$CRWV carries $24.9B in debt and a $740M net loss last quarter. That sounds scary but we remain bullish on CoreWeave (Save this). With interest expense at $536 million in a single quarter, it looks like CoreWeave is in real trouble but CoreWeave's free cash flow isn't projected to turn positive until 2029 or 2030. "The business model is designed to be front loaded. Free cash flow for them doesn't even turn positive till 2029-2030." The capital is going into GPUs, data centers and power contracts today so that revenue can scale faster. And don't forget about their impressive customers. They have over $63 billion in disclosed customer commitments this year alone: - OpenAI alone committed over $21B through 2031 - Meta committed $35B+ - Nvidia signed a $6.3B deal as a paying customer - Jane Street dropped $6B in April. - Anthropic signed a multi-billion dollar deal as well This isn't a novel setup either. The exact same argument with heavy upfront spend but revenue arriving years later is the reason the hyperscalers themselves have been under pressure recently. The market is temporarily discounting anyone loading up on AI infrastructure capex today in exchange for revenue tomorrow. CoreWeave is being lumped into that same sentiment despite having some of the most credible multi-year commitments. Despite the poor financials, our analysts remain bullish on $CRWV as one of our key neocloud trades. Our analysts have been ahead of the AI infrastructure trade from the start. Get access to their entire portfolios for $1. Link below.