Investor Research

CRWV · US

CRWV.US: CoreWeave — backlog giant vs leverage

CoreWeave Q2'26 rev $2.58B (+112%), ~$104B backlog; FY26 guide $12.4–13.2B. Contract depth vs leverage. See NBIS, IREN, APLD.

Published Updated Open interactive reader

Download MarkdownExport PDF

Cite a section with a deep link, e.g. /en/r/crwv-us-research#thesis

Market snapshot

Price (~2026-08-12)
USD 108
Market cap (approx)
USD 59.0B
Q2'26 net loss
USD -626.0M
Approx TTM revenue (recon)
USD 7.9B
As of 2026-09-25

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

CoreWeave — Largest public pure NeoCloud: Q2'26 revenue $2.58B (+112% YoY), ~$104B revenue backlog, sold-out capacity narrative — vs ~$35B debt and deeply negative FCF. Price with delivery/financing, not PE. See NBIS, IREN, APLD.

Business

See Chinese pack for full operating detail; model is NeoCloud / AI infrastructure as described in §thesis. Flagship, competitiveness, 12–24m strategy, and entity boundary are mirrored in content/zh-CN.md.

Strategy

Strategy
Pillar / phaseDetail
0–12m: 交付售罄产能 / Blackwell 上架KPI: 营收指引兑现 · 活跃 MW · 状态: 进行中
12–24m: Vera Rubin / 跨云互联KPI: backlog 转化斜率 · 状态: 规划
融资: 降低加权债务成本KPI: 利息 / 杠杆比率 · 状态: 关键
As of 2026-09-25

Value chain

Midstream GPU cloud or AI campus landlord (APLD). Upstream: NVIDIA GPUs, power, shells. Downstream: frontier labs / hyperscalers. Customer concentration and ≥2 supply risks detailed in ZH and tables.

Customers

Customers
CustomerConcentration/roleNote
超大 AI/云客户（MSFT/META/OpenAI 等）高集中（披露待核）合同驱动 backlog
企业 AI / 垂直客户提升中管理层强调企业采用
As of 2026-09-25

Corporate events

Material 24–36m events (IPO/financing/major contracts/campus RFS) — see table_corporate_events and ZH narrative.

Corporate events

Corporate events
DatePhaseEventMeaning
2025–2026公司行动公开上市与多轮债务/可转债融资扩张资产负债表
2026-Q2公司行动backlog ~$104B；产能售罄表述需求侧叙事强化
2026-Q2公司行动跨云互联等产品发布差异化尝试
As of 2026-09-25

Valuation

Prices ~2026-08-12. Loss-making PE N/A; prefer backlog/ARR/GW and financing lenses.

Valuation snapshot

Valuation snapshot
MetricValueRead
市值 / 远期营收~$59B / FY26 ~$12.8B mid高增长但杠杆折价
backlog / 市值~$104B / ~$59B合同厚但交付与融资风险
PE (TTM)N/A（亏损）勿用传统 PE
股息率0成长/再投资
As of 2026-09-25

Valuation & returns · ~3y

Interactive chart available in the reader.

Limited public history; PE=0 denotes N/A while loss-making; PB/returns illustrative — prefer backlog vs mkt. · As of 2026-09-25

Share price · ~3y

Interactive chart available in the reader.

Quarterly close reconstruction (illustrative, split-adjusted approx.) · As of 2026-09-25

Financial trend (~24m)

Revenue · last 8 quarters

Interactive chart available in the reader.

Q2'26/Q2'25 from company filings; earlier quarters illustrative reconstruction. · As of 2026-09-25

Margin · last 8 quarters

Interactive chart available in the reader.

Near-term ~ disclosed Adj. EBITDA margin ~59% (Q2'26); earlier path illustrative, not GAAP GM. · As of 2026-09-25

Financial health (§A.7)

Financial health (§A.7)

Financial health (§A.7)
ItemValueNote
自由现金流 / CapEx深度为负（模式）Q2 CapEx ~$9.4B；FY26 CapEx $35–39B
有息债 vs 现金债 ~$35B vs 现金类 ~$6.9B+高杠杆；GPU/基建融资驱动
流动性依赖持续融资与预付款Q2 披露多渠道募资 ~$18B
审计 / 持续经营以最新 10-Q/年报为准关注债务契约与减值
As of 2026-09-25

Net income · last 8Q

Interactive chart available in the reader.

Reconstructed from public filings (illustrative; attributable NI) · As of 2026-09-25

Operations

Volume (MW/GPUs), price ($/GPU-hour or lease), cost (depreciation/interest/power). Segment snapshot:

Key financial / operating points

Key financial / operating points
ItemValueYoY/chgNote
Q2'26 营收$2.58B+112%+24% QoQ
收入 backlog~$104B+246%截至 2026-06-30
Adj. EBITDA~$1.5B—margin ~59%
GAAP 净亏损~$0.63B扩大利息+折旧
FY26 营收指引$12.4–13.2B上修年末 ARR $18.5–19.5B
As of 2026-09-25

Competition

Market share trend · last 8Q

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Industry reports + public disclosures (illustrative estimate) · As of 2026-09-25

Peer comparison

Peer comparison
CompanyPositioningMargin profileStrengthWeakness
NBIS全栈 AI 云挑战者Adj. EBITDA 抬升融资叙事相对干净、增长更快体量小于 CRWV、客户亦集中
IREN电力/自有场地+云过渡期波动电力资源、客户预付覆盖 CapEx矿业务残留与交付执行风险
APLDAI 园区房东租赁爬坡长租约名义价值大非纯算力运营；融资与工期
MSFT/GOOGL/AMZN需求侧/竞争平台利润资产负债表极强非纯 NeoCloud beta
As of 2026-09-25

Management

Key management (~24m)

Key management (~24m)
RoleNameSince24m change
CEOMichael Intrator创始无重大变动（公开信息）
CFO以最新代理声明为准—核对 10-K/DEF 14A
董事会/融资——债务资本市场活动频繁
As of 2026-09-25

Outlook

Track next print: delivery MW, contract conversion, interest/financing, customer concentration.

Scenarios

Scenario Condition Implication
Bull On-time delivery, financing OK Multiple expansion
Base Guide roughly met Theme volatility
Bear Delays / cuts / refinancing stress Dilution + de-rate

Risks

Risks

Risks
RiskSeverityMitigation
客户集中与合同推迟/取消高多元化企业客户；预付款
高杠杆与再融资/利息侵蚀高降低融资成本；资产抵押框架
电力与上架延期高多园区并行；签约电力缓冲
GPU 代际贬值中高长约锁定；快速上架
主题同涨同跌波动中仓位与对冲
As of 2026-09-25

Tracking

  1. Contracted backlog / ARR / GW vs live capacity
  2. Power and RFS milestones
  3. Debt, interest, prepayments
  4. Guide vs actual revenue
  5. Confirm: delivery slope; Falsify: major customer cancel or failed refinance

References

Primary IR/SEC links listed in content/zh-CN.md #references. Also NeoCloud universe.

Not investment advice. Figures from public disclosures; some series reconstructed.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

Comments

Sign in to comment

Loading…