{
  "model": "crwv",
  "name": "CoreWeave 5-year forecast",
  "units": "USD millions",
  "periods": {
    "start": "2022-01",
    "count": 9,
    "grain": "year",
    "histUntil": "2025-12-31"
  },
  "pivots": {
    "assumptions": {
      "lines": [
        {
          "id": "revenue_growth",
          "format": "percent"
        },
        {
          "id": "gross_margin",
          "format": "percent"
        },
        {
          "id": "opex_pct",
          "name": "Opex % of revenue",
          "format": "percent"
        },
        {
          "id": "da_pct",
          "name": "D&A % of revenue",
          "format": "percent"
        },
        {
          "id": "interest_rate",
          "format": "percent"
        },
        {
          "id": "tax_rate",
          "format": "percent"
        },
        {
          "id": "capex_pct",
          "name": "Capex % of revenue",
          "format": "percent"
        },
        {
          "id": "net_borrowing"
        }
      ],
      "inputs": {
        "revenue_growth": {
          "fy2026": 0.6,
          "fy2027": 0.45,
          "fy2028": 0.35,
          "fy2029": 0.28,
          "fy2030": 0.22
        },
        "gross_margin": {
          "fy2026": 0.73,
          "fy2027": 0.74,
          "fy2028": 0.75,
          "fy2029": 0.75,
          "fy2030": 0.76
        },
        "opex_pct": {
          "fy2026": 0.14,
          "fy2027": 0.12,
          "fy2028": 0.1,
          "fy2029": 0.09,
          "fy2030": 0.08
        },
        "da_pct": {
          "fy2026": 0.45,
          "fy2027": 0.42,
          "fy2028": 0.38,
          "fy2029": 0.34,
          "fy2030": 0.3
        },
        "interest_rate": {
          "fy2026": 0.09,
          "fy2027": 0.085,
          "fy2028": 0.08,
          "fy2029": 0.075,
          "fy2030": 0.07
        },
        "tax_rate": {
          "fy2026": 0.15,
          "fy2027": 0.18,
          "fy2028": 0.21,
          "fy2029": 0.21,
          "fy2030": 0.21
        },
        "capex_pct": {
          "fy2026": 1.5,
          "fy2027": 1.2,
          "fy2028": 1.0,
          "fy2029": 0.85,
          "fy2030": 0.7
        },
        "net_borrowing": {
          "fy2026": 9000,
          "fy2027": 8000,
          "fy2028": 6000,
          "fy2029": 3000,
          "fy2030": 0
        }
      }
    },
    "income_statement": {
      "lines": [
        "revenue",
        "cogs",
        "gross_profit",
        {
          "id": "gross_margin_pct",
          "name": "Gross margin",
          "format": "percent"
        },
        "opex",
        "ebitda",
        {
          "id": "ebitda_margin",
          "format": "percent"
        },
        "da",
        "ebit",
        "interest_expense",
        "pretax_income",
        "tax",
        "net_income"
      ],
      "inputs": {
        "revenue": {
          "fy2022": 15.8,
          "fy2023": 228.9,
          "fy2024": 1915.4,
          "fy2025": 5131
        },
        "cogs": {
          "fy2022": 12.1,
          "fy2023": 68.8,
          "fy2024": 493.4,
          "fy2025": 1453
        },
        "opex": {
          "fy2022": 14.9,
          "fy2023": 71.4,
          "fy2024": 234.3,
          "fy2025": 1270
        },
        "da": {
          "fy2022": 11.7,
          "fy2023": 103.2,
          "fy2024": 863.4,
          "fy2025": 2454
        },
        "interest_expense": {
          "fy2022": 9.4,
          "fy2023": 28.4,
          "fy2024": 360.8,
          "fy2025": 1229
        },
        "tax": {
          "fy2022": -4.2,
          "fy2023": 35.7,
          "fy2024": 119.2,
          "fy2025": -48
        }
      },
      "rules": [
        "revenue[frame=fcst]          = PREV(revenue) * (1 + assumptions.revenue_growth)",
        "cogs[frame=fcst]             = revenue * (1 - assumptions.gross_margin)",
        "opex[frame=fcst]             = revenue * assumptions.opex_pct",
        "da[frame=fcst]               = revenue * assumptions.da_pct",
        "interest_expense[frame=fcst] = balance_sheet.debt[period-1] * assumptions.interest_rate",
        "tax[frame=fcst]              = IF(pretax_income > 0, pretax_income * assumptions.tax_rate, 0)",
        "gross_profit                 = revenue - cogs",
        "gross_margin_pct             = gross_profit / revenue",
        "ebitda                       = gross_profit - opex",
        "ebitda_margin                = ebitda / revenue",
        "ebit                         = ebitda - da",
        "pretax_income                = ebit - interest_expense",
        "net_income                   = pretax_income - tax"
      ]
    },
    "cash_flow": {
      "lines": [
        "net_income",
        "da",
        "operating_cash_flow",
        "capex",
        "free_cash_flow",
        "net_borrowing",
        "net_change_in_cash"
      ],
      "inputs": {
        "operating_cash_flow": {
          "fy2022": 0.9,
          "fy2023": 1832.7,
          "fy2024": 2749.2,
          "fy2025": 3058
        },
        "capex": {
          "fy2022": -72.4,
          "fy2023": -2943.1,
          "fy2024": -8702.1,
          "fy2025": -10309
        },
        "net_borrowing": {
          "fy2022": 81.5,
          "fy2023": 1787.8,
          "fy2024": 7464.6,
          "fy2025": 9308
        }
      },
      "rules": [
        "net_income                     = income_statement.net_income",
        "da                             = income_statement.da",
        "operating_cash_flow[frame=fcst] = net_income + da",
        "capex[frame=fcst]              = -income_statement.revenue * assumptions.capex_pct",
        "net_borrowing[frame=fcst]      = assumptions.net_borrowing",
        "free_cash_flow                 = operating_cash_flow + capex",
        "net_change_in_cash             = free_cash_flow + net_borrowing"
      ]
    },
    "balance_sheet": {
      "lines": [
        "cash",
        "ppe_net",
        "total_assets",
        "debt",
        "equity"
      ],
      "inputs": {
        "cash": {
          "fy2022": 45.6,
          "fy2023": 574.6,
          "fy2024": 1361.5,
          "fy2025": 2400
        },
        "ppe_net": {
          "fy2022": 120,
          "fy2023": 2900,
          "fy2024": 10800,
          "fy2025": 18700
        },
        "debt": {
          "fy2022": 220,
          "fy2023": 2300,
          "fy2024": 8000,
          "fy2025": 17000
        },
        "equity": {
          "fy2022": -60,
          "fy2023": -650,
          "fy2024": -1500,
          "fy2025": 3000
        }
      },
      "rules": [
        "cash[frame=fcst]    = PREV(cash) + cash_flow.net_change_in_cash",
        "ppe_net[frame=fcst] = PREV(ppe_net) - cash_flow.capex - income_statement.da",
        "debt[frame=fcst]    = PREV(debt) + cash_flow.net_borrowing",
        "equity[frame=fcst]  = PREV(equity) + income_statement.net_income",
        "total_assets        = cash + ppe_net"
      ]
    }
  },
  "outputs": [
    {
      "pivot": "income_statement",
      "title": "Income statement ($M)",
      "lines": [
        "revenue",
        "gross_profit",
        "gross_margin_pct",
        "ebitda",
        "ebit",
        "net_income"
      ]
    },
    {
      "pivot": "cash_flow",
      "title": "Cash flow ($M)",
      "lines": [
        "operating_cash_flow",
        "capex",
        "free_cash_flow"
      ]
    },
    {
      "pivot": "balance_sheet",
      "title": "Balance sheet ($M)"
    }
  ],
  "dashboards": [
    {
      "id": "overview",
      "name": "CoreWeave forecast",
      "cards": [
        {
          "kind": "table",
          "pivot": "assumptions",
          "title": "Assumptions \u2014 edit a cell and the forecast updates",
          "editable": true
        },
        {
          "kind": "kpi",
          "pivot": "income_statement",
          "line": "revenue",
          "title": "Revenue FY2030",
          "unit": "$M"
        },
        {
          "kind": "kpi",
          "pivot": "income_statement",
          "line": "net_income",
          "title": "Net income FY2030",
          "unit": "$M"
        },
        {
          "kind": "kpi",
          "pivot": "cash_flow",
          "line": "free_cash_flow",
          "title": "Free cash flow FY2030",
          "unit": "$M"
        },
        {
          "kind": "kpi",
          "pivot": "balance_sheet",
          "line": "debt",
          "title": "Debt FY2030",
          "unit": "$M"
        },
        {
          "kind": "chart",
          "pivot": "income_statement",
          "lines": [
            "revenue",
            "gross_profit",
            "ebitda",
            "net_income"
          ],
          "title": "Income statement",
          "unit": "$M"
        },
        {
          "kind": "chart",
          "type": "bar",
          "pivot": "cash_flow",
          "lines": [
            "operating_cash_flow",
            "capex",
            "free_cash_flow"
          ],
          "title": "Cash flow",
          "unit": "$M"
        },
        {
          "kind": "chart",
          "pivot": "income_statement",
          "lines": [
            "gross_margin_pct",
            "ebitda_margin"
          ],
          "title": "Margins"
        },
        {
          "kind": "chart",
          "type": "stackedBar",
          "pivot": "balance_sheet",
          "lines": [
            "cash",
            "ppe_net"
          ],
          "title": "Assets",
          "unit": "$M"
        }
      ]
    }
  ]
}