The market suddenly seems to think $CRWV's situation is hopeless. Don't think so. The current deployed capacity target of 8 GW over five years implies around $80 billion in revenue in 2030. The current backlog is $100 billion, already covering 50% of the cumulative revenue target by 2030. The model implies EBT inflection post-2028, and the backlog basically covers all 2027-2028 revenues. Then interest expense as a percentage of revenue declines to 7% by 2030. OpenAI and Anthropic are currently at $130 billion combined ARR. They'll likely finish the year around $150 billion. The target at the beginning of the year was $100 billion. Everything looks ahead of schedule, and there is no indication of hardship in any of $CRWV's customers. The sell-off is overblown at this point.
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