Sources
Every figure in this thesis links to primary sources: SEC filings, official press releases, earnings transcripts, and investor presentations. Click any link to verify.
Hyperscaler Capital Expenditure & Earnings
- Research Goldman Sachs: AI Power Demand Projections Sec 1
- Research Morgan Stanley: Hyperscaler Capex Estimates Sec 1
- Earnings Amazon Q3 2025 Earnings (Oct 31, 2025) Sec 1, 13
- Earnings Microsoft Q1 FY2026 Earnings (Oct 30, 2025) Sec 1
- Earnings Alphabet Q3 2025 Earnings Call Sec 1
- Earnings Meta Q3 2025 Earnings Sec 1
Grid & Power Infrastructure
CoreWeave CRWV
Applied Digital APLD
- SEC 8-K APLD CoreWeave 250MW Initial Lease 8-K (May 2025) Sec 4, 8
- PR Applied Digital CoreWeave 400MW/$11B Lease (Aug 2025) Sec 3, 8
- PR APLD Second Hyperscaler $5B (Oct 2025) Sec 4, 8
- PR APLD Macquarie $5B Partnership (Oct 2025) Sec 4, 8
- PR APLD $2.35B Notes Offering (Nov 2025) Sec 2, 4, 8, 12
- Deck APLD Investor Presentation: $2.7B climate savings, site specs Sec 8
- PR APLD Phase I & II Completion Updates Sec 6, 8
- SEC APLD SEC Filings Sec 5, 8
- IR Applied Digital Investor Relations Sec 7
Galaxy Digital GLXY
- PR Argo Blockchain: Helios Sale to Galaxy $65M (Dec 2022) Sec 2, 4, 9
- PR Galaxy $1.4B Project Financing (Aug 2025) Sec 2, 3, 4, 9
- PR Galaxy $460M Strategic Investment (Oct 2025) Sec 4, 9
- Earnings GLXY Q2 2025 Earnings Sec 9
- Deck GLXY Investor Presentation: 1,500 acres, 3.5 GW capacity Sec 9
- PR GLXY CoreWeave Phase I Agreement (March 2025) Sec 4, 9
- SEC GLXY SEC Filings Sec 9
- IR Galaxy Digital Investor Relations Sec 7
IREN IREN
- PR IREN Microsoft $9.7B Contract (Nov 2025) Sec 3, 10
- SEC 8-K IREN Dell $5.8B Equipment 8-K (Nov 2025) Sec 3, 10
- Deck IREN Investor Presentation: 3 GW portfolio, Childress, liquid cooling Sec 10
- PR IREN News Releases Sec 10
- SEC IREN SEC Filings: Contract details, deployment phases Sec 10
- IR IREN Investor Relations Sec 7, 10
Cipher Mining CIFR
- PR Cipher Mining AWS $5.5B Contract (Nov 2025) Sec 3, 11
- PR Cipher Fluidstack Initial $3B (Sep 2025) Sec 4, 11
- PR Cipher Fluidstack 56MW Expansion (Nov 2025) Sec 11
- Deck Cipher Investor Presentation: 3.2 GW pipeline, Barber Lake specs Sec 11
- PR Cipher Mining Press Releases Sec 4, 11
- SEC Cipher SEC Filings: Contract 8-Ks, termination provisions Sec 11, 12
- IR Cipher Mining Investor Relations Sec 7
TeraWulf WULF
- PR TeraWulf Fluidstack Initial: $3.7B, Google $1.8B backstop, 8% equity (Aug 2025) Sec 4, 12
- PR TeraWulf CB-5 Expansion: $6.7B total, Google 14% equity (Aug 2025) Sec 4, 12
- PR TeraWulf Texas JV: $9.5B 25-year, 168 MW Abernathy (Oct 2025) Sec 3, 4, 12
- ER TeraWulf Q3 2025: $7.2M HPC revenue, $50.6M total (Nov 2025) Sec 12
- Deck TeraWulf Q3 2025 Investor Presentation Sec 1, 2, 12
- SEC TeraWulf SEC Filings: Contract 8-Ks, Google backstop terms Sec 12