, subject to certain exceptions, that without the prior written consent of Morgan Stanley, on behalf of the underwriters, and Magnetar, they will not, in accordance with the terms of such agreements during the period ending on the earlier of (i) the close of trading on the second trading day after the date that we publicly announce earnings for the second quarter following the most recent period for which financial statements are included in this prospectus and (ii) 180 days after the date of this prospectus:

(1) · 直接或间接要约、质押、出售、签订出售合同、出售任何期权或购买合同、购买任何期权或出售合同、授予任何期权、权利或认股权证以购买、出借或以其他方式转让或处置我们的任何普通股股份以及可直接或间接转换为、可交换为或可行使为我们的普通股的证券；

(1) · offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of our common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our common stock;

(2) · 订立任何互换、对冲交易或其他安排，将我们普通股所有权的任何经济后果全部或部分转移给另一方，无论上述任何此类交易是否以交付我们的普通股或该等其他证券、现金或其他方式结算；

(2) · enter into any swap, hedging transaction, or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our common stock, whether any such transaction described above is to be settled by delivery of our common stock or such other securities, in cash or otherwise;

(3) · 公开披露采取上述第 (1) 或 (2) 条所限制的任何行动的意图；或

(3) · publicly disclose the intention to take any of the actions restricted by clause (1) or (2) above; or

(4) · 就我们的任何普通股股份或可转换为、可行使为或可交换为我们的普通股的任何证券的登记提出任何要求，或行使任何相关权利。

(4) · make any demand for, or exercise any right with respect to, the registration of any shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock.

此外，我们已发行 A 类普通股中另有约 14.7%的股份，以及可直接或间接转换为、或可交换为、或可行使以取得我们 A 类普通股的证券，均受限于市场禁售条款；根据该等条款，相关持有人同意，在锁定期内，不得出借、要约出售、出售、订立出售合同、出售任何购买期权或购买合同、购买任何出售期权或出售合同、授予任何购买期权、权利或认股权证，或以其他方式直接或间接转让或处置其在包含本招股说明书的注册声明生效前即时持有的任何 A 类普通股股份，或任何可转换为、或可行使以取得、或可交换为我们 A 类普通股的证券，亦不得订立任何互换或其他安排，将此类 A 类普通股所有权的任何经济后果全部或部分转移给他人。该等市场禁售条款的形式及具体限制性规定因证券持有人而异。例如，尽管其中部分市场禁售协议并未明确限制对冲交易，且其他协议在我们与证券持有人之间就可能是否限制对冲存在不同解释，但我们的内幕交易政策禁止我们所有现任董事、高级管理人员、员工、承包商和顾问进行对冲。涉及我们股权证券的出售、卖空或对冲交易，无论发生在本次发行之前或之后，也无论我们是否认为其被禁止，均可能对我们 A 类普通股的价格产生不利影响。

Furthermore, an additional approximately 14.7% of our outstanding Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock are subject to market standoff provisions, pursuant to which such holders agreed to not lend, offer, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right, or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any shares of our Class A common stock or any securities convertible into or exercisable or exchangeable for our Class A common stock held immediately prior to the effectiveness of the registration statement of which this prospectus forms a part, or enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such Class A common stock during the Lock-up Period. The forms and specific restrictive provisions within these market standoff provisions vary among security holders. For example, although some of these market standoff agreements do not specifically restrict hedging transactions and others may be subject to different interpretations between us and security holders as to whether they restrict hedging, our insider trading policy prohibits hedging by all of our current directors, officers, employees, contractors, and consultants. Sales, short sales, or hedging transactions involving our equity securities, whether before or after this offering and whether or not we believe them to be prohibited, could adversely affect the price of our Class A common stock.

鉴于上述情况，我们几乎所有已发行的 A 类普通股，以及可直接或间接转换为、或可交换为、或可行使以取得我们 A 类普通股的证券，在锁定期内均受限于锁定协议或市场禁售条款。我们已同意代表承销商执行所有该等市场禁售限制，并同意在锁定期内未经 Morgan Stanley（代表承销商）和 Magnetar 事先书面同意，不修订或豁免任何该等市场禁售条款；但前提是，对于根据本招股说明书所述由我们的董事和高级管理人员、出售股东及我们证券的某些其他登记持有人与承销商签订的锁定协议格式本应有权解除限制的股份，我们可以解除该等限制。

As a result of the foregoing, substantially all of our outstanding Class A common stock and securities directly or indirectly convertible into or exchangeable or exercisable for our Class A common stock are subject to a lock-up agreement or market standoff provisions during the Lock-up Period. We have agreed to enforce all such market standoff restrictions on behalf of the underwriters and not to amend or waive any such market standoff provisions during the Lock-up Period without the prior written consent of Morgan Stanley, on behalf of the underwriters, and Magnetar, provided that we may release shares from such restrictions to the extent such shares would be entitled to release under the form of lock-up agreement with the underwriters entered into by our directors and executive officers, the selling stockholders, and certain other record holders of our securities as described herein.

锁定协议和市场禁售条款所施加的限制受限于某些例外情形，包括就以下事项而言：

The restrictions imposed by the lock-up agreements and market standoff provisions are subject to certain exceptions, including with respect to:

(a) · 与在本次发行中或本次发行完成后在公开市场交易中取得的我们普通股或其他证券股份相关的交易，前提是，在锁定期内，就后续出售在本次发行中或在上述公开市场交易中取得的我们的 A 类普通股或其他证券而言，不得要求且不得自愿作出任何公告或根据《交易法》第 16(a)条进行任何备案，也不得作出任何其他报告我们普通股实益所有权减少的公开备案或披露；

(a) · transactions relating to shares of our common stock or other securities acquired in the this offering or in open market transactions after the completion of this offering, provided that no public announcement or filing under Section 16(a) of the Exchange Act, or any other public filing or disclosure reporting a reduction in beneficial ownership of shares of our common stock, shall be required or shall be voluntarily made during the Lock-up Period in connection with subsequent sales of our Class A common stock or other securities acquired either in this offering or in such open market transactions;

(b) · 转让我们的普通股股份或任何可转换为、可行使或可交换为我们普通股股份的证券(i)作为善意赠与或赠与慈善组织或教育机构，或(ii)出于善意的遗产规划目的，在每种情况下，该等转让均不涉及有偿处置；

(b) · transfers of shares of our common stock or any security convertible into or exercisable or exchangeable for shares of our common stock (i) as a bona fide gift or to a charitable organization or educational institution or (ii) for bona fide estate planning purposes, in each case, in a transfer not involving a disposition for value;

(c) · 将我们的普通股股份或任何可转换为、可行使或可交换为我们普通股股份的证券转让或处置给(i)锁定期方的任何直系亲属，或为锁定期方或锁定期方直系亲属的直接或间接利益设立的任何信托，或若锁定期方为信托，则转让给委托人、受托人或任何受益人（包括该等委托人、受托人或受益人的遗产），以及(ii)在不涉及有偿处置的交易中进行；

(c) · transfers or dispositions of shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock to (i) any member of the immediate family of the lock-up party or any trust for the direct or indirect benefit of the lock-up party or the immediate family of the lock-up party, or if the lock-up party is a trust, to a trustor, trustee, or any beneficiary (including such trustor, trustee, or beneficiary’s estate), and (ii) in a transaction not involving a disposition for value;

(d) · 将我们的普通股股份或其他证券分配、转让或处置给任何公司、合伙企业、有限责任公司、作为锁定期方关联方的其他实体、由锁定期方的投资管理人、顾问发起、管理、提供咨询或提供副咨询的投资基金，或锁定期方的顾问，或锁定期方或其直系亲属持有其全部实益权益的实体，且该等交易不涉及有偿处置；

(d) · distributions, transfers, or dispositions of shares of our common stock or other securities to any corporation, partnership, limited liability company, other entity that is an affiliate of the lock-up party, investment fund sponsored, managed, advised, or sub-advised by the investment manager, or advisor of the lock-up party or of which all of the beneficial ownership interests of which are held by the lock-up party or the immediate family of the lock-up party in a transaction not involving a disposition for value;

(e) · 通过遗嘱、其他遗嘱文件或无遗嘱继承转让或处置我们的普通股股份或任何可转换为、可行使或可交换为我们普通股股份的证券，以及

(e) · transfers or dispositions of shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock (i) by will, other testamentary document or intestate succession and

(ii) 通过法律实施，包括但不限于依据法院或监管机构的命令、与协商离婚和解相关、依据合格家庭关系令或依据其他法院命令；

(ii) by operation of law including, without limitation, pursuant to orders of a court or regulatory agency, in connection with a negotiated divorce settlement, pursuant to a qualified domestic relations order or by other court order;

(f) · 转让给根据上文(b)至(e)项允许进行处置或转让的个人或实体的代名人或托管人；

(f) · to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clauses (b) through (e) above;

(g) · 若锁定期一方为公司、合伙企业、有限责任公司、信托或其他实体，(x) 将我们的普通股股份或可转换为、可行使或可交换为我们普通股的其他证券转让或处置给另一公司、成员、管理人、合伙企业、有限责任公司、信托或其他实体（或在每种情况下其代名人或托管人），且该实体为锁定期一方的直接或间接关联方（按《交易法》第 12b-2 条规则的定义），或转让或处置给控制、管理、提供建议或副建议、或与锁定期一方或锁定期一方的关联方处于共同控制之下的投资基金或其他实体，或 (y) 将我们的普通股股份或任何可转换为、可行使或可交换为我们普通股的证券分配给锁定期一方的现任或前任合伙人（普通或有限）、成员、管理人、股东、受益人或其他权益持有人（或在每种情况下其代名人或托管人），或分配给任何该等合伙人、成员、管理人、股东、受益人或其他权益持有人的遗产；

(g) · if the lock-up party is a corporation, partnership, limited liability company, trust, or other entity, (x) transfers or dispositions of shares of our common stock or other securities convertible into or exercisable or exchangeable for our common stock to another corporation, member, managers, partnership, limited liability company, trust, or other entity (or in each case its nominee or custodian) that is a direct or indirect affiliate (as defined under Rule 12b-2 of the Exchange Act) of the lock-up party, or to an investment fund or other entity that controls, manages, advises or sub-advises, or is under common control with, the lock-up party or affiliates of the lock-up party, or (y) distributions of shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock to current or former partners (general or limited), members, managers, stockholders, beneficiaries, or other equity holders of the lock-up party (or in each case its nominee or custodian) or to the estate of any such partners, members, managers, stockholders, beneficiaries, or other equity holders;

(h) · (i) 锁定期一方从我们处收到我们的普通股股份或任何可转换为、可行使或可交换为普通股的证券，系因行使期权、结算限制性股票单位或其他股权奖励，或行使截至本招股说明书日期尚未行使且已在本招股说明书中披露的认股权证，或 (ii) 因限制性股票单位、期权、认股权证或其他购买我们普通股股份或任何可转换为、可行使或可交换为我们普通股的证券的权利的归属、结算或行使（在每种情况下包括通过“净额”或“无现金”行使方式），向我们转让或处置，包括因该等限制性股票单位、期权、认股权证或其他权利的归属、结算或行使而应付的税款预扣或汇款的任何向我们转让，或因可转换证券的转换而向我们转让或处置，在所有这些情况下均依据股票激励计划或其他股权奖励计划授予的股权奖励，或依据可转换证券的条款，各项均如本文所述；但前提是 (i) 锁定期一方收到的任何该等我们的普通股股份或任何可转换为、可行使或可交换为我们普通股的证券应受锁定协议条款的约束，(ii) 除 (iii) 所述外，在锁定期内不得自愿作出《交易法》第 16(a) 条项下的任何公告或备案，或任何其他报告我们普通股股份实益所有权减少的公开备案或披露，且 (iii) 若因依据第 (h)(ii) 条进行的该等转让或处置而需要在锁定期内作出《交易法》第 16(a) 条项下的备案，该备案应明确表明该备案与本第 (h)(ii) 条所述情形有关；

(h) · (i) the receipt by the lock-up party from us of shares of our common stock or any security convertible into or exercisable or exchangeable for common stock upon the exercise of options, settlement of restricted stock units or other equity awards, or the exercise of warrants which are outstanding as of the date of this prospectus and are disclosed in this prospectus, or (ii) transfers or dispositions to us in connection with the vesting, settlement, or exercise of restricted stock units, options, warrants or other rights to purchase shares of our common stock, or any security convertible into or exercisable or exchangeable for our common stock (including, in each case, by way of “net” or “cashless” exercise), including any transfer to us for the payment of tax withholdings or remittance payments due as a result of the vesting, settlement, or exercise of such restricted stock units, options, warrants, or other rights, or in connection with the conversion of convertible securities, in all such cases pursuant to equity awards granted under a stock incentive plan or other equity award plan, or pursuant to the terms of convertible securities, each as described in herein; provided that (i) any such shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock received by the lock-up party shall be subject to the terms of the lock-up agreement, (ii) except as set forth in (iii), no public announcement or filing under Section 16(a) of the Exchange Act, or any other public filing or disclosure reporting a reduction in beneficial ownership of shares of our common stock, shall be voluntarily made during the Lock-up Period and (iii) to the extent a filing under Section 16(a) of the Exchange Act is required during the Lock-up Period as a result of such transfers or dispositions pursuant to clause (h)(ii), it shall clearly indicate that the filing relates to the circumstances described in this clause (h)(ii);

(i) · 在锁定期内通过公开市场交易进行出售，使锁定期一方从该等出售中获得（扣除佣金后的）净收益，总额不超过因该锁定期一方持有的、根据本招股说明书中所述计划或安排发行并在锁定期内归属和/或结算的公司股权激励发生归属和/或结算而到期应付的税款或估计税款（如适用）的总额，但为免疑义，该锁定期一方在适用本条规定后保留的任何普通股或其他证券仍应受锁定协议条款的约束；但就依据本第(i)条进行的任何出售而言，只有在相关申报文件的脚注中明确说明该申报涉及仅为支付因公司股权激励归属和/或结算而到期应付的税款或估计税款（如适用）而进行出售以产生净收益的证券时，才允许在锁定期内进行《交易法》第 16(a)条项下的申报；

(i) · sales in open market transactions during the Lock-up Period to generate such amount of net proceeds to the lock-up party from such sales (after deducting commissions) in an aggregate amount up to the total amount of taxes or estimated taxes (as applicable) that become due as a result of the vesting and/or settlement of Company equity awards held by the lock-up party and issued pursuant to a plan or arrangement described in this prospectus that vest and/or settle during the Lock-up Period, provided that, for the avoidance of doubt, any shares of our common stock or other securities retained by the lock-up party after giving effect to this provision shall be subject to the terms of the lockup agreement; provided that in the case of any sale pursuant to this clause (i), filings under Section 16(a) of the Exchange Act shall only be permissible during the Lock-up Period if such filing shall clearly indicates in the footnotes thereto that the filing relates to securities being sold to generate net proceeds solely to cover taxes or estimated taxes (as applicable) that became due as a result of the vesting and/or settlement of a Company equity award;

(j) · 代表股东、高级管理人员或董事根据《交易法》第 10b5-1 条设立交易计划以转让我们的普通股，但条件是：(i) 该计划不规定在锁定期内转让我们的普通股（上述第(i)条另有允许的除外），且(ii) 若锁定期一方或我们或代表其就设立该计划须根据《交易法》进行公告或申报，

(j) · the establishment of a trading plan on behalf of a stockholder, officer, or director pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of our common stock, provided that (i) such plan does not provide for the transfer of our common stock during the Lock-up Period (except as otherwise allowed pursuant to clause (i) above) and (ii) to the extent a public announcement or filing under the Exchange Act,

或自愿进行公告或申报（如有），则该公告或申报应包含一项声明，大意是在锁定期内不得根据该计划转让我们的普通股（上述第(i)条另有允许的除外）；

if any, is required of or voluntarily made by or on behalf of the lock-up party or us regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of our common stock may be made under such plan during the Lock-up Period (except as otherwise allowed pursuant to clause (i) above);

(k) · 根据我们拥有回购该等普通股或可转换为或可行使或可交换为我们普通股的任何证券的选择权或对该等证券享有优先购买权的安排，向我们转让我们的普通股或可转换为或可行使或可交换为我们普通股的任何证券；但若锁定期一方或我们或代表其就设立该计划须根据《交易法》进行公告或申报，或自愿进行公告或申报（如有），则该公告或申报应包含一项声明，大意是该等转让是向我们进行的、与回购我们的普通股有关；

(k) · transfers of shares of our common stock or any securities convertible into or exercisable or exchangeable for our common stock to us pursuant to arrangements under which we have the option to repurchase such shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock or a right of first refusal with respect to such securities; provided to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by or on behalf of the lock-up party or by us regarding the establishment of such plan, such announcement or filing shall include a statement to the effect such transfer was to us in connection with the repurchase of shares of our common stock;

(l) · 在本次发行完成之前或与之相关的情况下，将已发行的优先股或可认购优先股的认股权证转换为我们的普通股股份，或行使可认购我们普通股股份的认股权证，或将已发行的优先股或其他类别股本的股份转换、交换、注销或重分类为我们的普通股股份，但通过该等转换、交换、注销或重分类所收到的任何普通股股份应受锁定期协议条款的约束；

(l) · the conversion of the outstanding preferred stock or warrants to acquire preferred stock into shares of our common stock or the exercise of warrants to acquire shares of our common stock prior to or in connection with the consummation of this offering, or the conversion exchange, retirement, or reclassification of the outstanding shares of preferred stock or other classes of capital stock into shares of our common stock, provided that any such shares of our common stock received upon such conversion, exchange, retirement, or reclassification shall be subject to the terms of the lock-up agreement;

(m) · (i) 依据经董事会批准的、向全体股本持有人作出的、涉及控制权变更（定义见下文）的善意第三方要约收购、合并、兼并或其他类似交易，转让我们的普通股股份或任何可转换为或可行使或可交换为我们普通股股份的证券，以及 (ii) 订立任何锁定期、投票或类似协议，据此锁定期一方可同意就上述 (i) 所述交易转让、出售、要约出售或以其他方式处置我们的普通股股份或该等其他证券；但若该等要约收购、合并、兼并或其他类似交易未能完成，签署方实益拥有的我们的普通股股份或任何可转换为或可行使或可交换为我们普通股股份的证券仍应受锁定期协议所载限制的约束。就本第 (m) 条而言，“控制权变更”指在一项交易或一系列相关交易中进行的转让（无论是通过要约收购、合并、兼并或其他类似交易），其结果是任何“人士”（定义见《交易法》第 13(d)(3) 条）或人士团体（除我们或本此发行的承销商外）成为我们具有表决权股票（或存续实体）总表决权超过 50% 的实益拥有人（定义见《交易法》第 13d-3 条和第 13d-5 条）；

(m) · (i) transfers of shares of our common stock or any securities convertible into or exercisable or exchangeable for our common stock pursuant to a bona fide third-party tender offer, merger, consolidation, or other similar transaction, that is approved by the Board of Directors, made to all holders of our capital stock involving a Change of Control (as defined below) and (ii) entry into any lock-up, voting, or similar agreement pursuant to which the lock-up party may agree to transfer, sell, tender, or otherwise dispose of shares of our common stock or such other securities in connection with a transaction described in (i) above; provided, that, in the event that such tender offer, merger, consolidation, or other similar transaction is not completed, the shares of our common stock or any securities convertible into or exercisable or exchangeable for our common stock beneficially owned by the signatory shall remain subject to the restrictions contained in the lock-up agreement. For purposes of this clause (m), “Change of Control” shall mean the transfer (whether by tender offer, merger, consolidation, or other similar transaction), in one transaction or a series of related transactions, the result of which is that any “person” (as defined in Section 13(d)(3) of the Exchange Act), or group of persons, other than us or an underwriter pursuant to this offering, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of more than 50% of the total voting power of our voting stock (or the surviving entity);

(n) · 经 Morgan Stanley 代表承销商事先书面同意；

(n) · with the prior written consent of Morgan Stanley on behalf of the underwriters;

(o) · 依据承销协议向承销商发行；

(o) · to the underwriters pursuant to the underwriting agreement;

(p) · 将我们的普通股或可转换为、可行使或可交换为我们普通股的任何证券转让给第三方，作为抵押品，以担保该等第三方（或其关联方或指定人）与锁定期一方和/或其关联方之间于本协议日期生效的贷款或其他安排项下的义务，或与为锁定期一方和/或其关联方利益而进行的融资安排有关的任何现有或未来类似安排，但在本第(p)条项下的质押或类似安排的情形下，任何该等质权人或其他方应在对质押证券行使止赎权时，签署并交付一份实质上采用锁定期协议格式的锁定期协议，并且进一步规定，在锁定期内不得由锁定期一方或代表其自愿就此类转让进行《交易法》项下的任何申报或任何其他公开申报或披露，且如果在锁定期内因依据第(p)条进行的此类转让或处置而需要依据《交易法》第 16(a)条进行申报，则该申报应明确表明该申报与本第(p)条所述情形有关；或

(p) · any transfer of shares of our common stock or any security convertible into or exercisable or exchangeable for our common stock pledged in a bona fide transaction to third parties as collateral to secure obligations pursuant to lending or other arrangements in effect as of the date hereof between such third parties (or their affiliates or designees) and the lock-up party and/or its affiliates or any existing or future similar arrangement relating to a financing arrangement for the benefit of the lock-up party and/or its affiliates, provided that in the case of pledges or similar arrangements under this clause (p), any such pledgee or other party shall, upon foreclosure on the pledged securities, sign and deliver a lock-up agreement substantially in the form of the lock-up agreement, and provided further that no filing under the Exchange Act, or any other public filing or disclosure, of such transfer by or on behalf of the lock-up party, shall be voluntarily made during the Lock-up Period and to the extent a filing under Section 16(a) of the Exchange Act is required during the Lock-up Period as a result of such transfers or dispositions pursuant to clause (p), it shall clearly indicate that the filing relates to the circumstances described in this clause (p); or

(q) · 依据我们就任何普通股或可转换为、可行使或可交换为我们普通股的任何证券的发售而签订的任何承销协议，向任何承销商转让

(q) · to any underwriters pursuant to any underwriting agreement entered into in connection with any offering of shares of our common stock or any security convertible into or exercisable or exchangeable for our common

该等发售由我们在 Morgan Stanley 根据承销协议向我们交付的事先书面同意下进行，且锁定期一方已就该等发售行使其登记权；

stock undertaken by us with the prior written consent delivered by Morgan Stanley to us in accordance with the underwriting agreement and for which the lock-up party has exercised its registration rights;

但就依据第(b)条至第(g)条进行的任何转让、处置或分配而言，(i) 每位受让人、受赠人或受分配人应签署并交付一份实质上采用锁定期协议格式的锁定期协议，且(ii) 在锁定期内，不得要求或自愿就此类转让、处置或分配进行《交易法》第 16(a)条项下的任何公告或申报，或任何其他报告我们普通股实益所有权减少的公开申报或披露（但依据第(b)条、第(e)条、第(f)条进行的转让或其他处置的情形除外，前提是该等转让或其他处置是向根据上文第(b)条或第(e)条以及第(g)条允许向其进行处置或转让的人或实体的代名人或托管人作出的，且如果锁定期一方须根据《交易法》向我们进行第 16 条申报，且需要根据《交易法》提交任何表格 4 或表格 5，则任何该等申报将通过脚注披露或其他方式表明该转让或处置的性质）。此外，依据第(n)条进行的任何转让、处置或分配均须获得 Magnetar 的事先书面同意。

provided, in the case of any transfer, disposition or distribution pursuant to clauses (b) through (g), that (i) each transferee, donee, or distributee shall sign and deliver a lock-up agreement substantially in the form of the lock-up agreement and (ii) no public announcement or filing under Section 16(a) of the Exchange Act or any other public filing or disclosure reporting a reduction in beneficial ownership of shares of our common stock, shall be required or shall be voluntarily made during the Lock-up Period with respect to such transfer, disposition or distribution (other than, in the case of a transfer or other disposition pursuant to clause (b), (e), (f), to the extent such transfer or other disposition is to a nominee or custodian of a person or entity to whom a disposition or transfer would be permissible under clause (b) or (e), and (g), above, if the lock-up party is subject to Section 16 reporting with us under the Exchange Act and any Form 4 or Form 5 is required to be filed under the Exchange Act, any such filing will indicate by footnote disclosure or otherwise the nature of the transfer or disposition). Further, any transfer, disposition, or distribution pursuant to clause (n) is subject to the prior written consent of Magnetar.

就本次发行而言，在截至以下两者中较早发生之日止的期间内（(i) 我们发布紧接本招股说明书所载财务报表最近期间之后第二个季度财报后的第二个交易日交易收盘时，及 (ii) 本招股说明书日期后 180 日）（“受限期间”），我们将受到一定限制，不得：(1) 直接或间接要约、质押、出售、订立出售合同、出售任何购买期权或购买合同、购买任何出售期权或出售合同、授予任何购买期权、权利或认股权证、出借或以其他方式转让或处置我们的任何普通股股份或任何可转换为普通股或可行使或可交换为普通股的证券，或 (2) 订立任何互换或其他安排，将我们普通股所有权的任何经济后果全部或部分转移给另一方，无论上述第 (1) 项或第 (2) 项所述的任何此类交易是否以交付普通股或该等其他证券、现金或其他方式结算，或 (3) 就发行我们的任何普通股股份或任何可转换为普通股或可行使或可交换为普通股的证券向 SEC 提交任何注册声明。

In connection with the offering, and during the period ending on the earlier of (i) the closing of trading on the second trading day immediately following our release of earnings for the second quarter following the most recent period for which financial statements are included in this prospectus and (ii) 180 days after the date of this prospectus (the “Restricted Period”), we will be subject to certain restrictions on our ability to: (1) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any shares of our common stock or any securities convertible into or exercisable or exchangeable for common stock or (2) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of our common stock, whether any such transaction described in clause (1) or (2) above is to be settled by delivery of common stock or such other securities, in cash or otherwise or (3) file any registration statement with the SEC relating to the offering of any shares of our common stock or any securities convertible into or exercisable or exchangeable for common stock.

在我们于限制期内发行证券所受的限制存在若干例外情形，包括：(a) 根据承销协议将出售的股份；(b) 行使本招股说明书日期已存在的期权或认股权证，或转换该日已存在的证券，或按本文件所述结算限制性股票单位（包括净额结算）；(c) 根据本招股说明书日期生效且本文件所述的计划条款，向我们员工、高级管理人员、董事、顾问或咨询人授予股票期权、股票奖励、限制性股票、限制性股票单位或其他股权奖励，以及向其发行我们的普通股或可转换为普通股或可行使为普通股的证券（无论是通过行使股票期权还是其他方式）；(d) 就根据本招股说明书日期生效且本文件所述的任何员工福利计划已授予或将要授予的股权奖励的发行、归属、行使、结算或转售，提交 S-8 表格注册声明；(e) 在本次发行中转换我们的优先股时，作为支付应计股息而发行我们的普通股股份；(f) 就一项或多项合并；收购证券、业务、财产或其他资产、产品或技术；合资企业；商业关系或其他战略公司交易或联盟，而出售或发行或签订协议出售或发行我们的普通股或可转换为普通股或可行使或可交换为普通股的证券；但前提是，我们可能出售或发行或同意出售或发行的我们的普通股或可转换为普通股或可行使或可交换为普通股的证券（按转换后、行使后或交换后基准计算）的总金额，不得超过本次发行完成后立即按完全稀释基准计算的我们已发行和流通普通股总股数的 10%（“并购上限”）；但前提是，如本文件所述，与我们收购 Weights and Biases, Inc. 相关可能发行的普通股股份不受并购上限限制；(g) 如本文件所述，在 Magnetar 行使购买 15.0 百万美元 A 类普通股的期权时，向 Magnetar 关联方私募配售我们的普通股股份；(h) 如本文件所述，向 OpenAI 私募配售发行的我们的 A 类普通股股份；(i) 为股东、高级管理人员或董事根据《交易法》第 10b5-1 条规则建立转让我们普通股股份的交易计划提供便利，但前提是 (A) 该计划不规定在限制期内转让我们的普通股（除非锁定协议格式另有允许），且 (B) 如果我们被要求或自愿就建立该计划作出《交易法》下的公开公告或备案（如有），该公告或备案应包含一项声明，大意是在限制期内不得根据该计划转让我们的普通股；但前提是，就上述 (b) 和 (f) 条而言，其接收方向承销商提供签署的锁定协议。

The restrictions on issuances by us during the Restricted Period are subject to certain exceptions, including with respect to: (a) shares to be sold pursuant to the underwriting agreement, (b) upon the exercise of an option or warrant or the conversion of a security outstanding as of the date of this prospectus or the settlement of restricted stock units (including net settlement) as described herein, (c) grants of stock options, stock awards, restricted stock, restricted stock units or other equity awards, and the issuance of our common stock or securities convertible into or exercisable for our common stock (whether upon the exercise of stock options or otherwise) to our employees, officers, directors, advisors, or consultants pursuant to the terms of a plan in effect on the date of this prospectus and described herein, (d) the filing of a registration statement on Form S-8 relating to the issuance, vesting, exercise, settlement, or resale of equity awards granted or to be granted pursuant to any employee benefit plan in effect on the date of this prospectus and described herein, (e) the issuance of shares of our common stock as payment of accrued dividends in connection with the conversion of our shares of preferred stock in this offering, (f) the sale or issuance of or entry into an agreement to sell or issue our common stock or any securities convertible into or exercisable or exchangeable for our common stock in connection with one or more mergers; acquisitions of securities, businesses, property or other assets, products, or technologies; joint ventures; commercial relationships, or other strategic corporate transactions or alliances; provided that the aggregate amounts of our common stock or any securities convertible into or exercisable or exchangeable for our common stock (on an as-converted, as-exercised, or as-exchanged basis) that we may sell or issue or agree to sell or issue shall not exceed 10% of the total number of shares of our common stock issued and outstanding immediately following the completion of this offering determined on a fully-diluted basis (the “M&A Cap”); provided, however, that those shares of common stock that may be issued in connection with our acquisition of Weights and Biases, Inc., as described herein, shall not be subject to the M&A Cap, (g) the sale and issuance of shares of our common stock in a private placement to affiliates of Magnetar upon exercise of Magnetar’s option to purchase $15.0 million of Class A common stock as described herein, (h) shares of our Class A common stock issued in a private placement to OpenAI, as described herein, (i) facilitating the establishment of a trading plan on behalf of a stockholder, officer, or director pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of our common stock, provided that (A) such plan does not provide for the transfer of our common stock during the Restricted Period (except as otherwise permitted under the form of lock-up agreement) and (B) to the extent a public announcement or filing under the Exchange Act, if any, is required of or voluntarily made by us regarding the establishment of such plan, such announcement or filing shall include a statement to the effect that no transfer of our common stock may be made under such plan during the Restricted Period; provided that, with respect to clauses (b) and (f) above, the recipients thereof provide to the underwriters a signed lock-up agreement.

此外，如本节及题为“未来可出售股份”一节进一步所述并受其中所载条件约束，在我们公开公布紧随本招股说明书所载财务报表最近期间之后第一个季度业绩之日后的第二个交易日交易收盘时，若在包含至少一日落在首次公开发行后业绩发布日之后的连续十个交易日期间内的任意五个交易日中，我们 A 类普通股在纳斯达克的每股收盘价至少比本招股说明书封面所载我们 A 类普通股的首次公开发行价格高出 25%，则我们现任员工和服务提供者（不包括高级管理人员和董事，包括管理层持有人）持有的最多约 1,004,372 股 A 类普通股将立即可在公开市场出售。Morgan Stanley 可自行决定，随时全部或部分解除受与承销商签订的锁定期协议或上述与我们签订的市场禁售协议约束的证券。

In addition, as further described and subject to the conditions set forth in this section and the section titled “Shares Eligible for Future Sale,” at the close of trading of the second trading day after the date that we publicly announce earnings for the first quarter following the most recent period for which financial statements are included in this prospectus, if the closing price per share of our Class A common stock on Nasdaq for any five trading days out of the ten consecutive trading day period including at least one day occurring after the Initial Post-Offering Earnings Release Date is at least 25% greater than the initial public offering price of our Class A common stock set forth on the cover of this prospectus, up to approximately 1,004,372 shares of Class A common stock held by our current employees and service providers (excluding officers and directors, including the Management Holders) will be immediately available for sale in the public market. Morgan Stanley, in its sole discretion, may release the securities subject to the lock-up agreements with the underwriters or the market standoff agreements with us described above in whole or in part at any time.

此外，我们可能不时与本此发行中的部分投资者签订单独的锁定期协议。该等单独的锁定期协议可能规定的受限期间长于上述适用于管理层持有人以外现有股东的期间。若本此发行中出售的某些股份存在单独的锁定期协议，则在上述锁定期协议期限内，我们可在公开市场出售的股份将减少。

In addition, we may, from time to time, enter into separate lock-up agreements with some of the investors in this offering. These separate lock-up agreements may provide for a restricted period that is longer than the period described above that is applicable to existing stockholders other than the Management Holders. If there is a separate lock-up agreement on certain shares sold in this offering, our shares available for sale in the public market will be reduced during the term of these lock-up agreements.

为便利我们 A 类普通股的发行，承销商可能进行稳定、维持或以其他方式影响我们 A 类普通股价格的交易。具体而言，承销商可能卖出超过其在承销协议项下有义务购买的股份，从而形成空头头寸。若空头头寸不超过承销商根据超额配售选择权可购买的股份数量，则该卖空为补足型卖空。承销商可通过行使超额配售选择权或在公开市场购买股份来平仓补足型卖空。在确定平仓补足型卖空的股份来源时，承销商将考虑（其中包括）股份的公开市场价格与超额配售选择权项下可购买价格之间的比较。承销商还可能卖出超过超额配售选择权数量的股份，从而形成裸空头头寸。承销商必须通过在公开市场购买股份来平仓任何裸空头头寸。如果承销商担心定价后我们 A 类普通股在公开市场可能面临下行压力，从而可能对本次发行中购买的投资者产生不利影响，则更可能形成裸空头头寸。作为便利本次发行的额外手段，承销商可能在公开市场出价购买我们 A 类普通股，以稳定我们 A 类普通股的价格。这些活动可能使我们 A 类普通股的市场价格高于独立市场水平或维持在该水平，或阻止或减缓我们 A 类普通股市场价格的下跌。承销商无义务进行这些活动，并可随时终止任何此类活动。

In order to facilitate the offering of our Class A common stock, the underwriters may engage in transactions that stabilize, maintain, or otherwise affect the price of our Class A common stock. Specifically, the underwriters may sell more shares than they are obligated to purchase under the underwriting agreement, creating a short position. A short sale is covered if the short position is no greater than the number of shares available for purchase by the underwriters under the over-allotment option. The underwriters can close out a covered short sale by exercising the over-allotment option or purchasing shares in the open market. In determining the source of shares to close out a covered short sale, the underwriters will consider, among other things, the open market price of shares compared to the price available under the over-allotment option. The underwriters may also sell shares in excess of the over-allotment option, creating a naked short position. The underwriters must close out any naked short position by purchasing shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price of our Class A common stock in the open market after pricing that could adversely affect investors who purchase in this offering. As an additional means of facilitating this offering, the underwriters may bid for, and purchase, shares of our Class A common stock in the open market to stabilize the price of our Class A common stock. These activities may raise or maintain the market price of our Class A common stock above independent market levels or prevent or slow a decline in the market price of our Class A common stock. The underwriters are not required to engage in these activities and may end any of these activities at any time.

我们、出售股东及承销商已同意就某些责任（包括《证券法》项下的责任）相互赔偿。

We, the selling stockholders, and the underwriters have agreed to indemnify each other against certain liabilities, including liabilities under the Securities Act.

电子格式的招股说明书可能在一个或多个承销商或参与本次发行的任何销售团成员维护的网站上提供。代表可同意向承销商分配一定数量的我们 A 类普通股，以供其向在线经纪账户持有人出售。互联网分销将由代表按与其他分配相同的基础分配给可能进行互联网分销的承销商。

A prospectus in electronic format may be made available on websites maintained by one or more underwriters, or selling group members, if any, participating in this offering. The representatives may agree to allocate a number of shares of our Class A common stock to underwriters for sale to their online brokerage account holders. Internet distributions will be allocated by the representatives to underwriters that may make Internet distributions on the same basis as other allocations.

利益冲突 Conflicts of Interest

J.P. Morgan Securities LLC 和 MUFG Securities Americas Inc. 各自的关联方均为我们 2024 年定期贷款融资项下的贷款人。如“募集资金用途”所述，本次发行的净收益将用于偿还我们 2024 年定期贷款融资项下的未偿借款，且由于偿还 2024 年定期贷款融资项下的借款，J.P. Morgan Securities LLC 和 MUFG Securities Americas Inc. 各自的关联方将获得本次发行净收益的 5% 或以上。因此，根据 FINRA 规则 5121，J.P. Morgan Securities LLC 和 MUFG Securities Americas Inc. 各自被视为存在“利益冲突”。据此，本次发行按照规则 5121 的要求进行，该规则要求（其中包括）“合格独立承销商”参与注册声明和本招股说明书的编制，并对其行使惯常的“尽职调查”标准。Goldman Sachs & Co. LLC 已同意担任本次发行的合格独立承销商，并承担《证券法》项下承销商的法律责任和义务，特别包括其第 11 条所固有的责任和义务。Goldman Sachs & Co. LLC 不会因担任与本次发行相关的合格独立承销商而收取任何额外费用。我们已同意就 Goldman Sachs & Co. LLC 因担任合格独立承销商而产生的责任（包括《证券法》项下的责任）向其作出赔偿。J.P. Morgan Securities LLC 和 MUFG Securities Americas Inc. 各自在未获得账户持有人明确书面批准的情况下，不会向其行使自由裁量权的任何账户确认任何销售。更多信息请参见“募集资金用途”。

An affiliate of each of J.P. Morgan Securities LLC and MUFG Securities Americas Inc. is a lender under our 2024 Term Loan Facility. As described in “Use of Proceeds,” net proceeds from this offering will be used to repay outstanding borrowings under our 2024 Term Loan Facility, and an affiliate of each of J.P. Morgan Securities LLC and MUFG Securities Americas Inc. will receive 5% or more of the net proceeds of this offering due to the repayment of borrowings under the 2024 Term Loan Facility. Therefore, each of J.P. Morgan Securities LLC and MUFG Securities Americas Inc. is deemed to have a “conflict of interest” under FINRA Rule 5121. Accordingly, this offering is being conducted in compliance with the requirements of Rule 5121, which requires, among other things, that a “qualified independent underwriter” participate in the preparation of, and exercise the usual standards of “due diligence” with respect to, the registration statement and this prospectus. Goldman Sachs & Co. LLC has agreed to act as a qualified independent underwriter for this offering and to undertake the legal responsibilities and liabilities of an underwriter under the Securities Act, specifically including those inherent in Section 11 thereof. Goldman Sachs & Co. LLC will not receive any additional fees for serving as a qualified independent underwriter in connection with this offering. We have agreed to indemnify Goldman Sachs & Co. LLC against liabilities incurred in connection with acting as a qualified independent underwriter, including liabilities under the Securities Act. Each of J.P. Morgan Securities LLC and MUFG Securities Americas Inc. will not confirm any sales to any account over which it exercises discretionary authority without the specific written approval of the account holder. See “Use of Proceeds” for additional information.

其他关系 Other Relationships

承销商及其各自的关联方均为提供全方位服务的金融机构，从事各类业务，其中可能包括证券交易、商业与投资银行业务、财务顾问、投资管理、投资研究、自营投资、对冲、融资及经纪业务。部分承销商及其各自的关联方不时为我们提供并可能在未来继续提供各类财务顾问和投资银行服务，并就此收取或将要收取惯常的费用和开支。此外，部分承销商还担任循环信贷融资项下的贷款人。

The underwriters and their respective affiliates are full service financial institutions engaged in various activities, which may include securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing, and brokerage activities. Certain of the underwriters and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for us, for which they received or will receive customary fees and expenses. In addition, certain of the underwriters also serve as lenders under the Revolving Credit Facility.

此外，在其各类日常业务活动中，承销商及其各自的关联方可能为其自身账户及客户账户进行或持有范围广泛的投资，并积极交易债务和权益证券（或相关衍生证券）及金融工具（包括银行贷款），且可能随时持有该等证券和工具的多头或空头头寸。该等投资和证券活动可能涉及我们的证券和工具。承销商及其各自的关联方还可能就该等证券或工具提出投资建议，或发布或表达独立的研究观点，并可能随时持有或建议客户获取该等证券和工具的多头或空头头寸。

In addition, in the ordinary course of their various business activities, the underwriters and their respective affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers and may at any time hold long and short positions in such securities and instruments. Such investment and securities activities may involve our securities and instruments. The underwriters and their respective affiliates may also make investment recommendations or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long or short positions in such securities and instruments.

发行定价 Pricing of the Offering

在本次发行之前，我们的 A 类普通股不存在公开市场。首次公开发行价格由我们与承销商代表协商确定。在确定首次公开发行价格时考虑的因素包括：我们的前景以及我们所处行业的整体前景、我们近期的销售额、盈利及某些其他财务和经营信息，以及从事与我们类似业务的公司的市盈率、市销率、证券市场价格及某些财务和经营信息。

Prior to this offering, there has been no public market for our Class A common stock. The initial public offering price was determined by negotiations between us and the representatives. Among the factors considered in determining the initial public offering price were our prospects and those of our industry in general, our sales, earnings, and certain other financial and operating information in recent periods, and the price-earnings ratios, price-sales ratios, market prices of securities, and certain financial and operating information of companies engaged in activities similar to ours.

定向股份计划 Directed Share Program

应本公司要求，承销商已预留最多 1,875,000 股 A 类普通股（占本公司拟发行及本招股说明书所发售股份的 5%），按首次公开发行价格向本公司部分现有员工（包括管理层）、其他服务提供者以及由本公司某些授权高管确定的其他个人和实体出售。该等出售将由 Morgan Stanley & Co. LLC 及其关联方按本公司指示通过定向股份计划进行。在定向股份计划中向已签署上述锁定协议的董事或高管出售的任何股份，均受该等锁定协议条款约束。若该等人士购买上述预留股份，则向公众发售的 A 类普通股数量将相应减少。未被如此购买的任何预留股份，将由承销商按与本招股说明书所发售其他股份相同的基础向公众发售。

At our request, the underwriters have reserved up to 1,875,000 shares of our Class A common stock, or 5% of the shares to be issued by us and offered by this prospectus, for sale, at the initial public offering price, to certain of our current employees, including management, other service providers, and other individuals and entities as determined by certain of our authorized officers. The sales will be made at our direction by Morgan Stanley & Co. LLC and its affiliates through a directed share program. Any shares sold in the directed share program to our directors or officers who have entered into lock-up agreements described above will be subject to the provisions of such lock-up agreements. The number of shares of our Class A common stock available for sale to the general public will be reduced to the extent such persons purchase such reserved shares. Any reserved shares that are not so purchased will be offered by the underwriters to the general public on the same basis as the other shares offered by this prospectus.

向散户投资者销售 Sales to Retail Investors

除承销商向散户投资者作出的配售以及通过上文所述我们的定向股份计划进行的配售外，我们预计，应我们的要求，本次发行的部分 A 类普通股将通过摩根士丹利财富管理（Morgan Stanley Wealth Management）和 Robinhood Financial LLC（“Robinhood”）各自的在线经纪平台向散户投资者发售。Robinhood 将作为本次发行的销售团成员。这些平台与我们无关联。通过该等平台进行的购买将受该等平台设定的条款、条件和要求约束。通过该等平台在本次发行中购买的任何 A 类普通股股份，将初步按本招股说明书封面页所列的发售价格发售。该等经纪平台上所载或可通过其访问的信息不构成本招股说明书的一部分。

In addition to allocations made to retail investors by the underwriters and through our directed share program discussed above, we anticipate that a portion of our Class A common stock offered hereby will, at our request, be offered to retail investors through Morgan Stanley Wealth Management and Robinhood Financial LLC (“Robinhood”), via their respective online brokerage platforms. Robinhood will act as a selling group member for this offering. These platforms are not affiliated with us. Purchases through these platforms will be subject to the terms, conditions, and requirements set by such platforms. Any purchase of shares of our Class A common stock in this offering through these platforms will initially be offered at the offering price listed on the cover page of this prospectus. Information contained on, or that can be accessed through, such brokerage platforms does not constitute part of this prospectus.

销售限制 Selling Restrictions

除美国以外，我们或承销商均未采取任何行动，以使本招股说明书所发售的证券能够在任何需要为此采取行动的司法管辖区进行公开发售。本招股说明书所发售的 A 类普通股不得直接或间接在任何司法管辖区发售或出售，本招股说明书或与 A 类普通股发售和出售相关的任何其他发售材料或广告亦不得在任何司法管辖区分发或发布，除非相关情形符合该司法管辖区的适用规则和法规。持有本招股说明书的人士应注意了解并遵守与本发售及本招股说明书分发相关的任何限制。在任何此类要约或招揽属违法的司法管辖区，本招股说明书均不构成出售本招股说明书所发售 A 类普通股的要约或购买该等 A 类普通股的要约招揽。

Other than in the United States, no action has been taken by us or the underwriters that would permit a public offering of the securities offered by this prospectus in any jurisdiction where action for that purpose is required. The shares of our Class A common stock offered by this prospectus may not be offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of our Class A common stock be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to this offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy Class A common stock offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

#### 致欧洲经济区潜在投资者的通知

#### Notice to prospective investors in the European Economic Area

就欧洲经济区各成员国（各称“相关成员国”）而言，在有关我们 A 类普通股的招股说明书经该相关成员国主管机关批准（或在适当情况下经另一相关成员国批准并通知该相关成员国主管机关）并予以公布之前，未曾且不会依据本发售在该相关成员国向公众发售任何 A 类普通股，上述一切均须符合《招股说明书条例》的规定；但依据《招股说明书条例》的下列豁免情形，可随时在该相关成员国向公众发售 A 类普通股：

In relation to each Member State of the EEA (each a “Relevant State”), no shares of our Class A common stock have been offered or will be offered pursuant to this offering to the public in that Relevant State prior to the publication of a prospectus in relation to the shares of our Class A common stock which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the competent authority in that Relevant State, all in accordance with the Prospectus Regulation, except that offers of shares of our Class A common stock may be made to the public in that Relevant State at any time under the following exemptions under the Prospectus Regulation:

1. · 向《招股说明书条例》第 2 条所定义的任何合格投资者法人实体发售；

1. · to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

2. · 向少于 150 名自然人或法人（《招股说明书条例》第 2 条所定义的合格投资者除外）发售，但须事先取得承销商同意；或

2. · to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the Prospectus Regulation), subject to obtaining the prior consent of the underwriters; or

3. · 属于《招股说明书条例》第 1(4)条规定的任何其他情形；

3. · in any other circumstances falling within Article 1(4) of the Prospectus Regulation;

前提是，任何此类 A 类普通股的要约均不要求我们或任何承销商依据《招股说明书条例》第 3 条发布招股说明书，或依据《招股说明书条例》第 23 条补充招股说明书，且每一位初始取得任何 A 类普通股或任何要约被向其发出的人，均将被视为已向各承销商及我们陈述、确认并同意，其属于《招股说明书条例》第 2(e)条含义内的“合格投资者”。如任何 A 类普通股被要约给《招股说明书条例》所用术语所指的金融中介机构，则每一该等金融中介机构均将被视为已陈述、确认并同意，其在本次要约中取得的 A 类普通股并非以非自主决定方式代表他人取得，亦非以向可能致使其向公众发出任何 A 类普通股要约的情形下的人士发出要约或转售为目的而取得，但其在相关成员国向上述定义的合格投资者发出要约或转售，或已就每一项该等拟议要约或转售取得承销商事先同意的情形除外。

provided that no such offer of shares of our Class A common stock shall require us or any underwriter to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation, and each person who initially acquires any shares of our Class A common stock or to whom any offer is made will be deemed to have represented, acknowledged, and agreed to and with each of the underwriters and to us that it is a “qualified investor” within the meaning of Article 2(e) of the Prospectus Regulation. In the case of any shares of our Class A common stock being offered to a financial intermediary as that term is used in the Prospectus Regulation, each such financial intermediary will be deemed to have represented, acknowledged, and agreed that the shares of our Class A common stock acquired by it in the offer have not been acquired on a non-discretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares of our Class A common stock to the public other than their offer or resale in a Relevant State to qualified investors as so defined or in circumstances in which the prior consent of the underwriters have been obtained to each such proposed offer or resale.

就本条款而言，在任何相关成员国就 A 类普通股使用的“向公众发出要约”一语，指以任何形式、任何方式传达有关要约条款及拟要约的任何 A 类普通股的充分信息，以使投资者能够决定购买或认购任何 A 类普通股；而“招股说明书条例”一语指欧盟第 2017/1129 号条例。

For the purposes of this provision, the expression an “offer to the public” in relation to shares of our Class A common stock in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and any shares of our Class A common stock to be offered so as to enable an investor to decide to purchase or subscribe for any shares of our Class A common stock, and the expression “Prospectus Regulation” means Regulation (EU) 2017/1129.

#### 致英国潜在投资者的通知

#### Notice to prospective investors in the United Kingdom

在有关 A 类普通股的招股说明书发布之前，未曾且不会依据本次发行向英国公众发出任何 A 类普通股的要约，该招股说明书须(i)已获金融行为监管局批准，或(ii)依据《2019/1234 号招股说明书（修订等）（退出欧盟）条例》第 74 条（过渡条款）的过渡性规定被视为已获金融行为监管局批准，但 A 类普通股可在任何时间向英国公众发出要约，前提是：

No shares of our Class A common stock have been offered or will be offered pursuant to this offering to the public in the United Kingdom prior to the publication of a prospectus in relation to the shares of our Class A common stock which (i) has been approved by the Financial Conduct Authority or (ii) is to be treated as if it had been approved by the Financial Conduct Authority in accordance with the transitional provisions in Article 74 (transitional provisions) of the Prospectus Amendment etc (EU Exit) Regulations 2019/1234, except that the shares of our Class A common stock may be offered to the public in the United Kingdom at any time:

1. · 向属于《英国招股说明书条例》第 2 条所定义合格投资者的任何法人实体发出；

1. · to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus Regulation;

2. · 向少于 150 名自然人或法人（《英国招股说明书条例》第 2 条所定义的合格投资者除外）发出，但任何该等要约须取得承销商事先同意；或

2. · to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2 of the UK Prospectus Regulation), subject to obtaining the prior consent of underwriters for any such offer; or

3. · 在属于《金融服务与市场法》第 86 条范围内的任何其他情形下发出；

3. · in any other circumstances falling within Section 86 of the FSMA;

前提是，任何此类 A 类普通股的发售均不得要求发行人任何管理人或任何经理根据 FSMA 第 85 条发布招股说明书，或根据《英国招股说明书条例》第 23 条补充招股说明书。就本条款而言，在英国与我们的 A 类普通股相关的“向公众发售”一语，指以任何形式和任何方式传达有关发售条款和任何拟发售股份的充分信息，以使投资者能够决定购买或认购我们的任何 A 类普通股；而“英国招股说明书条例”一语，指（EU）2017/1129 号条例，该条例依据《2018 年欧盟（退出）法案》成为国内法的一部分。

provided that no such offer of the shares of our Class A common stock shall require the Issuer or any Manager to publish a prospectus pursuant to Section 85 of the FSMA or supplement a prospectus pursuant to Article 23 of the UK Prospectus Regulation. For the purposes of this provision, the expression an “offer to the public” in relation to the shares of our Class A common stock in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and any shares to be offered so as to enable an investor to decide to purchase or subscribe for any shares of our Class A common stock and the expression “UK Prospectus Regulation” means Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.

此外，在英国，本文件仅向且仅针对以下人士分发，且随后作出的任何要约亦仅可针对以下人士作出：属于《招股说明书条例》（Prospectus Regulation）所定义的“合格投资者”，且(i)在经修订的《2005 年金融服务与市场法（金融推广）令》（“《令》”）第 19(5)条所涵盖的投资相关事务方面具有专业经验，和/或(ii)属于《令》第 49(2)(a)至(d)条所涵盖的高净值公司（或可合法向其传达该等信息的其他人士）（上述所有人士统称为“相关人士”），或在其他未导致且不会导致在英国《2000 年金融服务与市场法》所指意义上向公众发出本公司 A 类普通股要约的情形下分发。

In addition, in the United Kingdom, this document is being distributed only to, and is directed only at, and any offer subsequently made may only be directed at persons who are “qualified investors” (as defined in the Prospectus Regulation) (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order”) and/or (ii) who are high net worth companies (or persons to whom it may otherwise be lawfully communicated) falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”) or otherwise in circumstances which have not resulted and will not result in an offer to the public of the shares of our Class A common stock in the United Kingdom within the meaning of the Financial Services and Markets Act 2000.

在英国，任何非相关人士均不应依据本文件所载信息行事或信赖该等信息，亦不应将其作为采取任何行动的依据。在英国，本文件所涉及的任何投资或投资活动仅可由相关人士作出或进行。

Any person in the United Kingdom that is not a relevant person should not act or rely on the information included in this document or use it as basis for taking any action. In the United Kingdom, any investment or investment activity that this document relates to may be made or taken exclusively by relevant persons.

#### 致加拿大潜在投资者的通知

#### Notice to prospective investors in Canada

我们的 A 类普通股仅可出售给作为委托人购买或被视为作为委托人购买的购买人，且该等购买人须为《国家文书 45-106 招股说明书豁免》或《证券法（安大略省）》第 73.3(1) 款所定义的获认可投资者，并属于《国家文书 31-103 注册要求、豁免及持续注册人义务》所定义的获准客户。我们的 A 类普通股的任何转售均须依据适用证券法招股说明书要求的豁免进行，或在不受该等要求约束的交易中进行。

The shares of our Class A common stock may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103 Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the shares of our Class A common stock must be made in accordance with an exemption from, or in a transaction not subject to, the prospectus requirements of applicable securities laws.

加拿大某些省或地区的证券立法规定，如果本招股说明书（包括其任何修订）包含虚假陈述，购买者可获得撤销交易或损害赔偿的救济，但前提是购买者在购买者所在省或地区的证券立法规定的期限内行使该等撤销交易或损害赔偿的救济。购买者应查阅购买者所在省或地区证券立法的任何适用条款以了解该等权利的详情，或咨询法律顾问。

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus (including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser’s province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser’s province or territory for particulars of these rights or consult with a legal advisor.

根据 National Instrument 33-105《承销冲突》（“NI 33-105”）第 3A.3 条，承销商无需就本次发行遵守 NI 33-105 关于承销商利益冲突的披露要求。

Pursuant to section 3A.3 of National Instrument 33-105 Underwriting Conflicts (“NI 33-105”), the underwriters are not required to comply with the disclosure requirements of NI 33-105 regarding underwriter conflicts of interest in connection with this offering.

#### 致瑞士潜在投资者的通知

#### Notice to prospective investors in Switzerland

本招股说明书不构成对我们 A 类普通股任何股份的公开要约或购买或投资的招揽。我们 A 类普通股的任何股份均未且不会在瑞士向公众要约，但根据《瑞士金融服务法》（“FinSA”）的以下豁免，我们 A 类普通股的股份可随时在瑞士向公众要约：

This prospectus does not constitute an offer to the public or a solicitation to purchase or invest in any shares of our Class A common stock. No shares of our Class A common stock have been offered or will be offered to the public in Switzerland, except that offers of shares of our Class A common stock may be made to the public in Switzerland at any time under the following exemptions under the Swiss Financial Services Act (“FinSA”):

1. · 向 FinSA 所定义的任何专业客户；

1. · to any person which is a professional client as defined under the FinSA;

2. · 向少于 500 名人士（FinSA 所定义的专业客户除外），但须就任何该等要约事先取得承销商代表的同意；或

2. · to fewer than 500 persons (other than professional clients as defined under the FinSA), subject to obtaining the prior consent of the representatives of the underwriters for any such offer; or

3. · 在符合 FinSA 第 36 条及《瑞士金融服务条例》第 44 条的任何其他情形下，但任何该等股份要约均不得要求我们或任何投资银行根据 FinSA 第 35 条发布招股说明书。

3. · in any other circumstances falling within Article 36 FinSA in connection with Article 44 of the Swiss Financial Services Ordinance, provided that no such offer of shares shall require us or any investment bank to publish a prospectus pursuant to Article 35 FinSA.

我们 A 类普通股的股份过去未曾且将来也不会在瑞士的交易场所上市或获准交易。

The shares of our Class A common stock have not been and will not be listed or admitted to trading on a trading venue in Switzerland.

本文件及与我们的 A 类普通股股份有关的任何其他发行或营销材料均不构成 FinSA 所理解的招股说明书，且本文件及与我们的 A 类普通股股份有关的任何其他发行或营销材料均不得在瑞士公开分发或以其他方式公开提供。

Neither this document nor any other offering or marketing material relating to the shares of our Class A common stock constitutes a prospectus as such term is understood pursuant to the FinSA and neither this document nor any other offering or marketing material relating to the shares of our Class A common stock may be publicly distributed or otherwise made publicly available in Switzerland.

#### 致迪拜国际金融中心潜在投资者的通知

#### Notice to prospective investors in the Dubai International Financial Centre

本文件涉及根据经修订的《市场法》（DIFC 2012 年第 1 号法律）进行的豁免要约。本文件仅拟分发给经修订的《市场法》（DIFC 2012 年第 1 号法律）所规定类型的人士。不得向任何其他人士交付本文件或依赖本文件。迪拜金融服务管理局（“DFSA”）无责任审查或核实与以下事项有关的任何文件：

This document relates to an Exempt Offer in accordance with the Markets Law, DIFC Law No. 1 of 2012, as amended. This document is intended for distribution only to persons of a type specified in the Markets Law, DIFC Law No. 1 of 2012, as amended. It must not be delivered to, or relied on by, any other person. The Dubai Financial Services Authority (“DFSA”) has no responsibility for reviewing or verifying any documents in connection with

豁免发行。DFSA 未批准本招股说明书补充文件，亦未采取措施核实其中所载信息，且对本文件不承担任何责任。本文件所涉及的 A 类普通股股份可能缺乏流动性，和/或受限于其转售限制。本次发售的 A 类普通股股份的潜在购买者应自行对该等股份进行尽职调查。如您不理解本文件的内容，应咨询经授权的财务顾问。

Exempt Offers. The DFSA has not approved this prospectus supplement nor taken steps to verify the information set forth herein and has no responsibility for this document. The shares of our Class A common stock to which this document relates may be illiquid and/or subject to restrictions on their resale. Prospective purchasers of the shares of our Class A common stock offered should conduct their own due diligence on such shares. If you do not understand the contents of this document, you should consult an authorized financial advisor.

就其在 DIFC 的使用而言，本文件属严格私密和保密文件，仅向有限数量的投资者分发，不得提供给原始接收人以外的任何人士，且不得复制或用于任何其他目的。A 类普通股股份中的权益不得在 DIFC 直接或间接向公众要约或出售。

In relation to its use in the DIFC, this document is strictly private and confidential and is being distributed to a limited number of investors and must not be provided to any person other than the original recipient, and it may not be reproduced or used for any other purpose. The interests in the shares of our Class A common stock may not be offered or sold directly or indirectly to the public in the DIFC.

#### 致阿拉伯联合酋长国潜在投资者的通知

#### Notice to prospective investors in the United Arab Emirates

除遵守阿拉伯联合酋长国（及迪拜国际金融中心）关于证券发行、要约和出售的法律外，我们的 A 类普通股股份未曾且不会在阿拉伯联合酋长国（包括迪拜国际金融中心）公开要约、出售、推广或宣传。此外，本招股说明书不构成在阿拉伯联合酋长国（包括迪拜国际金融中心）的证券公开发售，亦无意构成公开发售。本招股说明书未经阿拉伯联合酋长国中央银行、证券和商品管理局、金融服务监管局或 DFSA 批准或备案。

The shares of our Class A common stock have not been, and are not being, publicly offered, sold, promoted, or advertised in the United Arab Emirates (including the Dubai International Financial Centre) other than in compliance with the laws of the United Arab Emirates (and the Dubai International Financial Centre) governing the issue, offering and sale of securities. Further, this prospectus does not constitute a public offer of securities in the United Arab Emirates (including the Dubai International Financial Centre) and is not intended to be a public offer. This prospectus has not been approved by or filed with the Central Bank of the United Arab Emirates, the Securities and Commodities Authority, Financial Services Regulatory Authority or the DFSA.

#### 致澳大利亚潜在投资者的通知

#### Notice to prospective investors in Australia

本招股说明书：

This prospectus:

1. · 不构成《2001 年公司法》（联邦）（“《公司法》”）第 6D.2 章项下的披露文件或招股说明书；

1. · does not constitute a disclosure document or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (Cth) (the “Corporations Act”);

2. · 未曾且不会作为《公司法》项下的披露文件提交澳大利亚证券和投资委员会（“ASIC”），且无意包含《公司法》项下披露文件所要求的信息；以及

2. · has not been, and will not be, lodged with the Australian Securities and Investments Commission (“ASIC”), as a disclosure document for the purposes of the Corporations Act and does not purport to include the information required of a disclosure document for the purposes of the Corporations Act; and

3. · 在澳大利亚仅可提供给能够证明其属于《公司法》第 708 条项下可适用的一类或多类投资者的特定投资者（“豁免投资者”）。

3. · may only be provided in Australia to select investors who are able to demonstrate that they fall within one or more of the categories of investors, available under section 708 of the Corporations Act (“Exempt Investors”).

我们的 A 类普通股股份不得在澳大利亚直接或间接地要约认购或购买或出售，亦不得发出认购或购买我们的 A 类普通股股份的邀请，且与我们的 A 类普通股任何股份相关的任何招股说明书草稿或最终稿、广告或其他发行材料不得在澳大利亚分发，除非根据《公司法》第 6D 章无需向投资者作出披露，或在其他方面符合所有适用的澳大利亚法律和法规。通过提交对我们的 A 类普通股股份的认购申请，您向我们声明并保证您属于豁免投资者。

The shares of our Class A common stock may not be directly or indirectly offered for subscription or purchased or sold, and no invitations to subscribe for or buy the shares of our Class A common stock may be issued, and no draft or definitive offering memorandum, advertisement, or other offering material relating to any shares of our Class A common stock may be distributed in Australia, except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations. By submitting an application for the shares of our Class A common stock, you represent and warrant to us that you are an Exempt Investor.

由于根据本招股说明书对我们的 A 类普通股股份的任何要约将不会依据《公司法》第 6D.2 章在澳大利亚作出披露，根据《公司法》第 707 条，若第 708 条中的任何豁免均不适用于该等转售，则该等股份在澳大利亚境内 12 个月内的转售要约可能要求依据第 6D.2 章向投资者作出披露。通过申请我们的 A 类普通股股份，您向我们承诺，自该等股份发行之日起 12 个月内，您不会向澳大利亚的投资者要约、转让、让与或以其他方式处置该等 A 类普通股股份，除非根据《公司法》第 6D.2 章无需向投资者作出披露，或已编制合规的披露文件并提交 ASIC。

As any offer of shares of our Class A common stock under this prospectus will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those shares for resale in Australia within 12 months may, under section 707 of the Corporations Act, require disclosure to investors under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the shares of our Class A common stock you undertake to us that you will not, for a period of 12 months from the date of issue of such shares, offer, transfer, assign, or otherwise alienate those shares of our Class A common stock to investors in Australia except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document is prepared and lodged with ASIC.

#### 致日本潜在投资者的通知

#### Notice to prospective investors in Japan

我们的 A 类普通股股份未曾且将不会依据《金融工具与交易法》第 4 条第 1 款进行登记。因此，我们的 A 类普通股股份及其中的任何权益均不得在日本直接或间接地要约或出售，亦不得向日本的任何“居民”（本文件中所用该术语指任何居住在日本的人士，包括依据日本法律组建的任何公司或其他实体）或为其利益而要约或出售，亦不得向他人要约或出售以直接或间接地在日本或向日本居民或为其利益而再次要约或转售，除非依据《金融工具与交易法》及日本相关时有效的任何其他适用法律、法规和部级准则的登记要求豁免并遵守该等规定。

The shares of our Class A common stock have not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act. Accordingly, none of the shares of our Class A common stock nor any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any “resident” of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to or for the benefit of a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant time.

#### 致香港潜在投资者的通知

#### Notice to prospective investors in Hong Kong

我们的 A 类普通股股份未曾且将不会在香港以任何文件方式发售或出售，但以下情形除外：(i) 向香港《证券及期货条例》（香港法例第 571 章）（“SFO”）所界定的“专业投资者”及根据该条例制定的任何规则发售或出售；或 (ii) 在其他不会导致该文件构成香港《公司（清盘及杂项条文）条例》（香港法例第 32 章）（“CO”）所界定的“招股章程”的情形下，或不会构成 CO 所指的向公众发出要约的情形下发售或出售。与我们的 A 类普通股股份有关的任何广告、邀请或文件，未曾或不得发出，亦未曾或不得由任何人士为发出目的而持有，不论在香港或其他地方，而该等广告、邀请或文件是针对香港公众的，或其内容相当可能被香港公众取览或阅读的（除非根据香港证券法获准如此行事），惟有关我们的 A 类普通股股份仅向香港以外人士或仅向 SFO 所界定的“专业投资者”及根据该条例制定的任何规则处置或拟处置者除外。

The shares of our Class A common stock have not been offered or sold and will not be offered or sold in Hong Kong, by means of any document, other than (i) to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) (the “SFO”) of Hong Kong and any rules made thereunder; or (ii) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the “CO”) or which do not constitute an offer to the public within the meaning of the CO. No advertisement, invitation, or document relating to the shares of our Class A common stock has been or may be issued or has been or may be in the possession of any person for the purposes of issue, whether in Hong Kong or elsewhere, which is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to shares of our Class A common stock which are or are intended to be disposed of only to persons outside Hong Kong or only to “professional investors” as defined in the SFO and any rules made thereunder.

#### 致新加坡潜在投资者的通知

#### Notice to prospective investors in Singapore

各承销商已确认，本招股说明书并未作为招股说明书向新加坡金融管理局注册。因此，各承销商已声明并同意，其未曾发售或出售我们的任何 A 类普通股股份，亦未曾促使该等股份成为认购或购买邀请的标的，且将不会发售或出售我们的任何 A 类普通股股份，亦不会促使该等股份成为认购或购买邀请的标的，且其未曾且将不会直接或间接向新加坡任何人士传阅或分发本招股说明书或与我们的 A 类普通股股份的发售或出售或认购或购买邀请有关的任何其他文件或材料，但以下情形除外：

Each underwriter has acknowledged that this prospectus has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, each underwriter has represented and agreed that it has not offered or sold any shares of our Class A common stock or caused such shares to be made the subject of an invitation for subscription or purchase and will not offer or sell any shares of our Class A common stock or cause such shares to be made the subject of an invitation for subscription or purchase, and has not circulated or distributed, nor will it circulate or distribute, this prospectus or any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of our Class A common stock, whether directly or indirectly, to any person in Singapore other than:

1. · 依据 SFA 第 274 条向机构投资者（定义见新加坡《证券及期货法》（第 289 章）第 4A 条，经不时修订或修改（“SFA”））发售；

1. · to an institutional investor (as defined in Section 4A of the Securities and Futures Act (Chapter 289) of Singapore, as modified or amended from time to time (the “SFA”)) pursuant to Section 274 of the SFA;

2. · 依据 SFA 第 275(1)条向相关人士（定义见 SFA 第 275(2)条），或依据 SFA 第 275（1A）条向任何人士，并按照 SFA 第 275 条规定的条件发售；或

2. · to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA; or

3. · 在其他情形下，依据并遵守 SFA 任何其他适用条文的条件发售。

3. · otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA.

凡我们的 A 类普通股股份依据 SFA 第 275 条由相关人士认购或购买，而该相关人士为：

Where the shares of our Class A common stock are subscribed or purchased under Section 275 of the SFA by a relevant person which is:

1. · 一家公司（并非 SFA 第 4A 条所界定的认可投资者），其唯一业务为持有投资，且其全部股本由一名或多名个人拥有，而每名个人均为认可投资者；或

1. · a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or

2. · 仅为持有投资之目的而设立的信托（其受托人并非合格投资者），且该信托的每位受益人均为合格投资者，则该等公司证券或证券衍生品合约(各术语定义见 SFA 第 2(1) 条)，或受益人在该信托中的权利和权益（无论以何种方式描述），在该公司或该信托依据 SFA 第 275 条项下的要约收购股份后六个月内不得转让，但以下情形除外：

2. · a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the shares pursuant to an offer made under Section 275 of the SFA except:

1. · 向机构投资者或相关人士转让，或向因 SFA 第 275（1A）条或第 276(4)(c)(ii) 条所述要约而产生的任何人士转让；

1. · to an institutional investor or to a relevant person, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(c)(ii) of the SFA;

2. · 转让未支付且不会支付任何对价；

2. · where no consideration is or will be given for the transfer;

3. · 转让因法律实施而发生；

3. · where the transfer is by operation of law;

4. · 符合 SFA 第 276(7) 条规定的情形；或

4. · as specified in Section 276(7) of the SFA; or

5. · 符合《2018 年证券与期货（投资要约）（证券及证券衍生品合约）条例》第 37A 条规定的情形。

5. · as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities and Securities-based Derivatives Contracts) Regulations 2018.

新加坡 SFA 产品分类——根据 SFA 第 309B 条及《2018 年 CMP 条例》，除非在要约发售我们的 A 类普通股股份之前另有说明，我们已确定并特此通知所有相关人士(SFA 第 309A(1) 条所定义),A 类普通股股份属于“规定资本市场产品”（《2018 年 CMP 条例》所定义）及排除投资产品（新加坡金管局公告 SFA 04-N12:《关于投资产品销售的通知》及新加坡金管局公告 FAA-N16:《关于投资产品推荐的通知》所定义）。

Singapore SFA Product Classification—In connection with Section 309B of the SFA and the CMP Regulations 2018, unless otherwise specified before an offer of shares of our Class A common stock, we have determined, and hereby notify all relevant persons (as defined in Section 309A(1) of the SFA), that the shares of Class A common stock are “prescribed capital markets products” (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

#### 致百慕大潜在投资者的通知

#### Notice to prospective investors in Bermuda

我们的 A 类普通股股份仅可在遵守百慕大《2003 年投资业务法》规定的情况下在百慕大要约或出售，该法对在百慕大出售证券进行监管。此外，非百慕大人士（包括公司）不得在百慕大开展或从事任何贸易或业务，除非该等人士根据适用的百慕大法律获准如此行事。

Shares of our Class A common stock may be offered or sold in Bermuda only in compliance with the provisions of the Investment Business Act of 2003 of Bermuda which regulates the sale of securities in Bermuda. Additionally, non-Bermudian persons (including companies) may not carry on or engage in any trade or business in Bermuda unless such persons are permitted to do so under applicable Bermuda legislation.

#### 致沙特阿拉伯潜在投资者的通知

#### Notice to prospective investors in Saudi Arabia

除根据沙特阿拉伯资本市场管理局（“CMA”）董事会依据 2017 年 12 月 27 日第 3-123-2017 号决议发布的《证券要约与持续义务条例规则》（经修订，简称“CMA 条例”）所允许的人士外，本文件不得在沙特阿拉伯王国境内分发。CMA 对本文件的准确性或完整性不作任何陈述，并对因本文件任何部分或依赖本文件任何部分而产生的或与之相关的任何损失明确不承担任何责任。本文件所发售的 A 类普通股股份的潜在购买者应就与 A 类普通股股份相关信息之准确性自行开展尽职调查。如您不理解本文件的内容，应咨询经授权的财务顾问。

This document may not be distributed in the Kingdom of Saudi Arabia except to such persons as are permitted under the Rules on the Offer of Securities and Continuing Obligations Regulations as issued by the board of the Saudi Arabian Capital Market Authority (“CMA”) pursuant to resolution number 3-123-2017 dated 27 December 2017, as amended (the “CMA Regulations”). The CMA does not make any representation as to the accuracy or completeness of this document and expressly disclaims any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this document. Prospective purchasers of the shares of our Class A common stock offered hereby should conduct their own due diligence on the accuracy of the information relating to the shares of our Class A common stock. If you do not understand the contents of this document, you should consult an authorised financial adviser.

#### 致英属维尔京群岛潜在投资者的通知

#### Notice to prospective investors in the British Virgin Islands

我们的 A 类普通股股份不会、也不得向英属维尔京群岛公众或任何人士发出要约或供其认购，无论是由我们本身还是代表我们进行。我们的 A 类普通股股份可向根据《2004 年英属维尔京群岛商业公司法》（英属维尔京群岛）（“BVI 公司”）注册成立的公司发出要约，但仅限于该要约将完全在英属维尔京群岛境外向相关 BVI 公司发出并由其接收的情形。

The shares of our Class A common stock are not being, and may not be, offered to the public or to any person in the British Virgin Islands for purchase or subscription by or on behalf of us. The shares of our Class A common stock may be offered to companies incorporated under the BVI Business Companies Act, 2004 (British Virgin Islands) (“BVI Companies”), but only where the offer will be made to, and received by, the relevant BVI Company entirely outside of the British Virgin Islands.

#### 致中国潜在投资者的通知

#### Notice to prospective investors in China

本招股说明书不会在中华人民共和国（PRC）境内传阅或分发，我们的 A 类普通股股份不会、也不得向任何 PRC 居民（就此而言，不包括香港和澳门特别行政区或台湾）发出要约或出售，亦不会为直接或间接向任何 PRC 居民再要约或转售之目的而向其发出要约或出售，但依据 PRC 任何适用法律和法规进行的除外。除在符合适用法律和法规的情形下，本招股说明书及任何广告或其他发售材料均不得在 PRC 境内分发或发布。

This prospectus will not be circulated or distributed in the PRC and the shares of our Class A common stock will not be offered or sold, and will not be offered or sold to any person for re-offering or resale directly or indirectly, to any residents of the PRC (for such purposes, not including the Hong Kong and Macau Special Administrative Regions or Taiwan), except pursuant to any applicable laws and regulations of the PRC. Neither this prospectus nor any advertisement or other offering material may be distributed or published in the PRC, except under circumstances that will result in compliance with applicable laws and regulations.

#### 致韩国潜在投资者的通知

#### Notice to prospective investors in Korea

我们的 A 类普通股股份未曾、也不会根据韩国《金融投资服务与资本市场法》及其项下的法令和法规（“FSCMA”）进行登记，我们的 A 类普通股股份已经并将在韩国作为 FSCMA 项下的私募发行进行发售。我们的 A 类普通股股份不得在韩国境内或向韩国任何居民直接或间接发出要约、出售或交付，亦不得为直接或间接在韩国境内或向韩国任何居民再要约或转售之目的而向任何人士发出要约或出售，但依据韩国适用法律和法规（包括 FSCMA 及韩国《外汇交易法》及其项下的法令和法规（“FETL”））进行的除外。此外，我们的 A 类普通股股份的购买方在购买我们的 A 类普通股股份时应遵守所有适用的监管要求（包括但不限于 FETL 项下的要求）。通过购买我们的 A 类普通股股份，相关持有人将被视为陈述并保证，如其位于韩国或为韩国居民，其系依据韩国适用法律和法规购买我们的 A 类普通股股份。

The shares of our Class A common stock have not been and will not be registered under the Financial Investments Services and Capital Markets Act of Korea and the decrees and regulations thereunder (the “FSCMA”), and the shares of our Class A common stock have been and will be offered in Korea as a private placement under the FSCMA. None of the shares of our Class A common stock may be offered, sold or delivered directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to the applicable laws and regulations of Korea, including the FSCMA and the Foreign Exchange Transaction Law of Korea and the decrees and regulations thereunder (the “FETL”). Furthermore, the purchaser of the shares of our Class A common stock shall comply with all applicable regulatory requirements (including but not limited to requirements under the FETL) in connection with the purchase of the shares of our Class A common stock. By the purchase of the shares of our Class A common stock, the relevant holder thereof will be deemed to represent and warrant that if it is in Korea or is a resident of Korea, it purchased the shares of our Class A common stock pursuant to the applicable laws and regulations of Korea.

#### 致马来西亚潜在投资者的通知

#### Notice to prospective investors in Malaysia

与我们 A 类普通股的发行和出售相关的招股说明书或其他发行材料或文件，均未且不会根据《2007 年资本市场与服务法》提交马来西亚证券委员会（“委员会”）注册以供其批准。因此，本招股说明书及与我们的 A 类普通股的发行或出售、或认购或购买要约邀请相关的任何其他文件或材料，不得在马来西亚向以下人员以外的人士（无论是直接还是间接）传阅或分发，我们的 A 类普通股亦不得向其发行或出售，或作为认购或购买要约邀请的标的：(i) 经委员会批准的封闭式基金；(ii) 资本市场服务牌照持有人；(iii) 作为主事人取得该等股份的人士，前提是发行条款规定每次交易取得该等股份的对价不低于 RM250,000（或等值外币）；(iv) 个人净资产总额或与其配偶的联合净资产总额超过 RM3 百万（或等值外币）的个人，不包括该个人主要居所的价值；(v) 在过去十二个月内年毛收入超过 RM300,000（或等值外币）的个人；(vi) 与其配偶在过去十二个月内年毛收入合计为 RM400,000（或等值外币）的个人；(vii) 根据最近经审计账目，净资产总额超过 RM10 百万（或等值外币）的公司；(viii) 净资产总额超过 RM10 百万（或等值外币）的合伙企业；(ix) 《2010 年纳闽金融服务与证券法》所定义的银行持牌人或保险持牌人；(x) 《2010 年纳闽金融服务与证券法》所定义的伊斯兰银行持牌人或回教保险（takaful）持牌人；以及 (xi) 委员会可能指定的任何其他人士；但在上述第(i)至(xi)类中的每一类中，股份的分发须由从事证券交易业务的资本市场服务牌照持有人进行。本招股说明书在马来西亚的分发受马来西亚法律约束。本招股说明书不构成、亦不得用于需要根据《2007 年资本市场与服务法》向委员会注册招股说明书的任何证券的公开发行或发行、认购或购买要约、或认购或购买要约邀请。

No prospectus or other offering material or document in connection with the offer and sale of the shares of our Class A common stock has been or will be registered with the Securities Commission of Malaysia (“Commission”) for the Commission’s approval pursuant to the Capital Markets and Services Act 2007. Accordingly, this prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the shares of our Class A common stock may not be circulated or distributed, nor may the shares of our Class A common stock be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Malaysia other than (i) a closed end fund approved by the Commission; (ii) a holder of a Capital Markets Services Licence; (iii) a person who acquires the shares, as principal, if the offer is on terms that the shares may only be acquired at a consideration of not less than RM250,000 (or its equivalent in foreign currencies) for each transaction; (iv) an individual whose total net personal assets or total net joint assets with his or her spouse exceeds RM3 million (or its equivalent in foreign currencies), excluding the value of the primary residence of the individual; (v) an individual who has a gross annual income exceeding RM300,000 (or its equivalent in foreign currencies) per annum in the preceding twelve months; (vi) an individual who, jointly with his or her spouse, has a gross annual income of RM400,000 (or its equivalent in foreign currencies), per annum in the preceding twelve months; (vii) a corporation with total net assets exceeding RM10 million (or its equivalent in a foreign currencies) based on the last audited accounts; (viii) a partnership with total net assets exceeding RM10 million (or its equivalent in foreign currencies); (ix) a bank licensee or insurance licensee as defined in the Labuan Financial Services and Securities Act 2010; (x) an Islamic bank licensee or takaful licensee as defined in the Labuan Financial Services and Securities Act 2010; and (xi) any other person as may be specified by the Commission; provided that, in the each of the preceding categories (i) to (xi), the distribution of the shares is made by a holder of a Capital Markets Services License who carries on the business of dealing in securities. The distribution in Malaysia of this prospectus is subject to Malaysian laws. This prospectus does not constitute and may not be used for the purpose of public offering or an issue, offer for subscription or purchase, invitation to subscribe for or purchase any securities requiring the registration of a prospectus with the Commission under the Capital Markets and Services Act 2007.

#### 致台湾潜在投资者的通知

#### Notice to prospective investors in Taiwan

我们的 A 类普通股股份未曾且不会根据相关证券法律法规向台湾金融监督管理委员会办理登记，且不得在台湾境内通过公开发行方式，或在构成台湾《证券交易法》所定义、须经台湾金融监督管理委员会登记或核准的要约的情形下，出售、发行或要约。台湾境内任何个人或实体均未被授权就我们的 A 类普通股股份在台湾的发售和销售进行要约、出售、提供建议或以其他方式居间撮合。

The shares of our Class A common stock have not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and may not be sold, issued, or offered within Taiwan through a public offering or in circumstances which constitutes an offer within the meaning of the Securities and Exchange Act of Taiwan that requires a registration or approval of the Financial Supervisory Commission of Taiwan. No person or entity in Taiwan has been authorised to offer, sell, give advice regarding, or otherwise intermediate the offering and sale of the shares of our Class A common stock in Taiwan.

#### 致南非潜在投资者的通知

#### Notice to prospective investors in South Africa

鉴于南非证券法律项下的限制，本次 A 类普通股股份的发行不在南非进行任何“公开发售”（该术语定义见经修订或重新颁布的《南非公司法》（2008 年第 71 号）（“《南非公司法》”））。因此，本文件不构成、亦无意构成为依据《南非公司法》编制并登记的“已登记招股说明书”（该术语定义见《南非公司法》），且未经南非公司与知识产权委员会或南非任何其他监管机构批准和/或备案。我们的 A 类普通股股份不在南非境内或向南非地址的个人要约，且该要约不得在南非境内或向南非地址的个人转让、出售、放弃或交付，除非适用第 96(1)条规定的下列豁免之一：

Due to restrictions under the securities laws of South Africa, no “offer to the public” (as such term is defined in the South African Companies Act, No. 71 of 2008 (as amended or re-enacted) (the “South African Companies Act”)) is being made in connection with the issue of the shares of our Class A common stock in South Africa. Accordingly, this document does not, nor is it intended to, constitute a “registered prospectus” (as that term is defined in the South African Companies Act) prepared and registered under the South African Companies Act and has not been approved by, and/or filed with, the South African Companies and Intellectual Property Commission or any other regulatory authority in South Africa. The shares of our Class A common stock are not offered, and the offer shall not be transferred, sold, renounced, or delivered, in South Africa or to a person with an address in South Africa, unless one or other of the following exemptions stipulated in section 96 (1) applies:

第 96(1)(a)条。该要约、转让、出售、放弃或交付的对象为：

Section 96 (1) (a). The offer, transfer, sale, renunciation or delivery is to:

1. · 其日常业务或部分日常业务为以本人或代理人身份从事证券交易的人士；

1. · persons whose ordinary business, or part of whose ordinary business, is to deal in securities, as principal or agent;

2. · 南非公共投资公司；

2. · the South African Public Investment Corporation;

3. · 受南非储备银行监管的人士或实体；

3. · persons or entities regulated by the Reserve Bank of South Africa;

4. · 南非法律项下的持牌金融服务提供商；

4. · authorised financial service providers under South African law;

5. · 南非法律项下被认定为金融机构的机构；

5. · financial institutions recognized as such under South African law;

6. · (c)、(d)或(e)项所述任何人士或实体的全资子公司，以获授权投资组合管理人身份为养老基金行事，或以集合投资计划管理人身份行事（在每种情况下均须依据南非法律正式登记为该等身份）；或

6. · a wholly-owned subsidiary of any person or entity contemplated in (c), (d) or (e), acting as agent in the capacity of an authorised portfolio manager for a pension fund, or as manager for a collective investment scheme (in each case duly registered as such under South African law); or

7. · (i)至(vi)项所述人士的任何组合；或

7. · any combination of the person in (i) to (vi); or

第 96(1)(b)条。对于任何以本人身份行事的单一收件人，证券的预期收购总成本等于或大于 ZAR1,000,000，或依据《南非公司法》第 96(2)(a)条通过《南非政府公报》公告颁布的更高金额。

Section 96 (1) (b). The total contemplated acquisition cost of the securities, for any single addressee acting as principal is equal to or greater than ZAR1,000,000 or such higher amount as may be promulgated by notice in the Government Gazette of South Africa pursuant to section 96(2)(a) of the South African Companies Act.

本招股说明书中提供的信息不应被视为 2002 年《南非金融咨询与中介服务法》所定义的“建议”。

Information made available in this prospectus should not be considered as “advice” as defined in the South African Financial Advisory and Intermediary Services Act, 2002.

#### 致以色列潜在投资者的通知

#### Notice to prospective investors in Israel

本招股说明书不构成 5728-1968 年《以色列证券法》（即《以色列证券法》）项下的招股说明书，且未向以色列证券管理局提交或经其批准。在以色列，本招股说明书仅向且仅针对以下对象分发，股份的任何要约亦仅针对以下对象：(i) 依据《以色列证券法》的有限数量人士，以及 (ii) 《以色列证券法》第一附录（即《附录》）所列投资者，主要包括信托基金、公积金、保险公司、银行、投资组合管理人、投资顾问、特拉维夫证券交易所会员、承销商、风险投资基金、权益超过 NIS 50 million 的实体，以及

This prospectus does not constitute a prospectus under the Israeli Securities Law, 5728-1968, or the Israeli Securities Law, and has not been filed with or approved by the Israel Securities Authority. In Israel, this prospectus is being distributed only to, and is directed only at, and any offer of the shares is directed only at, (i) a limited number of persons in accordance with the Israeli Securities Law and (ii) investors listed in the first addendum, or the Addendum, to the Israeli Securities Law, consisting primarily of joint investment in trust funds, provident funds, insurance companies, banks, portfolio managers, investment advisors, members of the Tel Aviv Stock Exchange, underwriters, venture capital funds, entities with equity in excess of NIS 50 million and

“合格个人”，各依《附录》（可能不时修订）定义，或统称为合格投资者（在每种情况下，为其自身账户购买，或在《附录》允许的情况下，为其客户账户购买，且该等客户为《附录》所列投资者）。合格投资者须提交书面确认，确认其属于《附录》的适用范围、知悉其含义并同意之。

“qualified individuals,” each as defined in the Addendum (as it may be amended from time to time), or, collectively referred to as qualified investors (in each case, purchasing for their own account or, where permitted under the Addendum, for the accounts of their clients who are investors listed in the Addendum). Qualified investors are required to submit written confirmation that they fall within the scope of the Addendum, are aware of the meaning of the same and agree to it.

同步股份发行 Concurrent Share Issuance

本次发行交割后，我们将立即根据 OpenAI 主服务协议并依据 OpenAI 股票发行协议，向 OpenAI 发行一定数量的 A 类普通股，总价值为 $350.0 million，每股价格等于首次公开发行价格。按每股 $40.00 的首次公开发行价格计算，该数量为 8,750,000 股。我们不会从向 OpenAI 发行该等股份中获得任何收益。该等股份的发行将通过私募配售完成，并以本次发行完成为条件。向 OpenAI 发行该等股份不会在本次发行中登记，并将受限于与我们签订的市场禁售协议（期限为招股说明书日期后最长 180 天）以及与承销商签订的锁定期协议（期限为招股说明书日期后最长 180 天）。

Immediately subsequent to the closing of this offering, we will issue to OpenAI, in accordance with the OpenAI Master Services Agreement and pursuant to the OpenAI Stock Issuance Agreement, a number of shares of our Class A common stock equal to $350.0 million valued at a price per share equal to the initial public offering price. Based on the initial public offering price of $40.00 per share, this would be 8,750,000 shares. We will not receive any proceeds from the issuance of these shares to OpenAI. The issuance of the shares will be completed through a private placement that is contingent upon the completion of this offering. The issuance of these shares to OpenAI will not be registered in this offering and will be subject to a market standoff agreement with us for a period of up to 180 days after the date of this prospectus and lock-up agreement with the underwriters for a period of up to 180 days after the date of this prospectus.

法律事项 Legal Matters

Fenwick & West LLP（纽约州纽约市）作为我们就本次发行事宜的法律顾问，已就本招股说明书所发售的 A 类普通股股份发行的有效性出具意见。Latham & Watkins LLP（纽约州纽约市）担任承销商的法律顾问。Whalen LLP（加利福尼亚州纽波特比奇）就与本次发行相关的若干法律事项担任出售股东的法律顾问。

Fenwick & West LLP, New York, New York, which has acted as our counsel in connection with this offering, has passed upon the validity of the issuance of the shares of our Class A common stock offered by this prospectus. Latham & Watkins LLP, New York, New York, is acting as counsel to the underwriters. Whalen LLP, Newport Beach, California, has acted as counsel for the selling stockholders in connection with certain legal matters related to this offering.

独立会计师变更 Change in Independent Accountant

2024 年 6 月 4 日，我们解聘了 RSM US LLP（“RSM”）作为我们的独立会计师，随后聘请 Deloitte & Touche LLP（“Deloitte”）按照 PCAOB 的审计准则和美利坚合众国公认审计准则（“GAAS”）对我们截至 2024 年 12 月 31 日和 2023 年 12 月 31 日止年度的合并财务报表进行审计。我们此前聘请 RSM 按照 GAAS 对我们截至 2023 年 12 月 31 日和 2022 年 12 月 31 日止年度的合并财务报表进行审计。解聘 RSM 并聘请 Deloitte 的决定已获我们董事会批准。

On June 4, 2024, we dismissed RSM US LLP (“RSM”) as our independent accountant and subsequently engaged Deloitte & Touche LLP (“Deloitte”) to audit our consolidated financial statements in accordance with the auditing standards of the PCAOB and generally accepted auditing standards in the United States of America (“GAAS”) as of and for the years ended December 31, 2024 and December 31, 2023. We previously engaged RSM to audit our consolidated financial statements in accordance with GAAS as of and for the years ended December 31, 2023 and December 31, 2022. The decision to dismiss RSM and engage Deloitte was approved by our board of directors.

RSM 就我们截至 2023 年 12 月 31 日和 2022 年 12 月 31 日止年度的合并财务报表出具的报告，不包含否定意见或无法表示意见，也未就不确定性、审计范围或会计原则作出保留或修改。

The reports of RSM on our consolidated financial statements as of and for the years ended December 31, 2023 and December 31, 2022, did not contain an adverse opinion or disclaimer of opinion and were not qualified or modified as to uncertainties, audit scope or accounting principles.

在截至 2023 年 12 月 31 日和 2022 年 12 月 31 日止年度以及截至 2024 年 6 月 4 日的期间内，不存在：

During the years ended December 31, 2023 and December 31, 2022, and through the period ended June 4, 2024, there were:

- 与 RSM 在任何会计原则或实务、财务报表披露或审计范围或程序事项上的“分歧”(定义见 S-K 条例第 304(a)(1)(iv)项及其相关指示)，若该等分歧未能按其满意的方式解决，将导致 RSM 在其意见中提及该分歧所涉事项。

- no “disagreements” (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions thereto) with RSM on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to its satisfaction, would have caused RSM to make reference in connection with its opinion to the subject matter of the disagreement.

- 不存在 S-K 条例第 304(a)(1)(v)项及其相关指示所定义的“应报告事件”，但财务报告内部控制存在重大缺陷除外，该缺陷与我们会计、财务和运营职能中缺乏足够数量、具备适当专业水平的人员有关，这些人员应能提供合理保证，确保交易得到适当记录和披露。

- no “reportable events” as such term is defined in Item 304(a)(1)(v) of Regulation S-K and the related instructions thereto other than the material weakness in the internal control over financial reporting relating to a lack of sufficient number of qualified personnel within our accounting, finance, and operations functions who possessed an appropriate level of expertise to provide reasonable assurance that transactions were being appropriately recorded and disclosed.

我们已向 RSM 提供上述披露内容的副本，并要求 RSM 向我们提供一封致 SEC 的信函，说明其是否同意我们上述陈述，如不同意，则说明其不同意的方面。RSM 日期为 2024 年 12 月 16 日的信函副本已作为附件 16.1 提交至本招股说明书构成其一部分的注册声明。

We have provided RSM with a copy of the foregoing disclosures and have requested that RSM furnish us with a letter addressed to the SEC stating whether it agrees with the statements made by us as set forth above and, if not, stating the respects in which it does not agree. A copy of RSM’s letter, dated December 16, 2024, is filed as Exhibit 16.1 to the registration statement of which this prospectus forms a part.

在截至 2023 年 12 月 31 日和 2022 年 12 月 31 日的各年度内，以及截至 2024 年 6 月 4 日的期间内，我们或任何代表我们行事的人均未就涉及将会计原则应用于特定交易（无论已完成或拟议）、可能对我们财务报表出具的审计意见类型，或属于 Regulation S-K 第 304(a)(1)(iv) 项及其相关指示所称“分歧”的任何其他事项，或属于 Regulation S-K 第 304(a)(1)(v) 项及其相关指示所称“应报告事件”的任何其他事项，与 Deloitte 进行过咨询。

During the years ended December 31, 2023 and December 31, 2022, and through the period ended June 4, 2024, neither we, nor anyone acting on our behalf, consulted with Deloitte on matters that involved the application of accounting principles to a specified transaction, either completed or proposed, the type of audit opinion that might be rendered on our financial statements, or any other matter that was the subject of a disagreement as that term is used in Item 304 (a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K or a reportable event as that term is used in Item 304(a)(1)(v) and the related instructions to Item 304 of Regulation S-K.

专家 Experts

本招股说明书中收录的 CoreWeave, Inc. 截至 2024 年 12 月 31 日和 2023 年 12 月 31 日的财务报表，以及截至 2024 年 12 月 31 日止两年期间各年度的财务报表，已由独立注册公共会计师事务所 Deloitte & Touche LLP 审计，相关情况载于其报告中。上述财务报表的收录系依据该事务所作为会计和审计专家的权威性所出具的报告。

The financial statements of CoreWeave, Inc. as of December 31, 2024 and 2023, and for each of the two years in the period ended December 31, 2024, included in this Prospectus, have been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

本招股说明书中收录的 CoreWeave, Inc. 截至 2022 年 12 月 31 日止年度的财务报表，已由独立注册公共会计师事务所 RSM US LLP 审计，相关情况载于其报告中。上述财务报表的收录系依据该事务所作为会计和审计专家的权威性所出具的报告。

The financial statements of CoreWeave, Inc. for the year ended December 31, 2022 included in this prospectus have been audited by RSM US LLP, an independent registered public accounting firm, as stated in their report. Such financial statements are included in reliance upon the report of such firm given their authority as experts in accounting and auditing.

如何获取更多信息 Where You Can Find Additional Information

我们已依据《证券法》向 SEC 提交了关于本次发行的 A 类普通股的 S-1 表格注册声明。本招股说明书构成注册声明的一部分，但不包含注册声明或随附提交的附件中所载的全部信息。有关我们及本次发行的 A 类普通股的进一步信息，请参阅注册声明及随附提交的附件。本招股说明书中关于作为注册声明附件提交的任何合同或其他文件内容的陈述未必完整，在每种情况下，我们均提请阁下参阅作为注册声明附件提交的该等合同或其他文件的副本。我们目前不向 SEC 提交定期报告。

We have filed with the SEC a registration statement on Form S-1 under the Securities Act with respect to the shares of our Class A common stock offered hereby. This prospectus, which constitutes a part of the registration statement, does not contain all of the information set forth in the registration statement or the exhibits filed therewith. For further information about us and our Class A common stock offered hereby, reference is made to the registration statement and the exhibits filed therewith. Statements contained in this prospectus regarding the contents of any contract or any other document that is filed as an exhibit to the registration statement are not necessarily complete, and in each instance, we refer you to the copy of such contract or other document filed as an exhibit to the registration statement. We currently do not file periodic reports with the SEC.

本次发行完成后，我们将被要求依据《交易法》向 SEC 提交定期报告、委托书声明及其他信息。SEC 维护着一个网站，其中包含以电子方式向 SEC 提交文件的注册人的报告、委托书及信息声明以及其他信息。该网站的地址为 www.sec.gov。

Upon completion of this offering, we will be required to file periodic reports, proxy statements, and other information with the SEC pursuant to the Exchange Act. The SEC maintains a website that contains reports, proxy and information statements, and other information regarding registrants that file electronically with the SEC. The address of the website is www.sec.gov.

我们还维护着一个网站，网址为 www.coreweave.com。本次发行完成后，在相关材料以电子方式向 SEC 提交或提供后，阁下可在合理可行的最短时间内通过我们的网站免费获取该等材料。我们网站中包含或可通过其访问的信息不属于本招股说明书的一部分，亦未被纳入本招股说明书。

We also maintain a website at www.coreweave.com. Upon the completion of this offering, you may access these materials at our website free of charge as soon as reasonably practicable after they are electronically filed with, or furnished to, the SEC. Information contained in, or that can be accessed through, our website is not a part of, and is not incorporated into, this prospectus.

合并财务报表索引 Index to Consolidated Financial Statements

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独立注册会计师事务所报告 · F-2 合并资产负债表 · F-4 合并经营报表 · F-6 合并综合亏损表 · F-7 合并可赎回可转换优先股及股东权益赤字表 · F-8 合并现金流量表 · F-10 合并财务报表附注 · F-12

Reports of Independent Registered Public Accounting Firm · F-2 Consolidated Balance Sheets · F-4 Consolidated Statements of Operations · F-6 Consolidated Statements of Comprehensive Loss · F-7 Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit · F-8 Consolidated Statements of Cash Flows · F-10 Notes to Consolidated Financial Statements · F-12

独立注册公共会计师事务所报告 Report of Independent Registered Public Accounting Firm

致 CoreWeave, Inc. 的股东和董事会。

To the stockholders and the Board of Directors of CoreWeave, Inc.

对财务报表的意见 Opinion on the Financial Statements

我们已审计了随附的 CoreWeave, Inc. 及其子公司（以下简称“公司”）截至 2024 年 12 月 31 日和 2023 年 12 月 31 日的合并资产负债表，以及截至 2024 年 12 月 31 日止两年期间各年度的相关合并经营报表、综合亏损表、可赎回可转换优先股及股东权益赤字表和现金流量表，以及相关附注（统称为“财务报表”）。我们认为，财务报表在所有重大方面公允反映了公司截至 2024 年 12 月 31 日和 2023 年 12 月 31 日的财务状况，以及截至 2024 年 12 月 31 日止两年期间各年度的经营成果和现金流量，符合美国公认会计原则。

We have audited the accompanying consolidated balance sheets of CoreWeave, Inc. and subsidiaries (the “Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations, comprehensive loss, redeemable convertible preferred stock and stockholders’ deficit, and cash flows, for each of the two years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

意见的依据 Basis for Opinion

这些财务报表由公司管理层负责。我们的责任是在审计的基础上对公司财务报表发表意见。我们是一家在美国公众公司会计监督委员会（PCAOB）注册的会计师事务所，并须根据美国联邦证券法律以及美国证券交易委员会和 PCAOB 的适用规则和规定，对公司保持独立性。

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

我们按照 PCAOB 的标准开展审计。这些标准要求我们计划和执行审计，以就财务报表是否不存在因错误或舞弊导致的重大错报获取合理保证。公司无须对其财务报告内部控制进行审计，我们亦未受聘执行该审计。作为审计的一部分，我们须了解财务报告内部控制，但并非为对公司财务报告内部控制的有效性发表意见。因此，我们不发表此类意见。

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

我们的审计包括执行程序以评估财务报表是否存在因错误或舞弊导致的重大错报风险，并执行应对这些风险的程序。此类程序包括在测试基础上检查有关财务报表中金额和披露的证据。我们的审计还包括评价管理层采用的会计原则和作出的重大估计，以及评价财务报表的整体列报。我们认为，我们的审计为我们的意见提供了合理基础。

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/s/ 德勤会计师事务所（Deloitte & Touche LLP）

/s/ Deloitte & Touche LLP

加利福尼亚州圣何塞

San Jose, California

2025 年 3 月 3 日（就附注 1 所述股票拆分的影响而言，为 2025 年 3 月 19 日）

March 3, 2025 (March 19, 2025 as to the effects of the stock split described in Note 1)

我们自 2024 年起担任公司的审计师。

We have served as the Company’s auditor since 2024.

**独立注册公共会计师事务所报告**

**Report of Independent Registered Public Accounting Firm**

致 CoreWeave, Inc. 的股东和董事会

To the Stockholders and the Board of Directors of CoreWeave, Inc.

对财务报表的意见 Opinion on the Financial Statements

我们已审计了 CoreWeave, Inc.（以下简称“公司”）随附的截至 2022 年 12 月 31 日止年度的合并经营报表、综合亏损表、可赎回可转换优先股及股东权益赤字表以及现金流量表，以及合并财务报表的相关附注（统称“财务报表”）。我们认为，上述财务报表在所有重大方面公允地反映了公司截至 2022 年 12 月 31 日止年度的经营成果和现金流量，符合美国公认会计原则。

We have audited the accompanying consolidated statements of operations, comprehensive loss, redeemable convertible preferred stock and stockholders’ deficit, and cash flows for the year ended December 31, 2022, and the related notes to the consolidated financial statements (collectively, the financial statements) of CoreWeave, Inc. (the Company). In our opinion, the financial statements referred to above present fairly, in all material respects, the results of operations of the Company and its cash flows for the year ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

意见的依据 Basis for Opinion

这些财务报表由公司管理层负责。我们的责任是在审计的基础上对公司财务报表发表意见。我们是一家在美国公众公司会计监督委员会（PCAOB）注册的会计师事务所，并须根据美国联邦证券法以及美国证券交易委员会和 PCAOB 的适用规则和规定，对公司保持独立性。

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

我们按照 PCAOB 的标准开展审计。这些标准要求我们计划和执行审计，以就财务报表是否不存在因错误或舞弊导致的重大错报获取合理保证。我们的审计包括执行程序以评估财务报表因错误或舞弊导致的重大错报风险，并执行应对这些风险的程序。此类程序包括在测试基础上检查与财务报表中金额和披露相关的证据。我们的审计还包括评价管理层采用的会计原则和作出的重大估计，以及评价财务报表的整体列报。我们认为，我们的审计为我们的意见提供了合理基础。

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

/s/ RSM US LLP

/s/ RSM US LLP

我们自 2022 年至 2025 年担任公司审计师。

We served as the Company’s auditor from 2022 through 2025.

明尼苏达州明尼阿波利斯

Minneapolis, Minnesota

2025 年 1 月 22 日，但附注 1 所述股票拆分的影响除外，该事项的日期为 2025 年 3 月 19 日

January 22, 2025, except for the effects of the stock split described in Note 1, as to which the date is March 19, 2025

合并资产负债表 Consolidated Balance Sheets

**（以千为单位，每股数据除外）**

**(in thousands, except per share data)**

2023 年 12 月 31 日 · 2024 年 12 月 31 日 资产 流动资产 现金及现金等价物 · $217,147 · $1,361,083 受限现金及现金等价物，流动 · 42,940 · 37,394 应收账款，净额 · 165,379 · 416,526 预付费用及其他流动资产 · 76,526 · 101,246 流动资产合计 · 501,992 · 1,916,249 受限现金及现金等价物，非流动 · 219,988 · 637,356 受限有价证券，非流动 · 171,734 · 29,308 物业及设备，净额 · 3,483,990 · 11,914,774 经营租赁使用权资产 · 461,966 · 2,589,547 无形资产，净额 · 7,003 · 4,909 商誉 · 19,544 · 19,544 其他非流动资产(a) · 110,758 · 720,912 资产总计 · $4,976,975 · $17,832,599 负债、可赎回可转换优先股及股东权益赤字 流动负债 应付账款 · $455,563 · $868,259 应计负债 · 77,782 · 355,821 债务，流动(a) · 171,865 · 2,468,425 递延收入，流动 · 249,831 · 768,927 经营租赁负债，流动 · 39,789 · 213,104 融资租赁负债，流动 · 3,534 · 57,801 其他流动负债(a) · 97 · 230,244 流动负债合计 · 998,461 · 4,962,581 债务，非流动(a) · 1,351,389 · 5,457,915 衍生工具及认股权证负债 · 527,047 · 200,089 递延收入，非流动 · 1,754,873 · 3,294,977 经营租赁负债，非流动 · 432,653 · 2,388,912 融资租赁负债，非流动 · 510 · 34,120 递延所得税负债，非流动 · 36,447 · 149,232 其他非流动负债 · 7,496 · 36,260 负债合计 · 5,108,876 · 16,524,086 承诺及或有事项（附注 9） 可赎回可转换优先股(a) 可赎回可转换优先股，每股面值$0.000005，截至 2023 年 12 月 31 日和 2024 年 12 月 31 日分别授权 176,646 股和 206,169 股；截至 2023 年 12 月 31 日和 2024 年 12 月 31 日分别已发行和流通 154,678 股和 184,635 股 · 464,690 · 1,722,111

December 31, 2023 · December 31, 2024 Assets Current assets Cash and cash equivalents · $217,147 · $1,361,083 Restricted cash and cash equivalents, current · 42,940 · 37,394 Accounts receivable, net · 165,379 · 416,526 Prepaid expenses and other current assets · 76,526 · 101,246 Total current assets · 501,992 · 1,916,249 Restricted cash and cash equivalents, non-current · 219,988 · 637,356 Restricted marketable securities, non-current · 171,734 · 29,308 Property and equipment, net · 3,483,990 · 11,914,774 Operating lease right-of-use assets · 461,966 · 2,589,547 Intangible assets, net · 7,003 · 4,909 Goodwill · 19,544 · 19,544 Other non-current assets(a) · 110,758 · 720,912 Total assets · $4,976,975 · $17,832,599 Liabilities, Redeemable Convertible Preferred Stock, and Stockholders’ Deficit Current liabilities Accounts payable · $455,563 · $868,259 Accrued liabilities · 77,782 · 355,821 Debt, current(a) · 171,865 · 2,468,425 Deferred revenue, current · 249,831 · 768,927 Operating lease liabilities, current · 39,789 · 213,104 Finance lease liabilities, current · 3,534 · 57,801 Other current liabilities(a) · 97 · 230,244 Total current liabilities · 998,461 · 4,962,581 Debt, non-current(a) · 1,351,389 · 5,457,915 Derivative and warrant liabilities · 527,047 · 200,089 Deferred revenue, non-current · 1,754,873 · 3,294,977 Operating lease liabilities, non-current · 432,653 · 2,388,912 Finance lease liabilities, non-current · 510 · 34,120 Deferred tax liabilities, non-current · 36,447 · 149,232 Other non-current liabilities · 7,496 · 36,260 Total liabilities · 5,108,876 · 16,524,086 Commitments and contingencies (Note 9) Redeemable convertible preferred stock(a) Redeemable convertible preferred stock, $0.000005 par value per share, 176,646 and 206,169 shares authorized as of December 31, 2023 and 2024, respectively; 154,678 and 184,635 shares issued and outstanding as of December 31, 2023 and 2024, respectively · 464,690 · 1,722,111

2023 年 12 月 31 日 · 2024 年 12 月 31 日 股东权益赤字 A 类普通股，每股面值$0.000005，截至 2023 年 12 月 31 日和 2024 年 12 月 31 日分别授权 469,031 股和 540,680 股；截至 2023 年 12 月 31 日和 2024 年 12 月 31 日分别已发行 208,003 股和 121,277 股；截至 2023 年 12 月 31 日和 2024 年 12 月 31 日分别流通 203,520 股和 114,689 股 · 1 · 1 B 类普通股，每股面值$0.000005，截至 2023 年 12 月 31 日和 2024 年 12 月 31 日分别授权 0 股和 150,000 股；截至 2023 年 12 月 31 日和 2024 年 12 月 31 日分别已发行和流通 0 股和 118,198 股 · — · 0 库存股，按成本，截至 2023 年 12 月 31 日和 2024 年 12 月 31 日分别为 4,483 股和 6,588 股 · (32,054) · (33,524) 额外实收资本 · 48,397 · 1,096,160 累计其他综合亏损 · (148) · — 累计赤字 · (612,787) · (1,476,235) 股东权益赤字合计 · (596,591) · (413,598) 负债、可赎回可转换优先股及股东权益赤字总计 · $4,976,975 · $17,832,599

December 31, 2023 · December 31, 2024 Stockholders’ deficit Class A common stock, $0.000005 par value per share, 469,031 and 540,680 shares authorized as of December 31, 2023 and 2024, respectively; 208,003 and 121,277 shares issued as of December 31, 2023 and 2024, respectively; and 203,520 and 114,689 shares outstanding as of December 31, 2023 and 2024, respectively · 1 · 1 Class B common stock, $0.000005 par value per share, no and 150,000 shares authorized as of December 31, 2023 and 2024, respectively; no and 118,198 shares issued and outstanding as of December 31, 2023 and 2024, respectively · — · 0 Treasury stock, at cost, 4,483 and 6,588 shares as of December 31, 2023 and 2024, respectively · (32,054) · (33,524) Additional paid-in capital · 48,397 · 1,096,160 Accumulated other comprehensive loss · (148) · — Accumulated deficit · (612,787) · (1,476,235) Total stockholders’ deficit · (596,591) · (413,598) Total liabilities, redeemable convertible preferred stock, and stockholders’ deficit · $4,976,975 · $17,832,599

(a) · 有关关联方安排的更多信息，请参阅附注 14——关联方交易。

(a) · Refer to Note 14—Related-Party Transactions for further information on related party arrangements.

随附附注是这些合并财务报表不可分割的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

合并经营报表 Consolidated Statements of Operations

**（单位：千美元，每股数据除外）**

**(in thousands, except per share data)**

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 2024 收入 · $15,830 · $228,943 · $1,915,426 经营费用： 收入成本 · 12,122 · 68,780 · 493,350 技术与基础设施 · 18,106 · 131,855 · 960,685 销售与营销 · 2,481 · 12,917 · 18,389 一般及行政 · 6,001 · 29,842 · 118,644 经营费用合计 · 38,710 · 243,394 · 1,591,068 经营利润（亏损） · (22,880) · (14,451) · 324,358 公允价值调整损失 · (2,884) · (533,952) · (755,929) 利息费用，净额(a) · (9,444) · (28,404) · (360,824) 其他收入，净额 · 192 · 18,760 · 48,194 所得税费用（收益）计提前亏损 · (35,016) · (558,047) · (744,201) 所得税费用（收益）计提 · (4,150) · 35,701 · 119,247 持续经营净亏损 · $(30,866) · $(593,748) · $(863,448) 终止经营净亏损，税后净额 · $(189) · $— · $— 净亏损 · $(31,055) · $(593,748) · $(863,448) 归属于普通股股东的净亏损，基本及稀释 · $(31,055) · $(593,748) · $(937,765) 归属于普通股股东的持续经营每股净亏损，基本及稀释 · $(0.17) · $(3.09) · $(4.30) 归属于普通股股东的终止经营每股净亏损，基本及稀释 · $0.00 · $— · $— 归属于普通股股东的每股净亏损，基本及稀释 · $(0.17) · $(3.09) · $(4.30) 用于计算归属于普通股股东每股净亏损的加权平均股数，基本及稀释 · 180,632 · 192,164 · 217,854

2022 · 2023 · 2024 Revenue · $15,830 · $228,943 · $1,915,426 Operating expenses: Cost of revenue · 12,122 · 68,780 · 493,350 Technology and infrastructure · 18,106 · 131,855 · 960,685 Sales and marketing · 2,481 · 12,917 · 18,389 General and administrative · 6,001 · 29,842 · 118,644 Total operating expenses · 38,710 · 243,394 · 1,591,068 Operating income (loss) · (22,880) · (14,451) · 324,358 Loss on fair value adjustments · (2,884) · (533,952) · (755,929) Interest expense, net(a) · (9,444) · (28,404) · (360,824) Other income, net · 192 · 18,760 · 48,194 Loss before provision for (benefit from) income taxes · (35,016) · (558,047) · (744,201) Provision for (benefit from) income taxes · (4,150) · 35,701 · 119,247 Net loss from continuing operations · $(30,866) · $(593,748) · $(863,448) Net loss from discontinued operations, net of tax · $(189) · $— · $— Net loss · $(31,055) · $(593,748) · $(863,448) Net loss attributable to common stockholders, basic and diluted · $(31,055) · $(593,748) · $(937,765) Net loss from continuing operations per share attributable to common stockholders, basic and diluted · $(0.17) · $(3.09) · $(4.30) Net loss from discontinued operations per share attributable to common stockholders, basic and diluted · $0.00 · $— · $— Net loss per share attributable to common stockholders, basic and diluted · $(0.17) · $(3.09) · $(4.30) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted · 180,632 · 192,164 · 217,854

(a) · 有关关联方安排的更多信息，请参阅附注 14——关联方交易。

(a) · Refer to Note 14—Related-Party Transactions for further information on related party arrangements.

随附附注是这些合并财务报表的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

合并综合亏损表 Consolidated Statements of Comprehensive Loss

**（单位：千）**

**(in thousands)**

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 2024 净亏损 · $(31,055) · $(593,748) · $(863,448) 其他综合收益（亏损）： 可供出售有价证券的未实现（亏损）收益，净额 · (156) · 8 · 148 综合亏损总额 · $(31,211) · $(593,740) · $(863,300)

2022 · 2023 · 2024 Net loss · $(31,055) · $(593,748) · $(863,448) Other comprehensive income (loss): Unrealized (loss) gain on available-for-sale marketable securities, net · (156) · 8 · 148 Total comprehensive loss · $(31,211) · $(593,740) · $(863,300)

随附附注是这些合并财务报表的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

Coreweave, Inc. Coreweave, Inc.

**可赎回可转换优先股及股东权益（亏损）合并报表**

**CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT**

**（单位：千美元）**

**(in thousands)**

可赎回可转换优先股 · 普通股 · 库存股 · 资本公积 · 累计其他综合亏损 · 累计亏损 · 股东权益（亏损）合计 股数 · 金额 · 股数 · 金额 2022 年 1 月 1 日余额 · 83,775 · $5,290 · 180,000 · $1 · $— · $1,001 · $— · $12,016 · $13,018 因债务融资发行普通股认股权证 · — · — · — · — · — · 6,027 · — · — · 6,027 股权激励费用 · — · — · — · — · — · 1,560 · — · — · 1,560 可供出售有价证券未实现亏损 · — · — · — · — · — · — · (156) · — · (156) 净亏损 · — · — · — · — · — · — · — · (31,055) · (31,055) 2022 年 12 月 31 日余额 · 83,775 · $5,290 · 180,000 · $1 · $— · $8,588 · $(156) · $(19,039) · $(10,606) 可转换本票转换为 B-1 系列可赎回可转换优先股 · 12,485 · 5,006 · — · — · — · — · — · — · — 发行 B 系列可赎回可转换优先股，扣除发行费用$0 百万及 B 系列分批选择权负债$10 百万后的净额 · 75,496 · 410,465 · — · — · — · — · — · — · — B 系列分批选择权部分结算 · — · 45,531 · — · — · — · — · — · — · — 因二次发行将可赎回可转换优先股转换为普通股 · (17,078) · (1,842) · 17,078 · — · — · 1,842 · — · — · 1,842 因私募发行普通股 · — · — · 4,483 · — · — · 14,837 · — · — · 14,837 因业务合并发行普通股 · — · — · 2,105 · — · — · — · — · — · — 行使股票期权 · — · — · 4,337 · — · — · 1,669 · — · — · 1,669 回购普通股 · — · — · (4,483) · — · (32,054) · — · — · — · (32,054) 因债务融资发行普通股认股权证 · — · — · — · — · — · 3,959 · — · — · 3,959 结算应收员工票据 · — · 240 · — · — · — · 132 · — · — · 132 股权激励费用 · — · — · — · — · — · 17,370 · — · — · 17,370 其他综合收益 · — · — · — · — · — · — · 8 · — · 8 净亏损 · — · — · — · — · — · — · — · (593,748) · (593,748) 2023 年 12 月 31 日余额 · 154,678 · $464,690 · 203,520 · $1 · $(32,054) · $48,397 · $(148) · $(612,787) · $(596,591)

Redeemable Convertible Preferred Stock · Common Stock · Treasury Stock · Additional paid-in capital · Accumulated other comprehensive loss · Accumulated Deficit · Total Stockholders’ Deficit Shares · Amount · Shares · Amount Balance at January 1, 2022 · 83,775 · $5,290 · 180,000 · $1 · $— · $1,001 · $— · $12,016 · $13,018 Issuance of common stock warrants in connection with debt financing · — · — · — · — · — · 6,027 · — · — · 6,027 Stock-based compensation expense · — · — · — · — · — · 1,560 · — · — · 1,560 Unrealized loss on available-for-sale marketable securities · — · — · — · — · — · — · (156) · — · (156) Net loss · — · — · — · — · — · — · — · (31,055) · (31,055) Balance, December 31, 2022 · 83,775 · $5,290 · 180,000 · $1 · $— · $8,588 · $(156) · $(19,039) · $(10,606) Conversion of convertible promissory notes to Series B-1 redeemable convertible preferred stock · 12,485 · 5,006 · — · — · — · — · — · — · — Issuance of Series B redeemable convertible preferred stock, net of issuance costs of $0 million and Series B Tranche Liability of $10 million · 75,496 · 410,465 · — · — · — · — · — · — · — Partial settlement of Series B tranche option · — · 45,531 · — · — · — · — · — · — · — Conversion of redeemable convertible preferred stock to common stock for secondary offering · (17,078) · (1,842) · 17,078 · — · — · 1,842 · — · — · 1,842 Issuance of common stock for private placement · — · — · 4,483 · — · — · 14,837 · — · — · 14,837 Issuance of common stock for business combination · — · — · 2,105 · — · — · — · — · — · — Exercise of stock options · — · — · 4,337 · — · — · 1,669 · — · — · 1,669 Repurchase of common stock · — · — · (4,483) · — · (32,054) · — · — · — · (32,054) Issuance of common stock warrants in connection with debt financing · — · — · — · — · — · 3,959 · — · — · 3,959 Settlement of notes due from employees · — · 240 · — · — · — · 132 · — · — · 132 Stock-based compensation expense · — · — · — · — · — · 17,370 · — · — · 17,370 Other comprehensive income · — · — · — · — · — · — · 8 · — · 8 Net loss · — · — · — · — · — · — · — · (593,748) · (593,748) Balance, December 31, 2023 · 154,678 · $464,690 · 203,520 · $1 · $(32,054) · $48,397 · $(148) · $(612,787) · $(596,591)

随附附注是这些合并财务报表不可分割的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

可赎回可转换优先股 · 普通股 · 库存股 · 资本公积 · 累计其他综合亏损 · 累计亏损 · 股东权益合计（亏损） 股数 · 金额 · 股数 · 金额 2023 年 12 月 31 日余额 · 154,678 · $464,690 · 203,520 · $1 · $(32,054) · $48,397 · $(148) · $(612,787) · $(596,591) 发行 B 轮可赎回可转换优先股 · 4,483 · 25,000 · — · — · — · — · — · — · — B 轮分批期权交割结算 · — · 69,598 · — · — · — · — · — · — · — 发行 C 轮可赎回可转换优先股，扣除发行费用$3 million · 29,523 · 1,147,476 · — · — · — · — · — · — · — C 轮可赎回可转换优先股增值至赎回价值 · — · 73 · — · — · — · (73) · — · — · (73) C 轮可赎回可转换优先股现金股息 · — · — · — · — · — · (58,662) · — · — · (58,662) C 轮可赎回可转换优先股实物支付股息 · — · 15,582 · — · — · — · (15,582) · — · — · (15,582) 可转换本票转换为普通股 · — · — · 24,544 · — · — · 1,080,295 · — · — · 1,080,295 行使股票期权 · — · — · 2,879 · — · — · 2,890 · — · — · 2,890 为业务合并回购普通股 · — · — · (2,105) · — · — · — · — · — · — 向一名员工回购普通股 · — · — · — · — · (1,470) · — · — · — · (1,470) 为二次发行将可赎回可转换优先股转换为普通股 · (4,049) · (308) · 4,049 · — · — · 308 · — · — · 308 股权激励费用 · — · — · — · — · — · 38,587 · — · — · 38,587 其他综合收益 · — · — · — · — · — · — · 148 · — · 148 净亏损 · — · — · — · — · — · — · — · (863,448) · (863,448) 2024 年 12 月 31 日余额 · 184,635 · $1,722,111 · 232,887 · $1 · $(33,524) · $1,096,160 · $— · $(1,476,235) · $(413,598)

Redeemable Convertible Preferred Stock · Common Stock · Treasury Stock · Additional paid-in capital · Accumulated other comprehensive loss · Accumulated Deficit · Total Stockholders’ Deficit Shares · Amount · Shares · Amount Balance, December 31, 2023 · 154,678 · $464,690 · 203,520 · $1 · $(32,054) · $48,397 · $(148) · $(612,787) · $(596,591) Issuance of Series B redeemable convertible preferred stock · 4,483 · 25,000 · — · — · — · — · — · — · — Closing settlement of Series B tranche option · — · 69,598 · — · — · — · — · — · — · — Issuance of Series C redeemable convertible preferred stock, net of issuance costs of $3 million · 29,523 · 1,147,476 · — · — · — · — · — · — · — Series C redeemable convertible preferred stock accretion to redemption value · — · 73 · — · — · — · (73) · — · — · (73) Cash dividend on Series C redeemable convertible preferred stock · — · — · — · — · — · (58,662) · — · — · (58,662) Paid-in-kind dividend on Series C redeemable convertible preferred stock · — · 15,582 · — · — · — · (15,582) · — · — · (15,582) Conversion of convertible notes to common stock · — · — · 24,544 · — · — · 1,080,295 · — · — · 1,080,295 Exercise of stock options · — · — · 2,879 · — · — · 2,890 · — · — · 2,890 Repurchase of common stock for business combination · — · — · (2,105) · — · — · — · — · — · — Repurchases of common stock from an employee · — · — · — · — · (1,470) · — · — · — · (1,470) Conversion of redeemable convertible preferred stock to common stock for secondary offering · (4,049) · (308) · 4,049 · — · — · 308 · — · — · 308 Stock-based compensation expense · — · — · — · — · — · 38,587 · — · — · 38,587 Other comprehensive income · — · — · — · — · — · — · 148 · — · 148 Net loss · — · — · — · — · — · — · — · (863,448) · (863,448) Balance, December 31, 2024 · 184,635 · $1,722,111 · 232,887 · $1 · $(33,524) · $1,096,160 · $— · $(1,476,235) · $(413,598)

随附附注是这些合并财务报表的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

合并现金流量表 Consolidated Statements of Cash Flows

**（单位：千）**

**(in thousands)**

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 2024 经营活动产生的现金流量： 净亏损 · $(31,055) · $(593,748) · $(863,448) 终止经营净亏损，税后净额 · (189) · — · — 持续经营净亏损 · (30,866) · (593,748) · (863,448) 将净亏损调节为经营活动提供的净现金的调整项目 折旧和摊销 · 11,695 · 103,210 · 863,413 非现金租赁费用 · 16 · 20,404 · 122,748 债务折价及发行成本摊销 · 3,803 · 16,533 · 33,376 公允价值调整损失 · 2,884 · 533,952 · 755,929 股权激励费用 · 1,490 · 15,154 · 31,487 债务清偿损失 · — · — · 11,708 递延所得税 · (1,284) · 35,816 · 112,785 其他非现金调节项目 · — · 632 · 3,286 经营性资产和负债变动，扣除企业收购影响后的净额： 应收账款 · (1,893) · (162,413) · (279,720) 预付费用及其他流动资产 · (1,047) · (71,964) · (29,200) 应付账款及应计费用 · 1,404 · 26,807 · 510,568 递延收入 · 9,354 · 1,986,304 · 2,049,068 租赁负债 · — · (9,302) · (87,611) 其他非流动资产 · 87 · (67,317) · (485,332) 其他负债 · — · (1,418) · 111 持续经营（使用）提供的净现金 · (4,357) · 1,832,650 · 2,749,168 经营活动提供的净现金——终止经营 · 5,267 · — · — 经营活动提供的净现金 · $910 · $1,832,650 · $2,749,168 投资活动产生的现金流量： 购置物业和设备，包括资本化的内部使用软件 · (72,404) · (2,943,130) · (8,702,078) 出售可供出售有价证券 · 7,000 · 5,689 · 2,470 有价证券到期 · — · — · 185,218 购买受限有价证券 · — · (171,734) · (34,053) 购买战略投资 · — · (33,000) · (50,000) 发行应收票据 · — · — · (59,615) 其他投资活动 · (14,852) · (5,535) · — 持续经营投资活动使用的净现金 · (80,256) · (3,147,710) · (8,658,058) 投资活动提供的净现金——终止经营 · 1,073 · — · — 投资活动使用的净现金 · $(79,183) · $(3,147,710) · $(8,658,058)

2022 · 2023 · 2024 Cash flows from operating activities: Net loss · $(31,055) · $(593,748) · $(863,448) Net loss from discontinued operations, net of tax · (189) · — · — Net loss from continuing operations · (30,866) · (593,748) · (863,448) Adjustments to reconcile net loss to net cash provided by operating activities Depreciation and amortization · 11,695 · 103,210 · 863,413 Non-cash lease expense · 16 · 20,404 · 122,748 Amortization of debt discounts and issuance costs · 3,803 · 16,533 · 33,376 Loss on fair value adjustments · 2,884 · 533,952 · 755,929 Stock-based compensation · 1,490 · 15,154 · 31,487 Debt extinguishment loss · — · — · 11,708 Deferred income taxes · (1,284) · 35,816 · 112,785 Other non-cash reconciling items · — · 632 · 3,286 Changes in operating assets and liabilities, net of effect of business acquisition: Accounts receivable · (1,893) · (162,413) · (279,720) Prepaid expenses and other current assets · (1,047) · (71,964) · (29,200) Accounts payable and accrued expenses · 1,404 · 26,807 · 510,568 Deferred revenue · 9,354 · 1,986,304 · 2,049,068 Lease liabilities · — · (9,302) · (87,611) Other non-current assets · 87 · (67,317) · (485,332) Other liabilities · — · (1,418) · 111 Net cash (used in) provided by continuing operations · (4,357) · 1,832,650 · 2,749,168 Net cash provided by operating activities—discontinued operations · 5,267 · — · — Net cash provided by operating activities · $910 · $1,832,650 · $2,749,168 Cash flows from investing activities: Purchase of property and equipment, including capitalized internal-use software · (72,404) · (2,943,130) · (8,702,078) Sale of available-for-sale marketable securities · 7,000 · 5,689 · 2,470 Maturities of marketable securities · — · — · 185,218 Purchase of restricted marketable securities · — · (171,734) · (34,053) Purchase of strategic investments · — · (33,000) · (50,000) Issuance of notes receivable · — · — · (59,615) Other investing activities · (14,852) · (5,535) · — Net cash used in investing activities by continuing operations · (80,256) · (3,147,710) · (8,658,058) Net cash provided by investing activities—discontinued operations · 1,073 · — · — Net cash used in investing activities · $(79,183) · $(3,147,710) · $(8,658,058)

随附附注是本合并财务报表的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 2024 筹资活动产生的现金流量： 发行债务所得款项 · 60,000 · 1,415,862 · 7,022,291 发行可转换债务所得款项 · 30,000 · — · — 偿还债务 · (3,055) · (2,180) · (588,555) 支付债务发行费用 · (1,651) · (12,053) · (3,786) 发行可赎回可转换优先股，扣除发行费用 · — · 420,765 · 1,172,476 支付的可赎回可转换优先股现金股利 · — · — · (57,745) 行使股票期权所得款项 · — · 1,669 · 2,890 回购普通股 · — · (32,054) · (1,470) 发行普通股所得款项 · — · 14,837 · — 其他筹资活动 · (3,840) · (19,095) · (81,453) 筹资活动提供的现金净额 · $81,454 · $1,787,751 · $7,464,648 现金、现金等价物及受限现金净增加额 · $3,181 · $472,691 · $1,555,758 现金、现金等价物及受限现金——期初 · 4,203 · 7,384 · 480,075 现金、现金等价物及受限现金——期末 · $7,384 · $480,075 · $2,035,833 现金流量信息补充披露： 支付的利息，扣除资本化金额 · $5,124 · $105 · $183,657 支付的所得税 · $255 · $214 · $14,332 非现金投资和筹资活动： 资本化利息 · $— · $41,376 · $31,714 通过租赁负债取得的使用权资产（经营租赁） · 1,210 · 481,145 · 2,222,257 租赁修改和续租的使用权资产 · — · — · 18,987 通过租赁负债取得的使用权资产（融资租赁） · 14,622 · — · 141,916 发行可转换票据产生的衍生负债 · 10,841 · — · — 与购置财产和设备相关的应付账款和应计费用 · — · 482,330 · 892,632 因可转换票据转换而发行的普通股 · — · — · 1,080,295 B 轮分批负债的结算 · — · 45,531 · 69,598 非现金投资 · — · — · 10,133 资本化为内部使用软件的股权激励费用 · — · 2,216 · 7,100 尚未支付的递延发行费用 · — · — · 7,951 现金、现金等价物及受限现金与合并资产负债表的调节： 现金及现金等价物 · $7,384 · $217,147 · $1,361,083 受限现金及现金等价物，流动 · — · 42,940 · 37,394 受限现金及现金等价物，非流动 · — · 219,988 · 637,356 现金、现金等价物及受限现金合计 · $7,384 · $480,075 · $2,035,833

2022 · 2023 · 2024 Cash flows from financing activities: Proceeds from issuance of debt · 60,000 · 1,415,862 · 7,022,291 Proceeds from issuance of convertible debt · 30,000 · — · — Repayments of debt · (3,055) · (2,180) · (588,555) Payment of debt issuance costs · (1,651) · (12,053) · (3,786) Issuance of redeemable convertible preferred stock, net of issuance costs · — · 420,765 · 1,172,476 Redeemable convertible preferred stock cash dividends paid · — · — · (57,745) Proceeds from exercise of stock options · — · 1,669 · 2,890 Common stock repurchased · — · (32,054) · (1,470) Proceeds from issuance of common stock · — · 14,837 · — Other financing activities · (3,840) · (19,095) · (81,453) Net cash provided by financing activities · $81,454 · $1,787,751 · $7,464,648 Net increase in cash, cash equivalents, and restricted cash · $3,181 · $472,691 · $1,555,758 Cash, cash equivalents, and restricted cash—beginning of period · 4,203 · 7,384 · 480,075 Cash, cash equivalents, and restricted cash—end of period · $7,384 · $480,075 · $2,035,833 Supplemental disclosures of cash flow information: Cash paid for interest, net of capitalized amounts · $5,124 · $105 · $183,657 Cash paid for income taxes · $255 · $214 · $14,332 Non-cash investing and financing activities: Capitalized interest · $— · $41,376 · $31,714 Operating lease right-of-use assets acquired through lease liability · 1,210 · 481,145 · 2,222,257 Right-of-use assets for lease modification and renewals · — · — · 18,987 Finance lease right-of-use assets acquired through lease liability · 14,622 · — · 141,916 Derivative liabilities from issuance of convertible notes · 10,841 · — · — Accounts payable and accrued expenses related to property and equipment additions · — · 482,330 · 892,632 Issuance of common stock in connection with conversion of convertible notes · — · — · 1,080,295 Settlement of Series B tranche liability · — · 45,531 · 69,598 Non-cash investments · — · — · 10,133 Stock-based compensation capitalized as internal-use software · — · 2,216 · 7,100 Deferred offering costs not yet paid · — · — · 7,951 Reconciliation of cash, cash equivalents, and restricted cash to consolidated balance sheets: Cash and cash equivalents · $7,384 · $217,147 · $1,361,083 Restricted cash and cash equivalents, current · — · 42,940 · 37,394 Restricted cash and cash equivalents, non-current · — · 219,988 · 637,356 Total cash, cash equivalents, and restricted cash · $7,384 · $480,075 · $2,035,833

随附附注是这些合并财务报表不可分割的组成部分。

The accompanying notes are an integral part of these consolidated financial statements.

1. 概述及重要会计政策摘要 1. Overview and Summary of Significant Accounting Policies

#### 组织与业务描述

#### Organization and Description of Business

CoreWeave, Inc. 及其子公司（“公司”或“CoreWeave”）最初于 2017 年作为特拉华州有限责任公司成立，随后于 2018 年转换为特拉华州公司。公司总部位于新泽西州利文斯顿。公司是一家现代云基础设施技术公司，提供 CoreWeave 云平台，该平台由专有软件和云服务组成，可提供大规模管理复杂 AI 基础设施所需的自动化和效率。此前，公司曾拥有区块链挖矿和管理服务业务，该业务已于 2022 年 9 月停止运营，公司在本合并财务报表中将其作为终止经营业务报告。更多信息请参阅附注 16——终止经营。

CoreWeave, Inc., together with its subsidiaries (the “Company” or “CoreWeave”), was originally formed as a Delaware limited liability company in 2017 and then converted to a Delaware corporation in 2018. The Company is headquartered in Livingston, New Jersey. The Company is a modern cloud infrastructure technology company which offers the CoreWeave Cloud Platform that consists of proprietary software and cloud services that deliver the automation and efficiency needed to manage complex AI infrastructure at scale. Previously, the Company had Blockchain Mining and Management Services business which ceased operations in September 2022 and the Company is reporting this as discontinued operations in these consolidated financial statements. Refer to Note 16—Discontinued Operations for additional information.

#### 列报基础与合并

#### Basis of Presentation and Consolidation

随附的合并财务报表已按照美国公认会计原则（“美国 GAAP”）编制，并包含公司及其全资和多数控股子公司的账目。所有公司间余额和交易已在合并中抵销。

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and include the accounts of the Company and its wholly and majority-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

公司在每项安排开始时确定，公司已投资或拥有其他可变利益的实体是否被视为可变利益实体（“VIE”）。被视为 VIE 的投资将进行评估，以确定公司是否为该 VIE 的主要受益人，若是，则需合并该实体。公司评估其是否 (1) 拥有主导对 VIE 经济绩效产生最重大影响活动的权力，以及 (2) 承担可能对 VIE 而言重大的损失义务或有权从 VIE 获得可能对 VIE 而言重大的利益。如果公司不是 VIE 的主要受益人，则该投资或其他可变利益按照适用的美国 GAAP 进行会计处理。

The Company determines at inception of each arrangement whether an entity in which the Company has made an investment or in which the Company has other variable interests is considered a variable interest entity (“VIE”). Investments that are considered VIEs are evaluated to determine whether the Company is the primary beneficiary of the VIE, in which case it would be required to consolidate the entity. The Company evaluates whether it has (1) the power to direct the activities that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. If the Company is not the primary beneficiary of the VIE, the investment or other variable interest is accounted for in accordance with applicable U.S. GAAP.

如果实体不具备 VIE 的特征，则被视为投票权益实体（“VOE”）。当公司拥有多数股权并控制该实体的重大经营、财务和投资决策时，公司将合并该 VOE。

In circumstances where an entity does not have the characteristics of a VIE, it would be considered a voting interest entity (“VOE”). The Company would consolidate a VOE when the Company has a majority equity interest and has control over significant operating, financial, and investing decisions of the entity.

#### 股票拆分

#### Stock Split

2025 年 3 月 14 日，公司对其普通股和可赎回可转换优先股实施了二十比一的股票拆分。所有股份和每股信息均已追溯调整，以反映所有列报期间的股票拆分。

On March 14, 2025, the Company effected a twenty-for-one stock split of its common stock and redeemable convertible preferred stock. All share and per share information has been retroactively adjusted to reflect the stock split for all periods presented.

#### 估计的使用

#### Use of Estimates

按照美国 GAAP 编制合并财务报表要求公司作出估计和假设，这些估计和假设会影响合并财务报表及随附附注中报告的金额。实际结果可能与该等估计存在重大差异。重大估计包括金融资产和负债的公允价值；分配给财产和设备的可使用年限；经营租赁和融资租赁所采用的折现率；衍生工具和认股权证负债的估值；股权激励费用，包括公司普通股公允价值的确定；以及所得税会计处理，包括递延所得税资产的估值备抵和不确定税务状况的计量。公司定期复核假设以确保其持续相关且合理，尤其是在高度主观的领域。公司基于历史经验和管理层认为合理的假设作出估计。

The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ materially from these estimates. Significant estimates include the fair value of financial assets and liabilities; useful lives assigned to property and equipment; the discount rates used for operating and finance leases; valuation of derivative and warrant liabilities; stock-based compensation, including the determination of the fair value of the Company’s common stock; and accounting for income taxes, including the valuation allowance on deferred tax assets and the measurement of uncertain tax positions. Assumptions are reviewed regularly to ensure they remain relevant and reasonable, particularly in areas of high subjectivity. The Company bases its estimates on historical experience and assumptions that management considers reasonable.

#### 外币

#### Foreign Currency

公司的报告货币为美元。公司境外子公司的功能货币为美元。

The reporting currency of the Company is the U.S. dollar. The functional currency of the Company’s foreign subsidiaries is the U.S. dollar.

以功能货币以外的货币计价的货币性资产和负债，按期末汇率重新计量为功能货币。重新计量产生的外币交易损益在合并经营报表中计入其他收入净额，且在所列报的任何期间均不重大。

Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured to the functional currency at period-end exchange rates. Foreign currency transaction gains and losses resulting from remeasurement are recognized in other income, net in the consolidated statements of operations, and have not been material for any of the periods presented.

#### 风险集中

#### Concentration of Risk

公司面临某些风险和不确定性，主要由于信用风险集中、重要客户和供应商集中，可能对其业务、财务状况、经营成果或现金流量产生重大不利影响。

The Company is subject to certain risks and uncertainties that could have a material adverse effect on its business, financial condition, results of operations, or cash flows primarily due to concentration of credit risk, significant customers, and supplier concentration.

信用风险集中

Concentration of Credit Risk

可能使公司面临重大信用风险集中的金融工具主要包括现金、现金等价物、受限现金、应收账款和可交易证券。公司将现金、现金等价物、受限现金和可交易证券存放于主要位于美国的高质量金融机构，其构成和到期情况由公司定期监控。公司在正常经营过程中向客户授予信用，因而在客户未能还款时面临信用风险。公司未在该等账款中经历任何重大损失。

Financial instruments that potentially expose the Company to significant concentration of credit risk consist primarily of cash, cash equivalents, restricted cash, accounts receivable, and marketable securities. The Company maintains its cash, cash equivalents, restricted cash, and marketable securities with high-quality financial institutions mainly in the United States, where the composition and maturities of which are regularly monitored by the Company. The Company grants credit to its customers in the normal course of business, exposing it to credit risk in the event of nonrepayment by customers. The Company has not experienced any material losses in such accounts.

重要客户

Significant Customers

以下客户占公司截至 2022 年、2023 年和 2024 年 12 月 31 日止年度收入的 10% 或以上：

The following customers accounted for 10% or more of the Company’s revenue for the years ended December 31, 2022, 2023, and 2024:

截至 12 月 31 日止年度

Year Ended December 31,

2022 · 2023 · 2024 客户 A · * · 35% · 62% 客户 B · * · 21% · * 客户 C · * · 17% · 15% 客户 D · 16% · * · * 客户 E · 13% · * · * 客户 F · 12% · * · * 客户 G · * · * · *

2022 · 2023 · 2024 Customer A · * · 35% · 62% Customer B · * · 21% · * Customer C · * · 17% · 15% Customer D · 16% · * · * Customer E · 13% · * · * Customer F · 12% · * · * Customer G · * · * · *

* · 客户未占收入的 10% 或以上

* · Customer did not represent 10% or more of revenue

截至 2023 年 12 月 31 日，客户 A、C 和 G 分别占应收账款净额的 15%、13% 和 56%。截至 2024 年 12 月 31 日，客户 A 占应收账款净额的 66%。

Customer A, C, and G accounted for 15%, 13%, and 56% of accounts receivable, net, respectively, as of December 31, 2023. Customer A accounted for 66% of accounts receivable, net as of December 31, 2024.

供应商集中度

Supplier Concentration

公司在运营中使用的某些材料和产品可从数量有限的供应商处获得。截至 2022 年 12 月 31 日止年度，三家供应商分别占总采购额的 23%、16% 和 10%。截至 2023 年 12 月 31 日止年度，三家供应商分别占总采购额的 57%、22% 和 11%。截至 2024 年 12 月 31 日止年度，三家供应商分别占总采购额的 46%、16% 和 14%。

Certain materials and products used by the Company in its operations are available from a limited number of suppliers. Three suppliers accounted for 23%, 16%, and 10% of total purchases for the year ended December 31, 2022. Three suppliers accounted for 57%, 22%, and 11% of total purchases for the year ended December 31, 2023. Three suppliers accounted for 46%, 16%, and 14% of total purchases for the year ended December 31, 2024.

#### 现金、现金等价物、受限现金及受限现金等价物

#### Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents

现金主要包括银行存款和银行储蓄。公司将购买日原始到期日为三个月或以内的所有高流动性投资视为现金等价物。现金等价物包括公司存放于金融机构投资账户中的货币市场基金。公司维持的银行存款账户余额有时可能超过联邦保险限额。公司未在此类账户中发生任何损失。

Cash primarily consists of cash in banks and bank deposits. The Company considers all highly liquid investments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents consist of money market funds in the Company’s investment accounts maintained in financial institutions. The Company maintains cash balances in bank deposit accounts that, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts.

公司的受限现金及现金等价物包括与担保贷款融资和信用证相关的银行存款。受限现金根据剩余限制期限分类为流动资产和非流动资产。

The Company has restricted cash and cash equivalents that consist of bank deposits related to a collateralized loan facility and letters of credit. Restricted cash is classified as current and non-current assets based on the term of the remaining restriction.

有关受限现金的更多信息，请参阅附注 10——债务。

Refer to Note 10—Debt for additional information on restricted cash.

#### 应收账款及信用损失准备

#### Accounts Receivable and Allowance for Credit Losses

应收账款主要包括当前应向客户收取的已开票金额。应收账款按开票金额扣除信用损失准备后的净额入账。公司的应收账款余额面临收款风险，公司定期持续评估未收回应收账款的可收回性，并为被认为无法收回的应收账款计提信用损失准备。信用损失准备反映了对应收账款余额中可能发生损失的最佳估计。公司根据已知问题账户、历史经验、可能影响公司客户的当前及预期宏观经济状况（如失业、通货膨胀和监管事项）以及其他当前可获得的信息确定准备金额。截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，公司的预期信用损失准备不重大。截至 2022 年 12 月 31 日、2023 年 12 月 31 日和 2024 年 12 月 31 日止年度，预期信用损失准备的增加和核销均不重大。

Accounts receivable primarily consist of amounts billed that are currently due from customers. Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses. The Company’s accounts receivable balances are subject to collection risk and the Company regularly assesses the collectability of outstanding accounts receivable on an ongoing basis and maintains an allowance for credit losses for accounts receivable deemed uncollectible. The allowance for credit losses reflects the best estimate of probable losses in the accounts receivable balance. The Company determines the allowance based on known troubled accounts; historical experience; current and anticipated macroeconomic conditions that could impact the Company’s customers, such as unemployment, inflation, and regulation matters; and other currently available information. The Company’s allowance for expected credit losses was not material as of December 31, 2023 and 2024. Additions to and write-offs against the allowance for expected credit losses were not material for the years ended December 31, 2022, 2023, and 2024.

#### 应收票据

#### Notes Receivable

应收票据与 DCSP 融资安排（定义见附注 10——债务）相关，按未偿本金金额加应计未付利息列报。当根据当前信息和事件，公司很可能无法按协议合同条款收回全部到期金额时，即对应收票据计提信用损失准备。公司考虑若干因素，包括借款人的信用风险和财务状况、借款人偿付当前债务的能力、历史趋势以及宏观经济状况。公司评估任何可能影响资产表现和价值的信用恶化程度及影响，以及借款人的财务和经营能力。截至 2024 年 12 月 31 日，公司认定应收票据的账面金额可全额收回。截至 2023 年 12 月 31 日，公司无任何未偿应收票据。

Notes receivable are related to the DCSP Financing Arrangements (as defined in Note 10—Debt) and reported at the outstanding principal value plus accrued and unpaid interest. An allowance for credit losses on notes receivable is established when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the agreement. The Company considers certain factors, including the credit risk and financial condition of the borrower, the borrower’s ability to pay current obligations, historical trends, and macroeconomic conditions. The Company evaluates the extent and impact of any credit deterioration that could affect the performance and the value of the assets, as well as the financial and operating capability of the borrower. As of December 31, 2024, the Company determined the carrying amount of the notes receivable to be fully collectible. The Company did not have any outstanding notes receivable as of December 31, 2023.

公司的应收票据符合 DCSP 融资安排下抵销权的标准。由于 DCSP 融资安排的抵销性质，公司将在特定条件下确认利息收入。

The Company’s note receivable meets the criteria for right of setoff under the DCSP Financing Arrangements. The Company will recognize interest income under certain conditions due to the setoff nature of the DCSP Financing Arrangements.

#### 公允价值计量

#### Fair Value Measurements

公司按经常性基础以公允价值计量某些金融资产和负债。公允价值基于市场参与者在计量日对资产或负债定价时所使用的假设确定。公司在确定公允价值时，尽可能使用可观察输入值，并尽量减少使用不可观察输入值。

The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is determined based on assumptions that market participants would use in pricing an asset or liability at the measurement date. The Company maximizes the use of observable inputs when available and minimizes the use of unobservable inputs when determining fair value.

公司的金融工具包括现金、现金等价物、受限现金、应收账款、有价证券、应付账款、应计负债、衍生工具、认股权证负债和 B 系列批次负债。现金、受限现金、应收账款、应付账款和应计负债按账面价值列报，由于预计收取或支付日期较短，其账面价值近似于公允价值。现金等价物、受限有价证券、衍生工具和认股权证负债按经常性基础以公允价值列报。某些金融负债（如衍生工具、认股权证和 B 系列批次负债）的公允价值调整，在合并经营报表中作为公允价值调整记录。

The Company’s financial instruments include cash, cash equivalents, restricted cash, accounts receivable, marketable securities, accounts payable, accrued liabilities, derivatives, warrant liabilities, and Series B tranche liabilities. Cash, restricted cash, accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. Cash equivalents, restricted marketable securities, derivatives, and warrant liabilities are stated at fair value on a recurring basis. Adjustments to the fair value of certain financial liabilities, such as derivative, warrant, and Series B tranche liabilities, are recorded as fair value adjustments within the consolidated statements of operations.

#### 有价证券

#### Marketable Securities

有价证券由公司分类为可供出售并据此核算的存单和有价债务证券组成。公司在购买时确定其对这些证券投资的适当分类，并在每个合并资产负债表日重新评估该指定。在考虑其风险与回报目标以及流动性需求后，公司可在这些债务证券实际到期前出售。

Marketable securities consist of certificates of deposit and marketable debt securities that the Company has classified and accounted for as available for sale. The Company determines the appropriate classification of its investments in these securities at the time of purchase and reevaluates such designation at each consolidated balance sheet date. After consideration of its risk versus reward objectives, as well as its liquidity requirements, the Company may sell these debt securities prior to their effective maturities.

公司将到期日在 12 个月以内的投资在合并资产负债表上归类为其他流动资产中的流动项目。公司将到期日超过 12 个月的投资在合并资产负债表上归类为受限有价证券中的非流动项目。

The Company classifies its investments with maturities within 12 months as current within other current assets on the consolidated balance sheets. The Company classifies its investments with maturities beyond 12 months as non-current within restricted marketable securities, non-current on the consolidated balance sheets.

公司以公允价值计量该等证券，并将扣除税项后的未实现损益作为股东权益赤字（亏损）的组成部分列报，但预期信用损失准备金的变动除外，该变动计入合并经营报表中的其他收入净额。

The Company carries these securities at fair value and reports the unrealized gains and losses, net of taxes, as a component of stockholders’ deficit, except for changes in allowance for expected credit losses, which are recorded in other income, net, within the consolidated statements of operations.

公司定期评估其可供出售债务证券的减值情况。如果单项证券的摊余成本超过其公允价值，公司会考虑其出售该证券的意图，或公司在收回其摊余成本基础之前是否很可能被要求出售该证券。如果满足上述任一条件，公司将把该证券减记至其公允价值，并在合并经营报表中的其他收入净额中记录减值费用。如果上述两项条件均不满足，公司则判断是否存在信用损失。信用损失通过考虑评级机构对该证券评级的变动、与该证券特别相关的任何不利情况以及其他因素进行估计。

The Company periodically evaluates its available-for-sale debt securities for impairment. If the amortized cost of an individual security exceeds its fair value, the Company considers its intent to sell the security or whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized basis. If either of these criteria are met, the Company writes down the security to its fair value and records the impairment charge in other income, net, within the consolidated statements of operations. If neither of these criteria are met, the Company determines whether a credit loss exists. Credit loss is estimated by considering changes to the rating of the security by a rating agency, any adverse conditions specifically related to the security, as well as other factors.

#### 战略投资

#### Strategic Investments

公司以非上市股权证券的形式持有战略投资，以支持其业务和战略目标，公司对该等投资不具有控制性权益。对于不具有易于确定的公允价值且公司不具有控制性财务权益或未施加重大影响的非上市股权证券，按成本计量，并就可观察的价格变动或减值进行后续调整。该等调整通过公司经营报表中的其他收入净额确认。公司定期审查该等投资的减值情况。如果存在减值迹象，公司会评估该投资是否应减记至公允价值。所列报期间内，不存在因可观察价格变动或减值而进行的后续调整。

The Company holds strategic investments in the form of privately held equity securities to support its business and strategic objectives in which the Company does not have a controlling interest. Privately held equity securities that do not have a readily determinable fair value and for which the Company does not have a controlling financial interest or exercise significant influence are measured at cost, with subsequent adjustments for observable price changes or impairments. These adjustments are recognized through other income, net, in the Company’s statements of operations. The Company periodically reviews these investments for impairment. If indicators of impairment exist, the Company evaluates the investment for write-down to fair value. There were no subsequent adjustments for observable price changes or impairments for the periods presented.

公司将战略投资列报于合并资产负债表上的其他非流动资产。截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，公司战略投资的账面价值分别为 $42 million 和 $102 million。

The Company reports the strategic investments in other non-current assets on the consolidated balance sheets. As of December 31, 2023 and 2024, the carrying value of the Company’s strategic investments was $42 million and $102 million, respectively.

#### 物业及设备净额

#### Property and Equipment, Net

物业及设备净额按历史成本减累计折旧及摊销列示。在建工程与尚未投入预定用途的物业及设备的建造或开发相关。折旧及摊销按相关资产的预计可使用年限采用直线法计算。不延长相关资产使用寿命的维护及维修支出于发生时计入费用。每当有事件或情况变化表明资产的账面金额可能无法收回时，即对物业及设备的账面价值进行减值审查。

Property and equipment, net is stated at historical cost less accumulated depreciation and amortization. Construction in progress is related to the construction or development of property and equipment that has not yet been placed into service for its intended use. Depreciation and amortization are calculated utilizing the straight-line method over the estimated useful lives of the respective assets. Expenditures for maintenance and repairs that do not extend the lives of the respective assets are expensed as incurred. The carrying value of property and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable.

自 2023 年 1 月 1 日起，公司将数据中心所用计算设备的预计可使用年限估计由五年变更为六年，以反映硬件性能、软件优化及数据中心设计改进方面的持续进步。该估计变更对截至 2023 年 12 月 31 日止年度的影响为：计入截至 2023 年 12 月 31 日合并资产负债表物业及设备净额中的计算设备，其费用总额减少 $20 million。该估计变更对截至 2023 年 12 月 31 日止年度的每股影响为增加 $0.10。

Effective January 1, 2023, the Company changed its estimate of the useful life for its computing equipment utilized in data centers from five to six years, reflecting continuous advancements in hardware performance, software optimization, and data center design improvements. The effects of this change in estimate for the year ended December 31, 2023 on computing equipment that was included in property and equipment, net on the consolidated balance sheets as of December 31, 2023 was a reduction in total expenses of $20 million. The per share impact of the change in estimate was a $0.10 increase for the year ended December 31, 2023.

公司物业及设备的预计可使用年限如下：

The estimated useful lives of the Company’s property and equipment are as follows:

技术设备 · 6 年 软件 · 3-6 年 数据中心设备 · 8-12 年 家具、固定装置及其他资产 · 3-5 年 租赁改良 · 剩余租赁期或预计可使用年限中的较短者

Technology equipment · 6 years Software · 3-6 years Data center equipment · 8-12 years Furniture, fixtures, and other assets · 3-5 years Leasehold improvements · Shorter of remaining lease term or estimated useful life

资本化利息成本

Capitalized Interest Costs

公司将与数据中心建设及相关技术设备采购相关的某些利息成本，在已发生支出且为使资产达到预定用途的活动正在进行期间予以资本化。数据中心建设过程中发生的利息成本被视为资产历史成本的一部分，并按相关资产的预计可使用年限计提折旧。

The Company capitalizes certain interest costs associated with the construction of data centers and purchases of related technology equipment during the period in which expenditures have been made and activities are in progress to prepare the assets for their intended use. The interest cost incurred in the construction of the data centers is considered a part of the assets’ historical cost and are depreciated over the estimated useful lives of the underlying assets.

资本化内部使用软件

Capitalized Internal-Use Software

公司将仅为内部使用而开发或修改软件所产生的成本予以资本化，包括用于提供公司支持服务的托管应用程序，以及在属于服务合同的托管安排中发生的某些实施成本。该等资本化在初步项目阶段完成、管理层连同相关授权机构批准并承诺为软件项目提供资金，且该项目很可能完成并用于履行预期功能时进行。资本化成本主要包括直接参与开发工作的员工的工资及与薪酬相关的成本。初步项目阶段及实施后运营阶段（包括维护成本）发生的成本，于发生时计入费用。软件升级发生的成本，如能带来额外功能或实质性增强，则予以资本化。资本化的软件开发成本计入合并资产负债表中的财产和设备净额，按软件预计使用寿命（三至六年）以直线法摊销，摊销额计入合并经营报表中的技术与基础设施。公司在截至 2022 年、2023 年和 2024 年 12 月 31 日止年度分别将 $1 million、$12 million 和 $27 million 的符合条件的软件开发成本予以资本化。

The Company capitalizes costs incurred to develop or modify software solely for the Company’s internal use, including hosted applications used to deliver the Company’s support services, and certain implementation costs incurred in a hosting arrangement that is a service contract. This capitalization occurs when the preliminary project stage is complete, management, with the relevant authority, authorizes and commits to the funding of the software project, and it is probable the project will be completed and used to perform the intended function. Capitalized costs primarily consist of salaries and payroll-related costs for employees directly involved in development efforts. Costs incurred during the preliminary project stage and during the post-implementation operational stage, including maintenance costs, are expensed as incurred. Costs incurred for software upgrades are capitalized if they result in additional functionalities or substantial enhancements. Capitalized software development costs are included in property and equipment, net on the consolidated balance sheets, are amortized on a straight-line basis over the software’s estimated useful life, which is between three and six years, and amortization is recorded in technology and infrastructure within the consolidated statements of operations. The Company capitalized $1 million, $12 million, and $27 million of qualifying software development costs during the years ended December 31, 2022, 2023, and 2024, respectively.

资产弃置义务

Asset Retirement Obligations

资产弃置义务是指与有形长期资产退役相关的法定义务，该义务在该长期资产的购置、建造、开发或正常运营时产生。如果能够对公允价值作出合理估计，公司在资产投入使用期间确认资产弃置义务。资产弃置义务随后按公允价值变动进行调整。相关的估计资产弃置成本资本化计入设备，并在其使用寿命内计提折旧。公司的资产弃置义务与其数据中心装修相关的某些设备的未来拆除有关。

An asset retirement obligation represents a legal obligation associated with the retirement of a tangible long-lived asset that is incurred upon the acquisition, construction, development or normal operation of that long-lived asset. The Company recognizes asset retirement obligations in the period in which they are placed in service, if a reasonable estimate of fair value can be made. The asset retirement obligation is subsequently adjusted for changes in fair value. The associated estimated asset retirement costs are capitalized in equipment and depreciated over their useful lives. The Company’s asset retirement obligations relate to the future removal of certain equipment related to its data center fit outs.

#### 递延发行成本

#### Deferred Offering Costs

递延发行成本主要包括与公司拟议首次公开发行（“IPO”）直接相关的会计、法律及其他费用。该等成本在发行完成前作为其他非流动资产资本化计入合并资产负债表。在 IPO 完成后，递延发行成本将重分类至股东权益赤字，并冲减发行所得款项。若发行终止，递延发行成本将计入费用。截至 2023 年 12 月 31 日，公司未资本化任何递延发行成本；截至 2024 年 12 月 31 日，公司资本化了 $10 million 的递延发行成本。

Deferred offering costs consist primarily of accounting, legal, and other fees directly related to the Company’s proposed initial public offering (“IPO”). These costs are capitalized as other non-current assets on the consolidated balance sheets until the offering is completed. The deferred offering costs will be reclassified to stockholders’ deficit and recorded against the proceeds from the offering upon the consummation of an IPO. In the event the offering is aborted, deferred offering costs will be expensed. The Company did not capitalize any deferred offering costs as of December 31, 2023, and capitalized $10 million of deferred offering costs as of December 31, 2024.

#### 业务合并

#### Business Combinations

当公司收购一项业务时，购买价格根据所收购有形资产、所承担负债及所收购无形资产的各自估计公允价值进行分配。购买对价的公允价值超过该等可辨认资产和负债公允价值的部分，确认为商誉。此类估值要求管理层作出重大估计和假设，尤其是就无形资产而言。对某些无形资产进行估值时的重大估计包括但不限于：从市场参与者角度预期的所收购用户及所收购技术产生的未来现金流量、可使用年限和折现率，以及预期因收购资产而实现的成本节约。该等估计本身具有不确定性和不可预测性。在计量期间内（可能自收购日起最长一年），可能对所收购该等有形及无形资产和所承担负债的公允价值记录调整，并相应冲减商誉。在计量期间结束或对所收购资产或所承担负债的公允价值作出最终确定之日（以较早者为准）之后，任何后续调整均计入公司的合并经营报表。公司自收购日起将所收购业务的经营成果纳入合并范围。与收购相关的费用于发生时计入费用，通常计入合并经营报表中的一般及行政费用。

When the Company acquires a business, the purchase price is allocated to the tangible assets acquired, liabilities assumed, and intangible assets acquired based on their estimated respective fair values. The excess of the fair value of purchase consideration over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require management to make significant estimates and assumptions, especially with respect to intangible assets. Significant estimates in valuing certain intangible assets include, but are not limited to, future expected cash flows from acquired users and acquired technology from a market participant perspective, useful lives and discount rates, and the cost savings expected to be derived from acquiring an asset. These estimates are inherently uncertain and unpredictable. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded in the Company’s consolidated statements of operations. The Company includes the results of operations of the business that it acquires as of the acquisition date. Acquisition-related expenses are expensed as incurred and are typically included in general and administrative expenses in the consolidated statements of operations.

#### 商誉和无形资产

#### Goodwill and Intangible Assets

商誉指购买对价超过企业合并中所收购有形及无形资产和所承担负债估计公允价值的部分。商誉于每年 12 月 1 日就公司的单一报告单元进行减值评估，并在发生事件或情况变化表明商誉的账面价值可能无法收回时进行评估。当定量评估导致账面价值超过公允价值时，确认商誉减值；在此情况下，按账面价值超过公允价值的部分记录减值费用。

Goodwill represents the excess of the purchase price consideration over the estimated fair value of the tangible and intangible assets acquired and liabilities assumed in a business combination. Goodwill is evaluated for impairment annually on December 1 for the Company’s single reporting unit, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Goodwill impairment is recognized when the quantitative assessment results in the carrying value exceeding the fair value; in which case, an impairment charge is recorded to the extent the carrying value exceeds the fair value.

公司的有限寿命无形资产按成本减累计摊销列示。无形资产在其估计可使用年限内按直线法摊销。公司通过估计预期经济利益期间来估计可使用年限。各类无形资产的估计可使用年限如下：

The Company’s definite-lived intangible assets are carried at cost, net of accumulated amortization. Intangible assets are amortized on a straight-line basis over their estimated useful lives. The Company estimates the useful life by estimating the expected period of economic benefit. The estimated useful lives for each class of intangible assets are as follows:

所收购技术 · 3 年 客户关系 · 13 年 商号 · 5 年

Acquired technologies · 3 years Customer relationships · 13 years Trade names · 5 years

无形资产摊销根据相关资产的用途在合并经营报表中确认。具体而言，摊销根据基础无形资产的使用情况分配至收入成本、技术和基础设施，或销售和营销。

Amortization of intangible assets is recognized in the consolidated statements of operations based on the function of the related asset. Specifically, amortization is allocated to cost of revenue, technology and infrastructure, or sales and marketing, depending on the use of the underlying intangible asset.

#### 长期资产减值

#### Impairment of Long-Lived Assets

公司会在发生事件或情况变化表明长期资产（包括不动产、设备及需摊销的无形资产）的账面金额可能无法收回时，对长期资产进行减值审查。长期资产的可收回性通过将该资产预期产生的未折现未来现金流量与其账面价值进行比较来评估。

The Company reviews long-lived assets, including property and equipment and intangible assets subject to amortization, for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The recoverability of the long-lived assets is assessed by comparing the undiscounted future cash flows expected to be generated by the asset to its carrying value.

如果长期资产的账面金额超过预期未折现现金流量，则按该资产账面价值超过其公允价值的差额确认减值损失。公允价值采用折现现金流量模型、市场比较法以及在适用情况下独立第三方评估等估值技术确定。

If the carrying amount of a long-lived asset exceeds the expected undiscounted cash flows, an impairment loss is recognized in an amount equal to the excess of the asset’s carrying value over its fair value. Fair value is determined using valuation techniques such as discounted cash flow models, market comparisons, and, where applicable, independent third-party appraisals.

截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，未记录重大减值费用。

For the years ended December 31, 2022, 2023, and 2024, no material impairment charges were recorded.

#### 租赁

#### Leases

公司签订的租赁协议主要涉及数据中心、办公楼、仓储空间和设备。公司按照会计准则汇编（“ASC”）842《租赁》（第 842 主题）对租赁进行会计处理。公司在协议开始时判断该安排是否满足租赁的定义，并在租赁开始日将租赁分类为经营租赁或融资租赁。

The Company has lease agreements primarily for data centers, office buildings, storage spaces and equipment. The Company accounts for leases in accordance with Accounting Standards Codification (“ASC”) 842, Leases (Topic 842). The Company determines if an arrangement meets the definition of a lease at the inception and leases are classified at commencement as either operating or finance leases.

使用权（“ROU”）资产代表在租赁期内使用标的资产的权利，租赁负债代表公司因租赁协议产生的支付租赁款的义务。ROU 资产按剩余租赁付款额的折现现值、发生的初始直接费用和预付租赁款计量，但不包括租赁开始前收到的租赁激励。租赁负债按租赁开始日剩余租赁付款额的折现现值计量。由于大多数租赁未提供隐含利率，公司采用增量借款利率，该利率基于在租赁资产所在经济环境中具有类似条款和付款安排的有担保借款的估计利率确定。

Right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease agreement. ROU assets are measured based on the discounted present value of the remaining lease payments, initial direct costs incurred, and prepaid lease payments, excluding lease incentives received prior to lease commencement. Lease liabilities are measured based on the discounted present value of the remaining lease payments at commencement date. As most of the leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the estimated interest rate for collateralized borrowing with similar terms and payments and in economic environments where the leased asset was located.

公司多项租赁包含续租选择权和终止选择权，当公司合理确定将行使该等选择权时，该等选择权会被纳入租赁付款额的确定。在评估行使租赁续租选择权的合理性时，公司会考虑所有有助于判断行使该续租选择权所带来经济利益的相关事实和情况，包括自租赁期开始日至选择权行使日之间事实和情况的预期变化。公司租赁协议项下的付款主要为固定付款；但部分租赁协议包含可变付款，该等可变付款通常与公共区域维护费用、向出租人报销的公用事业费用以及部分租赁协议中的实体安保费用相关。该等付款不计入经营租赁或融资租赁成本，而是在发生时计入费用。融资租赁的利息部分计入利息费用，并在租赁期内采用实际利率法确认。

Many of the Company’s leases include renewal options, and termination options that are factored into the determination of lease payments when it is reasonably certain that the Company would exercise that option. When assessing the reasonableness of exercising lease renewal options, the Company takes into account all relevant facts and circumstances that contribute to the economic benefits associated with exercising the lease renewal options, which includes the expected changes in facts and circumstances between the commencement of the lease term and the exercise date of the options. Payments under the Company’s lease agreements are primarily fixed; however, certain lease agreements contain variable payments, which generally relate to costs associated with common area maintenance, utilities reimbursed to the landlord, and physical security expenses within certain lease agreements. These are not included in operating or finance lease cost and are expensed as incurred. The interest component of a finance lease is included in interest expense and recognized using the effective interest method over the lease term.

公司对期限为 12 个月或更短的租赁协议作出了会计政策选择，不就该等协议确认使用权资产和租赁负债。与短期租赁相关的任何付款均在发生时计入费用。公司目前已选择实务简化处理，不对所有资产类别拆分租赁组成部分和非租赁组成部分。经营租赁费用在租赁期内按直线法在合并经营报表的总经营费用中确认。融资租赁使用权资产的摊销费用在租赁期内按直线法确认，融资租赁的利息部分在租赁期内采用实际利率法确认，并计入合并经营报表的利息费用净额。公司目前没有任何包含残值担保的租赁安排。

The Company made an accounting policy election for lease agreements with a term of 12 months or less and does not recognize ROU assets and lease liabilities in respect of those agreements. Any payments related to short-term leases are expensed as incurred. The Company has currently elected the practical expedient to not separate lease and nonlease components across all asset classes. Operating lease expense is recognized on a straight-line basis within total operating expenses in the consolidated statements of operations over the lease term. Amortization expense of finance lease ROU assets is recognized on a straight-line basis over the lease term and the interest component of a finance lease is recognized utilizing the effective interest method over the lease term and included in interest expense, net in the consolidated statements of operations. The Company currently does not have any lease arrangements with residual value guarantees.

#### 衍生金融工具

#### Derivative Financial Instruments

公司不从事以交易或投机为目的的衍生品交易。但是，某些债务和股权融资交易整体上属于衍生品，或包含被分拆并作为嵌入式衍生品进行会计处理的嵌入式特征。有关融资交易相关衍生品的更多信息，请参见附注 10——债务。

The Company does not enter into derivatives for trading or speculative purposes. However, certain debt and equity financing transactions are derivatives in their entirety or include embedded features that are bifurcated and accounted for as embedded derivatives. Refer to Note 10—Debt for additional information about derivatives associated with financing transactions.

此外，在 2023 年和 2024 年，公司签订了购电协议（“PPA”），以确保现有、在建和计划建设的数据中心的电力容量。该等协议专门旨在支持公司管理其能源需求，以应对快速增长的能源需求。不符合范围例外、包含名义金额且用于在名义金额可随时转换为现金的市场中交付电力的协议，被归类为衍生工具。

Additionally, in 2023 and 2024, the Company entered into power purchase agreements (“PPAs”) to secure power capacity for existing, under construction, and planned data center builds. These agreements are specifically designed to support the Company in managing its energy needs as it encounters rapidly increasing energy demands. Agreements that do not meet a scope exception, contain a notional amount and are for delivery of electricity in markets where notional amounts are readily convertible to cash are classified as derivative instruments.

符合衍生工具定义的购电协议（PPA）采用折现现金流模型按公允价值计量。模型中的重大假设包括远期能源价格和折现率。公司在每个报告期重新评估购电协议的公允价值，价值变动计入合并经营报表。尽管公司考虑了衍生工具会计的正常采购和正常销售范围例外，但购电协议不符合该例外条件，因为合同允许净额结算，且公司存在在消费量低于合同数量时进行净额结算的惯例。因此，公司将上述购电协议确认为衍生工具，并对其采用按市值计价会计，且未选择套期会计。

The PPAs which meet the definition of a derivative are measured at fair value using a discounted cash flow model. Significant assumptions in the model include forward energy prices and discount rates. The Company reassesses the fair value of the PPAs at each reporting period, and any changes in value are recorded within the consolidated statements of operations. While the Company considered the normal purchases and normal sales scope exception to derivative accounting, the PPAs do not qualify for this exception, as the contracts allow for, and the Company has a practice of net settlement in the event of consumption shortfalls relative to the contracted quantities. As such, the Company recognizes these PPAs as derivatives and applies mark-to-market accounting for them and did not elect hedge accounting.

衍生资产和负债（包括与购电协议相关的部分）根据预期现金流的时点划分为流动或非流动。非流动部分计入合并资产负债表中的其他非流动资产以及衍生工具和认股权证负债。购电协议的现金流归类为经营活动，反映其用于保障和对冲经营中的能源需求。由于存在重大不可观察输入值，公司采用第 3 层级估值技术（包括折现现金流模型）确定公允价值。更多信息请参见下文附注 3——公允价值计量。

Derivative assets and liabilities, including those related to the PPAs, are classified as either current or non-current based on the timing of expected cash flows. The non-current position is included in other non-current assets and derivative and warrant liabilities on the consolidated balance sheets. Cash flows from the PPAs are classified as operating activities reflecting their use to secure and hedge energy needs in operations. The Company applies Level 3 valuation techniques, including discounted cash flow models, to determine fair value due to the significant unobservable inputs. Refer to Note 3 – Fair Value Measurements below for additional information.

#### 收入确认

#### Revenue Recognition

公司按照 ASC 606《与客户之间的合同产生的收入》核算收入。收入在服务交付时确认。确认的收入金额反映公司预期因提供服务而收取的对价。公司通过以下五个步骤确定收入确认：

The Company accounts for revenue in accordance with ASC 606, Revenue From Contracts with Customers. Revenue is recognized when services are delivered. The amount of revenue recognized reflects the consideration that the Company expects to receive in exchange for services. The Company determines revenue recognition by applying the following five steps:

1. · 识别与客户订立的合同

1. · Identification of the contract, or contracts, with the customer

2. · 识别合同中的履约义务

2. · Identification of the performance obligations in the contract

3. · 确定交易价格

3. · Determination of the transaction price

4. · 将交易价格分摊至合同中的履约义务

4. · Allocation of the transaction price to the performance obligations in the contract

5. · 在履约义务履行时或履行过程中确认收入

5. · Recognition of the revenue when, or as, a performance obligation is satisfied

公司通过为人工智能、机器学习、视觉特效渲染、平台、像素流传输和批处理等多个垂直领域的客户提供云计算服务来产生收入。这些服务既以承诺合同方式提供，也以按需方式提供。客户不占有用于提供服务的软件或硬件。

The Company generates revenue by providing cloud computing services for customers in several verticals, such as artificial intelligence, machine learning, visual effects rendering, platforms, pixel streaming, and batch processing. These services are offered both on a committed contract and on-demand basis. Customers do not take possession of software or hardware used to provide the services.

承诺合同——该等服务安排使客户能够在特定期间内使用公司各数据中心的云计算容量。收入在合同期内按比例确认。初始合同期通常为两至五年。该等合同的条款通常为“照付不议”协议，无论使用水平如何均须付款。此外，承诺合同项下的客户通常会支付预付款，该预付款记录为递延收入，并根据合同条款消耗。

Committed Contracts—These service arrangements provide customers with access to cloud computing capacity across the Company’s various data centers over a specified duration. Revenue is recognized ratably over the contract period. The initial contract period generally ranges from two to five years. The terms of these contracts are typically structured as “take-or-pay” agreements, requiring payment regardless of the level of utilization. Additionally, customers under committed contracts typically make a prepayment that is recorded as deferred revenue and consumed based on the terms of the contract.

按需服务——该等服务安排使客户能够按使用量使用公司的云计算容量，按月根据算力、存储及其他服务的实际每小时使用量后付费开票。收入在服务被消耗时确认。

On-Demand—These service arrangements provide customers with access to the Company’s cloud computing capacity on a consumption basis, with billing occurring monthly in arrears based on actual hourly usage of compute, storage, and other services. Revenue is recognized as the services are consumed.

客户亦可为按需服务预付费用。预付款初始记录为递延收入，并在云计算服务转移给客户时确认。预付款通常在数月内消耗完毕。

Customers may also prepay for on-demand services. The prepayments are initially recorded as deferred revenue and recognized as the cloud computing services are transferred to the customer. Prepayments are typically consumed within a few months.

公司与客户的合同可能包含多项承诺服务。若客户合同包含多项承诺服务，公司判断各项承诺服务是否应作为单独的履约义务进行会计处理。公司根据各项履约义务的相对单独售价（“SSP”）将收入分摊至各项履约义务。SSP 反映公司在类似情况下向类似客户单独销售特定服务时将收取的价格。在确定 SSP 时，公司最大限度地使用可观察输入值。

The Company’s contracts with customers may contain multiple promised services. To the extent a customer contract includes multiple promised services, the Company determines whether promised services should be accounted for as a separate performance obligation. The Company allocates revenue to each performance obligation based on its relative stand-alone selling price (“SSP”). The SSP reflects the price the Company would charge for a specific service if it were sold separately in similar circumstances and to similar customers. When determining the SSP, the Company maximizes the use of observable inputs.

公司采用 ASC 606 中的实务简便方法，未对一年或更短期限的付款条款评估是否存在重大融资成分。收入在扣除向客户收取的任何税费（例如销售税及其他间接税）后确认，该等税费随后上缴政府实体。除公司存在未纠正的重大违约、破产或资不抵债的情形外，公司通常不在合同中提供退款权。

The Company applied the practical expedient in ASC 606 and did not evaluate payment terms of one year or less for the existence of a significant financing component. Revenue is recognized net of any taxes collected from customers (e.g., sales tax and other indirect taxes), which are subsequently remitted to governmental entities. The Company generally does not offer a right of refund in its contracts other than for cases of the Company’s uncured material breach of the agreement, bankruptcy or insolvency.

#### 合同余额

#### Contract Balances

合同资产代表公司就已转移给客户的云计算服务换取对价的权利，但该对价权利以时间流逝以外的条件为前提。在某些安排中，公司根据客户合同履约而享有的对价权利可能发生在向客户开票之前，从而形成未开票应收账款。该等未开票应收账款代表已赚取但尚未开票的金额，并根据已履行的履约义务予以确认。该等金额在所呈报期间并不重大。

Contract assets represent the Company’s rights to consideration in exchange for cloud computing services that the Company has transferred to a customer but where the right to consideration is conditional on something other than the passage of time. In some arrangements, a right to consideration for the Company’s performance under the customer contract may occur before invoicing the customer, resulting in an unbilled accounts receivable. These unbilled accounts receivable represent amounts earned but not yet invoiced and are recognized in accordance with the performance obligations satisfied. Such amounts have been immaterial for the periods presented.

合同负债由递延收入构成。当公司在合同履约之前先行开票时，收入予以递延。递延收入余额的流动部分将在合并资产负债表日之后的 12 个月期间内确认为收入。递延收入余额的非流动部分将在合并资产负债表日之后的 12 个月期间之后确认为收入。

Contract liabilities consist of deferred revenue. Revenue is deferred when the Company invoices in advance of performance under a contract. The current portion of the deferred revenue balance will be recognized as revenue during the 12-month period after the consolidated balance sheet date. The non-current portion of the deferred revenue balance will be recognized as revenue following the 12-month period after the consolidated balance sheet date.

剩余履约义务（“RPO”）指截至报告期末，交易价格（扣除估计可变对价）中分摊至尚未交付或部分尚未交付的履约义务的合计金额。可变对价包括未来交易价格可能发生的减少，该减少与根据服务可用性协议对未来可能给予客户的抵免的估计有关，以及与因交付延迟而可能无法确认为收入的金额有关。公司对该等可变对价的估计基于历史经验以及公司 RPO 中所包含的已承诺合同的具体事实和情况。RPO 包括公司已承诺合同的已开票和未开票对价。

Remaining performance obligations (“RPO”) represent the aggregate amount of the transaction price, net of estimated variable consideration, allocated to performance obligations not delivered, or partially undelivered, as of the end of the reporting period. Variable consideration consists of potential reductions to the transaction price in the future related to estimates of future potential credits to customers under availability of service agreements and amounts that may not be recognized to revenue due to delivery delays. The Company’s estimate of such variable consideration is based on both historical experience and the specific facts and circumstances of the committed contracts included in the Company’s RPO. RPO includes both billed and unbilled consideration from the Company’s committed contracts.

#### 取得合同的成本

#### Costs to Obtain a Contract

公司将支付给销售人员的销售佣金及相关工资税予以资本化，该等成本系取得客户合同的增量成本。公司根据其销售薪酬计划确定成本是否应予以递延，以及佣金是否为增量成本且在没有客户合同的情况下不会发生。在所呈报期间内，取得合同的资本化成本总额不重大，并计入合并资产负债表上的其他非流动资产。

The Company capitalizes sales commissions and associated payroll taxes paid to sales personnel that are incremental to the acquisition of customer contracts. The Company determines whether costs should be deferred based on its sales compensation plans and if the commissions are incremental and would not have occurred absent the customer contract. Total capitalized costs to obtain a contract are immaterial during the periods presented and are included in other non-current assets on the consolidated balance sheets.

#### 收入成本

#### Cost of Revenue

收入成本主要包括数据中心的直接成本，包括与公司设施相关的成本，例如租金、包括电力在内的公用事业费、参与数据中心运营和客户成功的员工的人事成本（包括工资、奖金、福利、股权激励费用及其他相关费用），以及折旧和摊销，包括电力安装和配电系统的折旧。

Cost of revenue primarily consists of direct costs for data centers, including costs associated with the Company’s facilities, such as rent, utilities including power, personnel costs for employees involved in data center operations and customer success, including salaries, bonuses, benefits, stock-based compensation expense and other related expenses, and depreciation and amortization, including depreciation of power installation and distribution systems.

公司在全国范围内运营数据中心，并与多家成熟的数据中心供应商签订了托管服务协议。该等协议通常约定公司须支付月度费用，以及超出承诺带宽水平使用量的额外费用。某些托管协议不符合租赁的定义，作为收入成本计入费用。然而，符合租赁定义的托管协议确认为经营租赁使用权资产和经营租赁负债，并在租赁期内摊销。

The Company operates data centers across the country and has co-location service agreements with several well-established data center vendors. These agreements generally commit the Company to pay monthly fees plus additional fees for bandwidth usage above the committed level. Certain co-location agreements do not meet the definition of a lease and are expensed under cost of revenue. However, those that do meet the definition of a lease are recognized as operating lease ROU assets and operating lease liabilities and are amortized over the lease term.

#### 技术与基础设施

#### Technology and Infrastructure

技术与基础设施费用包括与公司基础设施相关的成本，例如与公司服务器、交换机、网络设备和内部开发软件相关的折旧和摊销，与新产品和新服务的研究与开发或与维护公司计算基础设施相关的员工人事成本，例如工资、奖金、福利、股权激励费用、差旅费及其他相关费用；以及与软件订阅相关的成本。公司的技术与基础设施工作致力于开发新服务、改进公司现有基础设施、增加新功能、将最新算力技术推向市场以及提升公司服务的可及性。截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，研究与开发成本分别为$5 million、$21 million 和$56 million。

Technology and infrastructure expense consists of costs associated with the Company’s infrastructure, such as depreciation and amortization related to the Company’s servers, switches, networking equipment and internally developed software, personnel costs for employees associated with research and development of new and existing products and services or with maintaining the Company’s computing infrastructure, such as salaries, bonuses, benefits, stock-based compensation expense, travel expenses, and other related expenses; and costs related to software subscriptions. The Company’s technology and infrastructure efforts are dedicated towards developing new services, improving the Company’s existing infrastructure, adding new features, bringing the latest compute technology to market and improving the accessibility of the Company’s services. Research and development costs were $5 million, $21 million, and $56 million for the years ended December 31, 2022, 2023, and 2024, respectively.

#### 销售与营销

#### Sales and Marketing

销售与营销费用包括与销售和营销公司 CoreWeave 云平台相关的员工人事成本，例如工资、股权激励费用、佣金、奖金及其他相关费用，第三方专业服务成本，以及与营销项目相关的广告成本。广告成本在发生时计入费用，也包含在合并经营报表的销售与营销费用中。所列示的所有期间广告费用均不重大。

Sales and marketing expense consists of personnel costs associated with selling and marketing the Company’s CoreWeave Cloud Platform, such as salaries, stock-based compensation expense, commissions, bonuses, and other related expenses, third-party professional services costs, and advertising costs associated with marketing programs. Advertising costs, which are expensed as incurred are also included in sales and marketing expenses in the consolidated statements of operations. Advertising expense was immaterial for all periods presented.

#### 一般及行政

#### General and Administrative

一般及行政费用包括与公司职能相关的成本，包括公司的财务、法务、人力资源和设施。这些成本包括员工人事成本，例如工资、奖金、福利、股权激励费用及其他相关费用，第三方专业服务成本，例如法律、会计和审计服务，公司设施，设备、家具和固定装置的折旧，以及运营公司职能所需的其他成本，包括非所得税、保险和办公室租金费用。

General and administrative expense consists of costs associated with corporate functions including the Company’s finance, legal, human resources, and facilities. These costs include personnel costs, such as salaries, bonuses, benefits, stock-based compensation expense and other related expenses, third-party professional services costs, such as legal, accounting, and audit services, corporate facilities, depreciation for equipment, furniture, and fixtures, and other costs necessary to operate the Company’s corporate functions, including expenses for non-income taxes, insurance, and office rental.

#### 股权激励

#### Stock-Based Compensation

与股权激励奖励相关的股权激励费用根据所授予奖励的公允价值确认。每项股票期权奖励的公允价值在授予日使用 Black-Scholes 期权定价模型估计。相关股权激励费用在奖励的必需服务期内按直线法确认，包括分级归属且除服务条件外无其他归属条件的奖励。没收在发生时进行会计处理。

Stock-based compensation expense related to stock-based awards is recognized based on the fair value of the awards granted. The fair value of each stock option award is estimated on the grant date utilizing the Black-Scholes option-pricing model. The related stock-based compensation expense is recognized on a straight-line basis over the requisite service period of the awards, including the awards with graded vesting and no additional conditions for vesting other than service conditions. Forfeitures are accounted for as they occur.

Black-Scholes 期权定价模型要求输入高度主观的假设，包括标的普通股的公允价值、股票期权的预期期限、公司普通股价格的预期波动率、无风险利率以及普通股的预期股息率。用于确定期权奖励公允价值的假设代表管理层的最佳估计。这些估计涉及固有的不确定性以及管理层判断的运用。

The Black-Scholes option-pricing model requires the input of highly subjective assumptions, including the fair value of the underlying common stock, the expected term of the stock option, the expected volatility of the price of the Company’s common stock, risk-free interest rates, and the expected dividend yield of common stock. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment.

公司还向员工授予了限制性股票单位（RSU），该等单位在满足基于服务和基于业绩的归属条件后归属。每项 RSU 奖励的公允价值以授予日标的普通股的公允价值为基础。基于服务的归属条件具有不同期限，但通常在四年内满足。基于业绩的归属条件在发生符合条件的清算事件时满足，该事件定义为以下两者中较早发生者：(i) 公司被收购，或 (ii) 公司为首次公开发行公司普通股而提交的注册声明生效之日。截至 2024 年 12 月 31 日，所有未归属的 RSU 奖励均受基于业绩的归属条件约束，且该基于业绩的归属条件并非很可能得到满足，因为控制权变更或首次公开发行等清算事件在发生之前不被视为很可能发生。因此，迄今为止未就这些 RSU 奖励记录任何股权激励费用。

The Company has also granted to employees restricted stock units (“RSU”), that vest upon the satisfaction of service-based and performance-based vesting conditions. The fair value of each RSU award is based on the fair value of the underlying common stock as of the grant date. The service-based vesting condition has varying terms, but is generally satisfied over four years. The performance-based vesting condition is satisfied upon the occurrence of a qualifying liquidation event which is defined as the earlier to occur of (i) an acquisition of the Company or (ii) the effective date of a registration statement of the Company filed for the IPO of the Company’s common stock. As of December 31, 2024, all RSU awards outstanding were subject to a performance-based vesting condition, and such performance-based vesting condition was not probable of being satisfied as a liquidation event such as a change in control or an IPO is not considered probable until it occurs. As a result, no stock-based compensation expense related to these RSU awards has been recorded to date.

#### 员工福利计划

#### Employee Benefit Plan

公司设有一项旨在符合《美国国内税收法典》第 401 条资格的固定缴款计划(“401(k) 计划”)。参与者可缴付其年度薪酬的一部分，上限为美国国税局设定的年度最高金额。公司发起一项覆盖所有符合条件的美国员工的 401(k) 固定缴款计划。对 401(k) 计划的缴款为酌情性质。

The Company has a defined contribution plan intended to qualify under Section 401 of the Internal Revenue Code (the “401(k) Plan”). Participants may contribute a portion of their annual compensation limited to a maximum annual amount set by the Internal Revenue Service. The Company sponsors a 401(k) defined contribution plan covering all eligible U.S. employees. Contributions to the 401(k) Plan are discretionary.

#### 所得税

#### Income Taxes

所得税采用资产和负债法进行会计处理。递延所得税资产和负债就现有资产和负债的合并财务报表账面金额与其各自计税基础之间的差异以及经营亏损和税收抵免结转所产生的未来税务后果予以确认。递延所得税资产和负债采用预计适用于预计收回或结算该等暂时性差异年度的应纳税所得额的已颁布税率计量。公司根据对未来应纳税所得额的预测评估递延所得税资产实现的可能性，并在部分或全部递延所得税资产很可能无法实现时考虑计提估值备抵。税率变动对递延所得税资产和负债的影响在包含颁布日期的期间计入损益。

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company evaluates the likelihood of realizing deferred tax assets based on projections of future taxable income and considers a valuation allowance if it is more likely than not that some or all deferred tax assets may not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

如果递延所得税资产的部分或全部很可能无法实现，则对递延所得税资产计提估值备抵。在评估是否需要计提估值备抵时，公司会考虑各司法管辖区所有可获得的证据，包括过往经营业绩、对未来应纳税所得额的估计，以及持续税务筹划策略的可行性。该评估每季度更新一次，以反映可能影响税收利益实现的新信息和趋势。如果公司确定全部或部分递延所得税资产净额在未来无法实现，则会在作出该确定的期间对估值备抵进行调整，并计入当期损益。

A valuation allowance is recorded for deferred tax assets if it is more likely than not that some portion, or all, of the deferred tax assets will not be realized. In assessing the need for a valuation allowance, the Company considers all available evidence for each jurisdiction, including past operating results, estimates of future taxable income, and the feasibility of ongoing tax-planning strategies. This evaluation is updated quarterly to reflect new information and trends that may affect the realization of tax benefits. In the event the Company determines that all, or part, of the net deferred tax assets are not realizable in the future, it will make an adjustment in the valuation allowance that will be charged to earnings in the period in which such a determination is made.

公司仅当所得税立场很可能得以维持时，才确认该等所得税立场的影响。已确认的所得税立场按实现可能性大于 50% 的最大金额计量。确认或计量的变化在判断发生变化的期间予以反映。公司将与不确定所得税利益相关的利息和罚款确认为合并经营报表中所得税费用（收益）的组成部分。公司

The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company recognizes interest and penalties related to uncertain income tax benefits as a component of the provision (benefit) for income taxes in the consolidated statements of operations. The

的实际税率将因不可扣除项目的金额而有所不同，例如公允价值调整、递延所得税资产和负债估值的变化、税收抵免的使用、境外所得相对于境内所得的比例，以及税法的变化。

Company’s effective tax rates will vary depending on the amount of nondeductible items such as fair value adjustments, changes in the valuation of deferred tax assets and liabilities, use of tax credits, the relative proportion of foreign to domestic income, and changes in tax laws.

#### 归属于普通股股东的每股净亏损

#### Net Loss per Share Attributable to Common Stockholders

公司采用参与性证券所要求的两类法计算每股净亏损。两类法根据已宣告或累计的股利以及在未分配收益中的参与权，确定每一类普通股和参与性证券的每股净亏损。公司 A 类普通股和 B 类普通股持有人的权利（包括清算权和股利权）除投票权外完全相同。因此，A 类普通股和 B 类普通股的基本和稀释每股净亏损相同，故合并列示。两类法要求将当期可供普通股股东分配的收益，按照普通股和参与性证券各自收取股利的权利，如同当期全部收益均已分配一样，在两者之间进行分配。公司将可赎回可转换优先股、用于购买普通股和优先股的无追索权票据以及普通认股权证视为参与性证券，因为这些证券的持有人依合同有权参与收益分配，但依合同无须分担亏损。因此，所列期间的净亏损未分配至公司的参与性证券。

The Company computes net loss per share utilizing the two-class method required for participating securities. The two-class method determines net loss per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed income. The rights, including the liquidation and dividend rights, of the holders of the Company’s Class A common stock and Class B common stock are identical, except with respect to voting. As a result, the basic and diluted net loss per share of Class A common stock and Class B common stock are the same and therefore presented on a combined basis. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company considers its redeemable convertible preferred stock, non-recourse notes to purchase common and preferred stock, and regular warrants to be participating securities as the holders of these securities are contractually entitled to participate in income but not contractually required to participate in losses. As such, net loss for the periods presented was not allocated to the Company’s participating securities.

公司归属于普通股股东的基本每股净亏损，以归属于普通股股东的净亏损除以该期间普通股加权平均流通股数计算，不考虑潜在稀释性证券。归属于普通股股东的稀释每股净亏损，根据该等证券的性质，采用库存股法或转换法，计入该期间所有流通在外的潜在稀释性证券的影响后计算。可因极少或无需对价而发行的潜在普通股，在其可行使后即计入归属于普通股股东的基本及稀释每股净亏损的计算。当潜在稀释性普通股的影响具有反稀释性时，稀释每股净亏损与基本每股净亏损相同。

The Company’s basic net loss per share attributable to common stockholders is calculated by dividing net loss attributable to common stockholders by the weighted-average number of common stock outstanding for the period, without consideration of potentially dilutive securities. The diluted net loss per share attributable to common stockholders is calculated by giving effect to all potentially dilutive securities outstanding for the period utilizing the treasury stock method or the if-converted method based on the nature of such securities. Potential shares of common stock that are issuable for little or no consideration are included in the calculation of basic and diluted net loss per share attributable to common stockholders once they become exercisable. Diluted net loss per share is the same as basic net loss per share in periods when the effects of potentially dilutive shares of common stock are antidilutive.

#### 分部信息

#### Segment Information

公司的首席经营决策者，即首席执行官，审阅以合并基础列示的分部财务信息，用于定期作出经营决策、分配资源及评估财务表现。公司以单一经营分部运营业务，因此设有一个报告分部。

The Company’s chief operating decision maker, the chief executive officer, reviews discrete financial information presented on a consolidated basis for purposes of regularly making operating decisions, allocation of resources, and assessing financial performance. The Company operates its business in one operating segment and, therefore, has one reportable segment.

首席经营决策者（CODM）使用合并净亏损衡量分部损益，以识别业务表现的基本趋势，用于分配资源和评估财务表现。公司作出资源分配决策的目标是优化合并财务业绩。CODM 审阅并用于管理公司经营的重要分部费用为合并层面的收入成本、技术与基础设施、销售与营销以及一般及行政费用，这些费用在公司合并经营报表中列示。计入合并净亏损的其他分部项目包括公允价值调整损失、利息费用净额、其他收入净额、所得税费用（收益）以及终止经营亏损（税后净额），这些项目在公司合并经营报表中列示。

The CODM uses consolidated net loss to measure segment profit or loss in order to identify underlying trends in the performance of the business for purposes of allocating resources and evaluating financial performance. The Company’s objective in making resource allocation decisions is to optimize the consolidated financial results. Significant segment expenses that the CODM reviews and utilizes to manage the Company’s operations are cost of revenue, technology and infrastructure, sales and marketing, and general and administrative expenses at the consolidated level, which are presented in the Company’s consolidated statements of operations. Other segment items included in consolidated net loss include loss on fair value adjustments, interest expense, net, other income, net, provision for (benefit from) income taxes, and loss from discontinued operations, net of tax, which are presented in the Company’s consolidated statements of operations.

#### 近期已采用的会计公告

#### Recent Accounting Pronouncements Adopted

作为新兴成长型公司（“EGC”），《创业企业融资法案》（“JOBS 法案”）允许公司推迟采用适用于上市公司的新的或修订的会计公告，直至该等公告适用于私营公司。JOBS 法案并不禁止 EGC 提前采用新的或修订的会计准则汇编。公司已选择使用 JOBS 法案允许的延长过渡期，同时也提前采用某些会计公告。下文讨论的采用日期反映了上述选择。

As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (the “JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The JOBS Act does not preclude an EGC from early adopting new or revised accounting standards codification. The Company has elected to use extended transition periods permissible under the JOBS Act, while also early adopting certain accounting pronouncements. The adoption dates discussed below reflect these elections.

2016 年 6 月，财务会计准则委员会（“FASB”）发布了第 2016-13 号会计准则更新（“ASU”），《金融工具——信用损失（主题 326）：金融工具信用损失的计量》，该准则要求组织计量报告日持有的金融工具的全部预期信用损失。此外，2019 年 4 月，FASB 发布了第 2019-04 号 ASU，《主题 326 金融工具——信用损失、主题 815 衍生工具与套期保值以及主题 825 金融工具的编纂改进》，以明确在估计信用损失准备时纳入此前已核销应收账款的收回。2019 年 11 月，FASB 发布了第 2019-10 号 ASU，《金融工具——信用损失（主题 326）、衍生工具与套期保值（主题 815）以及租赁（主题 842）：生效日期》，该准则修订了特定公司的生效日期。该指引对 2022 年 12 月 15 日之后开始的年度期间以及该财年内的中期期间生效，允许提前采用。采用后，该指引应前瞻性应用。公司自 2023 年 1 月 1 日起采用该指引，对其合并财务报表无重大影响。

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires organizations to measure all expected credit losses for financial instruments held at the reporting date. Also, in April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, to clarify the inclusion of recoveries of trade receivables previously written off when estimating an allowance for credit losses. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842): Effective Dates, which amended the effective date for certain companies. This guidance is effective for annual periods beginning after December 15, 2022, and for interim periods within the fiscal years, with early adoption permitted. Upon adoption, the guidance should be applied prospectively. The Company adopted this guidance effective on January 1, 2023, without a material impact on its consolidated financial statements.

2020 年 8 月，FASB 发布了第 2020-06 号 ASU，《债务——带转换及其他期权的债务（子主题 470-20）以及衍生工具与套期保值——实体自身权益合同（子主题 815-40）：可转换工具及实体自身权益合同的会计处理》，该准则简化了具有负债和权益特征的特定金融工具的会计处理。第 2020-06 号 ASU 减少了可转换债务工具和可转换优先股的会计模型数量，并通过对可转换工具披露及每股收益指引的有针对性改进，增强了信息透明度。该指引对 2023 年 12 月 15 日之后开始的年度期间以及该财年内的中期期间生效，允许提前采用。采用后，该指引应追溯性应用。公司自 2023 年 1 月 1 日起采用该指引，对其合并财务报表无重大影响。

In August 2020, the FASB issued ASU No. 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. ASU No. 2020-06 reduces the number of accounting models for convertible debt instruments and convertible preferred stock and enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings per share guidance. This guidance is effective for the annual periods beginning after December 15, 2023, and for interim periods within the fiscal years, with early adoption permitted. Upon adoption, the guidance should be applied retrospectively. The Company adopted this guidance effective on January 1, 2023, without a material impact on its consolidated financial statements.

2023 年 11 月，FASB 发布了第 2023-07 号 ASU，《分部报告（主题 280）：可报告分部披露的改进》，该准则要求按年度和中期进行额外的分部相关披露，以使投资者能够形成更具信息性和可操作性的分析。该指引对 2023 年 12 月 15 日之后开始的年度期间以及 2024 年 12 月 15 日之后开始的中期期间生效，允许提前采用。采用后，该指引应追溯性应用于合并财务报表中列报的所有前期。公司自 2024 年 1 月 1 日起采用该指引，对其合并财务报表无重大影响。

In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires additional segment-related disclosures on an annual and interim basis, to enable investors in developing more informed and actionable analyses. This guidance is effective for the annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024 with early adoption permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the consolidated financial statements. The Company adopted this guidance effective on January 1, 2024, without a material impact on its consolidated financial statements.

#### 尚未采用的近期会计公告

#### Recent Accounting Pronouncements Not Yet Adopted

2023 年 12 月，FASB 发布了 ASU 第 2023-09 号《所得税（主题 740）：所得税披露的改进》，该准则通过要求(1)在有效税率调节表中采用一致的类别并提高信息分解程度，以及(2)按司法管辖区分解已支付的所得税，从而提高所得税披露的透明度。该准则还包括某些其他修订，以提高所得税披露的有效性。该指引将对 2024 年 12 月 15 日之后开始的年度期间生效。允许提前采用。采用后，该指引可前瞻性或追溯性适用。公司目前正在评估该修订指引可能对其合并财务报表产生的影响。

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which improves the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the effective tax rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective for annual periods beginning after December 15, 2024. Early adoption is permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.

2024 年 11 月，FASB 发布了 ASU 第 2024-03 号《利润表——报告综合收益——费用分解披露（子主题 220-40）：利润表费用的分解》，该准则要求按年度和中期更详细地披露合并经营报表中列示的某些费用项目所包含的特定类别费用（包括员工薪酬、折旧和摊销）。该指引经 ASU 第 2025-01 号《利润表

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires more detailed disclosures, on an annual and interim basis, about specified categories of expenses (including employee compensation, depreciation, and amortization) included in certain expense captions presented on the consolidated statements of operations. This guidance as further clarified through ASU No. 2025-01, Income Statement

——报告综合收益——费用分解披露（子主题 220-40）》进一步澄清后，将对 2026 年 12 月 15 日之后开始的年度期间以及 2027 年 12 月 15 日之后开始的财年内的中期期间生效。允许提前采用。采用后，该指引可前瞻性或追溯性适用。公司目前正在评估该修订指引可能对其合并财务报表产生的影响。

- Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) will be effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. Upon adoption, the guidance can be applied either prospectively or retrospectively. The Company is currently evaluating the impact this amended guidance may have on its consolidated financial statements.

2. 收入 2. Revenue

#### 收入拆分

#### Disaggregation of Revenue

公司主要通过提供云计算服务产生收入，其中包括承诺合同和按需服务。与客户承诺相关的已确认收入（包括在承诺开始日期之前交付算力所产生的收入）分别占截至 2022 年、2023 年和 2024 年 12 月 31 日止年度总收入的 20%、88% 和 96%。

The Company primarily generates its revenue through providing cloud computing services, which include both committed contracts and on-demand services. Revenue recognized related to customer commitments, including revenue from delivering capacity prior to commitment start dates, represented 20%, 88%, and 96% of total revenue for the years ended December 31, 2022, 2023, and 2024, respectively.

#### 递延收入

#### Deferred Revenue

截至 2023 年 12 月 31 日和 2024 年 12 月 31 日的递延收入（包括流动和非流动余额）分别为 $2.0 billion 和 $4.1 billion。截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，期初递延收入确认的收入分别为 $0 million、$4 million 和 $225 million。截至 2024 年 12 月 31 日的递延收入余额较截至 2023 年 12 月 31 日有所增加，原因是承诺合同收入增长，此类合同通常约定在合同开始时支付若干预付款。

Deferred revenue, including current and non-current balances as of December 31, 2023 and 2024, was $2.0 billion and $4.1 billion, respectively. For the years ended December 31, 2022, 2023, and 2024, revenue recognized from deferred revenue at the beginning of the period was $0 million, $4 million, and $225 million, respectively. The increase in deferred revenue balances as of December 31, 2024 as compared to December 31, 2023 is attributed to the growth in revenue from committed contracts, which typically provide for certain prepayments at contract inception.

#### 剩余履约义务

#### Remaining Performance Obligations

截至 2023 年 12 月 31 日，公司的未履行 RPO 为 $9.9 billion，其中 41% 预计将在截至 2025 年 12 月 31 日的初始 24 个月内确认，40% 将在第 25 至 48 个月之间确认，剩余余额将在第 49 至 72 个月之间确认。

As of December 31, 2023, the Company had $9.9 billion of unsatisfied RPO, of which 41% is expected to be recognized over the initial 24 months ending December 31, 2025, 40% between months 25 and 48, and the remaining balance recognized between months 49 and 72.

截至 2024 年 12 月 31 日，公司的未履行 RPO 为 $15.1 billion，其中 54% 预计将在截至 2026 年 12 月 31 日的初始 24 个月内确认，42% 将在第 25 至 48 个月之间确认，剩余余额将在第 49 至 72 个月之间确认。

As of December 31, 2024, the Company had $15.1 billion of unsatisfied RPO, of which 54% is expected to be recognized over the initial 24 months ending December 31, 2026, 42% between months 25 and 48, and the remaining balance recognized between months 49 and 72.

3. 公允价值计量 3. Fair Value Measurements

公司依据 ASC 820《公允价值计量》按经常性基础以公允价值计量某些金融资产和金融负债，该准则建立了公允价值计量框架，并基于输入值的可观察性建立了公允价值层级。该层级在确定公允价值时优先使用可观察输入值，并尽量减少使用不可观察输入值，具体如下：

The Company measures certain financial assets and liabilities at fair value on a recurring basis in accordance with ASC 820, Fair Value Measurement, which establishes a framework for measuring fair value and a fair value hierarchy based on the observability of inputs. This hierarchy prioritizes the use of observable inputs and minimizes the use of unobservable inputs when determining fair value as follows:

第 1 层级——可观察输入值，例如相同资产或负债在活跃市场中的报价。

Level 1—Observable inputs such as quoted prices in active markets for identical assets or liabilities.

第 2 层级——第 1 层级以外的可观察输入值，无论是直接还是间接可观察，例如类似资产或负债的报价、非活跃市场中的报价，或在资产或负债几乎整个期限内可观察或可由可观察市场数据加以印证的其他输入值。

Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

第 3 层级——市场活动极少或没有市场活动支持的不可观察输入值，需要管理层判断或估计。

Level 3—Unobservable inputs that are supported by little or no market activity, which require management judgment or estimation.

下表列示了各报告期末的公允价值层级（单位：千美元）：

The following tables presents the hierarchy fair value as of the end of each reporting period (in thousands):

公允价值层级 · 2023 年 12 月 31 日 · 2024 年 12 月 31 日 金融资产： 现金及现金等价物 货币市场基金 · 第 1 层级 · $87,258 · $2,411 受限现金及现金等价物，流动 货币市场基金 · 第 1 层级 · 42,940 · 24,185 预付费用及其他流动资产 可供出售有价证券 · 第 2 层级 · 2,368 · — 受限现金及现金等价物，非流动 货币市场基金 · 第 1 层级 · 206,846 · 56,250 受限有价证券，非流动 存单 · 第 2 层级 · 171,734 · 29,308 其他非流动资产 购电协议 · 第 3 层级 · 1,459 · 2,562 金融资产合计 · $512,605 · $114,716 金融负债： 衍生工具及认股权证负债 分拆嵌入式衍生工具负债 · 第 3 层级 · $386,469 · $— 认股权证负债 · 第 3 层级 · 70,930 · 199,645 B 轮批次负债 · 第 3 层级 · 69,648 · — 购电协议 · 第 3 层级 · — · 444 金融负债合计 · $527,047 · $200,089

Fair Value Hierarchy · December 31, 2023 · December 31, 2024 Financial assets: Cash and cash equivalents Money market funds · Level 1 · $87,258 · $2,411 Restricted cash and cash equivalents, current Money market funds · Level 1 · 42,940 · 24,185 Prepaid expenses and other current assets Available-for-sale marketable securities · Level 2 · 2,368 · — Restricted cash and cash equivalents, non-current Money market funds · Level 1 · 206,846 · 56,250 Restricted marketable securities, non-current Certificates of deposit · Level 2 · 171,734 · 29,308 Other non-current assets Power purchase agreements · Level 3 · 1,459 · 2,562 Total financial assets · $512,605 · $114,716 Financial liabilities: Derivative and warrant liabilities Bifurcated embedded derivative liabilities · Level 3 · $386,469 · $— Warrant liabilities · Level 3 · 70,930 · 199,645 Series B tranche liability · Level 3 · 69,648 · — Power purchase agreements · Level 3 · — · 444 Total financial liabilities · $527,047 · $200,089

下表列示了公司各报告期末按经常性基础以公允价值计量的金融资产信息（单位：千美元）：

The following tables present information about the Company’s financial assets that are measured at fair value on a recurring basis as of the end of each reporting period (in thousands):

2023 年 12 月 31 日

December 31, 2023

调整后成本 · 未实现收益总额 · 未实现损失总额 · 公允价值 金融资产： 现金及现金等价物 货币市场基金 · $87,258 · $— · $— · $87,258 受限现金及现金等价物，流动 货币市场基金 · 42,940 · — · — · 42,940 预付费用及其他流动资产 可供出售有价证券 · 2,354 · 14 · — · 2,368 受限现金及现金等价物，非流动 货币市场基金 · 206,846 · — · — · 206,846 受限有价证券，非流动 存单 · 171,734 · — · — · 171,734 合计 · $511,132 · $14 · $— · $511,146 2024 年 12 月 31 日 调整后成本 · 未实现收益总额 · 未实现损失总额 · 公允价值 金融资产： 现金及现金等价物 货币市场基金 · $2,411 · $— · $— · $2,411 受限现金及现金等价物，流动 货币市场基金 · 24,185 · — · — · 24,185 受限现金及现金等价物，非流动 货币市场基金 · 56,250 · — · — · 56,250 受限有价证券，非流动 存单 · 29,308 · — · — · 29,308 合计 · $112,154 · $— · $— · $112,154

Adjusted Cost · Gross Unrealized Gains · Gross Unrealized Losses · Fair Value Financial assets: Cash and cash equivalents Money market funds · $87,258 · $— · $— · $87,258 Restricted cash and cash equivalents, current Money market funds · 42,940 · — · — · 42,940 Prepaid expenses and other current assets Available-for-sale marketable securities · 2,354 · 14 · — · 2,368 Restricted cash and cash equivalents, non-current Money market funds · 206,846 · — · — · 206,846 Restricted marketable securities, non-current Certificates of deposit · 171,734 · — · — · 171,734 Total · $511,132 · $14 · $— · $511,146 December 31, 2024 Adjusted Cost · Gross Unrealized Gains · Gross Unrealized Losses · Fair Value Financial assets: Cash and cash equivalents Money market funds · $2,411 · $— · $— · $2,411 Restricted cash and cash equivalents, current Money market funds · 24,185 · — · — · 24,185 Restricted cash and cash equivalents, non-current Money market funds · 56,250 · — · — · 56,250 Restricted marketable securities, non-current Certificates of deposit · 29,308 · — · — · 29,308 Total · $112,154 · $— · $— · $112,154

以下为截至各报告期末，用于第 3 层级公允价值计量工具估值的估值技术及关键输入值的概要。

The following is a summary of the valuation techniques and key inputs used in the valuation of instruments of Level 3 fair value measurements as of the end of each reporting period.

公司对认股权证负债的估值采用了 Black-Scholes 期权定价模型，该模型依赖以下重要输入值：

The Company’s valuation of the warrant liabilities utilized the Black-Scholes option-pricing model that relied on the following significant inputs:

2023 年 12 月 31 日 · 2024 年 12 月 31 日 股价 · $18 · $48 波动率 · 55% · 60% 无风险利率 · 4% · 4% 股息率 · 0% · 0%

December 31, 2023 · December 31, 2024 Stock price · $18 · $48 Volatility · 55% · 60% Risk-free rate · 4% · 4% Dividend yield · 0% · 0%

公司对嵌入式衍生负债的估值采用了二叉树格模型，该模型依赖以下重要输入值：

The Company’s valuation of the embedded derivative liabilities utilized the binomial lattice model that relied on the following significant inputs:

2023 年 12 月 31 日

December 31, 2023

股价 · $18 波动率 · 40% 无风险利率 · 4% 格模型或蒙特卡洛模型预测期（年） · 2

Stock price · $18 Volatility · 40% Risk-free rate · 4% Lattice or Monte Carlo model projection period (years) · 2

如附注 10——债务所述，2021 年可转换本票已于 2024 年 9 月 17 日转换为普通股。下表为转换前即刻对嵌入式衍生负债进行估值所采用的重要不可观察输入值的概要：

As discussed in Note 10—Debt, the 2021 Convertible Notes were converted into common stock on September 17, 2024. The following table is a summary of the significant unobservable inputs to value the embedded derivative liability immediately before conversion:

2024 年 9 月 17 日

September 17, 2024

股价 · $44 折现率 · 12%

Stock price · $44 Discount rate · 12%

公司对 B 系列批次负债的估值采用了 Black-Scholes 期权定价模型，该模型依赖以下重要输入值：

The Company’s valuation of the Series B tranche liability utilized the Black-Scholes option-pricing model that relied on the following significant inputs:

2023 年 12 月 31 日

December 31, 2023

B 轮股价 · $21 波动率 · 21% 无风险利率 · 5%

Series B stock price · $21 Volatility · 21% Risk-free rate · 5%

下表列示了公司第 3 层级金融工具公允价值变动的汇总情况（单位：千美元）：

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):

购电协议——资产 · 认股权证负债 · 分拆嵌入式衍生负债 · 购电协议——负债 · B 轮批次负债 2023 年 1 月 1 日余额 · $— · $3,887 · $4,901 · $— · $— 新增 · 1,040 · 1,716 · 20,829 · — · 10,300 公允价值调整 · 419 · 68,334 · 360,739 · — · 104,879 结算 · — · (3,007) · — · — · (45,531) 2023 年 12 月 31 日余额 · 1,459 · 70,930 · 386,469 · — · 69,648 新增 · — · — · — · 770 · — 公允价值调整 · 1,103 · 128,715 · 627,263 · (326) · (49) 结算 · — · — · (1,013,732) · — · (69,599) 2024 年 12 月 31 日余额 · $2,562 · $199,645 · $— · $444 · $—

Power Purchase Agreements – Asset · Warrant Liabilities · Bifurcated Embedded Derivative Liabilities · Power Purchase Agreements – Liability · Series B Tranche Liability Balance at January 1, 2023 · $— · $3,887 · $4,901 · $— · $— Additions · 1,040 · 1,716 · 20,829 · — · 10,300 Adjustment to fair value · 419 · 68,334 · 360,739 · — · 104,879 Settlements · — · (3,007) · — · — · (45,531) Balance at December 31, 2023 · 1,459 · 70,930 · 386,469 · — · 69,648 Additions · — · — · — · 770 · — Adjustment to fair value · 1,103 · 128,715 · 627,263 · (326) · (49) Settlements · — · — · (1,013,732) · — · (69,599) Balance at December 31, 2024 · $2,562 · $199,645 · $— · $444 · $—

#### DCSP 融资安排

#### DCSP Financing Arrangements

如附注 10——债务所述，截至 2024 年 12 月 31 日，公司有一笔与 DCSP 融资安排相关的应收票据尚未收回。公司认定该应收票据的公允价值与其账面价值相近。

As discussed in the Note 10—Debt, the Company has a Note Receivable outstanding as of December 31, 2024, related to the DCSP Financing Arrangements. The Company determined that the fair value of the Note Receivable approximates the carrying value.

#### 可供出售有价证券

#### Available-For-Sale Marketable Securities

下表按实际合同到期日汇总了可供出售有价债务证券投资的估计公允价值（单位：千美元）：

The following table summarizes the estimated fair value of investments in available-for-sale marketable debt securities by effective contractual maturity dates (in thousands):

2023 年 12 月 31 日

December 31, 2023

一年内到期 · $— 一年以上到期 · 2,368 可供出售有价证券合计 · $2,368

Due in one year or less · $— Due over one year · 2,368 Total available-for-sale marketable securities · $2,368

对于截至 2023 年 12 月 31 日存在未实现损失的短期投资，该等未实现损失并非由信用相关因素导致。截至 2023 年 12 月 31 日，公司无意出售该等短期投资，且公司很可能持有该等短期投资至到期或成本基础恢复。因此，截至 2023 年 12 月 31 日未计提预期信用损失准备。2024 年 11 月，公司出售了其全部可供出售有价债务证券。因此，公司将此前计入累计其他综合收益（亏损）的不重大金额重分类至合并经营报表中的其他收益净额。

For short-term investments with an unrealized loss as of December 31, 2023, the unrealized losses were not due to credit-related factors. As of December 31, 2023, the Company did not intend to sell these short-term investments, and it was more likely than not that the Company would hold these short-term investments until maturity or a recovery of the cost basis. Therefore, no allowance for expected credit losses was recorded as of December 31, 2023. In November 2024, the Company sold all of its available-for-sale marketable debt securities. As a result, the Company reclassified an immaterial amount to other income, net in the consolidated statements of operations that was previously recorded in accumulated other comprehensive income (loss).

4. 企业合并 4. Business Combination

2023 年 1 月 1 日，公司收购了 Conductor Technologies, Inc.（“Conductor”）100%的股权，该公司开发基于云的任务管理服务，旨在简化对云资源的大规模访问。此次收购符合公司扩展云能力并加强其在媒体和娱乐领域布局的战略。公司预计通过对产品能力等方面的进一步投资获得增长机会。Conductor 收购的购买对价为$27 million，其中包括现金对价$17 million 和以发行股份负债形式体现的股权对价$10 million。2024 年 5 月，公司行使看涨期权以现金结算该负债。

On January 1, 2023, the Company acquired 100% of the equity of Conductor Technologies, Inc. (“Conductor”), a company that develops cloud-based task management services designed to simplify access to cloud resources at scale. This acquisition aligns with the Company’s strategy to expand its cloud capabilities and strengthen its presence in the media and entertainment sector. The Company expects growth opportunities through further investment in product capabilities, among other factors. The purchase consideration for the Conductor acquisition was $27 million, which consisted of cash consideration of $17 million and equity consideration of $10 million in the form of a liability to issue shares. In May 2024, the Company exercised its call option to settle the liability in cash.

根据收购日各项资产和承担负债的估计公允价值，购买对价分配如下（单位：千美元）：

The allocation of purchase consideration to the assets acquired and liabilities assumed based upon their estimated fair values as of the acquisition date is as follows (in thousands):

金额

Amount

可辨认资产 · $8,802 承担的负债总额 · (1,023) 取得的净资产 · 7,779 确认的商誉 · 19,447 购买总价 · $27,226

Identifiable assets · $8,802 Total liabilities assumed · (1,023) Net assets acquired · 7,779 Goodwill recognized · 19,447 Total purchase price · $27,226

截至 2023 年 12 月 31 日止年度，Conductor 的经营业绩及收购相关成本对公司合并经营报表不重大。此外，由于对合并财务业绩的影响不重大，未列示反映 Conductor 收购的备考经营业绩。

For the year ended December 31, 2023, the results of operations for Conductor and acquisition-related costs were not material to the Company’s consolidated statement of operations. Additionally, the pro forma results of operations reflecting the acquisition of Conductor are not presented as the impact on the consolidated financial results would not have been material.

5. 物业及设备净额 5. Property and Equipment, Net

物业及设备净额由以下各项构成（单位：千美元）：

Property and equipment, net, consisted of the following (in thousands):

2023 年 12 月 31 日 · 2024 年 12 月 31 日 技术设备 · $1,298,127 · $9,146,575 软件 · 14,937 · 139,508 数据中心设备及租赁改良 · 29,332 · 384,372 家具、固定装置及其他资产 · 1,717 · 8,684 在建工程 · 2,256,673 · 3,200,866 物业及设备总额 · 3,600,786 · 12,880,005 减：累计折旧及摊销 · (116,796) · (965,231) 物业及设备净额合计 · $3,483,990 · $11,914,774

December 31, 2023 · December 31, 2024 Technology equipment · $1,298,127 · $9,146,575 Software · 14,937 · 139,508 Data center equipment and leasehold improvements · 29,332 · 384,372 Furniture, fixtures, and other assets · 1,717 · 8,684 Construction in progress · 2,256,673 · 3,200,866 Total property and equipment · 3,600,786 · 12,880,005 Less: accumulated depreciation and amortization · (116,796) · (965,231) Total property and equipment, net · $3,483,990 · $11,914,774

截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，物业及设备的折旧和摊销分别为$12 million、$101 million 和$861 million。

Depreciation and amortization on property and equipment was $12 million, $101 million, and $861 million for the years ended December 31, 2022, 2023, and 2024, respectively.

如附注 1——概述及重要会计政策摘要所述，公司将与数据中心建设及相关技术设备采购相关的利息予以资本化。截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，资本化利息分别为$0 million、$41 million 和$159 million。

As discussed in Note 1—Overview and Summary of Significant Accounting Policies, the Company capitalizes interest associated with the construction of data centers and purchases of related technology equipment. There was $0 million, $41 million, and $159 million of interest capitalized during the years ended December 31, 2022, 2023, and 2024, respectively.

#### 资产弃置义务

#### Asset Retirement Obligations

以下为与资产弃置义务负债相关的活动摘要，该负债计入合并资产负债表中的其他非流动负债，公司预计主要因拆除与其数据中心装修相关的若干设备而产生该等负债（单位：千美元）：

The following is a summary of activity relating to the liability for asset retirement obligations, included in other non-current liabilities on the consolidated balance sheets, which the Company expects to incur primarily in connection with the expected removal of certain equipment related to its data center fit outs (in thousands):

12 月 31 日 · 12 月 31 日 2023 · 2024 期初余额 · $— · $7,496 增加额 · 7,254 · 26,293 增值费用 · 242 · 2,364 期末余额 · $7,496 · $36,153

December 31, · December 31, 2023 · 2024 Beginning balance · $— · $7,496 Additions · 7,254 · 26,293 Accretion expense · 242 · 2,364 Ending balance · $7,496 · $36,153

6. 商誉及无形资产 6. Goodwill and Intangible Assets

#### 商誉

#### Goodwill

下表汇总了商誉的变动情况（单位：千美元）：

The following table summarizes the changes to goodwill (in thousands):

金额

Amount

2023 年 1 月 1 日余额 · $97 收购 Conductor 新增 · 19,447 2023 年 12 月 31 日及 2024 年 12 月 31 日余额 · $19,544

Balance at January 1, 2023 · $97 Addition from the acquisition of Conductor · 19,447 Balance at December 31, 2023 and 2024 · $19,544

所列示的任何期间均未对商誉计提减值费用。

There were no impairment charges recorded to goodwill for any of the periods presented.

#### 无形资产净额

#### Intangible Assets, Net

无形资产净额由以下各项构成（单位：千美元）：

Intangible assets, net consisted of the following (in thousands):

2023 年 12 月 31 日 · 2024 年 12 月 31 日 收购的无形资产，总额 · 累计摊销 · 收购的无形资产，净额 · 收购的无形资产，总额 · 累计摊销 · 收购的无形资产，净额 收购的技术 · $5,453 · $(1,600) · $3,853 · $5,453 · $(3,611) · $1,842 其他 (1) · 3,897 · (747) · 3,150 · 3,897 · (830) · 3,067 合计 · $9,350 · $(2,347) · $7,003 · $9,350 · $(4,441) · $4,909

December 31, 2023 · December 31, 2024 Acquired Intangibles, Gross · Accumulated Amortization · Acquired Intangibles, Net · Acquired Intangibles, Gross · Accumulated Amortization · Acquired Intangibles, Net Acquired technologies · $5,453 · $(1,600) · $3,853 · $5,453 · $(3,611) · $1,842 Other (1) · 3,897 · (747) · 3,150 · 3,897 · (830) · 3,067 Total · $9,350 · $(2,347) · $7,003 · $9,350 · $(4,441) · $4,909

(1) · 其他项包括客户关系和商号。

(1) · Included in Other are customer relationships and trade names.

截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，无形资产摊销费用分别为 $0 百万、$2 百万和 $2 百万。

Amortization expenses for intangible assets were $0 million, $2 million, and $2 million for the years ended December 31, 2022, 2023, and 2024, respectively.

截至 2024 年 12 月 31 日，与无形资产相关的预计未来摊销费用如下（单位：千美元）：

As of December 31, 2024, the expected future amortization expense related to intangible assets was as follows (in thousands):

截至 12 月 31 日止年度 · 金额 2025 · $2,058 2026 · 441 2027 · 427 2028 · 261 2029 · 246 此后 · 1,476 预计未来摊销费用合计 · $4,909

Years Ending December 31, · Amount 2025 · $2,058 2026 · 441 2027 · 427 2028 · 261 2029 · 246 Thereafter · 1,476 Total expected future amortization expense · $4,909

7. 合并资产负债表组成部分 7. Consolidated Balance Sheets Components

#### 预付费用及其他流动资产

#### Prepaid Expenses and Other Current Assets

预付费用及其他流动资产由以下各项构成（单位：千美元）：

Prepaid expenses and other current assets consisted of the following (in thousands):

2023 年 12 月 31 日 · 2024 年 12 月 31 日 预付费用 · $54,338 · $67,393 应收税款 · 17,647 · 9,145 可供出售有价证券 · 2,368 · — 其他流动资产 · 2,173 · 24,708 预付费用及其他流动资产合计 · $76,526 · $101,246

December 31, 2023 · December 31, 2024 Prepaid expenses · $54,338 · $67,393 Tax receivables · 17,647 · 9,145 Available-for-sale marketable securities · 2,368 · — Other current assets · 2,173 · 24,708 Total prepaid expenses and other current assets · $76,526 · $101,246

#### 其他非流动资产

#### Other Non-current Assets

其他非流动资产由以下各项构成（单位：千美元）：

Other non-current assets consisted of the following (in thousands):

2023 年 12 月 31 日 · 2024 年 12 月 31 日 托管资金 · $— · $336,055 预付费用 · 51,193 · 145,424 应收票据 · — · 107,597 战略投资 · 42,087 · 102,220 其他非流动资产 · 17,478 · 29,616 其他非流动资产合计 · $110,758 · $720,912

December 31, 2023 · December 31, 2024 Escrow funds · $— · $336,055 Prepaid expenses · 51,193 · 145,424 Notes receivable · — · 107,597 Strategic investments · 42,087 · 102,220 Other non-current assets · 17,478 · 29,616 Total other non-current assets · $110,758 · $720,912

8. 租赁 8. Leases

本公司作为承租人签订数据中心、办公楼及设备的租赁合同。本公司在租赁开始日判断一项安排是否为租赁或包含租赁，以及该租赁是否符合美国 GAAP 下融资租赁或经营租赁的分类标准。本公司在执行与所有权转移、廉价购买选择权、租赁期评估、估计公允价值及标的资产特殊性质相关的租赁分类测试时运用了判断。

The Company enters into leases as a lessee for data centers, office buildings, and equipment. The Company determines if an arrangement is a lease or contains a lease at inception and whether that lease meets the classification criteria for a finance or operating lease in accordance with U.S. GAAP. The Company applied judgment in performing the lease classification tests related to transfer of ownership, bargain purchase option, lease term assessment, estimated fair value, and the specialized nature of the underlying asset.

办公室租赁的初始期限一般为四至十年，通常包含多年续租期。数据中心租赁的初始期限一般为三至十五年，其中部分包含最长十年的续租选择权。此外，本公司设备租赁的初始期限一般为两年，并包含购买该资产的选择权。可变成本通常与公共区域维护（CAM）费用、向出租人报销的公用事业费用以及某些租赁协议内的实体安保费用相关。这些成本不计入经营租赁或融资租赁成本，而是在发生时计入费用。

Leases for offices generally have an initial term of four to ten years, often with multi-year renewal periods. Data center leases generally have an initial term from three to fifteen years, some of which include options to extend the leases for up to ten years. Additionally, the Company’s equipment leases generally have an initial term of two years and include the option to purchase the asset. Variable costs generally relate to costs associated with Common Area Maintenance (CAM), utilities reimbursed to the landlord, and physical security expenses within certain lease agreements. These are not included in operating or finance lease cost and are expensed as incurred.

截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，与租赁相关的租赁成本总额构成如下（单位：千美元）：

The components of total lease cost related to leases for the years ended December 31, 2022, 2023, and 2024 were as follows (in thousands):

截至 12 月 31 日止年度，

Year Ended December 31,

2022 · 2023 · 2024 经营租赁成本： 经营租赁成本 · $236 · $41,515 · $288,628 融资租赁成本： 使用权资产摊销 · $1,904 · $3,050 · $18,565 租赁负债利息 · 903 · 868 · 8,709 融资租赁成本合计 · $2,807 · $3,918 · $27,274 可变租赁成本 · $370 · $16,028 · $54,633 租赁成本总额 · $3,413 · $61,461 · $370,535

2022 · 2023 · 2024 Operating lease cost: Operating lease cost · $236 · $41,515 · $288,628 Finance lease cost: Amortization of ROU assets · $1,904 · $3,050 · $18,565 Interest on lease liabilities · 903 · 868 · 8,709 Total finance lease cost · $2,807 · $3,918 · $27,274 Variable lease cost · $370 · $16,028 · $54,633 Total lease cost · $3,413 · $61,461 · $370,535

与租赁相关的补充合并资产负债表信息如下（单位：千美元）：

Supplemental consolidated balance sheet information related to leases were as follows (in thousands):

2023 年 12 月 31 日 · 2024 年 12 月 31 日 经营租赁： 经营租赁使用权资产 · $461,966 · $2,589,547 经营租赁负债，流动 · $39,789 · $213,104 经营租赁负债，非流动 · 432,653 · 2,388,912 经营租赁负债合计 · $472,442 · $2,602,016 融资租赁： 财产和设备 · $15,250 · $157,146 减：摊销 · (4,954) · (23,544) 财产和设备，净额 · $10,296 · $133,602 融资租赁负债，流动 · $3,534 · $57,801 融资租赁负债，非流动 · 510 · 34,120 融资租赁负债合计 · $4,044 · $91,921

December 31, 2023 · December 31, 2024 Operating leases: Operating lease ROU assets · $461,966 · $2,589,547 Operating lease liabilities, current · $39,789 · $213,104 Operating lease liabilities, non-current · 432,653 · 2,388,912 Total operating lease liabilities · $472,442 · $2,602,016 Finance leases: Property and equipment · $15,250 · $157,146 Less: amortization · (4,954) · (23,544) Property and equipment, net · $10,296 · $133,602 Finance lease liabilities, current · $3,534 · $57,801 Finance lease liabilities, non-current · 510 · 34,120 Total finance lease liabilities · $4,044 · $91,921

截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，与租赁相关的补充合并现金流量及其他信息如下（单位：千美元）：

Supplemental consolidated cash flow and other information related to leases for the years ended December 31, 2022, 2023, and 2024 were as follows (in thousands):

截至 12 月 31 日止年度，

Year Ended December 31,

2022 · 2023 · 2024 计入租赁负债计量的已支付现金： 经营租赁产生的经营现金流量 · $456 · $30,381 · $253,285 融资租赁产生的经营现金流量 · 903 · 868 · 8,709 融资租赁产生的筹资现金流量 · 3,840 · 7,606 · 54,052

2022 · 2023 · 2024 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases · $456 · $30,381 · $253,285 Operating cash flows from finance leases · 903 · 868 · 8,709 Financing cash flows from finance leases · 3,840 · 7,606 · 54,052

截至 2022 年、2023 年和 2024 年 12 月 31 日止年度与租赁期和折现率相关的信息如下：

Information relating to the lease term and discount rate for the years ended December 31, 2022, 2023, and 2024 were as follows:

截至 12 月 31 日止年度，

Year Ended December 31,

2022 · 2023 · 2024 加权平均剩余租赁期（年）： 经营租赁 · 6 · 8 · 9 融资租赁 · 2 · 1 · 2 加权平均折现率： 经营租赁 · 12% · 12% · 12% 融资租赁 · 11% · 11% · 11%

2022 · 2023 · 2024 Weighted-average remaining lease term (in years): Operating leases · 6 · 8 · 9 Finance leases · 2 · 1 · 2 Weighted-average discount rate: Operating leases · 12% · 12% · 12% Finance leases · 11% · 11% · 11%

截至 2024 年 12 月 31 日，计入公司经营租赁负债和融资租赁负债计量的未来租赁付款如下（单位：千美元）：

The future lease payments included in the measurement of the Company’s operating lease liabilities and finance lease liabilities as of December 31, 2024, were as follows (in thousands):

未来付款

Future Payments

截至 12 月 31 日的年度 · 经营租赁 · 融资租赁 2025 · $507,855 · $64,267 2026 · 525,805 · 35,000 2027 · 538,988 · — 2028 · 544,028 · — 2029 · 475,670 · — 此后 · 1,775,509 · — 未折现租赁付款总额 · 4,367,855 · 99,267 减：推算利息 · (1,765,839) · (7,346) 租赁负债现值 · $2,602,016 · $91,921

Years Ending December 31, · Operating Leases · Finance Leases 2025 · $507,855 · $64,267 2026 · 525,805 · 35,000 2027 · 538,988 · — 2028 · 544,028 · — 2029 · 475,670 · — Thereafter · 1,775,509 · — Total undiscounted lease payments · 4,367,855 · 99,267 Less: imputed interest · (1,765,839) · (7,346) Present value of lease liabilities · $2,602,016 · $91,921

截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，公司就其融资租赁分别发生利息费用 $1 million、$1 million 和 $9 million。

The Company incurred interest expense on its finance leases of $1 million, $1 million, and $9 million for the years ended December 31, 2022, 2023, and 2024, respectively.

截至 2024 年 12 月 31 日，公司已签署但尚未开始的额外租赁协议，主要涉及数据中心和办公楼。与该等租赁相关的估计未来未折现租赁付款总额为 $15.0 billion。该等租赁将于 2025 年至 2026 年间开始，估计租赁期为五至十六年。

As of December 31, 2024, the Company executed additional lease agreements, primarily for data centers and office buildings, that had not yet commenced. The aggregate amount of estimated future undiscounted lease payments associated with such leases is $15.0 billion. These leases will commence between 2025 and 2026 with estimated lease terms of five to sixteen years.

截至 2024 年 12 月 31 日，公司就多个数据中心地点签订了额外租赁协议，其开始日期取决于监管批准及出租方改良工程的完成情况。公司可能需要在未来十七年内支付最高 $1.1 billion 的固定租赁付款。公司将在租赁开始时评估租赁分类。

As of December 31, 2024, the Company had additional lease agreements for various data center locations with commencement dates subject to regulatory approvals and completion of landlord improvements. The Company may be required to make fixed lease payments up to $1.1 billion over the next seventeen years. The Company will assess the lease classification upon lease commencement.

此外，2024 年 8 月，公司就位于同一场址、拟用作数据中心的若干建筑物签订了一份租赁协议。该协议提供 50 MW 的电力接入，预计将于 2025 年第四季度至 2026 年第四季度之间分阶段交付。公司将支付出租方在建设期间及租赁期内发生的部分建设成本，该等成本被视为可变租赁付款。公司将在租赁开始时（估计为 2027 年）评估租赁分类。

Additionally, in August 2024, the Company entered into a lease agreement for various buildings located at a single site intended to be used as data centers. The agreement provides access to 50 MW of electrical power, which is expected to be delivered in phases between the fourth quarter of 2025 and the fourth quarter of 2026. The Company will pay a portion of the construction costs incurred by the lessor during the construction period and during the lease term, which are considered variable lease payments. The Company will assess the lease classification upon lease commencement, estimated to be in 2027.

9. 承诺及或有事项 9. Commitments and Contingencies

#### 信用证

#### Letters of Credit

截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，公司未结清的信用证（“LOC”）总额分别为 $174 million 和 $533 million。根据租赁协议，这些信用证为公司履行租赁义务的能力提供担保。截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，公司未提取任何信用证，且符合金融机构设定的条款和条件。这些信用证每年续期，并在截至 2041 年的不同日期到期。

As of December 31, 2023 and 2024, the Company had outstanding Letters of Credit (“LOC”) in the aggregate amount of $174 million and $533 million, respectively. These LOC guarantee the Company’s ability to fulfill its lease obligations, per the lease agreements. As of December 31, 2023 and 2024, the Company has not drawn on any of its LOC and is in compliance with the terms and conditions set forth by the financial institution. These LOC renew annually and expire on various dates through 2041.

#### 员工福利计划

#### Employee Benefit Plan

截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，公司分别向 401(k) 计划缴款 $0 million、$1 million 和 $3 million，这些款项在合并经营报表中分配至收入成本、技术与基础设施、销售与营销以及一般及行政费用。

For the years ended December 31, 2022, 2023, and 2024, the Company contributed $0 million, $1 million, and $3 million, respectively, to the 401(k) Plan, which are allocated to cost of revenue, technology and infrastructure, sales and marketing, and general and administrative expenses in the consolidated statements of operations.

#### 赔偿

#### Indemnifications

公司在日常业务过程中与其他方签订某些协议项下的赔偿条款。在客户协议中，公司同意就第三方知识产权侵权实际或威胁性索赔而使被赔偿方遭受或产生的第三方索赔及相关损失，对被赔偿方进行赔偿、抗辩并使其免受损害。对于某些大型或战略客户，公司同意就被赔偿方因公司作出的某些额外陈述和保证未获遵守而遭受的损失，对被赔偿方进行赔偿、抗辩并使其免受损害。此外，公司为其高级管理人员、董事和某些关键员工在其各自职位上善意履职期间提供赔偿。

The Company enters into indemnification provisions under certain agreements with other parties in the ordinary course of business. In its customer agreements, the Company has agreed to indemnify, defend, and hold harmless the indemnified party for third party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party intellectual property infringement claims. For certain large or strategic customers, the Company has agreed to indemnify, defend, and hold harmless the indemnified party for noncompliance with certain additional representations and warranties made by the Company. In addition, the Company indemnifies its officers, directors, and certain key employees while they are serving in good faith in their respective capacities.

尽管公司已签订多项赔偿协议，但迄今为止尚未根据这些协议产生任何重大成本或索赔，管理层预计未来任何索赔不会对公司的财务状况或经营业绩产生重大不利影响。由于公司以往的赔偿索赔历史有限，且每项具体条款涉及独特的事实和情况，无法确定这些赔偿条款项下的最大潜在金额。迄今为止，尚未出现任何赔偿条款项下的索赔。

While the Company has entered into various indemnification agreements, it has not incurred any material costs or claims under these agreements to date, and management does not expect any future claims to have a material adverse effect on the Company’s financial position or results of operations. It is not possible to determine the maximum potential amount under these indemnification provisions due to the Company’s limited history of prior indemnification claims and the unique facts and circumstances involved in each particular provision. To date, there have been no claims under any indemnification provisions.

#### 诉讼

#### Litigation

公司可能不时在日常业务过程中面临各种程序、诉讼、纠纷或索赔。公司会在这些索赔出现时进行调查。尽管索赔本质上不可预测，但公司目前并不知悉任何单独或合计会对其业务、财务状况、经营业绩或现金流量产生重大不利影响的事项。截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，公司未计提任何重大潜在损失。

From time to time, the Company may be subject to various proceedings, lawsuits, disputes, or claims in the ordinary course of business. The Company investigates these claims as they arise. Although claims are inherently unpredictable, the Company is currently not aware of any matters that would, individually or taken together, have a material adverse effect on its business, financial position, results of operations, or cash flows. As of December 31, 2023 and 2024, the Company has not accrued any material potential loss.

10. 债务 10. Debt

债务义务总额如下（单位：千美元）：

The total debt obligations are as follows (in thousands):

到期日 · 实际利率 · 2023 年 12 月 31 日 · 2024 年 12 月 31 日 2021 年可转换优先担保票据 · 2025 年 10 月 · 17% · $55,125 · $— 2022 年优先担保票据 · 2025 年 10 月 – 2026 年 4 月 · 10% · 125,000 · — 延迟提取定期贷款融资 1.0 · 2028 年 3 月 · 15% · 1,374,924 · 2,012,500 延迟提取定期贷款融资 2.0 · 2029 年 5 月 · 11% · — · 3,843,819 2024 年定期贷款融资 · 2025 年 12 月 · 12% · — · 1,000,000 原始设备制造商融资安排 · 2026 年 2 月 – 2027 年 10 月 · 9% – 11% · — · 1,177,158 债务本金总额 · 1,555,049 · 8,033,477 减：未摊销折价及发行成本 · (31,795) · (107,137) 债务总额，扣除未摊销折价及发行成本 · 1,523,254 · 7,926,340 减：流动债务 · (171,865) · (2,468,425) 非流动债务总额 · $1,351,389 · $5,457,915

Maturities · Effective Interest Rates · December 31, 2023 · December 31, 2024 2021 Convertible Senior Secured Notes · October 2025 · 17% · $55,125 · $— 2022 Senior Secured Notes · October 2025 – April 2026 · 10% · 125,000 · — Delayed Draw Term Loan Facility 1.0 · March 2028 · 15% · 1,374,924 · 2,012,500 Delayed Draw Term Loan Facility 2.0 · May 2029 · 11% · — · 3,843,819 2024 Term Loan Facility · December 2025 · 12% · — · 1,000,000 Original Equipment Manufacturer financing arrangements · February 2026 – October 2027 · 9% – 11% · — · 1,177,158 Total principal of debt · 1,555,049 · 8,033,477 Less: Unamortized discount and issuance costs · (31,795) · (107,137) Total debt, net of unamortized discount and issuance costs · 1,523,254 · 7,926,340 Less: Debt, current · (171,865) · (2,468,425) Total debt, non-current · $1,351,389 · $5,457,915

截至 2024 年 12 月 31 日，公司债务总额的未来本金付款如下（单位：千美元）：

As of December 31, 2024, the future principal payments for the Company’s total debt were as follows (in thousands):

截至 12 月 31 日的年度 · 金额 2025 · $2,483,202 2026 · 3,102,384 2027 · 1,771,071 2028 · 548,093 2029 · 128,727 合计 · $8,033,477

Years Ending December 31, · Amount 2025 · $2,483,202 2026 · 3,102,384 2027 · 1,771,071 2028 · 548,093 2029 · 128,727 Total · $8,033,477

截至 2022 年、2023 年和 2024 年 12 月 31 日的年度，公司债务义务的利息费用总额如下（单位：千美元）：

For the years ended December 31, 2022, 2023, and 2024, total interest expense for the Company’s debt obligations was as follows (in thousands):

截至 12 月 31 日的年度

Year Ended December 31,

2022 · 2023 · 2024 合同利息费用 · $4,914 · $30,189 · $474,844 债务折价及发行成本摊销以及赎回溢价增值 · 3,803 · 16,533 · 33,376 PIK 利息 · — · 21,621 · — 减：资本化利息 · (343) · (41,376) · (159,017) 合计 · $8,374 · $26,967 · $349,203

2022 · 2023 · 2024 Contractual interest expense · $4,914 · $30,189 · $474,844 Amortization of debt discounts and issuance costs and accretion of redemption premiums · 3,803 · 16,533 · 33,376 PIK interest · — · 21,621 · — Less: capitalized interest · (343) · (41,376) · (159,017) Total · $8,374 · $26,967 · $349,203

#### 2021 年无担保优先次级可转换本票

#### 2021 Unsecured Senior Subordinated Convertible Promissory Notes

2020 年和 2021 年，公司与多名投资者签订了无担保过桥贷款协议，本金总额为$4 million，年利率为 7.00%。2021 年 4 月，根据协议原始条款，该等贷款被置换为本金余额为$4 million、年利率为 7.00%、按年复利计息、可转换为与下一轮融资所发行股份类似的股份的可转换本票。2023 年 4 月，在 B 轮融资进行的同时，该等可转换本票根据转换特征的原始条款自动转换为 12,484,540 股公司 B-1 系列可赎回可转换优先股，转换时未确认任何收益或损失。

In 2020 and 2021, the Company entered into unsecured bridge loan agreements with various investors, for a total principal amount of $4 million, carrying an annual interest rate of 7.00%. In April 2021, the loans were exchanged, pursuant to the original terms of the agreements, into convertible promissory notes with a principal balance of $4 million, an interest rate of 7.00% per annum, compounded annually, and convertible into shares of stock similar to shares of stock issued in the next round of financing. In April 2023, concurrent with the Series B round of financing, the convertible promissory notes were automatically converted pursuant to the original terms of the conversion feature into 12,484,540 shares of the Company’s Series B-1 redeemable convertible preferred stock, with no gain or loss recognized upon conversion.

#### 2021 年可转换优先担保票据

#### 2021 Convertible Senior Secured Notes

2021 年 10 月，本公司与关联方签署了票据发行协议和票据购买协议，发行本金总额最高达$50 million 的可转换优先担保票据（“2021 年可转换优先担保票据”）。本公司在签署时提取了$20 million，并于 2022 年 4 月提取了剩余的$30 million。2021 年可转换优先担保票据以本公司的财产、设备及其他资产作为抵押，但不包括下文所述以延迟提取定期贷款和原始设备制造商（“OEM”）融资安排作为抵押的融资财产、设备及其他资产。

In October 2021, the Company executed a note issuance agreement and a note purchase agreement with a related party for the issuance of an aggregate principal amount of up to $50 million of convertible senior secured notes (the “2021 Convertible Senior Secured Notes”). The Company drew $20 million at execution and the remaining $30 million in April 2022. The 2021 Convertible Senior Secured Notes are collateralized by the Company’s property, equipment and other assets, excluding the financed property, equipment and other assets collateralized by the delayed draw term loans and Original Equipment Manufacturer (“OEM”) financing arrangements discussed below.

2021 年可转换优先担保票据前三年票面年利率为 10.00%，每半年于 4 月 30 日和 10 月 30 日支付一次。利息可以现金支付，也可以实物支付（“PIK”），在后一种情况下，将发行本金金额等于应计利息的额外 2021 年可转换优先担保票据，除此之外，该等票据（“PIK 票据”）具有与原票据相同的条款。2023 年 4 月和 10 月，共发行本金金额为$5 million 的 PIK 票据，以代替应计利息的现金结算。

The 2021 Convertible Senior Secured Notes bear a stated annual interest rate of 10.00% for the first three years, payable semiannually on April 30 and October 30. Interest may be paid in cash or paid-in-kind (“PIK”), in which case additional 2021 Convertible Senior Secured Notes will be issued with a principal amount equal to the accrued interest, and otherwise which carry the same terms of the original notes (the “PIK Notes”). In April and October of 2023, an aggregate of $5 million principal amount of PIK Notes were issued in lieu of cash settlement of accrued interest.

若合格上市公司事件（“QPCE”，定义为 IPO、直接上市或特殊目的收购公司（“SPAC”）交易）未在自发行日起三（3）年内或之前完成，则利率将自该时点起自动上调至每年 16.00%，以现金支付。2021 年可转换优先担保票据的合同到期日为 2025 年 10 月 18 日。若 2021 年可转换优先担保票据在到期日之前未以其他方式转换或赎回，且未发生 QPCE，则投资者将有权要求本公司以现金赎回 2021 年可转换优先担保票据，赎回金额等于本金、应计未付利息，加上一笔溢价金额，以确保持有人实现 16.00%的整体内部收益率（“IRR”）。在到期日之前，2021 年可转换优先担保票据可按如下方式赎回或转换：

If a qualified public company event (“QPCE”), defined as an IPO, direct listing, or special purpose acquisition company (“SPAC”) transaction, is not consummated on or prior to the date that is three (3) years from the issuance date, the interest rate shall automatically increase to 16.00% per year, prospectively, payable in cash. The 2021 Convertible Senior Secured Notes have a contractual maturity date of October 18, 2025. In the event the 2021 Convertible Senior Secured Notes are not otherwise converted or redeemed prior to the maturity date, and in the event that there is no QPCE, the investors will be entitled to redeem the 2021 Convertible Senior Secured Notes for cash in the amount equal to the principal, accrued and unpaid interest, plus a premium amount to ensure the holders realize an aggregate internal rate of return (“IRR”) of 16.00%. Prior to the maturity date, the 2021 Convertible Senior Secured Notes may be redeemed or converted as follows:

- 赎回——自第三个周年日起至合格公益公司事件（QPCE）发生前，公司有权自行选择赎回本金金额最高达 $15 million 的债务，赎回价格等于本金金额加上应计未付利息，再加上一笔溢价金额，使得该等被赎回本金金额的债务持有人就该等被赎回金额实现 20.00% 的内部收益率（IRR）。

- Redemption—From the third anniversary until a QPCE, the Company has the right, at its option, to redeem up to a principal amount of $15 million at a redemption price equal to principal amount plus accrued and unpaid interest plus a premium amount such that the holders of such principal amount of debt realize an IRR of 20.00% with respect to such redeemed amounts.

- 转换——2021 年可转换优先担保票据的持有人有权自行选择随时将其全部或任何部分票据转换为若干股普通股，转换股数按未偿本金及应计利息除以届时有效的转换价格计算。届时有效的转换价格计算如下：

- Conversion—Holders of the 2021 Convertible Senior Secured Notes have the right, at their option, to convert all or any portion of their notes into a number of shares of common stock at any time based on the outstanding principal and accrued interest divided by the conversion price in effect. The conversion price in effect shall be calculated as follows:

- 初始转换价格等于 $675 million（“最高转换估值”）除以完全稀释的已发行普通股股数，即每股 $2.20。

- Initially, the conversion price is equal to $675 million (the “Maximum Conversion Valuation”) divided by the fully diluted shares of common stock outstanding, which was $2.20 per share.

- 如果在 QPCE 之前发生合格融资，最高转换估值将下调（但不上调）至按完全稀释基础计算的合格融资所对应的企业价值。

- If a qualified financing occurs prior to a QPCE, the Maximum Conversion Valuation will be reduced, but not increased, to the enterprise value derived from the qualified financing on a fully diluted basis.

- 在发生 QPCE 时，转换价格将下调（但不上调）至以下三者之一的 75%:IPO 中向公众发行的每股价格、直接上市交割后的股票价格的 75%，或 SPAC 交易对应的股票估值的 75%。

- Upon the occurrence of a QPCE, the conversion price will be reduced, but not increased, to 75% of either the price per share offered to the public in an IPO, 75% of the stock price after the closing of a direct listing, or 75% of the stock valuation derived from a SPAC transaction.

公司认定，转换特征、加速赎回特征、利息支付的可变性以及公司的赎回选择权需要分拆并作为嵌入式衍生工具进行会计处理。因此，在 2021 年 10 月和 2022 年 4 月的发行中，公司分别确认了 $0 million 和 $2 million 的嵌入式衍生负债。公司使用第 3 级输入值确定嵌入式衍生工具的公允价值。该确定过程涉及重大的管理层假设和估计。截至 2023 年 12 月 31 日，2021 年可转换优先担保票据的估计公允价值为 $451 million。该金额包括票据面值 $55 million、累计赎回溢价 $6 million、未摊销债务折扣和发行成本 $2 million（该项为净账面价值的减项），以及需要分拆的 $386 million 嵌入式衍生工具。该嵌入式衍生工具被单独分列，并计入合并资产负债表中的衍生工具和认股权证负债。

The Company determined that the conversion features, the accelerated redemption features, the variability in interest payments, and the Company’s redemption option are required to be bifurcated and accounted for as an embedded derivative. Accordingly, upon issuances in October 2021 and April 2022, the Company recognized embedded derivative liabilities of $0 million and $2 million, respectively. The Company used Level 3 inputs to determine the fair value of the embedded derivatives. Significant management assumptions and estimates were involved in this determination. As of December 31, 2023, the estimated fair value of 2021 Convertible Senior Secured Notes was $451 million. This amount includes the $55 million face value of the notes, $6 million in accreted redemption premiums, $2 million in unamortized debt discounts and issuance costs, which is a reduction to the net carrying value, and a $386 million embedded derivative requiring bifurcation. The embedded derivative is separated and included within derivative and warrant liabilities on the consolidated balance sheets.

截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，公司分别录得与这些衍生负债公允价值调整相关的损失 $3 million、$361 million 和 $627 million。截至 2022 年、2023 年和 2024 年 12 月 31 日止年度，利息成本总额分别为 $7 million、$31 million 和 $8 million。这些金额分别由票息利息 $4 million、$5 million 和 $4 million,PIK 利息成本 $0 million、$22 million 和 $0 million，以及债务折扣和发行成本摊销 $3 million、$4 million 和 $4 million 构成。

For the years ended December 31, 2022, 2023, and 2024, the Company recorded losses related to the fair value adjustment of these derivative liabilities of $3 million, $361 million, and $627 million, respectively. During the years ended December 31, 2022, 2023, and 2024, total interest costs were $7 million, $31 million, and $8 million, respectively. These amounts are comprised of coupon interest of $4 million, $5 million, and $4 million, respectively; PIK interest cost was $0 million, $22 million, and $0 million, respectively; and amortization of debt discounts and issuance costs of $3 million, $4 million, and $4 million, respectively.

债务主合同负债最初按发行所得款项确认，扣除发行成本并扣除分拆衍生工具的初始公允价值。债务主合同随后采用实际利率法进行会计处理，以摊销折扣和发行成本，并计提在债务未提前转换或提前赎回且未发生 QPCE 的情况下于到期时应付的溢价。

The debt host liability was initially recognized based on the proceeds received from issuance, net of issuance costs and net of the initial fair value of the bifurcated derivative. The debt host was subsequently accounted for using the effective interest method to amortize the discount and issuance costs and accrue for the premiums due at maturity in the event the debt was not early converted or redeemed earlier and no QPCE occurred.

投资者选择于 2024 年 9 月 17 日根据转换特征的原始条款转换全部未偿还的 2021 年可转换优先担保票据，由此发行 24,543,980 股普通股，并支付 2 百万美元现金用于应计利息及代替零碎股份的现金。该转换按债务清偿处理。权益增加 1.1 十亿美元，即所发行普通股在结算日的公允价值。此外，其他收入净额中包含 6 百万美元的清偿损失，即股份公允价值与债务主合同及分拆嵌入式衍生负债的合并账面金额之间的差额。

The investors elected to convert all of the outstanding 2021 Convertible Senior Secured Notes on September 17, 2024, pursuant to the original terms of the conversion feature, resulting in the issuance of 24,543,980 shares of common stock and a cash payment of $2 million for accrued interest and cash in lieu of fractional shares. The conversion was accounted for as an extinguishment. Equity increased by the settlement-date fair value of the common shares issued of $1.1 billion. Additionally, a $6 million extinguishment loss is included in other income, net, which represents the difference between the fair value of the shares and the combined carrying amounts of the debt host and the bifurcated embedded derivative liability.

#### 2022 年优先担保票据

#### 2022 Senior Secured Notes

2022 年 10 月，公司与关联方签署了一份票据发行协议和一份票据购买协议（“2022 年优先担保票据”），本金总额最高为 125 百万美元。公司在签署时提取了 30 百万美元（“第一次交割”），于 2022 年 11 月额外提取 30 百万美元（“第二次交割”），于 2023 年 1 月额外提取 40 百万美元（“第三次交割”），并于 2023 年 4 月提取剩余的 25 百万美元（“第四次交割”）。2022 年优先担保票据由公司的财产、设备及其他资产作为抵押，但不包括下文所述由延迟提取定期贷款和 OEM 融资安排提供担保的融资财产、设备及其他资产。

In October 2022, the Company executed a note issuance agreement and a note purchase agreement (the “2022 Senior Secured Notes”) with a related party for an aggregate principal amount of up to $125 million. The Company drew down $30 million upon execution (the “First Closing”), an additional $30 million in November 2022 (the “Second Closing”), an additional $40 million in January 2023 (the “Third Closing”), and the remaining $25 million in April 2023 (the “Fourth Closing”). The 2022 Senior Secured Notes are collateralized by the Company’s property, equipment and other assets, excluding the financed property, equipment and other assets collateralized by the delayed draw term loans and OEM financing arrangements discussed below.

2022 年优先担保票据的前三批自发行日起至 2024 年 4 月 16 日止按 0.0% 计息，自 2024 年 4 月 17 日起按每年 12.00% 计息。利息以现金形式于每年 4 月 14 日和 10 月 14 日每半年支付一次，自 2024 年 4 月 14 日开始。全部本金及应计未付利息于 2025 年 10 月 17 日到期。

The first three tranches of 2022 Senior Secured Notes bear 0.0% interest from the issuance date through April 16, 2024, and 12.00% interest per annum from and after April 17, 2024. Interest payments are due, in cash, semiannually on April 14 and October 14 of each year, beginning on April 14, 2024. All principal and accrued and unpaid interest are due on October 17, 2025.

2022 年优先担保票据的第四批自发行日起至 2024 年 10 月 19 日止按 0.0% 计息，自 2024 年 10 月 20 日起按每年 12.00% 计息。利息以现金形式于每年 4 月 14 日和 10 月 14 日每半年支付一次，自 2024 年 10 月 14 日开始。全部本金及应计未付利息于 2026 年 4 月 20 日到期。

The fourth tranche of 2022 Senior Secured Notes bear 0.0% interest from the issuance date through October 19, 2024, and 12.00% interest per annum from and after October 20, 2024. Interest payments are due, in cash, semiannually on April 14 and October 14 of each year, beginning on October 14, 2024. All principal and accrued and unpaid interest are due on April 20, 2026.

公司可随时赎回该债务，或在发生惯常违约事件或控制权变更时，该债务可能被要求提前赎回。若债务在到期日之前被赎回，赎回价格等于本金金额加上应计未付利息，再加上根据以下时间表确定的潜在提前赎回溢价：

The Company may redeem the debt at any time, or the debt may be required to be redeemed early upon the occurrence of customary events of default or change of control. In the event the debt is redeemed prior to the maturity date, the redemption price is equal to the principal amount plus accrued and unpaid interest, plus a potential early redemption premium based on the following schedule:

- 若在 2024 年 4 月 17 日之前赎回，或在 2025 年 10 月 2 日或之后赎回（就第一次交割、第二次交割和第三次交割发行的票据而言），或在 2024 年 10 月 20 日之前赎回，或在 2026 年 4 月 7 日或之后赎回（就第四次交割发行的票据而言），则无溢价。

- No premium if redeemed prior to April 17, 2024, or on or after October 2, 2025 (with respect to the notes issued in the First Closing, Second Closing and Third Closing) or prior to October 20, 2024, or on or after April 7, 2026 (with respect to the notes issued in the Fourth Closing).

- 若在 2024 年 4 月 17 日或之后、但早于 2024 年 7 月 17 日赎回（就第一次交割、第二次交割和第三次交割发行的票据而言），或在 2024 年 10 月 20 日或之后、但早于 2025 年 1 月 20 日赎回（就第四次交割发行的票据而言），则溢价 10.00%。

- 10.00% premium if redeemed on or after April 17, 2024, but before July 17, 2024 (with respect to the notes issued in the First Closing, Second Closing and Third Closing) or on or after October 20, 2024, but before January 20, 2025 (with respect to the notes issued in the Fourth Closing).

- 若在 2024 年 7 月 17 日或之后、但早于 2024 年 10 月 17 日赎回（就第一次交割、第二次交割和第三次交割发行的票据而言），或在 2025 年 1 月 20 日或之后、但早于 2025 年 4 月 20 日赎回（就第四次交割发行的票据而言），则溢价 8.50%。

- 8.50% premium if redeemed on or after July 17, 2024, but before October 17, 2024 (with respect to the notes issued in the First Closing, Second Closing and Third Closing) on or after January 20, 2025, but before April 20, 2025 (with respect to the notes issued in the Fourth Closing).

- 若在 2024 年 10 月 17 日或之后、但早于 2025 年 1 月 17 日赎回（就第一次交割、第二次交割和第三次交割发行的票据而言），或在 2025 年 4 月 20 日或之后、但早于 2025 年 7 月 20 日赎回（就第四次交割发行的票据而言），则溢价 7.00%。

- 7.00% premium if redeemed on or after October 17, 2024, but before January 17, 2025 (with respect to the notes issued in the First Closing, Second Closing and Third Closing) or on or after April 20, 2025, but before July 20, 2025 (with respect to the notes issued in the Fourth Closing).

- 若在 2025 年 1 月 17 日或之后、但早于 2025 年 4 月 17 日赎回（就第一次交割、第二次交割和第三次交割发行的票据而言），或在 2025 年 7 月 20 日或之后、但早于 2025 年 10 月 20 日赎回（就第四次交割发行的票据而言），则溢价 5.50%。

- 5.50% premium if redeemed on or after January 17, 2025, but before April 17, 2025 (with respect to the notes issued in the First Closing, Second Closing and Third Closing) or on or after July 20, 2025, but before October 20, 2025 (with respect to the notes issued in the Fourth Closing).

- 若在 2025 年 4 月 17 日或之后、但早于 2025 年 7 月 17 日赎回（就第一次交割、第二次交割和第三次交割发行的票据而言），或在 2025 年 10 月 20 日或之后、但早于 2026 年 1 月 20 日赎回（就第四次交割发行的票据而言），则溢价 4.00%。

- 4.00% premium if redeemed on or after April 17, 2025, but before July 17, 2025 (with respect to the notes issued in the First Closing, Second Closing and Third Closing) or on or after October 20, 2025, but before January 20, 2026 (with respect to the notes issued in the Fourth Closing).

- 若在 2025 年 4 月 17 日或之后、但早于 2025 年 10 月 2 日赎回（就第一次交割、第二次交割和第三次交割发行的票据而言），或在 2026 年 1 月 20 日或之后、但早于 2026 年 4 月 7 日赎回（就第四次交割发行的票据而言），则溢价 2.50%。

- 2.50% premium if redeemed on or after April 17, 2025, but before October 2, 2025 (with respect to the notes issued in the First Closing, Second Closing and Third Closing) on or after to January 20, 2026, but before April 7, 2026 (with respect to the notes issued in the Fourth Closing).

就 2022 年优先担保票据项下的借款，公司在每次交割时向 2022 年优先担保票据持有人授予了已完全归属的一分钱认股权证和常规认股权证，用于购买公司普通股股份：

In conjunction with the borrowing under the 2022 Senior Secured Notes, the Company granted the 2022 Senior Secured Note holders fully vested penny warrants and regular warrants to purchase shares of the Company’s common stock upon each closing:

- 第一次交割：可购买 1,873,735 股股份的一分钱认股权证，以及可购买 1,040,956 股股份的常规认股权证。

- First Closing: Penny warrants for 1,873,735 shares and regular warrants for 1,040,956 shares.

- 第二次交割：可购买 1,873,735 股股份的一分钱认股权证，以及可购买 1,040,956 股股份的常规认股权证。

- Second Closing: Penny warrants for 1,873,735 shares and regular warrants for 1,040,956 shares.

- 第三次交割：可购买 2,498,356 股股份的一分钱认股权证，以及可购买 1,388,000 股股份的常规认股权证。

- Third Closing: Penny warrants for 2,498,356 shares and regular warrants for 1,388,000 shares.

- 第四次交割：可购买 1,561,456 股股份的一分钱认股权证，以及可购买 867,474 股股份的常规认股权证。

- Fourth Closing: Penny warrants for 1,561,456 shares and regular warrants for 867,474 shares.

第一次交割、第二次交割和第三次交割中发行的所有认股权证均于 2029 年 10 月 17 日到期，第四次交割中发行的所有认股权证均于 2030 年 4 月 20 日到期。一分钱认股权证的行使价为每股 $0.0005。常规认股权证可按等于以下两者中较低者的每股价格行使（须按 2022 年优先担保票据的规定进行调整）：

All warrants issued in the First Closing, Second Closing and Third Closing expire on October 17, 2029 and all warrants issued in the Fourth Closing expire on April 20, 2030. The penny warrants have an exercise price of $0.0005 per share. The regular warrants are exercisable at a price per share equal to the lower of (subject to adjustment as provided in the 2022 Senior Secured Notes):

a) · 若本公司在 IPO 或 SPAC 交易之前完成合格股权融资，则为该合格股权融资中每股普通股的购买价格或视同购买价格；或

a) · if, prior to an IPO or SPAC Transaction, the Company completes a qualified equity financing, the purchase price or deemed purchase price per share of common stock in the qualified equity financing; or

b) · 基于本公司以下估值确定的购买价格：

b) · the purchase price determined based on a valuation of the Company of:

(i) · $1,500,000,000，若 2022 年优先担保票据的本金金额在原始发行日后一百二十(120)日内全额偿还；

(i) · $1,500,000,000, if the principal amount of the 2022 Senior Secured Notes is repaid in full within one hundred twenty (120) days after the original issue date;

(ii) · $1,300,000,000，若 2022 年优先担保票据的本金金额在原始发行日后一百二十一(121)至二百四十(240)日内全额偿还；

(ii) · $1,300,000,000, if the principal amount of the 2022 Senior Secured Notes is repaid in full within one hundred twenty-one (121) to two hundred forty (240) days after the original issue date;

(iii) · $1,100,000,000，若 2022 年优先担保票据的本金金额在原始发行日后二百四十一(241)至三百六十(360)日内全额偿还；或

(iii) · $1,100,000,000, if the principal amount of the 2022 Senior Secured Notes is repaid in full within two hundred forty-one (241) to three hundred sixty (360) days after the original issue date; or

(iv) · $1,000,000,000，若 2022 年优先担保票据的本金金额在原始发行日后三百六十一(361)日或更晚全额偿还。

(iv) · $1,000,000,000, if the principal amount of the 2022 Senior Secured Notes is repaid in full three hundred sixty-one (361) or more days after the original issue date.

一分钱认股权证在合并资产负债表上归类为股东权益赤字，因为根据 ASC 815《衍生工具与套期保值》，其结算以本公司自身股票为指数。

The penny warrants are classified within stockholders’ deficit on the consolidated balance sheets, as their settlement is indexed to the Company’s own stock in accordance with ASC 815, Derivatives and Hedging.

普通认股权证归类为衍生负债，因为其结算金额并非完全以本公司自身股票为指数并以权益结算。

The regular warrants are classified as derivative liabilities as their settlement amounts are not solely indexed to the Company’s own stock and settled in equity.

在截至 2022 年、2023 年和 2024 年 12 月 31 日的年度内，本公司分别在合并经营报表的公允价值调整损失中记录了与这些认股权证负债公允价值调整相关的损失 $0 million、$67 million 和 $129 million。

The Company recorded a loss related to the fair value adjustment of these warrant liabilities of $0 million, $67 million, and $129 million within loss on fair value adjustments in the consolidated statements of operations during the years ended December 31, 2022, 2023, and 2024, respectively.

截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，普通认股权证的公允价值分别重新计量为 $71 million 和 $200 million。这些金额包含在合并资产负债表的衍生工具及认股权证负债中。

The fair values of the regular warrants were remeasured to $71 million and $200 million as of December 31, 2023 and 2024, respectively. These amounts are included within derivative and warrant liabilities on the consolidated balance sheets.

第二次交割和第三次交割属于必须发行并提供资金的贷款承诺。与贷款承诺相关的费用最初予以资本化，并作为递延融资成本核算。随着这些交割完成，递延融资成本的相关部分被重新分类为已提取贷款部分的债务折扣，并摊销计入利息费用。截至 2023 年 12 月 31 日，票据的账面价值为 $124 million，与公允价值大致相当。与前三笔交割相关发行的一分钱认股权证和普通认股权证按发行日公允价值 $6 million 和 $3 million 分别计入递延融资成本。

The Second Closing and the Third Closing were loan commitments that were required to be issued and funded. The fees associated with the loan commitment were initially capitalized and accounted for as deferred financing costs. As these closings were completed, the associated portions of the deferred financing costs were reclassified as the debt discount for the portion of the drawn loans and amortized to interest expense. As of December 31, 2023, the carrying value of the notes was $124 million, which approximates fair value. The penny warrants and regular warrants issued in connection with the first three closings were recorded as part of the deferred financing costs equal to their issuance date fair values of $6 million and $3 million, respectively.

第四次交割赋予贷款方一项选择权（而非义务），可购买本金金额最高达 $25 million 的票据及相应部分的便士认股权证和普通认股权证。该选择权在初始交割日作为衍生负债入账，构成 $1 million 贷款承诺递延融资成本的一部分。该书面选择权被重新计量至公允价值，直至 2023 年 4 月完成结算日，公司于截至 2023 年 12 月 31 日止年度就公允价值变动确认了 $2 million 的损失。第四次交割结算时发行的票据、便士认股权证和普通认股权证初始按其各自公允价值 $22 million、$4 million 和 $2 million 入账。

The Fourth Closing provided the lenders the option, but not the obligation to purchase up to $25 million principal amount of notes and the associated portion of penny warrants and regular warrants. The option was accounted for as a derivative liability issued on the initial closing date, representing part of the deferred financing costs of $1 million for the loan commitments. The written option was remeasured to fair value through the settlement date completed in April 2023, and the Company recognized a loss for the change in fair value of $2 million during the year ended December 31, 2023. The notes, penny warrants, and regular warrants issued upon settlement of the Fourth Closing were initially recorded at their respective fair values of $22 million, $4 million, and $2 million, respectively.

2024 年 6 月，公司向贷款方发出通知，行使赎回 2022 年优先担保票据的选择权。2024 年 7 月，公司以 $137 million 的赎回价格（含提前还款溢价及应计未付利息）结算了票据的全部本金金额，产生 $6 million 的清偿损失，计入其他收入净额。

In June 2024, the Company issued notice to the lenders to exercise its option to redeem the 2022 Senior Secured Notes. In July 2024, the Company settled the entire principal amount of the notes for a redemption price of $137 million, inclusive of prepayment premium and accrued and unpaid interest, resulting in an extinguishment loss of $6 million, which is included in other income, net.

#### 延迟提取定期贷款

#### Delayed Draw Term Loans

延迟提取定期贷款融资 1.0

Delayed Draw Term Loan Facility 1.0

2023 年 7 月，公司子公司之一 CoreWeave Compute Acquisition Co. II, LLC（“CCAC II”）与多家贷款方及 U.S. Bank, N.A.（作为行政代理人和抵押代理人）签订了延迟提取定期贷款。该协议提供最高达 $2.3 billion 的延迟提取定期贷款融资（经修订，“DDTL 1.0 融资”）。DDTL 1.0 融资项下的借款用于为收购计算设备相关的部分购买对价、费用和开支提供资金。

In July 2023, one of the Company’s subsidiaries, CoreWeave Compute Acquisition Co. II, LLC (“CCAC II”), entered into a delayed draw term loan with various lenders and U.S. Bank, N.A., as the administrative and collateral agent. The agreement provides for a delayed draw term loan facility of up to $2.3 billion (as amended, the “DDTL 1.0 Facility”). Borrowings under the DDTL 1.0 Facility were used to finance a portion of the purchase consideration, fees, and expenses relating to the acquisition of computing equipment.

DDTL 1.0 融资包含限制公司和/或 CCAC II 产生或担保额外债务；支付股息及进行其他分配或回购股票；进行某些投资；设立或产生留置权；出售资产；与关联方进行某些交易；以及合并、整合或转让或出售其全部或绝大部分资产的能力的契约。

The DDTL 1.0 Facility contains covenants that restrict the ability of the Company and/or CCAC II to incur or guarantee additional indebtedness; pay dividends and make other distributions or repurchase stock; make certain investments; create or incur liens; sell assets; enter into certain transactions with affiliates; and merge, consolidate or transfer or sell all or substantially all of its assets.

DDTL 1.0 融资项下的全部义务由公司无条件担保。DDTL 1.0 融资项下的未偿义务由以下各项的完善的第一优先质押和担保权益担保：(i) 其直接母公司持有的 CCAC II 股权，以及 (ii) CCAC II 的绝大部分资产。

All obligations under the DDTL 1.0 Facility are unconditionally guaranteed by the Company. Obligations outstanding under the DDTL 1.0 Facility are secured by perfected first priority pledges of and security interests in (i) the equity interests of CCAC II held by its direct parent and (ii) substantially all of the assets of CCAC II.

DDTL 1.0 融资项下未偿借款的利息按年利率计息，由公司选择，等于 Term SOFR 加 8.75% 或替代基准利率加 7.75%。2024 年 5 月 15 日，利率被修改为 Term SOFR 加 9.62% 或替代基准利率加 8.62%。截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，DDTL 1.0 融资项下借款金额实际适用的平均利率分别为 14.12% 和 14.11%。

Interest on outstanding borrowings on the DDTL 1.0 Facility accrues at a rate per annum equal to either, at the Company’s election, Term SOFR plus 8.75% or the alternative base rate plus 7.75%. On May 15, 2024, the interest rate was modified to Term SOFR plus 9.62% or the alternative base rate plus 8.62%. As of December 31, 2023, and 2024, the actual average interest rate being charged on the amounts borrowed against the DDTL 1.0 Facility was 14.12% and 14.11%, respectively.

在整个 2023 年和 2024 年期间，公司依据 23 亿美元的融资承诺进行了借款。贷款本金须按季度分期偿还，最后一笔气球付款于 2028 年 3 月 28 日到期。公司可选择在任何时间、不时提前偿还贷款，且在发生违约事件或公司控制权变更时，或使用某些资产处置所得款项或发生债务融资时，须强制提前偿还。若贷款在贷款承诺终止日第四周年之前提前偿还，除本金和应计利息外，公司还须支付适用的溢价，金额为：(a) 对于在贷款承诺终止日第三周年之前进行的提前偿还，按现行利率计算的、自提前偿还日至贷款承诺终止日第三周年期间本应就所提前偿还贷款本金累计的未来利息付款的现值，加上所提前偿还贷款本金的 1.00%；或 (b) 对于在贷款承诺终止日第三周年至第四周年之间进行的提前偿还，金额等于所提前偿还贷款本金的 1.00%。

Throughout 2023 and 2024, the Company borrowed against the $2.3 billion facility commitment. The principal amount of the loans is required to be repaid in quarterly installments, with the final balloon payment due on March 28, 2028. The loans are prepayable at any time, from time to time, at the Company’s option, and are required to be prepaid upon the occurrence of an event of default or change of control of the Company, or with the proceeds of certain asset dispositions or incurrence of indebtedness. If the loans are prepaid prior to the fourth anniversary of the loan commitment termination date, in addition to principal and accrued interest, the Company is required to pay an applicable premium equal to (a) with respect to prepayments made prior to the third anniversary of the loan commitment termination date, the present value of future interest payments that would have accrued on the principal amount of the loans being prepaid through the third anniversary of the loan commitment termination date based on the interest rate in effect plus 1.00% of the principal amount of the loans being prepaid or (b) with respect to prepayments made between the third and fourth anniversary of the loan commitment termination date, an amount equal to 1.00% of the principal amount of the loans being prepaid.

截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，DDTL 1.0 融资安排项下的未偿金额分别为 $1.4 billion 和 $2.0 billion。公司在截至 2023 年 12 月 31 日和 2024 年 12 月 31 日的年度内分别发生递延融资成本 $12 million，并分别记录债务折价 $24 million 和 $22 million。该等成本在合并资产负债表上作为未偿债务余额的减项予以资本化，并在 DDTL 1.0 融资安排的期限内摊销计入利息费用。截至 2023 年 12 月 31 日和 2024 年 12 月 31 日的年度内，债务发行成本及债务折价的摊销额分别为 $2 million 和 $20 million。

As of December 31, 2023 and 2024, the amounts outstanding were $1.4 billion and $2.0 billion, respectively, under the DDTL 1.0 Facility. The Company incurred deferred financing costs of $12 million and recorded debt discounts of $24 million and $22 million for the years ended December 31, 2023 and 2024, respectively. These costs are capitalized as a reduction to the outstanding debt balance on the consolidated balance sheets and are being amortized to interest expense over the term of the DDTL 1.0 Facility. Amortization of debt issuance costs and debt discounts was $2 million and $20 million for the years ended December 31, 2023 and 2024, respectively.

公司须维持相当于已提取余额 16.00% 的限制性现金，截至 2023 年 12 月 31 日合计 220 百万美元。2024 年 5 月，在修订利率的同时，限制性现金要求降至已提取余额的 4.00%，但流动性要求在任何情况下均不得超过 56 百万美元。截至 2024 年 12 月 31 日，与该协议相关的限制性现金为 56 百万美元。

The Company was required to maintain restricted cash equal to 16.00% of the drawn balance, totaling $220 million as of December 31, 2023. In May 2024, in conjunction with the amendment to the interest rate, the restricted cash requirement was reduced to 4.00% of the drawn balance, but in no event can the liquidity requirement be greater than $56 million. As of December 31, 2024, $56 million was restricted cash in relation to this agreement.

延迟提取定期贷款融资安排 2.0

Delayed Draw Term Loan Facility 2.0

2024 年 5 月，公司子公司之一 CoreWeave Compute Acquisition Co. IV, LLC（“CCAC IV”）与多家贷款方及 U.S. Bank, N.A.（作为行政代理人和抵押代理人）签订了第二份协议。该协议提供另一项最高达 $7.6 billion 的延迟提取定期贷款融资（经修订，简称“DDTL 2.0 融资”）。该协议项下的借款主要用于为履行客户合同所需的资本支出提供资金，包括购置 GPU 服务器及相关基础设施。

In May 2024, one of the Company’s subsidiaries, CoreWeave Compute Acquisition Co. IV, LLC (“CCAC IV”) entered into a second agreement with various lenders and U.S. Bank, N.A., as the administrative and collateral agent. The agreement provides for another delayed draw term loan facility of up to $7.6 billion (as amended, the “DDTL 2.0 Facility”). Borrowings under this agreement were established to primarily finance capital expenditures necessary to fulfill customer contracts, including the acquisition of GPU servers and related infrastructure.

根据 DDTL 2.0 融资安排，可在 2025 年 6 月之前提取额外贷款，并可在贷款人同意的情况下选择将承诺期延长三个月。可提供的贷款总额受限于贷款所融资资产的购买价格，该百分比基于 GPU 服务器的可折旧成本计算。

Under the DDTL 2.0 Facility, additional loans may be drawn until June 2025, with an option to extend the commitment period by three months subject to lender consent. The total loans available are constrained by the purchase price of assets for which the loans are being used to finance with such percentage based upon the depreciable cost of GPU servers.

公司在 DDTL 2.0 融资安排下的所有义务均由公司无条件担保。DDTL 2.0 融资安排下的未偿义务由以下各项的完善第一优先质押和担保权益担保：(i) 其直接母公司持有的 CCAC IV 股权权益，以及 (ii) CCAC IV 的绝大部分资产。

All obligations under the DDTL 2.0 Facility are unconditionally guaranteed by the Company. Obligations outstanding under the DDTL 2.0 Facility are secured by perfected first priority pledges of and security interests in (i) the equity interests of CCAC IV held by its direct parent and (ii) substantially all of the assets of CCAC IV.

DDTL 2.0 融资安排包含限制公司和/或 CCAC IV 以下能力的契约：产生或担保额外债务；支付股息及进行其他分配或回购股票；进行某些投资；设立或产生留置权；出售资产；与关联方进行某些交易；以及合并、整合或转让或出售其全部或绝大部分资产。

The DDTL 2.0 Facility contains covenants that restrict the ability of the Company and/or CCAC IV to incur or guarantee additional indebtedness; pay dividends and make other distributions or repurchase stock; make certain investments; create or incur liens; sell assets; enter into certain transactions with affiliates; and merge, consolidate or transfer or sell all or substantially all of its assets.

DDTL 2.0 融资安排下未偿借款的利息按年利率计算，利率由公司选择为 Term SOFR 或替代基准利率，加上基于相关客户合同信用质量的利差。对于特定投资级客户，Term SOFR 计价贷款的利差为 6.00%，基准利率计价贷款的利差为 5.00%。对于投资级客户，Term SOFR 贷款的利差为 6.50%，基准利率贷款的利差为 5.50%。对于非投资级客户合同，Term SOFR 贷款的利差为 13.00%，基准利率贷款的利差为 12.00%。

Interest on outstanding borrowings on the DDTL 2.0 Facility accrues at a rate per annum equal to either, at the Company’s election, Term SOFR or the alternative base rate plus a spread based on the credit quality of the associated customer contracts. For specified investment-grade customers, the spread is equal to 6.00% for Term SOFR denominated loans and 5.00% for base rate denominated loans. For investment-grade customers, the spread is equal to 6.50% for Term SOFR loans and 5.50% for base rate loans. For non-investment-grade customer contracts, the spread is equal to 13.00% for Term SOFR loans and 12.00% for base rate loans.

贷款本金须自 2025 年 10 月起按季度分期偿还，最后一笔气球付款于相关贷款发放后满五年时到期。贷款可由公司选择随时、不时提前偿还，并在发生违约事件或公司控制权变更，或产生某些债务时须强制提前偿还。如贷款在贷款承诺终止日满 30 个月之前提前偿还，除本金和应计利息外，公司还须支付相当于按现行利率计算至贷款承诺终止日满 30 个月期间本应计息的未来利息付款现值的适用溢价。

The principal amount of the loans is required to be repaid in quarterly installments, beginning in October 2025, with the final balloon payment due on five years after the applicable loan was funded. The loans are prepayable at any time, from time to time, at the Company’s option and are required to be prepaid upon the occurrence of an event of default or change of control of the Company, or incurrence of certain indebtedness. If the loans are prepaid prior to the 30-month anniversary of the loan commitment termination date, in addition to principal and accrued interest, the Company is required to pay an applicable premium equal to the present value of future interest payments that would have accrued through the 30-month anniversary of the loan commitment termination date based on the interest rate in effect.

截至 2024 年 12 月 31 日，DDTL 2.0 融资机制项下借款实际适用的平均利率为 10.53%，借款总额为 $3.8 billion。公司就 DDTL 2.0 融资机制的发行发生了 $3 million 的递延融资成本，并记录了 $58 million 的债务折价。该等成本在合并资产负债表上作为未偿债务余额的减项予以资本化，并在 DDTL 2.0 融资机制的期限内摊销计入利息费用。截至 2024 年 12 月 31 日止年度，债务发行成本及债务折价的摊销额为 $5 million。公司须维持相当于已提取余额 2.00% 的限制性现金，截至 2024 年 12 月 31 日合计为 $77 million。此外，截至 2024 年 12 月 31 日止年度，公司发生了合计 $4 million 的未提取费用，该费用在合并经营报表中计入利息费用净额。

As of December 31, 2024, the actual average interest rate being charged on the amounts borrowed against the DDTL 2.0 Facility was 10.53% and the total amount borrowed was $3.8 billion. The Company incurred deferred financing costs of $3 million and recorded debt discounts of $58 million related to the issuance of the DDTL 2.0 Facility. These costs are capitalized as a reduction to the outstanding debt balance on the consolidated balance sheets and are being amortized to interest expense over the term of the DDTL 2.0 Facility. Amortization of debt issuance costs and debt discounts was $5 million for the year ended December 31, 2024. The Company is required to maintain restricted cash equal to 2.00% of the drawn balance, totaling $77 million as of December 31, 2024. Additionally, the Company incurred undrawn fees totaling $4 million for the year ended December 31, 2024, which is recognized in interest expense, net in the consolidated statements of operations.

#### 循环信贷融资

#### Revolving Credit Facility

2024 年 6 月 21 日，公司与 JPMorgan Chase Bank, N.A. 签订信贷协议，由其担任行政代理人和担保代理人。该信贷协议于 2027 年 6 月 21 日到期。该信贷协议最初提供 $100 million 的高级循环信贷融资。2024 年 10 月 7 日，该信贷协议经修订，额度调整为 $650 million，包括 (i) $500 million 的有担保融资和 (ii) $150 million 的无担保融资，以支持公司数据中心基础设施及 AI 驱动的云计算业务的扩张。2024 年 12 月 2 日，该信贷协议经进一步修订，规定 $650 million 高级循环信贷融资为全额有担保（“循环信贷融资”）。循环信贷融资包括 $175 million 的信用证子融资。截至 2024 年 12 月 31 日，公司尚未提取循环信贷融资项下的款项。

On June 21, 2024, the Company entered into a credit agreement with JPMorgan Chase Bank, N.A., as administrative agent and collateral agent. The credit agreement matures on June 21, 2027. The credit agreement originally provided for a $100 million senior revolving credit facility. On October 7, 2024, the credit agreement was amended to have a capacity of $650 million consisting of (i) a $500 million secured facility and (ii) a $150 million unsecured facility to support the expansion of the Company’s data center infrastructure and AI-driven cloud computing operations. On December 2, 2024, the credit agreement was further amended to provide for the $650 million senior revolving credit facility to be fully secured (the “Revolving Credit Facility”). The Revolving Credit Facility includes a $175 million letter of credit sub-facility. As of December 31, 2024, the Company had not drawn on the Revolving Credit Facility.

公司循环信贷融资项下的借款按年利率计息，由公司选择：(a) 对于基准利率贷款，适用利差为 0.75% 加基准利率（下限为 1.00%），该基准利率参照以下各项中的最高者确定：(i) 最优惠利率；(ii) (a) 联邦基金有效利率与 (b) 隔夜银行融资利率中的较高者，在每种情况下均加 0.50%；以及 (iii) 一个月期限的有担保隔夜融资利率（“SOFR”）加 1.00%；或 (b) 对于期限基准贷款，适用利差为 1.75% 加一个月、三个月或六个月计息期的期限 SOFR（下限为 0.00%）。此外，公司须就平均未提取承诺额按年支付 0.25% 的费用。公司可随时自愿提前偿还循环信贷融资项下的未偿贷款，无需支付溢价或罚金。

Amounts borrowed under the Company’s Revolving Credit Facility are subject to an interest rate per annum equal to, at the Company’s option, either (a) for base rate loans, an applicable margin of 0.75% plus a base rate (subject to a 1.00% floor) determined by reference to the highest of (i) the prime rate, (ii) the greater of (a) the federal funds effective rate and (b) the overnight bank funding rate, in each case, plus 0.50%, and (iii) the one month term Secured Overnight Financing Rate (“SOFR”) plus 1.00% or (b) for term benchmark loans, an applicable margin of 1.75% plus the term SOFR (subject to a 0.00% floor) for a one, three or six month interest period. Additionally, the Company is required to pay a fee of 0.25% per annum on the average undrawn commitment. The Company may voluntarily prepay outstanding loans under its Revolving Credit Facility at any time without premium or penalty.

#### 2024 年定期贷款融资

#### 2024 Term Loan Facility

2024 年 12 月，公司与相关方签订了一份信贷协议，设立了一项金额为$1.0 billion 的定期贷款融资（“2024 年定期贷款融资”），该融资由(i)一笔$229 million 的有担保融资和(ii)一笔$771 million 的无担保融资组成。2024 年 12 月 16 日，公司提取了该协议项下可用的全部$1.0 billion 贷款。该定期贷款融资的所得款项可用于营运资金及一般公司用途（包括为收购和投资提供融资）。

In December 2024, the Company entered into a credit agreement providing for a $1.0 billion term loan facility (the “2024 Term Loan Facility”) consisting of (i) a $229 million secured facility and (ii) a $771 million unsecured facility. On December 16, 2024, the Company borrowed the full $1.0 billion of loans available under the agreement. The proceeds from the term loan facility may be used for working capital and general corporate purposes (including the financing of acquisitions and investments).

公司就发行 2024 年定期贷款融资产生了 $16 的递延融资成本。该等成本在合并资产负债表上作为“债务，流动”项下未偿债务余额的减项予以资本化，并在 2024 年定期贷款融资的期限内摊销计入利息费用。截至 2024 年 12 月 31 日，未摊销的递延融资成本为 $15。

The Company incurred deferred financing costs related to the issuance of the 2024 Term Loan Facility of $16 million. These costs are capitalized as a reduction to the outstanding debt balance within Debt, current on the consolidated balance sheets and are being amortized to interest expense over the term of the 2024 Term Loan Facility. As of December 31, 2024, the unamortized deferred financing costs were $15 million.

2024 年定期贷款融资于 2025 年 12 月 16 日到期。公司可随时、不时地自行选择提前还款，或在发生违约事件时，或以某些资产处置、债务发生或股权发行的所得款项提前还款，包括须以首次公开发行的部分或全部所得款项进行提前还款的要求。定期贷款融资项下借入的款项按年利率计息，由公司选择，利率等于 (a) 期限 SOFR 加前 180 天 5.25%、随后 90 天 5.75%、2024 年定期贷款融资剩余期限内 6.25%，或 (b) 替代基准利率（如前所述）加前 180 天 4.25%、随后 90 天 4.75%、2024 年定期贷款融资剩余期限内 5.25%。截至 2024 年 12 月 31 日，2024 年定期贷款融资项下借入款项的实际适用利率为 9.65%。2024 年定期贷款融资包含惯常的肯定性和否定性契约。

The 2024 Term Loan Facility matures December 16, 2025. The Company may prepay at any time, from time to time, at its option, upon the occurrence of an event of default, or with the proceeds of certain asset dispositions, incurrences of indebtedness or equity issuances, including a requirement to be prepaid with some or all of the proceeds of an initial public offering. Amounts borrowed under the term loan facility are subject to an interest rate per annum equal to, at the Company’s option, either (a) Term SOFR plus 5.25% for the first 180 days, 5.75% for the next 90 days, and 6.25% for the remainder of the term of the 2024 Term Loan Facility or (b) the alternative base rate (as described previously) plus 4.25% for the first 180 days, 4.75% for the next 90 days, and 5.25% for the remainder of the term of the 2024 Term Loan Facility. As of December 31, 2024, the actual interest rate being charged on the amounts borrowed against the 2024 Term Loan Facility was 9.65%. The 2024 Term Loan Facility contains customary affirmative and negative covenants.

#### OEM 融资安排

#### OEM Financing Arrangements

本公司与一家原始设备制造商（OEM）于 2024 年 2 月至 12 月期间签订了多项协议，据此本公司就若干设备取得融资，截至 2024 年 12 月 31 日，该等设备的合计名义余额为 $1.3 billion。就该等融资协议，本公司为所融资设备授予了担保权益。该等协议作为融资安排进行会计处理，期限为两至三年。该等融资安排在期限内设有明确的还款计划，实际利率介于 9% 至 11% 之间。本公司未就该等融资安排发生任何债务发行费用。截至 2024 年 12 月 31 日止年度的利息费用为 $60 million。

The Company entered into various agreements with an OEM between February and December 2024 whereby the Company obtained financing for certain equipment with an aggregate notional balance of $1.3 billion as of December 31, 2024. Related to the financing agreements, the Company granted a security interest for the financed equipment. The agreements are accounted for as financing arrangements, with terms between two to three years. The financing arrangements have a stated repayment schedule over the term with effective interest rates between 9% to 11%. The Company did not incur any debt issuance costs associated with the financing arrangements. Interest expense for the year ended December 31, 2024 was $60 million.

#### DCSP 融资安排

#### DCSP Financing Arrangements

2023 年 6 月，本公司与一家数据中心服务提供商（以下简称“DCSP”）签订了服务协议（以下简称“DCSP 服务协议”）。根据 DCSP 服务协议，DCSP 将设计、采购、建设并管理一座数据中心，分阶段提供最高 78 MW 的电力接入。此外，在截至 2024 年 12 月 31 日的年度内，本公司购买了 116 百万美元的关键基础设施资产以支持该数据中心场地（以下简称“现有关键基础设施资产”）。

In June 2023, the Company entered into a service agreement with a data center service provider (the “DCSP”) (the “DCSP Service Agreement”). Under the DCSP Service Agreement, the DCSP will design, purchase, build, and manage a data center providing access to up to 78 MW of electrical power to be delivered in phases. Separately, during the year ended December 31, 2024, the Company purchased $116 million of critical infrastructure assets to support the data center site (the “Existing Critical Infrastructure Assets”).

2024 年 10 月，本公司作为贷款方，与 DCSP 签订了高级担保延迟提款定期贷款信贷协议（以下简称“应收票据”，连同 DCSP 服务协议合称“DCSP 融资安排”），以促进关键基础设施资产的购买。应收票据协议约定总承诺额度最高为 305 百万美元的延迟提款定期贷款融资，期限为七年，约定年利率为 13.00%。本公司就应收票据的发行发生了不重大的费用。

In October 2024, the Company, as a lender, entered into a Senior Secured Delayed Draw Term Loan Credit Agreement (the “Note Receivable”, and collectively, with the DCSP Service Agreement, the “DCSP Financing Arrangements”) with the DCSP to facilitate the purchase of critical infrastructure assets. The Note Receivable agreement provides for a total commitment of up to $305 million in delayed draw term loan funding for a term of seven years with a stated interest rate of 13.00% per annum. The Company incurred an immaterial amount of fees in conjunction with the issuance of the Note Receivable.

应收票据以支持数据中心当前及未来各阶段建设的新建及现有关键基础设施资产作为担保，DCSP 可随时提前还款且无需支付罚金。

The Note Receivable is secured by the new and existing critical infrastructure assets that support current and future phases of the build out at the data center and is prepayable at any time by the DCSP with no penalty.

在截至 2024 年 12 月 31 日的年度内，DCSP 根据应收票据借款，用于结清本公司此前向 DCSP 垫付的款项、为购买额外关键基础设施资产提供资金以及购买现有关键基础设施资产。根据 DCSP 服务协议的条款，本公司继续控制现有关键基础设施资产，并就已收到的现有关键基础设施资产对价确认了一项融资义务。该融资义务期限为 14 年，隐含利率为 15%。现有关键基础设施资产计入合并资产负债表中的物业及设备净额，并按预计可使用年限计提折旧。

During the year ended December 31, 2024, the DCSP borrowed under the Note Receivable to settle amounts previously advanced to the DCSP by the Company, finance purchases of additional critical infrastructure assets, and purchase the Existing Critical Infrastructure Assets. Under the terms of the DCSP Service Agreement, the Company continues to control the Existing Critical Infrastructure Assets and the Company recorded a financing obligation related to the consideration received for the Existing Critical Infrastructure Assets. The financing obligation is payable over a term of 14 years and has an imputed interest rate of 15%. The Existing Critical Infrastructure Assets are included in property and equipment, net, on the consolidated balance sheets and are depreciated over their estimated useful life.

截至 2024 年 12 月 31 日，就融资义务应付 DCSP 的未来合同本金付款如下（单位：千美元）：

As of December 31, 2024, the future contractual principal payments under the financing obligation due to the DCSP were as follows (in thousands):

截至 12 月 31 日的年度 · 合同本金付款 2025 · $19,672 2026 · 19,658 2027 · 19,645 2028 · 19,630 2029 · 19,616 此后 · 175,800 未来付款总额 · 274,021 减：代表利息的金额 · (158,081) 融资义务总额 · $115,940 减：流动部分 · (2,087) 长期部分 · $113,853

Years Ending December 31, · Contractual Principal Payments 2025 · $19,672 2026 · 19,658 2027 · 19,645 2028 · 19,630 2029 · 19,616 Thereafter · 175,800 Total future payments · 274,021 Less: amount representing interest · (158,081) Total financing obligation · $115,940 Less: current portion · (2,087) Long-term portion · $113,853

DCSP 融资安排允许双方对应付款项进行净额结算，并符合 ASC 210《资产负债表》中关于抵销权的标准。截至 2024 年 12 月 31 日，应收票据的总额为 $224 million，该金额已扣除 $116 million 的融资义务后以净额列示。若 DCSP 在 2025 年第一季度实现特定建设里程碑，则应收票据上的应计利息将被豁免。截至 2024 年 12 月 31 日止年度，由于公司预计无权获得该应计利息，公司未确认任何利息收入。截至 2024 年 12 月 31 日止年度，与融资义务相关的利息费用总额为 $3 million。

The DCSP Financing Arrangements allow for the net settlement of amounts due between the parties and meet the criteria for right of setoff in accordance with ASC 210, Balance Sheet. As of December 31, 2024, the gross amount of the Note Receivable is $224 million, which is presented net of the financing obligation of $116 million. The accrued interest on the Note Receivable is forgiven if the DCSP achieves certain construction milestones in the first quarter of 2025. For the year ended December 31, 2024, the Company did not recognize any interest income as the Company does not expect to be entitled to the accrued interest. The total interest expense related to the financing obligation for the year ended December 31, 2024 was $3 million.

11. 可赎回可转换优先股及股东赤字 11. Redeemable Convertible Preferred Stock and Stockholders’ Deficit

#### 可赎回可转换优先股

#### Redeemable Convertible Preferred Stock

截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，公司分别拥有四类和五类可赎回可转换优先股。截至 2023 年 12 月 31 日，可赎回可转换优先股由以下各项组成（除每股金额外，单位为千）：

As of December 31, 2023 and 2024, the Company had four and five classes of redeemable convertible preferred stock, respectively. As of December 31, 2023, redeemable convertible preferred stock consisted of the following (in thousands, except per share amounts):

授权股数 · 已发行及流通在外股数 · 每股发行价格 · 账面价值 · 合计清算优先权 种子轮 · 60,000 · 48,896 · $0.05 · $2,205 · $2,205 A 轮 · 24,182 · 19,879 · 0.12 · 2,316 · 2,316 B 轮 · 79,979 · 75,496 · 5.58 · 455,996 · 421,001 B-1 轮 · 12,485 · 10,407 · 0.40 · 4,173 · 4,173 合计 · 176,646 · 154,678 · $464,690 · $429,695

Shares Authorized · Shares Issued and Outstanding · Issuance Price Per Share · Carrying Value · Aggregate Liquidation Preference Series Seed · 60,000 · 48,896 · $0.05 · $2,205 · $2,205 Series A · 24,182 · 19,879 · 0.12 · 2,316 · 2,316 Series B · 79,979 · 75,496 · 5.58 · 455,996 · 421,001 Series B-1 · 12,485 · 10,407 · 0.40 · 4,173 · 4,173 Total · 176,646 · 154,678 · $464,690 · $429,695

截至 2024 年 12 月 31 日，可赎回可转换优先股由以下各项组成（除每股金额外，单位为千）：

As of December 31, 2024, redeemable convertible preferred stock consisted of the following (in thousands, except per share amounts):

授权股数 · 已发行及流通在外股数 · 每股发行价格 · 账面价值 · 合计清算优先权 种子轮 · 60,000 · 45,567 · $0.05 · $2,039 · $2,039 A 轮 · 24,182 · 19,361 · 0.12 · 2,256 · 2,256 B 轮 · 79,979 · 79,979 · 5.58 · 550,595 · 446,002 B-1 轮 · 12,484 · 10,205 · 0.40 · 4,091 · 4,091 C 轮 · 29,523 · 29,523 · 38.95 · 1,163,130 · 1,163,671 合计 · 206,169 · 184,635 · $1,722,111 · $1,618,059

Shares Authorized · Shares Issued and Outstanding · Issuance Price Per Share · Carrying Value · Aggregate Liquidation Preference Series Seed · 60,000 · 45,567 · $0.05 · $2,039 · $2,039 Series A · 24,182 · 19,361 · 0.12 · 2,256 · 2,256 Series B · 79,979 · 79,979 · 5.58 · 550,595 · 446,002 Series B-1 · 12,484 · 10,205 · 0.40 · 4,091 · 4,091 Series C · 29,523 · 29,523 · 38.95 · 1,163,130 · 1,163,671 Total · 206,169 · 184,635 · $1,722,111 · $1,618,059

2023 年 4 月，根据公司章程修订案，公司授权总计 79,978,760 股 B 轮可赎回可转换优先股，每股面值为 $0.000005，每股原始发行价格为 $5.58。此外，公司发行总计 12,484,540 股 B-1 轮可赎回可转换优先股，每股面值为 $0.000005，以按等于每股原始发行价格 $0.40 的转换价格结清 2021 年无担保优先次级可转换本票的未偿本金及利息余额。更多信息请参见附注 10——债务。

In April 2023, the Company authorized a total of 79,978,760 shares of Series B redeemable convertible preferred stock, with a par value of $0.000005 per share and an original issue price of $5.58 per share, pursuant to an amendment of the certificate of incorporation. Additionally, the Company issued a total of 12,484,540 shares of Series B-1 redeemable convertible preferred stock, with a par value of $0.000005 per share to settle the outstanding principal and interest balance of the 2021 Unsecured Senior Subordinated Convertible Promissory Notes based on a conversion price, equal to the original issue price of $0.40 per share. Refer to Note 10—Debt for additional information.

截至 2023 年 12 月 31 日止年度，公司发行了 75,495,640 股 B 类可赎回可转换优先股，总募集资金为 $421 million。在首次发行时，公司向领投方（关联方）授予了一项选择权，可在最长九个月内按每股 $5.58 的原始发行价购买最多 40,348,040 股 B 类可赎回可转换优先股。B 类分批负债须确认为负债，因为其代表一项购买可赎回权益的合同。首次发行所得款项的一部分被分配至该负债的初始确认。该负债其后按公允价值重新计量，公允价值变动在结算日前的损益中确认。2023 年 5 月，因行使 B 类分批负债的一部分而发行了 35,864,920 股 B 类可赎回可转换优先股。2024 年 1 月，因行使 B 类分批负债的剩余部分而发行了 4,483,120 股 B 类可赎回可转换优先股。截至 2023 年 12 月 31 日止年度和截至 2024 年 12 月 31 日止年度，公司就 B 类分批负债的重新计量分别确认了 $105 million 的公允价值调整损失和并无重大收益或损失。

During the year ended December 31, 2023, the Company issued 75,495,640 shares of Series B redeemable convertible preferred stock for total gross proceeds of $421 million. At the time of the initial issuance, the Company granted an option to the lead investor, a related party, to purchase up to 40,348,040 shares of Series B redeemable convertible preferred stock over a period of up to nine months, at the original issuance price of $5.58 per share. The Series B tranche liability was required to be recognized as a liability as it represented a contract to purchase redeemable equity. A portion of the proceeds of the original issuance was allocated to the initial recognition of the liability. The liability was subsequently remeasured to fair value with changes in fair value recognized in earnings through the settlement date. In May 2023, 35,864,920 shares of Series B redeemable convertible preferred stock were issued upon exercise of the portion of the Series B tranche liability. In January 2024, 4,483,120 shares of Series B redeemable convertible preferred stock were issued upon exercise of the remaining portion of the Series B tranche liability. For the years ended December 31, 2023 and 2024, the Company recognized a fair value adjustment loss of $105 million and no material gain or loss, respectively, on the remeasurement of the Series B tranche liability.

2024 年 5 月，公司发行了 29,523,120 股 C 类可赎回可转换优先股，每股面值为 $0.000005，原始发行价为每股 $38.95，总募集资金为 $1.1 billion，并发生了 $3 million 的相关发行费用。

In May 2024, the Company issued 29,523,120 shares of Series C redeemable convertible preferred stock with a par value of $0.000005 per share and an original issue price of $38.95 per share for total gross proceeds of $1.1 billion and incurred related issuance costs of $3 million.

可赎回可转换优先股的持有人享有以下权利、优先权和特权：

The holders of the redeemable convertible preferred stock have the following rights, preferences, and privileges:

投票权

Voting

除法律或公司章程另有规定外，可赎回可转换优先股的持有人拥有完全的投票权，等同于普通股持有人按转换后基准享有的投票权。除法律或公司章程另有规定外，优先股股东作为一个单一类别共同投票。

Except as provided by law or by the Company’s certificate of incorporation, the holders of redeemable convertible preferred stock have full voting rights, equivalent to the voting rights of holders of common stock, as if converted. The preferred stockholders vote together as a single class, except as provided by law or by the Company’s certificate of incorporation.

股息

Dividends

可赎回可转换优先股的持有人有权按转换后基准参与向普通股持有人分配的任何股息。

Holders of the redeemable convertible preferred stock are entitled to participate in any dividends distributed to holders of common stock, as if converted.

C 轮可赎回可转换优先股的持有人有权获得按累计设定价值（初始为每股 $38.95）以每年 10% 的比率逐日计提的累积股息。累积股息按季度支付，可以现金支付，也可以通过计入累计设定价值优先额的方式以实物支付。C 轮可赎回可转换优先股的持有人有权在支付任何其他股息之前优先获得累积股息。截至 2024 年 12 月 31 日止年度，公司共支付现金股息 $59 million，并按公允价值确认实物支付（PIK）股息共计 $16 million。PIK 股息支付使 C 轮可赎回优先股的累计设定价值增加 $14 million，该金额等同于本应以现金支付的金额。该增加的价值将用于计算未来各季度应付股息。

Holders of the Series C redeemable convertible preferred stock are entitled to a cumulative dividend that accrues from day-to-day at a rate of 10% per annum of the accumulated stated value, which is initially equal to $38.95 per share. Cumulative dividends are payable quarterly and can be paid in cash, or paid in kind by being added to the accumulated stated value preference. The holders of Series C redeemable convertible preferred stock are entitled to receive the cumulative dividends prior and in preference to the payment of any other dividend. For the year ending December 31, 2024, the Company paid a total cash dividend of $59 million and a total PIK dividend, recognized at fair value, of $16 million. The PIK dividend payment increased the accumulated stated value of the Series C Redeemable Preferred Stock by $14 million, which is equivalent to the amount that would have been paid in cash. This increased value will be used to calculate future quarterly dividends payable.

转换

Conversion

每股可赎回可转换优先股可由持有人选择随时转换为 A 类普通股。转换比率通过将原始发行价（就 C 轮而言，为累计设定价值加上已计提未支付股息（不重复计算））除以转换时的转换价格确定，转换价格初始等于原始发行价，并须按惯例因股票拆分、股息及其他适用公司事件进行反稀释调整。截至 2023 年 12 月 31 日，每股可赎回可转换优先股可转换为一股 A 类普通股。截至 2024 年 12 月 31 日，每股种子轮、A 轮、B 轮和 B-1 轮可赎回可转换优先股可转换为一股 A 类普通股，每股 C 轮可赎回可转换优先股可转换为 1.0119 股 A 类普通股。

Each share of redeemable convertible preferred stock is convertible at any time at the election of the holder into Class A common stock. The conversion rate is determined by dividing the original issue price, or in the case of the Series C, the accumulated stated value plus accrued and unpaid dividends (without double counting), by the conversion price at the time of conversion, with the conversion price initially equal to the original issue price, subject to customary anti-dilutive adjustments for stock splits, dividends, and other applicable corporate events. As of December 31, 2023, each share of redeemable convertible preferred stock was convertible into one share of Class A common stock. As of December 31, 2024, each share of Series Seed, Series A, Series B and Series B-1 redeemable convertible preferred stock was convertible into one share of Class A common stock and each share of Series C redeemable convertible preferred stock was convertible into 1.0119 shares of Class A common stock.

发生以下任一情形时，转换即为强制转换：(i) 首次公开发行（IPO），每股价格至少为 $6.97，且公司获得的募集资金净额（扣除承销折扣和佣金后）至少为 $125 million；或 (ii) 占多数的可赎回可转换优先股持有人作为单一类别共同投票作出选择，但前提是，就 B 轮可赎回可转换优先股而言，须获得当时流通的 B 轮可赎回可转换优先股至少 20% 持有人的同意；且如果是在视同清算事件（定义见公司章程）中，C 轮可赎回可转换优先股持有人将获得的每股对价低于累计设定价值，则就 C 轮可赎回可转换优先股而言，须获得当时流通的 C 轮可赎回可转换优先股至少 90% 持有人的同意。

Conversion is mandatory upon the occurrence of either: (i) an IPO at a price per share of at least $6.97 resulting in at least $125 million in proceeds to the Company, net of underwriting discount and commissions, or (ii) the election by the holders of a majority of the redeemable convertible preferred stock, voting together as a single class, provided that the consent of holders of at least 20% of the then-outstanding Series B redeemable convertible preferred stock is required with respect to the Series B redeemable convertible preferred stock, and the consent of holders of at least 90% of the then-outstanding Series C redeemable convertible preferred stock is required with respect to the Series C redeemable convertible preferred stock if in connection with a Deemed Liquidation Event (as defined in the Company’s certificate of incorporation) in which the holders of Series C redeemable convertible preferred stock will receive consideration per share that is less than the accumulated stated value.

清算优先权

Liquidation Preference

在公司发生任何自愿或非自愿清算、解散或停业清算，或任何视同清算事件（包括合并或整合）时，(i)首先，在向次级优先股或普通股持有人支付任何款项之前，C 系列可赎回可转换优先股持有人有权从可供分配的可用资金中获得支付；(ii)其次，B 系列合并优先股（B 系列、B-1 系列）持有人有权从可供分配的可用资金中获得支付；(iii)再次，次级优先股（种子轮系列、A 系列）持有人有权从可供分配的可用资金中获得支付；且若公司未在此类交易完成后的 90 天内赎回可赎回可转换优先股，则该等优先股持有人可选择赎回其股份。持有人有权获得以下两者中的较高者：(x)该等股份的原始发行价，且对于 C 系列可赎回可转换优先股，为累计设定价值加上已计提但未支付股息，或 (y)若全部可赎回可转换优先股在清算前立即转换后本应支付的每股金额。

In the event of any voluntary or involuntary liquidation, dissolution, or winding up of the Company, or any Deemed Liquidation Event (including mergers or consolidations), (i) first, holders of Series C redeemable convertible preferred stock are entitled to be paid out of any funds available for distribution, (ii) then, holders of Combined Series B Preferred Stock (Series B, Series B-1) are entitled to be paid out of any funds available for distribution, (iii) then, holders of Junior Preferred Stock (Series Seed, Series A) are entitled to be paid out of any funds available for distribution, and the holders of redeemable convertible preferred stock may elect to redeem their shares in the event the shares are not redeemed by the Company within 90 days of the consummation of such transactions, before any payments are made to holders of Junior Preferred Stock or common stock. Holders are entitled to the greater of: (x) the original issue price of such shares and in the case of the Series C redeemable convertible preferred stock, the accumulated stated value plus accrued and unpaid dividends, or (y) the amount per share that would have been payable had all redeemable convertible preferred stock been converted immediately prior to the liquidation.

可选赎回

Optional Redemption

持有人有权（但无义务）强制公司赎回其股份，赎回价格等于每股累计设定价值加上已计提但未支付股息，且该选择权在发生控制权变更时加速行使。若 C 系列可赎回可转换优先股在 IPO 时转换，则持有人有权在 IPO 后首个交易日的第二个周年日，以每股 $38.95 现金赎回因转换 C 系列而发行的普通股。公司认为，赎回特征内嵌于相应股份之中，且无需分拆，因为若该等赎回特征独立存在，将不符合衍生工具的定义。

The holders have the option, but not the obligation, to force the Company to redeem their shares for a redemption price equal to the accumulated stated value per share plus accrued and unpaid dividends, with such option being accelerated upon the occurrence of a change of control. In the event the Series C redeemable convertible preferred stock is converted upon an IPO, the holders will be entitled to redeem the common stock issued upon conversion of the Series C for $38.95 cash per share at the second anniversary of the first trading day after the IPO. The Company concluded that the redemption features were embedded within the respective shares of stock and were not required to be bifurcated because the redemption features would not meet the definition of a derivative if they were freestanding.

保护性条款

Protective Provisions

除所有可赎回可转换优先股所列的权利和特权外，B 系列可赎回可转换优先股还包括某些特殊权利，例如选举一名公司董事会（“董事会”）成员的权利，以及保护性权利，例如否决增加 B 系列合并优先股（B 系列、B-1 系列）授权股份数量的权利。C 系列可转换优先股还包括保护性权利，例如否决增加 C 系列可赎回可转换优先股授权股份数量的权利。

In addition to the rights and privileges listed for all redeemable convertible preferred stock, the Series B redeemable convertible preferred stock includes certain special rights, such as the ability to elect one member of the Company’s Board of Directors (“Board”), and protective rights, such as the ability to veto an increase in the authorized number of shares of Combined Series B Preferred Stock (Series B, Series B-1). Series C convertible preferred stock also includes protective rights, such as the ability to veto an increase in the authorized number of shares of Series C redeemable convertible preferred stock.

可赎回可转换优先股的分类

Classification of Redeemable Convertible Preferred Stock

尽管本公司的可赎回可转换优先股并非强制可赎回，但由于其在某些不受本公司控制的视同清算事件发生时可有条件赎回，因此被归类为股东权益赤字之外。相应地，可赎回可转换优先股在合并资产负债表的夹层部分列示于永久性权益之外。除 C 轮优先股外，可赎回可转换普通股未按赎回价值重新计量，因为赎回权仅在非持有人控制的事件发生时可有条件行使，且在所列报期间内这些或有事件均不被认为很可能发生，因此这些工具不被认为很可能变为可赎回。

Although the Company’s redeemable convertible preferred stock is not mandatorily redeemable, it is classified outside of stockholders’ deficit because it is contingently redeemable upon certain Deemed Liquidation Events outside the Company’s control. Accordingly, redeemable convertible preferred stock is presented outside of permanent equity in the mezzanine section of the consolidated balance sheets. With the exception of the Series C, the redeemable convertible common stock is not being remeasured to redemption value because the redemption rights are contingently exercisable upon the occurrence of events that are not within the control of the holders, the contingent events were not deemed probable of occurring at any time during the periods presented, and therefore, the instruments were not deemed probable of becoming redeemable.

C 轮可赎回可转换优先股的持有人有权在认沽期权可行使之日无或有条件地要求以现金赎回其股份。因此，C 轮可赎回可转换优先股的账面价值在自发行日至赎回选择权首次可行使的期间内累积至其赎回价值。C 轮可赎回可转换优先股的累积股息，在本公司选择以现金结算时计提为股息负债，或在本公司选择以实物结算累积股息时计入赎回价值累积的计算中。

The holders of the Series C redeemable convertible preferred stock are entitled to redeem their shares for cash on the date the put option becomes exercisable, without contingency. As a result, the carrying value of the Series C redeemable convertible preferred stock is being accreted to its redemption value over the period from issuance to when the redemption option first becomes exercisable. The cumulative dividends on the Series C redeemable convertible preferred stock are accrued as dividend liabilities in the event the Company elects to settle in cash, or included in the calculation of the accretion to redemption value in the event the Company elects to settle the cumulative dividend in kind.

#### 普通股

#### Common Stock

截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，本公司分别获授权发行 469,030,700 股和 690,680,000 股普通股，每股面值$0.000005。截至 2023 年 12 月 31 日，本公司有一类普通股。在截至 2024 年 12 月 31 日的年度内，本公司的公司章程经修订，使本公司普通股由 A 类普通股和 B 类普通股组成。普通股股东有权在董事会宣布派发股息时获得任何股息，并且在清算或解散时，也有权按所持股份数量比例平等获得所有依法可用于分配给股东的资产，但须受优先股股东权利的限制。截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，董事会尚未宣布对本公司普通股的任何股息。

As of December 31, 2023 and 2024, the Company was authorized to issue 469,030,700 and 690,680,000 shares of common stock, respectively, with a par value of $0.000005 per share. As of December 31, 2023, the Company had one class of common stock. During the year ended December 31, 2024, the Company’s certificate of incorporation was amended such that the Company’s common stock consists of Class A common stock and Class B common stock. Common stockholders are entitled to receive any dividends if and when declared by the Board, and upon liquidation or dissolution, are also entitled to receive all assets legally available for distribution to stockholders, ratably in proportion to the number of shares held, subject to the rights of preferred stockholders. As of December 31, 2023 and 2024, no dividends on the Company’s common stock had been declared by the Board.

投票权

Voting

A 类普通股持有人每股享有 1 票投票权。B 类普通股持有人在本公司首次公开募股完成前每股享有 1 票投票权。首次公开募股完成后，每股 B 类普通股将赋予持有人每股 10 票投票权。A 类普通股和 B 类普通股持有人作为一个单一类别共同投票，除非法律另有要求。

Holders of Class A common stock are entitled to one vote per share. Holders of Class B common stock are entitled to one vote per share prior to the completion of the Company’s IPO. Upon the completion of the IPO, each share of Class B common stock will entitle the holder to ten votes per share. Holders of Class A common stock and Class B common stock vote together as a single class, except where otherwise required by law.

转换

Conversion

B 类普通股股东可随时选择将所持 B 类普通股按一比一的比例转换为 A 类普通股。此外，在发生特定事件（包括未经许可的出售或转让）时，每股 B 类普通股将自动转换为一股 A 类普通股。进一步而言，在公司章程细则规定的特定事件发生时，所有已发行的 B 类普通股将自动转换为 A 类普通股。A 类普通股不可转换为任何其他类别的股份。

Shares of Class B common stock are convertible at any time at the option of the holder into shares of Class A common stock on a one-to-one basis. In addition, each share of Class B common stock will automatically convert into a share of Class A common stock, as a result of certain events, including upon a non-permitted sale or transfer. Further, upon certain events specified in the certificate of incorporation, all outstanding shares of Class B common stock will convert automatically into shares of Class A common stock. Class A common stock is not convertible into any other class of shares.

股息与清算权利

Dividend and Liquidation Rights

在公司宣派的任何股息中，A 类普通股与 B 类普通股享有同等参与权，但须受优先股股东权利的约束。在公司清算、解散或停业时，A 类普通股与 B 类普通股的持有人有权在清偿负债后按比例分享剩余资产的任何分配，但须受优先股股东权利的约束。

Both Class A common stock and Class B common stock participate equally in any dividends declared by the Company, subject to the rights of preferred stockholders. In the event of liquidation, dissolution, or winding up of the Company, holders of Class A common stock and Class B common stock are entitled to share in any distribution of assets remaining after payment of liabilities, subject to the rights of preferred stockholders.

#### 库存股

#### Treasury Stock

2023 年 10 月，公司同意以每股 $7.15 的价格回购 4,483,100 股可赎回 A 类普通股，该等回购与根据与某客户签订的股票购买协议所发行的股份相关。合计购买价 $32 million 代表该等股份的大致公允价值（已扣除嵌入式看涨期权的公允价值），并已在合并资产负债表上记为库存股。

In October 2023, the Company agreed to repurchase 4,483,100 shares of callable Class A common stock at $7.15 per share in connection with shares issued pursuant to a stock purchase agreement with a customer. The aggregate purchase price of $32 million represented the approximate fair value of the shares, net of the fair value of the embedded call option, which was recorded as treasury stock on the consolidated balance sheets.

2024 年 5 月，公司回购了 2,104,900 股合法发行给 Conductor 的可赎回 A 类普通股。此举结清了公司因业务合并而发行股份的义务。更多信息请参见附注 4——业务合并。

In May 2024, the Company repurchased 2,104,900 shares of callable Class A common stock that were legally issued to Conductor. This action settled the Company’s liability to issue shares in connection with the business combination. Refer to Note 4—Business Combination for additional information.

#### 股票期权计划

#### Stock Option Plan

2019 年 7 月，公司通过了一项股票期权计划（“2019 年股票期权计划”或“该计划”）。该计划的目的是通过向潜在贡献对公司成功具有重要意义的合资格人士授予普通股奖励，为其提供参与公司未来业绩的机会，从而激励、留住并调动该等合资格人士的积极性。截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，董事会授权根据该计划发行的股份总数分别为 66,637,600 股和 73,637,600 股。若此前根据该计划发行的股份因没收条款、优先购买权或公司回购而被公司重新取得，则该等股份应加回至当时根据该计划可供发行的股份数量中。截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，根据该计划可供发行的股份分别为 11,061,240 股和 3,750,480 股。

In July 2019, the Company adopted a stock option plan (the “2019 Stock Option Plan” or the “Plan”). The purpose of the Plan is to provide incentives to attract, retain, and motivate eligible persons whose potential contributions are important to the success of the Company by offering those eligible persons an opportunity to participate in the Company’s future performance through the grant of awards of common stock. The total number of shares authorized by the Board to be issued under the Plan are 66,637,600 and 73,637,600 shares as of December 31, 2023 and 2024, respectively. In the event that shares previously issued under the Plan are reacquired by the Company pursuant to a forfeiture provision, right of first refusal, or repurchase by the Company, such shares shall be added back to the number of shares then available for issuance under the Plan. As of December 31, 2023 and 2024, 11,061,240 and 3,750,480 shares, respectively, were available for issuance under the Plan.

公司可向员工、承包商或其他实体授予股票期权，以激励其为公司付出更多努力并促进公司业务成功。根据期权持有人与公司关系的具体情况以及一个日历年度内归属或行权的股票期权数量，股票期权可能被视为激励性股票期权或非合格股票期权。根据该计划授予的股票期权通常在三年或四年内归属。公司可授予可立即行权但受回购权约束的股票期权。公司还可授予允许加速归属的股票期权。根据该计划授予的股票期权将在授予后十年到期。公司在股票期权行权时发行普通股。

The Company may grant stock options to employees, contractors, or other entities in order to incentivize them to increase their efforts on behalf of the Company and to promote the success of the Company’s business. Stock options may be treated as incentive stock options or nonqualified stock options depending on the specific circumstances of an optionee’s relationship with the Company and the number of stock options vesting or exercised in a calendar year. Stock options granted under the Plan generally vest either over a three-year or four-year period. The Company may award stock options that are immediately exercisable, subject to a repurchase right. The Company may also grant stock options that allow for acceleration of vesting. The stock options granted under the Plan will expire after ten years from the time of their grant. The Company issues common stock upon the exercise of stock options.

下表汇总了该计划下的股票期权活动（股份数据和合计内在价值以千为单位）：

The following table summarizes stock option activity under the Plan (share data and aggregate intrinsic value in thousands):

未行权股票期权 · 加权平均行权价格 · 加权平均剩余合同期限（年） · 合计内在价值 2023 年 1 月 1 日余额 · 32,655 · $0.33 · 8 · $20,770 已授予 · 23,300 · 3.48 已行权 · (4,337) · 0.38 已没收、到期或注销 · (379) · 1.70 2023 年 12 月 31 日未行权 · 51,239 · $1.75 · 8 · $795,013 已授予 · — · — 已行权 · (2,872) · 1.01 已没收、到期或注销 · (1,148) · 4.05 2024 年 12 月 31 日未行权 · 47,219 · $1.74 · 7 · $2,163,455 2023 年 12 月 31 日已归属及预计归属 · 51,239 · $1.75 · 8 · $795,013 2024 年 12 月 31 日已归属及预计归属 · 47,219 · $1.74 · 7 · $2,163,455 2023 年 12 月 31 日可行权 · 24,356 · $0.37 · 6 · $411,567 2024 年 12 月 31 日可行权 · 31,019 · $0.98 · 6 · $1,444,794

Stock Options Outstanding · Weighted-Average Exercise Price · Weighted-Average Remaining Contractual Term (Years) · Aggregate Intrinsic Value Balance at January 1, 2023 · 32,655 · $0.33 · 8 · $20,770 Granted · 23,300 · 3.48 Exercised · (4,337) · 0.38 Forfeited, expired, or canceled · (379) · 1.70 Outstanding at December 31, 2023 · 51,239 · $1.75 · 8 · $795,013 Granted · — · — Exercised · (2,872) · 1.01 Forfeited, expired, or canceled · (1,148) · 4.05 Outstanding at December 31, 2024 · 47,219 · $1.74 · 7 · $2,163,455 Vested and expected to vest at December 31, 2023 · 51,239 · $1.75 · 8 · $795,013 Vested and expected to vest at December 31, 2024 · 47,219 · $1.74 · 7 · $2,163,455 Exercisable at December 31, 2023 · 24,356 · $0.37 · 6 · $411,567 Exercisable at December 31, 2024 · 31,019 · $0.98 · 6 · $1,444,794

截至 2024 年 12 月 31 日止年度，公司未授予任何股票期权。

The Company did not grant any stock options during the year ended December 31, 2024.

截至 2022 年 12 月 31 日和 2023 年 12 月 31 日止年度授予的股票期权的加权平均授予日公允价值分别为每股$0.47 和$6.50。

The weighted-average grant date fair value of stock options granted during the years ended December 31, 2022 and 2023 were $0.47 and $6.50 per share, respectively.

截至 2022 年 12 月 31 日、2023 年 12 月 31 日和 2024 年 12 月 31 日止年度归属的股票期权的合计授予日公允价值分别为$2 million、$10 million 和$45 million。

The aggregate grant date fair value of stock options vested during the years ended December 31, 2022, 2023, and 2024 were $2 million, $10 million, and $45 million, respectively.

截至 2022 年 12 月 31 日、2023 年 12 月 31 日和 2024 年 12 月 31 日止年度行权的股票期权的合计内在价值分别为$0 million、$38 million 和$117 million。行权期权内在价值为行权日股票的估计公允价值与股票期权行权价格之间的差额。

The aggregate intrinsic value of stock options exercised during the years ended December 31, 2022, 2023, and 2024, was $0 million, $38 million, and $117 million, respectively. The intrinsic value for options exercised is the difference between the estimated fair value of the stock and the exercise price of the stock option at the date of exercise.

用于在授予日对员工股票期权进行估值的 Black-Scholes 期权定价模型假设如下，除普通股公允价值以区间形式列示外，其余均以加权平均基础列示：

The Black-Scholes option-pricing model assumptions used to value the employee stock options at the grant dates were as follows, presented on a weighted-average basis except for the fair value of common stock which is presented on a range basis:

截至 2022 年 12 月 31 日止年度 · 截至 2023 年 12 月 31 日止年度 普通股公允价值 · $0.55 - 0.99 · $1.86 - 17.27 预期波动率 · 97% · 58% 预期期限（年） · 6 · 6 无风险利率 · 4% · 4% 预期股息率 · 0% · 0%

Year Ended December 31, 2022 · Year Ended December 31, 2023 Fair value of common stock · $0.55 - 0.99 · $1.86 - 17.27 Expected volatility · 97% · 58% Expected term (in years) · 6 · 6 Risk-free interest rate · 4% · 4% Expected dividend yield · 0% · 0%

该等假设和估计的确定方式如下：

These assumptions and estimates were determined as follows:

预期波动率——由于公司普通股没有公开市场，预期波动率是采用可比上市公司在相当于奖励预期期限的期间内的历史波动率确定的。

Expected Volatility—As there is no public market for the Company’s common stock, the expected volatility was determined using the historical volatilities of publicly listed peer companies over a period equivalent to the expected term of the awards.

预期期限——预期期限代表股权奖励预计将保持未行权状态的期间。对于被视为“普通香草型”的期权授予，公司采用简化方法确定预期期限。简化方法将期限视为归属时间与股票期权合同期限的平均值。

Expected Term—The expected term represents the period that the stock-based awards are expected to be outstanding. For option grants that are considered to be “plain vanilla,” the Company determines the expected term using the simplified method. The simplified method deems the term to be the average of the time-to-vesting and the contractual life of the stock options.

无风险利率——无风险利率基于授予时与美国国债零息债券隐含收益率，该债券的预期期限与股票期权相当。

Risk-Free Interest Rate—The risk-free interest rate is based on the implied yield available on U.S. Treasury zero-coupon issues with an equivalent expected term of the stock options at the time of grant.

预期股息率——预期股息假设为零，因为公司从未就其普通股支付股息，且目前没有计划这样做。

Expected Dividend Yield—The expected dividend is assumed to be zero, as the Company has never paid dividends on its common stock and has no current plans to do so.

公司普通股每股公允价值——由于公司普通股尚未公开交易，公司必须估计其普通股的公允价值。董事会每次批准奖励的会议上考虑众多客观和主观因素以确定公司普通股的公允价值。考虑的因素包括但不限于：(i) 公司普通股同期独立第三方估值的结果，(ii) 公司可赎回可转换优先股相对于普通股的价格、权利、优先权和特权，(iii) 公司普通股缺乏市场流动性，(iv) 公司实际经营和财务业绩以及对其未来业绩的估计趋势和前景、当前业务状况和财务预测，(v) 鉴于当前市场条件，实现流动性事件（如 IPO、直接上市或公司出售）的可能性；以及 (vi) 涉及公司股份的先例交易。

Fair Value Per Share of the Company’s Common Stock—Because the Company’s common stock is not yet publicly traded, the Company must estimate the fair value of its common stock. The Board considers numerous objective and subjective factors to determine the fair value of the Company’s common stock at each meeting in which awards are approved. The factors considered include, but are not limited to: (i) the results of contemporaneous independent third-party valuations of the Company’s common stock, (ii) the prices, rights, preferences, and privileges of the Company’s redeemable convertible preferred stock relative to those of its common stock, (iii) the lack of marketability of the Company’s common stock, (iv) the Company’s actual operating and financial performance and estimated trends and prospects for its future performance current business conditions and financial projections, (v) the likelihood of achieving a liquidity event, such as an IPO, direct listing, or sale of the Company, given prevailing market conditions; and (vi) precedent transactions involving the Company’s shares.

#### 限制性股票单位

#### Restricted Stock Units

授予的限制性股票单位通常在四年内归属。下表总结了截至 2024 年 12 月 31 日止年度计划下限制性股票单位的活动（股份数据以千计）：

RSUs granted typically vest over four years. The following table summarizes restricted stock unit activity under the Plan for the year ended December 31, 2024 (share data in thousands):

股份 · 加权平均每股公允价值 2024 年 1 月 1 日余额 · — · $— 授予 · 15,733 · 38.56 归属 · — · — 没收、过期或取消 · (278) · 25.18 2024 年 12 月 31 日未归属余额 · 15,455 · $38.80

Shares · Weighted- Average Fair Value Per Share Balance at January 1, 2024 · — · $— Granted · 15,733 · 38.56 Vested · — · — Forfeited, expired, or canceled · (278) · 25.18 Unvested balance at December 31, 2024 · 15,455 · $38.80

#### 二级交易

#### Secondary Transactions

2023 年 12 月，公司若干员工及非员工股东（「2023 年出售股东」）要约出售 41,476,000 股普通股（「2023 年二级发售」）。公司未在 2023 年二级发售中要约出售任何普通股，亦未从 2023 年出售股东出售普通股中获得任何所得款项。2023 年二级发售由一名新投资者主导进行，并被认定为按公允价值进行的公平交易。因此，公司未就 2023 年二级发售确认任何补偿成本。截至 2023 年 12 月 31 日止年度，公司未就 2023 年二级发售发生任何费用。就参与 2023 年二级发售的若干股东行使 1,125,500 份期权，公司收到不足 $1 million 的现金（不含预扣税）。与 2023 年二级发售相关，11,103,380 股种子轮可赎回可转换优先股、3,896,180 股 A 轮可赎回可转换优先股及 2,077,980 股 B-1 轮可赎回可转换优先股转换为等量股数的普通股，纳入本次发售。

In December 2023, certain employee and non-employee stockholders of the Company (the “2023 Selling Stockholders”) offered 41,476,000 shares of common stock (the “2023 Secondary Offering”). The Company did not offer any shares of common stock in the 2023 Secondary Offering and did not receive any proceeds from the sale of the shares of common stock by the 2023 Selling Stockholders. The 2023 Secondary Offering was conducted and led by a new investor and was determined to be an arms-length transaction at fair value. Accordingly, the Company did not record any compensation cost associated with the 2023 Secondary Offering. The Company incurred no costs in relation to the 2023 Secondary Offering for the year ended December 31, 2023. The Company received less than $1 million in cash (excluding withholding taxes) in connection with the exercise of 1,125,500 options by certain stockholders participating in the 2023 Secondary Offering. In conjunction with the 2023 Secondary Offering, 11,103,380 shares of Series Seed redeemable convertible preferred stock, 3,896,180 shares of Series A redeemable convertible preferred stock, and 2,077,980 shares of Series B-1 redeemable convertible preferred stock were converted to the equivalent number of shares of common stock to be included in the offering.

2024 年 10 月，公司若干员工及非员工股东（「2024 年出售股东」）以每股 $46.99 的购买价格向新投资者及现有投资者要约出售 13,851,240 股 A 类普通股，该价格等于交易时该股票的估计公允价值（「2024 年二级发售」）。公司未在 2024 年二级发售中要约出售任何普通股，亦未从 2024 年出售股东出售普通股中获得任何所得款项。2024 年二级发售被认定为按公允价值进行的公平交易。因此，公司未就 2024 年二级发售确认任何补偿成本。截至 2024 年 12 月 31 日止年度，公司未就 2024 年二级发售发生任何费用。就参与 2024 年二级发售的若干股东行使 1,368,680 份期权，公司收到 $1 million 的现金（不含预扣税）。与 2024 年二级发售相关，3,329,540 股种子轮可赎回可转换优先股、518,060 股 A 轮可赎回可转换优先股、201,420 股 B-1 轮可赎回可转换优先股及 1,067,020 股 B 类普通股转换为等量股数的 A 类普通股，纳入本次发售。

In October 2024, certain employees and non-employee stockholders of the Company (the “2024 Selling Stockholders”) offered 13,851,240 shares of Class A common stock to new and existing investors at a purchase price of $46.99 per share, equal to the estimated fair value of the stock at the time of the transaction (the “2024 Secondary Offering”). The Company did not offer any shares of common stock in the 2024 Secondary Offering and did not receive any proceeds from the sale of the shares of common stock by the 2024 Selling Stockholders. The 2024 Secondary Offering was determined to be an arms-length transaction at fair value. Accordingly, the Company did not record any compensation cost associated with the 2024 Secondary Offering. The Company incurred no costs in relation to the 2024 Secondary Offering for the year ended December 31, 2024. The Company received $1 million in cash (excluding withholding taxes) in connection with the exercise of 1,368,680 options by certain stockholders participating in the 2024 Secondary Offering. In conjunction with the 2024 Secondary Offering, 3,329,540 shares of Series Seed redeemable convertible preferred stock, 518,060 shares of Series A redeemable convertible preferred stock, 201,420 shares of Series B-1 redeemable convertible preferred stock, and 1,067,020 shares of Class B common stock were converted to the equivalent number of shares of Class A common stock to be included in the offering.

#### 股权激励费用

#### Stock-Based Compensation Expense

截至 2024 年 12 月 31 日，与未归属股票期权相关的未确认股权激励费用为 $91 million，预计将在三年加权平均期间内确认。

As of December 31, 2024, unrecognized stock-based compensation expense related to unvested stock options was $91 million, which is expected to be recognized over a weighted-average period of three years.

截至 2024 年 12 月 31 日，与未归属 RSU 相关的未确认股权激励费用为 $600 million，预计将在两年加权平均期间内确认。

As of December 31, 2024, unrecognized stock-based compensation expense related to unvested RSUs was $600 million, which is expected to be recognized over a weighted-average period of two years.

公司将就其流动性事件完成所在期间内、相关服务条件已满足部分的带业绩归属条件的 RSU 确认累计股权激励费用，剩余费用在剩余服务期内确认。若注册声明于 2024 年 12 月 31 日生效，公司本应就这些 RSU 确认 $78 million 的股权激励费用。

The Company will record cumulative stock-based compensation expense related to the RSUs with performance-based vesting conditions in the period when its liquidity event is completed for the portion of the awards for which the relevant service condition has been satisfied with the remaining expense recognized over the remaining service period. If the effectiveness of a registration statement had occurred on December 31, 2024, the Company would have recorded $78 million of stock-based compensation expense related to these RSUs.

公司合并经营报表中确认的股权激励费用总额如下（单位：千美元）：

Total stock-based compensation expense recognized in the Company’s consolidated statements of operations was as follows (in thousands):

截至 12 月 31 日止年度，

Year Ended December 31,

2022 · 2023 · 2024 收入成本 · $133 · $694 · $1,307 技术与基础设施 · 624 · 7,100 · 10,137 销售与营销 · 74 · 1,740 · 3,408 一般及行政 · 659 · 5,620 · 16,635 股权激励费用总额 · $1,490 · $15,154 · $31,487

2022 · 2023 · 2024 Cost of revenue · $133 · $694 · $1,307 Technology and infrastructure · 624 · 7,100 · 10,137 Sales and marketing · 74 · 1,740 · 3,408 General and administrative · 659 · 5,620 · 16,635 Total stock-based compensation expense · $1,490 · $15,154 · $31,487

12. 所得税 12. Income Taxes

所得税费用（收益）前净亏损的构成如下（单位：千美元）：

The components of the net loss before the provision for (benefit from) income taxes were as follows (in thousands):

截至 12 月 31 日的年度

Year Ended December 31,

2022 · 2023 · 2024 境内 · $(35,016) · $(558,047) · $(743,667) 境外 · — · — · (534) 所得税费用（收益）前净亏损 · $(35,016) · $(558,047) · $(744,201)

2022 · 2023 · 2024 Domestic · $(35,016) · $(558,047) · $(743,667) Foreign · — · — · (534) Net loss before the provision for (benefit from) income taxes · $(35,016) · $(558,047) · $(744,201)

所得税费用（收益）由以下各项构成（单位：千美元）：

The provision (benefit) for income taxes consists of the following (in thousands):

截至 12 月 31 日的年度

Year Ended December 31,

2022 · 2023 · 2024 当期： 联邦 · $(1,664) · $— · $— 州 · (226) · — · 6,306 境外 · — · — · 155 当期所得税费用（收益）合计 · (1,890) · — · 6,461 递延： 联邦 · (1,697) · 35,765 · 109,010 州 · (563) · (64) · 3,196 境外 · — · — · 580 递延所得税费用（收益）合计 · (2,260) · 35,701 · 112,786 所得税费用（收益）合计 · $(4,150) · $35,701 · $119,247

2022 · 2023 · 2024 Current: Federal · $(1,664) · $— · $— State · (226) · — · 6,306 Foreign · — · — · 155 Total current income tax expense (benefit) · (1,890) · — · 6,461 Deferred: Federal · (1,697) · 35,765 · 109,010 State · (563) · (64) · 3,196 Foreign · — · — · 580 Total deferred income tax expense (benefit) · (2,260) · 35,701 · 112,786 Total provision for (benefit from) income taxes · $(4,150) · $35,701 · $119,247

下表列示了法定联邦所得税税率与公司实际税率的调节情况：

The following table presents the reconciliation of the statutory federal income tax rate to the Company’s effective tax rate:

截至 12 月 31 日的年度

Year Ended December 31,

2022 · 2023 · 2024 按法定税率计算的美国联邦税收优惠 · 21.0% · 21.0% · 21.0% 州所得税，扣除联邦税收优惠后的净额 · 4.1 · 0.1 · 0.1 股权激励费用 · (0.4) · 0.5 · 1.9 境外税率差异 · — · — · (0.1) 可转换利息 · (0.7) · (0.2) · (0.2) 估值备抵变动净额 · (9.5) · (7.7) · (17.5) 衍生负债 · (3.0) · (20.2) · (21.4) 一般商业抵免 - 联邦 · 0.1 · 0.2 · 0.3 其他 · 0.3 · (0.1) · (0.2) 实际税率 · 11.9% · (6.4)% · (16.1)%

2022 · 2023 · 2024 U.S. federal tax benefit at statutory rate · 21.0% · 21.0% · 21.0% State income taxes, net of federal benefit · 4.1 · 0.1 · 0.1 Stock-based compensation · (0.4) · 0.5 · 1.9 Foreign tax rate differential · — · — · (0.1) Convertible interest · (0.7) · (0.2) · (0.2) Change in valuation allowance, net · (9.5) · (7.7) · (17.5) Derivative liabilities · (3.0) · (20.2) · (21.4) General business credit - federal · 0.1 · 0.2 · 0.3 Other · 0.3 · (0.1) · (0.2) Effective tax rate · 11.9% · (6.4)% · (16.1)%

递延所得税反映资产和负债的财务报告账面金额与用于所得税目的的金额之间暂时性差异的净税收影响。公司截至 2023 年 12 月 31 日和 2024 年 12 月 31 日的递延所得税资产和负债如下（单位：千美元）：

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred tax assets and liabilities as of December 31, 2023 and 2024, were as follows (in thousands):

2023 年 12 月 31 日 · 2024 年 12 月 31 日 递延所得税资产： 净经营亏损 · $200,057 · $766,434 租赁负债 · 112,634 · 540,405 资本化研发支出 · 13,637 · 24,498 递延收入 · 1,054 · 309,264 应计负债及准备金 · — · 2,811 利息费用结转 · — · 61,443 研发抵免，扣除准备金后的净额 · 1,252 · 3,244 股权激励费用 · 2,135 · 7,593 其他 · 650 · 2,907 递延所得税资产合计 · 331,419 · 1,718,599 估值备抵 · (47,717) · (180,529) 递延所得税资产，扣除估值备抵后的净额 · 283,702 · 1,538,070 递延所得税负债： 财产及设备 · (207,054) · (1,147,258) 无形资产 · (1,446) · (969) 经营及融资使用权资产 · (111,649) · (539,075) 递延所得税负债合计 · (320,149) · (1,687,302) 递延所得税负债净额，扣除估值备抵后的净额 · $(36,447) · $(149,232)

December 31, 2023 · December 31, 2024 Deferred tax assets: Net operating losses · $200,057 · $766,434 Lease liabilities · 112,634 · 540,405 Capitalized research and development expenditures · 13,637 · 24,498 Deferred revenue · 1,054 · 309,264 Accrued liabilities and reserves · — · 2,811 Interest expense carryforward · — · 61,443 Research and development credits, net of reserve · 1,252 · 3,244 Stock-based compensation · 2,135 · 7,593 Other · 650 · 2,907 Total deferred tax assets · 331,419 · 1,718,599 Valuation allowance · (47,717) · (180,529) Deferred tax assets, net of valuation allowance · 283,702 · 1,538,070 Deferred tax liabilities: Property and equipment · (207,054) · (1,147,258) Intangible assets · (1,446) · (969) Operating and financing ROU assets · (111,649) · (539,075) Total deferred tax liabilities · (320,149) · (1,687,302) Net deferred tax liabilities, net of valuation allowance · $(36,447) · $(149,232)

ASC 740《所得税》要求，净经营亏损（“NOL”）、暂时性差异和税收抵免结转的税收利益，应在管理层评估其实现可能性为“很可能”时确认为资产。未来税收利益的实现取决于公司在结转期内产生足够应纳税所得额的能力。由于公司近期存在经营亏损的历史，管理层认为目前上述未来税收利益所产生的递延所得税资产不太可能实现，因此，公司已就联邦和州递延所得税资产计提了估值备抵。

ASC 740, Income Taxes requires that the tax benefit of net operating losses (“NOL”), temporary differences, and credit carryforwards be recorded as an asset to the extent that management assesses that realization is “more likely than not.” Realization of the future tax benefits is dependent on the Company’s ability to generate sufficient taxable income within the carryforward period. Because of the Company’s recent history of operating losses, management believes that recognition of the deferred tax assets arising from the above-mentioned future tax benefits is currently not likely to be realized and, accordingly, a valuation allowance has been provided by the Company against federal and state deferred tax assets.

在截至 2023 年 12 月 31 日和 2024 年 12 月 31 日的年度内，估值备抵分别同比增加 $44 million 和 $133 million。

The valuation allowance increased year over year by $44 million and $133 million during the years ended December 31, 2023 and 2024, respectively.

截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，公司分别拥有 $933 million 和 $3.6 billion 的联邦 NOL 结转额，可用于抵减未来应纳税所得额，其中几乎全部可无限期结转。截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，公司分别拥有 $57 million 和 $61 million 的州 NOL 结转额，其中分别有 $19 million 和 $30 million 可无限期结转。如果 NOL 结转额未被使用，则分别有 $38 million 和 $31 million 将在 2032 年至 2044 年之间以不同金额到期。截至 2024 年 12 月 31 日，公司拥有可用于抵减未来应纳税所得额的境外 NOL 结转额 $5 million，可无限期结转。

As of December 31, 2023 and 2024, the Company had $933 million and $3.6 billion, respectively, in federal NOL carryforwards to offset future taxable income, almost all of which can be carried forward indefinitely. As of December 31, 2023 and 2024, the Company had state NOL carryforwards of $57 million and $61 million, respectively, of which $19 million and $30 million, respectively, can be carried forward indefinitely. If the NOL carryforwards are not utilized, $38 million and $31 million, respectively, will expire in varying amounts between the years 2032 and 2044. As of December 31, 2024, the Company had foreign NOL carryforwards to offset future taxable income of $5 million that can be carried forward indefinitely.

截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，公司可用于抵减未来应纳税所得额的联邦和州税收抵免结转额金额不重大。

As of December 31, 2023 and 2024, the Company had insignificant amounts of federal and state tax credit carryforwards available to offset future taxable income.

根据经修订的《1986 年国内税收法典》以及类似的州税收规定，如果公司发生“第 382 条项下的所有权变更”，则可能对净经营亏损和税收抵免结转额的使用施加限制。例如，发行新股或某些股东交易可能导致所有权变更。如果适用这些限制，结转额将受到年度限制，从而可能在考虑估值备抵之前减少递延所得税资产总额。

A limitation may apply to the use of the net operating loss and credit carryforwards, under provisions of the Internal Revenue Code of 1986, as amended, and similar state tax provisions that are applicable if the Company experiences an “ownership change under Section 382.” For example, an ownership change may occur as a result of the issuance of new equity or certain shareholder transactions. Should these limitations apply, the carryforwards would be subject to an annual limitation, resulting in a potential reduction in the gross deferred tax assets before considering the valuation allowance.

公司在截至 2023 年 12 月 31 日和 2024 年 12 月 31 日的年度内经历了第 382 条项下的所有权变更，并确定这些变更未对其 NOL 结转额未来可使用的可用性产生重大影响。

The Company experienced a Section 382 ownership change during the years ended December 31, 2023 and 2024, and determined that these changes did not materially impact the availability of its NOL carryforwards for use in the future.

公司须在美国、加利福尼亚州以及其他多个国内和国际司法管辖区缴纳所得税。美国、州和外国司法管辖区的诉讼时效通常为三至五年。由于早期年度产生的税务属性已结转，并可能在以后年度使用时接受审计，正常诉讼时效之外的财政年度仍可供税务机关审计。我们未发现任何正在进行的检查。

The Company is subject to income taxes in the United States, California, and other various domestic and international jurisdictions. The U.S., state, and foreign jurisdictions have statutes of limitations that generally range from three to five years. Fiscal years outside of the normal statute of limitation remain open to audit by tax authorities due to tax attributes generated in those early years, which have been carried forward and may be audited in subsequent years when utilized. We are not aware of any ongoing examinations.

由于税法法规的解释存在差异，税务机关可能对公司纳税申报立场提出异议。公司定期评估与纳税申报立场相关的风险敞口，并在需要时为税务检查可能导致的调整计提准备金。

Due to differing interpretations of tax laws and regulations, tax authorities may dispute the Company’s tax filing positions. The Company periodically evaluates the exposures associated with tax filing positions and will reserve amounts, if needed, for adjustments that may result from tax examinations.

公司的未确认税收利益总额不重大，且在截至 2022 年、2023 年和 2024 年 12 月 31 日的年度内未发生重大变化。

The Company’s total amount of unrecognized tax benefits is insignificant, and did not change materially during the years ended December 31, 2022, 2023, and 2024.

确认未确认税收利益不会对有效税率产生影响，因为这些利益被记录为递延所得税资产，并已计提全额估值备抵。公司预计其不确定税务立场在未来 12 个月内不会发生任何重大变化。

Recognition of the unrecognized tax benefits would not have an impact on the effective tax as they are recorded as deferred tax assets which are subject to a full valuation allowance. The Company does not anticipate any significant change in its uncertain tax positions within the next 12 months.

13. 归属于普通股股东的每股净亏损 13. Net Loss Per Share Attributable to Common Stockholders

下表列示了所列期间归属于普通股股东的基本和稀释每股净亏损的计算（单位：千，每股数据除外）：

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders for the periods presented (in thousands, except per share data):

截至 12 月 31 日的年度

Year Ended December 31,

2022 · 2023 · 2024 分子： 持续经营净亏损 · $(30,866) · $(593,748) · $(863,448) 终止经营净亏损 · (189) · — · — 净亏损 · (31,055) · (593,748) · (863,448) C 系列可赎回可转换优先股的股息及增值 · — · — · (74,317) 归属于普通股股东的净亏损，基本和稀释 · $(31,055) · $(593,748) · $(937,765) 分母： 用于计算归属于普通股股东净亏损的加权平均股数，基本和稀释 · 180,632 · 192,164 · 217,854 归属于普通股股东的持续经营每股净亏损，基本和稀释 · $(0.17) · $(3.09) · $(4.30) 归属于普通股股东的终止经营每股净亏损，基本和稀释 · 0.00 · — · — 归属于普通股股东的每股净亏损，基本和稀释 · $(0.17) · $(3.09) · $(4.30)

2022 · 2023 · 2024 Numerator: Net loss from continuing operations · $(30,866) · $(593,748) · $(863,448) Net loss from discontinued operations · (189) · — · — Net loss · (31,055) · (593,748) · (863,448) Dividends and accretion on Series C redeemable convertible preferred stock · — · — · (74,317) Net loss attributable to common stockholders, basic and diluted · $(31,055) · $(593,748) · $(937,765) Denominator: Weighted-average shares used in computing net loss attributable to common stockholders, basic and diluted · 180,632 · 192,164 · 217,854 Net loss from continuing operations per share attributable to common stockholders, basic and diluted · $(0.17) · $(3.09) · $(4.30) Net loss from discontinued operations per share attributable to common stockholders, basic and diluted · 0.00 · — · — Net loss per share attributable to common stockholders, basic and diluted · $(0.17) · $(3.09) · $(4.30)

所列期间因计入将具有反稀释作用而未纳入归属于普通股股东稀释每股净亏损计算的证券数量如下（单位：千）：

The number of securities that were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive are as follows (in thousands):

截至 12 月 31 日的年度

Year Ended December 31,

2022 · 2023 · 2024 可赎回可转换优先股 · 83,775 · 154,678 · 184,986 未偿还可转换票据 · 22,773 · 24,544 · — 未偿还股票期权 · 32,655 · 51,239 · 47,219 未偿还的购买普通股认股权证 · 2,082 · 4,337 · 4,337 合计 · 141,285 · 234,798 · 236,542

2022 · 2023 · 2024 Redeemable convertible preferred stock · 83,775 · 154,678 · 184,986 Outstanding convertible notes · 22,773 · 24,544 · — Outstanding stock options · 32,655 · 51,239 · 47,219 Outstanding warrants to purchase common stock · 2,082 · 4,337 · 4,337 Total · 141,285 · 234,798 · 236,542

上表未包含截至 2024 年 12 月 31 日未偿还的 15,454,720 份 RSU，因为该等奖励受一项业绩条件约束，而截至该日该条件被认为并非很可能达成。截至 2022 年 12 月 31 日或 2023 年 12 月 31 日，不存在未偿还的 RSU。上表亦未包含截至 2023 年 12 月 31 日和 2024 年 12 月 31 日分别与 Conductor 收购相关的 2,104,900 股和 0 股或有可发行股份，因为截至该等日期该或有条件尚未满足。

The table above does not include 15,454,720 RSUs outstanding as of December 31, 2024 as these awards are subject to a performance condition that was not considered probable as of that date. There were no RSUs outstanding as of December 31, 2022 or 2023. The table also does not include 2,104,900 and 0 contingently issuable shares related to the Conductor acquisition as of December 31, 2023 and 2024, respectively, as the contingency had not been met as of those dates.

14. 关联方交易 14. Related-Party Transactions

公司已签订一系列关联方安排，具体如下所述。

The Company has entered into a series of related party arrangements as described below.

公司已与 Magnetar Financial LLC（“Magnetar”）及由 Magnetar 管理或提供咨询的若干基金或账户（该等基金或账户合计持有公司重大股权）进行下述若干交易。

The Company has entered into certain transactions, as further described below, with Magnetar Financial LLC (“Magnetar”) and certain funds or accounts managed or advised by Magnetar, and such funds or accounts collectively held a significant equity interest in the Company.

#### 优先担保票据

#### Senior Secured Notes

2021 年 10 月，公司向由 Magnetar 管理或提供咨询的基金或账户发行了 2021 年可转换优先担保票据，本金金额为 $20 million，到期日为 2025 年。2022 年 4 月，本金金额增至 $50 million。2024 年 9 月，该等票据转换为公司 A 类普通股股份。详情请参见附注 10——债务。就发行 2021 年可转换优先担保票据事宜，公司授予 Magnetar 一项选择权，可按等于公司 IPO 每股发行价的价格购买最多 $15 million 的公司 A 类普通股，该选择权可在公司 A 类普通股该次发行一周年之日之前行使。2024 年 9 月，投资者选择转换全部 2021 年可转换优先担保票据，由此发行了 24,543,980 股 A 类普通股。

In October 2021, the Company issued $20 million of 2021 Convertible Senior Secured Notes to funds or accounts managed or advised by Magnetar, with a maturity date in 2025. The principal amount increased to $50 million in April 2022. In September 2024, these notes were converted into shares of the Company’s Class A common stock. Refer to Note 10—Debt for additional information. In connection with the issuance of the 2021 Convertible Senior Secured Notes, the Company granted Magnetar an option to purchase up to $15 million in the Company’s Class A common stock, at a price equal to the price per share in the Company’s IPO, which is exercisable until the one-year anniversary of such offering of the Company’s Class A common stock. In September 2024, the investors elected to convert all 2021 Convertible Senior Secured Notes, resulting in the issuance of 24,543,980 shares of Class A common stock.

2022 年 10 月至 2023 年 4 月期间，公司向由 Magnetar 管理或提供咨询的基金或账户发行了 $125 million 的 2022 年优先担保票据，到期日介于 2025 年 10 月至 2026 年 4 月之间，并附带可购买 12,144,668 股公司 A 类普通股的认股权证。2024 年 7 月，公司全额赎回该等票据，支付了 $137 million。详情请参见附注 10——债务。就发行 2022 年优先担保票据事宜，公司授予 Magnetar 按等于公司 IPO 每股发行价的价格购买最多占公司 A 类普通股 5% 的股份的权利。

Between October 2022 and April 2023, the Company issued $125 million of 2022 Senior Secured Notes with maturity dates between October 2025 and April 2026 to funds or accounts managed or advised by Magnetar, along with warrants to purchase 12,144,668 shares of the Company’s Class A common stock. In July 2024, the Company redeemed these notes in full, paying $137 million. Refer to Note 10—Debt for additional information. In connection with the issuance of the 2022 Senior Secured Notes, the Company granted Magnetar the right to purchase up to 5% of the Company’s Class A common stock issued at a price equal to the price per share in the Company’s IPO.

#### 可赎回可转换优先股融资

#### Redeemable Convertible Preferred Stock Financing

2023 年 4 月至 2024 年 5 月期间，公司发行了若干不同类别的可赎回可转换优先股股份，其中部分股份由公司若干董事、持有公司已发行股本超过 5% 的股东及其关联方或由其管理的基金或账户认购。详情请参见附注 11——可赎回可转换优先股及股东权益赤字。

Between April 2023 and May 2024, the Company issued a number of shares of different classes of redeemable convertible preferred stock, some of which were acquired by certain of the Company’s directors, holders of more than 5% of the Company’s outstanding capital stock, and their affiliates or funds or accounts managed thereby. Refer to Note 11—Redeemable Convertible Preferred Stock and Stockholders’ Deficit for additional information.

#### 要约收购

#### Tender Offer

2023 年 12 月，公司员工及若干股东要约出售 41,476,000 股普通股，该等股份由若干现有股东及新股东购买。由单一股东管理或提供咨询的实体作为购买方参与了要约收购。要约收购完成后，该等实体合计被视为实益拥有公司已发行股本超过 5% 的股份。

In December 2023, employees and certain stockholders of the Company offered 41,476,000 shares of common stock, which were purchased by certain existing stockholders and new stockholders. Entities managed or advised by a single stockholder participated in the tender offer as purchasers. Upon completion of the tender offer, these entities were deemed to beneficially own more than 5% of the Company’s outstanding shares of capital stock, on an aggregated basis.

2024 年 10 月，公司员工及若干股东要约出售 13,851,240 股 A 类普通股，由若干现有股东及新股东购买。由单一股东管理或提供咨询的实体作为购买方参与了该要约收购。要约收购完成后，该等实体合计被视为实益持有公司已发行股本超过 5% 的股份。

In October 2024, employees and certain stockholders of the Company offered 13,851,240 shares of Class A common stock, which were purchased by certain existing stockholders and new stockholders. Entities managed or advised by a single stockholder participated in the tender offer as purchasers. Upon completion of the tender offer, these entities were deemed to beneficially own more than 5% of the Company’s outstanding shares of capital stock, on an aggregated basis.

#### 延迟提款定期贷款融资

#### Delayed Draw Term Loan Facilities

2023 年 7 月，公司的一家子公司签订了金额为 $2.3 billion 的 DDTL 1.0 融资，其中包括来自 Magnetar 管理或提供咨询的基金或账户的 $520 million。截至 2023 年 12 月 31 日和 2024 年 12 月 31 日，DDTL 1.0 融资项下分别有本金总额 $311 million 和 $438 million 尚未偿还，并由 Magnetar 管理或提供咨询的基金或账户持有。截至 2023 年 12 月 31 日和 2024 年 12 月 31 日止年度，公司向 Magnetar 管理或提供咨询的基金或账户支付的本金分别为 $0 million 和 $63 million，并分别产生利息费用 $6 million 和 $66 million。更多信息请参见附注 10——债务。

In July 2023, a subsidiary of the Company entered into the DDTL 1.0 Facility of $2.3 billion, including $520 million from funds or accounts managed or advised by Magnetar. As of December 31, 2023 and 2024, $311 million and $438 million in aggregate principal amount, respectively, of the DDTL 1.0 Facility was outstanding and held by funds or accounts managed or advised by Magnetar. The Company has paid to funds or accounts managed or advised by Magnetar $0 million and $63 million in principal and incurred $6 million and $66 million in interest expense for the years ended December 31, 2023 and 2024, respectively. Refer to Note 10—Debt for additional information.

2024 年 5 月，公司的另一家子公司签订了金额最高达 $7.6 billion 的 DDTL 2.0 融资，其中包括来自 Magnetar 管理或提供咨询的基金或账户的 $210 million。截至 2024 年 12 月 31 日，DDTL 2.0 融资项下有 $106 million 尚未偿还，并由 Magnetar 管理或提供咨询的基金或账户持有。截至 2024 年 12 月 31 日止年度，公司向 Magnetar 管理或提供咨询的基金或账户支付的本金为 $0 million，并产生利息费用 $3 million。更多信息请参见附注 10——债务。

In May 2024, a different subsidiary of the Company entered into the DDTL 2.0 Facility of up to $7.6 billion, including $210 million from funds or accounts managed or advised by Magnetar. As of December 31, 2024, $106 million of the DDTL 2.0 Facility was outstanding and held by funds or accounts managed or advised by Magnetar. The Company paid to funds or accounts managed or advised by Magnetar $0 million in principal and incurred $3 million in interest expense for the year ended December 31, 2024. Refer to Note 10—Debt for additional information.

#### 与购买 D 轮优先股相关的战略投资

#### Strategic Investment Related to a Purchase of Series D Preferred Stock

2024 年 6 月，公司向 Magnetar 管理的一只基金出资 $50 million，用于该基金购买第三方的优先股。公司有权要求以实物分配方式分配其在该基金中最多 99% 的权益，该分配将通过分配该第三方公司优先股股份的方式予以满足。该基金不符合 VIE 的定义，且根据 VOE 模型，公司拥有多数股权，并对该基金的重大经营、财务和投资决策拥有控制权。公司将该基金纳入合并范围，并将所购买的优先股作为非公开持股的权益证券进行会计处理，该等证券无易于确定的公允价值，按成本计量，并随后就可观察的价格变动或减值进行调整。

In June 2024, the Company contributed $50 million to a fund managed by Magnetar in connection with the fund’s purchase of a third-party’s preferred stock. The Company has the right to request a distribution in kind of up to 99% of its interest in the fund, which will be satisfied by distributing shares of the third-party company’s preferred stock. The fund did not meet the definition of a VIE, and under the VOE model, the Company has a majority equity interest and has control over significant operating, financial, and investing decisions of the fund. The Company consolidated the fund and accounted for the purchased preferred stock as privately held equity securities that do not have a readily determinable fair value measured at cost, with subsequent adjustments for observable price changes or impairments.

若向公司进行该第三方优先股的实物分配，且在该等分配之后公司出售该等优先股的任何股份（或该等股份转换或交换成的任何证券），公司应按如下方式分配该等出售的净收益：(i) 在收到相当于其累计出资额的金额之前，净收益的 100% 归公司；(ii) 此后，净收益的 75% 归公司，25% 归 Magnetar 的关联方。

To the extent there is an in-kind distribution of the third-party’s preferred stock to the Company and following such distribution the Company sells any shares of such preferred stock (or any securities into which such stock is converted or exchanged), the Company will allocate the net proceeds from such sale as follows: (i) 100% of the net proceeds to the Company until it receives an amount equal to its aggregate capital contribution and (ii) thereafter, 75% of the net proceeds to the Company and 25% to an affiliate of Magnetar.

#### 其他交易

#### Other Transactions

2024 年 8 月，本公司与 MagAI Ventures 签订了《AI 算力服务预留容量及预付款协议》（以下简称“MagAI 容量协议”）。根据该协议，本公司将以预先协商的小时费率向 MagAI Ventures 的投资组合公司提供预定数量的云计算服务。各投资组合公司（如有）将使用的云计算服务具体数量（包括容量和期限）将与各投资组合公司单独协商，并须经 MagAI Ventures 最终批准。本公司就 MagAI 容量协议收到了 230,000,000 美元的可退还保证金。MagAI Ventures（包括其投资组合公司）根据该安排对云服务的任何消耗均从该保证金金额中扣除，未使用部分将在该安排期限结束时退还给 MagAI Ventures。在该安排的整个期限内，如果 MagAI Ventures 的投资组合公司未就全部预定云计算服务签订合同，本公司可与 MagAI Ventures 协商，将该可用容量改用于其他客户，并就按 MagAI Ventures 预先协商费率向这些客户收费本可产生的收入以上的任何已实现收入与 MagAI Ventures 分享利润。

In August 2024, the Company entered into an AI Computing Service Reserved Capacity and Prepayment Agreement with MagAI Ventures (the “MagAI Capacity Agreement”). Under this agreement, the Company will provide portfolio companies of MagAI Ventures with a pre-determined amount of cloud computing services at a pre-negotiated hourly rate. The specific amount of cloud computing services, inclusive of the capacity and term, to be used by each portfolio company, if any, will be negotiated individually with each portfolio company, and will be subject to final approval by MagAI Ventures. The Company received a refundable deposit of $230 million in connection with the MagAI Capacity Agreement. Any consumption of cloud services by MagAI Ventures, including by their portfolio companies, under this arrangement is deducted from this deposit amount, with the unused portion refunded back to MagAI Ventures at the end of the term of the arrangement. Throughout the term of the arrangement, if MagAI Ventures portfolio companies do not contract for the full amount of the pre-determined cloud computing services, the Company may agree with MagAI Ventures to instead use this available capacity for other customers, and share profits with MagAI Ventures for any revenues realized above the revenues that would have been generated by charging these customers the MagAI Ventures pre-negotiated rate.

此外，MagAI 容量协议为 MagAI Ventures 规定了若干终止选择权，包括在目标开始日期前未能提供特定数量容量的情形。MagAI 容量协议初始期限为四年，MagAI Ventures 有权选择再延长两年。截至 2024 年 12 月 31 日，由于该安排下尚未提供任何服务，该可退还保证金计入合并资产负债表上的其他流动负债。2025 年 2 月，MagAI 容量协议经修订，赋予 MagAI Ventures 若干任意终止权。一旦发生该等终止，保证金未使用部分将按特定乘数退还。

Additionally, the MagAI Capacity Agreement provides for certain termination options for MagAI Ventures, including if a specified amount of capacity is not available by a target commencement date. The MagAI Capacity Agreement runs for an initial period of four years, with an option for MagAI Ventures to extend for two additional years. As of December 31, 2024, the refundable deposit is included within other current liabilities on the consolidated balance sheet, as no services had yet been provided under this arrangement. In February 2025, the MagAI Capacity Agreement was amended to provide certain termination for convenience rights to MagAI Ventures. Upon such termination, the unused portion of deposit will be refunded with a specified multiplier.

2024 年 9 月，本公司与各联合创始人分别签订了股权交换权协议。该协议授予各联合创始人一项权利（但非义务），即将其在股权奖励行权或结算时获得的 A 类普通股股份交换为 B 类普通股股份。该权利适用于先前授予本公司联合创始人的股权奖励以及未来可能授予本公司联合创始人的股权奖励。

In September 2024, the Company entered into an equity exchange right agreement with each of its co-founders. This agreement grants each co-founder the right, but not the obligation, to exchange shares of Class A common stock received upon the exercise or settlement of equity awards for shares of Class B common stock. This right applies to equity awards previously granted to the Company’s co-founders and to equity awards that may be granted to the Company’s co-founders in the future.

15. 地区信息 15. Geographic Information

按地区划分的收入以公司客户合同中载明的客户地址为准。下表列示了按地区划分的收入（单位：千美元）：

Revenue by geography is based on the address of the customer as specified in the Company’s customer contracts. The following table sets forth revenue by geographic area (in thousands):

截至 12 月 31 日的年度

Year ended December 31,

2022 年 · 2023 年 · 2024 年 美国 · $10,367 · $200,469 · $1,797,268 所有其他国家* · 5,463 · 28,474 · 118,158 总收入 · $15,830 · $228,943 · $1,915,426

2022 · 2023 · 2024 United States · $10,367 · $200,469 · $1,797,268 All other countries* · 5,463 · 28,474 · 118,158 Total revenue · $15,830 · $228,943 · $1,915,426

* · 截至 2022 年 12 月 31 日的年度，英国占总收入的 18%；截至 2023 年 12 月 31 日和 2024 年 12 月 31 日的年度，英国占收入的比例低于 10%。

* · The United Kingdom accounted for 18% of total revenue for the year ended December 31, 2022 and less than 10% of revenue for the years ended December 31, 2023 and 2024.

公司的长期资产按资产的实际所在地归属至相应国家。公司将长期资产定义为不动产及设备以及经营租赁使用权资产，因为其中许多资产无法轻易移动且流动性相对较低，因而面临地域风险。

The Company’s long-lived assets are attributed to a country based on the physical location of the assets. It defines long-lived assets as property and equipment and operating lease right-of-use assets because many of these assets cannot be readily moved and are relatively illiquid, subjecting them to geographic risk.

截至 2023 年 12 月 31 日，公司几乎全部长期资产均位于美国。截至 2024 年 12 月 31 日，公司 90%的长期资产位于美国，且无其他任何单一国家占该等资产的 10%以上。

As of December 31, 2023 substantially all of the Company’s long-lived assets were located in the United States. As of December 31, 2024, 90% of the Company’s long-lived assets were located in the United States and no other single country accounted for more than 10% of these assets.

16. 终止经营 16. Discontinued Operations

#### 区块链挖矿与管理服务

#### Blockchain Mining and Management Services

2022 年 9 月 30 日，由于以太坊奖励政策发生变化，对公司未来潜在挖矿收入产生重大影响，公司终止了其区块链挖矿与管理服务，并将重心集中于其云计算业务。这一战略转变导致区块链挖矿与管理业务在公司截至 2022 年 12 月 31 日止年度的财务报表中被归类为终止经营业务。

On September 30, 2022, the Company ceased its Blockchain Mining and Management Services due to changes in Ethereum’s reward policy, which materially impacted potential future mining revenues, and concentrated its focus to its cloud computing business. This strategic shift resulted in the classification of the Blockchain Mining and Management business as discontinued operations in the Company’s financial statements for the year ended December 31, 2022.

区块链挖矿利用公司的算力挖掘加密货币，主要是以太坊，相关安排下以数字资产形式获得奖励并立即转换为美元。2022 年所有挖出的数字资产均已变现，截至 2022 年 12 月 31 日公司未持有任何数字资产。管理服务涉及为从事区块链挖矿的客户提供托管和运营支持，收入通过报销协议和收入分成获得。这些活动在后续期间不再存在，且任何后续期间均无终止经营业务。

Blockchain mining utilized the Company’s computing capacity to mine cryptocurrencies, primarily Ethereum, under arrangements where rewards were received as digital assets and immediately converted to U.S. dollars. All digital assets mined were liquidated in 2022, and the Company held no digital assets as of December 31, 2022. Management Services involved hosting and operational support for customers engaged in blockchain mining, with revenues derived through reimbursement agreements and revenue sharing. These activities are not present in subsequent periods, and there are no discontinued operations for any subsequent periods.

下表汇总了终止经营业务的净亏损（单位：千美元）：

The following table summarizes the net loss from discontinued operations (in thousands):

截至 2022 年 12 月 31 日止年度

Year ended December 31, 2022

区块链与管理服务收入 · $9,692 营业费用 收入成本 · 3,138 设备处置收益 · (99) 经营利润 · 6,653 交易性证券公允价值调整 · (2,088) 资产减值损失 · (4,510) 其他（收入）费用净额 · (300) 终止经营业务税前亏损 · (245) 所得税收益 · (56) 终止经营业务净亏损，税后 · $(189)

Blockchain and management services revenue · $9,692 Operating expenses Cost of revenue · 3,138 Equipment disposal gain · (99) Operating income · 6,653 Fair value adjustments of trading securities · (2,088) Assets impairment loss · (4,510) Other (income) expense, net · (300) Loss from discontinued operations before income tax · (245) Income tax benefit · (56) Net loss from discontinued operations, net of tax · $(189)

下表汇总了终止经营业务的现金流量表（单位：千美元）：

The following table summarizes the statements of cash flows of the discontinued operations (in thousands):

截至 2022 年 12 月 31 日止年度

Year ended December 31, 2022

经营活动

Operating activities

净亏损 · $(189) 将净（亏损）收入调节为经营活动现金净额的调整项目 折旧 · 1,428 非现金租赁费用 · 6 资产减值 · 4,510 设备处置收益 · (99) 交易性证券公允价值调整 · 2,088 交易性证券已实现亏损 · 300 挖矿与管理服务产生的数字货币增加 · (9,692) 经营性资产和负债变动： 预付费用及其他流动资产 · 115 出售数字货币所得款项 · 9,692 终止经营业务经营活动提供的现金净额 · $8,159 投资活动 出售交易性证券所得款项 · 866 出售财产和设备所得款项 · 207 终止经营业务投资活动提供的现金流量 · $1,073

Net loss · $(189) Adjustments to reconcile net (loss) income to net cash from operating activities Depreciation · 1,428 Noncash lease expense · 6 Assets impairment · 4,510 Equipment disposal gain · (99) Fair value adjustments of trading securities · 2,088 Realized loss on trading securities · 300 Increase in digital currency from mining and management services · (9,692) Changes in operating assets and liabilities: Prepaid and other current assets · 115 Proceeds from sale of digital currency · 9,692 Net cash provided by discontinued operating activities · $8,159 Investing activities Proceeds from sales of trading securities · 866 Proceeds from sale of property and equipment · 207 Cash flows provided by investing activities of discontinued operations · $1,073

17. 期后事项 17. Subsequent Events

公司已对截至 2025 年 3 月 3 日（即合并财务报表出具之日）的期后事项进行了评估，并就附注 1 所述的股票拆分事项评估至 2025 年 3 月 19 日。

The Company has evaluated subsequent events through March 3, 2025, the date the consolidated financial statements were issued, and with respect to the stock split, described in Note 1, through March 19, 2025.

2025 年 1 月，公司在循环信贷额度下提取了 $50 million。

In January 2025, the Company drew $50 million on the Revolving Credit Facility.

2025 年 1 月，公司与一家 OEM 签订了多项额外融资协议。该等融资协议的合计名义余额为 $160 million。就上述融资协议，公司为所融资设备授予了担保权益。该等融资安排的期限为两年。

In January 2025, the Company entered into various additional financing agreements with an OEM. The financing agreements have an aggregate notional balance of $160 million. Related to the financing agreements, the Company granted a security interest for the financed equipment. The financing arrangements have a term of two years.

2025 年 2 月，公司在 DDTL 2.0 额度下额外借入 $473 million，使 DDTL 2.0 额度下的借款总额达到 $4.3 billion。更多信息请参见附注 10——债务。

In February 2025, the Company borrowed an additional $473 million under the DDTL 2.0 Facility, bringing the total borrowings on the DDTL 2.0 Facility to $4.3 billion. Refer to Note 10—Debt for additional information.

2025 年 2 月和 3 月，公司签订了新协议以租赁额外场地。公司预计将在未来 15 年内就上述租赁支付约 $3.4 billion 的额外租金。

In February and March 2025, the Company entered into new agreements to lease additional space. The Company expects to make approximately $3.4 billion of additional rent payments over the next 15 years related to the leases.

2025 年 2 月，公司与单一出租方修改了多项租赁协议。该等修改变更了合同约定的电力容量、期限和合同付款，并终止了相关托管协议。由于该等修改，公司将获得额外 70 MW 的合同电力容量。公司收到了此前计入其他非流动资产中的 $304 million 未使用托管资金的退款，并预计将在该等租赁 13 年的期限内支付约 $1.7 billion 的额外租金。

In February 2025, the Company modified multiple lease agreements with a single landlord. The modifications changed the contracted power capacity, term, and contractual payments, and terminated the related escrow agreements. As a result of the modification, the Company will receive an additional 70 MW of contracted power capacity. The Company received a refund of $304 million of unused escrow funds previously included within other non-current assets, and expects to make approximately $1.7 billion of additional rent payments over the 13 year term of these leases.

2025 年 2 月，公司签订最终协议，收购 AI 开发者平台 Weights and Biases, Inc.。购买价款预计主要以约 20,400,000 股公司 A 类普通股支付。鉴于该收购的时间安排，目前尚无法切实可行地披露有关最终购买价款、购买价款分配或其他相关披露的信息。

In February 2025, the Company entered into a definitive agreement to acquire Weights and Biases, Inc., an AI developer platform. The purchase price is anticipated to be payable primarily in approximately 20,400,000 shares of the Company’s Class A common stock. Given the timing of the acquisition, it is not practicable to disclose information regarding the final purchase price, purchase price allocation, or other related disclosure at this time.

附注 18. 期后事项（未经审计） Note 18. Subsequent Events (Unaudited)

公司已对自合并财务报表最初于 2025 年 3 月 3 日出具之日起至 2025 年 3 月 19 日（即合并财务报表重新出具之日）止的期后事项进行了评估。

The Company has evaluated subsequent events from the date the consolidated financial statements were originally issued on March 3, 2025 through March 19, 2025, the date the consolidated financial statements were reissued.

2025 年 3 月，公司与 OpenAI 签订了主服务协议（“OpenAI 主服务协议”），据此，公司通过履行 OpenAI 向公司提交的预留容量订单，向 OpenAI 提供云计算容量的访问权限。截至 2025 年 3 月 11 日，在满足交付及服务可用性要求的前提下，OpenAI 已承诺在 2030 年 10 月前向公司支付最高约 $11.9 billion。根据 OpenAI 主服务协议项下的未完成订单，公司已设立一家特殊目的实体，该实体将持有相关基础设施，且公司拟由该特殊目的实体承担债务，以为其履行 OpenAI 主服务协议项下义务提供融资。此外，公司已同意根据 OpenAI 主服务协议的条款，并依据与 OpenAI 签订的股票发行协议（“OpenAI 股票发行协议”），向 OpenAI 发行数量相当于 $350.0 million 的公司 A 类普通股，每股价值等于首次公开发行价格。该等股份以私募方式发行，须以本次发行为完成条件。OpenAI 主服务协议项下确认的任何收入，将以 OpenAI 股票发行协议项下所发行股份的价值予以抵销。

In March 2025, the Company entered into a Master Services Agreement (the “OpenAI Master Services Agreement”) with OpenAI, pursuant to which the Company provides OpenAI access to cloud computing capacity through fulfillment of reserved capacity orders submitted to the Company by OpenAI. As of March 11, 2025, subject to the satisfaction of delivery and availability of service requirements, OpenAI has committed to pay the Company up to approximately $11.9 billion through October 2030. Under the outstanding order under the OpenAI Master Services Agreement, the Company has established a special purpose vehicle that will hold the infrastructure, and the Company intends for the special purpose vehicle to incur indebtedness to finance its obligations under the OpenAI Master Services Agreement. Additionally, the Company has agreed to issue to OpenAI, in accordance with the terms of the OpenAI Master Services Agreement and pursuant to a stock issuance agreement (the “OpenAI Stock Issuance Agreement”) with OpenAI, a number of shares of the Company’s Class A common stock equal to $350.0 million valued at a price per share equal to the initial public offering price. The issuance of the shares in a private placement is contingent upon the completion of this offering. Any revenue recognized under the OpenAI Master Service Agreement will be offset by the value of the shares issued under the OpenAI Stock Issuance Agreement.

2025 年 3 月，公司与 Morgan Stanley Senior Funding, Inc.（作为行政代理人）、担保方及贷款方签订了信贷协议（“2025 年定期贷款信贷协议”），提供一项 $300 million 的无担保定期贷款融资（“2025 年定期贷款融资”）。2025 年定期贷款融资项下的义务由 2025 年定期贷款信贷协议所述子公司担保人提供无条件担保。2025 年定期贷款融资项下的借款仅可在单次融资中提取。截至 2025 年 3 月 19 日，2025 年定期贷款融资项下尚无借款。2025 年定期贷款融资的所得款项可用于营运资金及一般公司用途（包括为收购及其他投资提供融资）。2025 年定期贷款融资将于 2025 年 12 月 16 日到期。2025 年定期贷款融资项下的借款按年利率计息，由公司选择，可为：(a) 对于基准利率贷款，适用利差为 0.75% 加基准利率（受 1.00% 下限约束），该基准利率参照以下各项中的最高者确定：(i) 最优惠利率，

In March 2025, the Company entered into a credit agreement (the “2025 Term Loan Credit Agreement”) with Morgan Stanley Senior Funding, Inc., as administrative agent, the guarantors party thereto, and the lenders party thereto, providing for a $300 million unsecured term loan facility (the “2025 Term Loan Facility”). The obligations under the 2025 Term Loan Facility are unconditionally guaranteed by the subsidiary guarantors as described in the 2025 Term Loan Credit Agreement. Amounts borrowed under the 2025 Term Loan Facility may only be borrowed in a single funding. There have been no borrowings under the 2025 Term Loan Facility as of March 19, 2025. The proceeds of the 2025 Term Loan Facility may be used for working capital and general corporate purposes (including the financing of acquisitions and other investments). The 2025 Term Loan Facility will mature on December 16, 2025. Amounts borrowed under the 2025 Term Loan Facility are subject to an interest rate per annum equal to, at the Company’s option, either (a) for base rate loans, an applicable margin of 0.75% plus a base rate (subject to a 1.00% floor) determined by reference to the highest of (i) the prime rate,

(ii) 以下两者中的较高者：(A) 联邦基金有效利率和 (B) 隔夜银行融资利率，在每种情况下均加 0.50%，以及 (iii) 一个月期限 SOFR 加 1.00%，或 (b) 对于期限基准贷款，适用利差为 1.75% 加一个月、三个月或六个月利息期的期限 SOFR（受 0.00% 下限约束），并且在 (a) 或 (b) 任一情形下，还需向该等贷款人支付 2.25% 的费用。一旦提取，贷款可由公司选择随时、不时提前偿还，并且须以某些资产处置、债务发生或股权发行的收益进行提前偿还，包括须以本次发行的部分或全部收益进行提前偿还的要求。2025 年定期贷款融资项下贷款人的所有未提取承诺应在以下较早发生者发生时终止：(i) 2025 年 4 月 7 日和 (ii) 本次发行交割。

(ii) the greater of (A) the federal funds effective rate and (B) the overnight bank funding rate, in each case, plus 0.50%, and (iii) the one month term SOFR plus 1.00% or (b) for term benchmark loans, an applicable margin of 1.75% plus the term SOFR (subject to a 0.00% floor) for a one, three, or six month interest period plus, in the case of either of clauses (a) or (b), a fee of 2.25% payable to the lenders thereof. Once drawn, the loans are prepayable at any time, from time to time, at the Company’s option, and are required to be prepaid with the proceeds of certain asset dispositions, incurrences of indebtedness or equity issuances, including a requirement to be prepaid with some or all of the proceeds of this offering. All unfunded commitments of the lenders under the 2025 Term Loan Facility shall terminate upon the earlier to occur of (i) April 7, 2025 and (ii) the closing of this offering.

2025 年 3 月，公司签订了租赁额外空间的协议。公司预计将在未来 12 年内就这些租赁支付约 $497 million 的额外租金。

In March 2025, the Company entered into agreements to lease additional space. The Company expects to make approximately $497 million of additional rent payments over the next 12 years related to the leases.

2025 年 3 月，公司就位于单一场址的若干建筑物签订了一份租赁协议，拟用作数据中心。该协议提供 133 MW 的电力接入，预计将于 2026 年分阶段交付。公司将根据出租人发生的建设成本支付合同租金。与该租赁相关的未来 15 年期限内，合同租金支付总额介于 $3.8 billion 至 $4.8 billion 之间。

In March 2025, the Company entered into a lease agreement for various buildings located at a single site intended to be used as data centers. The agreement provides access to 133 MW of electrical power, which is expected to be delivered in phases in 2026. The Company will make contractual rent payments based on construction costs incurred by the lessor. The total contractual rent payments range from $3.8 billion to $4.8 billion over the next 15 years term related to this lease.

2025 年 3 月，公司与一家 OEM 签订了多项额外融资协议。该等融资协议的总名义余额为 $41 million。该等融资安排的期限为 2 年。公司就融资设备授予了担保权益。

In March 2025, the Company entered into various additional financing agreements with an OEM. The financing agreements have an aggregate notional balance of $41 million. The financing arrangements have a term of 2 years. The Company granted a security interest for the financed equipment.

2025 年 3 月，公司董事会批准了 2025 年股权激励计划（“2025 年计划”），该计划将与 IPO 相关联而生效。公司已预留合计 50,000,000 股 A 类普通股用于与 2025 年计划相关的发行。

In March 2025, the Company’s Board of Directors approved the 2025 Equity Incentive Plan (the “2025 Plan”), which will become effective in connection with the IPO. A total of 50,000,000 shares of the Company’s Class A common stock has been reserved for issuance in connection with the 2025 Plan.

2025 年 3 月，公司董事会批准了 2025 年员工购股计划（“2025 年 ESPP”），该计划将与 IPO 相关联而生效。公司已预留合计 10,000,000 股 A 类普通股用于与 2025 年 ESPP 相关的发行。

In March 2025, the Company’s Board of Directors approved the 2025 Employee Stock Purchased Plan (the “2025 ESPP”), which will both become effective in connection with the IPO. A total of 10,000,000 shares of the Company’s Class A common stock has been reserved for issuance in connection with the 2025 ESPP.

2024 年 12 月 31 日之后，公司董事会批准授予 8,753,320 份 RSU。基于每股首次公开发行价格，公司目前估计与该等 RSU 相关的未确认股权激励费用将约为 $360 million。该估计为初步估计，可能会发生变化，并且可能因截至本招股说明书日期的实际没收情况和实际预扣税率等因素而与最终确认金额存在重大差异。

Subsequent to December 31, 2024, the Company’s board of directors approved grants of 8,753,320 RSUs. Based on the initial public offering price per share, the Company currently estimates that the unrecognized stock-based compensation expense related to these RSUs will be approximately $360 million. This estimate is preliminary, subject to change, and may differ materially from the final amount recognized depending on factors such as actual forfeitures through the date of this prospectus and actual tax withholding rates.

37,500,000 股

37,500,000 Shares

CoreWeave, Inc.

CoreWeave, Inc.

A 类普通股

Class A Common Stock

MORGAN STANLEY · J.P. MORGAN · GOLDMAN SACHS & CO. LLC BARCLAYS · CITIGROUP · MUFG

MORGAN STANLEY · J.P. MORGAN · GOLDMAN SACHS & CO. LLC BARCLAYS · CITIGROUP · MUFG

DEUTSCHE BANK SECURITIES · JEFFERIES · MIZUHO · WELLS FARGO SECURITIES · BOFA SECURITIES

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