All-In Best Ideas Pitch Competition

Aktis Oncology (AKTS) is a $1B market cap / $500M enterprise value biotech with a miniprotein platform that can carry various radioactive payloads to solid tumors. The approach allows imaging verification of target engagement, de-risking development. Initial programs target validated tumor antigens (Nectin-4 in bladder, B7H3 across major solid tumors). First clinical data expected Q1 2027, near-term catalysts. The radiotherapy modality is hard to genericize, and China cannot easily replicate it due to isotope supply constraints, giving a real moat. Major pharma (Bristol, Novartis, Bayer, Eli Lilly, who backstopped the IPO) are aggressively building radiotherapy pipelines, with $15B in recent M&A. If any program reaches market, the company could be worth $10B ($200/share). Multiple de-risked programs give many 'outs.' Cash runway exceeds 3 years, past key milestones.

Talen Energy operates 2 GW nuclear and 6 GW natural gas base load power plants in PJM. The company can be bought at an enterprise value of ~$25B vs replacement cost of $45B, offering an immediate double to reach replacement value, and historically such assets sell at a premium to replacement cost at cycle peaks. Power demand is entering a 20-year tight cycle driven by a technological supercycle (AI, electrification, re-industrialization), which turbocharges already tight supply. PJM alone forecasts 106 GW of new power needed in 10 years, but supply chains for critical minerals are constrained, keeping existing capacity highly valuable. Even if Talen does nothing beyond letting its Amazon data center contract roll, it will generate ~$50/share in free cash flow (stock in high $300s, ~7x FCF), implying a double on a 15x infrastructure multiple. If power prices rise or more data center PPAs are signed, it could reach $70/share; adding new build could push to $100+/share.

MGM Resorts owns 13 Vegas properties plus two hidden assets that the market is undervaluing: a license to open a casino in Osaka, Japan (where the gambling market is larger than Macau and Vegas combined, with Chinese tourists easily accessible, and the asset could be worth ~$50/share), and a property in Dubai with 300,000 sq ft of casino-ready space if gambling is legalized (worth another $40-50/share). Additionally, Barry Diller has been aggressively buying the stock, now owns 26%, and recently bid $48/share, providing a floor. The company has also repurchased half its float in 6 years. With Vegas worth ~$60 and the hidden assets alone, the stock could be a triple from the $48 bid. Even ignoring Dubai, Japan doubles the stock. The catalyst path points to re-rating about 3 years before the Osaka opening, which is approaching.