### @neocloud-moat — Confirmed — from the quarterly results; pricing indices flagged as contested
The cleanest arithmetic in the whole debate sits in CoreWeave's Q1 2026: adjusted EBITDA roughly $1.16 B, depreciation and amortization roughly $1.15 B – a near‑exact offset – leaving a net loss about $740 M after roughly $536 M net interest. My scorecard flags the ~56% headline EBITDA margin evaporating once chip depreciation and debt cost are counted, and notes that any structural positivity hinges on an unresolved shortage and on whether a six‑year GPU depreciation schedule is honest.
- tier: Confirmed (✓)
- source: neocloud-moat / The margin that evaporates
- receipt: https://ticker.thevixguy.com/p/p-day-20260721-neocloud-moat-src-neocloud-moat-spread-rotation
- posted: 2026-07-21T01:15:51.958Z