CryptoButter

It’s crystal clear. Why does everyone always try to overcomplicate things with IREN? They’re the best in the sector, whether people like it or not. Let the haters suffer if they want to suffer.

Lots of opinions and theories on the $6B ATM, and the 50k B300 purchase by $IREN. My take-aways/opinions: 1. I think the $6B ATM will not be used or GPUs, but provide a base to draw from, to fund the infrastructure build-out that will be the foundation for the GPU deployments that will power the $3.7B ARR flywheel. 2. IREN will use GPU debt financing — such as the $3.6B for the $MSFT deal — at favourable interest rates, paired with prepayments from customers, and deferred payments to suppliers, in order to obtain these GPUs. 3. The main consideration here, is that time after time, IREN is stressing the balanced ratio between debt and equity. After just acquiring $3.6B in debt, they had to bring equity back in the mix, so an ATM was the most logical choice here, to stay in full control of the debt:equity ratio. 4. I believe this ATM will be drawn in the coming 18 months to pay for the build-out in Mackenzie, Childress, and Canal flats. This will fire up the flywheel that will bring in a substantial amount of Free Cashflow, which will help to pay for the buildout of Sweetwater 1 and 2, aswell as Oklahoma. 5. IREN is dipping hard in the overnight market, and I think in the short term, the market will react negatively to this news. It's my complete belief that this is not a prelude to a deal in the very short order, but rather an essential part of the funding requirements for a company that is in hypergrowth stage, while operating in mulitple jurisdictions on multiple sites. 6. I think these GPUs will be contracted with enterprises, under 4+ year contracts, and IREN may name 1-2 new clients involved with this. I specifically don't think this is hyperscale related. 7. IREN is selling their entire 2026 installed capacity well in advance, but doesn't sign until the GPU shipments are within reach. For this reason, the procurements happen first, and the contracts happen later. This means that IREN will only update the market of contracted ARR when the time to datacenter is near. It also means that most of these developments are only reflected in the earnings reports, rather than intra quarter. 8. All things considered, I think we are frontloading a lot of pain, negativity, and funding requirements, to set us up for a strong, profitable, and healthy business going forward. 9. I think Sweetwater 1 will be energized next month, but it won't see a deal any time soon. 10. The dark horse for the "wen deal" people, is the "multi-billion dollar contract with a software solution" that Dan is working on. Other than this, I wouldn't hold my breath for an imminent deal. IREN is not here to pump their stock in the short order, but to become a leading AI Cloud provider, that will command a full rerating from the market by delivering on their promises and guidance. I appreciate the posts from @Agrippa_Inv, @jiahanjimliu, and @bitcoinbutcher1 from today. But I am not in the camp that leans to a imminent hyperscale deal. IREN will showcase their execution, while being responsible with their financing. I think this ATM is large, but it will set us up for a very long period of capital when needed, and equity when required. TL;DR: I'm not a seller here. In fact, I'm going to add to my LEAPs here if we have a significant dip this week. I will announce our Sunday Night $IREN Space Guest Speaker in the premarket Thursday 👀 Stay tuned!

Vertical integration sets $IREN’s AI Cloud platform apart. Construction discipline is what makes it possible. In British Columbia, Texas, and soon Oklahoma, we’re building the future of AI infrastructure end-to-end: from grid-connected power to data centers to compute.

🚨 WHY I THINK $IREN, NOT $NBIS OR $CRWV, IS THE BEST NEOCLOUD IN 2026? 4.5GW secured power + Multi GW pipeline + 100% renewable energy + The most affordable power costs in the sector ($0.035 per kWh) + Highly trusted business that it secured $3.6B at an average interest rate of 3% (one of the lowest rates in the sector) What is $IREN moat? Time to data center as a moat, not high demand or power itself. requires having a vertically integrated AI INFRA that owns the land, power, data centers, and the trained engineers to run these data centers. This moat doesn’t come overnight and thus it’s hard to be replicated.

@FransBakker9812 Do we have any answer yet for those 100 MW missing? @FransBakker9812

Why is 100MW missing at Childress? 🤔

$IREN Reports FY26 Q2 - Oklahoma Announced! -> $3.6B GPU financing at < 6% interest -> 1.6GW of contracted power for OK site -> Horizon 1-4 progressing on schedule -> ARR under contract of $0.4b at Prince George for contracted GPUs as of February 5

Same day, same time… coincidence??? 🤔🤔🤔 $IREN $AMZN

Long talk a with the Gods, IA will completely change the world, we know today. Invest all in, AI Supply Chain and IA Infrastructure!!! See you guys in Valhalla!! @mikealfred

$IREN closed just above $40 on Friday, which was the weekly OPEX max pain as well. There are a number of things expected to happen that could help the stock regain momentum upwards. Some of these have been mentioned before, but I thought it would be good to list them: 1. An announcement for the 450 MW of Horizon 5-10. 2. A customer and deal for the first phase of Sweetwater 1. 3. A handover from construction to ops for the $MSFT deal, ensuring availability and partially derisking the deal. 4. Sweetwater 1 transformers arriving on site. 5. Official ERCOT approval to energize with a firm date for Sweetwater 1. 6. 23k GPUs installed and pre-leased in BC, ensuring >$0.5B ARR. 7. An announcement with regards to the expansion of Prince George from 50 to 80 MW. 8. A construction update from Mackenzie, paired with an expansion upgrade to 100 MW. 9. The announcement of GPU debt financing for >$4B of the $MSFT contract GPUs, at mid-single digits interest (6-7%), leading to a fully funded status for the deal. 10. The acquisition of ~37k GPUs for the remainder of the BC MWs. 11. The announcement of a new development site with firm power and an expected in-service date. 12. The announcement of a strategic partnership with $MSFT to develop the Canadian power pipeline, with the blessing from the federal and provincial government, opening up the way to a new development site in BC. 13. Any other kind of partnership for AI cloud/compute, a supplier, and/or a financing partner. 14. An announcement with regards to M&A for anything related to software/PaaS. 15. Anything related to the APAC region. 16. The announcement of a new HQ in Dallas-Forth Worth. There are probably a few more things they could surprise us with. Right now, we are about 5-6 weeks out from the next earnings, and we are at a pretty strong support level. The net selling of the last months into the end of the year should subside, and hopefully conclude, next week. I would like to direct this post in particular to people that have an average of more than $40, because I can understand you're waiting for the market to "get it", and pump some money into the stock. Obviously I can't time that, so I'm currently trying to trade the volatility, while waiting for any of the above catalysts to play out. For that reason, this post is not financial advice, but really a summary of what I am looking forward to in the coming months, even though some of them may not even happen.

TOP 3 GROWTH STOCKS TO OWN BY SECTOR 2026 Data Center & AI Computing $CIFR $IREN $WULF Nuclear Power $CEG $SMR $OKLO Semiconductors (AI Stack) $NVDA $AMD $AVGO Battery & Storage $ALB $MVST $EOSE Fintech $HOOD $SOFI $NU Optical $CIEN $LITE $COHR Robots, Automation, AI Labor $TSLA $RR $SERV Drones, Autonomous Defense, & Edge AI $ONDS $AVAV $KTOS Space Infrastructure & Orbital Economy $RKLB $ASTS $PL Autonomy Transportation $JOBY $ACHR $PONY AI Software, Data, & Monetization $ZETA $PLTR $SNOW Telehealth, AI Health $HIMS $OSCR $LMND AI Infrastructure $ALAB $NBIS $VRT

One pattern from past industrial revolutions is repeating in AI. The infrastructure lasts longer than the machines on top of it. A useful way to think about AI data centers is like rail tracks. Trains come and go. They get upgraded. The tracks, the corridor, land access, and power... they all stick around. GPUs will turn over. The infrastructure underneath them doesn’t disappear.

$IREN was selected by Dan Ives as one of 4 companies to power the 4th Industrial Revolution. I bet Dan is bullish on the future of the company more than the current 3GW capacity and the recent deal.

If you think $IREN will hit $100 by the end of 2025, hit the like button. If you think $IREN will hit $250 by the end of 2026, hit the repost button. If you think $IREN will hit $500 anytime in 2027/28, hit both. If you don’t think, have a relaxing weekend.

$IREN Market Weakness: What's Next? Exactly one week ago, @IREN_Ltd closed their convertible note with spectactular metrics: - Oversubscribed $875 million offering - Fully exercised $125 million greenshoe - Net proceeds of approximately $979.0 million - 0.00% coupon - 42.5% conversion premium A week later, the sentiment in the market has shifted, and the stock is down more than 20% from its all-time highs. When the stock rallies, I often get DM's from happy investors that want to express their gratitude for contributing to their conviction. Equally, when the stock is down, I get DM's from investors that are looking for answers. As an outsider, I don't have all the answers. And I believe even the people inside the company, don't always understand the day to day price action. A lot of what's happening with the markets right now is driven by geopolitical tensions, sentiments around "is there an AI bubble", and seasonal impact. I believe a big part of fintwit, and the so called "kid analysts" were predicting a very weak September. But instead, as $IREN investors, we got a very strong month of September. In many occasions, $IREN was the stock that was up the most, or even the only stock that was green amongst the (former) peers. October started strong, but it appears that Uptober is canceled, at least for now. BTC was up, and is now down again. $IREN started the month strong, but is conceding most of the gains again. Some stocks, like for example $CIFR, keep their momentum, as a new AI deal is looming. But what's in store for $IREN? Is the market right in bringing us back down to the $50 handle? Well, the market is always right. But as we’ve seen this year, the retail community on X has outperformed that same market by a wide margin. So let's focus on what we do best, outperforming the algo's, the hedge funds, and the bears. $IREN just received nearly $1B on their bank account. I remember earlier this year, $NBIS investors were very confident that a strong cash position was a reason to prefer their stock over one that was strapped for cash. Historically, $IREN hasn't announced anything after closing a convertible note. Both times they raised money this way, the first thing they announced was reaching a milestone in EH/s. For this reason, I am not expecting a business update soon. The money will be used as working capital, and since their business has become much more capital intensive, I don't think that this money will be used to do something entirely new, such as a new GPU purchase. Let's look at what Anthony Lewis, our new CFO, told us during earnings: "These cash flows, together with existing cash and recent financing initiatives, which I'll touch on shortly, fully fund our near-term CapEx including the cloud expansion discussed with liquid cooling and power redundancy at Prince George taking GPUs to 10,900, completing Horizon 1 and energizing Sweetwater 1 substations." With this, I expect that that below mentioned Horizon 1 expenses are all covered. The company has also mentioned Horizon 2 as part of their capex forecast, and I believe it's a focus to complete this project subsequently after Horizon 1 is finished. Expected costs: $350-450 million. Roughly half of the convertible note could satisfy this project, leaving $500-$600 million available for more growth projects. About a month ago, IREN informed us of the purchase of new GPU's: "To meet rising demand, IREN has purchased 7.1k NVIDIA B300s, 4.2k NVIDIA B200s and 1.1k AMD MI350Xs for approximately $674m.2 The order reflects a growing trend of customers contracting capacity ahead of delivery, with IREN in discussions for multi-thousand Blackwell clusters." So based on this, I think the convertible note would cover the entire Horizon 2 build-out, as well as being fully funded for the 12.4k GPUs they bought in September. But could we expect GPU financing or a FMV lease structure on the back of this latest purchase? Just 14 days ago, $IREN informed us that they reached $225 million of ARR from contracted GPUs, including multi-year contracts ahead of energization. Now they also have the cash on hand to fund these expansions, both in Texas, as well as in BC. What will be the next step? Based on what they have shown us, and the cadence of developments, the most logical next step would be a financing update for a part of the 12.4K GPUs they bought last month, and a close second will be an update around their contracted ARR. Based on our internal research, Prince George is progressing ahead of schedule. There are sightings of generators, liquid cooling, and external components are being placed alongside all the data center rows. Most of this site will be air-cooled, and I strongly believe we are nearing an inflection point where capacity will be energized, and GPUs will come online. Could this be the decisive moment where $IREN will be able to inform the market of an uptick in contracted ARR? I'm very optimistic about the coming weeks. I think we are currently in a period where every day we can expect something to be announced. It can be financing, energized & contracted capacity, new GPU purchases, anything that involves Horizon 1, and there is still the dark horse in the background called Sweetwater 1. While the markets are weak, and people are rotating to inferior companies, we are intensifying our research. Today I have ordered a new satellite image of one of the sites that I talked about today, and there is certainly something interesting to be shared from there. Yesterday I informed my subscribers of an important happening in Sweetwater 1. I will share this with everyone else this week, but there are strong signs that the site is progressing ahead of schedule. If you have been following me, and my fellow $IREN retail analysts, you know that we are well informed of the fundamental happenings at the company, across their entire portfolio. Within our network, there are now very strong signs that something very big is brewing. Potentially involving a Mag7 name. For now, I can't elaborate on this, but there is a handful of people on here that know what I'm talking about. At Sweetwater 1, Lone Star has contracted Ferreira Power South LLC to proceed the main utility switch expansion. They are preparing the Point Of Interconntion (POI) for $IREN to physically connect the power to the new bulk substation that is being prepared. Project "IREN" is going at maximum speed ahead, but all is being done with purpose. Dan and the team are in the drivers seat, and as shareholders we will have to be patient to find out what's next. If you're impatient or worried about the short term price action, I can only advice you to study the company more, or don't look at your portfolio for a while. Sooner or later, we are going to see some news drop that will melt your face, and we will be heading to triple digits overnight. This is not financial, or investment advice, but this story is just beginning. Some has been priced into the stock, but the majority of the developments of the coming 12 months are vastly underestimated by the market. DYOR but you can always rely on your retail IREN crew here on X. @litigious_dulce @TheKamaHsutra @jiahanjimliu @Agrippa_Inv @nanotitan28 @Umbisam @TheTechInvest @mcF_dan @KashRamki And everyone else I forgot. Know what you own, and stay resilient. Go bulls 🫡🔥

$1.0bn $IREN convertible: • 0% coupon • No dilution until ~$120/share (100% premium) • Best priced >5yr convertible w/ no put since 2021 • Strong long-only order book • 3rd convertible issuance in 10 months Congrats to the team!

$IREN has 810MW of already built high density datacenters that are actively being converted to AI compute. $50–90 /share: market giving partial credit for GPU-conversion readiness. $150 /share: market pricing IREN’s 810 MW as fully AI-grade hyperscale capacity with visible revenue streams. This assumes max of $2m/MW conversation costs from ASICs to GPUs. The gap between ~$50 today and ~$150 represents the market’s disbelief discount, which will collapse as the B200/B300 clusters go live and revenue begins showing up in monthly reports and GAAP results. The biggest $IREN bulls are not bullish enough. 📈🚀

$IREN Some CEO’s just have to show up to get huge undeserved payouts… they’re the companies you need to avoid! On the other hand, the compensation structure at $IREN is that the CEO can purchase stock at $75 when the stock reaches $370, $650, $925 and $1850… look at those targets!!! 👀 How can you not be bullish on $IREN 🔥👊

The Fourth Industrial Revolution is defined by GPUs as the new workers. i.e. millions of computers inside AI factories, turning raw data into intelligence. Everyone talks about Time to Power. An even bigger bottleneck is Time to Data Center… or more simply, Time to Compute. That’s the race.

On this path, we're going to see infinite demand for compute and datacenters. The only company that can print datacenters while producing cash is $IREN.

From Cantor: “IREN is unique as it owns its own power and has the data center expertise to stand up its own GPU clusters, and given how much power IREN has, it could conceivably be one of the largest AI cloud companies in the world” 🎯 You heard it here first.

$IREN is pleased to announce an expansion of its AI Cloud business. - Doubled AI Cloud capacity to 23k GPUs - Procurement of 7.1k NVIDIA B300s, 4.2k NVIDIA B200s & 1.1k AMD MI350Xs - GPUs scheduled for delivery at Prince George campus over the coming months - Raising AI Cloud ARR target to >$500m by Q1 2026 - Growing customer appetite to contract capacity ahead of commissioning - Capacity for >60k Blackwell GPUs across British Columbia campuses Press Release: irisenergy.gcs-web.com/static-files/a…