The war room was open on the Strategic Crypto Reserve Discord this week, and the topic on everyone’s mind was BigBear.ai (NYSE: BBAI). Dark Underlord, the founder of Strategic Crypto Reserve, went live with the community to talk about why he is still holding his BigBear.ai stake, and why he thinks the bears have more fight left in them.
Rallying the troops
BBAI has had a rough ride. The stock was above $5 in early June and slid to around $2.39 by early October. That is the kind of chart that shakes people out. Dark Underlord’s message on Discord was simple: don’t panic, look at the business underneath the ticker, and stay disciplined.
He is long and strong, holding his position and hoping to see $5 a share again. That is his personal conviction and his own money, not a promise and not a price target anyone can guarantee.
The government-contract case
The core of his argument is the order book. BigBear.ai reported a contract backlog of $269.6 million at the end of June 2026, much of it tied to U.S. national-security and defence customers, after more than 20 new contract wins in the second quarter. The company also reported about $409.8 million in cash and investments, and management affirmed full-year revenue guidance of $135 million to $165 million.
Dark Underlord’s view is that well over $200 million of contracted work gives BigBear.ai real firepower: room to keep winning programs, keep the lights on without scrambling for cash, and one day reward shareholders, possibly even with a share buyback. To be clear, BigBear.ai has not announced a buyback. In June, shareholders actually approved doubling the authorized share count to one billion, which gives the company room to issue more stock, so dilution is a real risk worth watching.
What to watch on October 27
BigBear.ai reports third-quarter results on Tuesday, October 27, 2026, after the market closes. The numbers that matter: whether backlog grows again, whether revenue lands inside guidance, how fast cash is being used, and any news on new national-security awards. A strong backlog print is the bull case. A shrinking backlog or more share issuance is the bear case.
Read the full analysis and join the conversation
Dark Underlord laid out the full numbers, including the cash, the debt, the share count and what it would take to get back to $5, in the Strategic Crypto Reserve analysis: BigBear.ai Stock (BBAI): Is It Worth $5 a Share?.
Want to hear the next live session, argue the bear case or just hang out with other BBAI holders? Join the Strategic Crypto Reserve Discord and pull up a chair.
Disclosure: Dark Underlord, founder of Strategic Crypto Reserve, holds a financial interest in BigBear.ai. This post is opinion and commentary only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer or takeover proposal. Stocks can lose value. Do your own research.
Sources: BigBear.ai Q2 2026 results; Q3 2026 results date. Photos via Wikimedia Commons. Grizzly bear (featured): Thomas Quine, CC BY 2.0; Grizzly cubs: Steve Hillebrand, U.S. Fish and Wildlife Service, Public domain; The Pentagon: U.S. Navy photo, Public domain; New York Stock Exchange: Jakub Hałun, CC BY 4.0; Kodiak bear: LadyofHats, Public domain. Mascot illustration: Strategic Crypto Reserve.
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