New Post: Quick S-1 Teardown: CoreWeave
In the tradition of previous quick S-1 teardowns ( Snowflake , Palantir , Confluent , Klaviyo , Cerebras , etc), some quick notes on the CoreWeave S-1 from my colleague Aman Kabeer and I. As in prior efforts, this is not meant to be 100% comprehensive (and it’s certainly not investment advice!). The CoreWeave IPO is going to be fascinating to watch: partly because it is undeniably exciting, and partly because it is not going your standard tech IPO . It presents a profile that in some ways is typical of a hyper-growth tech unicorn (explosive growth, large losses, dual-class stock structure with Class A/B shares, etc.), but in other ways, it is very unlike most tech IPOs of the past . Its specialized business model, heavy infrastructure focus, heavy customer concentration (Microsoft), reliance on big partners (NVIDIA), financial structure ($7.9B in debt) and unusual risk factors make it...