Has Wall Street Lost Its Mind?

CoreWeave, a GPU datacenter company, went public on March 28. Since then, its stock has soared 359%, lifting its enterprise value to $92B — that’s 29x revenue ($2.7B) and 101x EBITDA ($1.5B). To put it in perspective for Brazilians (Perspective_Br), that’s bigger than Petrobras, which has an EV of $81B.

Circle, the stablecoin USDC issuer, IPOed on June 5 and has already seen its stock jump 209%, reaching an EV of $44B — 23x revenue ($1.9B) and a staggering 148x EBITDA ($216M). Perspective_Br, Bradesco’s EV stands at just $30B.

Has Wall Street lost its mind? Both companies — each a Fabrica Ventures investment — are already sizable, EBITDA-positive, and growing at over 60% annually. But does that really justify these sky-high multiples?

Of course, these insane multiples can’t last, but it seems there’s little doubt we are witnessing the start of a new tech supercycle — powered by AI and increasingly monetized through crypto. And markets are moving accordingly, anticipating the parabolic early phase of this new tech supercycle.

The AI race is now so fierce, just look at what Meta has been up to this month:

* In advanced talks to invest $14B in Scale AI, and bring on CEO Alexandr Wang to lead a new “superintelligence” unit, a major pivot after internal discontent with its underperforming Llama models

* Nearing a deal to bring in AI power duo Nat Friedman and Daniel Gross, along with a partial acquisition of their NFDG venture fund, which holds billions in AI equity

* Partnering with Anduril to launch EagleEye, a line of Extended Reality equipment for the military, enhancing human perception and enabling control of AI-powered defense systems

* Reportedly offering $100M+ compensation packages to attract elite AI talent from OpenAI and Google DeepMind

* Confirming a massive $72B Capex budget for 2025, focused on AI infrastructure — Perspective_Br, Petrobras and Vale combined plan to invest $22B this year

Conclusion

Something big is clearly underway.

And this isn’t noise; it is a full-blown paradigm shift, an arms race fueled by billions in fresh capital.

And just wait until the interest rate cuts kick in.