Picks & Shovels is a lens over the DARTS themes, not a sixth theme. A tagged company keeps its own theme; 64 of these 119 companies are also placed in a theme, and 55 are tagged only here. Each tag carries its evidence tier from the company's filing: 101 tags are DIRECT (the filing describes the activity as the business) and 63 are ENABLING (the filing describes it as a supporting activity). A company can carry more than one tag.
Build-out categories
| Build-out category | Companies | Share of companies | Confirmed buying | Distribution |
|---|---|---|---|---|
| Data-center real estate & colocation | 54 | 6 | 18 | |
| Power generation & utilities | 48 | 8 | 9 | |
| Cooling & thermal | 23 | 2 | 4 | |
| Grid & electrical equipment | 14 | 0 | 2 | |
| Water & fluid handling | 13 | 3 | 3 | |
| Fiber, connectivity & construction services | 6 | 1 | 2 | |
| Electrical & mechanical contracting | 4 | 0 | 0 | |
| Land, site & industrial real estate | 2 | 1 | 0 |
Counts by category add up to more than 119 because some companies carry more than one tag.
Where insiders are buying
17 Picks & Shovels companies carry a Confirmed stamp: net insider buying strong enough to stamp, $52,737,399 bought in total. Open-market purchases and sales reported on SEC Form 4, filed Sep 4, 2026 to Nov 9, 2026.
| Company | DARTS theme | Insiders buying | Bought | Last buy |
|---|---|---|---|---|
| SIRISIRIUS XM HOLDINGS INC | Data | 1 | $26,894,245 | Nov 3, 2026 |
| GLXYGalaxy Digital Inc | Data | 1 | $9,864,346 | Nov 5, 2026 |
| GPUSHyperscale Data, Inc | Data | 4 | $6,272,588 | Sep 30, 2026 |
| VIPVulcan Infrastructure & Power Inc | Data | 4 | $5,299,996 | Sep 10, 2026 |
| ECLECOLAB INC | No theme | 1 | $1,020,797 | Sep 11, 2026 |
| LBRTLiberty Energy Inc | No theme | 3 | $645,635 | Nov 3, 2026 |
| BKRBaker Hughes Co | No theme | 1 | $531,000 | Nov 3, 2026 |
| SEISolaris Energy Infrastructure, Inc | No theme | 1 | $500,994 | Sep 8, 2026 |
| SPXCSPX Technologies, Inc | No theme | 1 | $493,020 | Nov 3, 2026 |
| DYDYCOM INDUSTRIES INC | Data | 2 | $350,463 | Sep 23, 2026 |
| ZONEZone Frontier Inc | Data | 1 | $286,425 | Oct 16, 2026 |
| EVRGEvergy, Inc | No theme | 1 | $133,610 | Sep 11, 2026 |
| IMSRTerrestrial Energy Inc. /DE/ | No theme | 3 | $112,279 | Oct 14, 2026 |
| CTRICenturi Holdings, Inc | No theme | 1 | $100,204 | Sep 18, 2026 |
| AGPUAXE COMPUTE INC | Data | 1 | $98,325 | Sep 8, 2026 |
| AAONAAON, INC | Data | 1 | $74,660 | Sep 15, 2026 |
| GHMGRAHAM CORP | Data | 1 | $58,812 | Sep 12, 2025 |
Where insiders are selling
27 companies carry a Distribution stamp: one-way insider selling, $464,046,428 sold in total. A Distribution stamp is a flag, not a short thesis; insiders sell for many reasons.
| Company | DARTS theme | Insiders selling | Sold | Last sale |
|---|---|---|---|---|
| THTarget Hospitality Corp | Data | 1 | $202,400,000 | Oct 1, 2026 |
| HPEHewlett Packard Enterprise Co | Data | 3 | $37,270,755 | Oct 21, 2026 |
| FTNTFortinet, Inc | Data | 4 | $30,683,257 | Nov 2, 2026 |
| FRMIFermi Inc | No theme | 1 | $28,651,449 | Nov 5, 2026 |
| SMCISuper Micro Computer, Inc | Data | 2 | $24,441,168 | Oct 7, 2026 |
| TTTrane Technologies plc | No theme | 1 | $23,083,680 | Oct 6, 2026 |
| DOVDOVER Corp | Data | 1 | $18,572,506 | Nov 2, 2026 |
| CLSCELESTICA INC | Data | 2 | $15,763,697 | Sep 23, 2026 |
| NUAINew ERA Energy & Digital, Inc | Data | 2 | $15,645,851 | Oct 14, 2026 |
| OKLOOklo Inc | No theme | 8 | $14,385,182 | Nov 2, 2026 |
| IRMIRON MOUNTAIN INC | Data | 2 | $9,455,037 | Nov 6, 2026 |
| WLDNWilldan Group, Inc | No theme | 1 | $5,871,381 | Sep 15, 2026 |
| CNXNPC CONNECTION INC | Data | 2 | $5,436,008 | Nov 4, 2026 |
| MGNIMAGNITE, INC | No theme | 7 | $4,635,808 | Nov 5, 2026 |
| NDAQNASDAQ, INC | Data | 3 | $3,366,669 | Nov 4, 2026 |
Largest 15 by dollars sold. The other 12 are on the dashboard.
How to read this page
Theme and sub-sector placements come from each company's own filings. The insider stamps join on the company's SEC CIK from the nightly Form 4 tape. Form 4 filings lag trades by up to two business days. 70 of these 119 companies had any insider buying or selling in the window; the rest show no open-market trades.