Frank Curzio
Founder & CEO of Curzio Research, Wall Street Unplugged Host
VivoPower's access to what looks like the cheapest power on the planet should attract other tenants if its preferred one cannot proceed. Nscale may be that unnamed tenant; its stalled IPO and quiet period could explain the silence. Management said it had numerous offers, which is credible given that power access, and VivoPower is expected to have clauses allowing it to go elsewhere if Nscale does not list. x.comÂ
VivoPower is priced to go bankrupt, yet it has stumbled into an asset worth some money, and signing a data center tenant should make the stock jump. Any tenant is unlikely to be large, since the site is tiny and may end up Tier 2 rather than Tier 3. It is not a scam, though it is no match for Digi Power X. x.com x.com x.comÂ
VivoPower may be close to signing a major hyperscaler for its 41.5MW Norway data center, possibly before June 30, after shortlisting AI tenants on bids stronger and broader than expected. The board rejected unsolicited offers to buy the asset at a premium, betting the lease is worth more. A former Microsoft AI leader joined its advisory council, and Nebius's 310MW Finland target closely matches VivoPower's 291MW Finnish land, while the Norway site's $0.035 per kWh power suits sovereign AI. x.comÂ
VivoPower is a highly speculative turnaround, not a stable data-center play, and too many unknowns make it one to pass on. Its auditor issued a going-concern warning after adjusted EBITDA of -$8.2 million and a $12.8 million net loss. The Norway data center enrolled 30 MW in grid reserve markets, so it must curtail power on demand, a compromise for AI tenants. Finland's 291 MW is only powered land needing hundreds of millions, risking dilution, and the $838 million Tembo EV SPAC looks stretched. … Show more
VivoPower looks like a baby WhiteFiber, running the same colocation playbook earlier in the cycle, and could re-rate if it lands quality long-term tenants. Its 41.5 MW hydro-powered Norway site, at under $0.035/kWh, already does $31 million revenue and $10 million EBITDA, with 40 MW more expansion. A tenant RFP drew strong interest, it rejected buyout offers, and it has 291 MW in Finland plus a UAE site. It is valued near $105 million versus WhiteFiber's $1.15 billion; execution is the risk. … Show more
VivoPower has great potential, with final 10-plus-year leases targeted by June 30, 2026, for its 41.5MW Mo i Rana AI data center in Norway as the major near-term catalyst. Bidding from shortlisted AI tenants exceeded expectations, and closing could lift economics well beyond the asset's roughly $31M revenue and $10M EBITDA. Hydro-powered assets and a Finland and UAE pipeline tie it to the AI power theme behind IREN and Oklo. The Tembo EV spin-off and a buyback add support. x.comÂ
VivoPower's AI data-center story is heavily spun and warrants caution. Its Norway facility has 41.5MW of energized capacity, not 80MW; the extra 40MW awaits regulatory approval. Its $31 million of annual revenue comes from crypto-mining hosting, not AI, so @FrankCurzio's $900 million value at $12 million per AI megawatt is grossly misleading. The company has pivoted at least three times in two years, from EVs to XRP to AI, and its CFO, CTO and company secretary all left in February 2026. x.com … Show more
VivoPower is one of the more overlooked asymmetric stocks, as most investors have no idea what it is building and the market underestimates its long-term opportunity. x.comÂ
VivoPower's $75M market cap misses its Norwegian data-center acquisition, which can generate about $31M of revenue and $10M of EBITDA. The 41.5MW site runs on hydro power below $0.035/kWh, within a 358MW portfolio across Finland, Norway and the UAE, and new tenants are expected to improve its economics further once the deal closes by June 30, 2026. x.comÂ
Neoclouds can be an incredible business only if they turn delivered GPUs into revenue on time. Power delays are harder to remedy than commissioning issues; idle GPUs earn nothing while financing costs mount, especially for smaller operators and those reliant on colocation. Energized sites and vertical control help, but GPUs or secured power alone are not enough. IREN has financing secured and Nebius looks less exposed to Musk's debt warning; smaller players may struggle to fund expansion. x.com … Show more
Scarce power available for 2028 delivery and rising demand for that capacity favor Galaxy Digital, IREN and Cipher Mining. XCapitalMgmt highlights Galaxy management's report of delayed competing projects, stronger demand from hyperscalers and AI firms for 2028 capacity, and more selective financing. Galaxy has over 800 MW secured at Helios II but is still evaluating tenants and deal terms. x.comÂ
