The Bucket
~22 % of the Q4 2025 13F, anchored by Bloom Energy at #1 in the entire portfolio. The bucket reflects the central operational claim of Aschenbrenner’s essay: that power, not chips, is the binding constraint on the AI buildout. Utility-scale grid interconnects take 5–10 years; AI labs need GW of capacity in 18–36 months. Anything that supplies on-site, behind-the-meter, or rapidly-deployable power becomes structurally undervalued.
Thesis
Power-bucket names map to three distinct sub-theses:
- Behind-the-meter generation (Bloom Energy, Solaris, PSIX, Babcock & Wilcox) — sells GW-scale generators, turbines, fuel cells, and boilers that data centers can deploy on-site without waiting for utility interconnects.
- Fuel feedstock (EQT) — natural gas is the marginal fuel for both behind-the-meter and grid generation. EQT is the largest US gas producer in the Marcellus and the cheapest source of molecules for AI-driven baseload.
- Wright/oilfield-services adjacent (Liberty Energy, ProPetro) — bets on the Chris Wright (US Energy Secretary as of Jan 2025, formerly Liberty CEO) thesis that natural gas + distributed power will be the AI fuel mix, with crossover into fracking and on-pad power equipment.
Notably absent: no nuclear utility (CEG and VST were exited in Q4 2025), no renewable developer, no transmission utility. The fund is making a focused bet on gas + on-site generation rather than the broader “power” theme.
Constituents
Sorted by Q4 2025 value (combining option lines).
| Company | Ticker | Q4 2025 value | % of 13F | Sub-thesis |
|---|---|---|---|---|
| Bloom Energy | BE | $911.0 M (com + calls) | 16.51% | On-site solid-oxide fuel cells |
| EQT Corporation | EQT | $170.6 M (com + calls) | 3.09% | Largest US natural gas producer |
| Solaris Energy Infrastructure | SEI | $85.8 M | 1.56% | Mobile gas turbine power |
| Power Solutions Intl | PSIX | $24.7 M | 0.45% | Industrial gen-set engines |
| Liberty Energy | LBRT | $10.5 M | 0.19% | Oilfield services + distributed power |
| ProPetro | PUMP | $8.7 M | 0.16% | Oilfield services + power |
| Babcock & Wilcox | BW | $8.6 M | 0.16% | Boilers, SMR-adjacent equipment |
| Bucket total | $1,219.9 M | 22.11% |
Position History
Bloom Energy entered in Q3 2025 at meaningful size and was scaled aggressively in Q4 2025 to become the fund’s #1 long. The smaller Wright-adjacent oilfield names (LBRT, PUMP, BW, PSIX) were all added in Q4 2025 — coordinated entry suggests a single thematic decision tied to the new US energy policy direction. Earlier-stage utility/IPP exposure (CEG, VST, TLN) was the original Q4 2024 book and was completely exited by Q4 2025 in favor of the on-site generation expression.
What This Implies About the Fund’s Time Horizon
Behind-the-meter generation is what AI labs deploy when they need power in months, not years. That the fund is overweight Bloom over Constellation/Vistra signals a view that the inflection in AI power demand is happening now — there is no time to wait for new nuclear, transmission upgrades, or grid-scale renewables to come online. The Wright-adjacent names express the same urgency through gas-on-pad and fast-deploy gen sets.