D'Ornano + Co.

CoreWeave's filing of its S-1 on March 3 triggered significant market interest as one of the first generative AI infrastructure companies to seek an IPO. Initial market reaction focused on the company's growth metrics, with many observers highlighting "sharp growth" and "revenue surges." Early market expectations suggested CoreWeave would seek to raise approximately $4 billion at a valuation of around $35 billion. However, the IPO teardown we published for D'Ornano + Co. Insight clients uncovered potential challenges to this valuation thesis based on several structural considerations. So, how did we spot these weaknesses so quickly? We applied our firm's Durable Growth Moat Framework, an analytical methodology specifically designed to test the resilience of disruptive companies and provide a clear understanding of how Discontinuities like generative AI can reshape growth trajectories. In this case, our methodology assigned CoreWeave a 2.55 out of 5 on our Durable Growth Index, highlighting significant structural challenges: 1️⃣ Alarming customer concentration: 77% of 2024 revenue from just TWO customers, with 62% from a single customer (up from 35% in 2023). 2️⃣ Hardware lifecycle risks: GPUs depreciated over 6 years despite accelerating innovation cycles. 3️⃣ Potential "stranded assets" scenario: If next-gen hardware emerges faster than anticipated. Before the IPO, our framework predicted CoreWeave would face valuation challenges - a forecast validated when they adjusted their offering to $40 per share, below the initial $47-55 target range. Since the IPO, CoreWeave's stock has been volatile (for internal and external reasons). But our firm focuses on longer-term structural factors rather than short-term market dynamics when evaluating AI infrastructure plays. The full report is exclusive to our clients. But you can find a link to an extended explanation of how DGI was applied to CoreWeave in the comments. 👇 We've released a similar teardown for Klarna that also questions that company's AI bonafides. What other companies would you like to see evaluated through our Durable Growth Moat lens? #AIInfrastructure #InvestmentAnalysis #CoreWeave #TechIPO #VentureCapital

D’Ornano + Co. advised Slate Venture Capital as part of the €51.5M funding round raised by Fairmat, a pioneer in carbon composite recycling. ☀️     The context: Founded in 2020, Fairmat is revolutionizing the materials industry through innovative carbon fiber composite recycling. The company has developed a patented "Infinity Recycling" process using cold plasma technology that enables near-infinite recycling of carbon fibers. Its "FairFactories" in France and the US integrate robotics, AI, data analytics, and machine learning to optimize production in real-time, creating ultra-efficient and scalable operations that produce cost-effective composite materials. Fairmat had previously raised a total of €42.6M. It was seeking additional capital to scale production capacity, expand internationally, and develop new applications.    The deal: We provided a comprehensive analysis of the company’s financial and operational data to ensure absence of financial and ESG risks.   The outcome: D'Ornano + Co. worked rapidly to help Slate gain confidence and close the deal. Other investors in the funding round included: Bpifrance, Cape Capital, Pictet Group, Temasek, Singular, and CNP Assurances.   The D’Ornano team on the deal included: Raphaelle d'Ornano, Thibaud Leblanc, Louis-Marie Bordier, David Ramarokoto, Charles Foussard, Sylvain Geissert, Malcolm Sambe-Drouhet, Emma Gellé, and Nicolas Sporrer.     Many thanks to Slate for the trust: Clément Buyse, Chloé Giard, and Sébastien Léger. Congratulations to Fairmat’s team: Ben Saada, Emanuele Farro, and Guillaume Laheurte.

The latest insights from Raphaelle d'Ornano --> When Images Meet Language: The Implications of the Architectural Revolution in Visual AI OpenAI's and Google's recent integration of image generation is not merely another iterative advancement but a structural shift with profound strategic implications. 👇

🚨 CoreWeave is scaling back its IPO, lowering both its target valuation and fundraising goals. Originally aiming for a ~$30B valuation, it now seeks something closer to its previous $23B private valuation, while also halving the amount it plans to raise to $1.5B, according to SEMAFOR reporter Liz Hoffman. (link in the comments) This tracks with the analysis we provided to clients weeks ago in our exclusive IPO teardown. This move signals broader investor caution around AI startups going public. But it also reflects concerns such as CoreWeave’s heavy reliance on Microsoft as its primary customer and a generally tough market for tech stocks, with hedge funds—typical IPO buyers—pulling back amid recent losses. Set to allocate shares Thursday night and start trading Friday, CoreWeave's debut is seen as a critical test for both AI and IPO markets, which have been largely dormant.

Great to see this recognition of Raphaelle d'Ornano!

Raphaelle d'Ornano digs into the #Discontinuity that Manus and AI Agents represent: "We have become so accustomed to the drumbeat of incremental improvements in raw model capabilities that it is easy to tune out yet another announcement. But it would be risky to ignore or downplay the implications of Manus because it has the potential to reshape competitive dynamics across the technology landscape. Manus and the rise of similar AI Agents isn't merely an incremental improvement but a fundamental transformation in how AI creates value."

D’Ornano + Co. is proud to have advised BlackFin Capital Partners on the $7M Series A raised by Wealthcome, a SaaS platform that simplifies wealth management operations for private advisors and family offices.    The context: Wealthcome offers a system designed to optimize data aggregation, compliance management, and client relations for finance professionals and wealth advisors. The wealth management sector is undergoing rapid transformation, driven by the diversification of financial products, stricter regulatory requirements, and the imperative of digitalization. To meet these challenges and seize growth opportunities in both French and European markets, Wealthcome sought additional capital to enhance its offerings and expand its reach. The deal: Our analysis sought to understand the main ARR and ARR growth components, and to identify any potential red flags while also providing critical insights into the company's revenue structure, growth dynamics, and cost efficiencies.    The outcome: We worked closely with Wealthcome’s Management to give BlackFin Capital Partners a clear view of the company’s overall cost structure and operational KPIs to give it the confidence to close the deal quickly.    Kudos to the D’Ornano team Olivier Aubert, Louis-Marie Bordier, Sylvain Geissert, Malcolm Sambe-Drouhet, and Emma Gellé. Many thanks to Blackfin Capital Partners, including Chloé Novène and Julien Creuzé. And congrats to the Wealthcome founder Cyprien Delmeule.  #FDDplus #Discontinuity

🚀 CoreWeave may not yet have the same name recognition as OpenAI or NVIDIA, but its #IPO filing this week demonstrated why it may soon join the ranks of the most notable players in the #GenAI space. Not only did the filing draw massive news coverage, but the company's prominence could be seen in the way journalists and markets are framing the actions of its partners as they related to CoreWeave. For example, right after the S-1 was filed, rumors spread that CoreWeave's most critical partner -- Microsoft -- had pulled back spending. CoreWeave denied this, but the volume of stories and scrutiny signaled the pivotal role the company now plays. Likewise, the rumor about Microsoft caused shares of Bitcoin mining firm Core Scientific to plunge 18% -- primarily because CoreWave is a key partner. Finally, news that Sweden's EcoDataCenter had raised $450m was again framed by headlines such as this one from Bloomberg: "CoreWeave’s Swedish Partner Raises €450 Million for Data Centers." Add in the fact that NVIDIA is a partner and shareholder, it becomes increasingly clear that CoreWeave has staked out a central role in the sprawling #GenAI ecosystem. Investors and journalists understand that. This is why we decided to inaugurate D'Ornano + Co.'s new Insights service with a comprehensive 21-page teardown of CoreWeave's S-1 using our Advanced Growth Intelligence (AGI) framework to test the company's Durable Growth Moat. That report is exclusive to our clients, but I dropped a link to a preview of the teardown in the first comment. What I find most fascinating: CoreWeave's business sits at the intersection of pure tech infrastructure and data center REITs, creating a new hybrid category perfectly positioned for the AI compute wave. It's a clear example of how #GenAI is driving #Discontinuity -- a clear break from the past that makes old benchmarks and playbooks obsolete when it comes to investment and valuations. Will the public markets validate its $35B target valuation? Can it diversify beyond its Microsoft dependency? Curious to hear your thoughts! ⬇️ #GenerativeAI #AIInfrastructure #CloudComputing #TechIPO #DataCenters #CoreWeave

🤖 CoreWeave S-1 Teardown: Uncovering the Economics of AI Infrastructure Today marks the release of D'Ornano + Co. Insights' first major report: a 21-page comprehensive analysis of CoreWeave's S-1 filing and the broader neocloud market that's reshaping AI infrastructure economics. As institutional investors evaluate exposure to the generative AI revolution, they face a fundamental challenge: how to assess business models with no public market comparables in a rapidly evolving technology landscape. The two-part analysis by CEO and founder Raphaelle d'Ornano addresses this gap: 🟠 Part 1 provides essential context on neoclouds as the "picks and shovels" of the AI gold rush - the specialized infrastructure providers optimizing for AI workloads where traditional cloud environments often achieve only 35-45% of theoretical GPU performance. (Find the link to Part 1 in the first comment) 🟠 Part 2 applies our proprietary Durable Growth Moat methodology to CoreWeave's S-1, delivering institutional-grade analysis of fundamental strengths, GenAI enhancement vectors, and critical vulnerabilities not adequately addressed in the filing. Among our key findings: 🔵 CoreWeave's reported accounting metrics obscure important economic realities about infrastructure-based AI business models.  🔵 The synchronization between hardware obsolescence cycles and debt maturities represents a potential structural vulnerability. 🔵 The efficiency paradigm shift following DeepSeek's breakthrough could fundamentally alter growth assumptions for compute-intensive infrastructure providers. The implications extend beyond CoreWeave to the broader question of how value will be created and captured in the AI stack. As more AI-infrastructure companies approach public markets, these frameworks become increasingly essential for portfolio construction. The complete analysis is only available to D'Ornano + Co. Insights clients. For institutional investors seeking to develop investment theses in this rapidly evolving sector, this represents essential reading ahead of what appears to be the first pure-play "GenAI IPO."  #AIInvestment #CoreWeave #TechInvesting #GenAI #VentureCapital

🎉 Thrilled to announce D’Ornano + Co. supported Weights & Biases’ acquisition by CoreWeave 🎉 This landmark acquisition of Weights & Biases for $1.7B by CoreWeave, the #AI hyperscaler that filed its S-1 on Monday, represents a pivotal moment in the evolution of generative AI infrastructure. The combination of CoreWeave's purpose-built cloud platform with Weights & Biases' leading AI developer platform creates a powerful end-to-end solution that will accelerate innovation across the AI ecosystem. The AI compute revolution is redefining not just model training, but the entire #MLOps and AI development lifecycle. In the context of Weights & Biases’ acquisition, we applied our Advanced Growth Intelligence methodology to assess how foundational AI infrastructure will shape the next wave of durable growth for AI-native companies. Understanding the interplay between compute scaling, AI workloads, and software-driven acceleration is critical for strategic positioning in this new era. We are incredibly grateful for the trust placed in us by Insight Partners, especially George Mathew, and proud of the firm's work led by Raphaelle d'Ornano and Arjit Mehta. Congratulations to the management teams at Weights & Biases and CoreWeave, and everyone involved in this momentous deal! #Neoclouds #GenerativeAI #AIInfrastructure #Discontinuity