CoreWeave Has $104 Billion of Contracted Revenue and a $59 Billion Market Value
The market can see the demand just fine. The discount is about what delivering it will cost.
Overview
CoreWeave (NASDAQ: CRWV) reported second-quarter results after the market closed on Tuesday, and the number that mattered wasn't revenue. It was the backlog. The artificial intelligence (AI) cloud provider's revenue backlog reached about $104 billion as of June 30, up from $30.1 billion a year earlier.
Shares jumped about 19% on Wednesday as of this writing, putting the company's market value near $59 billion.
Details
Set those two numbers side by side and the stock trades at about 56 cents per dollar of contracted future revenue. The company defines that backlog as remaining performance obligations plus other amounts it estimates will be recognized as revenue under committed customer contracts, subject to delivery and availability requirements.
Source
Originally published at www.fool.com.