CoreWeave 第一季度盈利：令人瞠目结舌的增长，但我对此持观望态度

Core Viewpoint - CoreWeave reported Q1 2025 earnings significantly exceeding analyst expectations, positioning itself as a pure growth company with ambitions to triple revenue by 2025 and double it in the coming year [1][5][9] Financial Performance - Q1 2025 revenue grew by 420% year-over-year, with Q2 2025 guidance indicating over 200% growth [5][6] - Full-year 2025 guidance suggests a 170% increase, raising concerns about sustainability given the expected decline in growth rates [6][7] - Projected adjusted non-GAAP operating income for Q2 2025 is approximately $170 million, doubling from the previous year, with full-year guidance at $830 million [9] Debt and Valuation - CoreWeave has a net debt exceeding $7 billion, constituting nearly 25% of its market capitalization, indicating a weak balance sheet [7][10] - The company requires significant capital expenditure of $22 billion to achieve an additional $5 billion in revenue, raising concerns about financial sustainability [10] Market Dynamics - CoreWeave's cloud platform is tailored for AI, offering a cost-effective alternative to building in-house infrastructure [1] - The company has secured large contracts, including a $11.9 billion deal with OpenAI and a $4 billion expansion with another AI firm, contributing to its revenue growth [10] - Despite impressive growth metrics, analysts express concerns regarding the financial foundation due to high debt and capital expenditure requirements [10]