CoreWeave cash waterfall: why the stock can fall while revenue accelerates Stage 1 · Revenue visibility contracted backlog Stage 2 · Capex buildout GPU infra · cash leaves fast Stage 2 · Funding gap opens OCF below capex FCF deeply negative gap Stage 3 · funding sources Borrowings Convertibles Strategic debt + dilution pile up Stage 4 · Hold-up discount debt + leases take the bulk thin residual to equity Stage 5 · Repricing trigger valuation valve AI-capex wobble Narrative intact multiple holds price runs with EBITDA Narrative wobble multiple compresses price down · EBITDA up