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Structural analysis of CoreWeave’s unit economics, revenue structure, capital requirements, and quality of cash: the convergence test, the participant ledger, the DDTL waterfall, the activation measure, the return on invested capital, the call option on used GPUs, and the circular financing video. Ten pieces examining three statements presenting three businesses, the $1.3 billion reclassification, the structural inversion, and the forward book with the plant attached.
Cape Fear Advisors has published ten pieces analyzing CoreWeave’s capital structure and operating economics, beginning with the synthesis piece that set the questions the quarterly filing had to answer and advancing through the participant ledger, the nine-step waterfall, the activation measure, the three-test elimination finding common equity as the only instrument that passes all three, the call option on used GPU value that sits behind the equity, and the circular financing video: six questions answered from the filings, the 8.968 percent yield against a 9.12 percent cost of money, the $2 to $5 billion annual gap between payments and machine income, and the test for circular financing, which is whether anyone outside the circle has set the price inside it. The work reads across the 10-Q, the 10-K, the S-1, the credit agreements, and the counterparty filings.
Circular Financing, and One Company in the Middle of It (Video)
CoreWeave’s Call Option on Used GPUs
CoreWeave, the Key, the Lock and the Clock
CoreWeave: Searching for the Next Participant
CoreWeave, the DDTL 5.5 Participant Ledger
CoreWeave, Adding It Up: One Filing, Two Announcements
CoreWeave: What Has to Happen Next
CoreWeave, Twenty-Seven Years
CoreWeave, Taken as a Whole
CoreWeave, Adding It Up
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