Jason Hall

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.

Growth rates are certainly astronomical, if we can keep that theme going.

They're likely to remain exceptionally high for some time to come.

There are also some signs that its scale-up is driving improvements.

If we look at its financial results, adjusted EBITDA, adjusted operating income, and its margins, they did improve in the quarter.

Adjusted losses fell.

I think this is a business that is likely to be a lot larger in five years.