CBRS risk-adjusted 2029 EV/Sales valuation

Assumptions as of 2026-09-10

USD

Updated Sep 10, 2026

as of 2026-09-10

2029 core revenue

$6.5

2029 enterprise value

$45.5

Present enterprise value

$29.7

Present equity value

$34.7

Estimated value per share

$121.83

Current share price

$164.17

Upside or downside

-25.8%

Excess net cash after capacity build-out reserve

$5.0$B

Fully diluted shares

285.0millions

Current share price

$164.17USD/share

Latest CBRS quote · updated Oct 9, 2026 2:00 PM MDT

2029 core revenue

$6.5$B

Execution-risk discount rate

14.0%

2029 enterprise value / core revenue

Q2 2026 results — core revenue $209.9M, FY2026 core guidance $880–890M, RPO $25.4B, IPO proceeds, OpenAI/AWS capacity narrative — sec.gov
Q2 2026 10-Q — Class A/B/N shares outstanding as of Aug 5 2026, RPO recognition cadence, OpenAI arrangement, cash/debt/warrants — sec.gov
IPO prospectus (424B4) — $185 IPO price, 30M Class A shares offered, historical revenue path through 2025 — sec.gov
Street consensus Strong Buy / ~$292 average PT and FY2026–27 revenue framing (stress-test vs risk-adjusted model) — stockanalysis.com
Independent 2029 EV/Sales framing (~9.5x compute-peer discount; OpenAI tranche conversion) — sixsigmaresearch.com

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