In short: Dean. Just-initiated speculative-sleeve position (~$75m cap, so 1–3% sizing). The "virtual pipeline" for data centres with no pipeline access — liquefy the gas, truck it cryogenically, store and vaporise it on site. A consolidated niche with few remaining providers, and "the environment couldn't be better": a new data-centre contract he puts at a couple hundred million dollars over two years, plus SpaceX as a large LNG customer with launches going "from 50 or so to 20× that in 5 years."
Same problem as Capstone, one step further out. Bringing your own power works if a gas pipeline runs past the site. When one doesn't, somebody has to chill natural gas until it turns liquid, drive it there in refrigerated tankers, store it, and turn it back into gas at the door. That trucked-in supply chain is what the industry calls a "virtual pipeline," and it's what Stabilis does.
It's a small, consolidated niche — decades of shakeout left only a few operators — arriving at a moment when demand suddenly exists. Dean points to two contracts as evidence: a data-centre supply deal he sizes at a couple hundred million dollars over two years, and SpaceX, which burns liquefied natural gas as rocket fuel and expects its launch cadence to rise roughly twentyfold over five years.
At about a $75m market value this is the smallest thing they own, and they treat it accordingly: it sits in the "speculative" sleeve, sized at 1–3% of the portfolio, where the point is that a few multi-baggers pay for a lot of zeros. That sizing is the risk disclosure.
17:58Number one, they just signed a large contract with a data center. I believe it was a couple hundred million dollars over two years to provide these portable natural gas solutions to it. And number two, via SpaceX. So SpaceX is one of its large customers and the space shuttle has used LNG as fuel and essentially SpaceX launches are going to go from I think 50 or so to 20x that in 5 years time.
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