Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>CoreWeave's third quarter of 2025 results highlight significant growth and the challenges the company faces in meeting high demand within the AI cloud services sector.</li><li>The company reported a notable revenue increase of 134% year-over-year to $1.4 billion, demonstrating robust demand for its AI cloud platform.</li><li>The revenue backlog has surged to $55 billion, which is indicative of strong future demand and customer confidence in CoreWeave as a critical player in AI infrastructure.</li></ul>

CoreWeave's third quarter of 2025 results highlight significant growth and the challenges the company faces in meeting high demand within the AI cloud services sector.The company reported a notable revenue increase of 134% year-over-year to $1.4 billion, demonstrating robust demand for its AI cloud platform.The revenue backlog has surged to $55 billion, which is indicative of strong future demand and customer confidence in CoreWeave as a critical player in AI infrastructure.

CoreWeave’s Risk-Proof Growth Blueprint: The Powerful Combo of Diversification

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a> is forecasted to be added to snp TMI at the June 2025 review after failing the fast-entry fcap threshold of $2bn. </li>
<li>
<a href="https://www.smartkarma.com/entities/coreweave-inc" target="_blank" data-smartkarma-citation="entities:44471:1" rel="noopener">CoreWeave (CRWV US)</a> is ineligible in 2025 for inclusion to Global-F and rasel due to public voting rights below 5%. </li>
<li>Lock-Up expiry causes free float thus public voting rights to increase above 5%. Addition to Global-F SmallCap and R1000 is expected in March and June 2026, respectively.
</li>
</ul>



CoreWeave (CRWV US) is forecasted to be added to snp TMI at the June 2025 review after failing the fast-entry fcap threshold of $2bn. 

CoreWeave (CRWV US) is ineligible in 2025 for inclusion to Global-F and rasel due to public voting rights below 5%. 
Lock-Up expiry causes free float thus public voting rights to increase above 5%. Addition to Global-F SmallCap and R1000 is expected in March and June 2026, respectively.



CoreWeave (CRWV US): Global & US Index Exclusion Over Low IPO Float & Public Voting Rights

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>CoreWeave priced a downsized IPO — 37.5 million shares at $40.00 — well below the marketed $47–$55 range.</li>
<li>He debut was muted (opened at ~$39 and closed at the $40 IPO price), but the stock ripped higher in the weeks that followed and peaked at $187 in June.</li>
<li>By late October CoreWeave ranked among the top performing 2025 IPOs, sitting behind Circle Internet Group and Karman Holdings in aftermarket returns.</li>
</ul>


CoreWeave priced a downsized IPO — 37.5 million shares at $40.00 — well below the marketed $47–$55 range.
He debut was muted (opened at ~$39 and closed at the $40 IPO price), but the stock ripped higher in the weeks that followed and peaked at $187 in June.
By late October CoreWeave ranked among the top performing 2025 IPOs, sitting behind Circle Internet Group and Karman Holdings in aftermarket returns.


CoreWeave Inc (CRWV): Six Month Summary: AI Hyperscaler that Re-Priced the IPO Playbook

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
Specialized AI Infrastructure Provider Poised for Hyper-Growth: <a href="https://smartkarma.com/entities/coreweave-inc">CoreWeave</a> operates as a specialized cloud provider of high-performance GPU infrastructure, a critical component for the burgeoning AI industry. This focus allows it to cater to the specific, high-demand computing needs of AI developers and enterprises, positioning it to capitalize on the exponential growth in AI model training and inference.</li>
 <li>
Strong Revenue Growth Underpinned by Long-Term Contracts: The company has demonstrated impressive revenue growth, driven by substantial long-term contracts with major AI players. These multi-year agreements provide significant revenue visibility and backlog, reducing the volatility typically associated with usage-based cloud models.</li>
 <li>
Significant Financial Risks Amidst Aggressive Expansion: Despite its growth trajectory, <a href="https://smartkarma.com/entities/coreweave-inc">CoreWeave</a> faces considerable financial risks, including a heavy debt burden, significant capital expenditures, and substantial net losses. The company's high customer concentration and reliance on debt to fund its rapid expansion are key areas of concern for investors.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Specialized AI Infrastructure Provider Poised for Hyper-Growth: CoreWeave operates as a specialized cloud provider of high-performance GPU infrastructure, a critical component for the burgeoning AI industry. This focus allows it to cater to the specific, high-demand computing needs of AI developers and enterprises, positioning it to capitalize on the exponential growth in AI model training and inference.
  
Strong Revenue Growth Underpinned by Long-Term Contracts: The company has demonstrated impressive revenue growth, driven by substantial long-term contracts with major AI players. These multi-year agreements provide significant revenue visibility and backlog, reducing the volatility typically associated with usage-based cloud models.
  
Significant Financial Risks Amidst Aggressive Expansion: Despite its growth trajectory, CoreWeave faces considerable financial risks, including a heavy debt burden, significant capital expenditures, and substantial net losses. The company's high customer concentration and reliance on debt to fund its rapid expansion are key areas of concern for investors.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>In its second quarter of 2025, CoreWeave showcased significant growth amid strong demand for AI cloud services.</li><li>The company's revenue soared by 207% year-over-year, reaching $1.2 billion, with an adjusted operating income of $200 million.</li><li>This marked the first instance of CoreWeave achieving both $1 billion in revenue and $200 million in operating income in a single quarter.</li></ul>

In its second quarter of 2025, CoreWeave showcased significant growth amid strong demand for AI cloud services.The company's revenue soared by 207% year-over-year, reaching $1.2 billion, with an adjusted operating income of $200 million.This marked the first instance of CoreWeave achieving both $1 billion in revenue and $200 million in operating income in a single quarter.

CoreWeave Lands $14.2 Billion Meta Deal — Is This The Tipping Point For AI Cloud Domination?

United States

CoreWeave, Inc. provides software solutions and cloud services. The Company offers cloud infrastructure platform that manages the complexity of engineering, assembling, running, and monitoring state-of-the-art infrastructure at a massive scale to deliver high performance and efficiency to AI workloads. CoreWeave serves customers worldwide.

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CoreWeave (CRWV US)

CoreWeave’s Risk-Proof Growth Blueprint: The Powerful Combo of Diversification

CoreWeave's third quarter of 2025 results highlight significant growth and the challenges the company faces in meeting high demand within the AI...

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