IREN is acquiring Mirantis. Our advantage is infrastructure and execution. This builds on existing capabilities and strengthens how compute is deployed, managed and operated. Read more: iren.gcs-web.com/static-files/8…

@AlexfromBabylon ask a good question here: why would a sovereign or any enterprise go with $IREN if $NBIS has better software? Data sovereignty is not only where your datacenter is located but also who controls your software. Almost all cybersecurity breaches are software related and not physical breach-ins. Mirantis enables the customer to deploy their own software onto bare metal by providing the orchestration layer. Nebius is full stack and uses a wall garden approach to make customer “sticky” and then charges more to get high margins for itself. It uses proprietary integration around open source software. There are and soon to be more capable software companies that can write great AI software services and will take the margins for themselves instead of paying away 50%+ of their margins to a cloud. AI coding agents will increase this dynamic. With GPT and Claude, companies will likely have in-house software infra teams just like the have in-house lawyers and finance. Governments entities have teams to write their own software for data sovereignty reasons. Given Nvidia’s foundational software and Mirantis orchestration layer, this is very possible as Mirantis currently serves Adobe, PayPal, DocuSign and 1500 customers to do this. It doesn’t have it be $IREN doing the software, it’s not a 1v1 competition: there are plenty of strong software companies that can write their own AI software services.