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CoreWeave - 26Q3 Results Call
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CoreWeave - The Cost of Borrowed Time? - Initiation
Eashan Kapoor
CoreWeave - The Cost of Borrowed Time? - Initiation
Eashan Kapoor

Please find our initial analysis of CoreWeave here.

Note: Beta testers can check CoreWeave on the portal here.

CoreWeave’s credit comes down to one question: can a business that borrows to build reach the end of its build before the contracts behind it run out? The next two years look well covered, with the debt raised against specific GPUs and customer contracts and management guiding to at least 8GW of active power, so there are no signs of slowing down. Around 2029–31 most of the capacity has to be re-sold, debt will be at its peak, and the first generation of chips needs replacing, all at once. Will customers renew at today’s prices, and will management’s guidance on attractive pricing for older chips hold when the real test arrives, given the six-year life they assume for these chips? Will funding markets stay open to finance the rest of the build, and how much further does the push go beyond 8GW? And if demand drops, how do management and its investors react: do they keep building, or do they step in with fresh equity? The answers decide whether the 2030–32 maturities are refinanced at par or restructured, which is why the outcome is so binary.

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Eashan Kapoor
Eashan Kapoor
CoreWeave - coming soon
Eashan Kapoor

CoreWeave - coming soon

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Eashan Kapoor