JPMorgan: Mô hình kinh doanh của CoreWeave vẫn vững chắc bất chấp những lo ngại về việc hao hụt tiền mặt

The Huoxing Finance report, on October 20, according to Bloomberg, JPMorgan analysts stated that investor concerns regarding CoreWeave’s rising debt and rapid cash burn may be overstated, as the company’s funding needs primarily stem from rapid expansion rather than poor economic performance of individual projects. Previously, rising bond yields intensified market worries about its debt-fueled growth, causing the company’s stock to drop approximately 20% last week. JPMorgan believes CoreWeave’s business model remains robust, with strong demand for computing power and long-term “take-or-pay” contracts that lock in customers before new capacity comes online. According to their calculations, the unlevered internal rate of return for a typical five-year contract is around 15%, exceeding the company’s estimated weighted average cost of capital of 9% to 11%; upon contract expiration, GPUs can be re-contracted to generate additional revenue. However, aggressive expansion is still expected to pressure short-term cash flow. The bank estimates that each fully operational gigawatt of capacity can generate annual revenue of $10 billion to $15 billion, but requires over $35 billion in upfront capital expenditure to add one gigawatt of capacity. The company may not generate sufficient cash from existing operations to fund expansion until 2030.