AAOI刚引爆光通信，CoreWeave又甩出1040亿订单！AI基建链条上谁在真吃肉？

华尔街见闻Pubblicato 2026-08-12Pubblicato ultima volta 2026-08-12

Introduzione

CoreWeave2026财年第二季度营收同比增长约112%至25.75亿美元，净亏损扩大至6.26亿美元。尽管营收、产能及积压订单保持高速增长，但营业费用激增导致营业利润转负，且资本支出远超经营现金流，致使债务规模攀升与利息负担加重。未来需重点关注积压订单的转化效率、利润率修复情况及外部融资与债务压力。

CoreWeave（Nasdaq: CRWV）公布2026财年第二季度营收为25.75亿美元，同比增长约112%（上年同期为12.12亿美元）；稀释后每股净亏损从0.60美元扩大至1.14美元。调整后EBITDA翻倍至15.10亿美元，但利润率有所下降，且GAAP营业利润率转负。随着需求和基础设施产能持续扩张，营收积压订单达到约1040亿美元。

核心业绩数据

营收增长超过一倍，但总营业费用增长约120%至26.24亿美元，增速略快于营收增速。营收成本增长约181%至8.79亿美元，而技术与基础设施费用增长约125%至15.07亿美元，导致营业利润由盈转亏，从盈利1900万美元变为亏损4900万美元。

调整后EBITDA增长约101%，但其利润率下降了3个百分点。调整后EBITDA与GAAP营业利润之间的巨大差距，部分反映了13.93亿美元的折旧与摊销，以及基于股票的薪酬等其他调整项。

净利息费用从2.67亿美元增加到6.40亿美元，是营业业绩与最终净利润之间最大的扣减项。1.25亿美元的其他收益提供了一部分抵消，但CoreWeave仍录得6.26亿美元的净亏损。

需求、积压订单与基础设施扩张

截至2026年6月30日，营收积压订单约为1040亿美元。该数字包括剩余履约义务以及CoreWeave预计在已签署合同下将转化为营收的其他金额（取决于交付和服务可用性要求）。该数字不包括在第三季度初期新增的超过250亿美元的净客户新承诺。

CoreWeave在本季度将运行电力容量扩大了近500兆瓦，达到1.5吉瓦，而已签约的总电力容量增至约3.7吉瓦。该公司还宣布赢得了新的企业和人工智能客户，包括Bentley Systems、Caterpillar（卡特彼勒）和Grammarly，并深化了与Databricks和Runway ML等现有客户的合作关系。

这些数据表明需求与产能同步增长，但积压订单需要及时的基础设施部署支持，才能确认为营收。

产能快速扩张推高了营收，但也加大了利润率与融资压力

CoreWeave的增长继续需要巨额的基础设施投资。第二季度购置物业和设备的支出总额为64.22亿美元，而上年同期为24.53亿美元。尽管经营活动现金流改善至6.79亿美元，但仅能覆盖该项支出的一小部分；经营活动现金流减去物业和设备购置支出后，约为负57.43亿美元。

该公司通过外部融资为其扩张提供资金。第二季度融资活动现金流入为100.71亿美元，其中包括134.57亿美元的债务发行净收益，部分被38.84亿美元的偿债支出所抵消。CoreWeave还通过私募发行普通股筹集了9.97亿美元。

截至6月30日，追索权和无追索权债务总额约为351亿美元，高于2025年12月31日的约214亿美元。同期的现金及现金等价物从31.27亿美元增至55.24亿美元。更高的债务余额支持了产能投资和流动性，但季度利息费用的增加体现了其对盈利能力的影响。

经营活动现金流与净利润的走向也发生了背离。现金流转正得到了13.93亿美元的折旧与摊销以及7.90亿美元的递延收益增加的支持，而应收账款和应付账款相关的变动在本季度消耗了现金。

管理层观点

首席执行官迈克尔·因特拉托（Michael Intrator）表示，随着规模开始转化为经营杠杆，公司已迎来拐点。管理层还指出，随着企业采纳率的扩大以及CoreWeave扩展其技术平台，客户需求正在加速释放。

财报结果通过更高的营收和调整后EBITDA证实了该评估中关于规模化扩张的部分。然而，GAAP营业利润率、调整后营业利润率和调整后EBITDA利润率均同比下滑，使得利润率转化成为衡量未来经营杠杆的重要指标。

近期内部人士交易

提供的内部人士交易数据显示，在过去六个月中，内部人士购买了1610万股，出售了3740万股，净出售量约为2130万股。具有完整交易细节的最新记录均为出售交易；数据未表明这些交易的具体原因。

投资者应关注的风险

营业利润率执行：营收成本以及技术与基础设施费用的增速高于营收增速，推低GAAP营业利润率至零以下，并降低了调整后利润率。

债务与利息负担：总债务较年末大幅增加，而季度净利息费用达到6.40亿美元，显著加重了净亏损。

资本需求：第二季度物业和设备购置支出大幅超过经营活动现金流，使得业务扩张持续依赖外部融资。

积压订单转化：1040亿美元的积压订单取决于基础设施交付和服务可用性。已签约电力部署的延迟可能会影响未来营收确认的时间点。

总结

CoreWeave在2026财年第二季度的业绩表现呈现出营收、积压订单和产能的高速增长，但营业利润率承压且净亏损进一步扩大。正向的经营活动现金流提供了一定支撑，但基础设施支出依然远高于现金流，需要大规模的新增融资。未来需关注的核心焦点包括：新增产能能否高效地将积压订单转化为营收、营业成本增速是否开始放缓并低于营收增速，以及不断增加的债务负担将如何影响利息费用和最终净业绩表现。

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