Author: slightbourne@noblecapitalmarkets.com

Redefining What You Should Expect From Your Accountant

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About Grassi

For more than 45 years, Grassi has redefined what it means to be an advisor and accountant to today’s businesses and individuals. Founded in 1980 by Louis C. Grassi, with just an empty filing cabinet and a desk, the firm has grown into one of the nation’s largest accounting and advisory firms, with more than 550 professionals across ten offices in the U.S. and abroad.

Recognized as the 52nd-largest accounting firm in the nation and 8th-largest in the Mid-Atlantic, Grassi provides a full range of advisory, tax, accounting, audit and technology services to both publicly and privately held companies, as well as individuals. The firm serves key industries including construction, architecture and engineering, manufacturing and distribution, real estate, health care, financial services and nonprofit organizations.

At the heart of Grassi’s work is a simple but powerful mission: to create success for clients and people. This purpose drives every engagement and client relationship. Grassi advisors work alongside their clients to help them solve problems, plan for growth and prepare for the future — placing people at the center of every solution.

 Grassi has garnered client satisfaction rates more than twice the industry average and received the Best of Accounting Award for exemplary client service for five consecutive years. The firm has also been ranked 15 times as a “Best of the Best” firm by INSIDE Public Accounting and named a Best Place to Work by multiple publications, including Vault’s Top 25 Best Accounting Firms to Work For, where it achieved the #1 ranking for Client Interaction.

Independence Through Employee Ownership

In an accounting industry marked by rapid consolidation and private equity investment, Grassi took a pioneering step toward sustaining its independence by launching an Employee Stock Ownership Plan (ESOP). This privately funded ESOP, free from outside investors, aligns the firm’s achievements directly with those of its clients. Every U.S. employee has the opportunity to share in ownership, fostering a culture of shared success, long-term stability, and commitment to excellence.

SEC & Capital Markets Team

Grassi’s dedicated SEC & Capital Markets Team has the deep expertise to help you prepare for the demands of being a public company, assisting with compliance while positioning your company for long-term success. Working collaboratively with your attorney, investment banker and other consultants, our public company audit and IPO specialists will guide your business every step of the way – from pre-audit readiness to post-IPO reporting.

Registered with the PCAOB, Grassi helps private companies meet compliance requirements, achieve their IPOs and maintain ongoing compliance with SEC requirements. Our professionals combine this big-firm experience with Grassi’s hands-on approach to provide unparalleled service.

Grassi is proud to once again sponsor NobleCon, the annual investor conference hosted by Noble Capital Markets. As a returning sponsor, Grassi reaffirms its commitment to supporting the growth and success of emerging and publicly traded companies. Through its SEC & Capital Markets Team, the firm continues to help businesses navigate the complexities of going public, maintaining compliance, and achieving long-term success in the capital markets.

Tesla Stock Rebounds as Investors Refocus on Long-Term AI and Robotics Vision

Posted on by slightbourne@noblecapitalmarkets.com

Tesla shares recovered on Friday after an early slide, signaling some stabilization in a tech sector that has been under stress for several days. The stock opened lower as markets continued reacting to Thursday’s broad sell-off, but sentiment gradually improved as investors returned to growth names. Despite the bounce, Tesla remains roughly 9 percent lower since CEO Elon Musk secured his record-setting $1 trillion compensation package, a milestone that has introduced additional volatility into an already sensitive market.

For the week, Tesla is still on track for a significant decline, trading about 7 percent lower as of Friday morning. The stock also dropped below a key technical support level at $400 earlier in the week before finding some footing. Thursday’s downturn marked Tesla’s weakest price since September, driven largely by shifting expectations around Federal Reserve policy. With odds of a December rate cut fading, investors have been reassessing their exposure to high-valuation technology stocks, creating pressure on both mega-cap growth names and companies tied to the accelerating artificial intelligence cycle.

Concerns about the pace and sustainability of AI spending have also contributed to a rotation into sectors viewed as more reasonably priced. Still, long-term Tesla supporters remain focused on the company’s innovation roadmap, pointing to autonomous driving, robotics, and next-generation AI systems as core drivers of future value. This outlook is being reinforced by new analyst projections that indicate Tesla may be approaching major milestones in key technology programs.

One of the most closely watched developments is Tesla’s effort to advance its Robotaxi initiative. Analysts expect the company to proceed with removing human safety drivers from its autonomous trials in Texas and at least one additional state. If executed, this would represent a pivotal step toward launching commercial autonomous mobility services. Tesla has also highlighted several cities—including Miami, Dallas, Phoenix, and Las Vegas—as upcoming expansion zones for Robotaxi testing, suggesting broader deployment is on the horizon.

Tesla’s deepening relationship with xAI, Musk’s artificial intelligence company, is another major area fueling investor interest. Industry observers anticipate Tesla will integrate xAI’s computational capabilities to accelerate Optimus, its humanoid robot platform. This collaboration could significantly enhance Optimus’s learning speed, coordination, and operational reliability, strengthening Tesla’s position in the rapidly emerging robotics sector.

The company has outlined ambitious production plans for Optimus, beginning with a target of manufacturing one million units at its Fremont facility, followed by a long-term expansion to a ten-million-unit line at Giga Texas. Optimus is currently in pilot production, and investors are closely watching for signs that Tesla can scale the platform to commercial volume. Many believe humanoid robots could eventually become one of Tesla’s largest business lines, potentially surpassing automotive revenue in the long run.

Although recent market volatility has pressured the stock, several analysts remain constructive on Tesla’s long-term outlook, citing its advancements in AI, robotics, and autonomous transportation as foundational pillars for future growth. Investors are now closely monitoring technology updates, regulatory progress, and production milestones to evaluate how quickly these innovations can begin contributing meaningful earnings.

Trump Signs Funding Bill, Ending Record 43-Day U.S. Government Shutdown

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President Donald Trump has officially signed a bipartisan funding bill that ends the longest government shutdown in United States history. The measure, passed late Wednesday night, restores full federal operations after 43 days of disruption that affected millions of Americans and brought key government services to a halt.

The funding package, approved by both the House and the Senate earlier in the week, will keep the government running through the end of January 2026. It represents the culmination of weeks of political stalemate, public frustration, and mounting economic pressure that forced lawmakers to compromise after nearly a month and a half of gridlock.

The shutdown began on October 1 following a breakdown in negotiations over the continuation of expanded Affordable Care Act (ACA) subsidies. Senate Democrats had refused to pass a short-term spending bill that did not include an extension of the health care tax credits, while Republicans resisted expanding what they viewed as unsustainable federal spending. The resulting impasse left more than one million federal workers without pay and led to widespread delays in public services, from airport operations to food assistance programs.

The newly signed legislation not only reopens government agencies but also ensures that all federal employees will receive full back pay for the period they were furloughed. The measure reverses shutdown-related layoffs and provides emergency funding to several programs, including the Supplemental Nutrition Assistance Program (SNAP), which supports 42 million Americans. Additionally, the Department of Transportation announced that the restrictions on flight operations imposed during the shutdown due to air traffic controller shortages would be lifted, bringing relief to travelers and airlines alike.

Politically, the bill underscores the deep divisions within Congress but also demonstrates the necessity of bipartisan cooperation. The House passed the measure with a narrow 222–209 vote, highlighting the sharp partisan split that defined the shutdown from the beginning. In the Senate, the funding measure narrowly reached the 60-vote threshold required to overcome a filibuster after a small group of Democrats and one independent senator joined Republicans in support.

The temporary funding measure also includes a provision allowing Senate Democrats a future vote on extending ACA subsidies in December, setting the stage for another round of intense debate later this year. The agreement offers only short-term stability, and lawmakers now face the challenge of negotiating a longer-term budget plan before funding expires in early 2026.

The shutdown’s economic and social consequences were far-reaching. Delays in federal benefits strained households living paycheck to paycheck, while disruptions in government contracting and transportation operations weighed on business productivity. The incident also reignited discussions about reforming the federal budget process to prevent recurring shutdowns caused by partisan gridlock.

Federal workers are expected to return to their jobs immediately, with agencies beginning the process of restoring full operations and processing delayed payments. While the passage of the bill provides immediate relief to millions, it also serves as a reminder of the fragility of the nation’s political landscape and the consequences when compromise is delayed.

As Washington returns to normal operations, the focus now shifts toward preventing another crisis when the temporary funding expires early next year.

Sky Harbour Group (SKYH) – Site Acquisitions on Track

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Thursday, November 13, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q3 below estimates. Sky Harbour reported Q3 revenue of $7.3 million (+78% Y/Y) trailing our estimate of $9.3 million. An adj. EBITDA loss of $2.3 million was below our forecast of a $0.2 million gain, illustrated in Figure #1 Q3 Results. Management noted that the company is within $1 million of a cash break-even run-rate and expects to achieve positive operating cash flow before year-end.

Site acquisition on target. Sky Harbour now holds 19 airport ground leases (nine operating, ten in development) and remains on pace to reach 23 by year-end. The company announced a site acquisition at Long Beach Airport, while pre-leasing at Dulles and Bradley supports pricing power and visibility into 2026.


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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

V2X (VVX) – Vertex Aerospace Offloads Some More Shares

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Thursday, November 13, 2025

V2X builds innovative solutions that integrate physical and digital environments by aligning people, actions, and technology. V2X is embedded in all elements of a critical mission’s lifecycle to enhance readiness, optimize resource management, and boost security. The company provides innovation spanning national security, defense, civilian, and international markets. With a global team of approximately 16,000 professionals, V2X enables mission success by injecting AI and machine learning capabilities to meet today’s toughest challenges across all operational domains.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Another Sale. Yesterday, V2X announced the sale of 2.25 million shares of its common stock on an underwritten basis by Vertex Aerospace Holdco LLC. V2X is not selling any shares of common stock in the offering, and V2X will not receive any proceeds from the offering by Vertex Aerospace. The offering is expected to close on or about November 13, 2025, subject to customary closing conditions. The sale is another in a series as Vertex Aerospace continues to liquidate its V2X holding acquired in the merger between Vectrus and Vertex.

V2X To Participate. Under its existing share repurchase authorization, V2X has agreed to purchase 363,638 shares of common stock that are subject to the offering at a price per share of common stock equal to the price to be paid to Vertex Aerospace by the underwriter. V2X intends to fund the repurchase of its common stock with cash on hand. At the current price, the 363,638 shares would cost approximately $20 million.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Unicycive Therapeutics (UNCY) – FDA Filing Date for OLC Confirmed With 3Q25 Reporting

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Thursday, November 13, 2025

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

3Q25 Reported With OLC Update. Unicycive reported a 3Q25 loss of $6.0 million or $(0.33) per share, below our expectations of $(8.4) million. Importantly, the company confirmed previous plans to resubmit its NDA for OLC (oxylanthanum citrate) by the end of the year, implying a new PDUFA date during 1H26. Cash at the end of the quarter was $42.7 million.

OLC Resubmission Planned Before Year-End. Unicycive previously announced that it held a meeting with the FDA to discuss the issue with a third-party manufacturer cited as a deficiency in the Complete Response Letter (CRL) received in June 2025. After the FDA meeting and an inspection of the third-party manufacturer by EU regulators, the company plans to resubmit the NDA. Assuming a PDUFA (Prescription Drug User Fee Act) review time of 6 months, an answer could be received during 1H26.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Snail (SNAL) – Looking Past The Noise

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Thursday, November 13, 2025

Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q3 results. The company reported Q3 revenue of $13.8 million and an adj. EBITDA loss of $9.6 million, both of which were lower than our estimates of $22.0 million and a loss of $2.0 million, respectively. The weaker than expected results were largely attributed to moderately higher than expected operating expenses and a $10.9 million increase in deferred revenue, which currently has a balance of $36.4 million. Notably, while revenue and adj. EBITDA were softer than anticipated, bookings increased a solid 9.3%, y-o-y, to $17.6 million.

Favorable release roadmap. The company has a busy release roadmap in Q4 and 2026. Notably, in Q4, the company plans to release the ARK: Survival Ascended (ASA) Lost Colony DLC, which is expected to unlock $5.8 million in deferred revenue. Looking ahead to 2026, the release roadmap includes Honeycomb, Bellwright on PlayStation and Xbox, and two DLCs for ASA, Genesis Part 1 and Part 2, which are tied to $10.3 million in deferred revenue.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

SKYX Platforms (SKYX) – Global Expansion on the Horizon

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Thursday, November 13, 2025

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q3 on target. SKYX reported Q3 revenue of $23.9 million versus our estimate of $23.5 million and an adj. EBITDA loss of $2.3 million versus our forecasted loss of $2.1 million. Revenue rose 4% over Q2, while gross margin improved to 32% from 30% in Q2, reflecting an increased mix of higher-margin proprietary products.

B2B pipeline building. SKYX’s new partnership with Global Ventures Group expands its footprint into the Middle East, including projects in Saudi Arabia and Egypt. Alongside Landmark Companies, Forte Developments, Cavco Homes, and the Miami Smart City, these relationships reinforce multi-year B2B growth potential as deployments scale through 2026 and beyond.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

InPlay Oil (IPOOF) – Execution Drives Strong Volumes; Upside Builds for 2026

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Thursday, November 13, 2025

InPlay Oil is a junior oil and gas exploration and production company with operations in Alberta focused on light oil production. The company operates long-lived, low-decline properties with drilling development and enhanced oil recovery potential as well as undeveloped lands with exploration possibilities. The common shares of InPlay trade on the Toronto Stock Exchange under the symbol IPO and the OTCQX Exchange under the symbol IPOOF.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Third-quarter 2025 results. InPlay reported third-quarter results, with production averaging 18,970 barrels of oil equivalent per day (boe/d), up 7% from Q2 and 131% higher than Q3 2024. This was above our forecast of 18,695 boe/d, due to continued outperformance of wells drilled in the first quarter of 2025 and low decline base production. Revenue totaled C$79.3 million, below our forecast of C$86.8 million due to lower natural gas pricing. Adjusted funds flow (AFF) came in at C$26.8 million, or C$0.96 per share, modestly below our C$28.0 million, or $1.00 per share estimate, mainly due to the variance in revenue.

Market outlook. We think 2026 will offer a more favorable environment for InPlay. It will mark the first full year of results post-Pembina acquisition, unlocking the benefits of greater scale, infrastructure control, and an expanded drilling inventory. While near-term pricing remains soft, we expect stronger demand, slower supply growth, and potential for tighter oil and gas markets to support improved realizations and higher netbacks through 2026. With enhanced gas processing capacity and capital flexibility, InPlay remains well-positioned to capitalize on an improving macro backdrop.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Alliance Entertainment Holding (AENT) – Strong Start To The Year

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Thursday, November 13, 2025

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Overachieves fiscal first quarter. Total revenues increased a solid 10.9% to $253.9 million, better than our $244.0 million estimate, bolstered by a 59% increase in movie sales. In addition, adj. EBITDA of $12.2 million, up roughly 260% y-o-y, was better than our $9.5 million estimate, reflecting a 330 basis point improvement in margins. Figure #1 Q3 Results highlights our estimates and the recent results. 

Strong movie sales likely to continue. Movie sales revenues increased 59% to $84.0 million, well above our $74.9 million estimate, a reflection of a recent licensing agreement with Paramount Pictures, and, to a smaller extent, strong Steelbook sales. The Paramount Pictures licensing revenue lift is likely to bolster total company revenues for the next few quarters.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Day One Biopharmaceuticals to Acquire Mersana Therapeutics in $285 Million Deal

Posted on by slightbourne@noblecapitalmarkets.com

Day One Biopharmaceuticals announced a definitive agreement to acquire Mersana Therapeutics (Nasdaq: MRSN), marking a strategic move to strengthen its position in oncology drug development. The deal, valued at up to $285 million, combines Day One’s commercial expertise with Mersana’s innovative antibody-drug conjugate (ADC) technology, expanding the company’s pipeline in targeted cancer therapies.

Under the terms of the agreement, Day One will acquire Mersana through a tender offer followed by a merger, offering $25 per share in cash upfront and up to $30.25 per share in additional contingent value rights (CVRs). The CVRs are tied to the achievement of specific clinical, regulatory, and commercial milestones, particularly related to Emi-Le (emiltatug ledadotin), Mersana’s B7-H4-directed ADC candidate. The total equity value at closing is estimated at $129 million, with the full deal potentially reaching $285 million if all milestones are met.

The acquisition highlights Day One’s intent to broaden its oncology focus beyond its current lead programs. Known for its commitment to developing therapies for pediatric and underserved cancer populations, Day One plans to leverage Mersana’s ADC platforms—Dolasynthen and Immunosynthen—to accelerate the development of next-generation cancer treatments.

For Mersana, the deal represents both validation and a strategic exit amid a challenging biotech funding environment. The company has been recognized for its innovative ADC technology, which delivers cytotoxic and immune-modulating agents directly to cancer cells, minimizing harm to healthy tissue. Its lead candidate, Emi-Le, is currently being explored for the treatment of triple-negative breast cancer and adenoid cystic carcinoma, both areas with high unmet clinical needs.

Upon completion of the acquisition, Mersana will become a wholly owned subsidiary of Day One, and its common stock will be delisted from public exchanges. The transaction is expected to close by the end of January 2026, subject to customary regulatory approvals and the tender of a majority of Mersana’s outstanding shares.

The merger agreement was unanimously approved by Mersana’s board of directors, which has recommended that shareholders tender their shares once the offer is formally launched. Key shareholders, including affiliates of Bain Capital Life Sciences, representing approximately 8.5% of outstanding shares, have already agreed to support the transaction.

Financially, TD Cowen is serving as Mersana’s advisor, while WilmerHale is acting as legal counsel. Fenwick & West LLP is representing Day One in the deal.

This acquisition aligns with broader industry trends in oncology, where partnerships and mergers are accelerating innovation in targeted therapies. ADCs have become one of the most promising drug classes in oncology, combining precision targeting with potent efficacy. The addition of Mersana’s technology could give Day One a competitive edge in developing more effective, tumor-specific treatments.

With closing anticipated early next year, the merger positions Day One Biopharmaceuticals as a growing force in precision oncology, combining innovative science with a mission-driven focus on expanding treatment options for patients of all ages battling cancer.

Anthropic to Invest $50 Billion in U.S. AI Infrastructure, Beginning with Texas and New York Data Centers

Posted on by slightbourne@noblecapitalmarkets.com

Anthropic, one of the fastest-growing artificial intelligence firms in the world, has announced an ambitious $50 billion plan to expand its U.S. infrastructure footprint through a series of advanced data centers starting in Texas and New York. The project, developed in partnership with AI cloud platform Fluidstack, positions the company as a major force in the domestic AI buildout race.

The initiative will fund the creation of custom-designed facilities built specifically to handle Anthropic’s rapidly scaling AI models and enterprise workloads. The company said the first sites will go live in 2026 and are expected to generate 800 permanent jobs and more than 2,000 construction roles across both states.

By building its own network of high-performance data centers, Anthropic aims to ensure greater control over compute availability, energy efficiency, and long-term scalability — key components in the race to dominate AI infrastructure. The decision also aligns with growing policy pressure from Washington to keep cutting-edge AI capacity within U.S. borders, protecting national interests and technological sovereignty.

This investment underscores Anthropic’s aggressive growth trajectory and signals that the company is willing to match, if not challenge, industry leader OpenAI’s spending spree. OpenAI has already committed more than $1.4 trillion in long-term infrastructure investments through partnerships with Nvidia, Oracle, Broadcom, Microsoft, and Google.

Anthropic’s partnership with Fluidstack — known for supplying GPU clusters to major AI players like Meta, Midjourney, and Mistral — reflects a strategic effort to move fast. Fluidstack’s expertise in scaling GPU infrastructure at record speed and efficiency gives Anthropic a distinct operational advantage as competition for compute power intensifies.

The company’s enterprise business has surged dramatically over the past year, serving more than 300,000 organizations. The number of enterprise accounts generating over $100,000 annually has nearly increased sevenfold, with projections showing Anthropic could reach profitability by 2028. By comparison, OpenAI is still expected to report multi-billion-dollar operating losses through that same period.

Beyond Texas and New York, Anthropic’s infrastructure expansion already includes a massive $11 billion data center campus in Indiana, developed with Amazon. The facility is operational, providing Anthropic with one of the largest AI-focused compute environments in the U.S. The company has also expanded its long-term compute partnership with Google, with additional commitments valued in the tens of billions.

Industry observers say Anthropic’s move could reshape the competitive landscape of AI infrastructure, helping to diversify the market beyond the dominance of hyperscale cloud providers. However, the scale of AI-related construction and energy use is prompting questions about sustainability and grid capacity — particularly as multiple firms rush to deploy gigawatt-scale facilities across the country.

With a $50 billion budget and an expanding nationwide footprint, Anthropic is betting big on the idea that the next wave of AI breakthroughs will depend not just on smarter algorithms, but on physical infrastructure capable of powering them at scale.

Release – Kratos’ $50 Million State-of-the-Art Hypersonic System Indiana Payload Integration Facility on Track for 2026

Posted on by slightbourne@noblecapitalmarkets.com
Primary Logo

November 12, 2025

SAN DIEGO, Nov. 12, 2025 (GLOBE NEWSWIRE) — Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a technology company in the defense, national security, and global markets, today announced that its Indiana Payload Integration Facility (IPIF) for Hypersonic Systems located in Crane, Indiana, is on schedule to be fully mission capable by the end of 2026. The state-of-the-art facility is now under roof, and work is progressing rapidly to finalize equipment-bearing foundations and erect interior structures.

Kratos’ IPIF, which is estimated to cost more than $50 million once complete, is designed and purpose-built for rapid, affordable preparation of experimental payloads to significantly boost the tempo of flight testing for next-generation hypersonic systems and technologies and to accelerate the development of new and advanced weapons systems.

 The state-of-the-art, 68,000-square-foot complex will feature advanced manufacturing and test capabilities along with enhanced workflows to boost the tempo of critical hypersonic vehicle and payload activities for programs such as the Multi-Service Advanced Capabilities Hypersonic Testbed (MACH-TB) program. The project demonstrates Kratos’ steadfast commitment to advancing hypersonic system development and expanding crucial industrial base infrastructure needed to accelerate Mach 5+ flight testing. The facility is expected to create over 100 high-tech jobs when complete, with an estimated average annual wage of $80,000+.

Josh Peterson, Senior Vice President and Product Manager for Kratos Launch Vehicles, said: “We’re pleased with the tremendous progress made so far, and extremely excited to get to work processing experiments and payloads for MACH-TB. This building’s design, which was heavily influenced by engineers and technicians with countless years of test vehicle experience, promises to accelerate throughput and provide a needed boost to the pace of hypersonic testing.”

Mike Johns, Senior Vice President of Kratos SRE, said: “This is an important addition to the hypersonics test infrastructure located near NSWC Crane and will be a national asset for the hypersonics test and experimentation community across the country. The entire community in Southern Indiana has been very helpful and supportive getting this project off the ground, and it is one of many new projects Kratos is bringing to the area.”

Dave Carter, President of Kratos Defense & Rocket Support Services, said: “Kratos is proud to be leading the MACH-TB industry team and building the facilities needed to augment our nation’s capabilities to advance hypersonic testing. The IPIF will provide needed infrastructure to accelerate the advancement of critical hypersonic technologies.”

Kratos remains at the forefront of hypersonic and advanced technology development and testing, providing affordable, high-performance solutions to meet the needs of the U.S. military and allied nations. Kratos is the only company delivering both propulsion and flyer systems, which includes Kratos’ low cost Erinyes Hypersonic Flyer, Dark Fury, Zeus and Oriole Solid Rocket Motors, along with other Kratos systems and technologies. Kratos provides unmatched innovation, disruptive capabilities, mission responsiveness and affordability to our customers across our portfolio of systems.

For more information on Kratos and its hypersonic programs, visit www.kratosdefense.com.

About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS) is a technology, products, system and software company addressing the defense, national security, and commercial markets. Kratos makes true internally funded research, development, capital and other investments, to rapidly develop, produce and field solutions that address our customers’ mission critical needs and requirements. At Kratos, affordability is a technology, and we seek to utilize proven, leading edge approaches and technology, not unproven bleeding edge approaches or technology, with Kratos’ approach designed to reduce cost, schedule and risk, enabling us to be first to market with cost effective solutions. We believe that Kratos is known as an innovative disruptive change agent in the industry, a company that is an expert in designing products and systems up front for successful rapid, large quantity, low-cost future manufacturing which is a value add competitive differentiator for our large traditional prime system integrator partners and also to our government and commercial customers. Kratos intends to pursue program and contract opportunities as the prime or lead contractor when we believe that our probability of win (PWin) is high and any investment required by Kratos is within our capital resource comfort level. We intend to partner and team with a large, traditional system integrator when our assessment of PWin is greater or required investment is beyond Kratos’ comfort level. Kratos’ primary business areas include virtualized ground systems for satellites and space vehicles including software for command & control (C2) and telemetry, tracking and control (TT&C), jet powered unmanned aerial drone systems, advanced vehicles and rocket systems, propulsion systems for drones, missiles, loitering munitions, supersonic systems, space craft and launch systems, C5ISR and microwave electronic products for missile, radar, missile defense, space, satellite, counter UAS, directed energy, communication and other systems, and virtual & augmented reality training systems for the warfighter. For more information, visit www.KratosDefense.com.

Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 29, 2024, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.

Press Contact:
Claire Cantrell
claire.cantrell@kratosdefense.com 

Investor Information:
877-934-4687
investor@kratosdefense.com