Blockspace
@blockspace
Compute's daily publication covering the companies financing, powering, and building the AI infrastructure boom.
Live weekdays at 1p EST
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PIPER SANDLER: NOT ALL DATA CENTER OPERATORS ARE BUILT THE SAME 👀
There is a case to be made that the business model for data center builders and operators like HUT who are not neoclouds will accrue more value over the next few years
$HUT $RIOT $MARA $GLXY
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Morgan Stanley gives $WULF a price target with 441% upside
They see months of underperformance reflecting misconceptions about the powered shell providers and remain optimistic on the entire industry
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$CIFR just broke $7 📉
Cipher digital is back in the $6’s for the first time since August, 2025 👀
Global data center capacity shortfall to grow from 3 GW to 49 GW in 2028 ⚡️
$IREN: 5.8 GW
$CIFR: ~4.0 GW
$HUT: ~4.0 GW
$WULF: ~3.6 GW
$MARA: ~2.8 GW
$CORZ: ~2.6 GW
$CLSK: ~1.7 GW
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Just in from Cramer: Losing money buys IREN and it buys Nebius 👀
$IREN $NBIS
🚨 “Elon Musk recently said the financing market for Neoclouds is basically gone.”
$IREN just closed a $363 million refinancing of deployed GPUs… Is Elon wrong?
Morgan Stanley thinks the powered shell provider (PSP) stocks offer a very attractive risk-reward skews, with underlying high value not reflected in current valuations ⚡️
Overweight: $WULF $HUT $RIOT $GLXY $CIFR
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MORGAN STANLEY PROJECTS 43 GW NET SHORTFALL OF DATA CENTER DEMAND
If considering global solutions, the firm still projects a 38 GW shortfall which is 33% of demanded power.
$IREN $CIFR $HUT $SLNH $CLSK $WULF $NBIS
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🚨 Morgan Stanley gives $WULF a 4x price target at $65
$IREN debt stack is maturing in real time
• $25-30B CapEx forecast
• 14B cash + committed financing/prepayments
• Ability to debt-finance finished builds
$CIFR just announced its participation in seven investor and industry conferences scheduled for November and December 2026.
11/1: Cantor Convergence
11/12: J.P. Morgan U.S. Opportunities Forum
11/19: Clear Street AI Infrastructure Summit
11/30: Rosenblatt AI Infrastructure
12/2: Morgan Stanley Data Center Summit
12/7: Jefferies Real Estate Conference
12/8: Wells Fargo 10th Annual TMT Summit
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$CIFR announced it will release its third quarter 2026 financial results before market open on Monday, November 2nd, 2026.
The company will host a conference call and webcast that day at 8:00 a.m. Eastern Time.
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MORGAN STANLEY PROJECTS 43 GW NET SHORTFALL OF DATA CENTER DEMAND
If considering global solutions, the firm still projects a 38 GW shortfall which is 33% of demanded power.
$IREN $CIFR $HUT $SLNH $CLSK $WULF $NBIS
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$GLXY IS A DATA CENTER COMPANY ⚡️
Galaxy closed up ~10% post-Q3 earnings while digital asset revenue cratered 71.6% YoY. The market doesn’t care as it’s pricing the data center pivot.
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$GLXY $CRWV and other datacenter companies are up today.
Were the doomers wrong? Tune in NOW!
also: $META raises $25 billion in the biggest tech equity raise of all time
$SLNH +16% today 👀
$SLNH CEO John Belizaire on how the partnership with Applied Digital $APLD came to life:
“A lot of this was triggered by the recent happenings in Texas with ERCOT and the fact that we had firm power with base load access.”
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$WULF CEO Paul Prager explains the difference between neoclouds and TeraWulf:
“We are an energy infrastructure company. We have long-term predictable cash flows from quality credits, our customers are Anthropic and Google.”
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Galaxy Digital Q3 2026 Earnings Livestream
$GLXY EARNINGS ARE OUT ⚡️
• Substantially expanded data center footprint bringing total gross power pipeline to over 5.7 GW
• Completed $3.5 billion offering of senior secured notes to fund construction of Helios I, Phase II
• Data Centers adjusted EBITDA of $69 million rose 498% quarter over quarter.
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Anthropic has locked in ~$587B in future compute/lease commitments with terms running 1–20 years
That includes up to ~$120.5B with $SPCX for Nvidia GPU capacity through 2029
$WULF $GOOGL $HUT $AMZN $RIOT $IREN
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