Enzo

$IREN For anyone paying attention to any of the accounts actually providing real insights and analysis of the IREN story, this ARR raise was obvious. To state the obvious, GPU unit economics are improving - yes, a portion of it is coming from the increased capex costs of GPUs, but a lot of it is from improved hourly rates. Coupled with the hourly rates improving, getting 45% prepayment across the associated GPU Capex is absolutely massive. Getting both the hourly rate improvements and 45% prepayments is validation of the "no need to rush" approach IREN's been taking. No need to lock in rates early for the sake of adding to a Backlog number that will be many months or years from generating revenue. Beyond the obvious there are a few other things we can glean from these disclosed numbers. Incremental ARR: >980M ARR (>4B * 85% - MSFT ARR - PG ARR) 2026 Contracted ARR is now at 3.4B Total Contracted ARR is now at 4.1B Implied hourly rate: ~3.60/GPU-hr (1.58B / 50,000/ 8760) Contract length: ~3 years (2.8B Total Contract Value / 980M ARR = ~3) In all likelihood these unit economics are for the majority if not all of Mackenzie GPUs, and none of the Childress 50MW-Air GPUs. It makes Mackenzie per MW unit economics: Implied $M/Gross-MW: $12.25/Gross MW (980M/80MW) Implied $M/IT-MW: $14.1/IT-MW (980/(80/1.15)) There is a possibility as the Childress 50MW-Air GPUs get contracted that this 4.0B ARR floor is raised again sometime this year. It's not a coincidence the company said "Contracted pricing continues to strengthen". If the remaining GPUs from these 50K are as in demand as IREN says they are and pricing continues to strengthen, I could see the remaining block clearing above these figures and raising the 4B floor. I won't assume it yet, but 4.0B is probably not the real ceiling for 2026 end of year ARR. 🚀🚀🚀🚀🚀🚀🚀🚀 More later.

간만에 $IREN 계약 소식 떠서 기쁜 마음에 몇 글자 더 적어보자면 지금 horizon 1-4 handover 관련해서 말이 많은데 여전히 $IREN 은 연말 AI 클라우드 ARR 목표를 축소시키지 않았다는 점 $IREN 이 추가 계약을 따낼 수 있기는 하냐 헛소리 들을때마다 짜증났는데, 엔비디아 딜과 유사한 수준의 경제성 가진 것으로 추정되는 딜들로 B300 상당 부분 계약 체결한 점 잔여 B300 계약으로 ARR이 추가 상향 될 수 있다는 점 더 웃긴건 아직도 $36 이라는 점 말이 되나;

🚨 Institutional 🐳 joins the $nuai cap table with 5.3% ownership stake 🚨 Michael Simanovsky Managing Partner and Chief Investment Officer Mr. Simanovsky is the Managing Partner and Chief Investment Officer of Conversant. Prior to founding Conversant in February 2020, Mike was an investment professional with Senator Investment Group LP from 2011-2020. He was a Partner at the firm and was responsible for Senator's investments in the real estate, gaming & lodging, and housing sectors, among others. Before joining Senator, Mr. Simanovsky was a member of Cerberus Capital Management LP's investment team from 2008 until 2011, where he focused on originating and evaluating public and private investment opportunities across a range of industries.

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Kimi K3 has received far more love than we expected, and our GPUs are feeling it. Over the past 48 hours, demand has pushed close to the limits of our current capacity. To protect the experience of existing subscribers, we're temporarily pausing new subscriptions and prioritizing compute for current members. Existing subscribed users are not affected. We're adding capacity as fast as we can and will reopen new subscription spots in batches. Going forward, we'll also split membership into two more focused plans: Kimi Membership for Kimi Web, App, and Work; and Kimi Code Membership for coding workflows. This will help us match compute more precisely and keep the experience stable. Thank you for your patience and understanding!

Kimi K3 has received far more love than we expected, and our GPUs are feeling it. Over the past 48 hours, demand has pushed close to the limits of our current capacity. To protect the experience of existing subscribers, we're temporarily pausing new subscriptions and prioritizing compute for current members. Existing subscribed users are not affected. We're adding capacity as fast as we can and will reopen new subscription spots in batches. Going forward, we'll also split membership into two more focused plans: Kimi Membership for Kimi Web, App, and Work; and Kimi Code Membership for coding workflows. This will help us match compute more precisely and keep the experience stable. Thank you for your patience and understanding!

MASSIVE DELAY ALERT TO ORACLE’S STARGATE SITE AND BLOOM ENERGY🚨🚨 Oracle’s Project Jupiter behind-the-meter datacenter project in New Mexico that plans to use Bloom Energy is at risk of a 1-2 year delay due to permitting and pipeline building blockers. (1/8)🧵

빅테크 어닝 시즌이즈 커밍 Source: moomoo