Megatrend Master

IREN’s strongest argument is that the AI pivot is already showing up in revenue, not just in a construction plan. In its Nov. 5 Q1 FY27 report, the company reported $200M of AI Cloud revenue out of $228M total. That changes the question: less “can a miner sell AI compute?” and more “can it bring the next contracted capacity online on time?” My bullish case rests on that conversion. Power and GPUs become valuable together only when customers can actually use them. Commissioning turns a signed promise into a recurring service; another contract alone does not. The company’s Nov. 5 update put its operating target for more than $4B of contracted ARR in January 2027. That is a company target, not revenue already earned. What would weaken the thesis? More slippage without operating progress, or financing that leaves shareholders funding growth faster than they benefit from it. A funded project can still be late. The milestone I care about is contracted capacity becoming billable capacity. If IREN delivers that, the AI business has a much stronger foundation than a miner-pivot label suggests. $IREN — NFA.

$100T BY THE END OF 2036? For $SPCX, that’s an extreme bull-case thought experiment—not my base case. But it forces a much more interesting question than “how many rockets can SpaceX launch?” What businesses could it build if access to orbit became dramatically cheaper? My thesis starts with Starlink. SpaceX can launch infrastructure it owns, then sell the service repeatedly. The launch isn’t the end of the transaction. It’s the beginning of a customer relationship. Starship could expand that opportunity. If frequent, fully reusable operations deliver the intended economics, larger payloads could enable more capable satellites and services that are impractical today. That’s what makes me bullish: not launch revenue alone, but the possibility of owning more of the infrastructure—and the customer relationship—above Earth. But $100T demands an entirely different scale of business. At an illustrative 50× earnings, it implies $2T in annual profit. Cheaper launches and satellite subscriptions alone are not a sufficient argument. Entirely new, enormous profit pools would have to emerge. Execution, capital requirements, spectrum and competition could all break that path. I’m bullish on the platform. The headline is a question. The business must earn the answer. NFA. #SpaceX #Starship

AST SpaceMobile proved a normal phone can get broadband from orbit. Now it's a race: 12 BlueBirds up, ~45 targeted by early 2027, ~90 days since the last launch, and SpaceX buying spectrum. We broke down the numbers, the risks and the 1T math. $ASTS