📊 𝐈𝐍𝐕𝐄𝐒𝐓𝐎𝐑 𝐍𝐎𝐓𝐄: $Coreweave(CRWV.US) CoreWeave Investor Says Wall Street Misunderstands Its $130 Billion AI Backlog - WSJ

👉 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:

➤ 𝗖𝗼𝗿𝗲𝗪𝗲𝗮𝘃𝗲 is being consistently misunderstood by investors, according to Neostellar Capital.

➤ 𝗡𝗲𝗼𝘀𝘁𝗲𝗹𝗹𝗮𝗿 𝗖𝗮𝗽𝗶𝘁𝗮𝗹 holds approximately $𝟭𝟬 𝗺𝗶𝗹𝗹𝗶𝗼𝗻 in CoreWeave shares.

➤ CoreWeave has nearly $𝟭𝟯𝟬 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 in contracted backlog, according to Lee.

➤ Most backlog reportedly comes from 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁-𝗴𝗿𝗮𝗱𝗲 companies.

➤ CoreWeave's debt is backed by 𝗹𝗼𝗻𝗴-𝘁𝗲𝗿𝗺 𝗔𝗜 𝗰𝗼𝗺𝗽𝘂𝘁𝗲 contracts.

➤ Lee says CoreWeave does not depend on 𝗮 𝘀𝗶𝗻𝗴𝗹𝗲 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿.

➤ Investors are awaiting 𝗔𝗻𝘁𝗵𝗿𝗼𝗽𝗶𝗰'𝘀 expected November IPO for valuation guidance.

➤ Anthropic's potential IPO valuation could influence 𝘀𝗺𝗮𝗹𝗹𝗲𝗿 𝗔𝗜 𝗰𝗼𝗺𝗽𝗮𝗻𝗶𝗲𝘀.

➤ Lee argues investors are conflating 𝗔𝗻𝘁𝗵𝗿𝗼𝗽𝗶𝗰 𝗿𝗶𝘀𝗸𝘀 with CoreWeave's fundamentals.

👉 𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗠𝗮𝘁𝘁𝗲𝗿𝘀:

➤ A nearly $𝟭𝟯𝟬 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 backlog provides visibility into future contracted revenue.

➤ 𝗜𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁-𝗴𝗿𝗮𝗱𝗲 customers may reduce perceived credit and financing risks.

➤ Anthropic's IPO could influence 𝗔𝗜 𝘀𝗲𝗰𝘁𝗼𝗿 𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻𝘀 and investor sentiment.

➤ CoreWeave's valuation may increasingly depend on 𝗯𝗮𝗰𝗸𝗹𝗼𝗴 𝗰𝗼𝗻𝘃𝗲𝗿𝘀𝗶𝗼𝗻, debt servicing, and profitability.

👉 𝗘𝘅𝗽𝗲𝗿𝘁 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁:

𝗪𝗶𝗹𝗹𝘆 𝗟𝗲𝗲, 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."