Hardik Shah
@AIStockSavvy
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Joined September 2009
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đ đđđđđđđđ đđđđ: $CRWV CoreWeave Investor Says Wall Street Misunderstands Its $130 Billion AI Backlog - WSJ
đ đđ˛đ đđļđ´đĩđšđļđ´đĩđđ:
⤠đđŧđŋđ˛đĒđ˛đŽđđ˛ is being consistently misunderstood by investors, according to Neostellar Capital.
⤠đĄđ˛đŧđđđ˛đšđšđŽđŋ đđŽđŊđļđđŽđš holds approximately $đđŦ đēđļđšđšđļđŧđģ in CoreWeave shares.
⤠CoreWeave has nearly $đđ¯đŦ đ¯đļđšđšđļđŧđģ in contracted backlog, according to Lee.
⤠Most backlog reportedly comes from đļđģđđ˛đđđēđ˛đģđ-đ´đŋđŽđąđ˛ companies.
⤠CoreWeave's debt is backed by đšđŧđģđ´-đđ˛đŋđē đđ đ°đŧđēđŊđđđ˛ contracts.
⤠Lee says CoreWeave does not depend on đŽ đđļđģđ´đšđ˛ đ°đđđđŧđēđ˛đŋ.
⤠Investors are awaiting đđģđđĩđŋđŧđŊđļđ°'đ expected November IPO for valuation guidance.
⤠Anthropic's potential IPO valuation could influence đđēđŽđšđšđ˛đŋ đđ đ°đŧđēđŊđŽđģđļđ˛đ.
⤠Lee argues investors are conflating đđģđđĩđŋđŧđŊđļđ° đŋđļđđ¸đ with CoreWeave's fundamentals.
đ đĒđĩđ đ§đĩđļđ đ đŽđđđ˛đŋđ:
⤠A nearly $đđ¯đŦ đ¯đļđšđšđļđŧđģ backlog provides visibility into future contracted revenue.
⤠đđģđđ˛đđđēđ˛đģđ-đ´đŋđŽđąđ˛ customers may reduce perceived credit and financing risks.
⤠Anthropic's IPO could influence đđ đđ˛đ°đđŧđŋ đđŽđšđđŽđđļđŧđģđ and investor sentiment.
⤠CoreWeave's valuation may increasingly depend on đ¯đŽđ°đ¸đšđŧđ´ đ°đŧđģđđ˛đŋđđļđŧđģ, debt servicing, and profitability.
đ đđ
đŊđ˛đŋđ đĻđđŽđđ˛đēđ˛đģđ:
đĒđļđšđšđ đđ˛đ˛, Principal at Neostellar Capital:
"There's so much riding on the Anthropic IPO and everyone is trying to get a pulse on what the pricing looks like, and then price against that," Lee said. "People are conflating their feelings about Anthopic and its ability to pay for its compute with the core business of what CoreWeave currently is, which is a huge company with nearly $130 billion of backlog, most of it from investment-grade companies."
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