August 2026

8 updates

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August 15

Thesis

Early or Wrong, and From Here They Look the Same.

Observation

The claims in this thesis that resolve first all resolved inside the window, and they held. Applied Digital held 100 MW across two consecutive quarters and priced a contracted megawatt at $1.76 million a year, inside the band its leases implied. Galaxy delivered 133 MW to CoreWeave and printed roughly $2.4 million on the same measure. TeraWulf completed CB-3 and turned $600 million of Google credit support from a contingency into an obligation. Cipher’s tenant asked to be let into Black Pearl two months early. Riot delivered AMD’s first 25 MW on schedule and signed 191 MW to a frontier lab.

Counterparty credit strengthened at the exact point the bear case said it would fail, with CoreWeave’s lease vehicle rated up from BB to A3 behind a parent guarantee. The constraint underneath all of it tightened rather than easing: the median project reaching commercial operation last year waited 61 months from its interconnection request, and the binding limit has moved past the queue into turbines and transformers that no rulemaking can manufacture.

The claim that decides the thesis is still outstanding. Delivery, energization and counterparty credit resolve early. Whether a contracted megawatt produces the cash its lease describes, across the cohort and for years, resolves late. Two of the five colocation operators have published a realized rate. Three have not.

The market went the other way. Aggregate enterprise value against contracted revenue fell from 1.02x in June to 0.80x, and those same five colocation operators sit near 0.45x, the widest discount in this site’s own snapshot series. The contracted base nearly doubled across the window while the multiple compressed.

Thesis Implications

A thesis that has passed every test that could reach it in the window and been rewarded on none is either early or wrong, and from inside the window those look identical. 0.45x against a doubled contracted base is what that ambiguity looks like priced. The market is discounting a conversion nobody has watched happen at scale, and the operators are building against contracts nobody has watched them collect.

What separates the two is the rate at the three colocation operators yet to publish one, and that arrives as data rather than as argument. Metrics, timeline, pipeline and powermap keep running on their own clock and are where the number will show up.

The argument itself is fixed as written from today under a dated foreword. What gets recorded here from now on is outcomes against those claims, and nothing that extends or defends them.

Source

Aggregate and per-operator figures on the metrics page, snapshot of August 14, 2026.

August 14

Thesis

The Discount Widened Where the Contracts Landed

Observation

Combined market cap across the seven operators rose to roughly $132 billion from $120 billion. One company supplied the entire gain. Nebius added $17.8 billion, up 31%. The five core infrastructure operators lost about $7 billion between them, down roughly 15%, across the same three weeks in which Riot signed $9.1 billion of new leases, Cipher began collecting rent, and Applied Digital closed a fiscal year at 1,410 MW contracted.

Thesis Implications

The blended ratio holds near 0.80x of contracted revenue, which conceals what moved underneath it. Enterprise value against contracted revenue across the core five went from 0.59x to 0.45x, the widest discount in the thirteen snapshots this site has recorded since January. The market marked the compute layer up and the colocation layer down in the same weeks the colocation layer delivered. Whether that is a category error or a judgment about execution is the question the next two quarters answer, and Cipher and Riot are now the two places to check it. TLDR refreshed from $90B core / $60B adjacent to $100B core / $65B adjacent, with combined market cap and the contracted base marked to the new figures. Metrics and the inversion sections updated.

August 12

Contract

NBIS: Four Contracts Above $1B, and Price per Megawatt Doubles

Development

NBIS reported second-quarter revenue of $582.3 million, up 454%, with AI cloud at $574.9 million, a 50% adjusted EBITDA margin in that segment, and annualized run-rate revenue at $3.0 billion. Four contracts averaging more than $1 billion of total value each went to Reflection, Cohere, another U.S. AI neolab, and a large U.S. quantitative trading firm. Annual contract value repriced from a $12 million per megawatt 2026 base to $20 to $25 million. Roughly 70% of deals closed with customer prepayments covering 50% to 60% of the associated capital expenditure, and expected payback compressed to one year and ten months from a two-to-three-year range. Year-end contracted power guidance rose again, to 5 GW.

Thesis Implications

Price per megawatt is the variable the whole thesis turns on, and Nebius published it moving inside a single quarter. A payback under two years on contracted capacity is an infrastructure return at a software company's cycle time, available because supply is short rather than because the operator is clever, which means it compresses when supply catches up. Short-term capacity clearing at $40 to $50 million per megawatt in the third quarter marks a ceiling nobody else in the cohort has tested. Nebius did not disclose connected capacity for the quarter, so the deployed figure on the metrics page is held at its last reported level and labelled. NBIS contracted revenue raised from $44B to $48B on the four new contracts; adjacent aggregate from $60B to $65B. Profile, metrics, and timeline updated.

August 10

Contract

RIOT: 191 MW to a Frontier AI Lab; Contracted Base Goes from $636M to $9.8B

Development

RIOT executed a 20-year build-to-suit lease with one of the world's leading frontier AI labs for 191 MW of critical IT at Rockdale, running through June 2048: approximately $9.1 billion over the initial term, $16.1 billion with both five-year extensions, and estimated cumulative NOI of $7.3 to $8.2 billion, an average of $365 to $411 million a year. The initial 96 MW is expected in December 2027 and the full 191 MW by June 2028. Morgan Stanley provided a $573 million interim facility to fund early development while an investment-grade credit backstop is finalized. AMD's initial 25 MW was delivered on time and on budget during the quarter.

Thesis Implications

The profile had Corsicana as the catalyst to watch. The lease landed at Rockdale instead, on interconnection already approved and energized, which is the argument this thesis has been making about what secured power is worth when a tenant is in a hurry. Riot goes from the smallest contracted base in the cohort to 241 MW and roughly $9.8 billion across two counterparties in seven months. The frontier-lab counterparty class now appears twice, here and at TeraWulf, and neither tenant is named. RIOT contracted revenue restated from $1.6B with options to $9.8B base term, matching the base-term convention used for every other operator. Profile, metrics, and timeline updated.

August 5

Execution

WULF: 102 MW Live, $600M of Google Support Effective; Abernathy Exit Restated

Development

WULF completed CB-3 in early July, lifting revenue-generating critical IT at Lake Mariner from 81 MW to 102 MW and satisfying the conditions for $600 million of Google's credit support for Fluidstack's lease obligations to become effective. HPC leasing supplied $31.9 million of the quarter's $44.8 million of revenue. The Q2 disclosure restates the platform on a critical-IT basis: 839 MW contracted across Lake Mariner and Justified, approximately $27 billion of contracted revenue, roughly $1.5 billion of average annual NOI, and 2.1 GW of controlled pipeline across five sites. Cayuga now carries the Lake Hawkeye name with a 2029 delivery date, and Chesapeake cleared FERC authorization.

Abernathy

The Fluidstack-led purchase covers TeraWulf’s entire 50.1% interest in the Abernathy joint venture. TeraWulf holds nothing at Abernathy and has left Texas.

Thesis Implications

The trigger is delivery. Google's $600 million became effective when the building did, which is the distinction between a backstop and a press release, and it is the first time in this thesis that a credit enhancement has been observed converting on a completion test. WULF contracted capacity restated from 923 MW to 839 MW and contracted revenue from $26B to $27B on the company's own critical-IT basis, with the pipeline restated from 3.2 GW gross to 2.1 GW of critical IT across five sites. Profile, metrics, and timeline updated.

August 5

Execution

GLXY: Phase I Prices at ~$80M a Quarter; Pipeline Past 5.7 GW

Development

GLXY recorded the Data Centers segment's first revenue quarter: $20 million of adjusted gross profit and $11 million of adjusted EBITDA, with all 133 MW of Phase I in service by quarter end. From the third quarter Galaxy expects Phase I alone to produce approximately $80 million of quarterly leasing revenue at project-level adjusted EBITDA margins above 90%. The average annual revenue figure for the full 526 MW CoreWeave commitment moved from more than $1 billion to more than $1.2 billion. Post-quarter Galaxy acquired three Texas sites, Merlin at McGregor (74 MW initial, up to 500 MW), Caspian (~700 MW) and Selene (~900 MW), taking the total power pipeline past 5.7 GW, with Helios III and Helios IV moving through ERCOT as separate gigawatt load requests.

Thesis Implications

$80 million a quarter on 133 MW is roughly $2.4 million per megawatt per year, against the $1.76 million Applied Digital realized on its first full quarter at 100 MW. The gap is what a substation bought in the worst month crypto ever had is worth four years later. Galaxy's own $1.2 billion average annual figure across a 15-year base term implies $18 billion, and the $10.4 billion Phase II bond floor on roughly half the capacity corroborates it from the other direction. The site has carried GLXY at $15B+ since before the company published either number. GLXY contracted revenue raised from $15B+ to $18B; core aggregate from $90B to $100B. Profile, metrics, and timeline updated.

August 4

Execution

CIFR: Black Pearl Delivers Two Months Early and Rent Commences

Development

An amendment to the Black Pearl lease, executed at the investment-grade tenant's request, pulled CIFR's initial delivery forward by two months. Capacity was delivered at the beginning of August and rent has commenced, the first HPC revenue in Cipher's history. Barber Lake targets September delivery with rent from October, and the tenant has already taken partial occupancy and begun deploying network racks. Cipher also secured an option on Apollo, roughly 288 acres within 25 miles of San Antonio carrying up to 900 MW, submitted as studied load through ERCOT's Batch Zero process. Average contracted annualized NOI rose to approximately $793 million.

Thesis Implications

Cipher was the last core operator with nothing delivered, and the 180-day termination clause was the concrete risk the profile named. Both resolved in one announcement, and the acceleration came from the tenant, which is demand arriving earlier than the lease assumed rather than a contractor working faster. Pipeline restated from 3.4 GW across eight sites to roughly 4.4 GW of grid pipeline and about 5.3 GW of total portfolio across eleven. Average annualized NOI raised from $787M to $793M. Profile, metrics, and timeline updated.

August 3

Execution

IREN: Mirantis Acquisition Closes

Development

IREN closed its acquisition of Mirantis for approximately 12.6 million ordinary shares fixed at signing, plus roughly $40 million of cash, restricted stock units and other consideration at closing. Mirantis is an inaugural partner in NVIDIA's AI Cloud Ready initiative, with its open-source k0rdent AI platform integrated against NVIDIA DSX OS components, and serves more than 1,500 enterprise customers.

Thesis Implications

The orchestration layer read as operational when the deal was announced in May, a capability the mining heritage did not supply. IREN now says it has already facilitated several announced and prospective AI cloud contracts, which makes it a sales input rather than a back-office one. Fiscal 2026 results follow on August 27 and are outside this update. Profile and timeline updated.

July 2026

11 updates

No updates match this filter.

July 29

Thesis

Alphabet and Microsoft Accelerate Capex Through the July Cycle

Development

Alphabet spent $44.9 billion on property and equipment in the June quarter against $22.4 billion a year earlier, with Google Cloud revenue up 82% to $24.8 billion. Microsoft closed fiscal 2026 having added $115.9 billion of property and equipment against $64.6 billion the prior year, and Azure passed $100 billion of annual revenue for the first time.

Thesis Implications

Three reporting cycles have now passed since the capex-slowdown case was first put to this thesis. Spend doubled at one buyer and nearly doubled at the other, in the quarters the case pointed at. The Rebuttals capex-slowdown subsection extended through the window.

July 28

Execution

GLXY: Helios Phase II Notes Price at 9.875%

Development

The GLXY offering priced July 23 and closed July 28: $3.507 billion of 9.875% senior secured notes at 99.500 of par, maturing August 2031, funding 400 gross MW and 260 MW of critical IT in Dickens County against $10.4 billion of disclosed minimum lease payments.

Thesis Implications

The coupon is the widest project financing in the thesis by roughly three percentage points. Applied Digital funded investment-grade hyperscaler leases at 6.750% and 7.000%; Cipher funded Black Pearl behind an Amazon guarantee at 6.125% and Stingray at 6.000%. Same asset class, same year, same market. What the spread prices is the tenant, and Galaxy's single tenant is a neocloud. The concentration risk the profile has named as GLXY's primary risk now carries a number, set by people underwriting it with their own money. Profile and timeline updated.

July 27

Execution

APLD: Fiscal 2026 Closes at 1,410 MW Contracted and $36B Base Term

Development

APLD reported fourth-quarter revenue of $258.7 million, up 407%, against $611.3 million for the fiscal year and $107.2 million of adjusted EBITDA. The contracted portfolio stands at approximately 1,410 MW of critical IT across five campuses, roughly $36 billion over the initial 15-year base terms and roughly $86 billion with all renewal options exercised. Cash of $1.59 billion plus $2.38 billion restricted against $5.0 billion of total debt. Beyond the contracted book and the 1.4 GW under construction, Applied Digital is marketing an additional 1.7 GW across multiple states.

Thesis Implications

A memorandum of understanding with CoreWeave would assign the Polaris Forge 1 Building 4 lease to a CoreWeave subsidiary once that subsidiary carries an investment-grade rating, continuing the credit work that produced the springing parent guarantee and the A3 SPV rating. The CoreWeave concentration this profile opened on keeps getting restructured toward investment grade while the counterparty stays the same, which is a different risk than the one the bear case described. Profile and metrics updated.

July 22

Execution

GLXY: $3.5B Helios Phase II Financing Discloses a $10.4B Lease Floor

Development

A GLXY subsidiary launched $3.507 billion of senior secured notes due 2031 to fund Phase II at Helios: two buildings, eight data halls, 400 gross MW and 260 MW of critical IT in Dickens County, Texas, with rent targeted to commence in Q2 2027. The largest single project financing in the thesis to date. Announced, not yet priced.

Thesis Implications

The offering materials put $10.4 billion of minimum contracted lease payments against Phase II alone, at a 13.7% starting gross yield on cost, near triple-net, with NOI margins above 90%. Galaxy's public figure for the full 526 MW commitment has been more than $1 billion in average annual revenue, which Phase II now approaches on roughly half the capacity. Bond buyers require disclosure that press releases do not; the aggregate on this site is held at $15B+ and is conservative. GLXY profile and metrics updated.

July 22

Thesis

The Discount Survives a Rally

Observation

Combined market cap across the seven operators rose roughly $8 billion off the July 8 mark to about $120 billion. The contracted base rose with it, to roughly $150 billion, led by IREN's new developer contracts. The cohort still trades at about three-quarters of nominal contracted revenue.

Thesis Implications

A discount that persists through an $8 billion rally is a structural feature rather than a sentiment artifact. TLDR refreshed to $90B core / $60B adjacent, with combined market cap and the inversion sections marked to the new figures. Metrics updated.

July 20

Contract

IREN: $2.8B in AI Developer Contracts; 2026 ARR Target Raised Above $4B

Development

IREN signed $2.8 billion of new multi-year cloud contracts with AI developers, adding Perplexity, Figure AI, Together AI, Fireworks AI, Fal AI, and Hume AI to a roster already holding Microsoft, NVIDIA, and Fluidstack. Year-end ARR guidance moved from $3.7 billion to more than $4 billion, roughly 85% under contract, against 480 MW of gross AI cloud capacity delivering this year. Cash stood at $7.6 billion at June 30, $1.7 billion of it restricted.

Thesis Implications

The contracts carry customer prepayments equal to about 45% of the associated GPU capital expenditure, the closest a GPU cloud gets to the take-or-pay economics that protect a colocation lease. Counterparty mix moves to Microsoft 61% / NVIDIA 21% / developers 18%, the broadest set in the thesis and the weakest at the tail. IREN contracted revenue raised from $13.1B to $15.9B; adjacent aggregate from $57B to $60B. Profile, metrics, and timeline updated.

July 17

Execution

NBIS: First Senior Secured GPU Facility; Asset-Light Partner Model Introduced

Development

NBIS closed its first senior secured debt facility, roughly $775 million maturing October 2030 at SOFR plus 250 basis points, secured on deployed GPU infrastructure and the contracted cash flows from an investment-grade customer. Two days earlier it introduced an asset-light model under which partners finance and own data centers built to Nebius specifications while Nebius supplies architecture, software, and customer access for revenue share and fees.

Thesis Implications

Combined with the cash flows it is secured against, the facility covers more than 100% of the capital expenditure required to deploy the underlying GPUs. Asset-level financing at that coverage is the mechanism colocation operators use on buildings, applied to silicon, and it is available only because the offtake carries credit banks will underwrite. The partner model cuts the other way: a GPU cloud monetizing scarcity it does not own caps its own upside. NBIS profile, metrics, and timeline updated.

July 6

Contract

WULF: 20-Year Anthropic Lease at Hawesville (~$19B); Abernathy JV Majority Sold

Development

WULF signed a 20-year lease with Anthropic at its Hawesville, Kentucky campus: approximately 401 MW of critical IT and roughly $19 billion in contracted revenue over the initial term, phasing in from H2 2027 to early 2028. Anthropic is the first frontier AI lab to anchor a campus in this thesis directly. The same day, TeraWulf agreed to sell its entire 50.1% interest in the Abernathy joint venture to a Fluidstack-led group for roughly $530 million, monetizing an approximately $450 million investment at a premium and leaving Texas.

What Changed

WULF profile rewritten around the Anthropic anchor and the Abernathy monetization; attributable contracted revenue near $26 billion, with Anthropic added as a new counterparty class. Metrics and timeline updated.

July 6

Execution

GLXY: Helios Phase I Complete, 133 MW Delivered to CoreWeave

Development

GLXY completed Phase I of Helios, delivering the full 133 MW of critical IT to CoreWeave on schedule, with rent commencing in Q2 2026. The 526 MW CoreWeave commitment runs 15 years and is expected to generate more than $1 billion in average annual revenue; Phase II (260 MW) begins delivering in the first half of 2027.

What Changed

GLXY profile moves from first-data-hall delivery to Phase I complete; live capacity from 30 MW to 133 MW. Campus now 1.63 GW approved, up to 3.6 GW potential. Metrics and timeline updated.

July 1

Execution

APLD: Second Building Energized; 175 MW Live at Polaris Forge 1

Development

APLD energized Building 2 at Polaris Forge 1 on schedule, adding 75 MW and lifting live capacity to 175 MW against the 400 MW the campus is contracted to deliver at full build. Applied Digital remains the only operator running AI infrastructure at this scale.

What Changed

APLD profile and metrics updated to 175 MW live. Deployed-today aggregate lifts to roughly 700 MW. Timeline updated.

July 1

Thesis

NVIDIA Extends Financing to Third-Party AI Factories; Summer Capex Holds

Development

NVIDIA introduced a revenue-share and credit-support model to help finance third-party AI factories, extending its balance sheet to the neoclouds that lease from thesis operators. The demand side stayed firm through the summer across hyperscaler campus and international cloud commitments.

Thesis Implications

Two reporting cycles and a summer of capital commitments produced no capex slowdown. The Rebuttals capex-slowdown subsection was extended through the window.

June 2026

6 updates

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June 30

Thesis

DOE Issues Fresh PJM Emergency Orders Amid Summer Heat

Development

Fresh emergency orders directed dispatch and backup generation ahead of a Mid-Atlantic heat event, citing roughly 35 GW of unused backup generation nationwide. A second, larger action within six weeks of the May 18 order.

Thesis Implications

The grid-stress rebuttal strengthens rather than weakens. Campuses with behind-the-meter generation are treated as grid resources, not purely as demand. Rebuttals grid-stress subsection extended.

June 16

Execution

IREN: Europe and Australia Added; $3.65B Investment-Grade GPU Financing

Development

IREN completed the Nostrum acquisition (490 MW, Spain) and announced a first Australian campus (800 MW at Bundey, South Australia), taking the secured portfolio across three continents. It also closed approximately $3.65 billion of investment-grade-rated debt against the Microsoft contract, funding roughly 96% of the GPU equipment cost before the first Horizon hall came online.

What Changed

IREN profile updated with the international sites and the financing; expansion runway held above 5 GW. Metrics and timeline updated.

June 11

Thesis

CoreWeave Prices ~$3.5B of Senior Notes Due 2032

Development

CoreWeave priced roughly $3.5 billion of unsecured senior notes maturing 2032 across dollar and euro tranches. Continued capital-market access for the primary counterparty behind APLD and GLXY.

Thesis Implications

Capital access is not the near-term question for CoreWeave; counterparty mix is. Rebuttals CoreWeave-durability note updated.

June 8

Contract

APLD: Delta Forge 2 Adds Fifth Campus; Portfolio Reaches $36B / 1.4 GW

Development

APLD signed a 15-year take-or-pay lease at Delta Forge 2, a fifth campus in a new southern state: 210 MW of critical IT, approximately $5.2 billion in base-term contracted revenue and up to $12.7 billion across a 30-year term with renewals. The counterparty is the same U.S. high-investment-grade hyperscaler that signed Delta Forge 1 and Polaris Forge 3, making this its third Applied Digital campus and 810 MW of commitments from a single customer.

Thesis Implications

The portfolio now spans five campuses and 1,400 MW of contracted critical IT, approximately $36 billion in base-term contracted revenue, with roughly 70% backed by investment-grade hyperscalers. Financed alongside an upsized revolving credit facility and $1.59 billion of senior secured notes for a fourth building at Polaris Forge 1. TLDR refreshed from $75B core to $80B core. APLD profile, metrics, and timeline updated.

June 8

Execution

CIFR: $810M Stingray Project Financing

Development

CIFR priced $810 million of senior secured notes through a wholly-owned subsidiary to fund the remaining build cost of the Stingray facility in Texas, closing the following week at 6.000%. No tenant or contracted-revenue figure was disclosed; the site was already in advanced lease negotiations with a preferred tenant.

Thesis Implications

Capital markets are financing the site ahead of equity-analyst recognition. CIFR profile updated from lease negotiation to dedicated project financing; contracted base held at $11.4B. Timeline updated.

June 8

Execution

NBIS: ~£1.7B UK Expansion Across Three New NVIDIA Deployments

Development

NBIS committed approximately £1.7 billion to three new UK deployments of NVIDIA full-stack AI factory infrastructure, reaching 65 MW when fully ramped in 2027. The build deepens the domestic footprint beyond the initial Longcross Park site.

What Changed

A regional footprint expansion. The $44 billion Microsoft and Meta contracted base is unchanged. NBIS capacity-buildout paragraph and timeline updated.

May 2026

16 updates

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May 26

Contract

WULF: Muskie / Eastern Kentucky 1 GW HPC Campus Acquisition

Development

WULF acquired the Muskie campus in Eastern Kentucky, a second Kentucky site targeting 1 GW staged through 2030, with Phase 1 of 500 MW by H2 2028. Utility substation work is underway to support the load; purchase price not disclosed.

What Changed

WULF profile updated to a second Kentucky campus and 3.8 GW across six sites. Metrics and timeline updated.

May 20

Thesis

NVIDIA Q1 FY27: $81.6B Revenue, $91B Q2 Guide

Results

Record revenue of $81.6 billion, up 85% year over year, with Data Center at $75.2 billion. Q2 guided to $91 billion assuming zero China Data Center revenue. An $80 billion buyback was authorized.

Thesis Implications

The $91 billion guide is the cleanest single data point on demand sustainability through Q2 2026, extending the validation from the April hyperscaler prints to a different layer of the stack. Rebuttals capex-slowdown subsection extended through the May cycle; timeline updated.

May 20

Contract

APLD: Polaris Forge 3 Lease Crosses 1 GW Contracted; Portfolio Reaches $31B

Development

APLD signed a 15-year take-or-pay lease at Polaris Forge 3, a fourth campus in a northern state: 300 MW of critical IT, $7.5 billion base-term contracted revenue. The counterparty is the same investment-grade hyperscaler that signed Delta Forge 1 in April, doubling that customer's footprint to 600 MW.

Thesis Implications

Applied Digital becomes the first operator in the thesis to cross 1 GW of contracted critical IT, at $31 billion across four campuses. The repeat-customer signal is unambiguous: the same hyperscaler returned four weeks after Delta Forge 1. The blueprint scales, and the customer chooses to scale with it. TLDR refreshed from $67B core / $54B adjacent to $75B core / $57B adjacent. Metrics and timeline updated.

May 20

Execution

NBIS: $2.6B Bloom Energy Fuel-Cell Master Agreement

Development

NBIS signed a master fuel-cell agreement with Bloom Energy worth up to $2.6 billion, covering roughly 250 MW of guaranteed capacity across 328 MW installed.

Thesis Implications

Behind-the-meter generation accelerates deployment beyond what grid interconnection alone permits, the same logic behind APLD's Base Electron stake. Among adjacent operators, Nebius is first to formalize a fuel-cell program at this scale. NBIS profile, sources, and timeline updated.

May 18

Position

GLXY: GalaxyOne Prime NY Receives BitLicense

Development

GLXY received a BitLicense and Money Transmission License from New York's Department of Financial Services for GalaxyOne Prime NY, extending its regulated crypto franchise.

What Changed

Corporate development; it does not change the infrastructure thesis. GLXY profile updated with a brief reference in the remaining-crypto-businesses paragraph. Sources and timeline updated.

May 18

Thesis

DOE Emergency Order: PJM Curtailment Authority for Data Centers

Development

The Energy Secretary authorized PJM to call on backup generation at data centers and large loads as a last resort before firm load shed, triggered by Mid-Atlantic heat and more than 40 GW of planned outages. The first federal action treating data centers as a grid resource rather than purely as demand.

Thesis Implications

The order cuts both ways. Grid stress is real and deployment is bumping against physical limits; at the same time, campuses with backup generation are now peaking capacity the grid operator can call on. APLD's Base Electron equity and Nebius's fuel-cell agreement are correctly priced under this regime. Operators that secured power early and added behind-the-meter generation enter the constraint as solutions rather than as victims of it. Rebuttals added a grid-stress subsection; timeline updated.

May 18

Thesis

CoreWeave: $3.1B HPC-Backed Facility Closes; Counterparty Mix Disclosed

Development

CoreWeave closed its first publicly syndicated HPC-backed delayed-draw term loan at $3.1 billion, meaningfully oversubscribed, lifting capital raised past $20 billion for the year. The filing states proceeds support deployment for "two large, non-investment-grade customers."

Thesis Implications

The non-IG customer language is the most consequential public disclosure of counterparty mix CoreWeave has made. Investment-grade hyperscalers now sit alongside non-IG counterparties at scale. Material for the concentration analysis on APLD and GLXY, both of which have CoreWeave as primary counterparty. Rebuttals CoreWeave bullet and sources updated.

May 13

Execution

NBIS Q1 2026: $399M Revenue (+684% YoY); 2026 Capex Guide Jumps to $20-25B

Results

NBIS reported revenue of $399 million, up 684% year over year, almost all AI cloud, at a 32% adjusted EBITDA margin and 45% in the AI segment. ARR run rate reached $1.9 billion. 2026 guidance lifted to revenue of $3.0-3.4 billion and year-end ARR of $7-9 billion, with capex guidance jumping from $7 billion to $20-25 billion on 2027 pre-commitments.

Thesis Implications

A company funds a step-change that size only when the backlog underwriting it is firm. The Meta agreement was also clarified as $12 billion firm plus a $15 billion option exercisable at Nebius's discretion, so the headline $27 billion stands but the firm figure is $12 billion. Contracted power exceeded 3.5 GW and a Pennsylvania 1.2 GW owned site was announced. NBIS profile, metrics, and timeline updated.

May 8

Execution

WULF Q1 2026: HPC Revenue Overtakes Mining; 60 MW Energized for Core42

Results

WULF reported revenue of $34.0 million, split $21.0 million HPC lease and $13.0 million digital assets, the first quarter in which HPC revenue exceeded mining. Adjusted EBITDA was negative $4.1 million, close to breakeven on the operating line. Cash and restricted cash approximately $3.1 billion.

Thesis Implications

Lake Mariner energized 60 MW for Core42 in the quarter with lease revenue commencing, adding a second active counterparty. The revenue crossover is the category shift showing up in the income statement. WULF profile, Category Errors, metrics, and timeline updated.

May 7

Contract

IREN: $3.4B NVIDIA Cloud Agreement, 5 GW DSX Partnership, $2.1B Warrant

Development

IREN signed a five-year, $3.4 billion managed GPU cloud agreement with NVIDIA, deploying air-cooled Blackwell at Childress within existing capacity. The partnership designates Sweetwater as flagship NVIDIA DSX deployment across up to 5 GW of pipeline, and NVIDIA takes a five-year warrant implying up to $2.1 billion of equity, subject to approval. Q3 FY26 revenue was $144.8 million, down sequentially as mining hardware came offline against a $140.4 million decommissioning impairment.

Thesis Implications

Chip-manufacturer equity now spans both adjacent operators. IREN moves from single- to two-counterparty positioning, $9.7B to $13.1B contracted. Two acquisitions accompanied it: Nostrum, a 490 MW Spanish platform, and Mirantis, orchestration software the NVIDIA contract requires. Metrics and timeline updated.

May 7

Thesis

CoreWeave Q1 2026: Backlog Reaches $99.4B

Results

Revenue of $2.078 billion, up 112% year over year. Backlog reached $99.4 billion against $55 billion at IPO, with more than $40 billion of new commitments in a single quarter and ten customers committed at $1 billion or more. Contracted power exceeded 3.5 GW.

Thesis Implications

CoreWeave is the demand layer underneath APLD and GLXY contracted revenue. A backlog approaching $100 billion confirms the cascading-demand mechanism the thesis depends on. Section 4 and Rebuttals updated.

May 6

Thesis

Anthropic Signs $45B Compute Deal with SpaceX/Colossus

Development

Anthropic signed a three-year, $45 billion compute contract using the capacity of SpaceX/xAI's Colossus 1, the largest single AI compute contract on record. It sits on top of Anthropic's up-to-5 GW AWS Trainium commitment.

Thesis Implications

Breaks the assumption that Anthropic's compute mix was a two-supplier story, and extends the April pattern to the model layer: capacity constrains, demand does not. Rebuttals capex-slowdown extension and timeline updated.

May 6

Thesis

RIOT: Non-Binding MOU for Up to 4 GW of Nuclear-Paired Data Centers

Development

RIOT signed a non-binding MOU with Terrestrial Energy covering up to 4 GW of nuclear-paired data center capacity at its Texas and Kentucky candidate sites, with reactor deployment targeted for the early 2030s. No dollar terms; contingent on Terrestrial Energy's commercialization timeline.

Thesis Implications

The signal matters more than the terms. Riot is positioning Corsicana's gigawatt of available capacity as nuclear-ready, a configuration distinct from any other operator in the thesis. RIOT profile, sources, and timeline updated.

May 5

Thesis

APLD: ChronoScale Spin-Off Completes Pure-Play Data Center Transformation

Development

APLD separated its cloud services business onto a separately traded company, ChronoScale Corporation, retaining roughly 97% ownership. The day prior it closed the $300 million Goldman-led bridge facility foreshadowed in the April Delta Forge 1 announcement.

Thesis Implications

The cloud segment that produced the Q3 write-down now sits on a separate ticker, and Applied Digital operates as a pure-play data center and HPC hosting platform. This is the reclassification the Category Errors section predicted, executed by the company rather than by the market. Profile and timeline updated.

May 5

Execution

CIFR Q1 2026: Contracted Revenue Reaches $11.4B, NOI Trajectory Lifts to $787M

Results

CIFR reported contracted revenue of $11.4 billion across three investment-grade hyperscale leases, with average annualized NOI of $787 million expected from October 2026 through September 2036, above the prior $669 million projection. Operating and contracted capacity reached 907 MW against a 3.3 GW pipeline. Q1 revenue of $34.8 million reflects the planned mining wind-down ahead of AWS delivery.

Thesis Implications

Barber Lake and Black Pearl are confirmed on schedule and on budget with no additional equity anticipated. The NOI trajectory is the valuation anchor the market has been missing, and it moved up rather than down as construction progressed. CIFR profile, metrics, and cohort aggregate refreshed.

May 1

Thesis

NBIS: $643M Eigen AI Acquisition Extends the Inference Layer

Development

NBIS agreed to acquire Eigen AI for $643 million, folding its inference and model-optimization technology into the Nebius Token Factory platform.

Thesis Implications

Vertical integration of inference optimization captures margin above the raw infrastructure layer, a vertical pure GPU cloud operators cannot easily replicate. NBIS profile and sources updated.

April 2026

5 updates

No updates match this filter.

April 30

Execution

RIOT Q1 2026: AMD Exercises Expansion to 50 MW; First Delivery Complete

Results

RIOT commenced operations on the first 5 MW at Rockdale in January on schedule, and AMD exercised its 25 MW expansion option, bringing contracted critical IT to 50 MW and combined contract value to approximately $636 million, over $1.6 billion with extensions. Q1 revenue was $167 million against a GAAP net loss of $500 million, nearly all a non-cash Bitcoin mark. Corsicana was redesigned to 168 MW per building, a 50% capacity increase for the same capital spend.

Thesis Implications

The CFO's framing was direct: for the first time, the top line includes contracted lease revenue from an investment-grade tenant. The reclassification the thesis predicted has begun. RIOT profile, Category Errors, metrics, and timeline updated.

April 29

Thesis

Hyperscaler Print Night Validates AI Capex Acceleration

Results

Microsoft Azure grew 40% and beat its guide. Google Cloud accelerated to 63% with backlog nearly doubling past $460 billion. AWS hit 28%, its fastest in fifteen quarters, and disclosed a new ~2 GW OpenAI Trainium commitment ramping in 2027. Meta raised 2026 capex guidance to $125-145 billion. Aggregate 2026 hyperscaler capex now sits near $600 billion.

Thesis Implications

All four confirmed that capacity, not demand, is the limiter on cloud growth. The setup the thesis depends on, hyperscaler capex flowing into contracted obligations at operators with secured power, was confirmed at the source. The capex slowdown framing that built through the quarter was materially refuted across the four largest spenders. Rebuttals added a capex-slowdown subsection; timeline updated.

April 28

Execution

GLXY Q1 2026: Helios Revenue Begins, First Data Hall Delivered to CoreWeave

Results

GLXY reported a GAAP net loss of $216 million driven by mark-to-market declines as total crypto market cap fell roughly 20%. Firm-wide adjusted EBITDA of negative $188 million narrowed about a third sequentially on lower expenses. Cash and stablecoins stood at $2.6 billion against total equity of $2.78 billion.

Thesis Implications

Subsequent to quarter end, Galaxy delivered the first data hall to CoreWeave under the Phase I lease, with revenue recognition beginning in April. The category-error position begins resolving: the infrastructure is no longer pre-revenue. GLXY profile execution status moves from pre-delivery to revenue recognition begun. Timeline and metrics updated.

April 23

Contract

APLD: $7.5B Delta Forge 1 Lease, Contracted Revenue Crosses $23B

Development

APLD signed a 15-year lease at Delta Forge 1 with a U.S.-based high investment-grade hyperscaler: 300 MW of critical IT, approximately $7.5 billion in contracted revenue, in a strategic southern U.S. market, with initial operations anticipated mid-2027. Applied Digital expects an up to $300 million bridge facility and an up to $300 million revolver alongside it.

Thesis Implications

Total contracted lease revenue rises from approximately $16 billion to over $23 billion, with more than half now backed by investment-grade counterparties. The third counterparty converts the customer concentration narrative: CoreWeave is no longer the sole driver of the contracted base. Aggregate thesis contracted revenue rises to approximately $119 billion. Timeline and metrics updated.

April 8

Execution

APLD Q3 FY26: First Full Quarter of HPC Lease Revenue

Results

APLD reported revenue of $126.6 million, up 139% year over year. HPC Hosting generated $71.0 million, of which $44.1 million was base rent, at $17.6 million of segment operating profit. Adjusted net income was $33.2 million against a consensus loss. Cash of $2.1 billion against $2.7 billion of debt, with the $2.15 billion Polaris Forge 2 notes pricing after quarter close.

Thesis Implications

Base rent of $44.1 million on a full quarter at 100 MW annualizes to $1.76 million per MW, inside the contract range of $1.67 to $1.83 million. The per-MW rate normalized to the contract baseline, which is the reference case converting from projection to observation. CoreWeave also delivered an unconditional springing parent guarantee and its SPV was upgraded to investment grade. Applied Digital separately took 10% equity in Base Electron, an IPP developing up to 1.2 GW of gas generation in the Dakotas. Profile and timeline updated; Base Electron added to the power moat discussion.

March 2026

7 updates

No updates match this filter.

March 31

Execution

NBIS: $4.34B Convertible Notes, Missouri Approved, Finland Announced

Development

NBIS proposed convertible senior notes a day after the Meta announcement; demand drove an upsizing to $4.34 billion at close, taking Nebius from zero debt. Two capacity milestones landed in the same month: Independence, Missouri approved incentives for its largest US campus at up to 1.2 GW, and a $10 billion, 310 MW site was announced in Lappeenranta, Finland.

What Changed

Combined with the NVIDIA equity and Meta prepayments, management states 2026 capex is fully funded. NBIS fundamentals updated: debt from zero to $4.34 billion, cash revised upward. Profile, comparative position, and thesis aggregates updated.

March 25

Contract

CIFR: Third Campus Lease + $200M Revolver

Development

CIFR executed a third data center campus lease, a 15-year agreement with an investment-grade hyperscale tenant at one of its existing sites, contract value undisclosed. Separately it closed a $200 million Morgan Stanley-led revolver, undrawn at close.

Thesis Implications

A third hyperscaler-grade counterparty in under a year, after AWS and Fluidstack/Google. Contracted revenue remains $9.3 billion until the third campus value is disclosed. CIFR profile and comparative position updated.

March 16

Contract

NBIS: Meta Signs $27B, Contracted Backlog Exceeds $44B

Development

NBIS announced a five-year AI infrastructure agreement with Meta valued at up to approximately $27 billion: $12 billion of dedicated GPU capacity plus up to $15 billion of additional capacity from upcoming clusters. One of the first large-scale deployments of NVIDIA's Vera Rubin platform, with delivery beginning early 2027.

Thesis Implications

This expands the $3 billion Meta agreement from November 2025, which the CEO's shareholder letter said was constrained by available supply rather than by demand. Four months later Meta committed $27 billion to secure what it could not get the first time. The single contract exceeds Nebius's pre-announcement market cap. Backlog now exceeds $44 billion; aggregate thesis contracted revenue updated to approximately $112 billion. Timeline and metrics updated.

March 13

Execution

WULF: $500M Bridge Facility for Hawesville, KY

Development

WULF entered a $500 million delayed-draw senior secured bridge facility, led by Morgan Stanley, to finance construction at the Hawesville, Kentucky site acquired six weeks earlier.

Thesis Implications

Dedicated financing arrived before the first shovel. The pace of capital formation matches the pace of site acquisition. Thesis, timeline, and metrics updated.

March 11

Contract

NBIS: NVIDIA Invests $2B, Targets 5+ GW by 2030

Development

NBIS disclosed a private placement with NVIDIA: a pre-funded warrant for roughly $2 billion of Class A shares at a nominal strike. The capital comes with a strategic partnership spanning AI factory design, inference and agentic stack development, multi-generation hardware deployment, and fleet health monitoring, targeting more than 5 gigawatts of NVIDIA systems by the end of 2030.

Thesis Implications

NVIDIA held a small position from the 2024 raise. This is a different order of magnitude, and it is equity rather than a purchase agreement. NVIDIA earns nothing from the investment unless Nebius succeeds. The circularity objection follows and is not wrong, but it is incomplete: chip manufacturers write equity checks where supply must exist. No other operator has attracted both a hyperscaler as customer and a chip manufacturer as direct investor. Section 14 updated with the investment and the Q4 recap.

March 2

Execution

APLD: $2.15B Senior Secured Notes for Polaris Forge 2

Development

APLD announced a proposed $2.15 billion senior secured notes offering to fund construction of 200 MW at Polaris Forge 2. Project-level debt backed by contracted cash flows and secured by project assets, with parent completion guarantees, funding against the $5 billion lease signed in October 2025.

Thesis Implications

Combined with the Polaris Forge 1 notes, total project-level financing reaches $4.5 billion across both campuses. The second time Applied Digital has converted a hyperscaler commitment into project debt, and on-time delivery at Polaris Forge 1 likely contributed to appetite. Profile, timeline, and Section 8 sources updated.

March 2

Thesis

RIOT FY2025: Record Revenue, AMD Operational, Corsicana Next

Results

RIOT reported full-year revenue of $647.4 million, up 72%. The GAAP net loss of $663 million is nearly all non-cash, and adjusted EBITDA fell to $13 million from $463 million as mining economics compressed and data center revenue had barely started. Liquidity exceeded $1.9 billion across Bitcoin holdings and cash, the largest position among the five core operators.

Thesis Implications

The first phase of the AMD lease commenced operations in January, the first HPC revenue in company history, signed and operational within the same month. What is missing is scale: the AMD lease is the smallest contracted base in the thesis, and Corsicana holds a gigawatt of approved power with no signed contract. A Corsicana lease converts RIOT from potential to contracted. Until then the position is the power portfolio and the liquidity to develop it.

February 2026

7 updates

No updates match this filter.

February 24

Thesis

CIFR Q4 2025: Construction Confirmed, NOI Framework Disclosed

Results

CIFR reported Q4 revenue of $60 million against a $734 million GAAP net loss, nearly all non-cash. Both Barber Lake and Black Pearl were confirmed on schedule and on budget with long-lead equipment secured. Three bond offerings total $3.73 billion, and the CFO stated no additional equity is needed for contracted developments.

Thesis Implications

Management disclosed $669 million of average annualized net operating income from October 2026 through September 2036, rising to $754 million by 2035. That is the first concrete framework for modeling the revenue inflection, and against the market cap at the time it is the valuation anchor the market has been missing. The company also rebranded to Cipher Digital and sold its JV mining interests, reducing Bitcoin holdings toward a full exit. CIFR profile, Category Errors, timeline, and catalysts updated.

February 12

Thesis

NBIS Q4 2025: Revenue Miss Headlines Mask Operational Beat

Results

NBIS reported Q4 revenue of $227.7 million, up 547% year over year, against street consensus that had anchored above the high end of company guidance. Year-end ARR hit $1.25 billion against $900 million to $1.1 billion guided, a 25% beat at the top. Active power reached roughly 170 MW against a 100 MW target, contracted power exceeded 2 GW, and cash stood at $3.7 billion with zero debt.

Thesis Implications

The miss is a modeling problem rather than an execution problem. Microsoft's first tranche and both Meta tranches delivered on schedule, and deferred revenue reached $1.58 billion in prepayments awaiting recognition as capacity deploys. Metrics updated to Q4 figures; market caps refreshed across all seven operators; timeline updated.

February 5

Thesis

IREN Q2 FY26: Revenue Miss, Financing Secured, Oklahoma Expansion

Results

IREN reported revenue of $185 million against $281 million consensus, with mining revenue falling from $233 million to $167 million as capacity transitions to GPU workloads. The company is in the gap between killing mining revenue and ramping AI cloud. GPU financing for the Microsoft contract closed, and combined with Microsoft's prepayment, 95% of GPU-related capex is funded.

Thesis Implications

A new 1.6 GW campus was announced in Oklahoma with grid studies complete and power ramping from 2028, taking the secured portfolio past 4.5 GW. Metrics updated to Q2 FY26; power portfolio references updated from 3 GW to 4.5+ GW across thesis sections.

February 3

Thesis

GLXY Q4 2025: First Execution Milestone Weeks Away

Results

GLXY confirmed first Helios data hall delivery to CoreWeave by end of Q1 2026, with the full 133 MW Phase I on track for the first half. The building is dried in, commissioning is underway, and Phase II earthwork, concrete, and steelwork have started with long-lead orders issued.

Thesis Implications

Management describes Helios as the first step in a multi-gigawatt, multi-tenant, multi-campus platform, with 1.8 GW of additional ERCOT applications beyond the approved 1.6 GW and 830 MW being shopped to investment-grade tenants. Timeline, metrics, and sources updated.

February 3

Thesis

CIFR Raises $2B for Black Pearl: Flywheel in Action

Development

CIFR announced a $2 billion senior secured notes offering for Black Pearl, a 300 MW HPC data center in Wink, Texas, fully pre-leased to Amazon Data Services under a triple-net lease with 3% annual escalators. Amazon.com Inc. guarantees base rent and operating expenses and covers construction cost overruns.

Thesis Implications

The guarantee structure is what makes a $2 billion raise against a single facility bankable. Cipher is also reimbursed for prior equity contributions, so capital recycles into the next site. Timeline and thesis section updated with the facility name and guarantee structure.

February 2

Thesis

WULF Acquires 1.5 GW Across Kentucky and Maryland

Development

WULF acquired two brownfield infrastructure sites adding 1.5 GW: Hawesville, Kentucky, with 480 MW of immediate power availability, an energized substation, and direct transmission; and the Morgantown Generating Station in Maryland, with 210 MW operational and expandable to 1 GW, subject to FERC approval.

Thesis Implications

Total capacity reaches 2.8 GW across five sites, and Morgantown establishes TeraWulf in the PJM market near Washington D.C. Timeline and thesis section updated to a five-site portfolio and four-region diversification.

February 2

Site

Timeline Complete: All Seven Operators

New Coverage

The Timeline now covers all seven operators and industry events from 2018 through 2028. RIOT, IREN, and NBIS join the four added January 30, each traced from founding through public listing, power acquisition, and first AI contract.

What Changed

Industry events now run alongside company history: Bitcoin halvings, the China mining ban, the Ethereum Merge, ChatGPT and GPT-4, spot Bitcoin ETF approval, NVIDIA Blackwell, CoreWeave's emergence, and hyperscaler spending commitments. Site dates updated.

January 2026

12 updates

No updates match this filter.

January 30

Site

Timeline Expanded: GLXY, CIFR, WULF Added

New Coverage

The Timeline now includes GLXY, CIFR, and WULF alongside APLD, extending back to 2018 and tracing each company through its public listing, infrastructure buildout, and hyperscaler contracts.

What Changed

Galaxy from founding through the Helios acquisition and the CoreWeave contract; Cipher from SPAC merger through Barber Lake and the Fluidstack and AWS deals; TeraWulf from founding through Lake Mariner and the Google-backed Fluidstack agreements. Coverage for RIOT, IREN, and NBIS in progress.

January 27

Site

Timeline Preview Added

New Page

Added a Timeline page showing corporate history and industry events in chronological order. The preview release covers APLD, with other operators to follow.

Purpose

The thesis is dense. Some readers prefer it linearly; others want to see how the pieces fit together in sequence. When APLD pivoted to HPC, where the CoreWeave contract sits in the broader narrative. The timeline serves the second group.

January 26

Contract

NVIDIA Deepens CoreWeave Investment

Development

NVIDIA invested an additional $2 billion in CoreWeave, becoming its second-largest shareholder. This follows an existing $3.3 billion stake and the $6.3 billion capacity backstop through 2032. Total NVIDIA exposure to CoreWeave now exceeds $11 billion.

Thesis Implications

CoreWeave is the primary counterparty for APLD and GLXY. Counterparty risk was identified as a key bear case in Section 15, and this investment materially changes that calculus. The relevant question shifts from whether CoreWeave can pay to whether NVIDIA can afford for CoreWeave to fail. Jensen Huang's framing of CoreWeave as the foundation of the AI industrial revolution is dependency language rather than investment language.

January 22

Site

Metrics Page Added

New Page

Added a Metrics page providing a fundamentals snapshot across all seven operators: cash, debt, revenue, contracted value, enterprise value, and capacity. Resource cards added to the landing page.

EV/Contract Ratio

The page introduces EV/Contract as the primary comparative metric, dividing enterprise value by total contracted revenue to show what the market pays per dollar of committed future cash flow. A lower ratio means the contracts are being discounted more heavily; a higher one means execution confidence or expansion optionality is priced in. Comparing the ratio across operators reveals relative valuation disparities even when absolute contract sizes differ substantially.

January 22

Execution

APLD Breaks Ground on Delta Forge 1

Development

APLD broke ground on Delta Forge 1, a 430 MW AI Factory campus in a strategic southern U.S. market, designed to support up to 300 MW of critical IT across two facilities spanning more than 500 acres. Initial operations are expected mid-2027, with the ability to scale considerably in 2028 and beyond.

Thesis Implications

The expansion pipeline now approaches 2 GW, and the company is in discussions with a prospective third investment-grade hyperscaler for the campus. Delta Forge 1 also demonstrates a replicable AI Factory blueprint refined through the Polaris Forge campuses, and diversifies the portfolio geographically beyond North Dakota.

January 19

Site

Pipeline Page Added

New Page

Added a Pipeline page tracking Bitcoin miners pivoting to AI infrastructure. These companies have power secured and infrastructure under development but lack signed hyperscaler contracts. Not thesis positions until they close deals, and worth monitoring as the buildout continues. A signed contract moves them to the main thesis.

What Changed

Initial coverage spans three operators at different stages of power development, from a flagship site with construction financing in place down to early-stage available capacity. Pipeline link added to the landing page operators section.

January 18

Position

RIOT Position Initiated: AMD Lease + Rockdale Acquisition

Position Initiated

RIOT enters the thesis as the fifth core infrastructure operator following a 10-year data center lease with AMD: 25 MW initial at Rockdale, roughly $311 million base and about $1 billion with extensions, expandable to 200 MW. Riot also acquired the Rockdale site outright for $96 million, funded by selling Bitcoin, taking full development flexibility on a 700 MW grid interconnection. Executive compensation was restructured to tie bonuses to data center revenue and NOI, and the Bitcoin yield metric was eliminated.

Thesis Implications

AMD as counterparty expands the thesis beyond hyperscalers to chipmakers building inference capacity. Riot's 1.7 GW Texas portfolio positions it alongside the other core operators, though Corsicana has reported hyperscaler interest and no signed contract. This is the smallest contracted base in the thesis, and a first contract often precedes rapid accumulation.

What Changed

Core operators move from four to five and total sections from 15 to 16, with IREN, NBIS, and the Part V sections renumbered. Core contracted revenue rises to $58 billion and the total to $88 billion; combined market cap to $80-85 billion.

January 15

Execution

GLXY ERCOT Approval: 1.6 GW Total Capacity

Development

GLXY announced ERCOT approval of an additional 830 MW at Helios, doubling total approved, utility-contracted capacity to over 1.6 GW through completed interconnection studies and a utility service agreement. CoreWeave holds the original 800 MW; the new capacity is available for additional customers. Ultimate buildout potential remains 3.5 GW.

Thesis Implications

This validates the temporal moat. Galaxy acquired Helios in December 2022 for $65 million. Three years later it has doubled approved capacity through a queue that new entrants would need five years or more to replicate, and the incremental 830 MW is expansion runway for hyperscaler relationships beyond CoreWeave.

January 10

Site

APLD Revenue Analysis Page

New Page

Added a dedicated APLD Revenue Analysis page breaking down Q2 FY26 economics. The analysis reverse-engineers the per-MW run rate from partial-quarter data using actual energization dates.

What Changed

$12 million of lease revenue on roughly 23% utilization implies a full-quarter run rate near $52 million, an implied rate above the contract range, and roughly $1.25 billion of annual HPC lease revenue at a stabilized 600 MW. Link added to Section 8; the page updates quarterly.

January 8

Execution

APLD Q2 FY26 Earnings Update

Results

APLD reported revenue of $126.6 million, up 250% year over year, including the first $12 million of HPC lease revenue from the 100 MW facility at Polaris Forge 1. Adjusted EBITDA of $20.2 million; adjusted net income at breakeven. Cash of $2.3 billion against $2.6 billion of total debt.

Thesis Implications

The 100 MW facility delivered on schedule and fully energized, the 150 MW facility is under construction, and Polaris Forge 2 broke ground toward full capacity in early 2027. Management raised guidance to exceed $1 billion of NOI within five years and disclosed advanced discussions with a third investment-grade hyperscaler across multiple regions.

January 5

Position

NBIS Addition & IREN Reframe

Position Initiated

NBIS (Nebius Group) joins the thesis as an adjacent position, running the same GPU cloud model as IREN: own the hardware, sell compute. Two hyperscaler contracts total $20.4 billion, with Microsoft at $17.4 billion over five years and Meta at $3 billion deployed within three months of signing. Already generating revenue at scale, with a power portfolio targeting 2.5 GW contracted by the end of 2026.

NBIS is categorized as adjacent rather than core. Same rationale as IREN: GPU cloud sells FLOPs, not infrastructure, and carries hardware obsolescence exposure the colocation operators do not face. The contracts are real. The model is different.

Position Reframed

IREN moves from core thesis to adjacent position. The Microsoft contract remains compelling and the power portfolio is real, but IREN sells compute rather than infrastructure. Buildings do not depreciate on NVIDIA's release cycle; GPUs do. This is a categorization correction rather than a downgrade. The core thesis is power as constraint and infrastructure as product, and IREN monetizes power differently.

What Changed

Sections reorganized into a core four (APLD, GLXY, CIFR, WULF) and an adjacent two (IREN, NBIS), taking total sections from 14 to 15. Total contracted revenue rises from $67 billion to $87 billion across six operators; combined market cap to $40-50 billion. The comparison section now runs each dimension across both adjacent positions, and seven NBIS sources were added.

January 2

Site

Initial Publication

Thesis Launched

Follow the Watts published with five operators: APLD, GLXY, IREN, CIFR, WULF. Power scarcity creates infrastructure moats. Contracted revenue from hyperscalers and neoclouds provides visibility. Crypto categorization creates the mispricing. Fourteen sections across five parts, and approximately $67 billion in contracted revenue at time of publication.