Mike Gold

@JimFergusonUK It’s already to fucking late.

🚨 THIS ISN’T A THEORY — IT’S A WARNING Billionaire Ray Dalio just confirmed what many have feared: Central Bank Digital Currencies are coming. And with them: “No privacy.” “All transactions will be known.” “If you’re politically disfavoured… you could be shut off.” This isn’t just a new form of money. It’s control. Control over how you spend. Control over where you spend. Control over whether you can spend at all. The infrastructure is being built. The question is: Will people realise what it means before it’s too late?

Definitely lying 🤥 AGAIN

@charise_lee Straight 📠

@TPV_John Trump is not hiding who he is. People are too brain washed to see it. Die hard Trumpers are worse than the die hard purple haired libs.

Bill Gates is a VIP guest at Trump’s White House and is contributing to Trump’s BAALroom construction. But, I’m just a silly Panican, right?

@RJ9974896734346 @danroberts0101 lol yea ok.

@4fun1984 @danroberts0101 That’s the alpha

@danroberts0101 you are an incompetent moron. $IREN has turned into a laughing stock. Great timing with the ATM and absolutely no follow through with a deal or any matters news. This quarters earnings will be another BLOOD bath. Wha a joke.

@RJ9974896734346 @danroberts0101 In comparison to every other stock in the sector? It went red at one point. WULF HUT CLSK CIFR all superior right now. Why issue a 6 bill ATM without any follow up announcements???

@4fun1984 @danroberts0101 Why? A blood bath?

@bitcoinbutcher1 Brother when are you guys gonna come to grips. It’s the worst performing stock in the entire sector. Riot and Mara are kicking $IRENs diluting ass. Dan has turned into an incompetent moron. You don’t fucking announce a 6 bill ATM with no deal in place right after. INCOMPETENT 🤡

Shit analysis to the left 👇 I don’t even have a beef with $nbis This idea that a premarket selloff is $iren specific is asinine Be better

@GrindeOptions You’re retarded Cole. This dumpster fire has been getting out performed by literally every fucking company in the sector for months. Mara and riot included.

Mark my words, $IREN will be a $60-$70 stock.

@BlackPantherCap I have been long and strong IREN for 3* years but this ATM with no follow through is the most embarrassing thing Dan as ever done. And q1 is now finished with not a single material event that took place since the last earnings call. Can’t wait to see the bonus dan gives himself.

@4fun1984 Fair point at the moment. Time will tell 👊

Serious wealth comes from concentrated conviction, not from owning everything. I believe these 8 names have the potential to redefine entire sectors: $AAOI $NBIS $IREN $AMPX $ONDS $OSS $PNG.V $RKLB In a world of noise, concentration is the greatest weapon. -BP Please note: This is not financial advice.

@Cantal_Capital The stock and company have turned into a joke. Today is an embarrassment. You retards just can’t accept the fact we all got duped.

$IREN you don’t understand how bullish I am on this. Road to $100+ Like if you’re with me.

@cryptivaaa @benjamincowen Because he’s a fucking coward.

@benjamincowen Why delete posts instead of owning the wrong calls publicly?

@5149jamesli Democrats playbook now being installed with republicans…Operetion mockingbird in full effect.

Can they make their propaganda a little less obvious? 😒

@BlackPantherCap And yet the stock is still getting crushed

$ONDS just beat guidance. Again. Q4 revenue: $29.1–$30.1M. Guidance was $27–$29M. Full year 2025: $49.7–$50.7M. Guidance was $47.6–$49.6M. They didn't just hit the number. They beat the top end. And then they reiterated $170–$180M for 2026. Let that math sink in: $50M → $170–$180M in a single year. That's 3.5x revenue growth. Not projected. GUIDED. The balance sheet everyone's ignoring: $1.5B + cash as of December 31. Almost zero debt. They raised $1B on January 12 and it's sitting there, fully loaded for deployment. This isn't a company that beats guidance and prays for survival. This is a company that beats guidance with $1.5B in the bank. The bear case is getting embarrassing. "Dilution risk." They raised $1B at scale. Cash is a weapon now, not a liability. "They're burning cash." Pre-revenue autonomous defense platforms always do. That's what the $1.5B is for. "No profitability." You don't value a 3.5x revenue grower on 2025 EBITDA. You value it on what $170M+ looks like in 2027. What happens from here: Final results drop March 25. If Q4 holds, and it will, the 2026 ramp becomes the only thing that matters. $170M revenue at even a conservative 10x P/S = $1.7B market cap. At 20x (where $RCAT and $ONDS comps trade)? Do the math yourself. They beat. They reiterated. They have $1.5B in cash. Still long $ONDS. This is what execution looks like. Note. This is not financial advice.

@Tree75769 @BitcoinAIGuy Nobody asked him to divulge sensitive material but saying “oh we just opened it up for optionality” is the most bogus and absurd fucking answer he could have given. $6 billion ATM on a random Wednesday just for the heck of it? Come on.

@4fun1984 @BitcoinAIGuy I feel the same way but it’s not like he’s just going to divulge material info on a spaces. He has to walk on egg shells every time he talks to not upset a counterparty or break some market related law

$IREN Twitter Space Summary — Dan Roberts, Bitcoin Butcher & Frans What This Was A retail investor community space where co-CEO Dan Roberts fielded questions from two prominent IREN retail advocates. The tone was respectful but pointed — investors clearly wanted clarity on capital deployment, site development, and deal timing. Key Topics & Takeaways 💰 The $6B ATM (At-The-Market Equity Facility) Dan was direct and composed on this. His core message: establishing a $6B ATM ≠ issuing $6B of stock. Key points: It's optionality, not obligation — could have been $100B, the number is irrelevant until drawn The Microsoft contract is already effectively fully funded 50,000 new GPUs don't require payment until 30 days post-shipment (H2 2026) They've raised $9.3B in 8 months via prepayments, convertibles, GPU leasing/financing — ATM is a last resort, not a first move He explicitly framed equity issuance as accretive (you get cash) not dilutive in isolation Read between the lines: He was clearly well-prepared for this question and wants to neutralize retail panic. The framing was disciplined and confident — not defensive. 🖥️ The 50,000 B300 GPU Purchase Framed around "time to compute" — securing GPU allocation now in a supply-constrained market Delivery in H2 2026, payment 30 days after shipping Financing to be determined, but customer prepayments are expected against this purchase No customers explicitly named, but Dan strongly implied hyperscalers and large enterprises are actively engaged — "there aren't many AI cloud users we're not talking to" Read between the lines: The word "already spoken for" was carefully avoided, but the implication was clear — you don't order 50,000 GPUs without visibility on who's buying compute from them. 🌡️ Air Cooling vs. Liquid Cooling — The Big Strategic Pivot This was arguably the most substantive part of the call. Childress (TX) is now being designed for air-cooled deployment — a change from earlier liquid-cooled renderings Drivers: significantly lower cost, faster time to market, and — notably — hyperscalers are explicitly requesting air-cooled deployments Texas heat concern acknowledged: may need "incremental retrofits" for intake temperatures during peak summer The retrofit playbook mirrors Prince George — remove miners, roll in GPU racks, add UPS/generators John Grose (newly hired, VP Chair of ASHRAE) brought in specifically for high-density data center design expertise Read between the lines: The pivot to air-cooled at Childress looks like it was customer-driven, not internally initiated. Multiple hyperscalers are asking for it. This is a very bullish signal — customers are pulling them toward faster deployment, not the other way around. 📍 Site-by-Site Intelligence Childress (TX) Air-cooled retrofit underway, leveraging the Prince George playbook Multiple hyperscalers interested in air-cooled capacity here Full site was originally modeled for liquid cool — that's still the long-term design, but air-cooled is the near-term path 50,000 B300s split between McKenzie and Childress (33K/17K referenced by Butcher) Canal Flats miners running until ~September — miners stay in until GPUs are ready, no premature idle time Read between the lines: The speed of execution here is the key variable for 2026 revenue. If air-cooled retrofits are as fast as Prince George, meaningful ARR could land in Q3-Q4 2026. McKenzie (BC) Referenced as "next in line" after Prince George 33,000 of the new B300s likely destined here Less detail shared — likely still in earlier planning stages relative to Childress Sweetwater (TX) — The Most Interesting One 1,400 MW confirmed for Sweetwater 1, 600 MW for Sweetwater 2 — ARCOT (grid energization) confirmed, no issues anticipated Timeline shifted from "April" to "Q2" — Dan clarified "April is also part of Q2" (a subtle but important deflection) Franz noted satellite imagery shows broad site preparation across both sides of the road — suggesting parallel construction planning, not a single data center footprint Two primary substations already visible Dan was asked directly: air cool or liquid cool at Sweetwater? His answer: "I don't know" — genuinely open, framed as a dynamic market decision Dan would not bite on hyperscaler exclusivity/ROFR questions but acknowledged those conversations happen "almost every day" Oklahoma filing referenced a data center design modeled after Sweetwater — implying a site blueprint already exists Read between the lines: Sweetwater is the crown jewel and Dan is holding cards tightly. The ROFR/exclusivity discussion implies hyperscalers are pushing hard for lock-up of the site. The fact that he won't commit to air vs. liquid suggests he either has or is close to having a customer who is dictating specs. The satellite imagery Franz described — broad multi-track site prep — suggests they're preparing for parallel builds, which only makes sense if you have or anticipate large contracted capacity. Prince George (BC) 10 MW liquid-cooled data center described as a "1,000 GPU proof of concept" — Dan downplayed it significantly Said it became less relevant after the 76,000 GPU Microsoft deployment proved liquid cool at scale May convert to air-cooled instead — "stay tuned" Read between the lines: This site is essentially a rounding error now. Dan wasn't trying to hide anything — it just genuinely isn't material to the thesis anymore. 🟢 Bullish Signals Hyperscalers requesting air-cooled deployments — demand is pulling them, not pushing Contract durations trending to 3-5 years as customers gain confidence in IREN's execution Customer prepayments remain a standard feature of negotiations Dan's confidence on Sweetwater energization — zero hedging on grid access GPU market remains supply-constrained globally — "no GPUs sitting idle in data centers" IREN owns and controls construction (no EPC outsourcing) — speed and cost advantages compound over time APAC expansion quietly underway (Sydney office, AFL sponsorship, Australian roots) John Grose hire signals serious institutional data center engineering capability Dan's tone on Sweetwater hyperscaler conversations was notably calm and unworried 🔴 Bearish / Risk Signals Air-cooled at Childress in Texas heat introduces execution risk — they acknowledged needing potential incremental cooling retrofits H2 2026 GPU delivery is vague — could be October, November, or December, pushing meaningful revenue into 2027 No named customer, no disclosed deal — the "when deal" question remains unanswered Macro environment is brutal (stock near ~$34 at time of call, down significantly) ATM overhang is real psychological weight even if economically rational Canal Flats removed from ARR guidance until after September mining wind-down Every data center generation introduces new delays — Dan acknowledged "Groundhog Day" syndrome across the industry Bottom Line Read Dan Roberts came across as calm, prepared, and strategically coherent. He wasn't defensive, didn't over-promise, and gave more color than expected on the ATM and air-cooling pivot. The most important unspoken message: Sweetwater hyperscaler conversations are serious and active — the ROFR/exclusivity dynamic he described doesn't happen unless multiple large players are at the table. The air-cooled pivot at Childress looks like a customer-driven acceleration, which is the most bullish data point of the call. The key risk remains execution timing — H2 2026 GPU delivery and retrofit speed will determine whether 2026 ARR guidance is achievable. Thanks @Proof_Of_Fib for the summary. Good job @FransBakker9812 @bitcoinbutcher1 @danroberts0101

@jwat_5 No he fucking didn’t. He gave some bullshit roundabout answers with literally nothing of substance. You are either delusional or retarded if you think he gave anything worthwhile last night.

@4fun1984 He addressed all of that. Lock in.

Quick thoughts on the $IREN space. On the ATM, good answer by Dan to reiterate that it’s an option, not an obligation, and that selling a share in order to spend that money to build the business is accretive, not dilutive if you believe in the opportunity. Great question by @bitcoinbutcher1 on the vision of the company, I didn’t expect such a thoughtful response. It has been obvious to me since I first heard Dan speak in early 2024 that he and Will have conviction in a compute-intensive future (i.e., Jevons Paradox) and I do think they’ve built the business to be in pole position to succeed. Very interesting choice of words by Dan to emphasize that Microsoft — just like IREN — is a global company when talking about Australia & APAC being on the future expansion roadmap. Supports speculation about Microsoft leveraging IREN’s global power portfolio, including Canada, as their preferred AI Cloud growth vector. Really disappointed we didn’t give Dan a chance to address “wen deal” for Sweetwater when he said that he expected to talk about it. Oh well, hopefully we won’t have to wonder about it for too much longer @FransBakker9812.

@DollarCostAvg Literally the same thing I’ve said to multiple people praising Dan and his bullshit answers last night. The dude didn’t give one answer of substance and beat around every bush. Absolutely pathetic. Why open a $6 billion ATM”just for optionality” fucking POS @danroberts0101

$IREN what an absolute joke @danroberts0101 was in spaces. Didn’t give one answer of substance beat around the bush on customers for their 50,000GPUs, beat around the bush on why they announced a $6 billion ATM, didn’t give any foresight about “wen deal” literally nothing.