BELISARI

$IREN Belisari - the Zillow for powered real estate? During one of my recent strolls on LinkedIn, I came across @belisari_com, an M&A platform focused on powered land, data center infrastructure, and digital compute operators. The platform connects landowners, developers, Bitcoin miners, and AI infrastructure buyers—bringing together key players across the digital infrastructure space. The ERCOT market in Texas clearly dominates, with 11 listed sites in various stages of development totaling a staggering 4,372–4,897MW of capacity—visible even without logging in. However, when applying filters to show only what’s available between now and the next 18 months, the picture narrows drastically: just 172–297MW remains. Of this filtered capacity, only 150–200MW is greenfield, and a mere 22–97MW is turnkey. I fully recognize that there’s a healthy offline market for these types of sites—similar to how premium properties often bypass Zillow and public listings. And while Belisari is an impressive tool, it's unlikely to capture every site or power opportunity out there. Still, the fact that less than 300MW is publicly available for deployment within 18 months adds yet another reason to feel confident about Sweetwater 1, with 1,400MW scheduled to come online in just 11 months. With all the noise surrounding HB 3356 and SB 715, it’s easy to lose sight of the fact that Texas’s power crunch is intensifying by the day. A quick throwback to Cushman & Wakefield’s insights: power availability and land availability account for two-thirds of the top criteria in strategic data center planning decisions. I think @IREN_Ltd with 1,400MW on 1,300 acres, is in a pretty good spot - and that's an understatement. 3.5 days until earnings 🔥