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Monday, October 26, 2026

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Merger Monday & Election Implications

EQT’s $50 billion merger with Range Resources and Ovintiv’s $1.26 billion acquisition of Logan Energy reshape North American oil and gas alongside Brazil and British Columbia election…

EQT $34BRRC $13B
Bison Insights 7 clicks

From X

@ACapitalLP 3 clicks

A Capital on X

Interesting special situation in $AKER.NO, which owns ~23% of Nscale. Despite the carnage in neoclouds, the FT reported last week that Nscale may still be targeting a $30–35bn IPO before year-end. What makes this interesting is the valuation disconnect. At ~NOK 1,150, backing out Aker’s other holdings and applying its historical ~22% HoldCo discount implies an ~$11bn valuation for Nscale. Below its $14.6bn March round and well below the proposed IPO range. In September, Third Point led a $3.36bn pre-IPO convertible financing alongside Nvidia, Apollo, Citadel and others. The notes reportedly convert at a double-digit discount to the IPO price, with a $30bn valuation cap on the conversion price. Not exactly a group of unsophisticated investors… At a $25–30bn IPO, I get ~27–39% upside assuming some HoldCo discount compression. Even at a $15bn IPO, the downside looks relatively contained under a historical discount assumption. Obviously the IPO could slip, financing and execution risks are enormous, and the broader neocloud unwind isn’t helping. But you can partially hedge the sector exposure with $CRWV / $NBIS shorts, leaving a more isolated bet on the IPO valuation and HoldCo discount...
@StableBread 1 click

Fajasy on X

Boost Run $BRUN said on October 26 that it has closed "more than $600 million in non-dilutive project financing" so far in 2026. In my October 19 update, I said the stock depends less on demand than on whether $BRUN can finance the next ~$1B of GPUs without selling shares at beaten-down prices. The release also says: → $BRUN has established "a fully funded runway to accelerate customer deployments through the fourth quarter of 2026," with additional financing "proceeding as planned." → $BRUN delivered the first phase of a multi-phase project to "a leading AI research and product company," which matches its $471.7M May 2026 contract with Thinking Machines Lab (Mira Murati's AI startup). → Several more projects are "nearing hand-off in the coming weeks." → Founder and CEO Andrew Karos: "Customer payments exceed our debt payments every month." The $600M+ is YTD, and lessors funded $268.3M of new GPU leases in H1 2026 alone. So if those leases count toward the $600M+, $BRUN has closed more than $331.7M since June 30, about half to almost two-thirds of the $527-686M of new leases I estimated its H2 2026 build needs. The release doesn't say what the financing costs or how much of it closed since June 30. However, the Q3 10-Q, expected in mid-November, should disclose how much $BRUN leased in Q3 and at what rate. If the 10-Q confirms the $600M+, I'd drop the $62.2M stock sale from my bear case, and the question shifts from whether $BRUN can fund its build to what the new debt costs.

Investor Letters

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Molina & Kinsale

Molina Healthcare and Kinsale Capital’s earnings are reassessed through a long-term lens, emphasizing conviction and detachment during…

MOH $11BKNSL $8.1B
Bearstone 8 clicks

Namib Minerals: Research Flash

Namib Minerals’ How Mine mill reached 55,000 tonnes per month, 36% above prior capacity, while a proposed $30 million Ecobank facility…

NAMM $45M
Atrium Research - Equity Research 2 clicks
FBRT · long

Franklin Bsp Realty Trust In

Franklin BSP Realty Trust, a commercial mortgage REIT, is presented as a long at $8.20 per share and a $757 million market capitalization.

FBRT $940M
Value Investors Club 2 clicks

Research Roundup Vol. XLVIII

Palantir’s Q2 revenue beat, Sony’s physical-media exit and Diamondback’s Permian gas constraints frame a roundup on AI adoption, oil prices…

PLTR $472BSONY $149B
Monte Independent Investment Research 1 click

Entravision Q2 Notes

Entravision’s ATS revenue rose 230% to $182.8 million in Q2, but shares fell from above $14 to about $8 after management forecast…

EVC $588M
The Value Road 13 clicks

Lumentum Q4 FY26 Earnings

Lumentum’s CW lasers offer wider mode-hop-free operating ranges for co-packaged optics, supporting premium pricing and 80–90%…

LITE $83B
Irrational Analysis

Trading Post August 11, 2026

Molina Healthcare was increased at $198 to a full position, with political-season benefits supporting the long-term thesis.

MOH $11B
Cassandra Unchained 1 click

Sea Limited Earnings Update: A quick look

Sea Limited reported Q2 2026 revenue of $7.8 billion, up 48%, as Shopee, Monee and Garena lifted adjusted EBITDA to $917 million.

SE $46B
SixSigmaCapital: Navigating the Financial Markets

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