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  "documentTitle": "CoreWeave, Inc. (CRWV)",
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  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2025-09-01 00:00:00",
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  "notes": "The slide presents a highly negative valuation analysis, projecting significant downside (88% to 95%) for the company.",
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      "text": "Applying 8x our estimate of 2028E EBIT (incl. stock-based comp), and subtracting year-end 2025E net debt, implies a fair value of $13 per share, representing 88% downside.",
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      "text": "implied share price: $13",
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      "text": "CoreWeave is not the future of AI infrastructure but a stopgap business dressed in the language of innovation, propped up by debt, hype, and a handful of tactical contracts.",
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      "text": "Source: Kerrisdale analysis.",
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      "text": "2025E book value $3,605; Assumed multiple 0.9x; Implied equity value $3,244; Fully diluted shares 548; Implied share price $6; Change from current -95%; 2028E EBIT (incl. SBC) $3,426; Target EBIT multiple 8.0x/10.0x; Implied enterprise value $27,408/$34,260; Less: 2025E net debt ($20,110); Implied equity value $7,297/$14,149; Fully diluted shares 548; Implied share price $13/$26; Change from current -88%/-77%",
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