Stephen Zeiner

$KEEL Panther Creek Permit 105. Review is paused again

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.

"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."

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! 😀

all software will soon be open source or at the very least a replica of the software will be whether the company likes it or not. this reminds me of the glory days of file sharing.

Fascinating post by @chamath and thought provoking reply further down (beyond what's visibly quoted) by @elonmusk -- most definitely of relevance to $KEEL (in a good way) and to $FRMI (in a potentially more complex way). 😅

As someone with a portfolio of energized land assets here is what I am seeing: 1. Neoclouds are disorganized and poorly capitalized. Some are definitely better than others however. 2. Hyperscalers are intractable, bureaucratic organizations that take 3 months to do an NDA and want 18mo escrow periods. We built our portfolio by competing against these terms because of our speed and simplicity. The more future assets orgs like ours win, the bigger the problem for the hyperscalers downstream (see 3). 3. There are delays in the existing pipeline that will catch people off guard in 2027. Hyperacalers will (obviously) react by focusing on their own internal compute needs over any third party. If the third party is a model company, they will tell them to go through their model router where they will also take a non-trivial vig. Them telling Ant they have no compute for them (rumored in Ant’s S-1) if true is a huge tell that this is already happening. All of this is to say that it does look like there will be a lot of partially stranded compute and compute sitting in inventory in 2027 than is currently forecasted. This is bought and paid for but effectively underearning (below total cost of capital) or collecting dust. We see this as true for everyone - model companies, hyperscalers, neoclouds except ONE (you can guess which one). This dislocation will benefit two kinds of orgs: the non-bureaucratic big scalers who can build industrial scale quickly and the nimble, well capitalized players feeding them. 2027 will be a turbulent year because it will clear out a bunch of wrong/bad bets. It will also be a consolidation year for a few.

Make sure to register for $KEEL Q3 2026 earnings call: Date: November 5, 2026 Time: 8 AM EDT Webcast Link: register-conf.media-server.c…