Yi Lihua: AGPU could be the most certain alpha opportunity in the computing power sector, with $1.6B contracts and only $100M market cap.

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Yi Lihua, founder of Liquid Capital, has highlighted AGPU as one of the most certain alpha opportunities in the computing power sector due to extreme valuation disparities. In a post on X, he noted that AGPU has secured over $1.6 billion in contracts and achieved an annual recurring revenue (ARR) of $384 million, yet its market capitalization stands below $100 million, resulting in a P/ARR ratio of approximately 0.2x. In contrast, CoreWeave (CRWV), with a market cap of about $50 billion and heavy asset investments, remains unprofitable. Yi argued that AGPU's hybrid model of 'light asset access plus dedicated build' offers a competitive edge. He observed that AGPU's contract volume grew from zero to $1.6 billion within months. Moving forward, Yi plans to monitor key developments including new orders—management expects $10 billion in new orders this year—earnings performance, and financing methods.