product · May 20, 2026
Gavin Baker Argues CoreWeave Business Model Is Differentiated and Durable
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Gavin Baker argued at the Sohn conference on May 19, 2026 that CoreWeave’s business model is differentiated and durable. Baker compared running GPU clusters to driving a Formula 1 race car where CoreWeave GPUs are utilized 2-3x more per hour than bottom-tier providers. CoreWeave reported $5.1 billion revenue in 2025 with a $66.8 billion backlog. CoreWeave carries approximately $14 billion in debt at borrowing costs above 9%.
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