$101.28
-32.9% vs S&P 12m
Business overview
GPU-first cloud operator with NVIDIA-aligned positioning, Microsoft and OpenAI contracts, and aggressive multi-billion-dollar capex.
Pure-play on the AI compute build-out cycle. Backlog, GPU allocation, customer concentration, and debt service are the entire investment case.
Composite score
Higher = stronger overall research case
Fundamental50
Technical63
Valuation83
AI relevance92
Risk-adjusted (higher = safer)37
Segment-relative fundamental percentile: 36
Synthetic 1Y price action
Deterministic price series; 50d (yellow) and 200d (orange) MAs shown
3M RS: -4.0%6M RS: 23.1%12M RS: -32.9%Vol30d: 87%DD52w: -44.8%
Financial summary
Curated, illustrative
Revenue
$6.23B
Growth (YoY)
111.6%
Gross margin
69.4%
Operating margin
-6.9%
FCF
$-8.56B
Capex
$14.54B
Net cash / (debt)
$-32.88B
ROIC
-0.2%
Customer conc.
Medium
Valuation
Market cap
$55.26B
Enterprise value
$88.14B
P/E (TTM)
—
Forward P/E
-161.5x
EV / Sales
14.2x
EV / EBITDA
29.1x
P / FCF
—
PEG
—
Rule of 40
—
Risks
Severity 1 (low) to 5 (severe)
- 5Customer concentration: Microsoft >60%
- 5Debt-funded capex; refi sensitivity
- 4GPU residual value risk
- 3Equity float lockup expirations
Score components
What drove the composite
Growth100
Profitability25
Cash generation20
Balance sheet20
Moat / AI relevance88
Capital intensity (higher = lighter)20
Customer diversification60
Valuation discipline (dilution)65
Trend (MA50/MA200)95
Momentum (3/6/12m)53
Relative strength53
Realized vol (higher = lower vol)22
Segment peers
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