WeaveWork

It's hard to recall such a flurry of seemingly conflicting – or at the very least, confusing – news around a startup as we're currently seeing around CoreWeave. So much so that I feel the need to jot it down to try to weave my head around it.¹

First, the company, which has raised some $14.5B – most of it in debt (more on this in a bit) – has filed to go public at some point soon. It was last valued at $19B in a round last year – just a few months after a previous round valued it at $7B. There was also a more recent secondary sale which pushed the value to $23B (more on that in a minute). It is now said to be "targeting" a $35B valuation in its public listing – a number which seemingly every story about the listing mentions...