The Dilution Mirage: Inside Snowflake’s $121 Billion Valuation Without GAAP Profits
Snowflake forensic accounting audit: $1.2B annual SBC dilution, declining net revenue retention, and lack of GAAP profitability.
Forensic & Activist
The Megawatt Arbitrage: Inside IREN’s $17 Billion AI Pivot and $4 Billion Cash Burn
IREN short-thesis audit: mining rig retooling claims, power interconnection delays, and aggressive equity ATM issuance.
The 156x Revenue Illusion: Inside MicroStrategy’s $60 Billion Perpetual Motion Machine
MicroStrategy capital structure teardown: 2.5x NAV premium to underlying Bitcoin holdings and convertible refinancing reflexivity.