<p>自 2021 年以来，首次公开募股（IPO）市场一直处于冰冷状态。在 2020 年和 2021 年，我们看到大量公司进入公开市场，特别是通过特殊目的收购公司（SPACs）的繁荣。许多公司最终经营不善，有些甚至是欺诈行为。从那时起，新股上市的数量仅仅是涓涓细流，因为初创公司决定保持私有。</p>
<p>人工智能（AI）是否能唤醒 IPO 市场？上周，AI 云初创公司 CoreWeave 提交了其正式财务报表，为 IPO 和股票上市做准备。这可能是首个进入公开市场的生成式 AI 股票。该公司得到了 <strong>Nvidia</strong> 的支持，并将受到密切关注。</p>
<p>让我们深入了解 CoreWeave 的业务，看看投资者是否应该购买这只 IPO 的股票。</p>
<h2>得益于 AI 的快速增长</h2>
<p>最初，CoreWeave 是一家加密货币挖矿公司。加密挖矿需要大量计算能力，这使得公司从 Nvidia 购买了大量图形处理单元（GPU）。这导致了一个幸运的商业模式转变。在 2022 年底，加密货币市场正在暴跌。与此同时，由于 Chat GPT 的日益普及，生成式 AI 产品获得了关注，这激励 CoreWeave 从加密货币挖矿转型为利用其 Nvidia GPU 的 AI 云服务提供商。在 2023 年，Nvidia 向该公司投资了 1 亿美元。</p>
<p>生成式 AI 工具——至少目前的构建方式——需要大量计算能力来训练、操作和扩展。这就是为什么大型科技公司计划在 2025 年花费数千亿美元用于资本支出的原因。对云计算资源的需求似乎是无止境的，客户急切地排队希望与这些提供资源的超大规模云服务商合作。</p>
<p>CoreWeave 现在将自己定位为一个专注于 AI 的云超大规模服务商，试图与 <strong>Amazon</strong> Web Services、<strong>Microsoft</strong> Azure 和 <strong>Alphabet</strong> 的 Google Cloud 竞争。到目前为止，这种专注的云战略似乎运作良好。在 2022 年，CoreWeave 的收入仅为 1580 万美元。到 2024 年，收入飙升至_$19 亿_，使其成为全球增长最快的企业之一。它也已经实现盈利，去年产生了 3.24 亿美元的营业收入，仅在产品转型几年后。</p>
<h2>需求需要显现</h2>
<p>CoreWeave 可能会通过此次 IPO 筹集数十亿美元，届时将向公众出售股票。它已申请在纳斯达克证券市场上市其 A 类普通股，股票代码为 CRWV。</p>
<p>它需要 IPO 的资金，因为扩展云计算业务是高度资本密集型的。在 2024 年，CoreWeave 在资本支出上花费了 87 亿美元，最终自由现金流为负 60 亿美元。为了融资这笔前期支出，该公司承担了 79 亿美元的总债务。</p>
<p>在其 S-1 文件中——每家公司在公开上市前都需向证券交易委员会（SEC）提交的文件——管理层强调了来自现有客户的 151 亿美元剩余业绩义务，这将在未来几年内支付。这看起来很不错，并应该在未来几年内带来收入增长。</p>
<p>然而，这并不能保证收入会如期到来。CoreWeave 的收入高度集中，2024 年 62% 的收入来自 Microsoft。Microsoft 经营着自己的竞争性云计算业务，如果需求增长放缓，它可能会轻松将部分支出转为内部支出。我们也可能在任何时候看到 AI 支出的广泛放缓。考虑到 CoreWeave 为 AI 支出所做的所有资本投入，放缓可能会迅速导致 CoreWeave 的情况恶化。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/413cf3e4fc3e005f361bdb77fe8c8d3a.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/413cf3e4fc3e005f361bdb77fe8c8d3a.png"/></p>
<p>QQQ 数据来源于 YCharts</p>
<h2>你应该购买 CoreWeave 的 IPO 吗？</h2>
<p>除非当前市场下滑——<strong>纳斯达克综合指数</strong> 自近期高点下跌超过 10% 并已出现修正——持续数月，否则 CoreWeave 的股票很可能会以溢价估值上市。考虑到这是首个专注于生成式 AI 的上市股票，围绕这次 IPO 将会有很多兴奋情绪，我不会感到惊讶，如果该股票在首个交易日大幅上涨。</p>
<p>这并不意味着你应该购买这只 IPO。CoreWeave 很可能以溢价估值上市，同时背负债务，每年自由现金流为负 60 亿美元。这并不是一个理想的情况。该公司超过一半的收入来自一位客户（Microsoft），而这位客户恰好也是竞争对手。这是一家不成熟的企业，面临许多风险，这些风险可能在未来几年内显现并导致该股票下跌。精明的投资者会观察事态发展，而不是急于跟风。</p>
<p>一般来说，避免投资 IPO 股票是明智的，这只股票也不例外。大多数 IPO 在上市后的第一年表现不佳，原因是限制性锁定期和可能在 IPO 后发生的内部人士抛售。CoreWeave 也可能会经历同样的情况。即使你喜欢 CoreWeave 的业务，暂时将其放在观察名单上。</p>

微软

<p>CoreWeave 是一家由 Nvidia 支持的人工智能云初创公司，已提交首次公开募股（IPO）申请，这标志着 IPO 市场的潜在复苏。该公司最初是一家加密货币矿商，后来转向人工智能云服务，迅速增长，预计 2024 年的收入将从 2022 年的 1580 万美元飙升至 19 亿美元。然而，它面临着高债务和对微软依赖 62% 收入等挑战。尽管对 IPO 的兴奋情绪预计会出现，但潜在投资者应对公司的财务状况和市场条件保持谨慎</p>

<p>The initial public offering (IPO) market has been ice-cold since 2021. In 2020 and 2021, we saw a deluge of companies entering the public markets, especially via a boom in special purpose acquisition companies (SPACs). Many of these ended up being poorly run businesses, and some were even frauds. Ever since then, there has been a mere trickle of new stock listings, as start-ups decided to remain private.</p>
<div class="lb-trans"><p>自 2021 年以来，首次公开募股（IPO）市场一直处于冰冷状态。在 2020 年和 2021 年，我们看到大量公司进入公开市场，特别是通过特殊目的收购公司（SPACs）的繁荣。许多公司最终经营不善，有些甚至是欺诈行为。从那时起，新股上市的数量仅仅是涓涓细流，因为初创公司决定保持私有。</p>
</div><p>Could artificial intelligence (AI) be waking the IPO market up? Last week, AI cloud start-up CoreWeave filed its official financial statements in preparation for an IPO and stock listing. This is perhaps the first generative AI stock to hit the public markets. The company is backed by <strong>Nvidia</strong>(NVDA 5.27%) and will be followed closely.</p>
<div class="lb-trans"><p>人工智能（AI）是否能唤醒 IPO 市场？上周，AI 云初创公司 CoreWeave 提交了其正式财务报表，为 IPO 和股票上市做准备。这可能是首个进入公开市场的生成式 AI 股票。该公司得到了 <strong>Nvidia</strong> 的支持，并将受到密切关注。</p>
</div><p>Let's take a deeper look at the CoreWeave business and see whether investors should buy shares of this IPO.</p>
<div class="lb-trans"><p>让我们深入了解 CoreWeave 的业务，看看投资者是否应该购买这只 IPO 的股票。</p>
</div><h2>Rapid growth thanks to AI</h2>
<div class="lb-trans"><h2>得益于 AI 的快速增长</h2>
</div><p>Originally, CoreWeave was a cryptocurrency mining operation. Crypto mining requires a lot of computing power, which led the company to acquire a ton of graphics processing units (GPUs) from Nvidia. This led to a fortuitous business model pivot. In late 2022, the cryptocurrency markets were plunging. At the same time, generative AI products were gaining traction due to the rising popularity of Chat GPT, which inspired CoreWeave to flip from being a cryptocurrency miner to being an AI cloud provider utilizing its Nvidia GPUs. In 2023, Nvidia invested $100 million in the company.</p>
<div class="lb-trans"><p>最初，CoreWeave 是一家加密货币挖矿公司。加密挖矿需要大量计算能力，这使得公司从 Nvidia 购买了大量图形处理单元（GPU）。这导致了一个幸运的商业模式转变。在 2022 年底，加密货币市场正在暴跌。与此同时，由于 Chat GPT 的日益普及，生成式 AI 产品获得了关注，这激励 CoreWeave 从加密货币挖矿转型为利用其 Nvidia GPU 的 AI 云服务提供商。在 2023 年，Nvidia 向该公司投资了 1 亿美元。</p>
</div><p>Generative AI tools -- at least how they are currently constructed -- require tons of computing power to train, operate, and scale. This is why big technology companies are planning to spend hundreds of billions on capital expenditures in 2025. There is a seemingly insatiable demand for cloud computing resources, which has customers lining up at the door urgently looking to spend money with these hyperscalers that provide it.</p>
<div class="lb-trans"><p>生成式 AI 工具——至少目前的构建方式——需要大量计算能力来训练、操作和扩展。这就是为什么大型科技公司计划在 2025 年花费数千亿美元用于资本支出的原因。对云计算资源的需求似乎是无止境的，客户急切地排队希望与这些提供资源的超大规模云服务商合作。</p>
</div><p>CoreWeave has now positioned itself as an AI-focused cloud hyperscaler, trying to compete with the likes of <strong>Amazon</strong> Web Services, <strong>Microsoft</strong> Azure, and <strong>Alphabet</strong>'s Google Cloud. So far, this focused cloud strategy seems to be working out well. In 2022, CoreWeave generated just $15.8 million in revenue. In 2024, revenue soared to <em>$1.9 billion</em>, making it one of the fastest-growing businesses in the world. It is also already profitable, generating $324 million in operating income last year, just a few years after making its product pivot.</p>
<div class="lb-trans"><p>CoreWeave 现在将自己定位为一个专注于 AI 的云超大规模服务商，试图与 <strong>Amazon</strong> Web Services、<strong>Microsoft</strong> Azure 和 <strong>Alphabet</strong> 的 Google Cloud 竞争。到目前为止，这种专注的云战略似乎运作良好。在 2022 年，CoreWeave 的收入仅为 1580 万美元。到 2024 年，收入飙升至_$19 亿_，使其成为全球增长最快的企业之一。它也已经实现盈利，去年产生了 3.24 亿美元的营业收入，仅在产品转型几年后。</p>
</div><h2>Demand needs to show up</h2>
<div class="lb-trans"><h2>需求需要显现</h2>
</div><p>CoreWeave is likely to raise billions of dollars from this IPO, in which it will sell shares to the public. It has applied to list i <em>ts</em> Class A common stock on the Nasdaq Stock Market with the symbol CRWV.</p>
<div class="lb-trans"><p>CoreWeave 可能会通过此次 IPO 筹集数十亿美元，届时将向公众出售股票。它已申请在纳斯达克证券市场上市其 A 类普通股，股票代码为 CRWV。</p>
</div><p>It needs the money from its IPO because scaling a cloud computing business is highly capital-intensive. In 2024, CoreWeave spent $8.7 billion on capital expenditures and ended with negative $6 billion in free cash flow. In order to finance this upfront spending, the company has taken on $7.9 billion in total debt.</p>
<div class="lb-trans"><p>它需要 IPO 的资金，因为扩展云计算业务是高度资本密集型的。在 2024 年，CoreWeave 在资本支出上花费了 87 亿美元，最终自由现金流为负 60 亿美元。为了融资这笔前期支出，该公司承担了 79 亿美元的总债务。</p>
</div><p>In its S-1 filing -- a document every company files with the Securities and Exchange Commission (SEC) before going public -- management highlights $15.1 billion in remaining performance obligations from existing customers that will be paid over the next few years. This looks great and should lead to revenue growth over the next few years.</p>
<div class="lb-trans"><p>在其 S-1 文件中——每家公司在公开上市前都需向证券交易委员会（SEC）提交的文件——管理层强调了来自现有客户的 151 亿美元剩余业绩义务，这将在未来几年内支付。这看起来很不错，并应该在未来几年内带来收入增长。</p>
</div><p>However, it doesn't guarantee that revenue is going to show up. CoreWeave's revenue is highly concentrated, with 62% coming just from Microsoft in 2024. Microsoft runs its own competing cloud computing business and could easily take some of its spending in-house if growth in demand slows down. We also could see a broad slowdown in AI spending at any point. With all the capital CoreWeave has laid out in preparation for AI spending to show up, a slowdown could lead things to turn south for CoreWeave, and quickly.</p>
<div class="lb-trans"><p>然而，这并不能保证收入会如期到来。CoreWeave 的收入高度集中，2024 年 62% 的收入来自 Microsoft。Microsoft 经营着自己的竞争性云计算业务，如果需求增长放缓，它可能会轻松将部分支出转为内部支出。我们也可能在任何时候看到 AI 支出的广泛放缓。考虑到 CoreWeave 为 AI 支出所做的所有资本投入，放缓可能会迅速导致 CoreWeave 的情况恶化。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/413cf3e4fc3e005f361bdb77fe8c8d3a.png" alt="" original-src="https://media.ycharts.com/charts/413cf3e4fc3e005f361bdb77fe8c8d3a.png"/></p>
<p>QQQ data by YCharts</p>
<div class="lb-trans"><p>QQQ 数据来源于 YCharts</p>
</div><h2>Should you buy the CoreWeave IPO?</h2>
<div class="lb-trans"><h2>你应该购买 CoreWeave 的 IPO 吗？</h2>
</div><p>Unless the current market downturn -- the <strong>Nasdaq Composite</strong> has notched a correction with its drop of more than 10% from a recent high -- continues for many months, it is likely that CoreWeave stock will come out with a premium valuation. There will be a lot of excitement around this IPO, given that it is the first generative-AI-focused stock to go public, and it wouldn't shock me if the stock rocketed higher on its first trading day.</p>
<div class="lb-trans"><p>除非当前市场下滑——<strong>纳斯达克综合指数</strong> 自近期高点下跌超过 10% 并已出现修正——持续数月，否则 CoreWeave 的股票很可能会以溢价估值上市。考虑到这是首个专注于生成式 AI 的上市股票，围绕这次 IPO 将会有很多兴奋情绪，我不会感到惊讶，如果该股票在首个交易日大幅上涨。</p>
</div><p>This doesn't mean you should buy the IPO. CoreWeave will likely come to market with a premium valuation while saddled with debt and burning $6 billion in free cash flow a year. That's not a great situation. The company gets over half of its revenue from one customer (Microsoft), who also happens to be a competitor. This is an immature business with a lot of risks that could materialize and bring this stock to the downside over the next few years. Savvy investors will watch how things go instead of jumping into the hype.</p>
<div class="lb-trans"><p>这并不意味着你应该购买这只 IPO。CoreWeave 很可能以溢价估值上市，同时背负债务，每年自由现金流为负 60 亿美元。这并不是一个理想的情况。该公司超过一半的收入来自一位客户（Microsoft），而这位客户恰好也是竞争对手。这是一家不成熟的企业，面临许多风险，这些风险可能在未来几年内显现并导致该股票下跌。精明的投资者会观察事态发展，而不是急于跟风。</p>
</div><p>Generally, it is smart to avoid IPO stocks, and this one is no exception. Most IPOs underperform the market in their first year after going public due to restrictive lockup periods and insider selling that can occur after an IPO. The same may end up happening for CoreWeave. Even if you like the CoreWeave business, keep it on your watch list for now.</p>
<div class="lb-trans"><p>一般来说，避免投资 IPO 股票是明智的，这只股票也不例外。大多数 IPO 在上市后的第一年表现不佳，原因是限制性锁定期和可能在 IPO 后发生的内部人士抛售。CoreWeave 也可能会经历同样的情况。即使你喜欢 CoreWeave 的业务，暂时将其放在观察名单上。</p>
</div>

This Nvidia-Backed AI Start-Up Just Filed for an IPO. Should You Buy The Stock?

- CoreWeave 计划在纳斯达克上市，成为首个生成 AI 相关的 IPO。  
- 2024 年，CoreWeave 收入达 19 亿美元，但面临 62% 来自微软的集中风险。  
- 投资者应谨慎，因公司负债高且现金流为负，IPO 后可能表现不佳。

这家由 Nvidia 支持的 AI 初创公司刚刚提交了 IPO 申请。你应该购买这只股票吗？