The God Particla/Assistant

@_Sgr_A_Star @FransBakker9812 x.com/i/grok/share/1…

$IREN The other thing I discussed on the Spaces with @FransBakker9812 tonight was backing into the implied pre-payment % IREN is getting from existing customers. A few quick rules of thumb about this data, similar to the RPO post: 1. It’s 100% public: Everything is pulled straight from actuals in the 10Q. 2. Zero guesswork: None of these figures are inferred or estimated. 3. No commencement, no "books": If a contract hasn't officially started (like the Microsoft deal), it won't show up in Deferred Revenue or RPO. As we all know, IREN has two revenue producing business segments - Bitcoin and AI Cloud - but only one of them results in any deferred revenue. Bitcoin has no advance payments. The accounting definition of Deferred Revenue is "a payment a company receives in advance for products or services that have not yet been delivered." The very definition screams "Pre-payment!". I use 2 main numbers to back into the implied pre-payment % - Deferred Revenue and RPO. That's it. More specifically I track the quarter-over-quarter change (delta) in both Deferred Revenue and RPO to see how much of each was added during the quarter, then divide the two. For 1Q26, the calculation is simple: Deferred Revenue Added: $73.8M RPO Added: $420.9M Ratio: $73.8M / $420.9M = 18% This tells us that out of $420.9M in new contracts that commenced in Q1, IREN received 18% ($73.8M) as upfront cash. Ultimately, Deferred Revenue and RPO are the same performance liability - Deferred Revenue is just the portion we already have "cash in hand." In short, IREN is getting around 20% in pre-payments from the existing contracts on the RPO book. I'd would be great if the pre-payment % number goes much higher! (Technically, I use the total Gross New RPO by adding the AI revenue recognized in that period to the delta RPO, but I didn't want to complicate the explanation) cc: @jiahanjimliu

@_Sgr_A_Star @FransBakker9812 x.com/i/grok/share/1…

Thanks @FransBakker9812 for having me on the Spaces tonight. For those of you that were on the Spaces, below is the data that I was referring to with regards to IREN's existing and commended RPO contract book. A few things about this data: 1. These numbers are publicly available (10Q) actuals. 2. None of these numbers are inferred. 3. None of these numbers are deduced. 4. If the contract hasn't started (e.g., MSFT) it's not in the RPO contract book (source: 10Q) On to the facts: 1. The total RPO contract book currently sits at $710.3M - with 454.5M Gross New RPO added in Q1. In other words, about 710M worth of contract(s) are sitting commenced and active (but yet to be recognized), with 454.5M of the total coming in Q1. 2. The RPO book totals are separated into 3 buckets. The 1-year, 2-year, and 3-5-year recognition buckets can be totaled each quarter. From the % in each bucket we can calculate the weighted average term (i.e., the number of months it would take to recognize all the revenue). As of 1Q26, that number sits at 17.4 months, up from 12.1 months in 4Q25. 3. As you can see from the totals in 1Q26, the 3-5 year bucket grew from practically nothing (1.3% of total in 4Q25) to 19.3% of the total QoQ. The implication is obvious - that of the 454.5M in contracts that started during Q1, a good amount of it will be recognized in years 3-5, meaning, a good portion of these "newly commenced" contracts have contract lengths of at least 3 years. In summary - the RPO contract book looks materially higher quality than it did the previous quarters. It's growing fast, the duration of the book is improving (longer contracts), and we finally saw a meaningful long-tail (3-5 year) mix in the numbers. Additionally, since the book over the last few quarters was so short duration (51% in the 1-year bucket) it means that as any contracts are re-upped, they will see the re-rate of the GPU hourly rates going up significantly over the last 9 months. cc: @jiahanjimliu ( Frans, this data also supports the possibility of the Baseten (CEO) cluster going from $2.63 per hour to 5.10 per hour being an IREN cluster. From looking at this data, there is a good chance that any contract that started in 4Q25 was 1 year in length) (I will be making a separate post about pre-payments and that data.)

@_Sgr_A_Star x.com/i/grok/share/1…

Hey JF! I obviously don't use that assumption in my model as you can see, but.... I believe if there is any upside to the 3.7B ARR number it will come from the 50K GPUs. Here's why: The current implied ARR for these 50K B300s is $1,267,200,000 or $2.89 per GPU-hour. This has been roughly the same implied ARR since they first announced this tranche of GPUs. If you recall, when they first announced this tranche of GPUs it was only 40K because it was going to be for Mackenzie and Canal Flats (110MW) instead of what it is now 50K for Mackenzie and Childress (130MW). Here's the catch, since their initial guidance, the price of B300s has gone up ~30% (we have memory prices to thank). From 60K per B300 in the order placed in August of last year, to 77.6K per B300 in the most recent order for the NVIDIA B300s. NVIDIA is paying $3.77 per GPU-Hour and as it turns out, if you add 30% to the initial implied ARR of 2.89% it turns out it's $3.76. Do I expect IREN to pass through the added costs of these GPUs to customers? Yes I do. If these 50K GPUs get the same deal economics of the NVIDIA deal, that would result in an extra $380M of ARR to the 3.7B number. If these 50K GPUs get the same deal economics of the NVIDIA deal but without the "NVIDIA discount" (cause you know there was one!) then that number can be higher because I think these GPUs can command more than $3.77 an hour. So yes, I believe it likely that the 3.7B ARR will be higher because of this tranche, and I'd be disappointed if they'd already committed these GPUs to a party at the implied upon price of their guidance ($2.89) from 6-9 months ago. @0xJokerFrog

Today I volunteered at the city food bank, sorting 200+ meal packages for families in need. Made new friends and felt the warmth of giving—small acts make big differences! #VolunteerForGood，

[Spice up your festive table! Our special holiday roast turkey set, sides u0026 homemade gravy ready to serve in 20 mins — perfect for cozy family dinners this season!]，

Just discovered a hidden indie track that’s the perfect vibe for my evening walk—soft guitar riffs + warm vocals = pure mood boost.

Just borrowed a cup of sugar from my next-door neighbor—their sweet smile made my rainy day so much warmer!

Building with 2-year-old’s colorful blocks → turns chaos into a castle, high-five time!

Got my IELTS result: 7.5 overall! Thanks to all the practice partners who pushed me to keep going. Time to apply for my dream university now!

Happy Lunar New Year! May your home brim with joy, your heart be full of hope, and every day ahead taste like sweet luck.

Just shared my secret stash of matcha pocky with my roommate—snacks taste 10x better when passed around #SnackShareDay

Do a 10-minute morning scavenger hunt: find a red leaf, a smooth rock, and a small bug. Kids love it!

My little pup went from a tiny furball to a full-tailed adventure buddy in just 3 months—love these messy, growing moments ，

Had the best coffee chat with a new friend today—laughing till our sides hurt u0026 planning our next adventure. Love these small, warm moments that make the day shine!

Just found out my favorite coffee shop gives a 50% discount for couples today—plan changed, we’re ditching our usual work spots and heading there in 10 mins ，

[My little pup Max just hit his 6-month mark—he’s gone from wobbly tiny ball to a zooming fuzzy chaos gremlin who steals socks nonstop. Love this chaotic growth phase! ]，