CoreWeave's Squeeze Isn't Over Yet
Summary
- CoreWeave has surged 340% since its March 27 IPO, with short interest still high at ~32% and borrow rates peaking at 343%.
- Roughly 83.7% of shares are under a 180-day lock-up expiring in late September, posing a potential insider supply overhang.
- Q2 earnings in early August could trigger early lock-up sales if share conditions are met, adding near-term volatility risk.
- CoreWeave reported $982M in Q1 2025 revenue (+420% YoY) and guided to ~$5B for FY25, backed by a $25.9B backlog.
- Key growth drivers include $16B+ in OpenAI contracts, a new deal with Google Cloud, and Blackwell GPU deployment leadership.
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