$WULF closed at $13.77 on Friday. The bear case in the latest Street note is $17.50. So the market is pricing this below the downside scenario of an analyst who covers it for a living. I've spent the weekend going through the numbers and I think that's a mistake. The big fear is financing. How does a former bitcoin miner fund a multibillion dollar campus for Anthropic? Prager went straight at it this week. Credit support has been part of the deal since day one, the plan is investment grade financing with credit enhancement, and there are fallback structures written into the agreements if that path isn't there. His words: "I wouldn't bet against our ability to get them financed." I don't either. Look at what's already signed. A 20 year lease with Anthropic in Hawesville, roughly $19B of contracted revenue on ~401 MW. Google backstopped leases at Lake Mariner. And Monday they doubled Muskie to 1 GW of contracted power and pulled phase 2 forward a year to 2029. Now look at next year's consensus. Revenue goes from ~$264M to ~$903M. EBITDA goes from ~$57M to ~$528M, at a 58% margin. That's what contracted infrastructure looks like when it flips on. Here's the part I keep coming back to. Enterprise value is ~$9.5B, debt included. The signed leases alone are valued around $13.1B. You're paying less than what's already under contract and getting a 2 GW+ owned pipeline thrown in for free. The next catalyst is the Hawesville debt deal. Once that prices, I don't think this stays below its own bear case for long. I'm long 13,100 shares, so weigh my bias accordingly. Not financial advice.