Cameron Sepahi

People make the mistake in analogizing Ethereum to operating systems. Instead, it should be analogized to protocols, like TCP/IP.

Seems compelling. Would still be concerned about how much capacity / financial wherewithal the company has to scale manufacturing of microturbines assuming they do get a datacenter deal. A 10x ramp in capacity (~100MW to 1GW) would require 2-3x the resources (labor, material, infra). What is your probability matrix for $CGEH achieving a data center deal? Is your conviction based on Monarch's favorable deal terms?

Hi. On item 1, there is no AI data center deal yet, that is why it is trading at a deep discount like this, pricing in zero deal. On item 2, no 1GW is the three shift output range, not TAM. The TAM is materially higher than 1GW. See last earnings call for the mechanics of the 1GW (it is basically three shifts of 8 hour each, multiplied by 7 Megawatts per week, so 21 MW per week multiplied by 52 weeks, gets you 1,092 MW or 1GW. On item 3, I think if you review what the Goldman overhang is you will realize that Monarch's deal is a complete release of the overhang and you stated the stretched worst case metrics for each of those; the PIK is not 13% it is 5% and goes up if CGEH do not execute and list on national exchange. the owernship is high because they injected 18Mil cash into CGEH in addition to knocking out the Goldman preferreds that owned 37% with full controlling interest of the company. You will find that the Monarch recap was a big value unlock, not a re-trap by another creditor.

@jeffcafe_ @RampCapitalLLC @anagenxyz That makes it a very productive one!

@RampCapitalLLC .@anagenxyz is a cult trying to solve hair loss.

Looking to join a cult. Any new cool ones?

the ticker is $HAIR

@AtomsNotBits @DiscipulusVent Is this @dwarkesh_sp’s brother?

TSMC just confirmed an American semiconductor packaging plant by 2029 in Arizona. Granular Labs is betting on that future. Smart semiconductor packaging built to push compute into the edge, critical for the robotics revolution. Part of @DiscipulusVent Spring Cohort.

Going to write a long-form thesis on @anagenxyz $HAIR. Stay tuned.

@watchingmarkets Just wait until they find out about $HAIR @anagenxyz ~$12m Market Cap and best fundamentals in DeSci.

There’s always a bull market somewhere. DeSci szn

@watchingmarkets $HAIR

Yes DeSci szn $BIO

Thesis on $HAIR @anagenxyz Hair DAO is what happens when you take the compounding pharmacy model, strip out the middlemen, and rebuild it on-chain for hair loss medicine. No insurance gatekeeping. No 2028 launch dates. A community of patients and researchers co-owning the drugs from day one. So what is it actually? A token-governed biotech company targeting the $30B+ hair loss category. Two molecules define this entire space: minoxidil and dutasteride. Anagen has reformulated both and is shipping them now through a real US compounding pharmacy. The business model in plain English Real pharmacy revenue flowing back to the DAO. $HAIR holders own the IP, the pipeline, and the upside. No specialty insurance fight, no patent wall protecting a VC’s markup until 2043. Priced for normal people from day one. Proof of product Two launches in two weeks. Not a whitepaper. Not a roadmap. Actual drugs, available now, in all 50 states. MINX is the extended release oral minoxidil. Same thesis Wall Street paid $256M to validate when Veradermics IPO’d on the NYSE and more than doubled on day one. Except MINX is live now, not 2028. The dissolution data just dropped and it shows exactly what you want to see: standard oral minoxidil spikes and crashes, the MINX lipid matrix releases slowly and steadily across hours at intestinal pH. That’s the formulation difference that actually matters for tolerability and consistency. Maxx is the 10x strength dutasteride built on the same precision delivery vehicle. The drug that works on the patients finasteride couldn’t save, finally delivered without flooding the rest of your body with it. The pipeline angle Big pharma turns reformulations like these into multi-year projects and price hikes. Anagen shipped both like software updates and didn’t raise the price to match. That velocity is structural not accidental. When you own the pharmacy, the doctors, and the IP, you move differently. The structural reality Veradermics raised $256M for one product that doesn’t ship until 2028. $HAIR holders own a real pharmacy shipping better versions of both molecules right now. Two drugs, two of the most validated molecules in the entire hair loss category, both live, both accessible, both owned by the DAO. Things to watch MINX and Maxx user growth and retention data as the launches mature. Additional pipeline reformulations from Anagen. Revenue disclosures back to the DAO. Any pharma or licensing interest in the delivery IP, because that’s where the real repricing event comes from. TLDR: A DAO that owns a real compounding pharmacy, ships better versions of the two defining molecules in hair loss medicine, and just published dissolution data proving the formulation works, while most of the market still thinks DeSci is just whitepapers. Not financial advice. Do your own research. $HAIR

@anagenxyz And they said they weren’t using AI/agents. Just wait until they find out..

We're training a machine learning model to automatically identify every compartment of the human hair follicle. Over 2,000 stained sections. The goal is to automate analysis that currently takes researchers hours per slide. Stay tuned.

@TrustlessState It’s just tracking M2 + GDP growth. Tech indices are higher beta but have more exposure to GDP growth (i.e. AI / AI infrastructure spend accounts for 75% of GDP growth right now).

Doesn’t the S&P always look like this? The stock market has been in a parabola ever since the 1930. I thought that was the point Why is now any different?

The math resolves when you factor in what Fortune 500 companies are actually spending on API access, not individual devs, not Max subscribers. A single enterprise contract can dwarf thousands of individual accounts. Feels like the fundamental question is what % of your margins are you willing to erode for every dollar of efficiency you think you’re gaining?

Well, one fucked up and non obvious part of the answer could be that certain folks are paying massive amounts to them to distill the model via API. But the revenue is so worthwhile that they could stop it but instead allow it because it allows them to stay ahead in the funding race by showing evermore increasing revenue. Aka my enemy’s enemy is my friend.

@The__Solstice Just wait until he finds out about $HAIR $LAB.

Biotech is the next ai

MINX is solving the exact opposite problem. Instead of delivering more drug systemically, it’s engineered for controlled, sustained release — the dissolution data shows gradual absorption over hours at intestinal pH. That’s the formulation breakthrough that actually matters for long-term tolerability and consistency. Extended release done right isn’t about potency. It’s about precision. MINX is built on that principle from the ground up, manufactured through a real US compounding pharmacy, available now, and priced for normal people. The thesis Wall Street paid $256M to validate is already here. $HAIR

The “turbocharged” drug is essentially a much more potent form of oral Minoxidil, delivering “twice the amount of the drug over 12 hours compared to the standard version.” If you’re familiar with the side effects of oral Minoxidil currently on the market, you’ll know this is a very, very bad idea.

Why Anagen ($HAIR) might be the realest thing in DeSci right now — and why MINX is the moment it clicks. 1/ Most DeSci is vibes and whitepapers. "The science is coming." "Wait til next cycle." Anagen (formerly HairDAO) isn't that. It's a growing IP portfolio, live telehealth revenue, a real pipeline, and a DAO that actually ships products. The thing you were promised DeSci would be — it's already here, just quietly. 2/ Quick token breakdown since people keep asking: $HAIR is governance + treasury + revenue rights over the IP portfolio and Anagen telehealth. Everyone holds the same token — team, community, VCs. No secret equity pool. No dual-class nonsense. $HAIR is $HAIR. $LAB is the utility token. Discounts on Anagen products, access to proprietary lab data and experiment feeds. It has zero governance rights, zero treasury claim, zero revenue share — so it literally cannot dilute $HAIR. Different jobs, different tokens. 3/ The market is simple. Hair loss is massive, global, and dominated by two drugs (finasteride, minoxidil) that are decades old and work for some people some of the time. Somebody is going to build the next generation. The only question is whether it happens inside pharma or around it. 4/ Which is where MINX comes in. 👇 5/ Context: in February, Veradermics IPO'd on NYSE under "MANE." Stock more than doubled on day one, closing at $37.75 against a $17 offer price. $256M raised. The entire pitch is an extended-release oral minoxidil tablet called VDPHL01. Wall Street just wrote a $256M check to say "yes, extended-release oral minoxidil is the future of hair loss." 6/ Here's the part that's funny: minoxidil itself is off-patent. Decades old. Nothing proprietary about the molecule. Veradermics' moat is the delivery system. Which means once the category is validated — and it just very publicly was — the door is open for other formulations to walk right through it. 7/ MINX is Anagen's version. Lipid-matrix oral minoxidil, 5mg, designed for prolonged release and steadier plasma exposure. Same category the public markets just paid a premium for. Launching soon, not the back half of this decade. 8/ Why does extended release even matter? Regular oral minoxidil peaks within about an hour and has a plasma half-life around 4.2 hours. That PK curve was designed for lowering blood pressure in the 80s, not growing hair. Flatten the curve and you get lower peaks (safer on the heart), longer time above the hair-growth threshold, and potentially better sulfation at the follicle — which is where minoxidil actually turns into the thing that works. It's a better shape for the job. 9/ Meanwhile, VDPHL01's Phase 3 readouts are still rolling out (Study 302 topline in H1 2026, Study 304 in H2 2026), FDA approval is 2028-2029 at the earliest, and when it launches it'll carry specialty branded pricing (patent runs to 2043, so... use your imagination). MINX is weeks away. US pharmacy. Board-certified docs. Priced like a product people can actually afford. 10/ This is the whole Anagen playbook in one launch: Find what works → formulate it better → ship it fast → price it fairly → let token holders share the upside. No 5-year FDA runway required. No IPO roadshow. Just a DAO that happens to own patents, a pharmacy partner, and doctors. 11/ First batch of MINX is limited. Waitlist is open at anagen.xyz. If you've been waiting for DeSci to produce something real — in a category the public markets just loudly validated — this is the one to pay attention to. 12/ Disclosure: I hold $HAIR. Bought more this week. Market is what it is, but I've never been more convinced about the fundamentals. Not financial advice. Do your own work. But do the work.

They just showed the dissolution curve live. Standard oral minoxidil: spikes and crashes. MINX lipid matrix: smooth, sustained release for hours. This is what “extended release” actually looks like when it works. Not a marketing slide, but a pharmacokinetics graph. Hair loss treatment is finally getting interesting. $HAIR