Kerrisdale Capital · research-note
CoreWeave, Inc. (CRWV)
30 pages · 0 arc beats · 0 loops
CoreWeave, Inc. (CRWV)
Kerrisdale Capital · 2025-09 arc beats above · slides in the middle · loops below · scroll → 0 LOOPS
123456789101112131415161718192021222324252627282930
Deck intelligence map
1 coverage by narrative range · generated from this deck JSON
Narrative range 30 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Whole deck 30 slides 100% 30/30 slides 100% 30/30 slides · 211 hits — 0/30 slides
43.3% 13/30 slides · 18 hits 23.3% 7/30 slides — 0/30 slides
— 0/30 slides
Slide inventory
30 every slide · same image gating as the playbook
03
The slide uses a narrative-driven structure to dismantle the bull case for CoreWeave by framing it as a 'stopgap' rather than a strategic partner.summarize
04
This is a text-heavy research note slide summarizing the core arguments against the company.summarize
05
Includes detailed capitalization table and financial summary projections through 2028E.establish_context
06
Includes a map visualization of US and European data center locations.establish_context
08
The slide uses a table to demonstrate that Neocloud providers face significantly higher capital costs compared to hyperscalers like Oracle, primarily driven by compare_peers
09
The slide includes a detailed table of 111+ emerging Neocloud providers and 20 sovereign Neoclouds, highlighting the fragmented nature of the market.compare_peers
10
The slide provides a critical assessment of CoreWeave's business model, highlighting risks related to capital intensity, margin pressure, and reliance on large analyze_data
11
The slide argues that CoreWeave's accounting assumptions regarding asset depreciation are overly optimistic compared to Amazon and Nebius.expose_gap
12
Includes a red dashed annotation highlighting the EBIT margin decline.analyze_data
13
The slide argues that apparent diversification is misleading because OpenAI is the true underlying customer.analyze_data
14
The slide critiques CoreWeave's M&A strategy and highlights structural threats to the 'neocloud' business model from hardware providers.expose_contradiction
15
Includes a quote from a former Nvidia Principal Architect regarding CoreWeave's lack of inference-optimized hardware.analyze_data
16
The slide discusses the structural risks of CoreWeave's reliance on long-term contracts in a market shifting toward shorter cycles and inference-based workloadsdiagnose_problem
17
The slide also includes a section on CoreWeave's infrastructure strategy using repurposed crypto mining facilities.analyze_data
18
The chart shows a massive divergence in Capex between hyperscalers and CoreWeave, supporting the argument that hyperscalers have a significant resource advantagpreempt_rebuttal
19
The slide uses quotes to frame CoreWeave's business model as a temporary 'bridge' for Microsoft's infrastructure needs.cite_precedent
20
The slide uses multiple expert quotes to undermine the company's financial projections and business model sustainability.expose_contradiction
21
The slide includes a screenshot of a company-provided chart followed by a bulleted list of critical assumptions used to debunk the company's narrative.expose_contradiction
22
This slide serves as a detailed critique of a specific financial model, likely presented in a previous slide (referenced as 'this chart').preempt_rebuttal
23
The chart uses a custom waterfall-like structure to show debt, equity, EBITDA, and debt service over 6 years.show_valuation_bridge
24
The slide presents a highly negative valuation analysis, projecting significant downside (88% to 95%) for the company.show_valuation_bridge
25
The slide uses a waterfall-style timeline to show cash inflows and outflows relative to contract milestones.appendix
26
The table highlights the significant infrastructure footprint advantage held by hyperscalers compared to CoreWeave.analyze_data
27
Contains two financial tables showing cash flow, EBITDA, and IRR projections over a 6-year period.analyze_data