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cover of episode What does CoreWeave’s IPO say about the market?

What does CoreWeave’s IPO say about the market?

2025/3/27
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John Foley
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Rob Smith
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专注于电动车和能源领域的播客主持人和内容创作者。
Topics
主持人: CoreWeave 的 IPO 正值股市低迷时期，科技股受冲击最大，但这并没有阻止 CoreWeave 上市。 John Foley: CoreWeave 是一家 AI 算力租赁公司，它从英伟达购买芯片，然后将其打包在数据中心中出租给需要进行 AI 计算的公司，主要客户是微软和 OpenAI。CoreWeave 最初是一家加密货币矿商，后来转型为 AI 算力租赁公司。 Rob Smith: CoreWeave 的债务结构复杂且规模庞大，需要在未来两年内偿还 75 亿美元的债务。CoreWeave 对少数客户的依赖程度较高，这构成一定的风险，虽然依赖微软等大客户，但这些客户的信用评级较高，违约风险相对较低。但与 OpenAI 的合作增加了其客户多元化的同时，也增加了其违约风险。 John Foley: CoreWeave 的毛利率存在争议，其公布的 75% 的毛利率可能存在夸大成分。CoreWeave 在扣除股票期权补偿后，仍然能够实现运营盈利，但其盈利能力受融资成本的影响较大。英伟达可能通过鼓励客户从 CoreWeave 租赁芯片来分散其自身的客户风险。微软选择从 CoreWeave 租赁资产可能是为了将资本支出从其资产负债表中剥离，从而获得更大的灵活性。 Rob Smith: 英伟达是 CoreWeave 的第二大客户，但其租赁自身芯片的原因尚不清楚。CoreWeave 的高杠杆率增加了其在不确定性环境下的风险。CoreWeave 的 IPO 存在诸多不确定性因素，投资者应谨慎对待。Blackstone 是 CoreWeave 的最大债权人，CoreWeave 的违约对其构成风险。 John Foley: CoreWeave 的成败取决于未来几年对 GPU 算力的需求和价格。鉴于汽车关税可能导致价格上涨，法拉利作为奢侈品，其需求可能不会受到太大影响。

Deep Dive

Chapters
CoreWeave, initially a cryptocurrency miner, has transformed into an AI capacity rental company. It acquires NVIDIA chips, packages them in data centers, and rents the capacity to companies for AI processing. While seemingly a simple commodity business, CoreWeave adds value through data center infrastructure and software.
  • CoreWeave's origins in cryptocurrency mining
  • Its pivot to AI capacity rental
  • Value-add beyond commodity trading: data centers and software

Shownotes Transcript

CoreWeave’s IPO is one of the odder tech plays to come along in a few years. It buys chips from Nvidia, and rents them out, mainly to Microsoft, but also to Nvidia. Today on the show, Rob Armstrong gets into the cloud computing company's business with Lex editor John Foley and the FT’s corporate finance editor Rob Smith. Also they go long Ferraris and short car tariffs. 

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