CoreWeave
ConvictionModerate
Capital-intensive asset-leasing arbitrage: borrow against Nvidia GPUs, deploy them, and rent compute on multi-year take-or-pay contracts. The economic engine is the spread between rental rates and the combined debt-service + depreciation cost of the fleet. Effectively a leveraged real-asset landlord whose collateral (GPUs) depreciates fast, not a software/SaaS business.
Revenue
$2.078BQ1 FY26); $5.13B FY2025; ~$6.2B LTM [fact]Rev growth
+111.6% YoYQ1 FY26); +~165% FY25 vs FY24 ($5.13B vs $1.9B) [fact]Gross margin
65.5%Q1 FY26, GAAP gross profit $1.362B / $2.078B) [fact]Op margin
-7%Q1 FY26 operating loss -$144M); net margin -36% (net loss -$740M). Adj. EBITDA margin 56% ($1.157B) [fact]Capex intensity
~370% of revenuein Q1 FY26 ($7.70B capex / $2.08B rev); FY26 capex guide $31-35B vs $12-13B revenue guide => ~2.5x revenue [fact/guidance]Market cap
~$55B equity capenterprise value ~$89B (EV reflects ~$25B debt; mid/late-Jun 2026) [fact]Price · 1-year trend
real · weekly$99-38% 1yUSD
52-week range
$72 – $165
52w lowas of 2026-06-25 · Yahoo Finance52w high
Across the boards
The thesis on this name
position · shortWeak
AI Compute Value-Chain
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book · short
AI Compute Value-Chain
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opportunityModerate
AI datacenter power & cooling
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The read
Where our coverage leans
Coverage leans bearish
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- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence