Seawolf Capital, a firm established by three renowned traders, has taken a short position in CoreWeave, an AI computing power rental company. They believe that the linchpin of CoreWeave's business model success is its consistent ability to secure low-cost funding. The firm draws parallels between CoreWeave and drilling platform lessor Transocean, as well as aircraft equipment leasing company Aercap, but expresses more confidence in the prospects of the latter two entities.

Seawolf Capital highlights that the economic lifespan of GPUs is considerably shorter compared to equipment like drilling platforms and aircraft, introducing a higher degree of uncertainty. Moreover, CoreWeave is compelled to continuously make large-scale purchases of expensive AI chips, rendering its operations heavily reliant on capital investment. Given the firm's projection of CoreWeave's free cash flow deficit in 2027, coupled with the current leverage level reflected in its balance sheet—especially the ratio of tangible common equity to total assets—the outlook appears rather bleak.