I bought more $CRWV this week. The debt deserves scrutiny but I think the market has gotten too pessimistic about CoreWeave’s ability to finance its growth and turn customer commitments into cash. CoreWeave's trailing twelve-month revenue through Q2 went from about $3.5 billion to $7.6 billion which is up roughly 115%. EBITDA on the same basis went from about $1.8 billion to $3.8 billion. That is not the company’s adjusted EBITDA and it is definitely not free cash flow. What it shows is how fast the operating business is scaling. The real question is whether that growth earns a good return after paying for the infrastructure and the financing behind it. I think it does. CoreWeave ended Q2 with about $104 billion of backlog, and that does not count the more than $25 billion of new commit
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