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# ![@RHouseResearch Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::1923064392289050624.png) @RHouseResearch Rittenhouse Research

Rittenhouse Research is long on Galaxy Digital ($GLXY), believing its flagship data center, Helios, will generate $XXX billion in EBITDA and $XX billion in equity value. This stance contrasts with bearish views on other data center and AI infrastructure companies, such as Cipher Mining ($CIFR) and CoreWeave ($CRWV). Rittenhouse Research's bullish thesis on $GLXY suggests significant upside potential.

### Engagements: XXXXX [#](/creator/twitter::1923064392289050624/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1923064392289050624/c:line/m:interactions.svg)

- X Week XXXXXXX +43%
- X Month XXXXXXXXX +215%

### Mentions: XX [#](/creator/twitter::1923064392289050624/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1923064392289050624/c:line/m:posts_active.svg)

- X Week XX -XX%
- X Month XXX +65%

### Followers: XXXXX [#](/creator/twitter::1923064392289050624/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1923064392289050624/c:line/m:followers.svg)

- X Week XXXXX +17%
- X Month XXXXX +96%

### CreatorRank: XXXXXXXXX [#](/creator/twitter::1923064392289050624/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::1923064392289050624/c:line/m:influencer_rank.svg)

### Social Influence [#](/creator/twitter::1923064392289050624/influence)
---

**Social category influence**
[stocks](/list/stocks)  XXXXX% [finance](/list/finance)  XXXX% [technology brands](/list/technology-brands)  XXXX% [cryptocurrencies](/list/cryptocurrencies)  XXXX% [exchanges](/list/exchanges)  XXXX%

**Social topic influence**
[$crwv](/topic/$crwv) #32, [$glxy](/topic/$glxy) #28, [$iren](/topic/$iren) #105, [galaxy digital](/topic/galaxy-digital) #34, [$28mm](/topic/$28mm) #1, [$1b](/topic/$1b) #135, [$cifr](/topic/$cifr) #182, [infrastructure](/topic/infrastructure) #1006, [developers](/topic/developers) #329, [debt](/topic/debt) #1053

**Top accounts mentioned or mentioned by**
[@floodcapital](/creator/undefined) [@8888tld](/creator/undefined) [@karlw0lf](/creator/undefined) [@pepe_maltese](/creator/undefined) [@matthew_sigel](/creator/undefined) [@umbisam](/creator/undefined) [@chelapples](/creator/undefined) [@tavabtc](/creator/undefined) [@franchise9494](/creator/undefined) [@vinyle_mobile](/creator/undefined) [@geneajonesjr](/creator/undefined) [@nicolasflamelx](/creator/undefined) [@novogratz](/creator/undefined) [@lazarus_capital](/creator/undefined) [@benbajarin](/creator/undefined) [@shrimp_a_whales](/creator/undefined) [@seper8tor](/creator/undefined) [@sjahp1947](/creator/undefined) [@marcvanderchijs](/creator/undefined) [@railsdomains](/creator/undefined)

**Top assets mentioned**
[CoreWeave, Inc. (CRWV)](/topic/$crwv) [Galaxy Digital Inc. (GLXY)](/topic/$glxy) [IREN Limited (IREN)](/topic/$iren) [Cipher Mining Inc. Common Stock (CIFR)](/topic/$cifr) [Nebius Group N.V. Class A Ordinary Shares (NBIS)](/topic/$nbis) [Applied Blockchain, Inc. Common Stock (APLD)](/topic/$apld) [TeraWulf Inc. (WULF)](/topic/$wulf) [Bitfarms Ltd. (BITF)](/topic/$bitf) [Bitcoin (BTC)](/topic/bitcoin) [Microsoft Corp. (MSFT)](/topic/microsoft) [Oracle Corporation (ORCL)](/topic/$orcl) [Coinbase Global, Inc. (COIN)](/topic/coinbase) [Mario Coin (COIN)](/topic/$coin) [GitLab Inc. Class A Common Stock (GTLB)](/topic/$gtlb) [Dayforce, Inc. (DAY)](/topic/dayforce) [Equinix Inc (EQIX)](/topic/$eqix) [Digital Realty Trust Inc (DLR)](/topic/$dlr) [Alphabet Inc Class A (GOOGL)](/topic/$googl)
### Top Social Posts [#](/creator/twitter::1923064392289050624/posts)
---
Top posts by engagements in the last XX hours

"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 6512 followers, 49.6K 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 6513 followers, 134.6K engagements


"I also forgot to address one of his other bizarre uninformed complaints about not Galaxy not releasing the name of the asset manager involved. It is completely normal and common for funds to ask their name not be included in this type of press release. Plenty of fund managers want as little news coverage as possible. What actually matters is that a massive investment manager wrote a massive check to buy $GLXY shares. You don't write $460MM checks on a whim - this clearly involved substantial thorough diligence. By all accounts this investment manager intends to be a shareholder for the"  
[X Link](https://x.com/RHouseResearch/status/1977074262113501554) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-11T18:10Z 6512 followers, 3100 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 6513 followers, 115.6K engagements


"Here is $IREN's big press release in April 2024 on their Poolside deal. Of course there was no press release to announce that Poolside was not renewing this contract"  
[X Link](https://x.com/RHouseResearch/status/1978482946626437364) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-15T15:27Z 6510 followers, 5814 engagements


"Id be remiss not to mention that Nebius $NBIS is also much cheaper than $IREN on a forward revenue basis. And the majority of $NBIS s forward revenue comes from its $19B contract with Microsoft whose bonds are trading at a yield below the risk-free rate. Seems unlikely Microsoft will default on their payments to Nebius lol"  
[X Link](https://x.com/RHouseResearch/status/1978487250695385119) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-15T15:44Z 6510 followers, 6227 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 6513 followers, 155.9K 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 6510 followers, 11.8K 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 6513 followers, 54.5K 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 6513 followers, 54.6K 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 6512 followers, 47.8K 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 6510 followers, 6305 engagements


"@OnodaCapital Thoma Bravo buying Dayforce for $12.3B or 10x ARR makes a lot of these types of SW names seem pretty cheap"  
[X Link](https://x.com/RHouseResearch/status/1966867315037008043) [@RHouseResearch](/creator/x/RHouseResearch) 2025-09-13T14:11Z 6503 followers, XXX engagements


"$IREN - Doesnt disclose monthly numbers for September (note the August numbers at $2.4MM of cloud revenue implied they were only earning $1.50/GPU hour) - Only has contracts for 11000 out of the 23000 GPUs ordered; note these contracts are X years vs. CoreWeave and Nebiuss standard X year deals - Doesnt name a single customer for these contracts This was a bullish update"  
[X Link](https://x.com/RHouseResearch/status/1975524069903581573) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-07T11:30Z 6507 followers, 22.1K engagements


"@iamconnorboyd Love $NBIS they are OGs in the space I think of them as almost a European CoreWeave"  
[X Link](https://x.com/RHouseResearch/status/1976260061824483750) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-09T12:14Z 6507 followers, 1864 engagements


"Three of the many important differences between Galaxy $GLXY and legacy data center owner and operators (Digital Realty $DLR and Equinix $EQIX) are: - Galaxy's data-center (under construction) will be a next-generation purpose-built for AI data center. $DLR's data centers are decades old (they even disclose this in their filings - see below) - Galaxy's lease is structured as "triple-net" - maintenance CapEx is passed through to the tenant. $DLR and $EQIX on the other hand have to foot the bill for most of their maintenance CapEx (which of course they label as Growth CapEx to juice their AFFO"  
[X Link](https://x.com/RHouseResearch/status/1976676820301893809) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-10T15:50Z 6499 followers, XXX engagements


"@FloodCapital We here at Van Eck with our $50001.34 position in $GLXY are outraged at the XXX% dilution We prefer to be diluted via $1B ATM. We WANT way more dilution"  
[X Link](https://x.com/RHouseResearch/status/1977193989569990781) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-12T02:05Z 6500 followers, 1140 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 6508 followers, 27.4K engagements


"@Mabiverse123 IREN cloud is currently doing $28MM of run-rate revenue (last month annualized)"  
[X Link](https://x.com/RHouseResearch/status/1978208286512910596) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-14T21:16Z 6502 followers, 7844 engagements


"@firstadopter Its almost as if CoreWeave $CRWV has a massive competitive advantage as the de-facto Nvidia cloud computing subsidiary"  
[X Link](https://x.com/RHouseResearch/status/1978955522595295400) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-16T22:45Z 6502 followers, XXX 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 6508 followers, 40.5K 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 6508 followers, 28.2K 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 6508 followers, 91.2K engagements


"@JoChuy93 Im admittedly not up to speed on $BITF. That said mgmt. team seems very sharp. Hopefully will have time to dig in more soon"  
[X Link](https://x.com/RHouseResearch/status/1978943271771480452) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-16T21:56Z 6508 followers, XXX engagements


"But in 2028 the contracted customer will be paying the same fixed $ per GPU hour for a Blackwell as they pay in 2025 2026 2027 and 2029. Its a fixed $ per GPU hour over the life of a 4-5 year contract with a XXX year payback period. Do you really think Blackstone underwrote the largest ever private credit facility of all time without modeling out these economics"  
[X Link](https://x.com/RHouseResearch/status/1979705271740993680) [@RHouseResearch](/creator/x/RHouseResearch) 2025-10-19T00:24Z 6508 followers, XX engagements