哈佛老徐：3个月暴涨330%！"英伟达亲儿子"CoreWeave全解析

Coreweave Overview - CoreWeave, established in 2017, transitioned from a cryptocurrency mining company to a specialized AI cloud computing service provider, operating 32 data centers and deploying over 250,000 NVIDIA GPUs by the end of 2024 [11][12]. Business Model and Revenue Mechanism - CoreWeave operates on a "light asset + high premium" AI computing rental model, focusing on GPU leasing and infrastructure rental, with a revenue structure heavily reliant on major clients like Microsoft [14][22]. - The company reported a revenue of $1.92 billion in 2024, with GPU bare metal leasing contributing 68% of total revenue [14][20]. Financial Performance - CoreWeave's revenue surged from approximately $0.16 million in 2022 to $1.92 billion in 2024, reflecting a compound annual growth rate of 737%, while net losses increased from $31 million to $863 million during the same period [18][20]. - The company has a significant customer concentration risk, with 77% of revenue coming from two major clients, primarily Microsoft [22]. Growth Drivers - The capital expenditure increased dramatically from $2.8 billion in 2023 to $8.5 billion in 2024, expanding GPU cluster capacity threefold [23]. - A shift in pricing strategy improved operational efficiency, reducing the average cost per dollar of revenue from $1.31 in 2023 to $0.76 in 2024 [24]. Future Outlook - CoreWeave anticipates a revenue of $4.9 to $5.1 billion in 2025, driven by partnerships and unfulfilled contracts [31]. - The company aims to achieve an adjusted operating profit of $800 to $840 million, indicating the potential for profitability as scale effects materialize [32].