# "GPU demand" — X 热门讨论 (2026-09-23 19:56 UTC)
## @jiahanjimliu (Jim Liu) · 09-23 15:28 · ♥53 ↻1 💬6 $CRWV Breakdown by @SixSigmaCapital
Solid work by SixSigma to breakdown $CRWV. He is a doctor turned finance expert. Likely still practices too.
Bare Metal Dominates We see that IaaS + PaaS aka GPU & Cloud Infrastructure is 99% of CRWV's Q2 2026 Revenue while SaaS aka Managed Software Services is 1%.
Most AI Natives including the Frontier Labs prefer either bare metal while some like orchestration on top too. Nvidia + Open SourceAI stack allows AI Natives to actually be AI companies and not wrapper App companies. Yes OpenSource is popular but customized and in house by AI Natives. Much of OpenSource shows up as IaaS + PaaS revenue because Mom and Pop startups that need managed inference are small in revenue.
Profitability While CRWV has negative net and operating incomes, it's gross profit is positive and it's operating income is almost positive (-0.23B).
This means that CRWV just needs to get rolling on their financing flywheel and hit operations at scale. They have borrowed heavily to have a large cashflow to serve as the base for their financing flywheel.
This is a tradeoff - high debt for what later will be an large operational cashflow base if GPU hour continue to have residue value which will happen as long as the AI market stays hot. In otherwords, CRWV is a quasi-leverage play on GPU demand. However, all it takes is 1 bottleneck in a very long and diverse supply chain to cap GPU availability. Whether it's power, HBM, optics, wafer lines, GPU availability is capped for the midterm. Having been burned by previous semi booms including dot-com booms, the semi industry and systematically underinvesting to ensure supply is tight.
CRWV is also obtaining better debt structures with new asset back financing arrangements available on the market. > 引用 @SixSigmaCapital: CoreWeave: "The Essential Cloud for AI" https://x.com/jiahanjimliu/status/2102782055696547967