Topic
Specialised providers renting GPU capacity for AI training and inference, positioned against full-stack hyperscalers.
Eight weeks after Nvidia started lending its balance sheet to small AI clouds, internal warnings about antitrust and about how much it was dictating to customers have stopped parts of the programme, and the operators who needed it most have no obvious substitute.
Reality
Nvidia put $2 billion into CoreWeave stock at $87.20 a share, and both companies committed to more than 5 gigawatts of AI factories by 2030. The equity comes to about $400 million per promised gigawatt.
Reality
Microsoft's fiscal 2026 filing puts $329.1 billion of leases into a queue that starts in fiscal 2027. The 38 gigawatts Bloomberg reported for 2032 would need a slower build than Satya Nadella has guided to.
Reality
The Wall Street Journal reports talks over a roughly $5 billion loan from the Pentagon's Office of Strategic Capital. It would be the office's largest to date and a minority of the project debt Fluidstack and its partners have already raised.
Reality
Pre-arranged 10b5-1 plans and a dual-class structure let CoreWeave's co-founders convert control into cash without giving up control. Underwriters should price both halves.
Reality