摩根大通:CoreWeave需大幅加速产能扩张方能实现正向自由现金流,预计2030年迎拐点

智通财经
Oct 16
【摩根大通:CoreWeave需大幅加速产能扩张方能实现正向自由现金流,预计2030年迎拐点】摩根大通最新研报指出,CoreWeave需将活跃数据中心电力的年新增规模提升至4至5倍,方能实现正向自由现金流的拐点。该行预计这一拐点将在2030年出现,届时活跃与新增产能比率将达到4.5倍。公司目前的现金赤字源于产能扩张的绝对速度,而非单体设施的经济效益不佳。具体而言,每吉瓦新增产能需约350亿美元的前期资本开支,而稳定运营后年营收为100亿至150亿美元,年现金EBITDA约为94亿美元。由于CoreWeave在2026年初拥有0.85GW活跃电力,年内新增1.0GW,其活跃与新增产能比率仅为0.9倍。公司无法在将规模从2026年底的1.85GW扩张至2030年8GW的过程中实现自我融资。摩根大通预测,年新增产能将在2027年加速至1.5GW,2028年增至1.6GW,2029年增至1.6GW,并在2030年新增1.5GW时达到4.5倍。随着稳定运营的吉瓦数不断累积,成熟产能产生的现金EBITDA将迅速扩张,足以吸收新设施所需的每吉瓦350亿美元资本开支。

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Most Discussed

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10