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, 14
- 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
- PR APLD Delta Forge 1 Groundbreaking (Jan 22, 2026) Sec 8
- Earnings APLD Q2 FY26 Earnings Release (Jan 7, 2026) Sec 6, 8
- 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
- PR Galaxy ERCOT 830 MW Approval, 1.6 GW Total (Jan 2026) Sec 9
- Earnings GLXY Q4 2025 Earnings: Phase I Q1 delivery, Phase II construction started 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 Q2 FY26 Results: $3.6B GPU financing, Oklahoma (Feb 2026) Sec 12, Metrics
- PR IREN Microsoft $9.7B Contract (Nov 2025) Sec 3, 12
- SEC 8-K IREN Dell $5.8B Equipment 8-K (Nov 2025) Sec 3, 12
- Deck IREN Investor Presentation: 4.5+ GW portfolio, Childress, liquid cooling Sec 12
- PR IREN News Releases Sec 12
- SEC IREN SEC Filings: Contract details, deployment phases Sec 12
- IR IREN Investor Relations Sec 7, 12
Cipher Digital CIFR
- ER Cipher Digital Q4 2025: Construction on track, $669M NOI projection (Feb 2026) Sec 6, 7, 10
- PR Cipher $2B Notes for Black Pearl, Amazon Pre-Lease (Feb 2026) Sec 4, 10
- PR Cipher Mining AWS $5.5B Contract (Nov 2025) Sec 3, 10
- PR Cipher Fluidstack Initial $3B (Sep 2025) Sec 4, 10
- PR Cipher Fluidstack 56MW Expansion (Nov 2025) Sec 10
- Deck Cipher Investor Presentation: 3.4 GW pipeline, Barber Lake specs Sec 10
- PR Cipher Digital Press Releases Sec 4, 10
- SEC Cipher SEC Filings: Contract 8-Ks, termination provisions Sec 10, 11
- IR Cipher Digital Investor Relations Sec 7
TeraWulf WULF
- PR TeraWulf Fluidstack Initial: $3.7B, Google $1.8B backstop, 8% equity (Aug 2025) Sec 4, 11
- PR TeraWulf CB-5 Expansion: $6.7B total, Google 14% equity (Aug 2025) Sec 4, 11
- PR TeraWulf Texas JV: $9.5B 25-year, 168 MW Abernathy (Oct 2025) Sec 3, 4, 11
- ER TeraWulf Q3 2025: $7.2M HPC revenue, $50.6M total (Nov 2025) Sec 11
- Deck TeraWulf Q3 2025 Investor Presentation Sec 1, 2, 11
- SEC TeraWulf SEC Filings: Contract 8-Ks, Google backstop terms Sec 11
- PR TeraWulf KY/MD Acquisitions: 1.5 GW added, 2.8 GW total portfolio (Feb 2026) Sec 11
Nebius Group NBIS
- PR Nebius Microsoft $17.4B Contract (Sep 2025) Sec 13
- SEC 6-K Nebius Microsoft Contract 6-K: $19.4B option terms (Sep 2025) Sec 13
- PR Nebius Meta $3B Contract, Q3 2025 Results (Nov 2025) Sec 13
- Earnings Nebius Q3 2025: $146M revenue, 355% YoY, ARR guidance (Nov 2025) Sec 13
- PR Nebius New Jersey 300MW Data Center (Mar 2025) Sec 13
- PR Nebius Finland 75MW Expansion Sec 13
- IR Nebius Investor Relations: Capacity targets, financing Sec 13