CoreWeave's blowout quarter is great news for its lenders, murkier for stock holders
CoreWeave crushed its own margin guide: $128M of adjusted operating income against a $30-90M range, a $104B backlog, and a 17% post-print stock pop. The same release shows total debt jumping from $24.9B to $35.1B in a single quarter. The sharp read here: this quarter was an unambiguous win for bond and loan holders, and a much more ambiguous one for the common equity standing behind $35B of borrowings.