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Jason's Chips
@jasonschips
AI/semis buyside investor | All views my own, not financial advice
가입 April 2024
73 팔로잉 중    10.1K 팬
JPMorgan on CoreWeave ($CRWV), May 8: Record bookings, but a lumpy buildout JPMorgan says CoreWeave’s Q1 validated demand and financing progress, yet the path from signed AI compute contracts to revenue remains uneven. These are May 2026 figures, not a current-quarter update. Key proof points: • Q1 revenue of $2.08B beat consensus by ~6%; FY26 revenue guidance held at $12B–$13B. • More than $40B of new Q1 commitments lifted backlog to $99.4B, up $32.6B sequentially (+49%). • The 2026 exit ARR floor rose by $1B to $18B–$19B, but Q2 revenue guidance of $2.525B at the midpoint was ~7% below consensus. • Ten customers had committed $1B+ each. Jane Street added $6B in Q1; financial-services backlog approached $10B. Why it matters: The debate is less whether AI compute demand exists and more whether CoreWeave can turn a huge contracted backlog into deployed, profitable capacity without overburdening the balance sheet. Customer diversification helps, but execution and funding still set the pace. Capital and margin angle: FY26 CapEx guidance increased to $31B from $30B on higher component prices; JPMorgan expected those costs to pass through without materially changing margins on previously booked deals. An $8.5B investment-grade-rated HPC-backed financing facility priced at an implied cost below 6%, easing—but not eliminating—the funding overhang. JPMorgan view: Neutral; December 2026 price target raised to $105 from $90. Its target uses ~42x estimated 2027 pro forma EBIT of $2.5B versus ~27x for its peer group. Growth and differentiation support the premium, in JPMorgan’s view, while debt, heavy CapEx and execution risk argue against chasing a smooth-growth narrative.
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