Revealing financial manipulation and accounting frauds. Suing us is bad for your health. Ask those who tried. Tips? info(at)iceberg-research.com
- Tweets 2,213
- Following 429
- Followers 22,109
- Likes 1,585
Pinned Tweet
We are short Deep Fission ($FISN), a Nasdaq-listed small modular reactor (SMR) startup planning to bury a 5–15 MWe reactor one mile deep in a 40–60-inch borehole. Its SMR is not cost-competitive, already facing delays, and will likely never be commercialized. (1/10)
iceberg-research.com/2026/09…
3
9
33
13,707
Your regular reminder that reporting fraud to Singapore is a magnificent waste of time. I did it twice (re: OW Bunker and Noble) and was attacked by officials both times. Whistleblowers are the problem: they make noise. If you think of Singapore as the squeaky clean country it wants to be seen as, just compile the impressive list of major frauds that took place there and how Singapore dealt with whistleblowers.
One of Radiant World’s lenders reported suspected fraud to Singapore police in May, months before the company’s troubles erupted publicly
@cangsizhi @andreatanjourno
bloomberg.com/news/articles/…
1
2
34
10,174
We are short Deep Fission ($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…
3
9
33
13,707
We expect FISN to follow the fate of the founders’ prior venture, Deep Isolation, a deep-borehole nuclear waste company that has not sold its project after a decade. 10/10
1
2
1,035
Link to the report if missed in the first tweet iceberg-research.com/2026/09…
623
We covered $GEVO, down a modest 6.5%. We shorted after the DOE granted conditional approval for a $1.5bn loan to Gevo. The alcohol-to-jet (ATJ) technology chosen to produce aviation fuel made no sense, and GEVO management has a long history of overpromising and underdelivering. This was validated earlier this year when GEVO withdrew its DOE application after it was determined the project was not commercially viable. GEVO has been trying to find private financing, with little progress.
GEVO is now an ethanol business. This industry is essentially a vast subsidy scheme, and with farmers' votes courted ahead of the midterms, that’s unlikely to change. To mitigate this political risk, we prefer to cover.
We are short Gevo Inc ($GEVO). The change in the US administration is the obvious threat but problems run deeper, in particular the competitiveness of technology. A lot of room to fall further.
1
23
7,653
Dan Ives, please don't stop your legendary coverage of $TMC at your new Yorkville pump house.
ft.com/content/85576fd2-7c99…
4
12
3,156
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…
2
1
12
6,788
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.
$EOSE Q1 reality check. Gross margin -78% (-96% ex IRA subsidy). 45% of revenue went unbilled into contract assets, up from 1% a year ago. Meanwhile investors are briefly excited about a new JV with Cerberus that burns and dilutes shareholders.
Cerberus already had warrants, preferred, board seats, and senior debt. The new JV adds $50 million of founder units for zero cash, 10% IRR pref on capital they didn’t deploy, controlling equity, the operating contract, and another discount warrant.
Shareholders chip in $150 million through a rights offering.
Cerberus is named for the three-headed dog that guards hell. Shareholders are fully trapped there.
1
22
9,298
Iceberg Research retweeted
*QUANTUM BEVERAGE RISES 33% AFTER REBRANDING FROM BEVERAGES TO QUANTUM TO PHOTONICS $QUBT
2
4
55
14,487
Iceberg Research retweeted
Here is the only key bit in last night's $SMR earnings call:
Management script: Here are all the reasons our reactor is superior to competitors
First question in Q&A: Given that "compelling pitch," why isn't anyone actually buying one from you?
Answer: 100% evasion (below)
1/2
3
2
7
3,311
$SMR it's rare when retail investors hate a company more than short sellers. See comments.
Great energy at the 2026 ANS Student Conference. We had engaging conversations with students, faculty, and industry professionals about NuScale’s SMR technology, deployment progress, and internships. The next generation is ready to shape clean, reliable energy. #ANS2026
2
1
15
6,299