Rittenhouse Research

TeraWulf WULF Investment Thesis (PDF in link below, no paywall) rittenhouseresearch.substack.com/p/terawulf-inv… $WULF

Ya I’ve seen enough. Dowman is @arsenal’s best player and it’s not even close.

Just ignore this guy - the 1.6GW already approved at Helios isn't subjective to any further reviews based on the current ERCOT proposals (see pics below). "Eligibility Criteria for Inclusion of a Large Load as Base Load NOT SUBJECT TO ADDITIONAL STUDY IN THE BATCH ZERO PROCESS".... Galaxy meets criteria 9.2.1.1(e): (see Galaxy's PR from Jan). "ERCOT has determined the Large Load has a complete and valid set of interconnection studies...." While those proposals might change, the idea that ERCOT would approve an incremental 830MW at Helios in Jan. 2026 after approving close to nothing in 2025, and then turn around and change their mind and put this 830MW back into review, makes literally no sense at all. It's also worth noting that Galaxy is an active stakeholder within the ERCOT ecosystem, participating in the technical advisory committee (you can see Blake representing ERCOT's load consumers in ERCOT's materials, also shown below). If you look through the latest proposals, the majority of other data center developers had comments providing feedback on the proposals to ERCOT. Galaxy had none. Would it really make sense for Galaxy to have zero issues with these proposals, if the proposals as drafted would screw Galaxy over? Of course not.

$GLXY In my understanding and I’m not an expert, just a dude going through the files, it works like this for the extra 830 MW: Helios is treated and described as one large, single, campus by @galaxyhq .This is the nuance for the extra 830 MW under the Batch Zero flowchart. It’s not a brand new player with a new project and without campus infrastructure .. Galaxy completed the full legacy Large Load Interconnection Study (LLIS), received formal ERCOT approval, named Wind Energy Transmission Texas (WETT) as the transmission provider that facilitated the studies and executed the binding AEP Texas service agreement for the additional 830 MW on January 15, 2026 This brought Helios’s total LLIS complete, ERCOT approved and utility contracted capacity to 1.6 GW. What means that Helios has one of the strongest maturity profiles in the entire ERCOT largeloaf play thanks to the January 15 legacy LLIS approval (pre filing), signed AEP contract, WETT involvement, substantial financing, ongoing construction, Phase 2 permits and a committed anchor tenant for Phase 1 with first power / or on the way ! Section 9.2.1.4 mentioned by @stefanvanderlux -> Evaluation of Existing Studies for Large Loads is the key for situations like this! It protects legacy LLIS studies completed before the PGRR filing from being invalidated and helps route the project toward Base Load eligibility ‼️ Calling this „paper approval only“with an automatic 2027 reset simply doesn’t align with the actual rules in 9.2.1.4 or the January 15 filings. This is my take and happy to be corrected, no ego here 🤝

@BucknSF Pretty nutty how she ended up CFO of an $852B biz… Basically could pick any finance professional in the world and somehow ended up with the former CEO of *Nextdoor*…

Galaxy also had no comments unlike a large swath of other developers. Do people really think that Galaxy, one of the most active stakeholders within ERCOT (as evidenced by their inclusion within the Technical Advisory Committee voting process which you pointed out), got screwed over by 145PGRR… and didn’t comment on the proposal to voice their displeasure?

Just a few objective comments from my side: 145PGRR is still heavily discussed within ERCOT. So many market participants raised concerns on multiple issues. It doesn't make to discuss based in this draft version (see (screenshot 1) On the PPT slide Mcfly shows is a big fat "?" within the headline showing that nothing is set it stone yet. Mcfly doesn't even noticed 🤷 The latest ROS ballot on 145PGRR from April 02 shows, that the ROS representatives have tabled 145PGRR unanimously. This clearly shows that the existing draft needs honing! (see Screenshot 2) My conclusion: $GLXY shareholders, don't listen to @ilzmcfly, who cleary has talked way too soon making wild suggestions on Galayy. My 2 cents.

$GLXY I have a different understanding. After reading 145PGRR I think this guy ignored the chapter "Evaluation of existing studies for large loads" (see chapter 9.2.1.4, especially point 3). Imo there is a high probability Galaxy's 830MW could fall under this ruling. Not an expert and could be wrong here. Just an educated guess.

@JaMarc0 @ilzmcfly @stefanvanderlux It doesn't, he's talking completely out of his ass. If you look through the documents I've linked and Galaxy's press release it's obvious that their 1.6GW is not subject to any additional studies. And they'll confirm as such on the next earnings call.

@ilzmcfly @RHouseResearch @stefanvanderlux Where does it say galaxy?

@ilzmcfly @stefanvanderlux Bro, can you read at all? Holy shit. What is the source of this claim? "Galaxy Digital $GLXY Afton expansion (943 MW) → Public announcement but may lack physical progress attestations required under PGRR 145. Binary outcome on Aug 7."

@RHouseResearch @stefanvanderlux Galaxy Digital $GLXY Afton expansion (943 MW) → Public announcement but may lack physical progress attestations required under PGRR 145. Binary outcome on Aug 7.

"Eligibility Criteria for Inclusion of a Large Load as Base Load NOT SUBJECT TO ADDITIONAL STUDY IN THE BATCH ZERO PROCESS".... Galaxy meets criteria 9.2.1.1(e): (see Galaxy's PR from Jan). "ERCOT has determined the Large Load has a complete and valid set of interconnection studies...." I'll also include the link to ERCOT's website here (#keydocs" target="_blank" rel="nofollow noopener">ercot.com/mktrules/issue…) so that you can download the "145PGRR-37 ROS Report 040226" file. Go ahead and verify my snippet yourself (if you're even capable - not sure if you can actually read underlying source documentation for the concepts you think you understand or if you can only regurgitate AI slop). Afterwards, if you have any shame, you should go back and reply to every single one of your tweets where you spread misinformation on this subject and clarify that you were wrong. Cheers.

@RHouseResearch @stefanvanderlux Its the batch study, changes everything. Even Sw will go through it and it has all the same approvals. Call me an idiot, but you’re the one in denial.

@OnodaCapital Space and humanoids huge TAMs bro

I know we have to glaze Elon bc he’s the GoAt but Zuck is gonna do like 5x the EBIT of Elon’s whole empire next year Fuckin Micron will do like 10x

$CORZ stood up (like actually built) more capacity last year than every other miner combined, lol. Pretty straightforward as to why they haven't signed a deal since their last 70MW tranche with $CRWV in Feb 2025... They were effectively "sold out" of capacity, while the $CRWV merger process obviously prevented them from doing something with another hyperscaler. They now have more capacity available, and have gotten through a good chunk of delivering on the 590MW they're building for CoreWeave, so can focus on new tenants. Not really comparable in the slightest..

@RHouseResearch @_Adam_Sullivan1 This sounds exactly like the Iren bag holders who have been screaming for a deal for a year lol

All evidence suggests Core Scientific $CORZ will ink a sizable deal in the very near term: - CEO @_Adam_Sullivan1 on last month's earnings call: "We sit with 500 megawatts under exclusivity arrangements with a large investment-grade counterparty that we are excited to continue to advance forward." - On March 4, $CORZ closed a $500MM Term Loan facility with Morgan Stanley to fund pre-development costs, equipment CapEx, etc. related to the development sites under exclusivity as noted above. On March 23, the facility was upsized to $1B with JPM funding an additional $500MM. I don't believe MS and JPM are interested in funding speculative development CapEx at SOFR + 250... Have to imagine they assessed whether or not $CORZ would close these deals, so that they get paid back when a more fulsome construction financing package is put in place (post tenant lease execution).

Soon…

@notthreadguy @ThinkingUSD Yeah I can’t even lie the Phillips 66 goes hard asf

@RHouseResearch @ThinkingUSD american made oil in the mecca where it belongs. 🇺🇸

Remember by longing Oil you're longing an asset that almost every country on Earth is incentivized to see trade lower

Bloomberg publishing a hit piece against OpenAI citing one source who says demand for OAI secondary shares is declining… on the literal day after OpenAI raised the largest ever primary round in the history of venture capital.. you can’t even make it up. Not a serious organization.

openai.com/index/accelera… @OpenAI’s recent $122B raise included $3B from individual investors. Now juxtapose that vs some singular, unauthorized company trying to sell secondaries at a premium. Now can we please stop taking that Bloomberg article as gospel? Please go enjoy those seemingly endless Codex rate limits. Time to build.

Gitlab $GTLB

@chat_SBC @sequoia Leaned into declining margins as well 😂

@sequoia Crazy they invested without Yipit monthly data by channel

In honor of 50 years of Apple, we're sharing - for the first time ever - Don Valentine's original 1977 memo for Sequoia's investment into Apple Computer. #Apple50

GitLab serves some of the top automotive brands on the planet. Every one is on a journey to become a software company, and not just the self-driving part — the entire software platform underneath. The speed and complexity of their pipelines rivals anything in pure tech. Automotive engineering orgs are quietly building some of the most sophisticated DevOps practices on the planet.

@saranormous When is CoreWeave $CRWV going to acquire Baseten?

@OnodaCapital Seems to me he’s saying to buy more CORZ GLXY WULF as a hedge… right?

Carson Block saying AI disruption will ultimately be bigger market crisis than GFC. Wut youtube.com/watch?v=AlfWOT…