Harry Stebbings × Chase Lochmiller

Crusoe says AI infrastructure will follow cheap, available power, targeting roughly 200 MW in Abilene within one year versus 2.5 years elsewhere.Vertical integration cut medium-voltage delivery to 28 weeks from a 100-week quote, while five-year GPU contracts and managed services diversify cash flow.Rising Hoppers usage prices challenge simple depreciation assumptions, but labor, community disruption, and uncertain IPO timing remain risks.

Blake Scholl × Jason Calacanis

Boom’s 42 MW, water-free, behind-the-meter data-center system repurposes its Mach 1.7 engine core, with the first engine due next month, while vertical integration targets multiple gigawatts annually and more than 10 GW added to the grid over five years.Overture targets a $3,500 round-trip break-even fare and a four-year goal, but the actual service date remains uncertain as regulatory momentum accelerates.

Molly O'Shea × Lior Susan

Eclipse is targeting the physical economy—about 85% of global GDP, or $100 trillion—where deglobalization, supply-chain vulnerability, government support, and customer demand are reopening neglected opportunities.With about $12.5 billion in AUM, roughly 90 portfolio companies, and 30 it helped build, its operators-with-capital model links CapEx, manufacturing, policy, and systems execution, while its free-cash-flow focus and non-formulaic incubation leave execution, timing, and repeatability as key variables.

David Senra × Zach Dell

US electricity demand could rise from roughly 2% to around 10% annual growth, with AI accelerating an already broad electrification trend.Base sells electricity rather than $20,000 batteries, owning distributed assets that monetize wholesale markets while avoiding interconnection and transmission constraints; scaling Base Core and long-term utility contracts remain key milestones.

Drew Baglino × Lukas Biewald

Baglino argues properly designed AI data centers can lower electricity rates by raising grid utilization: 800MW average demand versus 1-2kW for a home, with storage absorbing training ripple.Heron Link’s 5MW solid-state transformer halves grid-to-chip losses, adding about 35MW of useful compute per gigawatt; the thesis depends on data centers funding interconnection and utilities avoiding overbuild.

Andrew Walker × Steve Gorelik

DNOW’s MRC Global merger creates a full-chain distributor with $75M targeted synergies and water, utilities, and data-center exposure.Buybacks at $10–12 and debt paydown support a cash-flow case, while the conservative-looking 2027 $350M EBITDA guide compares with roughly $400M on 2024 numbers.Reaching $30–32 by 2028–2029 from $16 depends on $300M 2027 FCF and re-rating, leaving ERP execution, macro recovery, and multiple expansion to monitor.

Sarah Guo × Isaiah Taylor

Valar Atomics treats nuclear as a manufacturing problem, targeting a simple, intrinsically safe “Toyota Camry” rather than a bespoke paper reactor.DOE testing authority enabled its 100 kW W-250 to reach criticality, while passive heat removal and a seven-month milestone interval provide operating evidence.Equity-funded deployment could precede project finance, with AI as an initial catalyst and cheaper energy as the longer-term demand thesis.

Harry Stebbings × KR Sridhar

AI factories make electricity the binding input, and KR Sridhar frames Bloom Energy’s opportunity against a $5.5 trillion power market versus $2 billion of revenue last year.Oracle’s 50+ MW contract in 90 days and delivery in 55 days support the architecture case, while scaling from 1 GW to over 2 gigawatts by year-end leaves permits, gas supply, and customer buildouts as constraints.

Erin Price-Wright × Turner Caldwell × Drew Baglino

AI’s constraint is increasingly physical: Mariana Minerals targets mines and refineries, while Heron Power applies silicon and software to grid-scale power conversion.Mariana’s software-first operating model spans design through autonomous operation, but projects can take five years to build and another three to five years to reach operating rate; durable permitting, financing, and grid policy remain catalysts for scaling.

Andrew Walker × Chad Garcia

Chad Garcia frames LandBridge as a higher-quality Permian land and surface-use royalty play, trading at 20–22x EBITDA versus TPL’s 28–31x.Management said 5M bbl/day could be absorbed within five years at 15-cents-per-barrel pricing, implying 25% FCF CAGR despite no long-term guidance.Data-center upside remains a free option, with no Permian hyperscaler definitively announced.