Cape Fear Advisors

CoreWeave: Searching for the Next Participant
Circular financing requires the next ledger entry and those that follow
 • Cape Fear Advisors
CoreWeave, the DDTL 5.5 Participant Ledger
What each put in, what each takes out, and in what order
 • Cape Fear Advisors
CoreWeave: The Sum of the Participants
What happened next, in one round trip and four answers
 • Cape Fear Advisors
CoreWeave, Adding It Up: One Filing, Two Announcements
The 8-K down the middle; the release to its left; the documents to its right
 • Cape Fear Advisors
NVIDIA, the Forge House
The cash does not change; the statements do
 • Cape Fear Advisors
OpenAI: The Quality of Cash Ledger
We built a framework and ran it first on OpenAI, to learn what we know, what we do not, and where to look next for signs of an "AI Bubble."
 • Cape Fear Advisors
SpaceX, Adding It Up: The $̶2̶3̶5̶ $400 Billion Cash Gap
An AI company with a rocket hobby: one quarter on, the same plan comes to about $400 billion, and every added dollar is the AI build.
 • Cape Fear Advisors
CoreWeave: What Has to Happen Next
The bubble and the razor.
 • Cape Fear Advisors
Quality of Cash: Circular Financing and the AI Bubble
Circular financing happens every day, and the bubble, if one is there, will burst company by company.
 • Cape Fear Advisors

July 2026

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