<p><strong>CoreWeave Inc.</strong> (NASDAQ: CRWV) 的股票在周二上涨了约 10%，尽管投资者从大型科技股中撤回资金，但仍表现优于更广泛的科技行业。纳斯达克指数下跌了 1.36%，而标准普尔 500 指数下滑了 0.29%。</p>
<p>此次反弹是因为投资者继续对 CoreWeave 即将加入纳斯达克 100 指数的消息做出反应。该股票在周二也得到了 <strong>Cantor Fitzgerald</strong> 重申其增持评级并维持 167 美元价格预测的支持。</p>
<p>纳斯达克表示，CoreWeave 将作为其 6 月季度再平衡的一部分在 6 月 22 日市场开盘前加入纳斯达克 100 指数。预计这一纳入将推动指数跟踪基金的需求，这些基金必须购买股票以反映基准。</p>
<h2>Cantor 认为增长强于投资者预期</h2>
<p>在周一发布的一份研究报告中，Cantor Fitzgerald 表示，CoreWeave 的 6 月债券发行备忘录中包含了股权投资者大多忽视的补充财务披露。</p>
<p>分析师指出，CoreWeave 的年化 EBITDA 为 187.6 亿美元，较公司 4 月发行备忘录中披露的 161 亿美元有所上升。他们表示，这一增长反映了在本季度新增合同和积压订单的增长，显示出持续的业务势头。</p>
<h2>可观的积压超出预期</h2>
<p>该研究公司预计 CoreWeave 在 2026 年第二季度的积压订单将显著超过市场共识预期。</p>
<p>分析师的计算显示，截至发行备忘录日期，CoreWeave 积累了 1250 亿美元的隐含积压，这占本季度的 80%。</p>
<p>假设在剩余期间保持一致的扩张速度，Cantor Fitzgerald 预计到第二季度末，总积压可能超过 1310 亿美元。这一预测与彭博社的共识预期形成对比，目前的预期为 1044 亿美元。</p>
<h2>有利的估值指标和合同目标</h2>
<p>报告指出，CoreWeave 有望在 2026 年第一季度获得约 400 亿美元的新合同。</p>
<p>此外，分析师表示，该公司已确保其 2027 年年末 30 亿美元年化经常性收入目标的 90%。</p>
<p>根据 106.71 美元的股价，该公司在使用发行备忘录中目标净债务 583 亿美元时，企业价值与年化 EBITDA 的比率为 6.2 倍。</p>
<h2>广泛行业低估现象持续</h2>
<p>Cantor Fitzgerald 认为，整体市场仍然低估了 CoreWeave 和新云计算行业。</p>
<p>“尽管围绕 CRWV 及其他新云计算公司最大的争论之一是最合适的估值方法或目标倍数是什么，但我们仍然相信市场严重低估了这个行业，尤其是 CRWV，” 报告中提到。</p>
<p>分析师总结认为，在发布第二季度财务结果之前，当前的风险与回报比对投资者仍然具有吸引力。</p>
<p><strong>CRWV 价格动态：</strong> 根据 Benzinga Pro 的数据，CoreWeave 的股票在周二发布时上涨了 9.73%，达到了 117.09 美元。</p>
<p><em>图片来源于 Shutterstock</em></p>
<p><strong>另请阅读：</strong>
<strong>埃隆·马斯克的 SPCX 能否证明 3 万亿美元的价值？即使 Shay Boloor 的 “明确成功” 理论也迫使投资者等到 2028 年</strong></p>

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<p>CoreWeave (CRWV) 的股价在纳斯达克 100 指数纳入前上涨了 10%，得益于 Cantor Fitzgerald 设定的 167 美元目标价。该公司强调其年化 EBITDA 为 187.6 亿美元，并预计第二季度的订单积压将超过 1310 亿美元，远高于市场共识预期。分析师认为市场对 CoreWeave 及新云计算行业的估值 “严重低估”，并指出强劲的合同增长势头和有利的估值指标</p>

<p><strong>CoreWeave Inc.</strong> (NASDAQ: CRWV) stock climbed about 10% on Tuesday, outperforming the broader technology sector even as investors pulled back from large-cap tech stocks. The Nasdaq fell 1.36%, while the S&amp;P 500 slipped 0.29%.</p>
<div class="lb-trans"><p><strong>CoreWeave Inc.</strong> (NASDAQ: CRWV) 的股票在周二上涨了约 10%，尽管投资者从大型科技股中撤回资金，但仍表现优于更广泛的科技行业。纳斯达克指数下跌了 1.36%，而标准普尔 500 指数下滑了 0.29%。</p>
</div><p>The rally comes as investors continue to react to CoreWeave’s upcoming addition to the Nasdaq-100 Index. The stock also received support after <strong>Cantor Fitzgerald</strong> reiterated its Overweight rating and maintained its $167 price forecast on Tuesday.</p>
<div class="lb-trans"><p>此次反弹是因为投资者继续对 CoreWeave 即将加入纳斯达克 100 指数的消息做出反应。该股票在周二也得到了 <strong>Cantor Fitzgerald</strong> 重申其增持评级并维持 167 美元价格预测的支持。</p>
</div><p>Nasdaq said CoreWeave will join the Nasdaq-100 as part of its June quarterly rebalance, effective before the market opens on June 22. The inclusion is expected to drive demand from index-tracking funds that must buy shares to mirror the benchmark.</p>
<div class="lb-trans"><p>纳斯达克表示，CoreWeave 将作为其 6 月季度再平衡的一部分在 6 月 22 日市场开盘前加入纳斯达克 100 指数。预计这一纳入将推动指数跟踪基金的需求，这些基金必须购买股票以反映基准。</p>
</div><h2>Cantor Sees Stronger Growth Than Investors Expect</h2>
<div class="lb-trans"><h2>Cantor 认为增长强于投资者预期</h2>
</div><p>In a research note published Monday, Cantor Fitzgerald said CoreWeave’s June bond offering memorandum contained supplemental financial disclosures that equity investors have largely overlooked.</p>
<div class="lb-trans"><p>在周一发布的一份研究报告中，Cantor Fitzgerald 表示，CoreWeave 的 6 月债券发行备忘录中包含了股权投资者大多忽视的补充财务披露。</p>
</div><p>The analysts pointed to a run-rate EBITDA of $18.76 billion, up from $16.10 billion disclosed in the company’s April offering memorandum. They said the increase reflects additional contract wins and backlog growth during the quarter, signaling continued business momentum.</p>
<div class="lb-trans"><p>分析师指出，CoreWeave 的年化 EBITDA 为 187.6 亿美元，较公司 4 月发行备忘录中披露的 161 亿美元有所上升。他们表示，这一增长反映了在本季度新增合同和积压订单的增长，显示出持续的业务势头。</p>
</div><h2>Sizable Backlog Beat Projected</h2>
<div class="lb-trans"><h2>可观的积压超出预期</h2>
</div><p>The research firm projects that CoreWeave is positioned to materially exceed the consensus backlog estimates for the second quarter of 2026.</p>
<div class="lb-trans"><p>该研究公司预计 CoreWeave 在 2026 年第二季度的积压订单将显著超过市场共识预期。</p>
</div><p>The analyst calculations show that CoreWeave accumulated an implied backlog of $125 billion as of the offering memorandum date, which represented 80% of the quarter.</p>
<div class="lb-trans"><p>分析师的计算显示，截至发行备忘录日期，CoreWeave 积累了 1250 亿美元的隐含积压，这占本季度的 80%。</p>
</div><p>Assuming a consistent expansion pace for the remainder of the period, Cantor Fitzgerald estimates that total backlog could exceed $131 billion by the end of the second quarter. This projection contrasts with Bloomberg consensus estimates, which currently sit at $104.4 billion.</p>
<div class="lb-trans"><p>假设在剩余期间保持一致的扩张速度，Cantor Fitzgerald 预计到第二季度末，总积压可能超过 1310 亿美元。这一预测与彭博社的共识预期形成对比，目前的预期为 1044 亿美元。</p>
</div><h2>Favorable Valuation Metrics and Contract Targets</h2>
<div class="lb-trans"><h2>有利的估值指标和合同目标</h2>
</div><p>The report notes that CoreWeave is on track to approximate the $40 billion in new contracts secured during the first quarter of 2026.</p>
<div class="lb-trans"><p>报告指出，CoreWeave 有望在 2026 年第一季度获得约 400 亿美元的新合同。</p>
</div><p>Additionally, the analysts stated the company has secured 90% of its year-end 2027 revenue target of $30 billion in annualized recurring revenue.</p>
<div class="lb-trans"><p>此外，分析师表示，该公司已确保其 2027 年年末 30 亿美元年化经常性收入目标的 90%。</p>
</div><p>Based on the share price of $106.71, the company trades at 6.2 times enterprise value to run-rate EBITDA when using the target net debt of $58.3 billion from the offering memorandum.</p>
<div class="lb-trans"><p>根据 106.71 美元的股价，该公司在使用发行备忘录中目标净债务 583 亿美元时，企业价值与年化 EBITDA 的比率为 6.2 倍。</p>
</div><h2>Broad Sector Undervaluing Persists</h2>
<div class="lb-trans"><h2>广泛行业低估现象持续</h2>
</div><p>Cantor Fitzgerald maintained that the broader market continues to undervalue both CoreWeave and the neocloud sector.</p>
<div class="lb-trans"><p>Cantor Fitzgerald 认为，整体市场仍然低估了 CoreWeave 和新云计算行业。</p>
</div><p>“While one of the biggest debates surrounding CRWV, as well as other neoclouds, is what valuation methodology or target multiple is most appropriate, we continue to believe the market is woefully undervaluing this sector and CRWV, in particular,” the report said.</p>
<div class="lb-trans"><p>“尽管围绕 CRWV 及其他新云计算公司最大的争论之一是最合适的估值方法或目标倍数是什么，但我们仍然相信市场严重低估了这个行业，尤其是 CRWV，” 报告中提到。</p>
</div><p>The analysts concluded that the current risk-to-reward ratio remains attractive for investors leading up to the release of the second-quarter financial results.</p>
<div class="lb-trans"><p>分析师总结认为，在发布第二季度财务结果之前，当前的风险与回报比对投资者仍然具有吸引力。</p>
</div><p><strong>CRWV Price Action:</strong> CoreWeave shares were up 9.73% at $117.09 at the time of publication on Tuesday, according to Benzinga Pro data.</p>
<div class="lb-trans"><p><strong>CRWV 价格动态：</strong> 根据 Benzinga Pro 的数据，CoreWeave 的股票在周二发布时上涨了 9.73%，达到了 117.09 美元。</p>
</div><p><em>Image via Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源于 Shutterstock</em></p>
</div><p><strong>Read Also:</strong>
<strong>Can Elon Musk's SPCX Justify $3 Trillion? Even Shay Boloor's 'Clear Success' Thesis Forces Investors To Wait Until 2028</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>埃隆·马斯克的 SPCX 能否证明 3 万亿美元的价值？即使 Shay Boloor 的 “明确成功” 理论也迫使投资者等到 2028 年</strong></p>
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分析师表示，CoreWeave 被严重低估