Munger Mode rating: 1 out of 5 — Strong Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We have spent our lives looking for businesses that earn high returns on capital with little debt, sell something the customer can't easily get elsewhere, and can raise prices without losing the customer. CoreWeave is the precise photographic negative of that business. It rents a commodity — Nvidia GPU compute — that it purchases from a supplier with all the pricing power, to a handful of customers who are also its largest competitors, and it finances the whole enterprise with $35.6 billion of debt stacked on top of $5 billion of equity, secured by assets that lose most of their value in four to six years. The growth is genuinely astonishing: revenue of $2.58 billion in the June quarter, up 112% year over year, and a $104 billion contract backlog. We do not dispute the demand. We dispute the economics.
Recent filings analysed: 8-K (2026-09-17), 10-Q (2026-08-12), 8-K (2026-08-11), 8-K (2026-08-10).
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