人工智能云基础设施供应商CoreWeave, Inc. (CRWV) 今日盘前股价大跌9.45%，引起了市场的广泛关注。
消息面上，公司公布的2025年第四季度财报显示，尽管营收同比增长110%至15.7亿美元，略超市场预期，但盈利指标显著恶化。当季净亏损达4.52亿美元，几乎是去年同期亏损额的9倍，每股亏损0.89美元也远逊于分析师预期。此外，公司营业利润率由去年同期的盈利转为亏损，调整后EBITDA亦低于市场共识。
更令投资者担忧的是，公司预计2026年资本支出将至少达到300亿美元，为2025年支出的三倍，同时给出的第一季度营收指引为19亿至20亿美元，低于市场预期的22.9亿美元。分析认为，在高估值预期下，市场对该公司扩张带来的利润率下滑、亏损扩大以及激进的资本开支计划感到不安，这直接导致了股价的抛售压力。
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