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Joined December 2010
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$FRMI was up quite a bit today and tomorrow the company faces the music. Things I'll be looking out for include:
✅ TensorWave deal status?
✅ Strategic alternatives (sell the company)?
✅ Any potential land lease deals?
👉 stephen.tv/yt/SeXtTHGgASE
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$FRMI announces agreements with an investment-grade hyperscaler for 600 MW of power capacity at Project Matador.
✅ Hyperscaler committed $200 million in prepayment and $15 million for early construction.
✅ Finalizing a contemplated $90 million structural steel and building materials purchase agreement.
⚠️ Terminated Data Center Lease and Services Agreement with TensorWave.
✅ Reported a Q3 net loss of $141.6 million, or $0.22 per share.
✅ Ended the quarter with $315.5 million of total cash and restricted cash.
Source: fermi.suite.accessnewswire.c…
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Hi @CPTRedLeg_DAV just wanted to echo what you shared several days ago. I picked up this card at a VFW a while back. I love the ocean. Getting to my favorite beach from Pennsylvania takes me past Dover AFB. All gave some, some gave all. Thank you for serving. #VeteransDay2026
Worth saving in your phone before Veterans Day week: dial 988 then press 1, or text 838255. It's free, confidential, and you don't have to be enrolled in VA care to call. Who's one buddy you're checking on before Wednesday?
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A tenacious Pennsylvania squirrel named $KEEL spots a DEAL and refuses to take no for an answer! Persistence pays off. 🐿️🥜🤣 Praying that @CaptainKeel get $KEEL a GREAT DEAL when the time is right. Like, share and follow along if you agree! 😄
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The $CIFR comparisons to $KEEL are fascinating...
👉 stephen.tv/yt/0tfwnbwgVZs
☑️ Sharon is 110 gross megawatts, Stingray is 100 gross megawatts.
☑️ Panther Creek is 350 gross megawatts, Barber Lake and Black Pearl are both 300 gross megawatts.
The amount of money $CIFR has raised to cover construction costs at Stingray and Barker Lake/Black Pearl can kinda help inform (loosely) how much $KEEL might need to raise to build out those sites.
This entire episode really helped educate me about what $CIFR is doing, and it's legitimately impressive.
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Additionally, $CAN shared the following news (summarized below):
Revenue:
Canaan reported Q3 2026 revenue of $14.5 million, near the upper end of guidance, including $4.8 million from mining equipment sales and $9.5 million from bitcoin mining operations.
Profitability:
Reported GAAP net income of $8.0 million and adjusted EBITDA of $22.4 million. Net income benefited from a $51.9 million non-cash fair value gain on cryptocurrency holdings.
Bitcoin Mining:
Produced 133 BTC during the quarter and held approximately 1,875 BTC as of September 30, 2026. Installed mining capacity remained approximately 10 EH/s, excluding joint ventures.
Operating Costs:
Average electricity costs were approximately $0.043/kWh, while mining operations generated a gross margin of approximately 30% before depreciation.
Inventory and Market Conditions:
Mining equipment demand and pricing remained weak amid industry competition. Inventory-related write-downs declined to $8.2 million from $25.3 million in Q2.
Texas Power Projects:
The company’s 1 GW Duval County project received conditional classification under ERCOT’s grid connection process, subject to further studies and approvals. A second 1 GW project in Zapata County remains in early-stage development.
Infrastructure Investments:
Canaan committed $50 million in restricted cash as collateral for infrastructure-related arrangements, made $3.3 million in project prepayments, and purchased approximately $1.1 million in U.S. land in October.
Joint Venture Operations:
Canaan’s 49%-owned Project ABC joint venture had 4.87 EH/s of installed mining capacity and distributed more than $1.2 million in cash to the company.
Share Repurchases:
Announced an initial $20 million share repurchase program under a broader $100 million board authorization, with potential selective sales of cryptocurrency holdings to support buybacks.
Strategic Direction:
Management plans to emphasize energy and computing infrastructure development while maintaining its mining hardware and bitcoin mining businesses, with future spending tied to market demand and project economics.
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Today $CAN announced plans for a 1-for-25 reverse ADS split effective December 4, 2026, to regain compliance with Nasdaq’s minimum share price requirement. This isn’t too surprising given the dire state of the stock price.
$CAN is truly on what appears to be the brink of ruin. Is there anything that $CAN might be able to do to comeback from oblivion? They've got an investor presentation tomorrow, November 10, 2026. It might require a miracle...! 😅
👉 stephen.tv/yt/rlkIdd4jI7M
"Brah, I'm only going to say this FOREVER.... every month $KEEL waits could mean stronger pricing and better contracts for years."
This is 100% true - especially at Moses Lake where all permits are secured and construction has already commenced - every month $KEEL waits could mean stronger pricing and better contracts for years.
So then $KEEL waits, and waits, and waits?
Meanwhile, other companies like $WULF have signed economically meaningful deals that by any objective standard are good for the company and great for their customers. True win-win deals.
I wanna see $KEEL win, too! Surely you do, too?!
"Brah... $KEEL wins by waiting, because every month $KEEL waits could mean stronger pricing and better contracts for years."
My modest suggestion:
$KEEL can sign economically meaningful HPC/AI lease deals that temporarily cap a portion of the endless upside of a generational asset for 10 to 15 years, but capture some continued upside during that time period with appropriately crafted lease escalator clauses. Then when the signed leases eventually expire, $KEEL can seek to sign fresh HPC/AI leases that fully capture the value of these generational assets as they exist at that time in the future.
If you find this modest suggestion to be fair, constructive, and reasonable, then consider liking and sharing.
Maybe this will catch the attention of an activist fund or industry peer that may be interested in accelerating the monetization of $KEEL and its generational assets.
👉 stephen.tv/yt/OWdsV1lXYaA
While it's true that comparison is often the enemy of joy and happiness, $KEEL can learn a lot from $WULF - it's objectively remarkable what $WULF has accomplished since December 2024. Congratulations, $WULF!
Oh my dear $KEEL . . .
👉 stephen.tv/yt/cRwjFWi6AfQ
Let's engage in a deep yet curated analysis of today's investor presentation, featuring the very words of our leader @CaptainKeel. I continue to believe in the mission and purpose of $KEEL, we'll get there Ben. 😢
Keel reported Q3 earnings today and conditions in the financial markets are far more volatile than conditions on the ground or at the negotiating table.
Here's some of what the Keel Crew got done this quarter:
· Advanced lease negotiations with significant technical diligence completed and mutliple LOIs negotiated, at multiple sites with multiple counterparties.
· Kept our power delivery schedules intact under our ESAs and PA’s new Executive Order, which we fully endorse.
· Engineered solutions to be fully compliant with the Executive Order.
· Broke ground at Moses Lake.
· Cleared three more permits in PA. To date, no permit application has been denied at any of our sites.
· Introduced the Keel Standard, our commitment to the communities where we build.
Heads down, shovels up.
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Hi @CryptoKaine1 - I'll reply over here. To the extent no deal materializes tomorrow, and if guidance is weak or nonexistent, $KEEL could easily slip below $2 and plausibly settle somewhere in the mid-$1's heading into year end. I'm cautiously optimistic. We'll soon find out.
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Congratulations to $RIOT! What an amazing deal! Deals here, deals there, deals EVERYWHERE! So hey, can $KEEL *finally* deliver a deal tomorrow?! I'm not alone in truly wanting to see $KEEL deliver a deal! 😀
👉 stephen.tv/yt/xrwOEl9NMmY
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It's great to see shares of $KEEL moving higher as anticipation builds for $KEEL to deliver its first #HPC #AI deal! 😀🚀 Meanwhile, $FRMI falters as it continues working towards closing the TensorWave deal. 🍀
👉 stephen.tv/yt/mNpsFT_1GD4
"Both Fermi and TensorWave remain committed to this lease, and we are continuing to work through the remaining conditions prior to close," said Lee McIntire, $FRMI Chief Executive Officer. "We expect to provide more information on the discussions during our earnings call next week, or sooner if appropriate."
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"Both Fermi and TensorWave remain committed to this lease, and we are continuing to work through the remaining conditions prior to close," said Lee McIntire, $FRMI Chief Executive Officer. "We expect to provide more information on the discussions during our earnings call next week, or sooner if appropriate."
$FRMI BIG UPDATE:
“The closing conditions under the Lease were not fully satisfied by October 31, 2026, and therefore the Lease has not yet become effective. Neither party has exercised any right to terminate the Lease, and Fermi and TensorWave continue to work together toward completing the transaction.”
Source: accessnewswire.com/newsroom/…
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👉 stephen.tv/yt/19R-RrbyRIw
New month, same struggles... shares of $KEEL and $FRMI have been getting trounced pretty badly today, along with the entire #HPC #AI sector. The rerate potential for $KEEL is real, albeit modest, *if* we get a deal this week. 🤞
Hi! Regarding the $FRMI / @FermiAmerica deal with @tensorwave - the revised October 31 closing extension was largely about finalizing an investment grade guaranty. $AMD subsequently signed a credit support agreement with $FRMI, which by any objective measure, is a significant *positive* development.
Are we (me included) fearing the worse and assuming the deal collapsed simply because no "successful closing" announcement has materialized? Might we have been erroneous in believing (or expecting) an announcement like this?
Something that I've kinda been overlooking:
Successfully closing an already announced lease doesn't automatically require a new SEC filing. It's not even really clear thast NASDAQ or the LSE would require that granularity given it's an alredy announced lease. By constrast... *terminating* a material agreement (like the one that is in place between $FRMI and TensorWave) most likely *would* trigger disclosure obligations.
In other words, silence isn't necessarily bearish.
The nature and scope of the Phase 1 project financing remains the key unknown. A new material financing agreement *could* trigger its own disclosure requirements, although the lease's financing condition could already be satisfied or waived.
I'm not claiming the $FRMI / TensorWave deal definitively closed. But given $AMD's involvement and *no* reported termination, my base case is that the TensorWave agreement remains intact! 😀
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Hi! Regarding the $FRMI / @FermiAmerica deal with @tensorwave - the revised October 31 closing extension was largely about finalizing an investment grade guaranty. $AMD subsequently signed a credit support agreement with $FRMI, which by any objective measure, is a significant *positive* development.
Are we (me included) fearing the worse and assuming the deal collapsed simply because no "successful closing" announcement has materialized? Might we have been erroneous in believing (or expecting) an announcement like this?
Something that I've kinda been overlooking:
Successfully closing an already announced lease doesn't automatically require a new SEC filing. It's not even really clear thast NASDAQ or the LSE would require that granularity given it's an alredy announced lease. By constrast... *terminating* a material agreement (like the one that is in place between $FRMI and TensorWave) most likely *would* trigger disclosure obligations.
In other words, silence isn't necessarily bearish.
The nature and scope of the Phase 1 project financing remains the key unknown. A new material financing agreement *could* trigger its own disclosure requirements, although the lease's financing condition could already be satisfied or waived.
I'm not claiming the $FRMI / TensorWave deal definitively closed. But given $AMD's involvement and *no* reported termination, my base case is that the TensorWave agreement remains intact! 😀