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Wednesday, November 11, 2026

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Cat-Scratch Fervo

Fervo Energy raised $2 billion in its May IPO, then fell nearly 70% below issue price after a Morpheus short report, despite targeting 1 GW of geothermal power by 2030.

FRVO $2.3B
Doomberg 2 clicks

From X

@StableBread

Fajasy on X

The bitcoin miner turned AI data center developer, $DGXX, is at $2.13/share, down 46.3% since my August 16 update. Since then, it got a $200M debt commitment, syndicated by $GS, to finish its Alabama AI data center, and said Phase 1 (December) and Phase 2 (March 2027) remain on target. That’s good news if the loan closes (expected within 90 days), since I said in August it would decide whether $DGXX can fund the rest of the build with debt or has to keep selling stock. CEO Michel Amar told Frank Curzio of Curzio Research in a November 2 interview that debt financing “seems to be a little bit scarce these days” and has slowed $DGXX down. Regardless, he said all the equipment for both phases is already bought, with the chillers installed. With ~$135M of cash as of October 13 and no debt at June 30, $DGXX’s EV is ~$81M. Amar also said he wants $DGXX at $500M+ of yearly revenue within 36 months, with its leased data center business earning ~60% EBITDA margins and ~25% cash flow margins after debt service. As of August, only ~$140M of the $250-300M of ARR it targets by Q3 2027 was contracted. $DGXX has used $174.5M of its $175M ATM program, and its share count has been flat at 101.4M since August 14. So if the loan falls through, selling more stock would take a new filing. The October 13 release also says $DGXX sold no ATM shares in Q3, though its Q2 10-Q shows it sold 2.85M after June 30 at an average of $3.95, well below the stock’s $5.45 close on June 30. So I’d track dilution through the share count in the Q3 10-Q, not management’s comments. Its November 2 proxy also asks shareholders to expand its stock award pools to 20.3M shares from 16.3M (20% of shares outstanding), with 11.9M free for new grants, after Amar and his son, President Alec Amar, were awarded a combined $19.5M in 2025 (~9% of today’s market cap), mostly in stock and options. That’s more dilution than I’d like after the share count rose 46% this year, to 101.4M from 69.4M at the end of 2025, and the proxy would also let the board raise the RSU pool 10%/year from 2028 without another shareholder vote. Both Amars have bought $166K of stock in the open market since August, most recently 20,000 shares at $2.76 by Michel Amar on October 14, but that’s small next to the $19.5M they were awarded in 2025. Q3 results come out November 13.

Investor Letters

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Airbnb 3Q26: Business Update

Airbnb’s 3Q26 revenue rose 19% to $4.9 billion as nights and seats grew 16%, with app bookings up 29% and Reserve Now Pay Later adding…

ABNB $111B
Speedwell Memos 2 clicks

Research update

S&P Global research will assess Platts, Kensho and ratings growth; Benefit Systems’ 72% YTD rally changed its valuation, while Netflix and…

SPGI $136BICE $96B
Global Outperformers 3 clicks

The AutoNation Story

AutoNation shed rentals and megastores, focused on dealerships, and retired 91.1% of its shares through buybacks after its 1990s roll-up…

AN $5.9B
Cannibal Stocks 2 clicks
OSW · short

One Spa World

OneSpaWorld (OSW) faces about 37% downside as its valuation requires unattainable growth in average revenue per customer after major-market…

OSW $3.1B
Value Investors Club

No title

SpaceX’s $24 billion Starbase power plant, Microsoft’s Oracle capacity cuts, Riot’s $72 billion AI lease and Quanta’s sell-off frame…

PWR $77BRIOT $6.6B
Monte Independent Investment Research 3 clicks

Insider activity October 2026

Asian insider buying reached $2.9 billion in October, the highest since 2018, with South Korea and Thailand leading.

BKRKY $23B
Asian Century Stocks 2 clicks

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