CoreWeave：一场价值数万亿美元的盛宴

Core Viewpoint - The integration trend of large language models (LLM) and reinforcement learning (RL) is accelerating the development of "autonomous agents," which are AI systems capable of making decisions and executing tasks. CoreWeave is positioning itself as a core cloud service provider that can meet the demands of a reinforcement learning-driven future, making it a high-certainty target for the next phase of AI infrastructure [1]. Business Expansion - CoreWeave's business coverage is rapidly expanding, allowing it to push its infrastructure and services to more markets and enterprises, laying the foundation for scalable services in the agent era [2]. Transition to Agent Operation Platform - The acquisition of OpenPipe is a key move for CoreWeave to break into the "upstream of the value chain." OpenPipe's core competency is a "reinforcement learning toolkit" that enables developers to train agents and adapt models to new task requirements [4]. Technological Integration - CoreWeave is transforming from a "hardware layer + API interface" to a "full-cycle support platform for agents," representing a qualitative change in its service offerings [5]. Demand and Profitability - The workload related to agents is growing exponentially, leading to a continuous surge in computing power demand. In-house reinforcement learning tools and runtime services are expected to significantly expand profit margins [6]. One-Stop Solution - CoreWeave integrates various functionalities into its technology stack, forming a "one-stop solution" for developers, which will become a core dependency for clients over time, creating a competitive barrier [7]. Infrastructure Requirements - The infrastructure requirements for agents are significantly more complex than traditional AI inference, necessitating high-throughput system interconnects, fast memory, rollback architectures, and real-time monitoring capabilities [9]. Market Growth Potential - The computing power consumed by agent AI is expected to be several orders of magnitude greater than traditional "static inference." The global data center spending on computing power is projected to rise from "hundreds of billions" to "trillions" in the coming years [11]. Competitive Advantage - CoreWeave, as a leader among "AI-native new cloud vendors," is poised to capture a significant share of the trillion-dollar market, benefiting from its first-mover advantage in reinforcement learning training [12]. Revenue Growth - CoreWeave's quarterly sales surged by 200% year-on-year to approximately $1.21 billion, with a backlog of nearly $30 billion, indicating strong long-term demand for its services [14]. Market Valuation - CoreWeave's valuation is currently comparable to its GPU-intensive cloud service peers, with a forward EV/Sales ratio of about 5-6 times. If the platform business revenue share increases to 30%, the enterprise value could approach $120 billion [20].