Coreweave, das schwächste Glied der KI-Branche, überrascht mit starken Zahlen – und einem neuen Finanzierungsmodell
Der stark verschuldete Entwickler von Rechenzentren steigert seinen Umsatz deutlich und kann die nervösen Anleger etwas beruhigen. Die Strategie bleibt aber sehr aggressiv.
Coreweave, the weakest member of the AI industry, surprised investors with strong numbers and a new financing model. Despite being heavily indebted, the company reported a 3.7 billion dollar increase in revenue, exceeding expectations. CEO Michael Intrator assured analysts that construction of data centers is progressing faster than planned, with Coreweave now operating 1.7 gigawatts of computing power, twice the amount at the end of 2025.
The company's stock saw a 6% increase in after-hours trading, following a 50% drop within a month. However, Coreweave's aggressive financing strategy has raised concerns about its ability to sustain its rapid expansion. The company's debt has increased from over 66 billion dollars in September to nearly 52 billion in June, with only 4 billion in cash reserves.
A large portion of Coreweave's assets is in construction, finished data centers, and computer chips that must generate stable returns. The company's financial and political environment is highly dependent, with rising interest rates and potential policy restrictions posing a risk. Coreweave CEO Intrator attempted to alleviate concerns by discussing the political impact of the midterm elections, assuring analysts of good neighborly relations and the majority of planned compute power already in construction or operation in Texas.
Intrator also expressed confidence that even a reduced expansion rate in the US would make existing data centers more valuable, as demand for computing power is expected to significantly exceed supply by 2028. Coreweave is diversifying its data centers in Canada, Europe, and Asia to reduce US market risk. However, the company's new financing model, which relies on customer prepayments and pledging Nvidia chips as collateral for new loans, has become increasingly expensive due to doubts about the company's ability to sustain its operations.
Investors remain concerned about Coreweave's survival, especially in light of potential policy changes and market competition from other hyperscalers like Amazon and Microsoft.
Written by urgent.news from NZZ Wirtschaft's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
