Sam Tabar

What a week WhiteFiber had... Here's a final look behind the scenes during our time at NASDAQ. Now it's all about looking and moving forward. Always forward. $wyfi

$AKER's incredible success transitioning from old energy conglo into AI leader could not have happened without Bitcoin, the industrial laboratory for AI infrastructure. In 2021, they launched Seetee to master high-density compute using Bitcoin as a "battery." That technical foundation evolved into nScale, which is now hiring banks for a possible ~$15B IPO* While Aker holds 9.3% today, their 50% stake in the Narvik "Stargate" JV, which has secured $23B in Microsoft commitments, is convertible into parent shares at the listing. New disclosure from last week's earnings report reveals that if they can IPO, AKER's stake rises to 12.2%, worth ~$1.8B, or 26% of the market cap of AKER NO. One of the structural edges here is capital efficiency: You’re getting a hyperscale AI engine at a massive discount while collecting a 6% yield from the energy business to wait. For these reasons, even though AKER has grown into a meaningful position in $NODE and now trades at a 52-week high, I still think it is still cheap: at 1x NAV (which marks nScale at the Series B price), you are buying a cash-generating energy giant (with that 6% yield) and getting a massive, hyperscale AI infrastructure play at a ~65% discount to its potential IPO value.