To The Moon

$CoreWeave, Inc.(CRWV)$ I sold some to average down the cost. But is it worth holding? I did some analysis.

CRWV (CoreWeave) — my take

At around US$88, I think CRWV is one of the more interesting but high-risk AI infrastructure stocks. The business momentum is exceptional, but the valuation and enormous capital requirements make this very different from owning NVDA or MSFT.

🚀 What’s very bullish

1. Revenue is exploding

* Q2 2026 revenue: $2.58B, up 112% YoY.

* Adjusted operating income improved to $128M, versus $21M in Q1.

* The company is beginning to demonstrate operating leverage as its infrastructure scales.

2. Backlog is the biggest attraction

* Revenue backlog reached $104.2B, up 246% YoY.

* CoreWeave also added >$25B of new customer commitments shortly after quarter-end.

* More than 50% of the existing backlog is already attached to contracts where customer delivery has begun.

That’s a huge amount of future revenue visibility.

3. AI demand remains extremely strong

CoreWeave is benefiting from demand from AI labs, hyperscalers and enterprises, with customers including major AI companies and enterprises. It is also expanding into inference, which could become an increasingly important source of demand.

4. NVIDIA relationship is a major advantage

CoreWeave’s model is essentially:

NVIDIA GPUs → CoreWeave data centres → AI companies

This puts CRWV directly in the middle of the AI infrastructure build-out.

⸻

⚠️ The BIG problem: debt + capex

This is the part I would watch very carefully.

CoreWeave raised its 2026 capital expenditure forecast to $35–39B. Q2 alone consumed $9.4B of capex.

At June 30, CoreWeave had:

* $13.6B outstanding under delayed-draw term loans

* $16.6B of notes

* and other financing obligations.

So this is a highly leveraged growth story.

The company had about $6.9B of cash, restricted cash and marketable securities, and raised approximately $18B through debt, convertibles and equity during Q2.