1. CoreWeave's $29.9B revenue backlog is expected to convert 20-25% annually over 4-5 years, with FY2026 revenue projected at $6.0B-$7.48B; 2. EBITDA margins are forecasted to stabilize at 30-32%, yielding $1.79B-$2.39B in FY2026; 3. At a $52B enterprise value, the stock trades at 22-29x forward EV/EBITDA, with a potential 15% upside to a $59.8B valuation based on a 25x multiple.