#  @RHouseResearch Rittenhouse Research Cipher Mining ($CIFR) recently announced a significant data center co-location deal with Amazon ($AMZN), providing an estimated 200MW of critical IT load capacity, with a total contract value of $5.5 billion over [--] years. This deal has garnered attention from major investors, including Jane Street, which has disclosed a 5% position in Cipher Mining. Additionally, Galaxy Digital ($GLXY) and CoreWeave ($CRWV) are also making notable advancements in the data center and AI spaces. ### Engagements: [-----] [#](/creator/twitter::1923064392289050624/interactions)  - [--] Week [-------] -31% - [--] Month [-------] -19% - [--] Months [----------] +958% ### Mentions: [--] [#](/creator/twitter::1923064392289050624/posts_active)  - [--] Week [--] -64% - [--] Month [---] no change - [--] Months [---] +507% ### Followers: [-------] [#](/creator/twitter::1923064392289050624/followers)  - [--] Week [-----] +0.59% - [--] Month [-----] +6.10% - [--] Months [-----] +339% ### CreatorRank: [---------] [#](/creator/twitter::1923064392289050624/influencer_rank)  ### Social Influence **Social category influence** [stocks](/list/stocks) [finance](/list/finance) [technology brands](/list/technology-brands) [cryptocurrencies](/list/cryptocurrencies) [social networks](/list/social-networks) [exchanges](/list/exchanges) [currencies](/list/currencies) [fashion brands](/list/fashion-brands) [countries](/list/countries) [automotive brands](/list/automotive-brands) **Social topic influence** [$crwv](/topic/$crwv) #92, [$glxy](/topic/$glxy) #26, [$iren](/topic/$iren), [$cifr](/topic/$cifr), [open ai](/topic/open-ai), [glxy](/topic/glxy), [ai](/topic/ai), [data](/topic/data), [bitcoin](/topic/bitcoin), [$nbis](/topic/$nbis) #311 **Top accounts mentioned or mentioned by** [@galaxyhq](/creator/undefined) [@buccocapital](/creator/undefined) [@novogratz](/creator/undefined) [@realjimchanos](/creator/undefined) [@semianalysis](/creator/undefined) [@floodcapital](/creator/undefined) [@akramsrazor](/creator/undefined) [@daveyjuice](/creator/undefined) [@jarronjackson4](/creator/undefined) [@mvcinvesting](/creator/undefined) [@onodacapital](/creator/undefined) [@stefanvanderlux](/creator/undefined) [@matthewsigel](/creator/undefined) [@chelapples](/creator/undefined) [@alexschettino](/creator/undefined) [@dylan522p](/creator/undefined) [@thekamahsutra](/creator/undefined) [@fransbakker9812](/creator/undefined) [@dcryptdeeznutz](/creator/undefined) [@mikealfred](/creator/undefined) **Top assets mentioned** [CoreWeave, Inc (CRWV)](/topic/$crwv) [Galaxy Digital Inc. (GLXY)](/topic/$glxy) [Iris Energy Limited (IREN)](/topic/$iren) [Cipher Mining Inc. Common Stock (CIFR)](/topic/$cifr) [Bitcoin (BTC)](/topic/bitcoin) [Nebius Group N.V. Class A Ordinary Shares (NBIS)](/topic/$nbis) [TeraWulf Inc. (WULF)](/topic/$wulf) [Microsoft Corp. (MSFT)](/topic/microsoft) [Alphabet Inc Class A (GOOGL)](/topic/$googl) [Metadium (META)](/topic/$meta) [NVIDIA Corp. (NVDA)](/topic/$nvda) [Oracle Corporation (ORCL)](/topic/$orcl) [Core Scientific, Inc. Common Stock (CORZ)](/topic/$corz) [Applied Digital Corp. (APLD)](/topic/$apld) [IonQ, Inc. (IONQ)](/topic/$ionq) [Hut [--] Mining Corp. (HUT)](/topic/$hut) [GitLab Inc. (GTLB)](/topic/$gtlb) [Amazon.com, Inc. (AMZN)](/topic/$amzn) [Opendoor Technologies Inc Common Stock (OPEN)](/topic/$open) [Digital Realty Trust Inc (DLR)](/topic/$dlr) [CLEANSPARK INC (CLSK)](/topic/$clsk) [Equinix Inc (EQIX)](/topic/$eqix) [Mario Coin (COIN)](/topic/$coin) ### Top Social Posts Top posts by engagements in the last [--] hours "While the majority of public miners are now talking about AI Galaxy is the only name with both the financial and human capital required to prosecute the opportunity presented. Galaxy was built as a profitable financial services and trading business led by CEO and Founder @novogratz who has grown book value per share from $1 to $6 since [----]. Meanwhile Bitcoin miners continue to bleed cash and dilute their shareholders into oblivion. $GLXY $BRPHF" [X Link](https://x.com/RHouseResearch/status/1923088240933994742) 2025-05-15T18:49Z [---] followers, [----] engagements "While Core Scientific - $CORZ and TeraWulf - $WULF have both done well to execute AI data center leases both have debt in excess of their cash and liquid assets versus's Galaxy's $2B net cash position. $CORZ only emerged from bankruptcy less than [--] months ago while $WULF continues to rely on incessant share issuance as its core mining operations are not profitable" [X Link](https://x.com/RHouseResearch/status/1923089418250027043) 2025-05-15T18:53Z [---] followers, [----] engagements "We view CoreWeave tenant credit risk fears as extremely overblown. As yesterday's blow-out earnings and today's $4B announced expansion with OpenAI demonstrate CoreWeave is the only next-gen AI cloud provider capable of operating GPU clusters at massive scale. While AI bears and conspiracy theorists tout "revenue round-tripping" allegations stemming from Nvidia's investment in CoreWeave we view the relationship with Nvidia as a significant competitive advantage. $GLXY $BRPHF $CRWV" [X Link](https://x.com/RHouseResearch/status/1923100428293570567) 2025-05-15T19:37Z [---] followers, [----] engagements "Both public comps ($DLR and $EQIX) and M&A transaction multiples indicate that data center platforms typically trade at 25x EBITDA and north of $20MM per MW of capacity" [X Link](https://x.com/RHouseResearch/status/1923104935035445638) 2025-05-15T19:55Z [---] followers, [----] engagements "While we are not explicitly underwriting any share price appreciation from tomorrow's Nasdaq uplisting (and would consider it foolish to do) we view this milestone as considerably positive in the longer term" [X Link](https://x.com/RHouseResearch/status/1923105513920704911) 2025-05-15T19:57Z [---] followers, [----] engagements "Fantastic interview between @dylan522p of @SemiAnalysis_ and Peter Salanki CTO of CoreWeave $CRWV. A must-listen for anyone involved in the AI cloud infrastructure space. The narrative that "CoreWeave is providing a commodity service and is undifferentiated from any of the traditional hyperscalers or emerging neoclouds" appears more preposterous the further we dig on the business. As Peter explains CoreWeave made significant early bets on the potential of AI in the Company's formative years which positioned them perfectly for the "ChatGPT moment" in late [----]. The phrase "necessity breeds" [X Link](https://x.com/RHouseResearch/status/1929239557775478870) 2025-06-01T18:12Z [---] followers, [----] engagements "This is completely false. Quite honestly @vaneck_us should be pretty embarrassed that this type of misinformation was promulgated by one of their senior employees. No CoreWeave did not accumulate a stake in $APLD prior to signing a lease with $APLD only to dump that stake on the spike in $APLD price after the lease was announced. In connection with signing a lease with $APLD CoreWeave was granted warrants comprising 5.5% ownership in $APLD. In layman's terms $APLD gave $CRWV warrants in $APLD stock as a sweetener as part of the lease negotiations. This is likely reflective of $APLD's weak" [X Link](https://x.com/RHouseResearch/status/1934012349020844282) 2025-06-14T22:17Z [---] followers, [----] engagements "Oracle $ORCL is the fourth largest public cloud company in the US trailing AWS Microsoft Azure and GCP. They are highly focused on gaining share from their "Big 3" hyperscaler rivals particularly in providing AI-related cloud infrastructure. Following their recent blow-out earnings print Oracle's co-founder Executive Chairman and CTO Larry Ellison (the second richest person in the world with a 40% stake in $ORCL worth $240B) reiterated his ambition for Oracle to be the number one cloud infrastructure services business in the world. To catch up to the larger hyperscalers Oracle will clearly" [X Link](https://x.com/RHouseResearch/status/1934247199581372910) 2025-06-15T13:50Z [---] followers, 10.5K engagements "$GLXY will be funding 80% of the CapEx with project-level debt financing. This type of financing (i.e a construction loan) will be available to $CRWV to finance the remaining build out of $CORZ's data centers (assuming transaction goes through). Said differently $CRWV can likely use project-level debt to finance the build-out of any in-progress data centers they acquire rendering the existing financing plans of $CORZ and $GLXY less relevant from a valuation perspective" [X Link](https://x.com/RHouseResearch/status/1938610745253458370) 2025-06-27T14:49Z [---] followers, [----] engagements "@jonabakken Then why did $CRWV sign a lease to pay $GLXY $900MM per year over [--] years in West Texas Then why are Crusoe Oracle and OpenAI building a 1GW data center in West Texas" [X Link](https://x.com/RHouseResearch/status/1938662645751853527) 2025-06-27T18:16Z [----] followers, [----] engagements "Equinix $EQIX the largest data center owner and operator in the world ($76B market cap $9B LTM revenue) hosted its analyst day on Thursday. The stock has since declined 13% as the company unveiled its updated longer-term growth projections. Equinix guided towards a doubling of their total data center capacity over the next [--] years (15% CAGR) to capitalize upon "the AI opportunity". The issue Revenue AFFO (a REIT metric intended to reflect underlying cash flow) and Dividends per Share are only forecasted to grow 7-10% 5-9% and 8% respectively. Said differently investors were unhappy to learn" [X Link](https://x.com/RHouseResearch/status/1938986503364825195) 2025-06-28T15:43Z [----] followers, [----] engagements "As further evidence of the dilemma faced by legacy data center owner and operators consider Digital Realty Trust $DLR. $DLR's footnotes to its 10-K confirm that the vast majority of their data centers were constructed or acquired two decades ago In addition $DLR reported an occupancy of 84.1% as of Dec. - [----]. CBRE just put out a report estimating a global data center occupancy rate of 93.4% (6.6% vacancy). $DLR's occupancy rates being much below the broader market suggest that its data centers are not suited for AI use-cases and GPUs. $DLR's [----] revenue was essentially flat from [----]. This" [X Link](https://x.com/RHouseResearch/status/1938989684673134975) 2025-06-28T15:55Z [----] followers, [----] engagements "@UncleAlpha007 Please do not use our research to shill $IREN. We would also recommend reading our entire report such to better understand why our investment thesis around $GLXY is certainly not applicable to $IREN" [X Link](https://x.com/RHouseResearch/status/1940155175941153052) 2025-07-01T21:06Z [---] followers, [---] engagements "I should clarify that $CORZ definitely secured an extremely attractive deal (given $CRWV is funding the construction CapEx). I am certainly not disputing that. That said $CRWV is only paying $CORZ $1.4MM/MW in rent vs. $1.8MM/MW for $GLXY. If you assume $CRWV construction costs for the $CORZ build-out is $8.5MM/MW ($10MM total; $CORZ is funding $1.5MM/MW via CapEx credits which leaves $8.5MM to be funded by $CRWV) the total $ flowing from $CRWV to $CORZ (inclusive of both rent & CapEx) over the life of their [--] lease is $24B comprised of: - CapEx: $5B ($8.5MM per MW x 590MW) - Rent: $19B" [X Link](https://x.com/RHouseResearch/status/1940373123381006496) 2025-07-02T11:32Z [---] followers, [----] engagements "This is false. $GLXY certainly did not and does not need to sell any BTC to fund their data center build-out. At $12MM/MW in CapEx the total expected CapEx bill for the entire 393MW is $4.7B ($12MM/MW x 393MW). Galaxy will be on the hook for 20% of the $4.7B or $900MM (with 80% or $3.8B coming from banks and / or direct lenders). Galaxy recently raised $900MM via a convertible note issuance ($400MM in Nov.-24) and equity offering ($500MM in May-25). This $900MM is specifically earmarked for construction costs related to Galaxy's data centers and covers the entire equity-check required for the" [X Link](https://x.com/RHouseResearch/status/1940423044062687591) 2025-07-02T14:51Z [----] followers, [----] engagements "Firstly I likely overstated the "CapEx benefit" portion to $CORZ given $CORZ has signaled lower build-costs (than the $10MM utilized). From a buyer's (i.e. $CRWV) perspective the "CapEx benefit" shouldn't be relevant to the NPV given the buyer has their own (likely) cheaper cost of capital financing sources available and won't be funding construction costs with 100% equity for either asset. The NPV on $CORZ surely looks great on day [--] given they literally have zero cash outlays (again huge kudos to the $CORZ team on this deal) but will look inferior post construction completion because they" [X Link](https://x.com/RHouseResearch/status/1940426918802735252) 2025-07-02T15:06Z [---] followers, [---] engagements "The suggestion that $META ($130B of net PP&E on its balance sheet) needs to "catch up to $IREN" ($1.5B net PP&E) with respect to data center infrastructure is patently insane. $META clearly has "access to GW" given their "GW" is powering a $170B+ internet business. Note: $IREN's LTM revenue is $377MM for comparison. @todd_mcartor @firstadopter No hes trying to catch up to IREN and CIFR in having access to the GW that they do @todd_mcartor @firstadopter No hes trying to catch up to IREN and CIFR in having access to the GW that they do" [X Link](https://x.com/RHouseResearch/status/1944929722367897618) 2025-07-15T01:19Z [----] followers, [----] engagements "These $IREN and $CRWV comparisons are quite honestly one of the wildest most insane things I've witnessed. A board member of a $3.8B public company stating that it's just a matter of time until his $3.8B company flips a $69B "competitor" in market cap. Some numbers for context. $IREN the $3.8B company was at $20MM of cloud run-rate revenue as of Q1-25. $CRWV the Company $IREN will supposedly eclipse and eventually acquire was at $4B of cloud run-rate revenue as of Q1-25. $IREN had 2K GPUs as of Q1-25. $CRWV had 250K GPUs as of Q1-25. $CRWV's customer list includes: OpenAI Microsoft Google" [X Link](https://x.com/RHouseResearch/status/1945268475842453705) 2025-07-15T23:45Z [----] followers, 11.9K engagements "@goodalexander Galaxy Digital $GLXY held a $71.2MM investment in Ripple Labs and 16.9MM XRP tokens as of March [--] [----]. I presume the equity in Ripple Labs entitles them to a steady stream of XRP tokens lol" [X Link](https://x.com/RHouseResearch/status/1945276523331604869) 2025-07-16T00:17Z [---] followers, [----] engagements "It's a good question. The traditional data center comps shown above (in addition to the publicly traded names $DLR and $EQIX) have lower EBITDA margins because (i) they have significant corporate overhead (whereas Helios 90% margins are at the site-level) and (ii) their leases are not always structured as "triple-net" (so the owner might pay for taxes insurance and / or property maintenance expenses). Galaxy's lease with CoreWeave is structured as "triple-net" which means all of these costs are passed through to and paid by CoreWeave. The only real expense for Galaxy at Helios is security and" [X Link](https://x.com/RHouseResearch/status/1946206782340362541) 2025-07-18T13:53Z [----] followers, [----] engagements "This is who $IREN bulls are praising. Yikes" [X Link](https://x.com/RHouseResearch/status/1946370016426729510) 2025-07-19T00:42Z [----] followers, [----] engagements "Quite clearly there is no guarantee $SBET grows their treasury to $10B. That said it's not unreasonable to believe the leading $ETH treasury company will obtain a $10B given $MSTR's $70B+ BTC treasury. What is clear however is that $GLXY's reach across both traditional financial institutions and crypto-native organizations provides for unique opportunities unavailable to other industry participants. This agreement with $SBET is just one small example of the embedded optionality within Galaxy's digital assets business" [X Link](https://x.com/RHouseResearch/status/1947791527675076804) 2025-07-22T22:51Z [----] followers, [----] engagements "Definitely possible but unlikely IMO. The $SBET chairman and $GLXY CEO were college roommates. Novo was one of the earliest $ETH investors. 1% is a reasonable fee to pay for the highest quality most secure custodial services available. More expensive than what they could get elsewhere but Id bet Lubin is willing to pay a premium to sleep well at night knowing his old friend is taking good care of the treasury. Its also not trivial to spin up this level of custodial and validator infrastructure overnight. Lastly Galaxy is providing a full suite of services that would be extremely difficult if" [X Link](https://x.com/RHouseResearch/status/1947833086235795600) 2025-07-23T01:36Z [----] followers, [----] engagements "@SuhailAhmad How are $IREN and $CIFR AI Data Center plays What AI data center contracts does either have" [X Link](https://x.com/RHouseResearch/status/1948076116863787333) 2025-07-23T17:41Z [----] followers, [---] engagements "@SuhailAhmad So building data centers without having any contracted revenue from those data centers makes a company an AI data center play If there is so much demand for this infrastructure as you say then why cant either line up a customer for their facilities" [X Link](https://x.com/RHouseResearch/status/1948085426092126695) 2025-07-23T18:18Z [----] followers, [---] engagements "If you look at the Google / Windsurf deal Google wasnt even confident in pulling off a $3B acquisition (given anti-trust concerns) so they onlu acquired a handful of the execs in an acqu-hire. If Google is worried they cant pull off a $3B deal I doubt they will be trying to buy any of the major AI labs anytime soon" [X Link](https://x.com/RHouseResearch/status/1948092125218029632) 2025-07-23T18:45Z [----] followers, [---] engagements "What does "better version of CRWV" even mean The notion that $IREN has some sort of competitive advantage over $CRWV and $NBIS because they own some empty plot of land that they expect to energize at some future date is of course absurd. Digital Realty $DLR just reported today that they purchased a [---] acre parcel in Dallas that's expected to support 480MW of IT load for *squints* $11MM. A plot of land with an expectation of future power in and of itself is not valuable obviously. $CRWV has over $1B of balance sheet cash and $5B of total liquidity. $CRWV could have easily purchased Sweetwater" [X Link](https://x.com/RHouseResearch/status/1948496762404003905) 2025-07-24T21:33Z [----] followers, [----] engagements "Pretty astonishing and somewhat alarming how many retweeted this not knowing it was sarcasm. $IREN CEO Daniel Roberts: "We've appointed Morgan Stanley as our financial advisor to evaluate monetization opportunities at Sweetwater." - July [--] [----] "We continue to progress negotiations with some very large counterparties and hyperscalers. We're actively negotiating $IREN CEO Daniel Roberts: "We've appointed Morgan Stanley as our financial advisor to evaluate monetization opportunities at Sweetwater." - July [--] [----] "We continue to progress negotiations with some very large counterparties and" [X Link](https://x.com/RHouseResearch/status/1948499448830521433) 2025-07-24T21:44Z [----] followers, [----] engagements "Here's how the math might look on a "cash-out" refinancing: Phase I (133MW) is expected to cost $1.6B (133MW x $12MM per MW based on the midpoint of mgmt.'s $11MM - $13MM per MW range). Galaxy is expected to finance 80% of the $1.6B or $1.3B with a construction loan. The remaining 20% or $300MM is funded from Galaxy's balance sheet cash. Once the construction is complete and the tenant $CRWV commences operations within Helios and begins paying rent the data center is expected to generate roughly $220MM of EBITDA (cash flow) to $GLXY. This $220MM EBITDA figure is estimated based on mgmt.'s" [X Link](https://x.com/RHouseResearch/status/1949083262543904782) 2025-07-26T12:23Z [----] followers, [---] engagements "👌🏻 @mikealfred Coreweave has 250K+ GPUs. IREN has less than 5K. CRWV did $1B of cloud revenue last quarter. IREN did less than $5MM. It would cost IREN around $1B or 25% of its market cap to get to around 25K GPUs which would still be less 10% of the capacity CRWV has. CRWV has $5B+ of https://t.co/8TTi83LFZp @mikealfred Coreweave has 250K+ GPUs. IREN has less than 5K. CRWV did $1B of cloud revenue last quarter. IREN did less than $5MM. It would cost IREN around $1B or 25% of its market cap to get to around 25K GPUs which would still be less 10% of the capacity CRWV has. CRWV has $5B+ of" [X Link](https://x.com/RHouseResearch/status/1949263059626688740) 2025-07-27T00:18Z [----] followers, [----] engagements "Incredible watching a public company board member and hedge fund manager simultaneously pump names by insinuating theres some sort of imminent announcement that those in the know are privy to. Even more incredible realizing one of these individuals literally sits on the board of one of the companies hes pumping And theyve been doing this for months In broad daylight Like him or not can you imagine someone such as @BillAckman tweeting looks like someone must know something after one of his portfolio companies has a +5% move Looks like someone knows something on $CIFR Looks like someone knows" [X Link](https://x.com/RHouseResearch/status/1949887534835663207) 2025-07-28T17:39Z [----] followers, [----] engagements "Saying this as a big fan of your work. How can you reasonably exclude capital expenditures from your "mining" profits figure Given the 2-3 yr. useful life on mining equipment it seems a bit crazy to not deduct for either D&A or CapEx. There is real cash going out the door quarter after quarter for ASICs which is missing from your analysis" [X Link](https://x.com/RHouseResearch/status/1950306184998621393) 2025-07-29T21:23Z [----] followers, [----] engagements "Lol. $META has literally generated $20B of FCF YTD. They just so happened to also spent $15B on an acquisition and $25B on dividends and buybacks. $ORCL has pressed pause on their buyback for similar reasons and they seem to be doing *squints* just fine. $META can continue to ramp CapEx massively without taking on any debt. They have $25B to play with every quarter" [X Link](https://x.com/RHouseResearch/status/1950700955025957168) 2025-07-30T23:32Z [----] followers, [----] engagements "OpenAI just decommissioned their [--] year old Volta v100s. Its very well documented that older GPU models work perfectly fine for inference use cases. $CRWV signs [--] year contracts to rent out compute from a specified type of GPU. They are earning revenue from that specific GPU for [--] years. How can the useful life of the GPU only be [--] years when they earn [--] years of contracted revenue from the GPU Something to keep in mind about the hyperscaler stocks is that their financial statements are increasingly divorced from the on-the-ground reality b/c of the tremendous scale of their recent" [X Link](https://x.com/RHouseResearch/status/1950738987523453175) 2025-07-31T02:03Z [----] followers, [----] engagements "@3xliquidated Probably makes sense there is some consolidation here given the 50% move from $75K to $110K in [--] months. Could also argue the most recent headlines (core PCE coming in hot Fed signaling rate cuts will be later than expected) have been bearish yet BTC hasnt budged" [X Link](https://x.com/RHouseResearch/status/1950990821949346277) 2025-07-31T18:43Z [----] followers, [---] engagements "$SBET $BMNR The day is coming where wallstreet analysts figure out they have to apply a 20-50x P/E to ETH strategy companies BMNR/SBET just breaks the math around traditional SaaS valuations/Rule of 40/customer churn metrics/net retention https://t.co/aiiEbFXgRK The day is coming where wallstreet analysts figure out they have to apply a 20-50x P/E to ETH strategy companies BMNR/SBET just breaks the math around traditional SaaS valuations/Rule of 40/customer churn metrics/net retention https://t.co/aiiEbFXgRK" [X Link](https://x.com/RHouseResearch/status/1951036533290528917) 2025-07-31T21:45Z [----] followers, [----] engagements "This is a good point - Amazon Microsoft Meta and Google all can self-build data centers as they have the massive balance sheets and cash-printing businesses to do so. Oracle $ORCL seems most likely to lease $GLXY's capacity IMO. They are making a big push to gain market share in AI cloud computing and don't self-build their own data centers. They're rumored to be looking for 5GW of capacity to serve their $30B ACV contract with OpenAI. I also wouldn't be surprised to Amazon Microsoft Meta and Google shift more towards third-party leasing in the future given their cash flow margins continue to" [X Link](https://x.com/RHouseResearch/status/1951045297531973777) 2025-07-31T22:20Z [----] followers, [---] engagements "Very bullish for the entire AI infrastructure value chain. And $3B of ARR added in July alone surely has to be the most ARR added in a month by any tech company ever. OPENAI HAS RAISED $8.3 BILLION AT A $300 BILLION VALUATION MONTHS AHEAD OF SCHEDULE - DEALBOOK OPENAI'S ANNUAL RECURRING REVENUE HAS SOARED TO $13 BILLION UP FROM $10 BILLION IN JUNE - NYT DEALBOOK OPENAI HAS RAISED $8.3 BILLION AT A $300 BILLION VALUATION MONTHS AHEAD OF SCHEDULE - DEALBOOK OPENAI'S ANNUAL RECURRING REVENUE HAS SOARED TO $13 BILLION UP FROM $10 BILLION IN JUNE - NYT DEALBOOK" [X Link](https://x.com/RHouseResearch/status/1951274562148000197) 2025-08-01T13:31Z [----] followers, [----] engagements "@akramsrazor Was $MSFT commentary re: GitHub not actually quite bullish for $GTLB Surprised to see it trade down the past few days" [X Link](https://x.com/RHouseResearch/status/1951411497000649180) 2025-08-01T22:35Z [----] followers, [---] engagements "@TheKamaHsutra @JaMarc0 @mikealfred @FransBakker9812 @JarronJackson4 This is the same Poolside AI that churned off IREN Cloud" [X Link](https://x.com/RHouseResearch/status/1952906223055192528) 2025-08-06T01:35Z [----] followers, [---] engagements "@TheKamaHsutra @JaMarc0 @mikealfred @FransBakker9812 @JarronJackson4 Im not shitting on anyone. I just find it amusing that your response to the CoreWeave CSO saying anyone can run a cluster with a few thousand GPUs is to send a video of a former IREN customer whom left IREN because they only had a few thousand GPUs" [X Link](https://x.com/RHouseResearch/status/1952909831712719286) 2025-08-06T01:49Z [----] followers, [---] engagements "@TheKamaHsutra @JaMarc0 @mikealfred @FransBakker9812 @JarronJackson4 Scaling out massive clusters IREN only has 4K or so GPUs what could they possibly know about scaling out massive clusters" [X Link](https://x.com/RHouseResearch/status/1952911663675654566) 2025-08-06T01:56Z [----] followers, [---] engagements "@TheKamaHsutra @JaMarc0 @mikealfred @FransBakker9812 @JarronJackson4 Let me guess - IREN cloud with their 4K GPUs knows more about scaling massive clusters than CoreWeave and its 250K+ GPUs" [X Link](https://x.com/RHouseResearch/status/1952912007595999471) 2025-08-06T01:58Z [----] followers, [---] engagements "Well to be fair the number of GPUs was static for IREN cloud up until last month (whilst every other neocloud was growing like a weed for the past year). Which again gets back to the original point of the CoreWeave clip. CoreWeave has added tens of thousands of GPUs each month for the past year while IREN cloud has only added 2K total once. Is it really just a funding bottleneck And if funding is a key component of running a cloud is IREN cloud not massively disadvantaged given CRWV can raise billions of dollars of debt while IREN has to rely on the ATM And do you believe IREN cloud will" [X Link](https://x.com/RHouseResearch/status/1952915384090202451) 2025-08-06T02:11Z [----] followers, [---] engagements "Very interesting nugget in $META's 10-Q. Looks like they're planning on contributing $2B worth of data center assets into a co-development vehicle to offload part of their CapEx bill to a third-party data center developer. Makes total sense given their YTD FCF has declined from $24B to $20B despite their topline and EBIT growing 20% to 30%. FCF margins are collapsing as they continue to invest into their infrastructure build-out. This should bode very well for AI data center developers - one of the largest hyperscalers is showing early signs of shifting towards out-sourcing data center" [X Link](https://x.com/RHouseResearch/status/1953222435060253046) 2025-08-06T22:31Z [----] followers, [----] engagements "$NBIS blow-out earnings report demonstrates that the demand for AI compute is accelerating. Q2-25 rev. of $105.1MM was up 625% YoY (vs. Q1-25 rev. of $55MM and 395% YoY growth). Nebius now expects to end [----] with $900MM - $1.1B of ARR. To achieve this growth they expect to increase their data center footprint from 220MW today to 1GW by [----]. Beyond [----] $NBIS's data center footprint can be reasonably expected to grow well beyond 1GW given mgmt. believes they can achieve "billions of dollars of revenue" "in the medium term". This robust growth is very positive for AI data center developers" [X Link](https://x.com/RHouseResearch/status/1953423229768409264) 2025-08-07T11:49Z [----] followers, [----] engagements "@rangersfan_11 The right comp for $GLXY's data center business is $DLR given they both develop own and operate data centers. $NBIS is a potential tenant for data center platforms such as $DLR and $GLXY" [X Link](https://x.com/RHouseResearch/status/1953433243564294184) 2025-08-07T12:29Z [----] followers, [---] engagements "So $NBIS continues to earn revenue from their obsolete older GPUs. And $CRWV customers sign [--] year contracts to run workloads on a specific GPU type which is not swapped out (or upgraded to a new version) over the [--] year term. But please tell me more about how GPUs have [--] year useful lives. Arkady Volozh Founder & CEO of $NBIS: "We were sold out in all Hopper GPU versions." But wait werent the bears saying older GPU versions become obsolete quickly 🤔 Arkady Volozh Founder & CEO of $NBIS: "We were sold out in all Hopper GPU versions." But wait werent the bears saying older GPU versions become" [X Link](https://x.com/RHouseResearch/status/1953515148640964991) 2025-08-07T17:54Z [----] followers, [----] engagements "Will be very interesting to see if this marks a shift in hyperscalers moving back towards leasing their data center capacity from third party owners and operators and away from self-building. $DLR and $EQIX both are also spinning up hyperscale DC JVs with outside capital from the usual suspects (e.g. $BX)" [X Link](https://x.com/RHouseResearch/status/1953633047149965414) 2025-08-08T01:43Z [----] followers, [---] engagements "Wouldn't an underwhelming GPT-5 actually be quite bullish for $NVDA etc. It's not as if OpenAI would throw the towel in on training the biggest models because of one poor release. In fact the opposite might be true - it should create more impetus to crank harder on GPT-6. And also create a shimmer of light for the Meta's of the world in that they might not be as far behind as OpenAI as previously thought (causing them to ramp even harder on their AI infra strategy)" [X Link](https://x.com/RHouseResearch/status/1953775513878593841) 2025-08-08T11:09Z [----] followers, [---] engagements "@matthew_sigel Could actually be very bullish for AI data center developers (i.e. $GLXY) if the hyperscalers move to lease their data center capacity (as opposed to self-building with their in-house development teams) in order to preserve FCF and FCF margins" [X Link](https://x.com/RHouseResearch/status/1953777995337826525) 2025-08-08T11:19Z [----] followers, [----] engagements "@proof_of_thermo @matthew_sigel What other publicly traded data center developer has a tenant agreement in hand to develop an 800MW build to suit hyperscale AI data center" [X Link](https://x.com/RHouseResearch/status/1953829865267884368) 2025-08-08T14:45Z [----] followers, [---] engagements "Im simply pointing out how preposterous it is for a supposed public company board member to shamelessly pump shares in a Companys hes long and then delete the tweet after his claims were obviously and predictably proven false. With respect to $IREN I think this behavior looks bad (given hes a BoD member) and distracts from the underlying fundamentals. As others have noted $IREN appears to be the only Bitcoin miner that is generating positive operating income. I dont understand why this influencer feels the need to create hype such as $IREN is going to land a huge hyperscaler deal and then" [X Link](https://x.com/RHouseResearch/status/1954168433194541502) 2025-08-09T13:10Z [----] followers, [----] engagements "Agreed 100% the execution has been pitiful. I don't think I'll ever forget a few years ago when they came out and said they had been calculating ARR incorrectly (causing a 30% puke) - unbelievably bad. Not capitalizing on $CRWD's huge blunder another example. But the poor mgmt. team is actually core to the $S thesis. It's a prime candidate for a take-private LBO by one of the larger SaaS focused PE funds. They would benefit massively by getting out of the public spotlight. I think PE could easily underwrite: - 15% CAGR in ARR to get to $2B in [--] years - 30-40% EBITDA margins in year [--] - 15x -" [X Link](https://x.com/RHouseResearch/status/1954173517802381660) 2025-08-09T13:30Z [----] followers, [---] engagements "@FransBakker9812 @RealJimChanos These are quotes from the CEO - how is this possibly FUD Literal direct quotes from the CEO" [X Link](https://x.com/RHouseResearch/status/1954586738581442836) 2025-08-10T16:52Z [----] followers, [---] engagements "All eyes on $CRWV s earnings tomorrow afternoon. We are doubling our compute fleet over the next [--] months certainly sounds bullish. $NBIS might also have a role to play with OpenAI - mgmt. hinted at a large deal with an AI lab last week. Here is how we are prioritizing compute over the next couple of months in light of the increased demand from GPT-5: [--]. We will first make sure that current paying ChatGPT users get more total usage than they did before GPT-5. [--]. We will then prioritize API demand up to the Here is how we are prioritizing compute over the next couple of months in light of the" [X Link](https://x.com/RHouseResearch/status/1955079010804785199) 2025-08-12T01:28Z [----] followers, [----] engagements "@ActAccordingly $SG was an even bigger signal on $CAVA and I also just watched rather than played it. Sigh" [X Link](https://x.com/RHouseResearch/status/1955373452417962330) 2025-08-12T20:58Z [----] followers, [---] engagements "@mvcinvesting @qqnrwjqb Lol. Again - what structural advantages does $NBIS have that $CRWV lacks Please educate me on the concept of vertical integration - Ive never heard of it" [X Link](https://x.com/RHouseResearch/status/1955391737813406130) 2025-08-12T22:11Z [----] followers, [---] engagements "@mvcinvesting Again youre 3/3 for being wrong on every $CRWV related take. $NBIS does not own its data centers. Do you really think that $NBIS is actively involved in the data centers being developed for them but $CRWV has no input on the data centers being built for them" [X Link](https://x.com/RHouseResearch/status/1955398667717971982) 2025-08-12T22:39Z [----] followers, [----] engagements "@mvcinvesting Where are these vertically integrated data centers you speak of Clearly not on the audited financials" [X Link](https://x.com/RHouseResearch/status/1955401958413701500) 2025-08-12T22:52Z [----] followers, [---] engagements "So we agree - $NBIS will be vertically integrated in the future but currently relies primarily on leases. There was $50MM of land and building on $NBIS s balance sheet as of Q4-24. At $10MM/MW that implies 5MW of self-built capacity. A tiny fraction vs. amounts leased. You realize $CRWV is also aiming to vertically integrate too right I actually have a lot of respect for your work but implying $NBIS is somehow vastly superior to $CRWV because of their future plans to vertically integrate reminds me of how $IREN shills claim $IREN is superior to $NBIS. $NBIS is not unique because they are" [X Link](https://x.com/RHouseResearch/status/1955405122978361544) 2025-08-12T23:04Z [----] followers, [---] engagements "@mvcinvesting How much of the Finnish data center is operational today" [X Link](https://x.com/RHouseResearch/status/1955410220873814040) 2025-08-12T23:25Z [----] followers, [---] engagements "$CRWV is leasing 590MW from $CORZ. Do you really think $CRWV is having $CORZ run with all of the engineering specifications and structural design choices for this 590MW lease As a reminder $CRWV is funding the majority of the capex for this lease (in exchange for a lower rental rate). While this CapEx wont sit on $CRWV s balance sheet (until the acquisition closes) $CRWV is obviously heavily involved in the day to day construction process. This suggests to me an ability to vertically integrate no Or because the PP&E isnt on their balance sheet it doesnt count" [X Link](https://x.com/RHouseResearch/status/1955411707393872154) 2025-08-12T23:30Z [----] followers, [----] engagements "@SouthernValue95 $GTLB and $S which both could actually be AI-winners are looking good here at mid single digit ARR multiples. I mean Satya pretty much told us a few weeks ago about the big AI-related monetization opportunity at GitHub" [X Link](https://x.com/RHouseResearch/status/1955815616444817704) 2025-08-14T02:15Z [----] followers, [----] engagements "@akramsrazor If $GOOG thinks they can close Wiz at $32B $10B for $GTLB definitely has to be under consideration. Question is does $AMZN move quicker given OpenAI now aggressively pushing to gain share across devs" [X Link](https://x.com/RHouseResearch/status/1956356583505494207) 2025-08-15T14:05Z [----] followers, [----] engagements "@akramsrazor Dont know if thats possible until after they restructure their contract with $MSFT. Also not sure $GTLB shareholders want OpenAI stock at $500B valuation. Plenty of other logical strategics though. $IBM for example seems overdue for some M&A" [X Link](https://x.com/RHouseResearch/status/1956358293212799208) 2025-08-15T14:12Z [----] followers, [----] engagements "I don't see any "problem" here at all. $APLD catches a "mega bids/coverage" whenever they mention AI because it's a heavily shorted name. Any news at all can move this type of stock but these short-squeezes slowly retrace over time. I don't think positive CNBC coverage on $APLD is going to result in sustainable long-term value creation for $APLD shareholders. I'm not going to abandon my initial investment thesis because of short-term underperformance vs. other crypto and AI-related names. This market continues to seem highly-inefficient especially with respect to $GLXY's relative valuation" [X Link](https://x.com/RHouseResearch/status/1958254886065225917) 2025-08-20T19:48Z [----] followers, [---] engagements "@ChelApples It extends beyond crypto-names. Just look at the charts of $OKLO $SMR $LMND $RKLB $JOBY $IONQ $RGTI $SMR $SOUN $QBTS $BBAI etc. etc. The more cash you're burning and the less sensible your business model the higher valuation you get in this market" [X Link](https://x.com/RHouseResearch/status/1958257964256776703) 2025-08-20T20:00Z [----] followers, [---] engagements "Meta is freezing AI hiring My brother in Christ they quite literally just spent $15B to hire the execs from Scale AI and have been offering $1B contracts for AI researchers and engineers. They also just literally told investors theyre going to spend $100B on AI infrastructure CapEx next year. Some freeze. 🥶" [X Link](https://x.com/RHouseResearch/status/1958344513358856472) 2025-08-21T01:44Z [----] followers, 26.6K engagements "The $CRWV misinformation is getting beyond tiresome. Magnetar did not purchase puts on $CRWV ahead of the IPO (and then intentionally fail to disclose as such). The Series C round which Magnetar participated in included a "put" feature allowing Series C shareholders to sell their shares back to the Company at cost ($38.95) if certain future conditions weren't met. While not commonplace this structure provides for downside protection and incentivizes the Company to pursue an IPO (facilitating a potential exit for the Series C investors). The "put" feature (right to sell) was embedded within" [X Link](https://x.com/RHouseResearch/status/1959832553176567976) 2025-08-25T04:17Z [----] followers, [----] engagements "Any phase I CapEx funded post 6/30 was almost certainly recouped via the dividend given "Construction / WIP" was $500MM as of 6/30 (against an expected $200MM - $300MM of cash equity required for Phase I). Said differently $GLXY had already funded $500MM of capital for Phase I as of 6/30 - this is why they received a dividend to recoup a portion of the $500MM above the required cash-equity ($200MM - $300MM). Mgmt. clarified on spaces following the earnings call that the "private equity" referred to likely would be non-dilutive preferred equity to supplement the project-level debt. In addition" [X Link](https://x.com/RHouseResearch/status/1960121696448553009) 2025-08-25T23:26Z [----] followers, [---] engagements "@8888TLD @eugenelee1031 @FloodCapital You quite clearly amongst other things do not understand basic math or what the word need means" [X Link](https://x.com/RHouseResearch/status/1960139935349977331) 2025-08-26T00:39Z [----] followers, [---] engagements "Very interesting commentary from @dylan522p here. $IREN 12/👑 Dylan's advice for Jensen Huang: "Why don't you get into the infrastructure game somehow. they should like accelerate the data center ecosystem with investments. controlling the infrastructure end to end Very interesting commentary from @dylan522p here. $IREN 12/👑 Dylan's advice for Jensen Huang: "Why don't you get into the infrastructure game somehow. they should like accelerate the data center ecosystem with investments. controlling the infrastructure end to end" [X Link](https://x.com/RHouseResearch/status/1960442115047219679) 2025-08-26T20:39Z [----] followers, 13.7K engagements "So I'm understanding this correctly - when @dylan522p goes on a podcast and makes a one-off comment about Nvidia getting into infrastructure this is bullish for $IREN (with $25MM of cloud ARR and sub 10K GPUs. ) But this is not bullish for $CRWV (250K+ GPUs $5B ARR whom Nvidia has invested hundreds of millions of dollars in and rents cloud services from And then when @dylan522p puts together a comprehensive ranking of AI cloud offerings and states that $IREN received a "non-performing" ranking for having rudimentary security vulnerabilities we should ignore him" [X Link](https://x.com/RHouseResearch/status/1960447059007275515) 2025-08-26T20:59Z [----] followers, [---] engagements "So you're accusing @dylan522p of more or less putting out a paid puff piece on $CRWV right before its IPO to pump the stock price when he has explicitly stated multiple times (as in the above) that (i) $CRWV is not even the largest Semi-Analysis customer and that (ii) the ClusterMax rankings are entirely objective and independent" [X Link](https://x.com/RHouseResearch/status/1960449178762391921) 2025-08-26T21:08Z [----] followers, [----] engagements ""They actually know how to set up and operate AI clusters at scale". Well $IREN's $25MM of current ARR suggests otherwise. As do @SemiAnalysis_'s ClusterMAX rankings which suggest $IREN cannot even operate a few thousand GPUs without critical security vulnerabilities. The fact that $IREN's only named cloud customer Poolside AI left $IREN also suggests $IREN cannot scale large GPU clusters. $CRWV's $5B of current ARR (and customer contracts with OpenAI MSFT Google META etc.) does however suggest they know how to set up and operate AI clusters at scale. As such it would seem much more logical" [X Link](https://x.com/RHouseResearch/status/1960450218257960987) 2025-08-26T21:12Z [----] followers, [---] engagements "@JarronJackson4 @dylan522p @SemiAnalysis_ Yes I'm long $GLXY. This is literally a completely separate twitter post from what we were discussing How is it relevant" [X Link](https://x.com/RHouseResearch/status/1960452433185853902) 2025-08-26T21:20Z [----] followers, [---] engagements "@Crussian17 Thoma Bravo actively starting to deploy some of the tens of billions they just raised. surely $OKTA is a buy here at this valuation based on that development alone" [X Link](https://x.com/RHouseResearch/status/1960455092005449795) 2025-08-26T21:31Z [----] followers, [---] engagements "Are you sure about that bro I have been told repeatedly by esteemed $IREN Board Member Mike Alfred that $IREN will eventually surpass and acquire $CRWV in the not so distant future. If you havent heard they own a few plots of dirt in Sweetwater Texas that they might energize next year which makes them a vertically integrated AI cloud player" [X Link](https://x.com/RHouseResearch/status/1960466012937073017) 2025-08-26T22:14Z [----] followers, [----] engagements "@JarronJackson4 @dylan522p @Lazarus_Capital It really is quite remarkable how you pivot any discussion involving even the slightest critique of $IREN to somehow an attack on Galaxy. Sad really" [X Link](https://x.com/RHouseResearch/status/1960472806296314301) 2025-08-26T22:41Z [----] followers, [---] engagements "Here are the facts regarding $IREN Cloud: - $IREN clouds only ever named customer Poolside AI churned after less than [--] months - $IREN clouds current ARR ($25MM) represents a fraction of a fraction of the size of other neoclouds such as $NBIS (est. $500MM+) and $CRWV ($5B+) - $IREN s cloud revenue (basically flat from Q1 to Q2) is growing significantly slower than other neoclouds such as $CRWV (up 20%+) and $NBIS (up 100%) - SemiAnalysis an independent objective third party research firm who counts every hyperscaler and megacap semi-conductor company as customers has stated $IREN does not" [X Link](https://x.com/RHouseResearch/status/1960476444145942710) 2025-08-26T22:56Z [----] followers, [---] engagements "@atelicinvest Isnt there an argument they could curb spend on new model training and run the existing models quite profitably" [X Link](https://x.com/RHouseResearch/status/1960545612790632790) 2025-08-27T03:31Z [----] followers, 16.1K engagements "Have to chuckle at $HUT ripping 15% since announcing "plans to develop four new data center sites" totaling "1530MW". This press release contains the usual jargon around $HUT being a "digital infrastructure platform" "addressing demand for energy-intensive use cases." The release does not however contemplate that these "data centers" "in development" will be used for Bitcoin mining which is interesting given the majority of $HUT's revenue today comes from Bitcoin mining. The release also does not mention Hut8 securing a tenant for any of these data centers or executing debt financing to fund" [X Link](https://x.com/RHouseResearch/status/1960734484703133935) 2025-08-27T16:01Z [----] followers, [----] engagements "@mvcinvesting Great interview man. The $NBIS story is pretty fascinating - awesome you got to speak with one of the co-founders He really gave some good insights as to how theyre thinking about the market opportunity and their competitive advantages" [X Link](https://x.com/RHouseResearch/status/1960763025054449810) 2025-08-27T17:55Z [----] followers, [----] engagements "$CRWV $GLXY $CORZ Some relevant comments on compute demand from Coreweave at Deutsche Bank Tech conference. https://t.co/RSTJRxllOe Some relevant comments on compute demand from Coreweave at Deutsche Bank Tech conference. https://t.co/RSTJRxllOe" [X Link](https://x.com/RHouseResearch/status/1960814780739887550) 2025-08-27T21:20Z [----] followers, [----] engagements "The most likely top signal should it ever come would involve a drying up of capital for OpenAI and Anthropic. In the past few weeks *checks notes* OpenAI announced a secondary share sale at $500B and Anthropic doubled the size of their latest funding round from $5B to $10B at a $170B valuation. Hm" [X Link](https://x.com/RHouseResearch/status/1960838919420834055) 2025-08-27T22:56Z [----] followers, [---] engagements "This seems uh. pretty bad for $SOUN" [X Link](https://x.com/RHouseResearch/status/1961055100106854809) 2025-08-28T13:15Z [----] followers, [----] engagements "What "powered shell colocation" business does $IREN even have Are you referring to them colocating their Bitcoin mining operation within their self-built mining data centers Roughly 3% of their revenue is cloud - the other 97% is Bitcoin mining. They do not have any colocation revenue from leasing out data center space to third parties" [X Link](https://x.com/RHouseResearch/status/1961138525916860834) 2025-08-28T18:47Z [----] followers, [----] engagements "$IREN Lol so the board decided to remove the performance-based vesting conditions related to [-------] shares awarded to the "co-CEOs". Instead those shares will automatically vest beginning in November [----]. Guess who [--] of the [--] board members are Those same "co-CEOs"" [X Link](https://x.com/RHouseResearch/status/1961171347217764448) 2025-08-28T20:57Z [----] followers, 11.7K engagements "@japdongsanee When did I mention $GLXY What does $GLXY have anything to do with the tweet" [X Link](https://x.com/RHouseResearch/status/1961174041017913486) 2025-08-28T21:08Z [----] followers, [---] engagements "$IREN has sold $253MM of stock via their ATM. in just under the last [--] months alone" [X Link](https://x.com/RHouseResearch/status/1961178153222902109) 2025-08-28T21:24Z [----] followers, [----] engagements "@vicvinegar888 Agreed - Id certainly be selling stock here if I were them too" [X Link](https://x.com/RHouseResearch/status/1961181317170942054) 2025-08-28T21:37Z [----] followers, [---] engagements "In the last few months $GLXY mgmt. has: - Leased out every MW they have available at Helios - Executed a billion dollar plus financing deal for the Helios build-out - Met with the Governor of Texas to push as hard as possible for approval on the MWs they have under regulatory review - Closed numerous asset mgmt. deals which will bring high margin re-occurring revenue to the DA business - Executed the largest ever BTC trade - Reported the best month ever for the DA business And likely much much more behind the scenes. If youre impatient and have a short term investment horizon I can understand" [X Link](https://x.com/RHouseResearch/status/1961189764557668647) 2025-08-28T22:10Z [----] followers, [---] engagements "@habibismore @DCryptDeezNutz @CillianBraille @bigbellysnot $GLXY quite literally went up 50%+ during a period in July when $CRWV went down 50%+" [X Link](https://x.com/RHouseResearch/status/1961190979613884554) 2025-08-28T22:15Z [----] followers, [---] engagements "@matthew_sigel $CRWV trades for 20x EBITDA. 98% of $CRWV s revenue is from [--] year contracts - why would $CRWV trade at a lower multiple" [X Link](https://x.com/RHouseResearch/status/1961226456064770240) 2025-08-29T00:36Z [----] followers, [---] engagements "What do you mean "ends up being" They just reported $750MM of Adj. EBITDA last quarter. Annualized thats $3B. Market Cap of $50B $10B of net debt = $60B TEV. So 20x. Again all of $CRWV's revenue comes from 4+ yr. contracts from $MSFT OpenAI Google etc. None of $IREN's cloud revenue comes from long term contracts. Why would $IREN cloud trade at a premium multiple Surely you would agree that higher recurring revenue = higher multiple. And that's not even to mention that again your $IREN fwd. EBITDA is extremely speculative as it assumes they are able to lease all of their compute capacity out." [X Link](https://x.com/RHouseResearch/status/1961232078772613220) 2025-08-29T00:59Z [----] followers, [---] engagements "Lol what $CRWV could very easily purchase powered land (Sweetwater) and / or BTC mining data centers (Childress) for a small smidgen of their market cap if they really wanted this so-called "optionality". Riddle me this - if there was so much embedded value within this "strategic option value". why did $IREN mgmt. attempt to sell Sweetwater last year And why were they unable to find any interested buyers" [X Link](https://x.com/RHouseResearch/status/1961235942183977044) 2025-08-29T01:14Z [----] followers, [---] engagements "Got it. Just so I have this straight - $IREN cloud which did $7MM of revenue last quarter (vs. $1.2B for $CRWV) and has zero long-term contracts (vs. all of $CRWV's revenue being derived from [--] yr. contracts). deserves a premium valuation to $CRWV because they own a Bitcoin mining data center and a plot of dirt in Sweetwater (which they unsuccessfully tried to sell last year)" [X Link](https://x.com/RHouseResearch/status/1961238040791175405) 2025-08-29T01:22Z [----] followers, [---] engagements "One less discussed piece of the $GTLB bull-thesis revolves around the background of the companys new CEO. Bill Staples who was appointed $GTLB CEO in Dec. [----] was previously CEO of New Relic from May [----] through Dec. [----]. He led New Relic through a sale process which culminated in the business being taken private by Fransisco Partners and TPG two of the largest and best-known technology focused private equity investors. I would imagine he is quite familiar with a large of potential $GTLB acquirers both strategic (IBM adjacent infrastructure software e.g. Datadog public cloud hyperscalers)" [X Link](https://x.com/RHouseResearch/status/1961487518123368470) 2025-08-29T17:54Z [----] followers, [----] engagements "@ActAccordingly $GOOG should acquire $GTLB (though this isnt crazy at all)" [X Link](https://x.com/RHouseResearch/status/1961488056055173160) 2025-08-29T17:56Z [----] followers, [---] engagements "@trailinvest Why does $IREN mgmt. state that they generate substantial free cash flow if as you just admitted the FCF is negative" [X Link](https://x.com/RHouseResearch/status/1961496742261584349) 2025-08-29T18:30Z [----] followers, [---] engagements "@roberto45580514 @Umbisam So is negative $1.1B of Operating Cash Flow minus Capex = substantial free cash flow I might have missed there being a new definition of free cash flow - let me know" [X Link](https://x.com/RHouseResearch/status/1961592575569096967) 2025-08-30T00:51Z [----] followers, [---] engagements "@trailinvest Nothing Did the definition of free cash flow change Last I checked free cash was = Operating Cash Flow minus CapEx. $IREN s Operating Cash Flow minus CapEx was negative $1.1B for FY25" [X Link](https://x.com/RHouseResearch/status/1961593593845461378) 2025-08-30T00:55Z [----] followers, [---] engagements "@roberto45580514 @Umbisam How is pointing out a basic number from the financial statements FUD Can you answer a simple three part question for me: 1) What is the definition of free cash flow 2) What was $IRENs free cash flow for FY25 3) Was $IRENs free cash for FY25 substantial" [X Link](https://x.com/RHouseResearch/status/1961594190006993273) 2025-08-30T00:57Z [----] followers, [---] engagements "@BigDegenEth @roberto45580514 Can you answer a simple three part question for me: 1) What is the definition of free cash flow 2) What was $IRENs free cash flow for FY25 3) Was $IRENs free cash for FY25 substantial" [X Link](https://x.com/RHouseResearch/status/1961615129339949367) 2025-08-30T02:21Z [----] followers, [---] engagements "@trailinvest Nothing from trailinvest here. Did the definition of free cash flow change Why has $IREN mgmt repeatedly stated they generate free cash flow when they have burned through over a billion bucks this past fiscal year https://x.com/rhouseresearch/status/1961972848169251289s=46&t=i6qKZNVQViwQ7XxPAlTnRQ https://x.com/rhouseresearch/status/1961972848169251289s=46&t=i6qKZNVQViwQ7XxPAlTnRQ" [X Link](https://x.com/RHouseResearch/status/1961973283227623488) 2025-08-31T02:04Z [----] followers, [---] engagements "@mvcinvesting This is a good listen to learn more about $CRWV s technical expertise. I believe youll view their offering as much more differentiated after watching it. https://m.youtube.com/watchv=5kerW51jdgk&pp=ygUZQ29yZXdlYXZlIGN0byBkeWxhbiBwYXRlbA%3D%3D https://m.youtube.com/watchv=5kerW51jdgk&pp=ygUZQ29yZXdlYXZlIGN0byBkeWxhbiBwYXRlbA%3D%3D" [X Link](https://x.com/RHouseResearch/status/1962216372559077460) 2025-08-31T18:10Z [----] followers, [----] engagements "$IREN's co-CEOs expect to sell [-------] shares through B. Riley "from time to time". Because of course B. Riley is involved here. @WolfpackReports @muddywatersre" [X Link](https://x.com/RHouseResearch/status/1963034563648647679) 2025-09-03T00:21Z [----] followers, [----] engagements "@trailinvest So what happens to the "$200MM to $250MM" of $IREN cloud ARR in [----] when Nvidia releases Rubins" [X Link](https://x.com/RHouseResearch/status/1963057872939434051) 2025-09-03T01:54Z [----] followers, [---] engagements "But $IREN s ARR from their Blackwell fleet will decline if by @trailinvests logic revenue from existing GPUs declines as new GPU architectures are released. This is a stark contrast from Coreweaves model in which 98% of their revenue comes from [--] yr. contracts which eliminates essentially any exposure from GPU spot pricing declines" [X Link](https://x.com/RHouseResearch/status/1963062251729952828) 2025-09-03T02:11Z [----] followers, [---] engagements "@AJacksonHole Indeed" [X Link](https://x.com/RHouseResearch/status/1963067901092532519) 2025-09-03T02:33Z [----] followers, [---] engagements "@HedgeyeComm They had a monopoly in the best business ever for the past two decades - this is no longer the case going forward" [X Link](https://x.com/RHouseResearch/status/1963070689293828585) 2025-09-03T02:44Z [----] followers, [----] engagements "I have other positions in adjacent industries (e.g. cloud data centers) and try to follow and stay up to date on all of the relevant companies within digital infrastructure. $IREN is clearly one of the most discussed names on X so it makes sense for me to post my observations on it" [X Link](https://x.com/RHouseResearch/status/1963073491445362844) 2025-09-03T02:56Z [----] followers, [---] engagements "@akramsrazor Dont even think you need the strategic acquisition after yesterdays call - could do very well as a standalone platform if Duo workflow lands well" [X Link](https://x.com/RHouseResearch/status/1963565974549840224) 2025-09-04T11:33Z [----] followers, [---] engagements "Neocloud market really beginning to segment between the haves ( $CRWV $NBIS Crusoe Lambda Lepton etc. ) and the have-nots. Wow. Nebius had been hunting for a hyperscaler partner versus a focus on AI labs and they got it. $20bn multi-year deal with MSFT. Huge validation of the AI Neocloud model too. Coreweave and Nebius clearly have value and compute is constrained if hyperscalers continue to sign https://t.co/YF75t5S61Y Wow. Nebius had been hunting for a hyperscaler partner versus a focus on AI labs and they got it. $20bn multi-year deal with MSFT. Huge validation of the AI Neocloud model" [X Link](https://x.com/RHouseResearch/status/1965175559715176468) 2025-09-08T22:08Z [----] followers, [----] engagements "@blondesnmoney $CORZ isn't a comp to $NBIS. $CORZ = data center landlord (owns data center rents space and power). $NBIS = data center tenant (owns GPUs rents compute)" [X Link](https://x.com/RHouseResearch/status/1965196097825219051) 2025-09-08T23:30Z [----] followers, [----] engagements "That said this deal is clearly a positive signal for the entire AI infrastructure value chain. $NBIS inking $3B ACV deals strongly suggests larger deals for $CRWV are on the come (as their CFO just hinted at). $CRWV will then need more data center capacity which is where $CORZ and $GLXY come in. https://x.com/RHouseResearch/status/1963697081455185960 https://x.com/RHouseResearch/status/1963697081455185960" [X Link](https://x.com/RHouseResearch/status/1965197118743675311) 2025-09-08T23:34Z [----] followers, [---] engagements "I would first caveat this by saying I do think there will be a big wave of consolidation in the neocloud space eventually where many in the long tail of providers go out of business. But for $CRWV $NBIS etc. - they are solely focused on running AI workloads. Microsoft's cloud infrastructure is basically entirely CPU or "legacy" cloud focused - they don't have much experience with GPUs and don't move very quickly (given they have hundreds of billions of dollars of existing business to worry about). Running massive GPU clusters reliably is no small task. There is an entire software or" [X Link](https://x.com/RHouseResearch/status/1965205218863579269) 2025-09-09T00:06Z [----] followers, [---] engagements "$CRWV has basically told you that their ARR is going to 5x in the not so distant future. Id expect that largely to be a function of a few outsized hyperscaler / AI frontier lab deals. It wouldnt surprise me if $CRWV actually helped $ORCL service their massive backlog similar to $CRWV s agreements with $MSFT and $GOOG" [X Link](https://x.com/RHouseResearch/status/1965533416545522146) 2025-09-09T21:50Z [----] followers, [---] engagements "@davey_juice Rubrik also not competing head to head with Databricks" [X Link](https://x.com/RHouseResearch/status/1965550083753246823) 2025-09-09T22:57Z [----] followers, [---] engagements "Actually has (i) the best AI co-location prospects of any crypto AI data center player and (ii) a truly one-of-one crypto-focused financial services biz (that should be reporting its best ever quarter in Q3-25). Here's a write-up on the data center piece you might find interesting: https://x.com/RHouseResearch/status/1923076150693187726 https://x.com/RHouseResearch/status/1923076150693187726" [X Link](https://x.com/RHouseResearch/status/1965553429138260406) 2025-09-09T23:10Z [----] followers, [---] engagements "@BenBajarin $IREN has $28MM of cloud ARR right now. $NBIS just signed a contract for $3B of ARR from a single customer" [X Link](https://x.com/RHouseResearch/status/1965576498796282203) 2025-09-10T00:42Z [----] followers, [---] engagements "@trailinvest @Nichtay314 @HODLingFool Yeah there's really no point discussing this with you. Best of luck" [X Link](https://x.com/RHouseResearch/status/1965587278237249750) 2025-09-10T01:25Z [----] followers, [---] engagements "Loved the response from $CRWV CEO when asked about the $NBIS $MSFT deal. Nothing but praise for $NBIS while also hinting at more large deals for both $CRWV and $NBIS which is exactly what $NBIS alluded to yesterday" [X Link](https://x.com/RHouseResearch/status/1965727130517655765) 2025-09-10T10:40Z [----] followers, 13.2K engagements "$ORCL all but confirming their intent to continue to rely on third-party data center owners and operators for their OCI cloud infrastructure business as opposed to self-building data center capacity" [X Link](https://x.com/RHouseResearch/status/1965747643206029393) 2025-09-10T12:02Z [----] followers, [----] engagements "$GTLB CEO at Goldman Communicopia Conference: Amazon and Google have tried to enter the DevSecOps space in the past and have failed. Translation: $AMZN and $GOOG would be much better served acquiring $GTLB to enter the DevSecOps market" [X Link](https://x.com/RHouseResearch/status/1965796616272781369) 2025-09-10T15:16Z [----] followers, [----] engagements "Reading this made my brain hurt - btw this is not meant to be a personal attack at you (see below: I find your other commentary to be very thoughtful / valuable). The sole individual holding a majority stake in $GLXY with the most to lose financially by swings in $GLXYs share price is fully aware of the mysterious magic hand illegally suppressing the $GLXY price downwards and is sat at his desk watching this manipulation happen with his thumb up his ass. Do you realize how ridiculous you sound Has it ever crossed your mind that perhaps other market participants are bearish $GLXY and / or" [X Link](https://x.com/RHouseResearch/status/1965905706986414498) 2025-09-10T22:30Z [----] followers, [----] engagements "@mvcinvesting I find myself incrementally more bullish on $NBIS each time I listen to a different member of their mgmt. team speak" [X Link](https://x.com/RHouseResearch/status/1966462136181289441) 2025-09-12T11:21Z [----] followers, [----] engagements "@akramsrazor Lol. $NBIS and $ORCL sign huge cloud deals that drive huge moves in both stocks. and you think $CRWV isnt next Pretty well documented Jensen personally loves CoreWeave. Who again controls which cloud players get the GPUs" [X Link](https://x.com/RHouseResearch/status/1966692189066453079) 2025-09-13T02:35Z [----] followers, [----] engagements "@akramsrazor Shorting $ORCL this year was in fact stupid" [X Link](https://x.com/RHouseResearch/status/1966696929695355348) 2025-09-13T02:54Z [----] followers, [---] engagements "Forward Industries $FORD (The Multicoin Galaxy $GLXY and Jump SOL treasury company) is the most exciting DAT for this precise reason. Multicoin Galaxy and Jump each bring unique perspectives and are highly incentivized to drive long-term sustainable ecosystem growth (beyond just SOL number go up). Multicoin: Earliest investor in Solana investor in various ecosystem projects Galaxy: One of the largest validators and defi users on Solana also invested in a handful of ecosystem applications Jump: Building Firedancer (a new Solana validator client) Leaked (unconfirmed) $FORD documents show it" [X Link](https://x.com/RHouseResearch/status/1967231154718744942) 2025-09-14T14:17Z [----] followers, [----] engagements "$CIFR now trading at 28x last quarter's annualized revenue. (And yes those revenues are set to decrease by 50% at April 2028's BTC halving lol)" [X Link](https://x.com/RHouseResearch/status/1968431943843807707) 2025-09-17T21:48Z [----] followers, 10.6K engagements "@dalibali2 Can we finally short the pre-revenue multi-billion dollar market cap basket of ShitCos now" [X Link](https://x.com/RHouseResearch/status/1968698681999159705) 2025-09-18T15:28Z [----] followers, [----] engagements "@stone_maison_ How about the $2B of debt" [X Link](https://x.com/RHouseResearch/status/1968740056404783411) 2025-09-18T18:13Z [----] followers, [---] engagements "I think I have to short $OPEN as a matter of principle after watching the new CEOs interview today with @HarryStebbings. His response to why hes optimistic on iBuying was wild. Something about the TAM being big and the business model being similar to Shopify while ending with admitting he has no idea what his plan is going to be" [X Link](https://x.com/RHouseResearch/status/1968741198127935928) 2025-09-18T18:17Z [----] followers, [---] engagements "@akramsrazor Skimmed the S-1 this weekend and couldnt help but wonder how defensible their product is Seems pretty lightweight and easy to replicate" [X Link](https://x.com/RHouseResearch/status/1968744930039222602) 2025-09-18T18:32Z [----] followers, [---] engagements "@MartinShkreli [----] vibes all over again with the quantum scams $OPEN the AI infra scams etc. etc" [X Link](https://x.com/RHouseResearch/status/1969117270338052396) 2025-09-19T19:11Z [----] followers, [----] engagements "@the_cody_hall Do you have any understanding of any insider trading laws" [X Link](https://x.com/RHouseResearch/status/1969188004867559922) 2025-09-19T23:53Z [----] followers, [----] engagements "@JasonBr38474283 @0x_Bigglesworth @AlexSchettino Im long $CLSK" [X Link](https://x.com/RHouseResearch/status/1969200246723903826) 2025-09-20T00:41Z [----] followers, [----] engagements "Long $CLSK btw. They have way more power than either $IREN or $CIFR. Cleanspark is Americas Miner btw. @JasonBr38474283 @0x_Bigglesworth @AlexSchettino Im long $CLSK @JasonBr38474283 @0x_Bigglesworth @AlexSchettino Im long $CLSK" [X Link](https://x.com/RHouseResearch/status/1969200619710800016) 2025-09-20T00:43Z [----] followers, [----] engagements "@JasonBr38474283 @0x_Bigglesworth @AlexSchettino Yes" [X Link](https://x.com/RHouseResearch/status/1969202065021821375) 2025-09-20T00:48Z [----] followers, [---] engagements "$CRWV up 6% to $132/shr. on news that $NVDA will invest $100B into OpenAI to deploy 10GW of data center capacity. In May I wrote that CoreWeave $CRWV "tenant credit risk fears are overblown". This is a key component of the $GLXY bull thesis given $CRWV is currently $GLXY's only data center tenant. $CRWV is set to pay $GLXY $200MM+ per year in annual rent starting in Q1-26; this number https://t.co/ZOKRiIsCcO In May I wrote that CoreWeave $CRWV "tenant credit risk fears are overblown". This is a key component of the $GLXY bull thesis given $CRWV is currently $GLXY's only data center tenant." [X Link](https://x.com/RHouseResearch/status/1970162621321257069) 2025-09-22T16:25Z [----] followers, [----] engagements "@nic__carter $GLXY https://x.com/RHouseResearch/status/1967903907868254254 In May I wrote that CoreWeave $CRWV "tenant credit risk fears are overblown". This is a key component of the $GLXY bull thesis given $CRWV is currently $GLXY's only data center tenant. $CRWV is set to pay $GLXY $200MM+ per year in annual rent starting in Q1-26; this number https://t.co/ZOKRiIsCcO https://x.com/RHouseResearch/status/1967903907868254254 In May I wrote that CoreWeave $CRWV "tenant credit risk fears are overblown". This is a key component of the $GLXY bull thesis given $CRWV is currently $GLXY's only data" [X Link](https://x.com/RHouseResearch/status/1970168297430597843) 2025-09-22T16:48Z [----] followers, [----] engagements "AI infra play $CIFR up 15% today doesnt have a stretched valuation at 31x last quarters revenue annualized. That revenue is also entirely from Bitcoin mining ($CIFR has [--] AI revenue) which means its set to decline by 50% in [---] years. Doesnt seem stretched at all. Parking money in AI infra plays is the best possible move if you dont know what to do Its a literal no-brainer Valuations arent even stretched Its crazy to say but we might not even be at the middle of the bull cycle Parking money in AI infra plays is the best possible move if you dont know what to do Its a literal no-brainer" [X Link](https://x.com/RHouseResearch/status/1970286916651143348) 2025-09-23T00:39Z [----] followers, 10.3K engagements "Why would $CIFR even bother investing in ASICs for Black Pearl if they're going to sign a tenant soon And why would you even start building the facility prior to signing a tenant $GLXY and $WULF both signed tenants prior to construction. They then worked hand in hand with their tenants to build facilities in line with the tenants' exact specifications. I find it hard to believe any hyperscaler tenant would want to use a Bitcoin mining data center as a starting point as opposed to a fresh greenfield build. Not to mention they now need to incur additional cost (and time) to gut the facility of" [X Link](https://x.com/RHouseResearch/status/1970469900721197159) 2025-09-23T12:46Z [----] followers, [---] engagements "No need to fret $OPEN army. After this weeks dip you can now buy $OPEN shares for the very low price of 8x the value of the real estate on their books So $OPEN whose balance sheet primarily consists of real estate inventory (e.g. houses) is trading at a $7.6B market cap or 12x the book value of those houses ($631MM). This makes buying digital asset treasury companies at 1.5x mNAV look like deep value investing. https://t.co/DKxw8UqI9z So $OPEN whose balance sheet primarily consists of real estate inventory (e.g. houses) is trading at a $7.6B market cap or 12x the book value of those houses" [X Link](https://x.com/RHouseResearch/status/1970589378041807289) 2025-09-23T20:41Z [----] followers, [----] engagements "Shackelford County TX: Developer is Vantage Abilene TX: Developer is Crusoe Milam County TX: SB Energy (shown below). Can someone please explain how Oracle and OpenAI passing on Black Pearl and Barber Lake is somehow. bullish for $CIFR https://www.crusoe.ai/resources/newsroom/crusoe-blue-owl-capital-and-primary-digital-infrastructure-enter-joint-venture https://vantage-dc.com/news/vantage-data-centers-unveils-plans-for-frontier-a-25b-mega-campus-in-texas-to-meet-unprecedented-ai-demand/" [X Link](https://x.com/RHouseResearch/status/1970603224823693645) 2025-09-23T21:36Z [----] followers, 11.4K engagements "@bitcoinbutcher1 Lol. Abilene expansion also is Crusoe. https://www.crusoe.ai/resources/newsroom/crusoe-expands-ai-data-center-campus-in-abilene-to-1-2-gigawatts https://www.crusoe.ai/resources/newsroom/crusoe-expands-ai-data-center-campus-in-abilene-to-1-2-gigawatts" [X Link](https://x.com/RHouseResearch/status/1970604645379871120) 2025-09-23T21:42Z [----] followers, [----] engagements "@McnallieM None of the new data center sites announced are being built by either $CIFR or $IREN. https://x.com/RHouseResearch/status/1970603224823693645 Shackelford County TX: Developer is Vantage (https://t.co/9wisdJXLpV) Abilene TX: Developer is Crusoe (https://t.co/JIMaHplQ93) Milam County TX: SB Energy (shown below). Can someone please explain how Oracle and OpenAI passing on Black Pearl and Barber Lake is somehow. https://t.co/lpeKU85ELP https://x.com/RHouseResearch/status/1970603224823693645 Shackelford County TX: Developer is Vantage (https://t.co/9wisdJXLpV) Abilene TX: Developer is" [X Link](https://x.com/RHouseResearch/status/1970605075002221039) 2025-09-23T21:43Z [----] followers, [----] engagements "@McnallieM So Oracle and OpenAI scoured all of Texas for data center developers and sites. they don't select either $CIFR or $IREN. But this is somehow bullish for $CIFR and $IREN. Can I have a puff of whatever you're smoking" [X Link](https://x.com/RHouseResearch/status/1970605736066531522) 2025-09-23T21:46Z [----] followers, [----] engagements "@WillT2118 Few $DBRG" [X Link](https://x.com/RHouseResearch/status/1970654330337571003) 2025-09-24T00:59Z [----] followers, [---] engagements "Which is sillier - $CRCL at 28x LQA net revenue or $COIN at 15x LQA net revenue" [X Link](https://x.com/RHouseResearch/status/1970836470333350210) 2025-09-24T13:03Z [----] followers, [--] engagements "@zephyr_z9 But what credit risk exists when $NVDA is (i) backstopping $CRWV by agreeing to lease any of their un-utilized capacity and (ii) backstopping OpenAI (cc: this weeks $100B investment" [X Link](https://x.com/RHouseResearch/status/1970861005077971200) 2025-09-24T14:40Z [----] followers, [---] engagements "The comps ($OKLO $IONQ $RKLB $SOUN) say this should be valued at around $20B imo. WSJ: Autonomous Truck Startup Kodiak Set to Go Public After $2.5 Billion Deal🚩 #NoPosition https://t.co/xdsEgMYI8n WSJ: Autonomous Truck Startup Kodiak Set to Go Public After $2.5 Billion Deal🚩 #NoPosition https://t.co/xdsEgMYI8n" [X Link](https://x.com/RHouseResearch/status/1970977284334158292) 2025-09-24T22:22Z [----] followers, [----] engagements "@BitfuryGeorge Hey man - relax. I got this one wrong. Congrats to $CIFR" [X Link](https://x.com/RHouseResearch/status/1971176248874500352) 2025-09-25T11:33Z [----] followers, [----] engagements "@bitcoinbutcher1 @rftylerpage Wrong indeed. Well done to the $CIFR team" [X Link](https://x.com/RHouseResearch/status/1971176700978541013) 2025-09-25T11:35Z [----] followers, [---] engagements "@BitfuryGeorge Deal should bode well for the entire space. $GLXY does look undervalued here given they already have a massive deal with $CRWV and look well positioned to sign another as their additional power becomes available" [X Link](https://x.com/RHouseResearch/status/1971177255570448560) 2025-09-25T11:37Z [----] followers, [---] engagements "@matthew_sigel @0xhannibal The correct headline is Google given stake in $CIFR as part of Fluidstack AI hosting deal Google isnt putting up any cash for these $CIFR warrants" [X Link](https://x.com/RHouseResearch/status/1971179242500341899) 2025-09-25T11:45Z [----] followers, [----] engagements "@wsfoxley @rftylerpage As a (former) $CIFR skeptic - well done to the $CIFR team. Transformational for their business" [X Link](https://x.com/RHouseResearch/status/1971182578108596327) 2025-09-25T11:58Z [----] followers, [---] engagements "Its getting difficult to keep track of all of the imminent bearish headwinds facing Circle $CRCL. INTEL: Cloudflare has unveiled a new stablecoin called NetDollar designed for cross-network agentic transactions INTEL: Cloudflare has unveiled a new stablecoin called NetDollar designed for cross-network agentic transactions" [X Link](https://x.com/RHouseResearch/status/1971236158010224726) 2025-09-25T15:31Z [----] followers, [----] engagements "What's even sillier is the idea that $IREN has the technical expertise to successfully operate the 23K GPUs they've "procured". Independent research firm @SemiAnalysis_ which is often referred to as "the Bible" within the digital infrastructure space has tested their GPU cloud offering and I'm not sure the feedback could have been worse. https://x.com/dylan522p/status/1925771374959747160 https://x.com/dylan522p/status/1925771374959747160" [X Link](https://x.com/RHouseResearch/status/1971271949536870413) 2025-09-25T17:53Z [----] followers, [----] engagements "It turns out an AI / HPC co-location deal might have been priced in with $CIFR trading at 30x+ last quarter's revenue annualized. $CIFR now trading at 28x last quarter's annualized revenue. (And yes those revenues are set to decrease by 50% at April 2028's BTC halving lol). $CIFR now trading at 28x last quarter's annualized revenue. (And yes those revenues are set to decrease by 50% at April 2028's BTC halving lol)" [X Link](https://x.com/RHouseResearch/status/1971273149946925158) 2025-09-25T17:58Z [----] followers, [----] engagements "@blondesnmoney How is $ORCL barely up in AH trading" [X Link](https://x.com/RHouseResearch/status/1971315092257128659) 2025-09-25T20:45Z [----] followers, [---] engagements "Update on AI data-center co-location deals for crypto companies (e.g. historical Bitcoin miners): $CORZ ✅ $WULF ✅ $GLXY ✅ $APLD (lol) ✅ $CIFR ✅ $IREN ❌" [X Link](https://x.com/RHouseResearch/status/1971324333042827495) 2025-09-25T21:22Z [----] followers, 13.9K engagements "@AlexfromBabylon @RealJimChanos @SemiAnalysis_ I have no investment in CoreWeave. How exactly was it de-bunked" [X Link](https://x.com/RHouseResearch/status/1971327646857560111) 2025-09-25T21:35Z [----] followers, [---] engagements "Growth stocks: $OKLO: YoY growth = #DIV/0 $IONQ: Negative YoY organic growth $SOUN: Wont disclose organic growth Growth got smoked today with a bunch of recent winners pulling back hard including $OKLO $ASTS $CIFR $RKLB $IONQ $EOSE & $SOUN Small-cap port is down more than 5% today but $CLPT is ripping again after +60% yesterday on a bloody tape & is now my second largest position. https://t.co/gDGCxF3WNL Growth got smoked today with a bunch of recent winners pulling back hard including $OKLO $ASTS $CIFR $RKLB $IONQ $EOSE & $SOUN Small-cap port is down more than 5% today but $CLPT is ripping" [X Link](https://x.com/RHouseResearch/status/1971335901507879167) 2025-09-25T22:07Z [----] followers, [----] engagements "@JasonL_Capital The one where I warned you not to buy at $16" [X Link](https://x.com/RHouseResearch/status/1971350244861612294) 2025-09-25T23:04Z [----] followers, [---] engagements "@Umbisam What is garbage exactly about pointing out that the vast vast majority of $IREN s current revenue base is derived from Bitcoin mining Labeling $IREN as an AI data center company seems a bit misleading given that 96% of its revenue comes from mining Bitcoin" [X Link](https://x.com/RHouseResearch/status/1971351462832992513) 2025-09-25T23:09Z [----] followers, [----] engagements "@RemoteNavigator Lol huh $IREN has zero Blackwells even deployed as of their latest monthly report. Far far behind other neoclouds such as $CRWV and $NBIS" [X Link](https://x.com/RHouseResearch/status/1971353283525792118) 2025-09-25T23:17Z [----] followers, [----] engagements "@perry_lin1 For $WULF definitely (given they have two projects / customers etc.). Very interested to see where their debt financing shakes out - their execution has been top notch mgmt. team doing extremely well" [X Link](https://x.com/RHouseResearch/status/1971594370576191871) 2025-09-26T15:15Z [----] followers, [---] engagements "According to "Bitfury George" the future is so bright for $CIFR Bitfury can't dump its $CIFR stock fast enough. BREAKING: $CIFR upsizes 0% converts to $1.1B (2031 maturity) on huge demand. $16.03 convert price (37% premium) Capped call to $23.32 (100% premium) $1.08B net to fund Barber Lake + [---] GW HPC pipeline + Neocloud play Best part [----] maturity. IMO $CIFR repays in cash = BREAKING: $CIFR upsizes 0% converts to $1.1B (2031 maturity) on huge demand. $16.03 convert price (37% premium) Capped call to $23.32 (100% premium) $1.08B net to fund Barber Lake + [---] GW HPC pipeline + Neocloud play" [X Link](https://x.com/RHouseResearch/status/1971611359893971351) 2025-09-26T16:22Z [----] followers, 11.7K engagements "Does $GLXY have signed customer contracts for its colocation business How about $IREN Do signed customer contracts even matter Or should every company just acquire plots of dirt with interconnection requests and than tell the market to value them based off of the MW from their interconnection requests" [X Link](https://x.com/RHouseResearch/status/1971669340316447192) 2025-09-26T20:12Z [----] followers, [---] engagements "Its not growth-focused to think Bitcoin mining revenue which is set to decline by 50% in [---] years is lower quality than subscription software revenue. Got it. Its not growth-focused to think Azures cloud revenues which are derived from multi-year committed customer contracts are higher quality than spot AI compute paid on an hourly basis. Got it. Its not growth-focused to think the execution risk associated with Microsofts future revenue streams is lower than the execution risk associated with $IREN operating [-----] GPUs when $IREN only operates [----] GPUs today. Got it. Im sure making the" [X Link](https://x.com/RHouseResearch/status/1971672374937284999) 2025-09-26T20:25Z [----] followers, 36.9K engagements "$HUT "owns the entire vertical stack" and bought GPUs. How's their GPU cloud coming along $APLD "owns the entire vertical stack" and bought GPUs. How's their GPU cloud coming along $CRWV doesn't "own the entire vertical stack" and just signed an incremental $6.5B 5-yr. contract with OpenAI bringing their total OpenAI contract to $22B+. How could that possibly be given they don't "own the vertical stack" And sure go ahead please ignore the part where the leading independent digital infrastructure research firm has said verbatim that $IREN 's cloud is "not good." Ignore the part where $IREN 's" [X Link](https://x.com/RHouseResearch/status/1971679782447247465) 2025-09-26T20:54Z [----] followers, [----] engagements "@JohnMichealChr1 @connorking_ @RemindMe_OfThis Lol $HUT doesn't even disclose Highrise revenues they lump it with Bitcoin mining under "compute". I'm sure that's because Highrise is doing so well" [X Link](https://x.com/RHouseResearch/status/1971682341124010215) 2025-09-26T21:04Z [----] followers, [---] engagements "@JohnMichealChr1 @connorking_ @RemindMe_OfThis Point is that owning Bitcoin mining data centers does not equate to an easy path towards building a legitimate CSP offering. The irony of Highrise is that $HUT s GPUs for Highrise arent even housed in their own data center" [X Link](https://x.com/RHouseResearch/status/1971683548584464641) 2025-09-26T21:09Z [----] followers, [---] engagements "A few thoughts on how I think about valuation multiples $MSFT $IREN @connorking_ Its not growth-focused to think Bitcoin mining revenue which is set to decline by 50% in [---] years is lower quality than subscription software revenue. Got it. Its not growth-focused to think Azures cloud revenues which are derived from multi-year committed customer @connorking_ Its not growth-focused to think Bitcoin mining revenue which is set to decline by 50% in [---] years is lower quality than subscription software revenue. Got it. Its not growth-focused to think Azures cloud revenues which are derived from" [X Link](https://x.com/RHouseResearch/status/1971691953994813743) 2025-09-26T21:42Z [----] followers, [----] engagements "Is Mike Alfred posting his $CIFR or $IREN PnLs today In what world is this legal $CIFR $IREN https://t.co/LiwynZKWjj In what world is this legal $CIFR $IREN https://t.co/LiwynZKWjj" [X Link](https://x.com/RHouseResearch/status/1971733541580103741) 2025-09-27T00:28Z [----] followers, [----] engagements "@jakeallen3 No its not given $GLXY has an executed 15-year contract for data center revenue which commences early next year" [X Link](https://x.com/RHouseResearch/status/1972455530355650951) 2025-09-29T00:16Z [----] followers, [---] engagements "If $IREN has such an advantage to move fast then why wont their most recent GPUs theyve procured be online until Q1-2026 And why havent they announced customer contracts for those GPUs given they seem to announce any and every minute detail about their cloud business. My hot takes $IREN gets to 100k+ GPUs before $NBIS $IREN gets to 500k+ GPUs before $NBIS $IREN gets to 1m+ GPUs before $NBIS Before you crash out in the comment section imo both companies are obviously WINNERS and are going to prosper. Its just one has basically an My hot takes $IREN gets to 100k+ GPUs before $NBIS $IREN gets to" [X Link](https://x.com/RHouseResearch/status/1972460381336748226) 2025-09-29T00:36Z [----] followers, 12.5K engagements "@kellyjgreer Happy to send you some of my longer form work on names other than $GLXY" [X Link](https://x.com/RHouseResearch/status/1972755069407056295) 2025-09-29T20:07Z [----] followers, [---] engagements "@alc2022 Lol. $246MM of positive cash flow from operations versus ($1.4B) of CapEx for Free Cash Flow of negative ($1.1B). And guess what happens to the lion's share of the positive $246MM of cash flow from operations in [---] years at the next Bitcoin halving" [X Link](https://x.com/RHouseResearch/status/1973018891464134906) 2025-09-30T13:35Z [----] followers, 10.4K engagements "@TheKamaHsutra @RealJimChanos @mcF_dan Why was August [----] monthly cloud revenue only up $100K from July [----] if August's numbers included the full impact of [---] B-200s" [X Link](https://x.com/RHouseResearch/status/1973056136812130342) 2025-09-30T16:03Z [----] followers, [---] engagements "@TheKamaHsutra @RealJimChanos @mcF_dan When did I say anything about "it" being fake I would have expected over a $500K uplift to monthly revenues with the addition of [---] B-200s - thought you might have an explanation. Seems not" [X Link](https://x.com/RHouseResearch/status/1973058264989376977) 2025-09-30T16:12Z [----] followers, [---] engagements "When did I say "IREN has no customers" Another straw man as per usual. OP states that CoreWeave "has no clothes". How can one make this statement when CoreWeave has just signed [--] massive deals totaling $27B Can you please explain to me how this "land power and infrastructure" is so important when the Company you claim lacks "land power and infrastructure" is signing massive deals with the who's who of companies within AI" [X Link](https://x.com/RHouseResearch/status/1973072930473918623) 2025-09-30T17:10Z [----] followers, [---] engagements "Will try this again: OP states that CoreWeave "has no clothes". How can one make this statement when CoreWeave has just signed [--] massive deals totaling $27B Can you please explain to me how this "land power and infrastructure" is so important when the Company you claim lacks "land power and infrastructure" is signing massive deals with the who's who of companies within AI" [X Link](https://x.com/RHouseResearch/status/1973074348215836927) 2025-09-30T17:15Z [----] followers, [---] engagements "@proof_of_thermo @litigious_dulce How can you argue $CRWV does not "match $IREN's scaling potential" when $CRWV has signed $27B worth of contracts in this month alone" [X Link](https://x.com/RHouseResearch/status/1973075561523093789) 2025-09-30T17:20Z [----] followers, [---] engagements "@proof_of_thermo @litigious_dulce The rearview The $27B of contracts signed are future revenue. Like quite literally the exact opposite of "the rearview". $IREN has also burnt $1.1B in the last [--] months too btw" [X Link](https://x.com/RHouseResearch/status/1973076658392330594) 2025-09-30T17:25Z [----] followers, [---] engagements "@bitcoinbutcher1 Why do they still need to close $CORZ Theyve signed $27B of deals in the past month alone without $CORZ" [X Link](https://x.com/RHouseResearch/status/1973100920746410406) 2025-09-30T19:01Z [----] followers, [---] engagements "So if I got this straight - $IREN which did $7MM of cloud revenue last quarter and has not announced any named customer contracts since then knows more about growing a cloud business than $CRWV (which did $1.2B of revenue last quarter and has signed $27B of contracts since) Obviously $CRWV s growth will plateau if they cant secure additional data center capacity. But $CRWV s data center capacity is expected to grow from 400MW last quarter to 1GW by the end of this year to north of 2GW next year. Are you really meaning to tell me that the fastest growing AI cloud business doesnt know how to" [X Link](https://x.com/RHouseResearch/status/1973103887251824668) 2025-09-30T19:13Z [----] followers, [---] engagements "Wait now were talking about profitability $IREN burned over $1B last year and has relied on its ATM. $CRWV has no ATM. Again how can you claim $IREN is doing a better job of scaling their cloud business when $CRWV did $1.2B of revenue last quarter vs. $7MM for IREN and has signed $27B of new deals since Is adding $27B of new TCV not scaling" [X Link](https://x.com/RHouseResearch/status/1973106650526495043) 2025-09-30T19:24Z [----] followers, [---] engagements "@EzekielMX $CRWV s EBITDA margins are north of 60% but ok" [X Link](https://x.com/RHouseResearch/status/1973112627871051795) 2025-09-30T19:48Z [----] followers, [---] engagements "@FuckElon54528 @proof_of_thermo @litigious_dulce *$CRWV signs $14B deal with $META* *$IREN shill - CoreWeave is the emperor with no clothes* *Me: Uh that makes zero sense CoreWeave literally just signed [--] massive deals in the past month alone* *You: Argument donot build on good faith basis* Ok" [X Link](https://x.com/RHouseResearch/status/1973113999689400377) 2025-09-30T19:53Z [----] followers, [--] engagements "@EzekielMX Ok When is the big $IREN deal coming $CRWV has $6.3B with Nvidia $6.5B with OpenAI and $14B with Meta this month. Surely big deal is coming $IRENs way soon right" [X Link](https://x.com/RHouseResearch/status/1973114689048682869) 2025-09-30T19:56Z [----] followers, [--] engagements "@dararah1m @CryptosisIntel @FloodCapital Have both contracted $1B on annual revenue over [--] years with CoreWeave" [X Link](https://x.com/RHouseResearch/status/1973160000769105968) 2025-09-30T22:56Z [----] followers, [--] engagements "Google is not paying $CIFR $1B a year lol. Google is not even the tenant. And $CIFR s lease with Fluidstack is less than 1/5th the size of $GLXY s with $CRWV. Sure please let me know when $IREN gets a $1B a year deal with $CRWV. Please please let me know what that happens. Until then please do not disparage me with pure lies that I am paid to spread FUD. This obviously is not true" [X Link](https://x.com/RHouseResearch/status/1973162363667747318) 2025-09-30T23:05Z [----] followers, [---] engagements "@StonkChris $CRWV and $NBIS are the only two names in this list with multi-billion dollar hyperscale deals lol" [X Link](https://x.com/RHouseResearch/status/1973197497129640262) 2025-10-01T01:25Z [----] followers, [---] engagements "@wemillionaire @StonkChris Deal is with Fluidstack. $CIFR just paid $GOOG $400MM+ to guarantee it lol" [X Link](https://x.com/RHouseResearch/status/1973199312554471590) 2025-10-01T01:32Z [----] followers, [---] engagements "@lefttailguy $IONQ is basically megacap now though you didnt hear the CEO talk about how theyre going to eat Nvidias lunch next year" [X Link](https://x.com/RHouseResearch/status/1973425882686693408) 2025-10-01T16:32Z [----] followers, [---] engagements "@_visionaryinv_ @FloodCapital Build a data center You mean *spend money to buy Bitcoin mining ASICS* right $IREN spent a billion bucks last year on Bitcoin mining rigs that have a [--] year useful life meaning they'll be obsolete by the next Bitcoin halving" [X Link](https://x.com/RHouseResearch/status/1973494138852221087) 2025-10-01T21:04Z [----] followers, [---] engagements Limited data mode. Full metrics available with subscription: lunarcrush.com/pricing
@RHouseResearch Rittenhouse Research
Cipher Mining ($CIFR) recently announced a significant data center co-location deal with Amazon ($AMZN), providing an estimated 200MW of critical IT load capacity, with a total contract value of $5.5 billion over [--] years. This deal has garnered attention from major investors, including Jane Street, which has disclosed a 5% position in Cipher Mining. Additionally, Galaxy Digital ($GLXY) and CoreWeave ($CRWV) are also making notable advancements in the data center and AI spaces.
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Social Influence
Social category influence stocks finance technology brands cryptocurrencies social networks exchanges currencies fashion brands countries automotive brands
Social topic influence $crwv #92, $glxy #26, $iren, $cifr, open ai, glxy, ai, data, bitcoin, $nbis #311
Top accounts mentioned or mentioned by @galaxyhq @buccocapital @novogratz @realjimchanos @semianalysis @floodcapital @akramsrazor @daveyjuice @jarronjackson4 @mvcinvesting @onodacapital @stefanvanderlux @matthewsigel @chelapples @alexschettino @dylan522p @thekamahsutra @fransbakker9812 @dcryptdeeznutz @mikealfred
Top assets mentioned CoreWeave, Inc (CRWV) Galaxy Digital Inc. (GLXY) Iris Energy Limited (IREN) Cipher Mining Inc. Common Stock (CIFR) Bitcoin (BTC) Nebius Group N.V. Class A Ordinary Shares (NBIS) TeraWulf Inc. (WULF) Microsoft Corp. (MSFT) Alphabet Inc Class A (GOOGL) Metadium (META) NVIDIA Corp. (NVDA) Oracle Corporation (ORCL) Core Scientific, Inc. Common Stock (CORZ) Applied Digital Corp. (APLD) IonQ, Inc. (IONQ) Hut [--] Mining Corp. (HUT) GitLab Inc. (GTLB) Amazon.com, Inc. (AMZN) Opendoor Technologies Inc Common Stock (OPEN) Digital Realty Trust Inc (DLR) CLEANSPARK INC (CLSK) Equinix Inc (EQIX) Mario Coin (COIN)
Top Social Posts
Top posts by engagements in the last [--] hours
"While the majority of public miners are now talking about AI Galaxy is the only name with both the financial and human capital required to prosecute the opportunity presented. Galaxy was built as a profitable financial services and trading business led by CEO and Founder @novogratz who has grown book value per share from $1 to $6 since [----]. Meanwhile Bitcoin miners continue to bleed cash and dilute their shareholders into oblivion. $GLXY $BRPHF"
X Link 2025-05-15T18:49Z [---] followers, [----] engagements
"While Core Scientific - $CORZ and TeraWulf - $WULF have both done well to execute AI data center leases both have debt in excess of their cash and liquid assets versus's Galaxy's $2B net cash position. $CORZ only emerged from bankruptcy less than [--] months ago while $WULF continues to rely on incessant share issuance as its core mining operations are not profitable"
X Link 2025-05-15T18:53Z [---] followers, [----] engagements
"We view CoreWeave tenant credit risk fears as extremely overblown. As yesterday's blow-out earnings and today's $4B announced expansion with OpenAI demonstrate CoreWeave is the only next-gen AI cloud provider capable of operating GPU clusters at massive scale. While AI bears and conspiracy theorists tout "revenue round-tripping" allegations stemming from Nvidia's investment in CoreWeave we view the relationship with Nvidia as a significant competitive advantage. $GLXY $BRPHF $CRWV"
X Link 2025-05-15T19:37Z [---] followers, [----] engagements
"Both public comps ($DLR and $EQIX) and M&A transaction multiples indicate that data center platforms typically trade at 25x EBITDA and north of $20MM per MW of capacity"
X Link 2025-05-15T19:55Z [---] followers, [----] engagements
"While we are not explicitly underwriting any share price appreciation from tomorrow's Nasdaq uplisting (and would consider it foolish to do) we view this milestone as considerably positive in the longer term"
X Link 2025-05-15T19:57Z [---] followers, [----] engagements
"Fantastic interview between @dylan522p of @SemiAnalysis_ and Peter Salanki CTO of CoreWeave $CRWV. A must-listen for anyone involved in the AI cloud infrastructure space. The narrative that "CoreWeave is providing a commodity service and is undifferentiated from any of the traditional hyperscalers or emerging neoclouds" appears more preposterous the further we dig on the business. As Peter explains CoreWeave made significant early bets on the potential of AI in the Company's formative years which positioned them perfectly for the "ChatGPT moment" in late [----]. The phrase "necessity breeds"
X Link 2025-06-01T18:12Z [---] followers, [----] engagements
"This is completely false. Quite honestly @vaneck_us should be pretty embarrassed that this type of misinformation was promulgated by one of their senior employees. No CoreWeave did not accumulate a stake in $APLD prior to signing a lease with $APLD only to dump that stake on the spike in $APLD price after the lease was announced. In connection with signing a lease with $APLD CoreWeave was granted warrants comprising 5.5% ownership in $APLD. In layman's terms $APLD gave $CRWV warrants in $APLD stock as a sweetener as part of the lease negotiations. This is likely reflective of $APLD's weak"
X Link 2025-06-14T22:17Z [---] followers, [----] engagements
"Oracle $ORCL is the fourth largest public cloud company in the US trailing AWS Microsoft Azure and GCP. They are highly focused on gaining share from their "Big 3" hyperscaler rivals particularly in providing AI-related cloud infrastructure. Following their recent blow-out earnings print Oracle's co-founder Executive Chairman and CTO Larry Ellison (the second richest person in the world with a 40% stake in $ORCL worth $240B) reiterated his ambition for Oracle to be the number one cloud infrastructure services business in the world. To catch up to the larger hyperscalers Oracle will clearly"
X Link 2025-06-15T13:50Z [---] followers, 10.5K engagements
"$GLXY will be funding 80% of the CapEx with project-level debt financing. This type of financing (i.e a construction loan) will be available to $CRWV to finance the remaining build out of $CORZ's data centers (assuming transaction goes through). Said differently $CRWV can likely use project-level debt to finance the build-out of any in-progress data centers they acquire rendering the existing financing plans of $CORZ and $GLXY less relevant from a valuation perspective"
X Link 2025-06-27T14:49Z [---] followers, [----] engagements
"@jonabakken Then why did $CRWV sign a lease to pay $GLXY $900MM per year over [--] years in West Texas Then why are Crusoe Oracle and OpenAI building a 1GW data center in West Texas"
X Link 2025-06-27T18:16Z [----] followers, [----] engagements
"Equinix $EQIX the largest data center owner and operator in the world ($76B market cap $9B LTM revenue) hosted its analyst day on Thursday. The stock has since declined 13% as the company unveiled its updated longer-term growth projections. Equinix guided towards a doubling of their total data center capacity over the next [--] years (15% CAGR) to capitalize upon "the AI opportunity". The issue Revenue AFFO (a REIT metric intended to reflect underlying cash flow) and Dividends per Share are only forecasted to grow 7-10% 5-9% and 8% respectively. Said differently investors were unhappy to learn"
X Link 2025-06-28T15:43Z [----] followers, [----] engagements
"As further evidence of the dilemma faced by legacy data center owner and operators consider Digital Realty Trust $DLR. $DLR's footnotes to its 10-K confirm that the vast majority of their data centers were constructed or acquired two decades ago In addition $DLR reported an occupancy of 84.1% as of Dec. - [----]. CBRE just put out a report estimating a global data center occupancy rate of 93.4% (6.6% vacancy). $DLR's occupancy rates being much below the broader market suggest that its data centers are not suited for AI use-cases and GPUs. $DLR's [----] revenue was essentially flat from [----]. This"
X Link 2025-06-28T15:55Z [----] followers, [----] engagements
"@UncleAlpha007 Please do not use our research to shill $IREN. We would also recommend reading our entire report such to better understand why our investment thesis around $GLXY is certainly not applicable to $IREN"
X Link 2025-07-01T21:06Z [---] followers, [---] engagements
"I should clarify that $CORZ definitely secured an extremely attractive deal (given $CRWV is funding the construction CapEx). I am certainly not disputing that. That said $CRWV is only paying $CORZ $1.4MM/MW in rent vs. $1.8MM/MW for $GLXY. If you assume $CRWV construction costs for the $CORZ build-out is $8.5MM/MW ($10MM total; $CORZ is funding $1.5MM/MW via CapEx credits which leaves $8.5MM to be funded by $CRWV) the total $ flowing from $CRWV to $CORZ (inclusive of both rent & CapEx) over the life of their [--] lease is $24B comprised of: - CapEx: $5B ($8.5MM per MW x 590MW) - Rent: $19B"
X Link 2025-07-02T11:32Z [---] followers, [----] engagements
"This is false. $GLXY certainly did not and does not need to sell any BTC to fund their data center build-out. At $12MM/MW in CapEx the total expected CapEx bill for the entire 393MW is $4.7B ($12MM/MW x 393MW). Galaxy will be on the hook for 20% of the $4.7B or $900MM (with 80% or $3.8B coming from banks and / or direct lenders). Galaxy recently raised $900MM via a convertible note issuance ($400MM in Nov.-24) and equity offering ($500MM in May-25). This $900MM is specifically earmarked for construction costs related to Galaxy's data centers and covers the entire equity-check required for the"
X Link 2025-07-02T14:51Z [----] followers, [----] engagements
"Firstly I likely overstated the "CapEx benefit" portion to $CORZ given $CORZ has signaled lower build-costs (than the $10MM utilized). From a buyer's (i.e. $CRWV) perspective the "CapEx benefit" shouldn't be relevant to the NPV given the buyer has their own (likely) cheaper cost of capital financing sources available and won't be funding construction costs with 100% equity for either asset. The NPV on $CORZ surely looks great on day [--] given they literally have zero cash outlays (again huge kudos to the $CORZ team on this deal) but will look inferior post construction completion because they"
X Link 2025-07-02T15:06Z [---] followers, [---] engagements
"The suggestion that $META ($130B of net PP&E on its balance sheet) needs to "catch up to $IREN" ($1.5B net PP&E) with respect to data center infrastructure is patently insane. $META clearly has "access to GW" given their "GW" is powering a $170B+ internet business. Note: $IREN's LTM revenue is $377MM for comparison. @todd_mcartor @firstadopter No hes trying to catch up to IREN and CIFR in having access to the GW that they do @todd_mcartor @firstadopter No hes trying to catch up to IREN and CIFR in having access to the GW that they do"
X Link 2025-07-15T01:19Z [----] followers, [----] engagements
"These $IREN and $CRWV comparisons are quite honestly one of the wildest most insane things I've witnessed. A board member of a $3.8B public company stating that it's just a matter of time until his $3.8B company flips a $69B "competitor" in market cap. Some numbers for context. $IREN the $3.8B company was at $20MM of cloud run-rate revenue as of Q1-25. $CRWV the Company $IREN will supposedly eclipse and eventually acquire was at $4B of cloud run-rate revenue as of Q1-25. $IREN had 2K GPUs as of Q1-25. $CRWV had 250K GPUs as of Q1-25. $CRWV's customer list includes: OpenAI Microsoft Google"
X Link 2025-07-15T23:45Z [----] followers, 11.9K engagements
"@goodalexander Galaxy Digital $GLXY held a $71.2MM investment in Ripple Labs and 16.9MM XRP tokens as of March [--] [----]. I presume the equity in Ripple Labs entitles them to a steady stream of XRP tokens lol"
X Link 2025-07-16T00:17Z [---] followers, [----] engagements
"It's a good question. The traditional data center comps shown above (in addition to the publicly traded names $DLR and $EQIX) have lower EBITDA margins because (i) they have significant corporate overhead (whereas Helios 90% margins are at the site-level) and (ii) their leases are not always structured as "triple-net" (so the owner might pay for taxes insurance and / or property maintenance expenses). Galaxy's lease with CoreWeave is structured as "triple-net" which means all of these costs are passed through to and paid by CoreWeave. The only real expense for Galaxy at Helios is security and"
X Link 2025-07-18T13:53Z [----] followers, [----] engagements
"This is who $IREN bulls are praising. Yikes"
X Link 2025-07-19T00:42Z [----] followers, [----] engagements
"Quite clearly there is no guarantee $SBET grows their treasury to $10B. That said it's not unreasonable to believe the leading $ETH treasury company will obtain a $10B given $MSTR's $70B+ BTC treasury. What is clear however is that $GLXY's reach across both traditional financial institutions and crypto-native organizations provides for unique opportunities unavailable to other industry participants. This agreement with $SBET is just one small example of the embedded optionality within Galaxy's digital assets business"
X Link 2025-07-22T22:51Z [----] followers, [----] engagements
"Definitely possible but unlikely IMO. The $SBET chairman and $GLXY CEO were college roommates. Novo was one of the earliest $ETH investors. 1% is a reasonable fee to pay for the highest quality most secure custodial services available. More expensive than what they could get elsewhere but Id bet Lubin is willing to pay a premium to sleep well at night knowing his old friend is taking good care of the treasury. Its also not trivial to spin up this level of custodial and validator infrastructure overnight. Lastly Galaxy is providing a full suite of services that would be extremely difficult if"
X Link 2025-07-23T01:36Z [----] followers, [----] engagements
"@SuhailAhmad How are $IREN and $CIFR AI Data Center plays What AI data center contracts does either have"
X Link 2025-07-23T17:41Z [----] followers, [---] engagements
"@SuhailAhmad So building data centers without having any contracted revenue from those data centers makes a company an AI data center play If there is so much demand for this infrastructure as you say then why cant either line up a customer for their facilities"
X Link 2025-07-23T18:18Z [----] followers, [---] engagements
"If you look at the Google / Windsurf deal Google wasnt even confident in pulling off a $3B acquisition (given anti-trust concerns) so they onlu acquired a handful of the execs in an acqu-hire. If Google is worried they cant pull off a $3B deal I doubt they will be trying to buy any of the major AI labs anytime soon"
X Link 2025-07-23T18:45Z [----] followers, [---] engagements
"What does "better version of CRWV" even mean The notion that $IREN has some sort of competitive advantage over $CRWV and $NBIS because they own some empty plot of land that they expect to energize at some future date is of course absurd. Digital Realty $DLR just reported today that they purchased a [---] acre parcel in Dallas that's expected to support 480MW of IT load for squints $11MM. A plot of land with an expectation of future power in and of itself is not valuable obviously. $CRWV has over $1B of balance sheet cash and $5B of total liquidity. $CRWV could have easily purchased Sweetwater"
X Link 2025-07-24T21:33Z [----] followers, [----] engagements
"Pretty astonishing and somewhat alarming how many retweeted this not knowing it was sarcasm. $IREN CEO Daniel Roberts: "We've appointed Morgan Stanley as our financial advisor to evaluate monetization opportunities at Sweetwater." - July [--] [----] "We continue to progress negotiations with some very large counterparties and hyperscalers. We're actively negotiating $IREN CEO Daniel Roberts: "We've appointed Morgan Stanley as our financial advisor to evaluate monetization opportunities at Sweetwater." - July [--] [----] "We continue to progress negotiations with some very large counterparties and"
X Link 2025-07-24T21:44Z [----] followers, [----] engagements
"Here's how the math might look on a "cash-out" refinancing: Phase I (133MW) is expected to cost $1.6B (133MW x $12MM per MW based on the midpoint of mgmt.'s $11MM - $13MM per MW range). Galaxy is expected to finance 80% of the $1.6B or $1.3B with a construction loan. The remaining 20% or $300MM is funded from Galaxy's balance sheet cash. Once the construction is complete and the tenant $CRWV commences operations within Helios and begins paying rent the data center is expected to generate roughly $220MM of EBITDA (cash flow) to $GLXY. This $220MM EBITDA figure is estimated based on mgmt.'s"
X Link 2025-07-26T12:23Z [----] followers, [---] engagements
"👌🏻 @mikealfred Coreweave has 250K+ GPUs. IREN has less than 5K. CRWV did $1B of cloud revenue last quarter. IREN did less than $5MM. It would cost IREN around $1B or 25% of its market cap to get to around 25K GPUs which would still be less 10% of the capacity CRWV has. CRWV has $5B+ of https://t.co/8TTi83LFZp @mikealfred Coreweave has 250K+ GPUs. IREN has less than 5K. CRWV did $1B of cloud revenue last quarter. IREN did less than $5MM. It would cost IREN around $1B or 25% of its market cap to get to around 25K GPUs which would still be less 10% of the capacity CRWV has. CRWV has $5B+ of"
X Link 2025-07-27T00:18Z [----] followers, [----] engagements
"Incredible watching a public company board member and hedge fund manager simultaneously pump names by insinuating theres some sort of imminent announcement that those in the know are privy to. Even more incredible realizing one of these individuals literally sits on the board of one of the companies hes pumping And theyve been doing this for months In broad daylight Like him or not can you imagine someone such as @BillAckman tweeting looks like someone must know something after one of his portfolio companies has a +5% move Looks like someone knows something on $CIFR Looks like someone knows"
X Link 2025-07-28T17:39Z [----] followers, [----] engagements
"Saying this as a big fan of your work. How can you reasonably exclude capital expenditures from your "mining" profits figure Given the 2-3 yr. useful life on mining equipment it seems a bit crazy to not deduct for either D&A or CapEx. There is real cash going out the door quarter after quarter for ASICs which is missing from your analysis"
X Link 2025-07-29T21:23Z [----] followers, [----] engagements
"Lol. $META has literally generated $20B of FCF YTD. They just so happened to also spent $15B on an acquisition and $25B on dividends and buybacks. $ORCL has pressed pause on their buyback for similar reasons and they seem to be doing squints just fine. $META can continue to ramp CapEx massively without taking on any debt. They have $25B to play with every quarter"
X Link 2025-07-30T23:32Z [----] followers, [----] engagements
"OpenAI just decommissioned their [--] year old Volta v100s. Its very well documented that older GPU models work perfectly fine for inference use cases. $CRWV signs [--] year contracts to rent out compute from a specified type of GPU. They are earning revenue from that specific GPU for [--] years. How can the useful life of the GPU only be [--] years when they earn [--] years of contracted revenue from the GPU Something to keep in mind about the hyperscaler stocks is that their financial statements are increasingly divorced from the on-the-ground reality b/c of the tremendous scale of their recent"
X Link 2025-07-31T02:03Z [----] followers, [----] engagements
"@3xliquidated Probably makes sense there is some consolidation here given the 50% move from $75K to $110K in [--] months. Could also argue the most recent headlines (core PCE coming in hot Fed signaling rate cuts will be later than expected) have been bearish yet BTC hasnt budged"
X Link 2025-07-31T18:43Z [----] followers, [---] engagements
"$SBET $BMNR The day is coming where wallstreet analysts figure out they have to apply a 20-50x P/E to ETH strategy companies BMNR/SBET just breaks the math around traditional SaaS valuations/Rule of 40/customer churn metrics/net retention https://t.co/aiiEbFXgRK The day is coming where wallstreet analysts figure out they have to apply a 20-50x P/E to ETH strategy companies BMNR/SBET just breaks the math around traditional SaaS valuations/Rule of 40/customer churn metrics/net retention https://t.co/aiiEbFXgRK"
X Link 2025-07-31T21:45Z [----] followers, [----] engagements
"This is a good point - Amazon Microsoft Meta and Google all can self-build data centers as they have the massive balance sheets and cash-printing businesses to do so. Oracle $ORCL seems most likely to lease $GLXY's capacity IMO. They are making a big push to gain market share in AI cloud computing and don't self-build their own data centers. They're rumored to be looking for 5GW of capacity to serve their $30B ACV contract with OpenAI. I also wouldn't be surprised to Amazon Microsoft Meta and Google shift more towards third-party leasing in the future given their cash flow margins continue to"
X Link 2025-07-31T22:20Z [----] followers, [---] engagements
"Very bullish for the entire AI infrastructure value chain. And $3B of ARR added in July alone surely has to be the most ARR added in a month by any tech company ever. OPENAI HAS RAISED $8.3 BILLION AT A $300 BILLION VALUATION MONTHS AHEAD OF SCHEDULE - DEALBOOK OPENAI'S ANNUAL RECURRING REVENUE HAS SOARED TO $13 BILLION UP FROM $10 BILLION IN JUNE - NYT DEALBOOK OPENAI HAS RAISED $8.3 BILLION AT A $300 BILLION VALUATION MONTHS AHEAD OF SCHEDULE - DEALBOOK OPENAI'S ANNUAL RECURRING REVENUE HAS SOARED TO $13 BILLION UP FROM $10 BILLION IN JUNE - NYT DEALBOOK"
X Link 2025-08-01T13:31Z [----] followers, [----] engagements
"@akramsrazor Was $MSFT commentary re: GitHub not actually quite bullish for $GTLB Surprised to see it trade down the past few days"
X Link 2025-08-01T22:35Z [----] followers, [---] engagements
"@TheKamaHsutra @JaMarc0 @mikealfred @FransBakker9812 @JarronJackson4 This is the same Poolside AI that churned off IREN Cloud"
X Link 2025-08-06T01:35Z [----] followers, [---] engagements
"@TheKamaHsutra @JaMarc0 @mikealfred @FransBakker9812 @JarronJackson4 Im not shitting on anyone. I just find it amusing that your response to the CoreWeave CSO saying anyone can run a cluster with a few thousand GPUs is to send a video of a former IREN customer whom left IREN because they only had a few thousand GPUs"
X Link 2025-08-06T01:49Z [----] followers, [---] engagements
"@TheKamaHsutra @JaMarc0 @mikealfred @FransBakker9812 @JarronJackson4 Scaling out massive clusters IREN only has 4K or so GPUs what could they possibly know about scaling out massive clusters"
X Link 2025-08-06T01:56Z [----] followers, [---] engagements
"@TheKamaHsutra @JaMarc0 @mikealfred @FransBakker9812 @JarronJackson4 Let me guess - IREN cloud with their 4K GPUs knows more about scaling massive clusters than CoreWeave and its 250K+ GPUs"
X Link 2025-08-06T01:58Z [----] followers, [---] engagements
"Well to be fair the number of GPUs was static for IREN cloud up until last month (whilst every other neocloud was growing like a weed for the past year). Which again gets back to the original point of the CoreWeave clip. CoreWeave has added tens of thousands of GPUs each month for the past year while IREN cloud has only added 2K total once. Is it really just a funding bottleneck And if funding is a key component of running a cloud is IREN cloud not massively disadvantaged given CRWV can raise billions of dollars of debt while IREN has to rely on the ATM And do you believe IREN cloud will"
X Link 2025-08-06T02:11Z [----] followers, [---] engagements
"Very interesting nugget in $META's 10-Q. Looks like they're planning on contributing $2B worth of data center assets into a co-development vehicle to offload part of their CapEx bill to a third-party data center developer. Makes total sense given their YTD FCF has declined from $24B to $20B despite their topline and EBIT growing 20% to 30%. FCF margins are collapsing as they continue to invest into their infrastructure build-out. This should bode very well for AI data center developers - one of the largest hyperscalers is showing early signs of shifting towards out-sourcing data center"
X Link 2025-08-06T22:31Z [----] followers, [----] engagements
"$NBIS blow-out earnings report demonstrates that the demand for AI compute is accelerating. Q2-25 rev. of $105.1MM was up 625% YoY (vs. Q1-25 rev. of $55MM and 395% YoY growth). Nebius now expects to end [----] with $900MM - $1.1B of ARR. To achieve this growth they expect to increase their data center footprint from 220MW today to 1GW by [----]. Beyond [----] $NBIS's data center footprint can be reasonably expected to grow well beyond 1GW given mgmt. believes they can achieve "billions of dollars of revenue" "in the medium term". This robust growth is very positive for AI data center developers"
X Link 2025-08-07T11:49Z [----] followers, [----] engagements
"@rangersfan_11 The right comp for $GLXY's data center business is $DLR given they both develop own and operate data centers. $NBIS is a potential tenant for data center platforms such as $DLR and $GLXY"
X Link 2025-08-07T12:29Z [----] followers, [---] engagements
"So $NBIS continues to earn revenue from their obsolete older GPUs. And $CRWV customers sign [--] year contracts to run workloads on a specific GPU type which is not swapped out (or upgraded to a new version) over the [--] year term. But please tell me more about how GPUs have [--] year useful lives. Arkady Volozh Founder & CEO of $NBIS: "We were sold out in all Hopper GPU versions." But wait werent the bears saying older GPU versions become obsolete quickly 🤔 Arkady Volozh Founder & CEO of $NBIS: "We were sold out in all Hopper GPU versions." But wait werent the bears saying older GPU versions become"
X Link 2025-08-07T17:54Z [----] followers, [----] engagements
"Will be very interesting to see if this marks a shift in hyperscalers moving back towards leasing their data center capacity from third party owners and operators and away from self-building. $DLR and $EQIX both are also spinning up hyperscale DC JVs with outside capital from the usual suspects (e.g. $BX)"
X Link 2025-08-08T01:43Z [----] followers, [---] engagements
"Wouldn't an underwhelming GPT-5 actually be quite bullish for $NVDA etc. It's not as if OpenAI would throw the towel in on training the biggest models because of one poor release. In fact the opposite might be true - it should create more impetus to crank harder on GPT-6. And also create a shimmer of light for the Meta's of the world in that they might not be as far behind as OpenAI as previously thought (causing them to ramp even harder on their AI infra strategy)"
X Link 2025-08-08T11:09Z [----] followers, [---] engagements
"@matthew_sigel Could actually be very bullish for AI data center developers (i.e. $GLXY) if the hyperscalers move to lease their data center capacity (as opposed to self-building with their in-house development teams) in order to preserve FCF and FCF margins"
X Link 2025-08-08T11:19Z [----] followers, [----] engagements
"@proof_of_thermo @matthew_sigel What other publicly traded data center developer has a tenant agreement in hand to develop an 800MW build to suit hyperscale AI data center"
X Link 2025-08-08T14:45Z [----] followers, [---] engagements
"Im simply pointing out how preposterous it is for a supposed public company board member to shamelessly pump shares in a Companys hes long and then delete the tweet after his claims were obviously and predictably proven false. With respect to $IREN I think this behavior looks bad (given hes a BoD member) and distracts from the underlying fundamentals. As others have noted $IREN appears to be the only Bitcoin miner that is generating positive operating income. I dont understand why this influencer feels the need to create hype such as $IREN is going to land a huge hyperscaler deal and then"
X Link 2025-08-09T13:10Z [----] followers, [----] engagements
"Agreed 100% the execution has been pitiful. I don't think I'll ever forget a few years ago when they came out and said they had been calculating ARR incorrectly (causing a 30% puke) - unbelievably bad. Not capitalizing on $CRWD's huge blunder another example. But the poor mgmt. team is actually core to the $S thesis. It's a prime candidate for a take-private LBO by one of the larger SaaS focused PE funds. They would benefit massively by getting out of the public spotlight. I think PE could easily underwrite: - 15% CAGR in ARR to get to $2B in [--] years - 30-40% EBITDA margins in year [--] - 15x -"
X Link 2025-08-09T13:30Z [----] followers, [---] engagements
"@FransBakker9812 @RealJimChanos These are quotes from the CEO - how is this possibly FUD Literal direct quotes from the CEO"
X Link 2025-08-10T16:52Z [----] followers, [---] engagements
"All eyes on $CRWV s earnings tomorrow afternoon. We are doubling our compute fleet over the next [--] months certainly sounds bullish. $NBIS might also have a role to play with OpenAI - mgmt. hinted at a large deal with an AI lab last week. Here is how we are prioritizing compute over the next couple of months in light of the increased demand from GPT-5: [--]. We will first make sure that current paying ChatGPT users get more total usage than they did before GPT-5. [--]. We will then prioritize API demand up to the Here is how we are prioritizing compute over the next couple of months in light of the"
X Link 2025-08-12T01:28Z [----] followers, [----] engagements
"@ActAccordingly $SG was an even bigger signal on $CAVA and I also just watched rather than played it. Sigh"
X Link 2025-08-12T20:58Z [----] followers, [---] engagements
"@mvcinvesting @qqnrwjqb Lol. Again - what structural advantages does $NBIS have that $CRWV lacks Please educate me on the concept of vertical integration - Ive never heard of it"
X Link 2025-08-12T22:11Z [----] followers, [---] engagements
"@mvcinvesting Again youre 3/3 for being wrong on every $CRWV related take. $NBIS does not own its data centers. Do you really think that $NBIS is actively involved in the data centers being developed for them but $CRWV has no input on the data centers being built for them"
X Link 2025-08-12T22:39Z [----] followers, [----] engagements
"@mvcinvesting Where are these vertically integrated data centers you speak of Clearly not on the audited financials"
X Link 2025-08-12T22:52Z [----] followers, [---] engagements
"So we agree - $NBIS will be vertically integrated in the future but currently relies primarily on leases. There was $50MM of land and building on $NBIS s balance sheet as of Q4-24. At $10MM/MW that implies 5MW of self-built capacity. A tiny fraction vs. amounts leased. You realize $CRWV is also aiming to vertically integrate too right I actually have a lot of respect for your work but implying $NBIS is somehow vastly superior to $CRWV because of their future plans to vertically integrate reminds me of how $IREN shills claim $IREN is superior to $NBIS. $NBIS is not unique because they are"
X Link 2025-08-12T23:04Z [----] followers, [---] engagements
"@mvcinvesting How much of the Finnish data center is operational today"
X Link 2025-08-12T23:25Z [----] followers, [---] engagements
"$CRWV is leasing 590MW from $CORZ. Do you really think $CRWV is having $CORZ run with all of the engineering specifications and structural design choices for this 590MW lease As a reminder $CRWV is funding the majority of the capex for this lease (in exchange for a lower rental rate). While this CapEx wont sit on $CRWV s balance sheet (until the acquisition closes) $CRWV is obviously heavily involved in the day to day construction process. This suggests to me an ability to vertically integrate no Or because the PP&E isnt on their balance sheet it doesnt count"
X Link 2025-08-12T23:30Z [----] followers, [----] engagements
"@SouthernValue95 $GTLB and $S which both could actually be AI-winners are looking good here at mid single digit ARR multiples. I mean Satya pretty much told us a few weeks ago about the big AI-related monetization opportunity at GitHub"
X Link 2025-08-14T02:15Z [----] followers, [----] engagements
"@akramsrazor If $GOOG thinks they can close Wiz at $32B $10B for $GTLB definitely has to be under consideration. Question is does $AMZN move quicker given OpenAI now aggressively pushing to gain share across devs"
X Link 2025-08-15T14:05Z [----] followers, [----] engagements
"@akramsrazor Dont know if thats possible until after they restructure their contract with $MSFT. Also not sure $GTLB shareholders want OpenAI stock at $500B valuation. Plenty of other logical strategics though. $IBM for example seems overdue for some M&A"
X Link 2025-08-15T14:12Z [----] followers, [----] engagements
"I don't see any "problem" here at all. $APLD catches a "mega bids/coverage" whenever they mention AI because it's a heavily shorted name. Any news at all can move this type of stock but these short-squeezes slowly retrace over time. I don't think positive CNBC coverage on $APLD is going to result in sustainable long-term value creation for $APLD shareholders. I'm not going to abandon my initial investment thesis because of short-term underperformance vs. other crypto and AI-related names. This market continues to seem highly-inefficient especially with respect to $GLXY's relative valuation"
X Link 2025-08-20T19:48Z [----] followers, [---] engagements
"@ChelApples It extends beyond crypto-names. Just look at the charts of $OKLO $SMR $LMND $RKLB $JOBY $IONQ $RGTI $SMR $SOUN $QBTS $BBAI etc. etc. The more cash you're burning and the less sensible your business model the higher valuation you get in this market"
X Link 2025-08-20T20:00Z [----] followers, [---] engagements
"Meta is freezing AI hiring My brother in Christ they quite literally just spent $15B to hire the execs from Scale AI and have been offering $1B contracts for AI researchers and engineers. They also just literally told investors theyre going to spend $100B on AI infrastructure CapEx next year. Some freeze. 🥶"
X Link 2025-08-21T01:44Z [----] followers, 26.6K engagements
"The $CRWV misinformation is getting beyond tiresome. Magnetar did not purchase puts on $CRWV ahead of the IPO (and then intentionally fail to disclose as such). The Series C round which Magnetar participated in included a "put" feature allowing Series C shareholders to sell their shares back to the Company at cost ($38.95) if certain future conditions weren't met. While not commonplace this structure provides for downside protection and incentivizes the Company to pursue an IPO (facilitating a potential exit for the Series C investors). The "put" feature (right to sell) was embedded within"
X Link 2025-08-25T04:17Z [----] followers, [----] engagements
"Any phase I CapEx funded post 6/30 was almost certainly recouped via the dividend given "Construction / WIP" was $500MM as of 6/30 (against an expected $200MM - $300MM of cash equity required for Phase I). Said differently $GLXY had already funded $500MM of capital for Phase I as of 6/30 - this is why they received a dividend to recoup a portion of the $500MM above the required cash-equity ($200MM - $300MM). Mgmt. clarified on spaces following the earnings call that the "private equity" referred to likely would be non-dilutive preferred equity to supplement the project-level debt. In addition"
X Link 2025-08-25T23:26Z [----] followers, [---] engagements
"@8888TLD @eugenelee1031 @FloodCapital You quite clearly amongst other things do not understand basic math or what the word need means"
X Link 2025-08-26T00:39Z [----] followers, [---] engagements
"Very interesting commentary from @dylan522p here. $IREN 12/👑 Dylan's advice for Jensen Huang: "Why don't you get into the infrastructure game somehow. they should like accelerate the data center ecosystem with investments. controlling the infrastructure end to end Very interesting commentary from @dylan522p here. $IREN 12/👑 Dylan's advice for Jensen Huang: "Why don't you get into the infrastructure game somehow. they should like accelerate the data center ecosystem with investments. controlling the infrastructure end to end"
X Link 2025-08-26T20:39Z [----] followers, 13.7K engagements
"So I'm understanding this correctly - when @dylan522p goes on a podcast and makes a one-off comment about Nvidia getting into infrastructure this is bullish for $IREN (with $25MM of cloud ARR and sub 10K GPUs. ) But this is not bullish for $CRWV (250K+ GPUs $5B ARR whom Nvidia has invested hundreds of millions of dollars in and rents cloud services from And then when @dylan522p puts together a comprehensive ranking of AI cloud offerings and states that $IREN received a "non-performing" ranking for having rudimentary security vulnerabilities we should ignore him"
X Link 2025-08-26T20:59Z [----] followers, [---] engagements
"So you're accusing @dylan522p of more or less putting out a paid puff piece on $CRWV right before its IPO to pump the stock price when he has explicitly stated multiple times (as in the above) that (i) $CRWV is not even the largest Semi-Analysis customer and that (ii) the ClusterMax rankings are entirely objective and independent"
X Link 2025-08-26T21:08Z [----] followers, [----] engagements
""They actually know how to set up and operate AI clusters at scale". Well $IREN's $25MM of current ARR suggests otherwise. As do @SemiAnalysis_'s ClusterMAX rankings which suggest $IREN cannot even operate a few thousand GPUs without critical security vulnerabilities. The fact that $IREN's only named cloud customer Poolside AI left $IREN also suggests $IREN cannot scale large GPU clusters. $CRWV's $5B of current ARR (and customer contracts with OpenAI MSFT Google META etc.) does however suggest they know how to set up and operate AI clusters at scale. As such it would seem much more logical"
X Link 2025-08-26T21:12Z [----] followers, [---] engagements
"@JarronJackson4 @dylan522p @SemiAnalysis_ Yes I'm long $GLXY. This is literally a completely separate twitter post from what we were discussing How is it relevant"
X Link 2025-08-26T21:20Z [----] followers, [---] engagements
"@Crussian17 Thoma Bravo actively starting to deploy some of the tens of billions they just raised. surely $OKTA is a buy here at this valuation based on that development alone"
X Link 2025-08-26T21:31Z [----] followers, [---] engagements
"Are you sure about that bro I have been told repeatedly by esteemed $IREN Board Member Mike Alfred that $IREN will eventually surpass and acquire $CRWV in the not so distant future. If you havent heard they own a few plots of dirt in Sweetwater Texas that they might energize next year which makes them a vertically integrated AI cloud player"
X Link 2025-08-26T22:14Z [----] followers, [----] engagements
"@JarronJackson4 @dylan522p @Lazarus_Capital It really is quite remarkable how you pivot any discussion involving even the slightest critique of $IREN to somehow an attack on Galaxy. Sad really"
X Link 2025-08-26T22:41Z [----] followers, [---] engagements
"Here are the facts regarding $IREN Cloud: - $IREN clouds only ever named customer Poolside AI churned after less than [--] months - $IREN clouds current ARR ($25MM) represents a fraction of a fraction of the size of other neoclouds such as $NBIS (est. $500MM+) and $CRWV ($5B+) - $IREN s cloud revenue (basically flat from Q1 to Q2) is growing significantly slower than other neoclouds such as $CRWV (up 20%+) and $NBIS (up 100%) - SemiAnalysis an independent objective third party research firm who counts every hyperscaler and megacap semi-conductor company as customers has stated $IREN does not"
X Link 2025-08-26T22:56Z [----] followers, [---] engagements
"@atelicinvest Isnt there an argument they could curb spend on new model training and run the existing models quite profitably"
X Link 2025-08-27T03:31Z [----] followers, 16.1K engagements
"Have to chuckle at $HUT ripping 15% since announcing "plans to develop four new data center sites" totaling "1530MW". This press release contains the usual jargon around $HUT being a "digital infrastructure platform" "addressing demand for energy-intensive use cases." The release does not however contemplate that these "data centers" "in development" will be used for Bitcoin mining which is interesting given the majority of $HUT's revenue today comes from Bitcoin mining. The release also does not mention Hut8 securing a tenant for any of these data centers or executing debt financing to fund"
X Link 2025-08-27T16:01Z [----] followers, [----] engagements
"@mvcinvesting Great interview man. The $NBIS story is pretty fascinating - awesome you got to speak with one of the co-founders He really gave some good insights as to how theyre thinking about the market opportunity and their competitive advantages"
X Link 2025-08-27T17:55Z [----] followers, [----] engagements
"$CRWV $GLXY $CORZ Some relevant comments on compute demand from Coreweave at Deutsche Bank Tech conference. https://t.co/RSTJRxllOe Some relevant comments on compute demand from Coreweave at Deutsche Bank Tech conference. https://t.co/RSTJRxllOe"
X Link 2025-08-27T21:20Z [----] followers, [----] engagements
"The most likely top signal should it ever come would involve a drying up of capital for OpenAI and Anthropic. In the past few weeks checks notes OpenAI announced a secondary share sale at $500B and Anthropic doubled the size of their latest funding round from $5B to $10B at a $170B valuation. Hm"
X Link 2025-08-27T22:56Z [----] followers, [---] engagements
"This seems uh. pretty bad for $SOUN"
X Link 2025-08-28T13:15Z [----] followers, [----] engagements
"What "powered shell colocation" business does $IREN even have Are you referring to them colocating their Bitcoin mining operation within their self-built mining data centers Roughly 3% of their revenue is cloud - the other 97% is Bitcoin mining. They do not have any colocation revenue from leasing out data center space to third parties"
X Link 2025-08-28T18:47Z [----] followers, [----] engagements
"$IREN Lol so the board decided to remove the performance-based vesting conditions related to [-------] shares awarded to the "co-CEOs". Instead those shares will automatically vest beginning in November [----]. Guess who [--] of the [--] board members are Those same "co-CEOs""
X Link 2025-08-28T20:57Z [----] followers, 11.7K engagements
"@japdongsanee When did I mention $GLXY What does $GLXY have anything to do with the tweet"
X Link 2025-08-28T21:08Z [----] followers, [---] engagements
"$IREN has sold $253MM of stock via their ATM. in just under the last [--] months alone"
X Link 2025-08-28T21:24Z [----] followers, [----] engagements
"@vicvinegar888 Agreed - Id certainly be selling stock here if I were them too"
X Link 2025-08-28T21:37Z [----] followers, [---] engagements
"In the last few months $GLXY mgmt. has: - Leased out every MW they have available at Helios - Executed a billion dollar plus financing deal for the Helios build-out - Met with the Governor of Texas to push as hard as possible for approval on the MWs they have under regulatory review - Closed numerous asset mgmt. deals which will bring high margin re-occurring revenue to the DA business - Executed the largest ever BTC trade - Reported the best month ever for the DA business And likely much much more behind the scenes. If youre impatient and have a short term investment horizon I can understand"
X Link 2025-08-28T22:10Z [----] followers, [---] engagements
"@habibismore @DCryptDeezNutz @CillianBraille @bigbellysnot $GLXY quite literally went up 50%+ during a period in July when $CRWV went down 50%+"
X Link 2025-08-28T22:15Z [----] followers, [---] engagements
"@matthew_sigel $CRWV trades for 20x EBITDA. 98% of $CRWV s revenue is from [--] year contracts - why would $CRWV trade at a lower multiple"
X Link 2025-08-29T00:36Z [----] followers, [---] engagements
"What do you mean "ends up being" They just reported $750MM of Adj. EBITDA last quarter. Annualized thats $3B. Market Cap of $50B $10B of net debt = $60B TEV. So 20x. Again all of $CRWV's revenue comes from 4+ yr. contracts from $MSFT OpenAI Google etc. None of $IREN's cloud revenue comes from long term contracts. Why would $IREN cloud trade at a premium multiple Surely you would agree that higher recurring revenue = higher multiple. And that's not even to mention that again your $IREN fwd. EBITDA is extremely speculative as it assumes they are able to lease all of their compute capacity out."
X Link 2025-08-29T00:59Z [----] followers, [---] engagements
"Lol what $CRWV could very easily purchase powered land (Sweetwater) and / or BTC mining data centers (Childress) for a small smidgen of their market cap if they really wanted this so-called "optionality". Riddle me this - if there was so much embedded value within this "strategic option value". why did $IREN mgmt. attempt to sell Sweetwater last year And why were they unable to find any interested buyers"
X Link 2025-08-29T01:14Z [----] followers, [---] engagements
"Got it. Just so I have this straight - $IREN cloud which did $7MM of revenue last quarter (vs. $1.2B for $CRWV) and has zero long-term contracts (vs. all of $CRWV's revenue being derived from [--] yr. contracts). deserves a premium valuation to $CRWV because they own a Bitcoin mining data center and a plot of dirt in Sweetwater (which they unsuccessfully tried to sell last year)"
X Link 2025-08-29T01:22Z [----] followers, [---] engagements
"One less discussed piece of the $GTLB bull-thesis revolves around the background of the companys new CEO. Bill Staples who was appointed $GTLB CEO in Dec. [----] was previously CEO of New Relic from May [----] through Dec. [----]. He led New Relic through a sale process which culminated in the business being taken private by Fransisco Partners and TPG two of the largest and best-known technology focused private equity investors. I would imagine he is quite familiar with a large of potential $GTLB acquirers both strategic (IBM adjacent infrastructure software e.g. Datadog public cloud hyperscalers)"
X Link 2025-08-29T17:54Z [----] followers, [----] engagements
"@ActAccordingly $GOOG should acquire $GTLB (though this isnt crazy at all)"
X Link 2025-08-29T17:56Z [----] followers, [---] engagements
"@trailinvest Why does $IREN mgmt. state that they generate substantial free cash flow if as you just admitted the FCF is negative"
X Link 2025-08-29T18:30Z [----] followers, [---] engagements
"@roberto45580514 @Umbisam So is negative $1.1B of Operating Cash Flow minus Capex = substantial free cash flow I might have missed there being a new definition of free cash flow - let me know"
X Link 2025-08-30T00:51Z [----] followers, [---] engagements
"@trailinvest Nothing Did the definition of free cash flow change Last I checked free cash was = Operating Cash Flow minus CapEx. $IREN s Operating Cash Flow minus CapEx was negative $1.1B for FY25"
X Link 2025-08-30T00:55Z [----] followers, [---] engagements
"@roberto45580514 @Umbisam How is pointing out a basic number from the financial statements FUD Can you answer a simple three part question for me: 1) What is the definition of free cash flow 2) What was $IRENs free cash flow for FY25 3) Was $IRENs free cash for FY25 substantial"
X Link 2025-08-30T00:57Z [----] followers, [---] engagements
"@BigDegenEth @roberto45580514 Can you answer a simple three part question for me: 1) What is the definition of free cash flow 2) What was $IRENs free cash flow for FY25 3) Was $IRENs free cash for FY25 substantial"
X Link 2025-08-30T02:21Z [----] followers, [---] engagements
"@trailinvest Nothing from trailinvest here. Did the definition of free cash flow change Why has $IREN mgmt repeatedly stated they generate free cash flow when they have burned through over a billion bucks this past fiscal year https://x.com/rhouseresearch/status/1961972848169251289s=46&t=i6qKZNVQViwQ7XxPAlTnRQ https://x.com/rhouseresearch/status/1961972848169251289s=46&t=i6qKZNVQViwQ7XxPAlTnRQ"
X Link 2025-08-31T02:04Z [----] followers, [---] engagements
"@mvcinvesting This is a good listen to learn more about $CRWV s technical expertise. I believe youll view their offering as much more differentiated after watching it. https://m.youtube.com/watchv=5kerW51jdgk&pp=ygUZQ29yZXdlYXZlIGN0byBkeWxhbiBwYXRlbA%3D%3D https://m.youtube.com/watchv=5kerW51jdgk&pp=ygUZQ29yZXdlYXZlIGN0byBkeWxhbiBwYXRlbA%3D%3D"
X Link 2025-08-31T18:10Z [----] followers, [----] engagements
"$IREN's co-CEOs expect to sell [-------] shares through B. Riley "from time to time". Because of course B. Riley is involved here. @WolfpackReports @muddywatersre"
X Link 2025-09-03T00:21Z [----] followers, [----] engagements
"@trailinvest So what happens to the "$200MM to $250MM" of $IREN cloud ARR in [----] when Nvidia releases Rubins"
X Link 2025-09-03T01:54Z [----] followers, [---] engagements
"But $IREN s ARR from their Blackwell fleet will decline if by @trailinvests logic revenue from existing GPUs declines as new GPU architectures are released. This is a stark contrast from Coreweaves model in which 98% of their revenue comes from [--] yr. contracts which eliminates essentially any exposure from GPU spot pricing declines"
X Link 2025-09-03T02:11Z [----] followers, [---] engagements
"@AJacksonHole Indeed"
X Link 2025-09-03T02:33Z [----] followers, [---] engagements
"@HedgeyeComm They had a monopoly in the best business ever for the past two decades - this is no longer the case going forward"
X Link 2025-09-03T02:44Z [----] followers, [----] engagements
"I have other positions in adjacent industries (e.g. cloud data centers) and try to follow and stay up to date on all of the relevant companies within digital infrastructure. $IREN is clearly one of the most discussed names on X so it makes sense for me to post my observations on it"
X Link 2025-09-03T02:56Z [----] followers, [---] engagements
"@akramsrazor Dont even think you need the strategic acquisition after yesterdays call - could do very well as a standalone platform if Duo workflow lands well"
X Link 2025-09-04T11:33Z [----] followers, [---] engagements
"Neocloud market really beginning to segment between the haves ( $CRWV $NBIS Crusoe Lambda Lepton etc. ) and the have-nots. Wow. Nebius had been hunting for a hyperscaler partner versus a focus on AI labs and they got it. $20bn multi-year deal with MSFT. Huge validation of the AI Neocloud model too. Coreweave and Nebius clearly have value and compute is constrained if hyperscalers continue to sign https://t.co/YF75t5S61Y Wow. Nebius had been hunting for a hyperscaler partner versus a focus on AI labs and they got it. $20bn multi-year deal with MSFT. Huge validation of the AI Neocloud model"
X Link 2025-09-08T22:08Z [----] followers, [----] engagements
"@blondesnmoney $CORZ isn't a comp to $NBIS. $CORZ = data center landlord (owns data center rents space and power). $NBIS = data center tenant (owns GPUs rents compute)"
X Link 2025-09-08T23:30Z [----] followers, [----] engagements
"That said this deal is clearly a positive signal for the entire AI infrastructure value chain. $NBIS inking $3B ACV deals strongly suggests larger deals for $CRWV are on the come (as their CFO just hinted at). $CRWV will then need more data center capacity which is where $CORZ and $GLXY come in. https://x.com/RHouseResearch/status/1963697081455185960 https://x.com/RHouseResearch/status/1963697081455185960"
X Link 2025-09-08T23:34Z [----] followers, [---] engagements
"I would first caveat this by saying I do think there will be a big wave of consolidation in the neocloud space eventually where many in the long tail of providers go out of business. But for $CRWV $NBIS etc. - they are solely focused on running AI workloads. Microsoft's cloud infrastructure is basically entirely CPU or "legacy" cloud focused - they don't have much experience with GPUs and don't move very quickly (given they have hundreds of billions of dollars of existing business to worry about). Running massive GPU clusters reliably is no small task. There is an entire software or"
X Link 2025-09-09T00:06Z [----] followers, [---] engagements
"$CRWV has basically told you that their ARR is going to 5x in the not so distant future. Id expect that largely to be a function of a few outsized hyperscaler / AI frontier lab deals. It wouldnt surprise me if $CRWV actually helped $ORCL service their massive backlog similar to $CRWV s agreements with $MSFT and $GOOG"
X Link 2025-09-09T21:50Z [----] followers, [---] engagements
"@davey_juice Rubrik also not competing head to head with Databricks"
X Link 2025-09-09T22:57Z [----] followers, [---] engagements
"Actually has (i) the best AI co-location prospects of any crypto AI data center player and (ii) a truly one-of-one crypto-focused financial services biz (that should be reporting its best ever quarter in Q3-25). Here's a write-up on the data center piece you might find interesting: https://x.com/RHouseResearch/status/1923076150693187726 https://x.com/RHouseResearch/status/1923076150693187726"
X Link 2025-09-09T23:10Z [----] followers, [---] engagements
"@BenBajarin $IREN has $28MM of cloud ARR right now. $NBIS just signed a contract for $3B of ARR from a single customer"
X Link 2025-09-10T00:42Z [----] followers, [---] engagements
"@trailinvest @Nichtay314 @HODLingFool Yeah there's really no point discussing this with you. Best of luck"
X Link 2025-09-10T01:25Z [----] followers, [---] engagements
"Loved the response from $CRWV CEO when asked about the $NBIS $MSFT deal. Nothing but praise for $NBIS while also hinting at more large deals for both $CRWV and $NBIS which is exactly what $NBIS alluded to yesterday"
X Link 2025-09-10T10:40Z [----] followers, 13.2K engagements
"$ORCL all but confirming their intent to continue to rely on third-party data center owners and operators for their OCI cloud infrastructure business as opposed to self-building data center capacity"
X Link 2025-09-10T12:02Z [----] followers, [----] engagements
"$GTLB CEO at Goldman Communicopia Conference: Amazon and Google have tried to enter the DevSecOps space in the past and have failed. Translation: $AMZN and $GOOG would be much better served acquiring $GTLB to enter the DevSecOps market"
X Link 2025-09-10T15:16Z [----] followers, [----] engagements
"Reading this made my brain hurt - btw this is not meant to be a personal attack at you (see below: I find your other commentary to be very thoughtful / valuable). The sole individual holding a majority stake in $GLXY with the most to lose financially by swings in $GLXYs share price is fully aware of the mysterious magic hand illegally suppressing the $GLXY price downwards and is sat at his desk watching this manipulation happen with his thumb up his ass. Do you realize how ridiculous you sound Has it ever crossed your mind that perhaps other market participants are bearish $GLXY and / or"
X Link 2025-09-10T22:30Z [----] followers, [----] engagements
"@mvcinvesting I find myself incrementally more bullish on $NBIS each time I listen to a different member of their mgmt. team speak"
X Link 2025-09-12T11:21Z [----] followers, [----] engagements
"@akramsrazor Lol. $NBIS and $ORCL sign huge cloud deals that drive huge moves in both stocks. and you think $CRWV isnt next Pretty well documented Jensen personally loves CoreWeave. Who again controls which cloud players get the GPUs"
X Link 2025-09-13T02:35Z [----] followers, [----] engagements
"@akramsrazor Shorting $ORCL this year was in fact stupid"
X Link 2025-09-13T02:54Z [----] followers, [---] engagements
"Forward Industries $FORD (The Multicoin Galaxy $GLXY and Jump SOL treasury company) is the most exciting DAT for this precise reason. Multicoin Galaxy and Jump each bring unique perspectives and are highly incentivized to drive long-term sustainable ecosystem growth (beyond just SOL number go up). Multicoin: Earliest investor in Solana investor in various ecosystem projects Galaxy: One of the largest validators and defi users on Solana also invested in a handful of ecosystem applications Jump: Building Firedancer (a new Solana validator client) Leaked (unconfirmed) $FORD documents show it"
X Link 2025-09-14T14:17Z [----] followers, [----] engagements
"$CIFR now trading at 28x last quarter's annualized revenue. (And yes those revenues are set to decrease by 50% at April 2028's BTC halving lol)"
X Link 2025-09-17T21:48Z [----] followers, 10.6K engagements
"@dalibali2 Can we finally short the pre-revenue multi-billion dollar market cap basket of ShitCos now"
X Link 2025-09-18T15:28Z [----] followers, [----] engagements
"@stone_maison_ How about the $2B of debt"
X Link 2025-09-18T18:13Z [----] followers, [---] engagements
"I think I have to short $OPEN as a matter of principle after watching the new CEOs interview today with @HarryStebbings. His response to why hes optimistic on iBuying was wild. Something about the TAM being big and the business model being similar to Shopify while ending with admitting he has no idea what his plan is going to be"
X Link 2025-09-18T18:17Z [----] followers, [---] engagements
"@akramsrazor Skimmed the S-1 this weekend and couldnt help but wonder how defensible their product is Seems pretty lightweight and easy to replicate"
X Link 2025-09-18T18:32Z [----] followers, [---] engagements
"@MartinShkreli [----] vibes all over again with the quantum scams $OPEN the AI infra scams etc. etc"
X Link 2025-09-19T19:11Z [----] followers, [----] engagements
"@the_cody_hall Do you have any understanding of any insider trading laws"
X Link 2025-09-19T23:53Z [----] followers, [----] engagements
"@JasonBr38474283 @0x_Bigglesworth @AlexSchettino Im long $CLSK"
X Link 2025-09-20T00:41Z [----] followers, [----] engagements
"Long $CLSK btw. They have way more power than either $IREN or $CIFR. Cleanspark is Americas Miner btw. @JasonBr38474283 @0x_Bigglesworth @AlexSchettino Im long $CLSK @JasonBr38474283 @0x_Bigglesworth @AlexSchettino Im long $CLSK"
X Link 2025-09-20T00:43Z [----] followers, [----] engagements
"@JasonBr38474283 @0x_Bigglesworth @AlexSchettino Yes"
X Link 2025-09-20T00:48Z [----] followers, [---] engagements
"$CRWV up 6% to $132/shr. on news that $NVDA will invest $100B into OpenAI to deploy 10GW of data center capacity. In May I wrote that CoreWeave $CRWV "tenant credit risk fears are overblown". This is a key component of the $GLXY bull thesis given $CRWV is currently $GLXY's only data center tenant. $CRWV is set to pay $GLXY $200MM+ per year in annual rent starting in Q1-26; this number https://t.co/ZOKRiIsCcO In May I wrote that CoreWeave $CRWV "tenant credit risk fears are overblown". This is a key component of the $GLXY bull thesis given $CRWV is currently $GLXY's only data center tenant."
X Link 2025-09-22T16:25Z [----] followers, [----] engagements
"@nic__carter $GLXY https://x.com/RHouseResearch/status/1967903907868254254 In May I wrote that CoreWeave $CRWV "tenant credit risk fears are overblown". This is a key component of the $GLXY bull thesis given $CRWV is currently $GLXY's only data center tenant. $CRWV is set to pay $GLXY $200MM+ per year in annual rent starting in Q1-26; this number https://t.co/ZOKRiIsCcO https://x.com/RHouseResearch/status/1967903907868254254 In May I wrote that CoreWeave $CRWV "tenant credit risk fears are overblown". This is a key component of the $GLXY bull thesis given $CRWV is currently $GLXY's only data"
X Link 2025-09-22T16:48Z [----] followers, [----] engagements
"AI infra play $CIFR up 15% today doesnt have a stretched valuation at 31x last quarters revenue annualized. That revenue is also entirely from Bitcoin mining ($CIFR has [--] AI revenue) which means its set to decline by 50% in [---] years. Doesnt seem stretched at all. Parking money in AI infra plays is the best possible move if you dont know what to do Its a literal no-brainer Valuations arent even stretched Its crazy to say but we might not even be at the middle of the bull cycle Parking money in AI infra plays is the best possible move if you dont know what to do Its a literal no-brainer"
X Link 2025-09-23T00:39Z [----] followers, 10.3K engagements
"Why would $CIFR even bother investing in ASICs for Black Pearl if they're going to sign a tenant soon And why would you even start building the facility prior to signing a tenant $GLXY and $WULF both signed tenants prior to construction. They then worked hand in hand with their tenants to build facilities in line with the tenants' exact specifications. I find it hard to believe any hyperscaler tenant would want to use a Bitcoin mining data center as a starting point as opposed to a fresh greenfield build. Not to mention they now need to incur additional cost (and time) to gut the facility of"
X Link 2025-09-23T12:46Z [----] followers, [---] engagements
"No need to fret $OPEN army. After this weeks dip you can now buy $OPEN shares for the very low price of 8x the value of the real estate on their books So $OPEN whose balance sheet primarily consists of real estate inventory (e.g. houses) is trading at a $7.6B market cap or 12x the book value of those houses ($631MM). This makes buying digital asset treasury companies at 1.5x mNAV look like deep value investing. https://t.co/DKxw8UqI9z So $OPEN whose balance sheet primarily consists of real estate inventory (e.g. houses) is trading at a $7.6B market cap or 12x the book value of those houses"
X Link 2025-09-23T20:41Z [----] followers, [----] engagements
"Shackelford County TX: Developer is Vantage Abilene TX: Developer is Crusoe Milam County TX: SB Energy (shown below). Can someone please explain how Oracle and OpenAI passing on Black Pearl and Barber Lake is somehow. bullish for $CIFR https://www.crusoe.ai/resources/newsroom/crusoe-blue-owl-capital-and-primary-digital-infrastructure-enter-joint-venture https://vantage-dc.com/news/vantage-data-centers-unveils-plans-for-frontier-a-25b-mega-campus-in-texas-to-meet-unprecedented-ai-demand/"
X Link 2025-09-23T21:36Z [----] followers, 11.4K engagements
"@bitcoinbutcher1 Lol. Abilene expansion also is Crusoe. https://www.crusoe.ai/resources/newsroom/crusoe-expands-ai-data-center-campus-in-abilene-to-1-2-gigawatts https://www.crusoe.ai/resources/newsroom/crusoe-expands-ai-data-center-campus-in-abilene-to-1-2-gigawatts"
X Link 2025-09-23T21:42Z [----] followers, [----] engagements
"@McnallieM None of the new data center sites announced are being built by either $CIFR or $IREN. https://x.com/RHouseResearch/status/1970603224823693645 Shackelford County TX: Developer is Vantage (https://t.co/9wisdJXLpV) Abilene TX: Developer is Crusoe (https://t.co/JIMaHplQ93) Milam County TX: SB Energy (shown below). Can someone please explain how Oracle and OpenAI passing on Black Pearl and Barber Lake is somehow. https://t.co/lpeKU85ELP https://x.com/RHouseResearch/status/1970603224823693645 Shackelford County TX: Developer is Vantage (https://t.co/9wisdJXLpV) Abilene TX: Developer is"
X Link 2025-09-23T21:43Z [----] followers, [----] engagements
"@McnallieM So Oracle and OpenAI scoured all of Texas for data center developers and sites. they don't select either $CIFR or $IREN. But this is somehow bullish for $CIFR and $IREN. Can I have a puff of whatever you're smoking"
X Link 2025-09-23T21:46Z [----] followers, [----] engagements
"@WillT2118 Few $DBRG"
X Link 2025-09-24T00:59Z [----] followers, [---] engagements
"Which is sillier - $CRCL at 28x LQA net revenue or $COIN at 15x LQA net revenue"
X Link 2025-09-24T13:03Z [----] followers, [--] engagements
"@zephyr_z9 But what credit risk exists when $NVDA is (i) backstopping $CRWV by agreeing to lease any of their un-utilized capacity and (ii) backstopping OpenAI (cc: this weeks $100B investment"
X Link 2025-09-24T14:40Z [----] followers, [---] engagements
"The comps ($OKLO $IONQ $RKLB $SOUN) say this should be valued at around $20B imo. WSJ: Autonomous Truck Startup Kodiak Set to Go Public After $2.5 Billion Deal🚩 #NoPosition https://t.co/xdsEgMYI8n WSJ: Autonomous Truck Startup Kodiak Set to Go Public After $2.5 Billion Deal🚩 #NoPosition https://t.co/xdsEgMYI8n"
X Link 2025-09-24T22:22Z [----] followers, [----] engagements
"@BitfuryGeorge Hey man - relax. I got this one wrong. Congrats to $CIFR"
X Link 2025-09-25T11:33Z [----] followers, [----] engagements
"@bitcoinbutcher1 @rftylerpage Wrong indeed. Well done to the $CIFR team"
X Link 2025-09-25T11:35Z [----] followers, [---] engagements
"@BitfuryGeorge Deal should bode well for the entire space. $GLXY does look undervalued here given they already have a massive deal with $CRWV and look well positioned to sign another as their additional power becomes available"
X Link 2025-09-25T11:37Z [----] followers, [---] engagements
"@matthew_sigel @0xhannibal The correct headline is Google given stake in $CIFR as part of Fluidstack AI hosting deal Google isnt putting up any cash for these $CIFR warrants"
X Link 2025-09-25T11:45Z [----] followers, [----] engagements
"@wsfoxley @rftylerpage As a (former) $CIFR skeptic - well done to the $CIFR team. Transformational for their business"
X Link 2025-09-25T11:58Z [----] followers, [---] engagements
"Its getting difficult to keep track of all of the imminent bearish headwinds facing Circle $CRCL. INTEL: Cloudflare has unveiled a new stablecoin called NetDollar designed for cross-network agentic transactions INTEL: Cloudflare has unveiled a new stablecoin called NetDollar designed for cross-network agentic transactions"
X Link 2025-09-25T15:31Z [----] followers, [----] engagements
"What's even sillier is the idea that $IREN has the technical expertise to successfully operate the 23K GPUs they've "procured". Independent research firm @SemiAnalysis_ which is often referred to as "the Bible" within the digital infrastructure space has tested their GPU cloud offering and I'm not sure the feedback could have been worse. https://x.com/dylan522p/status/1925771374959747160 https://x.com/dylan522p/status/1925771374959747160"
X Link 2025-09-25T17:53Z [----] followers, [----] engagements
"It turns out an AI / HPC co-location deal might have been priced in with $CIFR trading at 30x+ last quarter's revenue annualized. $CIFR now trading at 28x last quarter's annualized revenue. (And yes those revenues are set to decrease by 50% at April 2028's BTC halving lol). $CIFR now trading at 28x last quarter's annualized revenue. (And yes those revenues are set to decrease by 50% at April 2028's BTC halving lol)"
X Link 2025-09-25T17:58Z [----] followers, [----] engagements
"@blondesnmoney How is $ORCL barely up in AH trading"
X Link 2025-09-25T20:45Z [----] followers, [---] engagements
"Update on AI data-center co-location deals for crypto companies (e.g. historical Bitcoin miners): $CORZ ✅ $WULF ✅ $GLXY ✅ $APLD (lol) ✅ $CIFR ✅ $IREN ❌"
X Link 2025-09-25T21:22Z [----] followers, 13.9K engagements
"@AlexfromBabylon @RealJimChanos @SemiAnalysis_ I have no investment in CoreWeave. How exactly was it de-bunked"
X Link 2025-09-25T21:35Z [----] followers, [---] engagements
"Growth stocks: $OKLO: YoY growth = #DIV/0 $IONQ: Negative YoY organic growth $SOUN: Wont disclose organic growth Growth got smoked today with a bunch of recent winners pulling back hard including $OKLO $ASTS $CIFR $RKLB $IONQ $EOSE & $SOUN Small-cap port is down more than 5% today but $CLPT is ripping again after +60% yesterday on a bloody tape & is now my second largest position. https://t.co/gDGCxF3WNL Growth got smoked today with a bunch of recent winners pulling back hard including $OKLO $ASTS $CIFR $RKLB $IONQ $EOSE & $SOUN Small-cap port is down more than 5% today but $CLPT is ripping"
X Link 2025-09-25T22:07Z [----] followers, [----] engagements
"@JasonL_Capital The one where I warned you not to buy at $16"
X Link 2025-09-25T23:04Z [----] followers, [---] engagements
"@Umbisam What is garbage exactly about pointing out that the vast vast majority of $IREN s current revenue base is derived from Bitcoin mining Labeling $IREN as an AI data center company seems a bit misleading given that 96% of its revenue comes from mining Bitcoin"
X Link 2025-09-25T23:09Z [----] followers, [----] engagements
"@RemoteNavigator Lol huh $IREN has zero Blackwells even deployed as of their latest monthly report. Far far behind other neoclouds such as $CRWV and $NBIS"
X Link 2025-09-25T23:17Z [----] followers, [----] engagements
"@perry_lin1 For $WULF definitely (given they have two projects / customers etc.). Very interested to see where their debt financing shakes out - their execution has been top notch mgmt. team doing extremely well"
X Link 2025-09-26T15:15Z [----] followers, [---] engagements
"According to "Bitfury George" the future is so bright for $CIFR Bitfury can't dump its $CIFR stock fast enough. BREAKING: $CIFR upsizes 0% converts to $1.1B (2031 maturity) on huge demand. $16.03 convert price (37% premium) Capped call to $23.32 (100% premium) $1.08B net to fund Barber Lake + [---] GW HPC pipeline + Neocloud play Best part [----] maturity. IMO $CIFR repays in cash = BREAKING: $CIFR upsizes 0% converts to $1.1B (2031 maturity) on huge demand. $16.03 convert price (37% premium) Capped call to $23.32 (100% premium) $1.08B net to fund Barber Lake + [---] GW HPC pipeline + Neocloud play"
X Link 2025-09-26T16:22Z [----] followers, 11.7K engagements
"Does $GLXY have signed customer contracts for its colocation business How about $IREN Do signed customer contracts even matter Or should every company just acquire plots of dirt with interconnection requests and than tell the market to value them based off of the MW from their interconnection requests"
X Link 2025-09-26T20:12Z [----] followers, [---] engagements
"Its not growth-focused to think Bitcoin mining revenue which is set to decline by 50% in [---] years is lower quality than subscription software revenue. Got it. Its not growth-focused to think Azures cloud revenues which are derived from multi-year committed customer contracts are higher quality than spot AI compute paid on an hourly basis. Got it. Its not growth-focused to think the execution risk associated with Microsofts future revenue streams is lower than the execution risk associated with $IREN operating [-----] GPUs when $IREN only operates [----] GPUs today. Got it. Im sure making the"
X Link 2025-09-26T20:25Z [----] followers, 36.9K engagements
"$HUT "owns the entire vertical stack" and bought GPUs. How's their GPU cloud coming along $APLD "owns the entire vertical stack" and bought GPUs. How's their GPU cloud coming along $CRWV doesn't "own the entire vertical stack" and just signed an incremental $6.5B 5-yr. contract with OpenAI bringing their total OpenAI contract to $22B+. How could that possibly be given they don't "own the vertical stack" And sure go ahead please ignore the part where the leading independent digital infrastructure research firm has said verbatim that $IREN 's cloud is "not good." Ignore the part where $IREN 's"
X Link 2025-09-26T20:54Z [----] followers, [----] engagements
"@JohnMichealChr1 @connorking_ @RemindMe_OfThis Lol $HUT doesn't even disclose Highrise revenues they lump it with Bitcoin mining under "compute". I'm sure that's because Highrise is doing so well"
X Link 2025-09-26T21:04Z [----] followers, [---] engagements
"@JohnMichealChr1 @connorking_ @RemindMe_OfThis Point is that owning Bitcoin mining data centers does not equate to an easy path towards building a legitimate CSP offering. The irony of Highrise is that $HUT s GPUs for Highrise arent even housed in their own data center"
X Link 2025-09-26T21:09Z [----] followers, [---] engagements
"A few thoughts on how I think about valuation multiples $MSFT $IREN @connorking_ Its not growth-focused to think Bitcoin mining revenue which is set to decline by 50% in [---] years is lower quality than subscription software revenue. Got it. Its not growth-focused to think Azures cloud revenues which are derived from multi-year committed customer @connorking_ Its not growth-focused to think Bitcoin mining revenue which is set to decline by 50% in [---] years is lower quality than subscription software revenue. Got it. Its not growth-focused to think Azures cloud revenues which are derived from"
X Link 2025-09-26T21:42Z [----] followers, [----] engagements
"Is Mike Alfred posting his $CIFR or $IREN PnLs today In what world is this legal $CIFR $IREN https://t.co/LiwynZKWjj In what world is this legal $CIFR $IREN https://t.co/LiwynZKWjj"
X Link 2025-09-27T00:28Z [----] followers, [----] engagements
"@jakeallen3 No its not given $GLXY has an executed 15-year contract for data center revenue which commences early next year"
X Link 2025-09-29T00:16Z [----] followers, [---] engagements
"If $IREN has such an advantage to move fast then why wont their most recent GPUs theyve procured be online until Q1-2026 And why havent they announced customer contracts for those GPUs given they seem to announce any and every minute detail about their cloud business. My hot takes $IREN gets to 100k+ GPUs before $NBIS $IREN gets to 500k+ GPUs before $NBIS $IREN gets to 1m+ GPUs before $NBIS Before you crash out in the comment section imo both companies are obviously WINNERS and are going to prosper. Its just one has basically an My hot takes $IREN gets to 100k+ GPUs before $NBIS $IREN gets to"
X Link 2025-09-29T00:36Z [----] followers, 12.5K engagements
"@kellyjgreer Happy to send you some of my longer form work on names other than $GLXY"
X Link 2025-09-29T20:07Z [----] followers, [---] engagements
"@alc2022 Lol. $246MM of positive cash flow from operations versus ($1.4B) of CapEx for Free Cash Flow of negative ($1.1B). And guess what happens to the lion's share of the positive $246MM of cash flow from operations in [---] years at the next Bitcoin halving"
X Link 2025-09-30T13:35Z [----] followers, 10.4K engagements
"@TheKamaHsutra @RealJimChanos @mcF_dan Why was August [----] monthly cloud revenue only up $100K from July [----] if August's numbers included the full impact of [---] B-200s"
X Link 2025-09-30T16:03Z [----] followers, [---] engagements
"@TheKamaHsutra @RealJimChanos @mcF_dan When did I say anything about "it" being fake I would have expected over a $500K uplift to monthly revenues with the addition of [---] B-200s - thought you might have an explanation. Seems not"
X Link 2025-09-30T16:12Z [----] followers, [---] engagements
"When did I say "IREN has no customers" Another straw man as per usual. OP states that CoreWeave "has no clothes". How can one make this statement when CoreWeave has just signed [--] massive deals totaling $27B Can you please explain to me how this "land power and infrastructure" is so important when the Company you claim lacks "land power and infrastructure" is signing massive deals with the who's who of companies within AI"
X Link 2025-09-30T17:10Z [----] followers, [---] engagements
"Will try this again: OP states that CoreWeave "has no clothes". How can one make this statement when CoreWeave has just signed [--] massive deals totaling $27B Can you please explain to me how this "land power and infrastructure" is so important when the Company you claim lacks "land power and infrastructure" is signing massive deals with the who's who of companies within AI"
X Link 2025-09-30T17:15Z [----] followers, [---] engagements
"@proof_of_thermo @litigious_dulce How can you argue $CRWV does not "match $IREN's scaling potential" when $CRWV has signed $27B worth of contracts in this month alone"
X Link 2025-09-30T17:20Z [----] followers, [---] engagements
"@proof_of_thermo @litigious_dulce The rearview The $27B of contracts signed are future revenue. Like quite literally the exact opposite of "the rearview". $IREN has also burnt $1.1B in the last [--] months too btw"
X Link 2025-09-30T17:25Z [----] followers, [---] engagements
"@bitcoinbutcher1 Why do they still need to close $CORZ Theyve signed $27B of deals in the past month alone without $CORZ"
X Link 2025-09-30T19:01Z [----] followers, [---] engagements
"So if I got this straight - $IREN which did $7MM of cloud revenue last quarter and has not announced any named customer contracts since then knows more about growing a cloud business than $CRWV (which did $1.2B of revenue last quarter and has signed $27B of contracts since) Obviously $CRWV s growth will plateau if they cant secure additional data center capacity. But $CRWV s data center capacity is expected to grow from 400MW last quarter to 1GW by the end of this year to north of 2GW next year. Are you really meaning to tell me that the fastest growing AI cloud business doesnt know how to"
X Link 2025-09-30T19:13Z [----] followers, [---] engagements
"Wait now were talking about profitability $IREN burned over $1B last year and has relied on its ATM. $CRWV has no ATM. Again how can you claim $IREN is doing a better job of scaling their cloud business when $CRWV did $1.2B of revenue last quarter vs. $7MM for IREN and has signed $27B of new deals since Is adding $27B of new TCV not scaling"
X Link 2025-09-30T19:24Z [----] followers, [---] engagements
"@EzekielMX $CRWV s EBITDA margins are north of 60% but ok"
X Link 2025-09-30T19:48Z [----] followers, [---] engagements
"@FuckElon54528 @proof_of_thermo @litigious_dulce $CRWV signs $14B deal with $META $IREN shill - CoreWeave is the emperor with no clothes Me: Uh that makes zero sense CoreWeave literally just signed [--] massive deals in the past month alone You: Argument donot build on good faith basis Ok"
X Link 2025-09-30T19:53Z [----] followers, [--] engagements
"@EzekielMX Ok When is the big $IREN deal coming $CRWV has $6.3B with Nvidia $6.5B with OpenAI and $14B with Meta this month. Surely big deal is coming $IRENs way soon right"
X Link 2025-09-30T19:56Z [----] followers, [--] engagements
"@dararah1m @CryptosisIntel @FloodCapital Have both contracted $1B on annual revenue over [--] years with CoreWeave"
X Link 2025-09-30T22:56Z [----] followers, [--] engagements
"Google is not paying $CIFR $1B a year lol. Google is not even the tenant. And $CIFR s lease with Fluidstack is less than 1/5th the size of $GLXY s with $CRWV. Sure please let me know when $IREN gets a $1B a year deal with $CRWV. Please please let me know what that happens. Until then please do not disparage me with pure lies that I am paid to spread FUD. This obviously is not true"
X Link 2025-09-30T23:05Z [----] followers, [---] engagements
"@StonkChris $CRWV and $NBIS are the only two names in this list with multi-billion dollar hyperscale deals lol"
X Link 2025-10-01T01:25Z [----] followers, [---] engagements
"@wemillionaire @StonkChris Deal is with Fluidstack. $CIFR just paid $GOOG $400MM+ to guarantee it lol"
X Link 2025-10-01T01:32Z [----] followers, [---] engagements
"@lefttailguy $IONQ is basically megacap now though you didnt hear the CEO talk about how theyre going to eat Nvidias lunch next year"
X Link 2025-10-01T16:32Z [----] followers, [---] engagements
"@visionaryinv @FloodCapital Build a data center You mean spend money to buy Bitcoin mining ASICS right $IREN spent a billion bucks last year on Bitcoin mining rigs that have a [--] year useful life meaning they'll be obsolete by the next Bitcoin halving"
X Link 2025-10-01T21:04Z [----] followers, [---] engagements
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