CoreWeave Investor Says Wall Street Misunderstands Its Backlog and Debt

Neostellar Capital, which holds about $10 million in CoreWeave shares, says most of the company's nearly $130 billion contracted backlog comes from investment-grade customers. It argues long-term AI compute contracts back the debt, the business is not dependent on one customer, and investors are conflating Anthropic's financial outlook with CoreWeave's business.