Liquid Capital founder Yili Hua said in a post on X that one of the most certain alpha opportunities in the compute sector often comes from extreme valuation gaps. He pointed to AGPU, a U.S.-listed company that has recently secured more than $1.6 billion in contracts and reached forward annual recurring revenue, or ARR, of $384 million, while its current market capitalization remains below $100 million. On that basis, AGPU is trading at roughly 0.2x P/ARR.
Hua contrasted AGPU with CoreWeave (CRWV), which he said has a market value of about $50 billion, operates with a heavy-asset model, and is still loss-making. In his view, AGPU’s hybrid approach of “asset-light Access + dedicated Build” is more competitive. He also said AGPU’s contract scale rose from zero to $1.6 billion within a few months. Looking ahead, Hua said he will focus on the company’s new order growth, financial results, and financing approach. Management, according to his post, expects new orders this year to reach as much as $10 billion.
Liquid Capital founder Yili Hua said in a post on X that some of the clearest alpha opportunities in the compute sector come from extreme valuation dislocations.
He cited U.S.-listed AGPU as an example. According to Hua, the company has recently secured more than $1.6 billion in contracts and reached forward annual recurring revenue (ARR) of $384 million, while its current market capitalization is still below $100 million. That implies a P/ARR multiple of about 0.2x.
Hua compared AGPU with CoreWeave (CRWV), which he said has a market value of about $50 billion, follows a heavy-asset investment model, and remains loss-making. By comparison, he said AGPU’s “asset-light Access + dedicated Build” hybrid model is more competitive.
He added that AGPU’s contract volume grew from zero to $1.6 billion within a matter of months. Going forward, Hua said he will watch the company’s new orders, earnings performance, and financing structure. Management expects new orders this year to reach as much as $10 billion, according to the post.
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