sigma_male96

@Agrippa_Inv Fair point, but not sure if the incremental savings on better terms (maybe 1-2% delta on the CoD at best) is worth raising capital at a much higher cost of equity from shareholders. you could always do project finance at 6-7%, and then refinance it at lower rates post completion

@Ahsanullah96 They’ll get worse terms than if they wait until project completion, then take on asset backed financing & use the funds for future DC projects. They are playing this to perfection.

$IREN's new convertible offering is arguably the strongest one to date. - Size: $2.6b, up to $3b if extension option is exercised - Conversion Premium: 32.5% - Annual Coupon: 1% - Maturity Date: December, 2033 These are incredible terms! The only prior note offering that comes close to this is 'Convert 3', which on paper may look stronger (0% Coupon /42.5% Conversion). But keep in mind, that convert's size is ~1/3 of today's and expires 2 years prior. Generally speaking, the more capital you raise & the further out the maturity date, the worse terms you get. I'm a very happy shareholder today. This offering proves once again that $IREN's finance team is amongst the best in the industry.

@Lazarus_Capital x.com/perry_lin1/sta… I dont see an issue as long as economics work but there are some folks who dislike high PUE

@Ahsanullah96 whats wrong with the PUE?

Of all the deals to criticize, this is probably the worst one. $HUT One of the lowest capex per MW, 2nd deal that shows they’re trusted by tenants, solid revenue, amazing NOI margin, financing should boost this further.

@Lazarus_Capital i see, i guess close to 100% on "net" revenue then. honestly i just looked at NOI/Capex = 18.6% unlevered. pretty decent in my book despite the PUE. not that far off $WULF

@Ahsanullah96 It shouldnt but I think they structured to pass through as much cost as possible. Should value these deals on EBITDA/NOI vs capex anyways. Youll see people comparing this deal on a revenue basis while ignoring margin, theyre trying to downplay how good this deal is.

@DustinHuntwn Knowing bitfarms’ history I’ll be content if they can secure 160kw/mth for their first deal and not find a way to come in below that. The company is notorious at mis execution (EH growth targets).

$KEEL Is Ben going to be the first CEO to put his foot down and demand more $$$ from the hyperscalers? Once the permits are approved, who’s really in the driver’s seat? Supply and demand should push these contracts much higher for Keel, especially given their prime site locations. They don’t even need a full powered shell like IREN if they can command $200+/kW per month. Ben has already said the Vera Rubin racks will cost more to build out. He should come out swinging on earnings and make it clear they’re targeting at least $200/kW per month on those sites. The contractors are all top-tier and everything is being built to full hyperscaler standards. Show me the money. Data center stocks are getting plenty of love right now, but hitting $200/kW per month could easily turn this into a $50+ stock in 2027. These are 10- to 15-year contracts — that kind of long-term profitability is what drives serious valuation upside. Like if you STILL believe $KEEL. Don’t just watch from the sidelines. Hit follow and let’s stack together.I'll always keep the $KEEL channel up to date.

@Pikithome @marcuslemonis It's been years since this clown was on-board. Tried to change a cyclical company into a non-cyclical one and burnt tons of cash along the way (eg NASCAR). Jonathan Johnson was a better steward. Same as $CWH. He does anything but FIX these companies.

There’s is absolutely ZERO reason $BBBY should be trading below $20 right now. Blows my mind TAM in US Alone $150 - $200 Billion - Pillar 1 $100 Billion Fees/Services - Pillar 2 $450 - $500 Billion - Pillar 3 $700-$800 Billion total TAM All @marcuslemonis has to do is figure out a way to best capture the consumer in the home buying process. The fact that the market cap is ~$200 Million Cash ~$85 Million loss (last 10k) **Minimum 2 plus year run rate on full failure of execution (Not happening) Market Cap $352 MILLION Blows my mind $OPEN gets so much more love. They basically have 3 years on full failure of execution and does have 5x the cash BUT market cap of $4 Billion @marcuslemonis = Idea with clear execution

@indykaila How about FSG fire all 3? And bring back Klopp as CEO Football

Exclusive 💣 Richard Hughes is really the key player in keeping Arne Slot at Liverpool. He’s all in on Slot for next season and has plans to bring in two pacey wingers to shake things up. Now, Michael Edwards is still on the fence about Arne Slot, which adds some tension. Since Hughes is calling the shots on football decisions, it puts Edwards in a tricky spot. If Michael Edwards wants to move on from Slot, he’d have to go against Richard Hughes, and that could really sour their close relationship. Will Hughes get his way, or will Edwards make a bold move to override him? All information above has come from reporter who works closely with us.

@Lazarus_Capital 10% is probably too high discount rate for such a contracted cashflow profile. $DLR / $EQIX have ~6% WACC and therefore trade at 20-25x EBITDA. 10% COE x 0.15 + 5% COD (post-tax) x 0.85 = ~6%

There are "bulls" calling for neoclouds to be rated up to 30x ebitda. Delusional. Let's break it out. $1 of ebitda today should be worth $30 in EV. Currently the colo rate in year 1 is roughly $1.6m/mw on a $10m/mw capex build out. Assuming 90% ebitda margins, yearly cash flows coming in forever while growing 3% per year, you get a present value ebitda of $20.6m/mw at a 10% discount rate. Subtracting the capex buildout and youre at $10.6m/mw in value. That's ebitda. No other expenses. No taxes. No management comp or dilution. No DC upgrade costs. DC is 100% utilized with no downtime, no issues, no problems. $20.6m/$1.44m is 14.3 EV/EBITDA AT BEST*. By best: unrealistic scenarios.

@XCapitalMgmt @scludweed @danroberts0101 Execution should in theory also lead to better pricing. Wen deal is not nearly as important as better deal.

If I had a direct line to @danroberts0101 (which I don't) I'd say this (after starting with thank you): i. You're solving for optionality at all times. ii. You have an open ATM. Even if you don't intend to draw on it, having a higher share price increases your optionality. iii. Time to compute is a great narrative but it's doing nothing for the stock. iv. Execution has been and will continue to be your greatest differentiation point. Use it. v. Don't wait for May earnings - as you hit milestones throughout Q2 (and beyond), blitz the market with PRs. Why? You will differentiate on proven, consistent execution that competitors cannot match. vi. Horizon 1 delivered? PR. vii. Sweetwater 1 energized? PR. viii. PG and/or Mackenzie (or even Canal) fully contracted? PR. ix. First contract signed for air cooled AI Cloud capacity in Childress? PR. x. Australian datacenter expansion? PR. xi. Datacenter financing for Horizons and/or incremental GPU financing or corporate level debt secured? PR. xii. Sweetwater deal? PR. xiii. Undisclosed sites included in Batch Zero? PR. xiv. Execution in a vacuum lets FUD breathe and reduces optionality. I get that you're hitting a scale where certain developments (e.g., the 10 MW site at PG) are no longer material to the business as a whole, but when the ATM is open, your optionality increases as momentum on execution is made clear. IR is a weapon, not a distraction.

@bobleewaggeris I dont suppose a company like that exists today. Hyperscalers might come close, owning the first 3 layers

@Ahsanullah96 Agree it’s hard. Exactly why it’s durable. And they wouldn’t be standalone business units. Combo of partnering and M&A

@bobleewaggeris Quantity of cashflow is not nearly as important as volatility of cashflow. $1 of BTC cashflow trades at 5x EBITDA whilst $1 of AI trades at 10-20x. The multiple is why the companies have migrated - mgmt teams are incentivized on stock price.

@danroberts0101 @brianfry01 @NVIDIAGTC Can we expect premium pricing then

What a week at @NVIDIAGTC Three themes: 1. Time-to-compute 2. Scale 3. Execution Not just how much compute, but how fast you can deliver it.

@marcuslemonis Coming up to 3 years now since you were appointed, overseeing a meaningful wealth destruction. $15 to $5. Can you call it a day and move on and let someone else take the helm? @ryancohen?

Beyond - Bed Bath & Beyond, Inc. Reports Eighth Consecutive Quarter of Measurable Improvement Toward Profitability investors.beyond.com/news-events/pr…

@jiahanjimliu People forget that IREN is yet to secure any non-equity financing for the DC capex ($3b for the MSFT deal is not small) CIFR & WULF have done 70-90% secured debt at 6-7% interest rate, for their own DC capex.

This is the bear case. I think most probable is still SW1 Deal in April because: IREN was able to finance H1-4 Microsoft Deal with: 1. 3B Convertible for DC 2. 1.94B Prepayment + 3.6B GPU financing for 5.8B GPU cost. In Prince George, IREN has GPU lease-to-buy all of the GPUs besides the first batch. And people think IREN is going to blow 6B ATM on: 1.248B of retrofit costs and all financing options for B300s disappeared? Some people are speculating SW1 deal may come May/June as financing burden is for the rest of the B300s in air-cooled DCs. But I don't think SW1 will go full colocation, nor will SW1 sit empty. Worst case, site foundation works maybe to fill some time in April/May. I think SW1 deal in April is still base case.

@danroberts0101 The pricing assumed for these appear pretty conservative compared to industry. Can we get an update on how many GPUs have been contracted, that correspond to $0.4b ARR at PG?

150k GPUs secured. Execution continues.

@XCapitalMgmt @rftylerpage Very impressed with $CIFR. Stingray energizing in 4Q26 but deal is imminent. Meanwhile @danroberts0101's SW1 energizing in 1/2Q26... Very clear ppt of deal economics - unlev IRRs for the 2 colo deals are 13 & 15%, with capex of 8m/gross MW in Texas ( $IREN was 9-11m/gross MW)

Excellent $CIFR earnings - @rftylerpage nailed it. Near-term deal likelihood affirmed for Stingray (ERCOT - no batch risk, fully approved, preferred partner already selected) and Ulysses (PJM near attractive Columbus market - fully approved w/ strong hyperscaler interest) with potentially improving economics that would increase contracted HPC capacity +50% (from 600 MW to 900 MW pro forma) vs. current $AWS and $GOOG / Fluidstack deals. Solid A and a major clarifying call for Texas neocloud sector. Only reason not an A+ is lack of clarity on Milsing (see below), which could be easily addressed async. Key takeaways by site: *Black Pearl & Barber Lake (600 MW existing HPC contracted): On-track and fully-funded. Well-staffed & long lead time supplied. Perfect update. *Stingray (100 MW, Q4'26 energization, fully ERCOT approved w/ no batch study risk caveats): "Given the site's approval status, timeline to power, and quality of location, we are increasingly confident in securing a lease in the near term. This confidence stems from having engaged with a broad range of interested tenants and having now identified a preferred partner with whom we are in advanced lease negotiations. As lease pricing continues to move in our favor alongside growing demand, we expect lease economics here to be among the most favorable we've achieved to date...we are well along in that process. You're never done until you're done, but we do have an anticipated tenant there, and I think that will be done reasonably soon if everything stays on track...we're furthest along with Stingray. Like I mentioned, we have a counterparty we've identified as our preferred counterparty there. I'm optimistic we'll get it finalized. As I have caveated in the past, you know, you're never done until you have a signed lease. You know, I wouldn't be speaking so confidently about that if I weren't so confident in that being done soon. I feel very good about Stingray, and I think that will be forthcoming before too long." Assuming Stingray closes near term, that's a massive update (+17% increase to secured HPC capacity and given the commentary likely the best economics contracted to-date). Likely another hyperscaler client and potentially $AWS or $GOOG / Fluidstack given Tyler mentioned a preference to continue doing business w/ them + ease of design repeatability. *Ulysses (200 MW, Q4'27 energization, fully PJM approved): "It's got near-term energization, and it is near Columbus, Ohio, which is a sought-after data center market, as well as the fact that we have ample land there. And it's also one of the last legacy interconnection agreements in PJM without a large deposit. There's reforms coming to that market as well, all make it very attractive. We are in discussions, but they're not as advanced as Stingray. We have multiple hyperscalers in data rooms doing their diligence, beginning thinking about engineering discussions that we will have to iterate that then get translated into lease terms. I'm very happy with where it is, and it is further along than other things not named Stingray in the pipeline, but that's where it is right now." Another massive update. A Ulysses deal adds jurisdictional diversification increasing EV multiple potential and a 200 MW deal there is +33% vs. current contracted capacity and +50% pro forma vs. current state coupled w/ Stingray). *Reveille (70 MW, Q3'27 energization, below ERCOT MW threshold for new batch process and fully approved): Super interesting commentary suggesting this site is too small for a hyperscaler, which opens up potential neocloud clients. Specifically: "What's interesting about Reveille, as the site continues to advance, there is a lot of desire for neoclouds to be successful, both from the equipment providers, the hyperscalers themselves. There's a lot of benefit to using a neocloud. They can often move more quickly, more nimbly. That 70 megawatts, that's a more interesting site for a different crowd. I'd say there's a lot of interest in that site. We're in process on many discussions of levels of interest, and I think what had slowed us down previously was, you know, we've had a relentless focus on the credit quality of our tenants. As the industry continues to move really quickly, there are many interested investment-grade participants in this ecosystem that are willing to think about things like credit wrappers, sort of prepayments, et cetera. I think, you know, some combination of that gives us a different opportunity set at Reveille, but still, you know, very active. I'd say that's a little further along in terms of finalizing that is, it will take a little bit longer to finalize something there, but very busy discussions." A Reveille deal could open up new customer segments and likely include unique financing given Tyler's commentary above. That customer segmentation diversity, if realized, is accretive to platform value (albeit less so than a hyper deal for Ulysses in new PJM jurisdiction). *Odessa (207 MW): Low cost PPA still yielding excellent $BTC mining economics - will likely continue mining into 2027 but Tyler confirmed HPC interest from multiple potential tenants. I read this as a hyperscaler would need to buy out $CIFR's mining economics to get this site and Tyler's in no hurry given the practical realities of needing to execute on Barber Lake, Black Pearl, Stingray, and Ulysses concurrently before they can turn meaningful attention to converting Odessa (unless it's an offer they can't refuse). McLennan, Mikeska, Colchis (500 MW, 500 MW, 1,000 MW, respectively, all subject to new ERCOT batch processes): "We are in earlier discussions on McLennan, Mikeska, and Colchis...we're very confident about the prospects of those receiving their final interconnects, given where they are in the approval process. We are awaiting that final approval. Given the shifting sands in ERCOT, we're confident we will either get those approvals or they will be in a, you know, very early first batch, when the batch process is finalized, if that's the case, and that keeps the energization, timelines we had expected previously on track. I think we need to get a final interconnect to advance those discussions beyond the early discussions. Fair to say, on an early basis, given the size and location, there is hyperscaler interest in all three of those sites." This was extremely important commentary on several fronts. (1) It's clear hyperscalers are waiting to advance discussions meaningfully until batch designations are finalized in June. (2) Tyler made it equally clear that Stingray (Q4'26 energization) is not held back or at risk from batch study delays. This matters not just for $CIFR but for $IREN as well. Sweetwater 1 (1.4 GW, Q2'26 energization, signed interconnect since 2023) is energizing ahead of Stingray and while @danroberts0101 made clear on the 2/5 $IREN earnings call that the power is secured, he was unable to completely eliminate FUD around procedural delays or reduced hyperscaler interest until batch zero clarity is assured. If Stingray is in the clear, Sweetwater 1 should be as well. Would be good for $IREN IR to confirm vs. drafting off Tyler's excellent comms (which had the advantage of three more weeks of ERCOT learnings). And finally, Milsing being omitted raises questions. Is it dead entirely or just not high confidence for batch zero or earlier batches (dead seems unlikely given it was included on total pipe capacity slide)? Would be helpful for Tyler to clarify on X if he's willing. What's clear regardless is that a full 2 GW across McLennan, Mikeska, and Colchis is likely high probability for 2028 energization and either approved prior to new batch processes, or well positioned in the queue. A few other key notes: *Market needs to start viewing ERCOT batch process as a positive for $CIFR, $IREN, etc. Tyler was clear: "It's a good thing for serious operators and developers...we are exactly the type of company they are trying to optimize the process for." And most importantly with respect to hyperscaler demand in Texas post batch processing noise: "I have not seen any decrease in interest. There is a ton of interest." Some interesting commentary followed on behind the meter interest and potentially accessing nat gas beneath Stingray and Barber Lake - there's a whole yarn of rope to pull for that thread. @bitcoinbutcher1 would be really interesting to get more color from Tyler in the future on what that could mean. *Tyler mogging equity panic sellers was amazing: "Every time I see nervousness around execution and the equity market swinging around, I laugh because I assure you, bond investors are much more focused on execution risks, and our bonds are trading well above par." *Reggie asking "define advanced." Classic. For the record, Reggie asked great clarifying questions, just loved the "define advanced" phrasing. *New earnings deck is excellent - others in sector should take note. NOI chart in particular was excellent as was clear jurisdictional approval status by site. *Next $CIFR earnings should be on camera. Tyler's just such a good communicator - no reason not to differentiate further. x.com/XCapitalMgmt/s…

@danroberts0101 SW is a month away from energization. H5-10 are energized today. Will IREN's time to compute be reflected in better pricing for future deals? Everyone is reporting higher prices for GPU-hrs...

Time to compute is everything.

@domcomps bajcetic will still be injured in 2030

Our future is safe.