Research on power, markets and the deals connecting them.

Manraj Bains

Trader and macro researcher

London, UK

Research

Going deep on one thing. A niche worked all the way through, with the sources and the charts behind it.

/Research

CoreWeave has not funded a dollar of its GPUs from operations

A case study of the largest GPU rental business: what it earns, what it owes, and what the credit market is really pricing.

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Four cash movements, cumulative 2023 to June 2026
  • Gross debt raised36,998
  • Cash spent on property and equipment36,071
  • Cash from operations11,303
  • Debt principal repaid9,209

Source: FY2025 Form 10-K and Q2 2026 Form 10-Q, consolidated statements of cash flows. Gross cash movements over the period, not a sources and uses statement, so they do not sum.