AltcoinAlmanac 📖

@mikealfred Imagine when BTC is at 150k

@ThePrudentWhale I see, a potential 25x if they reach full scale at this site

@AltcoinAlmanac Re-rate will happen when things start getting finalized

$NUAI super rough back of the napkin valuation / mental model: Phase 1: 200 MW x $1.35M EBITDA/MW = $270M project EBITDA. At 50% ownership, that is $135M to NUAI. At a 14x-16x EBITDA multiple, that suggests $1.9B-$2.2B of value, or $14-$16/share on 135.5M fully diluted shares.

@ThePrudentWhale What’s your timeline for when the price will reflect a full 1GW site? Assuming a deal is made soon

@AltcoinAlmanac This is 20% of their FIRST project...

@Abdul1ahhh @xdownloaderbot download

@Agrippa_Inv @jaijungkim Any update on your thesis?

@jaijungkim Thank you Jai! Very much apprecaite our discussions on $NUAI 🤝

Why I initiated a position in $NUAI $NUAI is a stock that has been on my radar since late November. Up until late last week, I had completely written it off. I saw it as an extremely speculative “story stock” and wanted nothing to do with it. However, my stance has changed over the past few days. Over the weekend I had a long discussion with my friend @litigious_dulce, who shared a perspective that made me completely revisit the thesis and ultimately flip my view on the stock. Here is why I am bullish on $NUAI: One of the reasons I decided to enter a position is that Dulce himself has taken a significant stake in $NUAI. On the surface that might sound like a superficial point, until you understand who he is and how he operates. He was one of the early $IREN investors and part of the original “IREN alpha” group chat with @FransBakker9812, @TheKamaHsutra, him, and myself. Back then (~1.5 years ago), we spent hours every day doing nothing but dissecting $IREN from every angle and discussing our thoughts within the group chat. I learned a lot about $IREN from him. He has a deep understanding not only of $IREN, but also of the broader data center and power landscape. I would put him among the very few retail investors who know at least as much about $IREN as I do. Dulce is also not a small fish. At one point he owned over 1% of $IREN's float. He’s as serious as they come and pours hundreds, if not thousands, of hours into his concentrated bets… $IREN in the past and $NUAI today. So seeing him back $NUAI, and do so in a very vocal way, adds a layer of conviction I can lean on. It’s not the only reason I bought, but it does matter. With that context in place, let me now get to $NUAI's strategic position and why I’m bullish on the stock. There is no doubt political pressure is building on hyperscalers to sort out their power needs without simply loading more demand onto already stressed grids. Less than 10 days ago, the Trump administration warned hyperscalers not to push electricity prices higher for ordinary consumers. Soon after, AI & crypto czar @DavidSacks framed this as part of a broader push to have big tech sort out its energy needs by generating more of its own power on-site, instead of relying on the grid. So how does this tie into $NUAI? $NUAI's background is in the natural gas business. Today it owns several large greenfield sites in the Permian Basin, one of the premier regions in the US for gas production. A long standing criticism I’ve had of behind-the-meter, on-site power generation is that it’s materially more complex than simply connecting to the grid. There are more moving parts, more ways things can go wrong, and more operational risk. If given the choice, most hyperscalers would likely prefer grid connected power over building and running their own power plants. That said, as I laid out in my recent deep dive on Substack, the power shortage is intensifying rapidly. When you add political pressure and public concern about rising consumer electricity prices driven by industrial demand, on-site generation becomes a very real and increasingly relevant strategy in the data center space. While $NUAI has multiple sites across the Permian Basin, the company’s focus today is on its massive 435 acre “TSDC” site in West Texas. This land sits next to multiple power plants, with several gas pipelines running nearby, making it extremely attractive for future on-site generation tied to a larger data center campus. As announced last Friday, $NUAI has now partnered with a company called Primary Digital Infrastructure (PDI), which has been involved in the Stargate project (for OpenAI) in Abilene, Texas. PDI positions itself as an independent data center investment platform, and its leadership brings deep industry experience. Its CEO, Bill Stein, was a co-founder of $DLR, a $57b data center REIT and one of the most successful firms in the sector. This partnership meaningfully derisks the $NUAI thesis. PDI brings capital, networking and significant development expertise, while $NUAI brings strategically located land and experience in the natural gas industry. $NUAI's current guidance is to sign a hyperscaler agreement by Q1 or early Q2 2026. With PDI now in the mix, I think the probability of that guidance being met has increased materially. Now, to be clear, while I am bullish on $NUAI, I do not think it is anywhere close to being another $IREN. The good news is it does not need to become that for this to work well as an investment. $NUAI's market cap today is merely ~$300m. For comparison, $IREN is roughly $14b, $CIFR about $6.6b, $APLD around $9b, $WULF about $5.2b, and so on. At this size, I think $NUAI is one meaningful deal away from a major re-rating, potentially on the order of 10-15x over the course of this year. At a $300m market cap, the contract would not even have to be a mega-deal with the most prestigious counterparty to move the stock meaningfully higher. That said, the risk is real and significant. This is very much an all or nothing setup. If $NUAI comes up empty and fails to land a deal, I would not be surprised to see the stock perform very poorly. You can argue that the 435 acre site alone could be worth something in the ballpark of $50-150m if sold, which provides a bit of downside support. But in practice, if $NUAI fails to meet its guidance, I can still see the stock falling meaningfully from here. On the other hand, if $NUAI lands a hyperscaler agreement, I would expect the stock to move from today’s roughly $5.50 share price to at least $30-$50 in the days and weeks post announcement. Based on what I know today, I would put the probability of success somewhere around ~70%. That said, I’m still early in my due diligence process. Over the coming weeks I plan to dig much deeper into the thesis. Once I have a more comprehensive view, I will publish a detailed deep dive on $NUAI for my Substack subscribers. I also want to be transparent about how I funded this position. Up until yesterday, I was basically all in on $IREN, with more than 98% of my capital in that one stock. To make $NUAI an ~11.5% position, I did sell an equivalent portion of my $IREN holdings. $NUAI is the first new major investment I have made since I went all in on $IREN more than 18 months ago. Given the risk profile, I am unlikely to increase my exposure much from here in the near term. I have invested enough for the outcome to matter, but not so much that it would be devastating if the thesis fails. In any case, I’m treating this as a serious investment. I will start covering the company here on X and publish institutional-grade research on it for my Substack subscribers. Thank you for reading, cheers! ✌️

@litigious_dulce Market cap prediction EOY if they sign a tenant?

$NUAI is building a privately powered, hyperscale-ready data center campus in West Texas through its flagship Texas Cloud Data Center, designed to scale to 1 GW. The model: deploy behind-the-meter natural gas generation, construct powered shells, and lease to hyperscale tenants on a triple-net basis. The tenant handles fit-out and GPU procurement. NUAI charges base rent plus a margin on power pass-through. The structural case begins with supply and demand. NVIDIA alone is projected to ship roughly 39 GW worth of GPUs over the next five years, against a total US data center market that consumed 21 GW in 2024. Most existing facilities cannot support modern AI workloads — these deployments demand 100-300+ MW campuses with continuous, high-quality power that legacy 10-30 MW cloud facilities were never designed to deliver. Even under aggressive buildout assumptions, the US remains structurally several GWs short this decade. Every viable GW of new capacity matters. The bottleneck is not generation — it is transmission and interconnection. In 2025, ERCOT received more than 80 GW of large load requests and approved roughly 1.4 GW through November. Grid-connected projects face multi-year queues for substations, transmission upgrades, and utility approvals that even the most well-capitalized developers cannot accelerate. Sites with existing high-voltage interconnections or proximity to substations are worth orders of magnitude more than otherwise comparable parcels without grid access. This is the most important dynamic in AI infrastructure today, and it is why behind-the-meter generation has shifted from workaround to primary strategy. NUAI's model bypasses this bottleneck entirely. On-site gas-fired generation eliminates the dependency on grid interconnection timelines. ERCOT has signaled it is considerably more amenable to sites with on-site generation, and recent proposals around energization timelines beyond 2027 have made self-powered campuses incrementally more attractive. The viability of this approach is well-established — xAI built a 100,000-GPU cluster in four months using on-site gas turbines, and GE Vernova alone has signed 18 GW of gas turbine contracts with approximately 80 GW of combined slot reservations. The unit economics of the powered-shell model are well-defined across a growing set of signed deals. Across 12 major colocation transactions tracked by sell-side analysts, revenue per MW of critical IT load ranges from $1.24M to $2.26M per year, with NOI margins ranging from 72.5% to 97%. Using conservative assumptions — $1.5M revenue per MW per year and a 97% NOI margin consistent with triple-net structures where virtually all costs pass through — a fully leased 1 GW campus generates approximately $1.5B of NOI per year. At a 17.5x multiple on stabilized EBITDA, the implied enterprise value is roughly $26B, against estimated all-in development capex of approximately $12.5B per GW. Under NUAI's GP/LP structure, the parent company is not funding that full capex stack — institutional partners and project-level debt carry the majority of the capital burden at the SPV level. The parent captures the promote, management fees, and equity upside on a much smaller capital commitment. The closest public comparable is Fermi Inc., which runs the identical model — gas-fired generation, West Texas, powered shells, hyperscale tenants — at a market cap of roughly $3B. Both companies are pre-revenue. Neither has a signed definitive tenant contract. Both carry material execution risk. The difference is that FRMI has deployed more capital and attracted sell-side coverage, while NUAI has a tighter share count of roughly 93M shares versus FRMI's 614M, a smaller absolute loss profile, and a GP/LP structure that limits parent-level dilution. NUAI currently trades at roughly $400M — a fraction of FRMI's valuation despite running the same playbook. The risks are real. The single most important catalyst is signing a definitive anchor tenant — without a customer, the project remains speculative regardless of power assets or land position. But in a market where six hyperscalers are collectively building over 20 GW of capacity, where annual additions from Google, Amazon, OpenAI, and Anthropic alone are projected to reach 21.9 GW by 2028, and where grid constraints force these buyers to seek powered capacity wherever it exists, the demand environment strongly favors tenant conversion for any developer that can credibly deliver megawatts on a competitive timeline. NUAI has no institutional analyst coverage. It does not appear in the major AI infrastructure initiation reports. For investors with conviction in the AI power thesis, the asymmetry is straightforward: the market prices NUAI as if execution is impossible, while the structural environment suggests it is increasingly probable.

@Cantal_Capital Math is a way off. Pre slit is $0.5 at $10

@PeterDiamandis @dkhos @Abundance360 Will these conversations be posted on moonshot?

Autonomous vehicles are the future of transportation. An honor to have @dkhos discuss at @Abundance360 how Uber is preparing for the global rise of robotaxis and self-driving fleets.

@KashRamki What percentage would you put on that’s what they are planning? From the deep dive it seems like their only shot

This is a great piece on $NUAI. Explains in detail what I was getting at with my previous few posts.

@BlocksNThoughts What lake is that

🌄 Im adding something beautiful to help balance the negative TL. My incredible wife took these in the Dolomites. It sure is something, isn't it?

@mikealfred @mikealfred Is $BKKT working on servicing permishionless banking for AI agents?

@eyezenhour @HopiumPapi @DonnyDicey USD1 is legit and @DonnyDicey is a mega chad.

@HopiumPapi Idk but I talked to @DonnyDicey and he seems to be legit

I’m still trying to figure out this whole “Flying Ketamine Horse” situation. I like the art, but some people are saying the USD1 pair version is a scam, others say the artist is a scammer, and others say the artist actually got scammed. What’s the real story?

@mikealfred You’re being humble with $5

All these early year headfake moves are little more than games. Noise. Static. They have nothing to do with where we're probably headed: BTC $180,000+ ETH $6,000+ CIFR $55 NVO $90 ASST $5 Etc

@DonnyDicey @Dannylikehats

@Dannylikehats There’s only one Pepeverse trade and you already know what that is.

I remember top blasting it 8M hahahaha. Now bottom + 4000 more holders. You guys are $FKH chickens.

@DonnyDicey @flyingkethorse My ride or die, with you till the end

Don't fade man. I'm going all in. Ecosystem support is on my back. For once. $FKH.

@KashRamki @OGPermianGuy @Carboncharlie Do you have estimation for Mc by Q4 26 and 27, assuming stage one is building out on time?

Yes, a few elements around financing and timing of expected announcements. The more I hear the story, the more comfortable I get with the execution risk. This is a simple real-estate development play, a well quantifiable risk profile, especially when credit backed by a hyperscaler pre-lease agreement.

Thank you @OGPermianGuy and @Carboncharlie for the time today! A great conversation and an excellent growth platform in $NUAI. Entrepreneurship is all about iterating until you find the right product market fit, and this management team that excels at large scale power/energy development couldn’t have timed it better in today’s capacity constrained AI HPC market. x.com/kashramki/stat…

@DonnyDicey @fartcoinbase Ngl you had me checking price real quick

OMFG, BASED FARTCOIN!!!! Yeah, that's right. That's what it's going to feel like when you miss the bottom. Now get to work.

@DonnyDicey @fartcoinbase Send it brotha!

My conviction in $Bucky & @fartcoinbase skyrocketed in the last 3 days — both around similar dates. 🔒🔓