{
  "generatedAt": "2026-10-22T01:47:05Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "person",
  "slug": "kakashii",
  "name": "Kakashii",
  "role": null,
  "url": "https://deepstack.ltd/people/kakashii/",
  "api": "https://deepstack.ltd/api/v1/entities/people/kakashii.json",
  "summary": "Kakashii is named in 8 Parts of The Buildout, most recently Part 17: The Guarantee Has No Date. Argued in Part 2 (Exit liquidity), Part 6 (Scarcity as a warning), Part 8 (Guarantees, not faith), Part 10 (A model, not a price), Part 16 (The seller funds its demand).",
  "parts": [
    {
      "part": 2,
      "headline": "SpaceX Is Funding an AI Bet Before the Proof",
      "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 6,
      "headline": "Power Doesn’t Depreciate. Its Premium Moves.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 8,
      "headline": "AI Lenders Are Financing the End of Scarcity",
      "url": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/"
    },
    {
      "part": 10,
      "headline": "The Bubble Is in the Denominator",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "headline": "The Backlog Is Not the Quarter",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 14,
      "headline": "The Cash Arrives Unevenly",
      "url": "https://deepstack.ltd/stories/the-cash-arrives-unevenly/"
    },
    {
      "part": 16,
      "headline": "The Seller Holds the Paper",
      "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/"
    },
    {
      "part": 17,
      "headline": "The Guarantee Has No Date",
      "url": "https://deepstack.ltd/stories/the-guarantee-has-no-date/"
    }
  ],
  "numbers": [],
  "mentions": [
    {
      "part": 2,
      "section": "The meter versus the map",
      "excerpt": "Kakashii read the same quarter and found 0.4 gigawatts of compute actually deployed.",
      "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 2,
      "section": "The customer test",
      "excerpt": "Kakashii’s accounting question cuts the other way.",
      "url": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 6,
      "section": "The rent will move",
      "excerpt": "Kakashii’s figures are spectacular: CoreWeave revenue rose from $229 million in 2023 to $5.1 billion in 2025, active power from about 70 megawatts to more than 1.5 gigawatts, and backlog to $104.2 billion.",
      "url": "https://deepstack.ltd/stories/power-doesnt-depreciate/"
    },
    {
      "part": 10,
      "section": "A cheap top",
      "excerpt": "Kakashii estimates that Nvidia’s plan to ship more than 10 million Blackwell and Rubin chips by the end of 2026 implies roughly 20 gigawatts of power, and holds that Blackwell GPUs ended up in warehouses because too few data centers had cooling and equipment.",
      "url": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 11,
      "section": "Lede",
      "excerpt": "Kakashii, on September 24, reads Oracle's first fiscal quarter the other way: most of the $26 billion rise in remaining performance obligations came prepaid or with the customer's own hardware, so the new contracts need no incremental capital from Oracle.",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 11,
      "section": "Funded, not forecast",
      "excerpt": "And Kakashii's September 24 point about Oracle is the strongest word on this side: most of the new obligations arrived prepaid or with the customer's own hardware, so they depend on no one raising capital.",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 11,
      "section": "The tests ahead",
      "excerpt": "Oracle reports on December 14: whether new remaining performance obligations keep arriving prepaid or with the customer's own hardware, the condition for Kakashii's reading that capital spending peaks in fiscal 2027 and 2028.",
      "url": "https://deepstack.ltd/stories/the-backlog-is-not-the-quarter/"
    },
    {
      "part": 16,
      "section": "The seller funds its demand",
      "excerpt": "Kakashii argued on August 20 that CoreWeave exists mainly to create demand for Nvidia's GPUs: Nvidia is its only GPU supplier and also an investor, customer and sponsor, and its cash spending on equipment came to about 84% of its gross debt proceeds.",
      "url": "https://deepstack.ltd/stories/the-seller-holds-the-paper/"
    },
    {
      "part": 17,
      "section": "The weak link pays first",
      "excerpt": "Kakashii noted on September 24 that Oracle entered the AI era already owing tens of billions of dollars.",
      "url": "https://deepstack.ltd/stories/the-guarantee-has-no-date/"
    }
  ],
  "sides": [
    {
      "part": 2,
      "question": null,
      "side": "exit-liquidity",
      "sideLabel": "Exit liquidity",
      "claim": "SpaceX deployed 0.4 gigawatts of nameplate compute in the last quarter while Musk promises more than 10 gigawatts by end-2027 and describes close to 15 gigawatts at the PowerPoint level.",
      "date": "2026-08-06",
      "url": "https://kakashiii111.substack.com/p/spacex-ai-revenue-cip-nvidia-gpus",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/",
      "sidesUrl": "https://deepstack.ltd/sides/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 2,
      "question": null,
      "side": "exit-liquidity",
      "sideLabel": "Exit liquidity",
      "claim": "SpaceX's AI segment reveals the industry's bad accounting habits: how AI revenue is counted, what is hidden in construction-in-progress, and where the Nvidia GPUs everyone calls short-supplied actually are.",
      "date": "2026-08-06",
      "url": "https://kakashiii111.substack.com/p/spacex-ai-revenue-cip-nvidia-gpus",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/spacex-after-the-ipo-exit-liquidity/",
      "sidesUrl": "https://deepstack.ltd/sides/spacex-after-the-ipo-exit-liquidity/"
    },
    {
      "part": 6,
      "question": null,
      "side": "scarcity-as-warning",
      "sideLabel": "Scarcity as a warning",
      "claim": "CoreWeave is a contract-financed infrastructure company whose assets become technologically obsolete much faster than the buildings it leases, whose largest customers are competing clouds, and whose only GPU supplier is also an investor, customer…",
      "date": "2026-08-20",
      "url": "https://kakashiii111.substack.com/p/the-nvidia-spv-series-part-2-coreweave",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/power-doesnt-depreciate/",
      "sidesUrl": "https://deepstack.ltd/sides/power-doesnt-depreciate/"
    },
    {
      "part": 6,
      "question": null,
      "side": "scarcity-as-warning",
      "sideLabel": "Scarcity as a warning",
      "claim": "Profitability requires mature deployments to fund the next build without another financing wave, a condition that has not yet been met and that revenue, backlog, and gigawatts rising alone do not prove common equity earns an attractive return after…",
      "date": "2026-08-20",
      "url": "https://kakashiii111.substack.com/p/the-nvidia-spv-series-part-2-coreweave",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/power-doesnt-depreciate/",
      "sidesUrl": "https://deepstack.ltd/sides/power-doesnt-depreciate/"
    },
    {
      "part": 8,
      "question": "what-lenders-hold",
      "side": "guarantees-not-faith",
      "sideLabel": "Guarantees, not faith",
      "claim": "Oracle's free cash flow was positive every year from FY2018 to FY2024, then turned slightly negative in FY2025 (-0.39B), dropped to -23.69B in FY2026 on 55.66B of cash capex, and sits at -28.72B on a trailing twelve months basis through Q1 FY2027…",
      "date": "2026-09-24",
      "url": "https://kakashiii111.substack.com/p/oracle-hyperscaler-or-neocloud-a",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 8,
      "question": "what-lenders-hold",
      "side": "guarantees-not-faith",
      "sideLabel": "Guarantees, not faith",
      "claim": "Oracle's record Q1 operating cash flow of 23.103B (up 184% YoY) is largely explained by 11.363B of customer prepayments with a significant financing component; excluding that prepayment, operating cash flow would be only about 11.740B (up a more…",
      "date": "2026-09-24",
      "url": "https://kakashiii111.substack.com/p/oracle-hyperscaler-or-neocloud-a",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-scarcity-is-the-collateral/",
      "sidesUrl": "https://deepstack.ltd/sides/the-scarcity-is-the-collateral/"
    },
    {
      "part": 10,
      "question": null,
      "side": "a-model-not-a-price",
      "sideLabel": "A model, not a price",
      "claim": "Kakashii calculates that Nvidia's plan to ship over 10 million chips of Blackwell and Rubin by the end of 2026 implies a total required power of roughly 17 to 23 GW, averaging around 20 GW, and questions whether enough data centers are under…",
      "date": "2026-10-05",
      "url": "https://kakashiii111.substack.com/p/nvidia-series-part-1-jensens-math",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 10,
      "question": null,
      "side": "a-model-not-a-price",
      "sideLabel": "A model, not a price",
      "claim": "Kakashii's long-standing thesis, which they say has gained support and validation over time, is that Blackwell GPUs had to be shipped to warehouses because there were not enough compatible datacenters (with the needed cooling and equipment) to…",
      "date": "2026-10-05",
      "url": "https://kakashiii111.substack.com/p/nvidia-series-part-1-jensens-math",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-bubble-is-in-the-denominator/",
      "sidesUrl": "https://deepstack.ltd/sides/the-bubble-is-in-the-denominator/"
    },
    {
      "part": 16,
      "question": null,
      "side": "the-seller-funds-its-demand",
      "sideLabel": "The seller funds its demand",
      "claim": "Nvidia, acting as supplier, investor, financier, and deal broker, introduced Nebius to four major customers worth over $1 billion each in Q1, demonstrating Nebius's dependence on Nvidia for customer acquisition.",
      "date": "2026-08-25",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/",
      "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/"
    }
  ],
  "coverage": null,
  "lastUpdated": "2026-10-22"
}