We are short Deep Fission ($FISN), a Nasdaq-listed small modular reactor (SMR) startup planning to bury a 5–15 MWe reactor one mile deep in a 40–60-inch borehole. Its SMR is not cost-competitive, already facing delays, and will likely never be commercialized. (1/10) iceberg-research.com/2026/09…

$FISN invents a new financial concept: the binding agreement with no purchase obligation. The "buyer" is the same sleepy low-resources industrial park we mentioned in our report.

If you follow energy, we recommend Robert Bryce’s Substack. It's always thought-provoking, whether or not you are a fan of renewables.

$FISN. The classic rebuttal: “A short seller, whose name shall never be spoken, published a highly misleading report. We looked at it for two days, and we can’t tell you a single argument that’s wrong in it. But I’ll tell you this: we’re very angry.” Translation for the market: Iceberg is right. The stock will go down. businesswire.com/news/home/2…

Your regular reminder that reporting fraud to Singapore is a magnificent waste of time. I did it twice (re: OW Bunker and Noble) and was attacked by officials both times. Whistleblowers are the problem: they make noise. If you think of Singapore as the squeaky clean country it wants to be seen as, just compile the impressive list of major frauds that took place there and how Singapore dealt with whistleblowers.

We covered $GEVO, down a modest 6.5%. We shorted after the DOE granted conditional approval for a $1.5bn loan to Gevo. The alcohol-to-jet (ATJ) technology chosen to produce aviation fuel made no sense, and GEVO management has a long history of overpromising and underdelivering. This was validated earlier this year when GEVO withdrew its DOE application after it was determined the project was not commercially viable. GEVO has been trying to find private financing, with little progress. GEVO is now an ethanol business. This industry is essentially a vast subsidy scheme, and with farmers' votes courted ahead of the midterms, that’s unlikely to change. To mitigate this political risk, we prefer to cover.

Dan Ives, please don't stop your legendary coverage of $TMC at your new Yorkville pump house. ft.com/content/85576fd2-7c99…

These retail investors would probably sue their doctor if they were told one day that they had cancer. ‘Your Honor, I was perfectly healthy until I walked into that clinic!’ businessinsider.com/retail-i…

End 2024, we covered our $EOSE short because we suspected that Cerberus, with their controversial reputation, would manufacture demand. That's exactly what they are doing now with an affiliate. The eternal problem with EOSE remains the same: the zinc technology sucks.