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[@RHouseResearch](/creator/twitter/RHouseResearch)
"@RJCcapital $CIFR s tenant Fluidstack does use Googles TPUs. My read is that theres a good chance Google offloads some of these Anthropic workloads to Fluidstack (which should translate into Fluidstack needing incremental data center capacity)"  
[X Link](https://x.com/RHouseResearch/status/1981548537717371316) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-24T02:29Z 6721 followers, 1116 engagements


"The fact that $IREN mgmt. has stated that they deliver substantial free cash flow is absolutely bonkers"  
[X Link](https://x.com/RHouseResearch/status/1961497567419584866) [@RHouseResearch](/creator/x/RHouseResearch) 2025-08-29T18:33Z 6664 followers, 40.5K engagements


"Lol dude duh its obviously a $X Trillion company. You take 3GW of secured grid power double it because muh pipeline and youre at 6GW. Then multiply by $10MM/MW and voila youre at $60B of cloud ARR. No dont worry about securing customers or the engineering department to actually build a $60B cloud what a silly question that is. $60B x 20x revenue multiple (take $CRWV s revenue multiple and double it because $*ren owns plots of dirt and has made interconnection requests so deserves a premium valuation) and youre at a $1.2T enterprise value And dont subtract for any debt or account for dilution"  
[X Link](https://x.com/RHouseResearch/status/1977835152374927446) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-13T20:33Z 6697 followers, 1765 engagements


"The irony in this statement coming from Coinbase who of course has the highest take-rates on retail traders of all the major US exchanges $COIN"  
[X Link](https://x.com/RHouseResearch/status/1978678349795938473) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-16T04:24Z 6608 followers, 6532 engagements


"@LogicalThesis Thats not a meaningful number - Revenues include all digital asset sales from the market making / trading business (so not actually a real revenue figure)"  
[X Link](https://x.com/RHouseResearch/status/1980811545580884028) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-22T01:40Z 6640 followers, XXX engagements


"@Investor_NICK_ To be fair you really cant blame anyone for selling everything they own seeing bankruptcy bound Beyond Meat rip like this"  
[X Link](https://x.com/RHouseResearch/status/1981009375226683607) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-22T14:46Z 6695 followers, XXX engagements


"@nic__carter I hadn't considered this though - very interesting"  
[X Link](https://x.com/RHouseResearch/status/1981325672338391281) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-23T11:43Z 6704 followers, 1132 engagements


"@jdorman81 @krugermacro Crypto altcoin investing*. Its been a fantastic year for crypto equity investing. I suspect theres still much more room to run for some of the high quality crypto equities as well. $GLXY"  
[X Link](https://x.com/RHouseResearch/status/1981143769392324859) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-22T23:40Z 6724 followers, XXX engagements


"With all due respect your take here is ridiculous especially considering how other "data center developers" in your ETF's portfolio operate. Helios is a $6.4B project (533MW of critical IT load x $12MM/MW). Assuming XX% LTC (i.e. that Galaxy $GLXY can raise XX% or $5.3B of the total CapEx bill via project-level debt financing) Galaxy still needs to contribute $1.3B of cash equity into the project. $300MM or so has already been funded resulting in $1B of additional equity capital needed. Note that $GLXY has already raised $1.4B of non-dilutive project level debt from DB for Phase I (133MW) and"  
[X Link](https://x.com/RHouseResearch/status/1977069799932149938) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-11T17:52Z 6721 followers, 156.2K engagements


"Applied Digital $APLD and Galaxy Digital $GLXY have similar enterprise values ($11B - $13B). This is interesting given: - On the data center co-location side Galaxys co-location lease ($1B+ annually) with CoreWeave $CRWV is roughly double the size of Applied Digitals. Galaxy has successfully closed $1.4B of non-dilutive project-based debt financing (S+475) for the first portion of their campus build-out. Applied is still in the market for project-based construction debt. The main source of funding for Applieds build-out is the expensive (12.75% PIK) dilutive (Macquarie has XX% ownership at"  
[X Link](https://x.com/RHouseResearch/status/1977787902928023555) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-13T17:25Z 6721 followers, 48.3K engagements


"People have gone to jail for way less than the ridiculous gaslighting here from $IREN BoD Mike Alfred. He is claiming that $CRWV which was at $5B of ARR last quarter and $50B+ of backlog cant compete at scale but $IREN which was at $28MM of ARR can. $X billion vs. $XX million. You read that correctly. This is 2021 vibes but worse - these shameless stock promoters are not even trying to disguise their pump and dump schemes"  
[X Link](https://x.com/RHouseResearch/status/1978205417370181795) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-14T21:04Z 6721 followers, 117.4K engagements


"$IREN Cloud's largest ever customer PoolsideAI just announced a massive deal with CoreWeave $CRWV. For some backdrop $IREN launched their cloud offering in early 2024 and secured Poolside as their first (and only) marquee customer logo on a short-term contract than ran through September 2024. In September 2024 Poolside chose NOT to renew their contract with $IREN cloud. $IREN cloud's revenue fell from $3.2MM in Q3-24 to $2.7MM in Q4-24. As far as I'm aware IREN Cloud is the only neocloud to have reported a quarter of declining sequential revenue in the history of the neocloud industry. $IREN"  
[X Link](https://x.com/RHouseResearch/status/1978481717544464533) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-15T15:22Z 6721 followers, 156.8K engagements


"Remember - this same guy below told you CoreWeave $CRWV was a time bomb labeled it the next WeWork and called it a dog. All BEFORE CoreWeave even IPOd (note - $CRWV is up 200%+ from IPO)"  
[X Link](https://x.com/RHouseResearch/status/1980783871730782697) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-21T23:50Z 6721 followers, 11K engagements


"I think an important distinction here is that the useful life of a chip can vary depending on its owner. If you are CoreWeave $CRWV and you just signed a X year contract with Meta to rent them Blackwells for $XXXX an hour the useful life of those Blackwells is at least X years given they will be generating revenue for you over X years. If youre a smaller neocloud without long-term contracts you are almost certainly not going to be in earning $XXXX an hour on Blackwells in 2029 after Rubins are released in 2026 (and future 2027 2028 and 2029 generations come to market). You might be able to"  
[X Link](https://x.com/RHouseResearch/status/1981745002058293757) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-24T15:30Z 6721 followers, XXX engagements


"$34B for a BASE token seems reasonable $COIN"  
[X Link](https://x.com/RHouseResearch/status/1981855633243766853) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-24T22:49Z 6721 followers, 5505 engagements


"Bitcoin Miners - AI Data Center Co-Location Deal Comparison $CIFR $WULF $APLD $GLXY A few interesting observations based on a comparison of the deals announced by Cipher $CIFR TeraWulf $WULF Applied Digital $APLD and Galaxy Digital $GLXY: - Galaxy has the only "triple-net" lease which results in the highest NOI (EBITDA) margins given its tenant (CoreWeave $CRWV) is responsible for paying maintenance CapEx property taxes and property insurance. This triple net structure greatly improves the "financeability" of the lease as lenders are more willing to underwrite these structures given the risks"  
[X Link](https://x.com/RHouseResearch/status/1971568058163753033) [@RHouseResearch](/creator/x/RHouseResearch) 2025-09-26T13:30Z 6723 followers, 30.6K engagements


"$CIFR did not get a Google investment. Google invested $XXXX in $CIFR. $CIFR gave Google $CIFR penny warrants such to entice Google to serve as guarantor for their tenant (Fluidstack). Google puts up zero cash and gets X% of $CIFR s equity. Not necessarily a bad deal for $CIFR but the misinformation is egregious"  
[X Link](https://x.com/RHouseResearch/status/1977932086548861251) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-14T02:58Z 6720 followers, 27.5K engagements


"What really amuses me is the notion that Blackstone would go ahead and lead the underwriting of the largest ever private credit facility without any modeling of CoreWeaves cash flow. Its really not that difficult to grasp - CoreWeave draws on their debt facilities after theyve signed a customer contract to fund the CapEx (GPUs) required to fulfill that contract. These bozos seem to believe that CoreWeave is recklessly funding speculative GPU purchases for shits and giggles when XX% of their revenue comes from committed long-term customer contracts. Who would have thought that a company in a"  
[X Link](https://x.com/RHouseResearch/status/1980787966218809445) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-22T00:07Z 6725 followers, XXX engagements


"I have the majority of crypto miner deals at an average of $1.8MM - $1.9MM over the life of their leases. Im not sure how comparable Core Scientifics $CORZ deal is given CoreWeave is pre-paying rent to fund the CapEx required for the build-out which is why theyre only paying $1.4MM/MW. Note Galaxys $GLXY deal is an outlier at $2.3MM/MW. This is also the first direct deal between an investment grade hyperscaler (whom I interpret to be either Amazon Microsoft Google and Meta) and a former Bitcoin miner. I would have expected the economics to be worse than $1.65MM/MW (which is only a 10%"  
[X Link](https://x.com/RHouseResearch/status/1981012837494304866) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-22T15:00Z 6723 followers, 8170 engagements


"@Wyatts_Torch @zephyr_z9 Who would have thought Applied Digital $APLD of all miners would be the first to secure a co-location lease with an investment-grade hyperscaler Heh"  
[X Link](https://x.com/RHouseResearch/status/1981014990011437066) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-22T15:09Z 6724 followers, XXX engagements


"Few people have asked me about $WULF - no position but think they are executing better than any other miner pivoting to AI (note - I don't include $GLXY within this cohort given $GLXY was never a true "Bitcoin miner"). $WULF 's deal with Fluidstack and Google involved some true out of the box-thinking and more or less set a blueprint for $CIFR to follow suit. Importantly their data center capacity is located in New York unlike any other Bitcoin miner. Valuation is also very compelling here especially relative to $CIFR $IREN $HUT"  
[X Link](https://x.com/RHouseResearch/status/1973495694095773925) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-01T21:10Z 6723 followers, 11.6K engagements


"Here is $IREN BoD member Mike Alfred claiming literally yesterday that CoreWeave "will be unable to scale". Obviously with today's news this ridiculous non-sensical claim looks even more preposterous"  
[X Link](https://x.com/RHouseResearch/status/1978482366810300717) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-15T15:25Z 6723 followers, 12.1K engagements


"Bull case is that $GLXY becomes one of the largest publicly traded AI data center developers owners and operators in the world. For some context on the data center side their first executed lease with CoreWeave $CRWV is for 533MW of IT load and is expected to generate $1B+ of annual EBITDA. If they can execute X additional lease per year of similar size with the Oracles Amazons Googles etc. of the world you're looking at a multi-gigawatt portfolio generating multiple billions of EBITDA by late 2020s. Public comps $DLR and $EQIX have around 3GW of capacity enterprise values north of $75B and"  
[X Link](https://x.com/RHouseResearch/status/1978627920680661308) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-16T01:03Z 6723 followers, 55.1K engagements


"@shots_goal Biggest tailwind IMO is that entry valuations have to come down"  
[X Link](https://x.com/RHouseResearch/status/1980443457459220805) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-21T01:18Z 6718 followers, XXX engagements


"The so-called what Where it goes next @firstadopter Cmon man - comparing IonQ $IONQ to Nvidia in any manner whatsoever is beyond absurd and makes a mockery of your publication"  
[X Link](https://x.com/RHouseResearch/status/1980816936058630554) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-22T02:02Z 6721 followers, 2496 engagements


"Sigh. $IONQ up XX% pre-market lol. Just when it was beginning to roll over. As I understand things $IBM and $GOOG have the most realistic chance to build a commercially viable quantum product (which is still years if not decades out) but obviously neither needs financial support from the government. IMO taking a stake in $IONQ $RGTI $QBTS or $QUBT would be on par with giving Trevor Milton (Nikola founder who rolled his fake "hydrogen powered" truck down a hill to con investors) a full pardon - just a terrible look"  
[X Link](https://x.com/RHouseResearch/status/1981325289922728107) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-23T11:42Z 6719 followers, 1476 engagements


"CoreWeave $CRWV CEO Michael Intrator shouting out Galaxy Digital $GLXY on Bloomberg today: "We have broadened our strategic relationships with other providers of the infrastructure. A great example of that is Galaxy Digital. You know where we're able to go ahead and get large blocks of contiguous power to continue to buy infrastructure that will be made available to our clients as they continue to build.""  
[X Link](https://x.com/RHouseResearch/status/1975707970538283263) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-07T23:41Z 6720 followers, 49.8K engagements


"$CIFR and $IREN investors seem to believe the AI cloud provider business model is one of the best businesses to be in. This of course is absurd. Running an AI cloud is extremely capital intensive requiring huge outlays for GPUs (and data center CapEx if self-building). Its also a very labor intensive business necessitating deep pools of talent across hardware engineering network engineering networking enterprise sales etc. In addition a significant portion of the potential customer base is start ups who are likely to go bankrupt or get acquired. For these reasons and others running an AI"  
[X Link](https://x.com/RHouseResearch/status/1976063859212370246) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-08T23:15Z 6721 followers, 91.6K engagements


"Assuming $10B of annual cloud revenue per GW of data center capacity (in line with CoreWeave $CRWV) Oracle's $ORCL FY30 OCI guide of $166B implies they'll need to lock down 16.6GW of data center capacity over the next X years. They've already secured a handful of large leases (i.e. 1.2GW at Abilene from Crusoe 1.4GW in Shackleford County from Vantage) but still should need 10GW+ of incremental DC capacity to meet their cloud forecast. While there have been some murmurs around Oracle potentially seeking to self-build data center capacity I suspect the vast majority of their capacity growth"  
[X Link](https://x.com/RHouseResearch/status/1978904702713512104) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-16T19:23Z 6721 followers, 56K engagements


"H/t @stefanvanderlux for of course being the first to point out that Capital Group is behind the $460MM PIPE into Galaxy Digital $GLXY. Fun-fact about Capital Group - they rode a 2021 $500MM investment in MicroStrategy $MSTR 10x+ as those shares are now worth around $6B. I wonder if they're underwriting a similar return profile on their $460MM $GLXY investment"  
[X Link](https://x.com/RHouseResearch/status/1980263003023958473) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-20T13:21Z 6721 followers, 30.1K engagements


"Lol. Go compare private credit marks on names like Pluralsight the quarters before and after the bankruptcy or restructuring announcements. There's a reason they trade below "book""  
[X Link](https://x.com/RHouseResearch/status/1980381673830379761) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-20T21:12Z 6721 followers, 5440 engagements


"Any long-term shareholders currently upset theyve held *squints* this chart because of a XX% pullback (following a XXX% move in the past two years) should immediately seek mental help"  
[X Link](https://x.com/RHouseResearch/status/1981087967394378123) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-22T19:59Z 6721 followers, 13.2K engagements


"JANE STREET DISCLOSES A X% POSITION IN CIPHER MINING $CIFR Yes Jane Street accumulated a position in Cipher because they are extremely bullish on the Ciphers long-term prospects and they intend to hold this position for years maybe even decades They certainly did not acquire these shares as part of a delta-neutral options strategy whereby they sell retail shareholders (e.g. Mike Alfreds followers and the $OPEN army) over-priced $CIFR call options and pocket the premium. Remember Jane Street is a fundamental long-duration value investor. Jane Street is certainly not a proprietary trading fund"  
[X Link](https://x.com/RHouseResearch/status/1981490124601881000) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-23T22:37Z 6721 followers, 43.5K engagements


"Before I get harassed by the $CIFR gang - there actually was a very bullish piece of news flow today re: $CIFR. Not the Oracle debt deal either. The irony in that the vast majority of $CIFR shareholders aren't even aware of this news but think that Jane Street's ownership is bullish is a pretty accurate summation of where we're at"  
[X Link](https://x.com/RHouseResearch/status/1981539265180795101) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-24T01:52Z 6721 followers, 21.4K engagements


"@RJCcapital"  
[X Link](https://x.com/RHouseResearch/status/1981540074727886982) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-24T01:55Z 6721 followers, 3400 engagements


"@davey_juice Capital intensive businesses with low ROIC"  
[X Link](https://x.com/RHouseResearch/status/1981885876318712027) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-25T00:49Z 6721 followers, 1657 engagements


"@LTD1984 No. You are more than free to cease searching my account and harassing me on a regular basis though"  
[X Link](https://x.com/RHouseResearch/status/1981899449678090255) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-25T01:43Z 6721 followers, XXX engagements