Goldman Sachs upgraded CoreWeave to Buy, despite cutting its price target, a move that was quickly challenged by HSBC and Bernstein. CoreWeave's stock has declined since the upgrade, falling below its prior trading levels. Both HSBC and Bernstein have raised concerns about CoreWeave's substantial future funding needs. Bernstein estimates CoreWeave requires $76 billion in new funding to fulfill existing backlog commitments. They also project significant capital expenditures for upcoming years to deliver on these contracts. Furthermore, Bernstein anticipates continued adjusted earnings losses for CoreWeave for several more years. Goldman Sachs' own analysis, while more optimistic, suggests a $23 billion funding gap, but their internal model contradicts this lower figure. Goldman's model predicts substantial free cash flow burn and a significant increase in long-term debt. Bernstein highlights CoreWeave's high debt-to-EBITDA ratio and the increasing cost of new debt. The company faces a strategic dilemma where necessary transitions to shorter contracts, which are more expensive to fund, are required for competitiveness. Even CoreWeave's most favorable deals show modest unlevered returns, heavily reliant on leverage and future residual values. The analysis suggests that the company's operational returns are not commensurate with the high cost of its new capital.