Added to YB: 2026-05-08
Pitch date: 2026-05-06
CRWV [neutral]
CoreWeave, Inc.
-2.43%
current return
Author Info
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Company Info
CoreWeave, Inc. operates as a cloud infrastructure technology company in the United States. The company offers CoreWeave Cloud platform that comprises proprietary software and cloud services that deliver the automation and efficiency needed to manage complex artificial intelligence (AI) infrastructure at scale.
Market Cap
$74.9B
Pitch Price
$132.06
Price Target
N/A
Dividend
N/A
EV/EBITDA
28.91
P/E
-49.19
EV/Sales
19.80
Sector
IT Services
Category
special_situation
Sell-Side Has CRWV Wrong
CRWV (overview): IG SPV rating (A3/A-low) doesn't transmit to Parent—9.75% unsecured vs 5.9% SPV spread proves it. Cash Trap fires on material MSA breach (sub-default), blocking upstream distributions while SPV stays current. DDTL 3.0 needed covenant relief Dec'25 (same template/lenders). DDTL 5.0 launched S+500/BB+ vs DDTL 4.0 S+225/A-low 28d apart—customer credit passthrough confirmed. $6.7B '26 maturity wall forces dilutive refinancing. Bear case: residual equity claim erodes as Microsoft revenue (corporate-recourse) replaced by Meta/OpenAI (SPV-pledged). Short Parent unsecured or CDS (CMAI 545bps); equity satellite $127→$50-70 (45-60% down), stop $187. 18-30mo window.
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