To The Moon

The cloud AI computing power leasing leader CoreWeave (CRWV.US), often referred to as "NVIDIA's favored son," became a focal point in global stock markets on Monday. This "new cloud" technology company, focused on AI compute leasing, announced it has amended a recent significant credit agreement to relax its liquidity test requirements. Following this news, the cloud computing firm's stock surged over 5% in pre-market trading; as of Friday's market close, CoreWeave's market capitalization was approximately $40 billion. Overall, the company stated in its latest filing: "This amendment to the DDTL 3.0 credit agreement aligns the financing arrangement with the delivery schedule described by the parent company during its earnings call regarding the financial results for the quarter ending September 30, 2025." CoreWeave detailed in the filing: "The First Amendment includes revisions to several financial covenants in the DDTL 3.0 credit agreement, specifically: (i) reducing the required minimum liquidity amount to $100 million for each payment date on and after March 1, 2026, but before May 1, 2026; (ii) comprehensively postponing the first testing date for the debt service coverage ratio covenant to October 31, 2027, and delaying the first testing date for the contract fulfillment ratio covenant to February 28, 2026. The First Amendment also permits an unlimited number of equity cures for failures to meet the debt service coverage and contract fulfillment ratio covenants until October 28, 2026; thereafter, equity cures for these covenants can be used for a maximum of three months within any consecutive four-calendar-month period and cannot be used for more than three consecutive calendar months." The essence of CoreWeave's amendment to the DDTL 3.0 credit agreement is to "buy time for its delivery rhythm and capital turnover, ultimately reducing the probability of triggering a default in the short term." These adjustments are framed by the company as aligning with the delivery timelines mentioned during its Q3 2025 earnings call. Some Wall Street analysts commented on platform X that for CoreWeave's fundamentals and valuation outlook, this typically signals "short-term benefits, long-term divergence." From a short-term perspective, lowering the liquidity threshold and delaying key financial metric tests can significantly reduce the tail risk of a "technical default or forced refinancing" in early 2026 due to repayments or cash burn, thereby easing market concerns over liquidity pressure; the stock is highly likely to receive sentiment support in the short to medium term. On the other hand, however, such amendments also equate to an admission to the market: during the intense capital expenditure and delivery ramp-up phase under the massive AI infrastructure wave, this "new cloud" company requires more lenient covenant space. The DDTL 3.0 facility itself is used to finance the procurement of AI infrastructure like AI GPU computing clusters, and repayments enter a phase of "hard constraint" on cash flow starting April 2026. If delivery execution and cash collection fall short of market consensus expectations, future equity cures or refinancing could still lead to dilution and volatility. What exactly is CoreWeave, known as "NVIDIA's favored son"? As one of the earliest cloud leasing adopters of NVIDIA GPUs (AI GPUs) in the data center space, CoreWeave, by capitalizing early on the wave of data center AI computing resource demand, gained favor from NVIDIA's venture capital arm and even secured priority access to the highly sought-after NVIDIA H100/H200 and Blackwell series AI GPUs. This advantage once forced cloud service giants like Microsoft, Google, and Amazon to lease cloud AI computing resources from CoreWeave, earning it the moniker "NVIDIA's favored son." As early as August 2023, CoreWeave became the first cloud computing service company to deploy the NVIDIA H200 Tensor Core GPU, a high-performance AI GPU, enabling it to offer immensely powerful computing capabilities to its clients. Driven by the AI wave, particularly in 2023, and relying on large-scale procurement of high-end NVIDIA AI GPUs (like the H100/H200) and comprehensive collaboration with NVIDIA on the CUDA software-hardware ecosystem, CoreWeave rapidly gained prominence in the cloud AI GPU computing market. The most distinctive feature of CoreWeave's AI cloud computing leasing service is its focus on providing large quantities of top-tier AI GPU clusters (especially NVIDIA GPUs), allowing users to access high-performance AI GPU computing resources on-demand within a cloud service framework—essentially, cloud-based AI compute resources for machine learning, deep learning, and inference AI workloads. CoreWeave supports large-scale elastic deployment, enabling users to quickly scale the number of AI GPUs up or down based on project needs, making it suitable for AI model training (such as large language models, computer vision systems) and massive inference workloads requiring real-time processing. Beyond AI, CoreWeave's NVIDIA AI GPU resources can also be used for traditional HPC scenarios (scientific computing, molecular simulation, financial risk analysis, etc.). Current global demand for AI computing resources is undoubtedly experiencing explosive expansion, which is why leading cloud AI compute leasing providers like Fluidstack and CoreWeave have seen their valuations continue to expand this year. Demand for AI computing resources, closely tied to AI training and inference, has pushed the capacity of underlying computing infrastructure clusters to their limits, with even the recently and continuously expanding large-scale AI data centers unable to meet the incredibly strong global demand for compute power. Following Google's major launch of the Gemini 3 AI application ecosystem in late November, this cutting-edge AI software quickly gained global popularity, causing a sudden surge in Google's AI computing demand. The release of the Gemini 3 series products immediately generated massive AI token processing volumes, forcing Google to significantly reduce free access quotas for Gemini 3 Pro and Nano Banana Pro and impose temporary restrictions even on Pro subscribers. Coupled with recent South Korean trade export data showing持续强劲 demand for HBM memory systems and enterprise SSDs, this further validates Wall Street's assertion that the "AI boom is still in the early construction phase where computing infrastructure supply cannot keep up with demand."