Seeking Alpha
12 Nov 2026, 10:35 UTC · 51m ago
Why I Made CoreWeave My Single Largest Holding
Impact · against what's priced in
The Q3 results provide positive evidence that CoreWeave is successfully converting its backlog into high-margin revenue, but the scale of the update is largely an extension of existing bull-case assumptions. While the 62% EBITDA margin helps address debt concerns, the market remains skeptical of long-term FCF sustainability, meaning this report is a incremental step rather than a structural re-rating catalyst.
- CRWV+0.30
Challenges what's priced in
- The price assumes
The conversion of the $104 billion backlog into profitable, cash-generating revenue
The increase of the backlog to $132.5B and a 196% sequential jump in adjusted operating income provides concrete evidence of the backlog-to-profit conversion that the market previously declined to pay for.
What CRWV's price assumes · Sep 4
Top 1 mover · tap to explore
