<p><strong>CoreWeave</strong>（CRWV -2.30%）是一家新兴云计算公司，专注于租赁其专门的数据中心以运行人工智能（AI）工作负载，已成为 2025 年市场上最热门的股票之一。自 3 月底首次公开募股（IPO）以来，其股价在短短六个月内已增长超过三倍。重要的是，CoreWeave 最近的发展表明，该股票的火热上涨是可持续的。</p>
<p>考虑到该股票在如此短的时间内已经经历了如此大的升值，现在还值得购买吗？</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU2MjQvYWktd3JpdHRlbi1vbi1jaXJjdWl0LWJvYXJkLmpwZyZ3PTcwMA?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://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU2MjQvYWktd3JpdHRlbi1vbi1jaXJjdWl0LWJvYXJkLmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<h2>CoreWeave 的订单量以惊人的速度增长</h2>
<p>像 CoreWeave 这样的新兴云计算提供商构建并部署专用的 AI 数据中心。这些数据中心配备了强大的图形处理单元（GPU），通常使用来自 <strong>Nvidia</strong> 等知名芯片设计公司的最新芯片。这些数据中心的 AI 优化特性使其非常适合在云中运行和部署 AI 应用程序。</p>
<p>客户只需从 CoreWeave 租用所需的数据中心容量，而无需购买昂贵的硬件并承担与管理基础设施相关的额外开销。</p>
<p>毫不奇怪，CoreWeave 的商业模式取得了巨大的成功。该公司提供来自 Nvidia 的旗舰 AI 计算硬件的访问，包括其最新一代的 Blackwell 芯片，以及数据存储和网络工具。</p>
<p>此外，CoreWeave 还提供托管服务，客户可以在其上构建、训练和部署 AI 应用程序。对这种 GPU 即服务商业模式的需求如此强劲，以至于 CoreWeave 以惊人的速度获得新业务。例如，AI 巨头 OpenAI 通过向 CoreWeave 提供 65 亿美元的合同，扩大了与 CoreWeave 的现有关系。</p>
<p>OpenAI 正在从 CoreWeave 购买容量，以 “支持其最先进的下一代模型的训练”。事实上，自年初以来，OpenAI 一直在定期购买 CoreWeave 的数据中心容量。根据最新的合同，它现在拥有来自 ChatGPT 制造商的 224 亿美元的合同价值。</p>
<p>CoreWeave 与 OpenAI 日益增长的关系是个好消息，因为 CoreWeave 在其收入中依赖于 <strong>Meta Platforms</strong> 和 <strong>Microsoft</strong> 的主要份额。另一个值得注意的事情是，该公司最近获得了来自 Nvidia 的 63 亿美元合同，图形卡巨头愿意购买 CoreWeave 在 2032 年 4 月之前剩余的任何未售出数据中心容量。</p>
<p>这些新合同理应导致 CoreWeave 的订单量大幅增加。该公司报告称，截至第二季度末，其收入积压为 301 亿美元，与去年同期相比增长了 86%。来自 OpenAI 和 Nvidia 的两份新合同应在第三季度为该数字增加近 130 亿美元，减去 CoreWeave 在此期间履行的任何合同。</p>
<p>因此，CoreWeave 进一步提升其 2025 年收入指引的可能性很大。它预计今年收入为 52.5 亿美元，这将比 2024 年的 19 亿美元大幅增长。但现在，随着 CoreWeave 获得更多业务，它有动力以更快的速度上线更多数据中心容量，从而将其巨大的积压转化为收入。</p>
<p>这正是分析师和投资者希望看到的。由于 CoreWeave 的巨大积压，潜在的增长加速可能会继续成为该股票的助力，特别是考虑到其估值。</p>
<h2>股票的估值使其成为毫无疑问的买入机会</h2>
<p>考虑到以科技为主的 <strong>纳斯达克综合指数</strong> 的平均销售倍数为 5，CoreWeave 的市销率（P/S）为 14 显然并不便宜。但 CoreWeave 有望在 2025 年将收入翻倍，并在未来几年实现大幅增长，这为其销售倍数提供了合理依据。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2f0993b7d936c52e155392f44912d45b.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/2f0993b7d936c52e155392f44912d45b.png"/></p>
<p>数据来源：YCharts。</p>
<p>此外，CoreWeave 的积压大于其预计在未来几年内产生的收入，这表明它能够以更快的速度增长。这解释了为什么 CoreWeave 的前瞻性销售倍数更具吸引力。</p>
<p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a25dd60a4e2d98ec5ee3d55cc1607342.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/a25dd60a4e2d98ec5ee3d55cc1607342.png"/></p>
<p>数据来源：YCharts。</p>
<p>如果 CoreWeave 在几年后以 5 倍销售额交易（如上图所示，并与纳斯达克综合指数一致），并实现 180 亿美元的收入（如本节第一张图所示），其市值可能跃升至 900 亿美元。这意味着其市值可能从当前水平增加 50%，尽管不要惊讶于看到这只 AI 股票带来更大的收益，因为它有能力超越共识预期，得益于上述讨论的要点。</p>

英伟达

CRWV

<p>CoreWeave (CRWV) 是一家专注于人工智能工作负载的云计算公司，自 2025 年 3 月上市以来，其股价已上涨三倍。该公司获得了重要合同，包括与 OpenAI 达成的 65 亿美元交易和与 Nvidia 签署的 63 亿美元合同，导致其收入积压达到 301 亿美元。分析师预计，CoreWeave 将在 2025 年将收入翻倍至 52.5 亿美元，得益于其不断增长的订单簿。尽管其市销率高达 14，但公司快速增长的潜力使其成为一个有吸引力的投资机会</p>

<p><strong>CoreWeave</strong>(CRWV -2.30%), a neocloud company that rents out its specialized data centers focused on running artificial intelligence (AI) workloads, has turned into one of the hottest stocks on the market in 2025. Its share price has more than tripled in just over six months since its initial public offering (IPO) toward the end of March. Importantly, recent developments at CoreWeave suggest that the stock's red-hot rally is sustainable.</p>
<div class="lb-trans"><p><strong>CoreWeave</strong>（CRWV -2.30%）是一家新兴云计算公司，专注于租赁其专门的数据中心以运行人工智能（AI）工作负载，已成为 2025 年市场上最热门的股票之一。自 3 月底首次公开募股（IPO）以来，其股价在短短六个月内已增长超过三倍。重要的是，CoreWeave 最近的发展表明，该股票的火热上涨是可持续的。</p>
</div><p>Given that the stock has already seen so much appreciation in such a short time, is it still worth buying at this point?</p>
<div class="lb-trans"><p>考虑到该股票在如此短的时间内已经经历了如此大的升值，现在还值得购买吗？</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzU2MjQvYWktd3JpdHRlbi1vbi1jaXJjdWl0LWJvYXJkLmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F835624%2Fai-written-on-circuit-board.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>CoreWeave's order book has been swelling at an incredible pace</h2>
<div class="lb-trans"><h2>CoreWeave 的订单量以惊人的速度增长</h2>
</div><p>Neocloud providers such as CoreWeave build and deploy dedicated AI data centers. These data centers are equipped with powerful graphics processing units (GPUs), usually with the latest chips from popular chip designers like <strong>Nvidia</strong>. The AI-optimized nature of these data centers makes them ideal for running and deploying AI applications in the cloud.</p>
<div class="lb-trans"><p>像 CoreWeave 这样的新兴云计算提供商构建并部署专用的 AI 数据中心。这些数据中心配备了强大的图形处理单元（GPU），通常使用来自 <strong>Nvidia</strong> 等知名芯片设计公司的最新芯片。这些数据中心的 AI 优化特性使其非常适合在云中运行和部署 AI 应用程序。</p>
</div><p>Customers simply rent the required data center capacity from CoreWeave instead of purchasing expensive hardware and incurring additional overhead related to managing the infrastructure.</p>
<div class="lb-trans"><p>客户只需从 CoreWeave 租用所需的数据中心容量，而无需购买昂贵的硬件并承担与管理基础设施相关的额外开销。</p>
</div><p>Not surprisingly, CoreWeave's business model has been a massive success. The company has been offering access to flagship AI compute hardware from Nvidia, including its latest-generation Blackwell chips, along with data storage and networking tools.</p>
<div class="lb-trans"><p>毫不奇怪，CoreWeave 的商业模式取得了巨大的成功。该公司提供来自 Nvidia 的旗舰 AI 计算硬件的访问，包括其最新一代的 Blackwell 芯片，以及数据存储和网络工具。</p>
</div><p>Additionally, CoreWeave provides access to managed services on which its customers can build, train, and deploy AI applications. The demand for this GPU-as-a-service business model is so strong that CoreWeave has been landing new business at an eye-popping rate. AI giant OpenAI, for instance, expanded its existing relationship with CoreWeave by offering the latter a $6.5 billion contract.</p>
<div class="lb-trans"><p>此外，CoreWeave 还提供托管服务，客户可以在其上构建、训练和部署 AI 应用程序。对这种 GPU 即服务商业模式的需求如此强劲，以至于 CoreWeave 以惊人的速度获得新业务。例如，AI 巨头 OpenAI 通过向 CoreWeave 提供 65 亿美元的合同，扩大了与 CoreWeave 的现有关系。</p>
</div><p>OpenAI is buying capacity from CoreWeave to &#34;power the training of its most advanced next-generation models.&#34; In fact, OpenAI has been regularly buying up CoreWeave's data center capacity since the beginning of the year. It's now sitting on $22.4 billion worth of contract value from the ChatGPT maker, following the latest award.</p>
<div class="lb-trans"><p>OpenAI 正在从 CoreWeave 购买容量，以 “支持其最先进的下一代模型的训练”。事实上，自年初以来，OpenAI 一直在定期购买 CoreWeave 的数据中心容量。根据最新的合同，它现在拥有来自 ChatGPT 制造商的 224 亿美元的合同价值。</p>
</div><p>CoreWeave's growing relationship with OpenAI is good news, as CoreWeave has been reliant on <strong>Meta Platforms</strong> and <strong>Microsoft</strong> for a major chunk of its revenue. Another thing worth noting is that the company received a $6.3 billion contract from Nvidia recently, with the graphics card giant willing to buy any unsold data center capacity that CoreWeave is left with through April 2032.</p>
<div class="lb-trans"><p>CoreWeave 与 OpenAI 日益增长的关系是个好消息，因为 CoreWeave 在其收入中依赖于 <strong>Meta Platforms</strong> 和 <strong>Microsoft</strong> 的主要份额。另一个值得注意的事情是，该公司最近获得了来自 Nvidia 的 63 亿美元合同，图形卡巨头愿意购买 CoreWeave 在 2032 年 4 月之前剩余的任何未售出数据中心容量。</p>
</div><p>These new contracts should have ideally led to a big bump in CoreWeave's order book. The company reported that it was sitting on a $30.1 billion revenue backlog at the end of Q2, with the metric jumping by 86% from the year-ago period. The two new contracts from OpenAI and Nvidia should have added nearly $13 billion to that figure in Q3, minus any of the contracts that CoreWeave fulfilled in this period.</p>
<div class="lb-trans"><p>这些新合同理应导致 CoreWeave 的订单量大幅增加。该公司报告称，截至第二季度末，其收入积压为 301 亿美元，与去年同期相比增长了 86%。来自 OpenAI 和 Nvidia 的两份新合同应在第三季度为该数字增加近 130 亿美元，减去 CoreWeave 在此期间履行的任何合同。</p>
</div><p>As a result, there's a solid chance that CoreWeave will further boost its 2025 revenue guidance. It expects $5.25 billion in revenue this year, which is already going to be a big increase over its 2024 top line of $1.9 billion. But now that CoreWeave is getting even more business, it has the incentive to bring online more data center capacity at a faster pace so that it can convert more of its massive backlog into revenue.</p>
<div class="lb-trans"><p>因此，CoreWeave 进一步提升其 2025 年收入指引的可能性很大。它预计今年收入为 52.5 亿美元，这将比 2024 年的 19 亿美元大幅增长。但现在，随着 CoreWeave 获得更多业务，它有动力以更快的速度上线更多数据中心容量，从而将其巨大的积压转化为收入。</p>
</div><p>That's precisely what analysts and investors would want to see from the company. A potential acceleration in CoreWeave's growth on account of its huge backlog can continue to be a tailwind for the stock, especially considering its valuation.</p>
<div class="lb-trans"><p>这正是分析师和投资者希望看到的。由于 CoreWeave 的巨大积压，潜在的增长加速可能会继续成为该股票的助力，特别是考虑到其估值。</p>
</div><h2>The stock's valuation makes it a no-brainer buy</h2>
<div class="lb-trans"><h2>股票的估值使其成为毫无疑问的买入机会</h2>
</div><p>CoreWeave's price-to-sales ratio (P/S) of 14 is definitely not cheap when you consider that the tech-laden <strong>Nasdaq Composite</strong> index has an average sales multiple of 5. But CoreWeave is on track to more than double its revenue in 2025, followed by big jumps in the next couple of years, and that justifies its sales multiple.</p>
<div class="lb-trans"><p>考虑到以科技为主的 <strong>纳斯达克综合指数</strong> 的平均销售倍数为 5，CoreWeave 的市销率（P/S）为 14 显然并不便宜。但 CoreWeave 有望在 2025 年将收入翻倍，并在未来几年实现大幅增长，这为其销售倍数提供了合理依据。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/2f0993b7d936c52e155392f44912d45b.png" alt="" original-src="https://media.ycharts.com/charts/2f0993b7d936c52e155392f44912d45b.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>Moreover, the fact that CoreWeave's backlog is bigger than the revenue that it's expected to generate in the next couple of years suggests that it's capable of growing at a faster pace. This explains why CoreWeave's forward sales multiples are way more attractive.</p>
<div class="lb-trans"><p>此外，CoreWeave 的积压大于其预计在未来几年内产生的收入，这表明它能够以更快的速度增长。这解释了为什么 CoreWeave 的前瞻性销售倍数更具吸引力。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://media.ycharts.com/charts/a25dd60a4e2d98ec5ee3d55cc1607342.png" alt="" original-src="https://media.ycharts.com/charts/a25dd60a4e2d98ec5ee3d55cc1607342.png"/></p>
<p>Data by YCharts.</p>
<div class="lb-trans"><p>数据来源：YCharts。</p>
</div><p>If CoreWeave trades at 5x sales after a couple of years (as per the chart above and in line with the Nasdaq Composite index) and achieves even $18 billion in revenue (as seen in the first chart of this section), its market cap could jump to $90 billion. That points toward a potential increase of 50% in its market cap from current levels, though don't be surprised to see this AI stock delivering bigger gains as it has the ability to outpace consensus estimates, thanks to the points discussed above.</p>
<div class="lb-trans"><p>如果 CoreWeave 在几年后以 5 倍销售额交易（如上图所示，并与纳斯达克综合指数一致），并实现 180 亿美元的收入（如本节第一张图所示），其市值可能跃升至 900 亿美元。这意味着其市值可能从当前水平增加 50%，尽管不要惊讶于看到这只 AI 股票带来更大的收益，因为它有能力超越共识预期，得益于上述讨论的要点。</p>
</div>

Is CoreWeave Stock a Buy Now?

- CoreWeave 的股价在 2025 年 IPO 后已上涨超过三倍。  
- 公司与 OpenAI 和 Nvidia 签订了总额达 13 亿美元的新合同。  
- 预计 2025 年收入将达到 52.5 亿美元，较 2024 年大幅增长。  

CoreWeave 的股票现在是否值得购买？