Let me make this simple. You’ve got a $530M market cap company sitting on a $5B contracted backlog. That’s not a typo.
The Setup:
- 100-150MW coming online this year
- 500MW+ online by EOY 2027
- $5B backlog (and that’s before counting a 200MW datacenter in Thailand, 2027-2028 delivery, which alone adds $1.5B ARR)
- \~$100M cash, only $13M debt — basically no leverage risk at current stage
Revenue Starts Hitting THIS YEAR !!
- $500M Yotta contract revenue begins flowing September 2025
- $2.8B Yotta contract revenue begins flowing October 2025
The backlog isn’t some 2030 pipe dream. Cash starts moving in 90 days.
The Funding Story (this is the part you should care about):
Multiple non-dilutive SPV term sheets in the $300M-$800M+ range, some already in documentation phase. Plus a $500M-$1B vendor financing / corporate debt proposal on the table.
Read that again: non-dilutive. They’re not coming to you with a secondary. They’re financing build-out through project finance structures where the infrastructure itself backs the debt. Your shares don’t get wrecked to fund growth.
The Math:
$530M MC against a $5B backlog is 0.1x backlog. CoreWeave IPO’d at what multiple of backlog again? The Thailand project alone, at $1.5B ARR, is worth 3x the entire current market cap in annual revenue once operational. And that’s not even in the $5B backlog number.
This is either the most mispriced AI infrastructure name in the small cap universe, or I’m retarded. Possibly both.
Positions: Long 20k
Not financial advice, I eat crayons