Jason Hall

Emily, I hate to do it again, but taking Toby's side, this is a smaller, less profitable business than it was seven years ago.

Yet another bad quarter.

Is there anything redeemable?

All right.

This has been a lot of fun.

Toby, Emily, thank you both so much for having this fun conversation.

Emily, I'm going to go and hand you the keys back and you can drive us home.

They're not in space either.

I don't want to say I'm excited, but I see what's exciting about the business, and I also understand why the stock is coming down.

It has gone on a bit of a parabolic run since it went public.

The debut price, it was up trading the first day after the stock debuted.

It's more than doubled.

It's come down over the past few months.

But there's still a tremendously rich valuation based on the expectation.

Even with the sell-off, that's important to remember.

Here's the core, for those that haven't followed CoreWeave.

It's built up some really strong IP that it says makes its data centers better and more efficient for AI developers.

It's a who's who in AI and cloud computing.

It has an almost $60 billion backlog.

$50 billion of that is contracted remaining performance obligation, or RPO.