Question: Per TASKS-RESEARCH.md:107 (filed 2026-05-27 from the [[satoritrade-skip]] salvage pattern), does BRUN — Boost Run, Inc., the 5th globally-named NVIDIA Exemplar Cloud provider on Blackwell — warrant watchlist coverage alongside NBIS and CRWV? Verify the messenger's six evidence-class claims against primary sources before deciding routing. Decide: (1) add BRUN to ai-power.json and/or ai-infrastructure.json? (2) treat as monster-discoveries candidate post-IPO? (3) wire a calendar catalyst for the first 10-Q earnings date?

Verdict: Add BRUN to BOTH ai-power.json AND ai-infrastructure.json with explicit post-SPAC caveats. Defer monster-discoveries (same mechanism-fit reasoning as [[2026-05-26-bot-robostrategy-cef-verification-coverage-decision]] — no SMA200, no golden cross, only 22 daily bars in the merged-ticker series). Wire a calendar catalyst for the first post-listing quarterly print (likely Q2 FY26, ~mid-August 2026). Five of the six satoritrade evidence-class claims verify against primary sources (GlobeNewswire 8-K exhibit 2026-05-11; PRNewswire 2026-04-13 + 2025-12-15 + 2026-05-08; pulse2.com + multiple syndicators on CEO history). One claim — "3.5× forward sales multiple" — has no primary-source anchor I could find and must remain verify-pending. The "80% EBITDA margins" claim is a paraphrase shading of the September 2025 deal-announcement claim of "adjusted EBITDA margins over 75%" — directionally accurate but not a literal quote. Genuine coverage gap confirmed: zero existing references to BRUN, Boost Run, or WLAC across stonks/watchlists/, research/, and inputs/ before today.

What we're asking

Per TASKS-RESEARCH.md:107, the @satoritrade article surfaced BRUN as the next "Nebius-like" trade and was pump-shaped (retrospective NBIS-win → "next one" tease → urgency CTA). The author is skip-class per [[satoritrade-skip]] but the underlying entity passes the same salvage test as [[itschrisray-skip-pstg-salvage]] and [[mrmikeinvesting-skip]] (USAR salvage) — real public company, structural coverage gap on a tier we already cover via peers.

Six evidence-class claims from the satoritrade article that need primary-source verification before being carried into any downstream artifact, per [[capture-paraphrases-are-not-primary-sources]]:

• (a) $1.44B Dell commitment
• (b) $127M two-year Fluidstack agreement
• (c) 80% projected EBITDA margins
• (d) 3.5× forward sales multiple
• (e) $375M annualized run-rate exit 2026 guidance
• (f) CEO Andrew Karos / Galaxy Digital 2020 acquisition

Coverage-decision sub-questions:

• (1) Add BRUN to ai-power.json (neocloud cohort with CRWV, WYFI) and/or ai-infrastructure.json (artificial-intelligence compute providers cohort with NBIS)?
• (2) Treat as monster-discoveries candidate?
• (3) Wire calendar catalyst for first 10-Q earnings?

What we found

1 — BRUN exists, is a NeoCloud artificial-intelligence infra operator, has 22 days of merged-ticker tape

deno task fetch BRUN returned:

• Issuer: Boost Run, Inc.
• Sector / Industry: Technology / Software — Infrastructure
• Exchange: NGM (NASDAQ Global Market)
• HQ: Northbrook, Illinois
• Founded: 2023 (per yfinance description, corroborated by Sep 2025 PR: "In 2023, Karos self-funded Boost Run")
• Website: https://boostrun.com
• Market cap: $1.74B (as of 2026-05-27 close)
• Current price: $28.29 (close 2026-05-27)
• 52w range: $10.135 — $31.50 (high reached intraday 2026-05-15)
• From ATH: −10.2%
• Avg vol (10d): 2.09M; today 1.20M

Tape since merger-effective: the BRUN OHLC series begins 2026-04-27 at $16.52 (inherited from the WLAC pre-merger trust); the merger was effective 2026-05-08 (per WLAC info.json description: "As of May 8, 2026, Willow Lane Acquisition Corp. was acquired by Boost Run, LLC, in a reverse merger transaction"); BRUN first traded under its new ticker on 2026-05-11.

Last seven bars:

Stable around $25-29, holding ~10% off ATH. Not BOT-grade IPO chaos; tighter range than typical SPAC de-SPAC (the trust-anchored history at $16.52 → $18.83 mark-to-trust prior to 2026-05-08 explains the lower-half of the 52w band as pre-merger trust value, not Boost-Run operating-business price discovery).

2 — Primary-source verification of the six satoritrade evidence claims

Net: 4 verbatim verifications, 1 paraphrase-shading flag, 1 verify-pending. Sufficient confidence to cite the four verbatim claims; the EBITDA shading should be cited as "75%+ adjusted EBITDA margins per the Sep 2025 deal announcement" not "80%"; the multiple should be left out of downstream artifacts until anchored.

3 — New primary-source datapoints not in the satoritrade article

From the 8-K exhibit 99.1 (https://www.sec.gov/Archives/edgar/data/2090646/000149315226022136/ex99-1.htm, filed 2026-05-11):

• "$940M in long-term contracted revenue across its customer portfolio, with average contract terms of approximately three years. Of this contracted revenue, the majority is currently in production, with the remainder scheduled for execution in FY2026."
• "Boost Run operates six U.S. data center locations today, with five additional locations in progress, expanding the Company's total accessible infrastructure capacity to over 125MW."
• "continued track record of free cash flow generation and expects to maintain FCF positive operations through its ongoing deployments and expansion."
• "Boost Run maintains SOC 2 Type II, HIPAA, ISO 27001, and ISO 27701 certifications at the operator level..."

From the PRNewswire 2026-04-13 NVIDIA Exemplar Cloud release (https://www.prnewswire.com/news-releases/boost-run-achieves-nvidia-exemplar-cloud-on-nvidia-blackwell-architecture-joining-an-elite-tier-of-global-ai-infrastructure-leaders-302740029.html):

• Named Exemplar peers: CoreWeave (CRWV), Nebius (NBIS), Oracle Cloud Infrastructure (ORCL), Microsoft Azure (MSFT)
• NVIDIA HGX B300 infrastructure (the current Blackwell tier)
• DC city list at certification: Charlotte, Raleigh, Dallas, Seattle, Eagan (5 named; 8-K says 6 operational, so a 6th DC has come online between Apr 13 and May 11 OR is not co-located with certified infra)
• Quote: "Achieving NVIDIA Exemplar Cloud is validation of what we are committed to delivering the highest caliber of performance for our enterprise users..." — Andy Karos
• NVIDIA quote: Warren Barkley, VP Product Management at NVIDIA, framed the Exemplar Cloud designation as validation of Boost Run's infrastructure commitment.

From the Sep 2025 deal-announcement PR:

• Enterprise value: $614M post-money
• "more than 250% revenue growth in 2025 versus 2024"
• "adjusted EBITDA margins over 75%"
• "high-teens free cash flow margins"
• Original exit-Q4-2026 guidance: $275M ARR — revised upward to $375M ARR by the 2026-05-11 8-K. That's a +36% guidance raise in ~8 months, larger than the elapsed-time-derived contract-ramp ought to mechanically produce.

From the PRNewswire 2026-05-08 completion release:

• Trust proceeds at closing: $134.5M, full trust account, zero redemptions — a strongly positive trust-vote signal vs the typical SPAC pattern of 80%+ redemptions
• Dell $1.44B purchase agreement re-stated

4 — Coverage-gap confirmation

grep -i 'satoritrade\|boost.run\|brun' inputs/ research/ stonks/watchlists/ before this artifact returned zero substantive hits on BRUN/Boost Run; the few file matches were word-fragment false positives (e.g. "scan-archive" "ifnny-dividend" containing the literal substring brun). The author profile for @satoritrade was added today as a skip-class memory entry, not a workspace capture.

5 — Cohort positioning vs the four Exemplar peers we already track

The pure-play NeoCloud peers CRWV and NBIS are split across our two artificial-intelligence infra watchlists: CRWV lives in ai-power.json (Aschenbrenner watts-per-rack frame); NBIS lives in ai-infrastructure.json (operator/compute-supply frame). BRUN sits at the same tier as both. The split is structural, not accidental — ai-power.json weights physics-down (fuel, behind-the-meter, miners-pivoting); ai-infrastructure.json weights operator/connectivity/manufacturing.

6 — Mechanism check: does BRUN belong in monster-discoveries?

No. Same reasoning as [[2026-05-26-bot-robostrategy-cef-verification-coverage-decision]] and the 2026-05-26 ALB postmortem (research/investigations/2026-05-26-monster-discover-alb-coverage-postmortem.md). Monster-discoveries gate is golden cross + strong-up + vs SMA200 ≥ 30. BRUN has 22 daily bars in its merged-ticker series, the first 11 of which are pre-merger trust value (~$16-18.83 dead-flat), so no SMA can compute meaningfully yet. The mechanism-fit is wrong; it's not a "monster" — it's a de-SPAC operating debut.

7 — Risk flags

• De-SPAC profile. Boost Run is fresh off a SPAC merger (effective 2026-05-08, listed 2026-05-11). De-SPACs commonly underperform broad indices in the first 12 months as forward-looking guidance gets reality-tested. Position-sizing should reflect that.
• Single-customer concentration. $1.44B Dell purchase agreement is enormous relative to the $940M total contracted revenue book — Dell is sponsor-tier scale, and the BRUN-Dell relationship is the central thing to track. Verify whether Dell is a customer (revenue) or a supplier (GPU purchaser) — the press wording is ambiguous; primary read of the 10-Q is the right gating step. Tentative read: the Sep 2025 + Dec 2025 PRs talk about Dell as a GPU supplier and financing partner ("new GPU supply orders with Dell Technologies"); the May 2026 PR's "purchase agreement with Dell Technologies to support growing enterprise demand" reads as a Boost Run purchase-from-Dell, i.e. Dell = supplier. If correct, this is a procurement commitment, not contracted revenue. Verify-pending.
• Guidance-raise magnitude. $275M → $375M ARR exit-FY26 in 8 months is +36%; a guidance raise that large in pre-listing months is a flag for either genuine deployment ramp acceleration or prospectus-window optics. Track against actual Q2 FY26 print.
• WLAC trust didn't redeem. Zero redemptions on a $134.5M trust is unusual for a 2026 de-SPAC and suggests sponsor/PIPE alignment. Read: the de-SPAC is cleanly capitalized at debut, not zombie-SPAC distressed.
• Capital intensity vs $1.74B market cap. 125MW + 11 DCs (6 live + 5 in progress) requires capex that the small market cap can't internally fund — the Dell financing relationship + future capital raises are the structural carry. Compare to CRWV ($65B+ mcap) and NBIS ($25B+ mcap) — BRUN is two orders of magnitude smaller than the larger NeoCloud peers it's being benchmarked against in Exemplar marketing.

Verdict + reasoning

1. Add BRUN to BOTH ai-power.json AND ai-infrastructure.json — matches how CRWV and NBIS are already split across the two cohorts. Description should note: 5th NVIDIA Exemplar Cloud globally; de-SPAC effective 2026-05-08 via Willow Lane (WLAC) merger; $940M long-term contracted customer revenue; $375M ARR exit-FY26 target (raised from $275M at Sep 2025 deal); 6 US DCs + 5 in progress = 125MW total; CEO Andrew Karos (ex-Blue Fire / Galaxy Digital). Mark trade-access as research_only until the first post-listing quarterly print.

2. Do NOT add to monster-discoveries.json. Same mechanism-fit reasoning as the 2026-05-26 BOT decision: no SMA200, no golden cross, only 22 daily bars (first 11 are pre-merger trust value, not operating-business price discovery). De-SPAC debut ≠ monster momentum.

3. Wire a calendar catalyst for the first post-listing quarterly print — likely Q2 FY26 (period ending ~June 30, 2026; print ~mid-August 2026). The print is the first chance to compare actual deployment + revenue conversion against the $375M ARR exit-FY26 path and to validate (or invalidate) the +36% guidance raise.

4. Cite the four verbatim-verified claims, drop the multiple, soften the EBITDA. When BRUN comes up in downstream artifacts, the citable claims are: (a) $1.44B Dell agreement, (b) $127M 2yr Fluidstack contract, (e) $375M ARR exit-FY26, (f) Andrew Karos / Galaxy Digital lineage, plus the 8-K newly-surfaced ($940M contracted, 6+5 DCs / 125MW, FCF positive). The "3.5× forward sales" multiple has no primary anchor; the "80% EBITDA" should be cited as "75%+ adjusted EBITDA margins per Sep 2025 deal" (the floor, not 80%).

5. Producer-only output. Do not roll into a perspective README, log entry, or candidate without reviewer sign-off; this is a coverage decision + calendar wire, not a thesis update. The ai-power-bottleneck perspective gets BRUN as a watchlist-level "5th NeoCloud Exemplar peer" annotation if/when a reviewer chooses to fold it in.

Follow-ups filed

• Add BRUN to stonks/watchlists/ai-power.json symbols array and extend description with de-SPAC + Exemplar Cloud lineage. ~5 min mechanical edit + deno task precompute ai-power.
• Add BRUN to stonks/watchlists/ai-infrastructure.json symbols array and extend description identically. ~5 min mechanical edit + deno task precompute ai-infrastructure.
• Wire calendar catalyst — first BRUN post-listing 10-Q earnings print, ~mid-August 2026 — into the ai-power-bottleneck perspective cadence.json (or whatever the active calendar-firing surface is). ~10 min.
• Read the first BRUN 10-Q when it lands and verify: (a) Dell customer-vs-supplier disposition, (b) actual deployment progress against the $375M ARR exit-FY26 path, (c) any explicit forward-sales-multiple disclosure that anchors the 3.5× claim, (d) customer-concentration line. ~30 min when the filing drops.
• Profile-pull the EDGAR 8-K + S-4 for BRUN/Willow Lane and extract the prospectus-grade financial statements + risk-factor section. Currently we have only the listing-day 8-K exhibit + the press syndicator coverage. ~45 min — defer until needed.

Sources

• TASKS-RESEARCH.md:107 — source backlog row scoping the coverage decision.
• ~/.claude/projects/-Users-janzheng-Desktop-Projects---active-ticker-tape/memory/reference_satoritrade_skip.md — messenger evaluation (skip-class paid-signals vendor), with the explicit BRUN salvage note.
• ~/.claude/projects/-Users-janzheng-Desktop-Projects---active-ticker-tape/memory/feedback_capture_paraphrases_are_not_primary_sources.md — the evidence-vs-discovery rule motivating the verbatim verification pass.
• stonks/data/stocks/BRUN/info.json + stonks/data/stocks/BRUN/ohlc/30d.json — yfinance confirmation (NGM listing, sector, mcap $1.74B, 22-bar series from 2026-04-27).
• stonks/data/stocks/WLAC/info.json — pre-merger Willow Lane shell ("As of May 8, 2026, Willow Lane Acquisition Corp. was acquired by Boost Run, LLC, in a reverse merger transaction").
• SEC EDGAR — Boost Run Inc., CIK 0002090646; 8-K exhibit 99.1 at https://www.sec.gov/Archives/edgar/data/2090646/000149315226022136/ex99-1.htm (the May 11 2026 listing-day press release; primary source for $940M contracted revenue, $375M ARR exit-FY26, 6+5 DCs / 125MW, FCF positive, certifications list).
• PRNewswire 2026-05-08 — completion of business combination + $134.5M trust + $1.44B Dell agreement (https://www.prnewswire.com/news-releases/boost-run-completes-business-combination-with-willow-lane-and-is-approved-to-list-on-nasdaq-with-ticker-symbol-brun-302767300.html).
• PRNewswire 2026-04-13 — NVIDIA Exemplar Cloud designation on Blackwell, named peers, HGX B300, 5 DC cities (https://www.prnewswire.com/news-releases/boost-run-achieves-nvidia-exemplar-cloud-on-nvidia-blackwell-architecture-joining-an-elite-tier-of-global-ai-infrastructure-leaders-302740029.html).
• PRNewswire 2025-12-15 — Fluidstack $127M 2yr contract; $250M Q1 2026 GPU deployment target (revised from $100M) (https://www.prnewswire.com/news-releases/boost-run-expands-ai-infrastructure-ecosystem-with-additional-gpu-data-center-financing-and-customer-partnerships-as-it-prepares-to-merge-with-willow-lane-acquisition-corp-302642687.html).
• PRNewswire 2025-09-16 — original deal announcement: $614M enterprise value, 250%+ revenue growth 2025v2024, "over 75%" adjusted EBITDA margins, $275M ARR exit-Q4-2026 guidance, Karos/Blue Fire/Galaxy lineage, Boost Run founded 2023 (https://www.prnewswire.com/news-releases/boost-run-a-rapidly-growing-provider-of-neocloud-ai-infrastructure-and-high-performance-compute-hpc-to-go-public-via-business-combination-with-willow-lane-acquisition-corp-302557776.html).
• stonks/watchlists/ai-power.json (46 symbols incl CRWV, WYFI) and stonks/watchlists/ai-infrastructure.json (44 symbols incl NBIS) — destination watchlists.
• research/investigations/2026-05-26-bot-robostrategy-cef-verification-coverage-decision.md — precedent for cohort routing + monster-discoveries mechanism-fit reasoning.
• research/investigations/2026-05-26-monster-discover-alb-coverage-postmortem.md — gate definition for monster-discoveries (golden cross + strong-up + vs SMA200 ≥ 30).

Carrier notes

• This investigation verifies four evidence claims, flags one paraphrase shading, leaves one verify-pending, and produces a coverage decision. It does not read the BRUN S-4 prospectus or first 10-Q (when filed). The "Dell customer-vs-supplier" disposition is the most load-bearing unverified item; the public press reads more like Dell-as-supplier (and Dell-as-financing-partner) than Dell-as-customer, which would mean the $1.44B is a procurement commitment expanding the GPU fleet, not contracted revenue — additive to the $940M revenue book, not part of it. That changes the unit economics framing materially. Flagged as follow-up.
• The +36% ARR guidance raise ($275M → $375M) in 8 months is notable. Possible drivers: (a) the Fluidstack $127M and Dell-fleet-expansion contracts both signed AFTER the Sep 2025 deal-announce date, (b) ramp ahead of plan, (c) prospectus-window optics. The reviewer should not promote BRUN into thesis-shaping content until the Q2 FY26 print confirms or undermines the new $375M anchor.
• BRUN sits at the same tier-1 NeoCloud Exemplar peer-set as CRWV and NBIS but at ~1/15 to 1/40 the market cap. The structural read: NVIDIA's Exemplar Cloud designation is a technical certification, not a scale certification. The Exemplar list is a "qualifies-for-leading-edge-workloads" set, not a "comparable-public-company-comps" set. Be careful about valuation read-acrosses from CRWV/NBIS multiples to BRUN.