PDXBlock

Let’s go DODGERS!!!
$OPEN, $CIFR, $WULF, $SLNH, $HUT, $IREN, $BKKT, $DRK, $BTC, $ASST, $SATA

[Kalshi Finance @Kalshi_Finance]

JUST IN: $IREN reportedly signs multi-year deal with Anthropic

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

🚨 $IREN x Anthropic Leak

The Information, one of the best-sourced outlets covering the AI industry, just reported that Anthropic recently signed a cloud deal with $IREN.

For anybody who has followed management’s commentary closely over the past few weeks, this doesn’t come as much of a surprise.

First, $IREN announced a new contract with an unnamed “leading frontier AI lab” during its recent earnings call, followed by CCO Kent Draper revealing that the company in question was “1 of 2” possible customers.

While The Information didn’t disclose any specific MW amounts or terms of the deal, I believe it’s very likely that Anthropic secured the 50 MW of air-cooled B300 capacity coming online at $IREN's Childress site THIS year.

As for the economics behind the deal and where this relationship could go from here, we recently published an in-depth report for both our X and Substack subscribers covering exactly that.

I’ll link it below in the comments for anybody interested.

Wishing everybody a great rest of Sunday and a great start to the new week. Cheers!

[John Baiano (Biz) @iamjohnbaiano]

Does this ring a bell @CathieDWood

$ARKK $OPEN

“The Palantir playbook, and why @Opendoor fits it”

Cathie Wood bought @Opendoor in Q4 2020, added heavily through Q1 2021, then sold the entire position between Q2 2021 and Q1 2022 — about 11.6 million shares. She did the same thing with $PLTR

First bought Q4 2020, sold out completely in March 2022, then bought back in 2023 and 2024. She’s been trimming into rallies and adding on weakness ever since — still a top holding today.

That’s the pattern: she doesn’t abandon disruptive companies, she exits when the thesis breaks and re-enters when it repairs.

The repair is underway. CEO @nejatian is rebuilding Opendoor as an AI-native home transaction platform — automated underwriting, faster velocity, capital-light products. Operating expenses are coming down and the trajectory is improving.

And Cathie already knows how to back Kaz — @Shopify is one of ARKK’s biggest positions, and he’s the CEO who turned it into a global commerce platform. That’s the kind of founder she bets on.

The real unlock is liquidity.

That’s the setup Cathie Wood buys. She sold the old Opendoor. The new one is the kind of disruption she built her career on.

Do you think @CathieDWood will buy @opendoor 2.0 like she did with Palantir again?

[PDXBlock @PDXBlock44]

@PSInvestor @united @BlueAngels Love how loud the F-18’s can be.

[PDXBlock @PDXBlock44]

@iamjohnbaiano Doh! Well, at least we can root for OPEN together.

[PDXBlock @PDXBlock44]

Great summary on $OPEN

[John Baiano (Biz) @iamjohnbaiano]

After chatting with @nejatian it helped me hear the signal and connect the dots.

🚨🚨 The @Opendoor Four 🚨🚨

EBITDA - earnings before interest, taxes, depreciation, and amortization. The standard “how much cash does the machine make” number.

Adjusted EBITDA - EBITDA after add-backs like stock comp and restructuring. This counts his stock comp as if he’s making a 150 million, which isn’t real cash, and it adds back the interest on the property-level debt carrying the inventory - the actual cost of holding homes.

Adjusted net income (ANI) — EBITDA minus the financing cost. This is the number Kaz manages to. He said it plainly: adjusted EBITDA isn’t the best metric for this business, because the interest on borrowed inventory is a real cash cost, not overhead. A company can be EBITDA-positive and still burn cash.

Contribution margin — the spread on each home after purchase, renovation, holding, and selling costs. Opendoor’s is thin — roughly three to three and a half percent — but it’s the engine. OpEx per acquisition has fallen from $8,400 to $3,000. I REPEAT Opex (operating expenses) has FALLEN from $8,400 to $3,000.

The thesis: this was never a rates story. It was a liquidity story.

It wasn’t the level - it was the speed. Rates moved almost 200 basis points in seven months, the fastest since the early 90s outside of 2022. That speed killed liquidity. Sellers locked into 3% percent mortgages wouldn’t move. Buyers couldn’t commit. The market froze because nobody could clear.

A market maker doesn’t win by being right about direction. It wins by being right about time. @nejatian pivot is exactly that - the key input used to be the home price forecast. Now it’s how fast they can sell the home they’re buying. Aged inventory over a 120 days collapsed from over 50% when he joined to about 10% now.

The funnel is the liquidity engine. Direct-to-consumer converts 6x better than the agent channel. Chloe converts leads at 3x the January rate at 1/3 the cost. The October 2025 cohort is over 80% sold through.

The 4.99% mortgage is the bridge @Opendoor absorbs the buy-down cost to keep families moving when fixed rates sit above 7%.

But conversion isn’t the score. ANI is. Kaz’s goal: adjusted net income positive on a 12-month go-forward basis exiting 2026, sustained through 2027. Cash after every real cost, including the property-level debt.

My 🎬:

When liquidity returns and the lock-in effect breaks, the model compounds with the market instead of against it. Keep an eye on OpEx as volume scales.

Homeownership is the mission. Kaz and the team are the ones carrying it.

Really Long $OPEN

[PDXBlock @PDXBlock44]

@mcagney @Opendoor @Figure 👀

[PDXBlock @PDXBlock44]

@datacentrebull This was a great update

[PDXBlock @PDXBlock44]

@mikealfred Can’t tonight. Please don’t forget to hit record.

[PDXBlock @PDXBlock44]

@scottfelsenthal One little spark and BOOM 🚀🚀🚀

[PDXBlock @PDXBlock44]

Update on $WULF

Thanks for the transparency. Keep it up.

[Paul Prager @PaulBPrager]

Last week I shared 10 takeaways from our recent investor meetings. The response was tremendous, and so were the follow-up questions.

Many were with respect to the market; price action, volatility and sentiment. Interest rates. Geopolitics. Financing concerns. Rising costs. Community opposition. There's a lot weighing on the sector.

Listen - I can't control the market. But I can drive how we build this business, allocate capital and create shareholder value.

So let's address a few things head-on.

[PDXBlock @PDXBlock44]

@TheBigBerbowski Real estate ie $OPEN

[PDXBlock @PDXBlock44]

@annmarie Sorry about your Yankees, AMH. I won’t rub salt in your wounds.

[PDXBlock @PDXBlock44]

@annmarie Marlins Man is everywhere 😆

[PDXBlock @PDXBlock44]

@annmarie LOL. I guess he still has 2 years

[PDXBlock @PDXBlock44]

@BenLPatton @RealOpenArmy 💯

[PDXBlock @PDXBlock44]

@datacentrebull @BitcoinAIGuy $OPEN because it is the most asymmetric setup. Did you start a position yet? I know you were doing DD a couple weeks ago.

[DarkHorse @DarkHorseDRK]

DarkHorse Doubles Its TVA Power to 100 MW.

Hopkinsville Gets a Stronger Grid in the Deal.

$DRK

Press release: https://t.co/Zt4oxhjsTl

[Anthony P⭕️wer @cazenove_uk]

Today @Official_Cantor provided @terawulf with an ‘Overweight’ Rating and Price Target of $37.00.

$WULF’s Muskie data campus in Kentucky is advancing toward 1 GW of contracted grid capacity, with the second 500 MW now targeted for 2029, subject to regulatory approval.

The company’s agreement with Kentucky Power includes $100 million in residential bill credits, generation financing costs and collateral protections, reducing ratepayer exposure.

[Blockspace @blockspace]

JUST IN: $WULF TeraWulf announces the expansion of its Muskie data campus to 1 gigawatt

The second 500 MW phase is now planned for 2029 rather than 2030