Thesis · Data Centers & Physical Infrastructure

Will LandBridge or Texas Pacific Land report surface/data-center-related revenue (surface use, easements, pore space, water) up at least 30% year over year in FY2026 results?

Owners of Permian surface acreage monetize data-center and power-generation demand into measurably rising fee-based surface revenue.

6 dated tests · 0 resolved · next on

The tests More theses in Data Centers & Physical Infrastructure

Who is on each side

The two sides.

Each side in DeepStack’s words, then the voices who argue it, attributed and paraphrased, dated where the date is known. A voice links to its page on DeepStack where one exists.

The case for yes

Energized land and powered shells earn rent

Data centers need overlapping local access to power, gas, water and land in West Texas, and campuses sign multi-decade agreements with surface owners. Fee-based, low-capex surface and resource revenue grows independent of which AI technology firm wins, pushing LandBridge and Texas Pacific Land toward sharply higher surface and data-center-related revenue in FY2026.

The case for no

Surface revenue growth falls short of 30%

LandBridge and Texas Pacific Land report mixed, lumpy surface and resource income that depends on deal timing rather than a steady data-center buildout, so reported growth can land well under a 30% year-over-year mark. Without disclosed, comparable line items for surface use, easements, pore space and water, headline growth may be driven by one-off transactions rather than durable data-center demand. This side would be confirmed if FY2026 results show surface/data-center revenue growth below 30% for both issuers.

3 voices

Energized land and powered shells earn rent

  1. Robotti Company

    Years of underinvestment left the physical economy short precisely what the digital economy now demands. When investment of this scale must flow into physical infrastructure to enable AI expansion, scarcity value accrues to those who already own…

    Source

  2. Andrew Walker

    Large language model data centers require substantial power supply. West Texas has trapped natural gas and potential to build power generation facilities. Data center operators and power developers will pay for surface rights, easements, and access…

    Source

  3. Horizon Kinetics

    Because data centers require overlapping local access to power, water and land, and because these campuses sign multi-decade leases, owners of such scarce resources collect rents and fees for a long duration without bearing the capital spending…

    Source

1 voice

Surface revenue growth falls short of 30%

  1. JunkBondInvestor

    Because the lease says nothing about whether the shell survives the technology cycle, two facilities look identical on a screen; the inflexible one has few alternative uses and its only natural buyer wants precisely what it already is, so value can…

    Source

What would settle it

The dated tests.

Each test names the public source that settles it, the rule and the day. The Call’s number, the readers’ median and the machines’ numbers stand beside it, as on the Docket.

  1. Vertiv, purchases of property and equipment as a share of revenue, quarter ended September 30, 2026: whether it comes in at or above 4.5%.

    On the Docket Pendingth082-t04Pre-specified

    Question
    Did the purchases of property and equipment of Vertiv for the quarter ended September 30, 2026 come to at or above 4.5% of its revenue?
    Source
    SEC EDGAR, XBRL company facts of Vertiv (Forms 10-Q and 10-K)
    Rule
    Divide the purchases of property and equipment by the revenue that Vertiv reports for the quarter ended September 30, 2026 in its 10-Q or 10-K filing on SEC EDGAR. The answer is yes if the ratio is at or above 4.5%; no if it is below 4.5%.
    If the source is late, revised or silent
    If Vertiv has not filed by November 16, 2026, or a filing restates a period the rule reads, the test is inconclusive, and the Result says what was read and what was missing.
    Base rate
    Vertiv's purchases of property and equipment as a share of revenue was 5.3% for the quarter ended June 30, 2026, by its filing on SEC EDGAR.
    Outside view
    A year earlier, for the quarter ended June 30, 2025, the same line read 1.7%, so the rungs sit on the last print.
    What would change the number
    A change in product mix, a one-time charge, or a reclassified line would move the reading.

    The Call, before the dateExpects yes. Gives the yes answer 72%.

    72%

    0 · no100 · yes

    The machinesClaude 60% · DeepSeek 30%

    Claude: 60%DeepSeek: 30%
    The ladder 3 rungs on one reading, Oct 28, 2026: each asks whether it lands above its threshold, so the Call’s numbers down the rungs sketch where it expects the reading to land.

    1. Above 4.5%Call 72% · Claude 60% · DeepSeek 30%

      72%

    2. Above 5.6%Call 46% · Claude 61% · DeepSeek 18%

      46%

    3. Above 6.6%Call 22% · Claude 22% · DeepSeek 91%

      22%

    0 · no50100 · yes

    Your number

  2. Vertiv, purchases of property and equipment as a share of revenue, quarter ended September 30, 2026: whether it comes in at or above 5.6%.

    On the Docket Pendingth082-t05Pre-specified

    Question
    Did the purchases of property and equipment of Vertiv for the quarter ended September 30, 2026 come to at or above 5.6% of its revenue?
    Source
    SEC EDGAR, XBRL company facts of Vertiv (Forms 10-Q and 10-K)
    Rule
    Divide the purchases of property and equipment by the revenue that Vertiv reports for the quarter ended September 30, 2026 in its 10-Q or 10-K filing on SEC EDGAR. The answer is yes if the ratio is at or above 5.6%; no if it is below 5.6%.
    If the source is late, revised or silent
    If Vertiv has not filed by November 16, 2026, or a filing restates a period the rule reads, the test is inconclusive, and the Result says what was read and what was missing.
    Base rate
    Vertiv's purchases of property and equipment as a share of revenue was 5.3% for the quarter ended June 30, 2026, by its filing on SEC EDGAR.
    Outside view
    A year earlier, for the quarter ended June 30, 2025, the same line read 1.7%, so the rungs sit on the last print.
    What would change the number
    A change in product mix, a one-time charge, or a reclassified line would move the reading.

    The Call, before the dateEither answer fits the Call. Gives the yes answer 46%.

    46%

    0 · no100 · yes

    The machinesClaude 61% · DeepSeek 18%

    Claude: 61%DeepSeek: 18%

    Your number

  3. Vertiv, purchases of property and equipment as a share of revenue, quarter ended September 30, 2026: whether it comes in at or above 6.6%.

    On the Docket Pendingth082-t06Pre-specified

    Question
    Did the purchases of property and equipment of Vertiv for the quarter ended September 30, 2026 come to at or above 6.6% of its revenue?
    Source
    SEC EDGAR, XBRL company facts of Vertiv (Forms 10-Q and 10-K)
    Rule
    Divide the purchases of property and equipment by the revenue that Vertiv reports for the quarter ended September 30, 2026 in its 10-Q or 10-K filing on SEC EDGAR. The answer is yes if the ratio is at or above 6.6%; no if it is below 6.6%.
    If the source is late, revised or silent
    If Vertiv has not filed by November 16, 2026, or a filing restates a period the rule reads, the test is inconclusive, and the Result says what was read and what was missing.
    Base rate
    Vertiv's purchases of property and equipment as a share of revenue was 5.3% for the quarter ended June 30, 2026, by its filing on SEC EDGAR.
    Outside view
    A year earlier, for the quarter ended June 30, 2025, the same line read 1.7%, so the rungs sit on the last print.
    What would change the number
    A change in product mix, a one-time charge, or a reclassified line would move the reading.

    The Call, before the dateExpects no. Gives the yes answer 22%.

    22%

    0 · no100 · yes

    The machinesClaude 22% · DeepSeek 91%

    Claude: 22%DeepSeek: 91%

    Your number

  4. Modine, operating cash flow as a share of revenue, quarter ended September 30, 2026: whether it comes in at or above 3.5%.

    On the Docket Pendingth082-t01Pre-specified

    Question
    Did the net cash from operating activities of Modine for the quarter ended September 30, 2026 come to at or above 3.5% of its revenue?
    Source
    SEC EDGAR, XBRL company facts of Modine (Forms 10-Q and 10-K)
    Rule
    Divide the net cash from operating activities by the revenue that Modine reports for the quarter ended September 30, 2026 in its 10-Q or 10-K filing on SEC EDGAR. The answer is yes if the ratio is at or above 3.5%; no if it is below 3.5%.
    If the source is late, revised or silent
    If Modine has not filed by November 16, 2026, or a filing restates a period the rule reads, the test is inconclusive, and the Result says what was read and what was missing.
    Base rate
    Modine's operating cash flow as a share of revenue was 4.7% for the quarter ended June 30, 2026, by its filing on SEC EDGAR.
    Outside view
    A year earlier, for the quarter ended June 30, 2025, the same line read 4.1%, so the rungs sit on the last print.
    What would change the number
    A change in product mix, a one-time charge, or a reclassified line would move the reading.

    The Call, before the dateExpects yes. Gives the yes answer 76%.

    76%

    0 · no100 · yes

    The machinesClaude 69% · DeepSeek 80%

    Claude: 69%DeepSeek: 80%
    The ladder 3 rungs on one reading, Nov 3, 2026: each asks whether it lands above its threshold, so the Call’s numbers down the rungs sketch where it expects the reading to land.

    1. Above 3.5%Call 76% · Claude 69% · DeepSeek 80%

      76%

    2. Above 5%Call 47% · Claude 63% · DeepSeek 80%

      47%

    3. Above 6.5%Call 22% · Claude 55% · DeepSeek 38%

      22%

    0 · no50100 · yes

    Your number

  5. Modine, operating cash flow as a share of revenue, quarter ended September 30, 2026: whether it comes in at or above 5%.

    On the Docket Pendingth082-t02Pre-specified

    Question
    Did the net cash from operating activities of Modine for the quarter ended September 30, 2026 come to at or above 5.0% of its revenue?
    Source
    SEC EDGAR, XBRL company facts of Modine (Forms 10-Q and 10-K)
    Rule
    Divide the net cash from operating activities by the revenue that Modine reports for the quarter ended September 30, 2026 in its 10-Q or 10-K filing on SEC EDGAR. The answer is yes if the ratio is at or above 5.0%; no if it is below 5.0%.
    If the source is late, revised or silent
    If Modine has not filed by November 16, 2026, or a filing restates a period the rule reads, the test is inconclusive, and the Result says what was read and what was missing.
    Base rate
    Modine's operating cash flow as a share of revenue was 4.7% for the quarter ended June 30, 2026, by its filing on SEC EDGAR.
    Outside view
    A year earlier, for the quarter ended June 30, 2025, the same line read 4.1%, so the rungs sit on the last print.
    What would change the number
    A change in product mix, a one-time charge, or a reclassified line would move the reading.

    The Call, before the dateEither answer fits the Call. Gives the yes answer 47%.

    47%

    0 · no100 · yes

    The machinesClaude 63% · DeepSeek 80%

    Claude: 63%DeepSeek: 80%

    Your number

  6. Modine, operating cash flow as a share of revenue, quarter ended September 30, 2026: whether it comes in at or above 6.5%.

    On the Docket Pendingth082-t03Pre-specified

    Question
    Did the net cash from operating activities of Modine for the quarter ended September 30, 2026 come to at or above 6.5% of its revenue?
    Source
    SEC EDGAR, XBRL company facts of Modine (Forms 10-Q and 10-K)
    Rule
    Divide the net cash from operating activities by the revenue that Modine reports for the quarter ended September 30, 2026 in its 10-Q or 10-K filing on SEC EDGAR. The answer is yes if the ratio is at or above 6.5%; no if it is below 6.5%.
    If the source is late, revised or silent
    If Modine has not filed by November 16, 2026, or a filing restates a period the rule reads, the test is inconclusive, and the Result says what was read and what was missing.
    Base rate
    Modine's operating cash flow as a share of revenue was 4.7% for the quarter ended June 30, 2026, by its filing on SEC EDGAR.
    Outside view
    A year earlier, for the quarter ended June 30, 2025, the same line read 4.1%, so the rungs sit on the last print.
    What would change the number
    A change in product mix, a one-time charge, or a reclassified line would move the reading.

    The Call, before the dateExpects no. Gives the yes answer 22%.

    22%

    0 · no100 · yes

    The machinesClaude 55% · DeepSeek 38%

    Claude: 55%DeepSeek: 38%

    Your number

A thesis page states one question and both sides of it; DeepStack takes no side in words, and its view is the number it gives each test before the date. Analysis and opinion, not investment advice. Voices are paraphrased from public writing and attributed by name; DeepStack shows no score, ranking or accuracy for any person. Pre-specified means the words were approved on or before the test’s date. Specified after the date means they were written afterwards: such a test is counted and shown, and never rated. An open question has no words yet. The Call’s number is the chance, from 0 to 100, that the Call gives the yes answer to a test’s question, recorded before the test’s date; it is DeepStack’s own reading, not a market price and not advice. The readers’ mark on the same line is the readers’ median, the middle of the numbers signed-in readers gave the test, shown from 25 readers. The machines: Each model read this page and nothing else. The number that counts is the latest one each model gave before the test closed.