I've hinted at this many times, often half joking, but I just want to write this down for the record:
It looks very possible that $NBIS and $IREN will partner in the future.
The reason for that is very obvious: IREN has valuable physical world assets and Nebius can get the highest value out of them.
I would not be surprised if $NBIS buys $IREN at some point in the future.
For now a profit share looks less profitable for IREN than building their own competitive offering, but if that attempt fails, which I see as the most likely outcome, talks would obviously happen if egos aren't too big for this and rational voices will win.
Consolidation will happen at some point, seems obvious to me. Don't really care how unpopular this take will be.
The time for this is however probably not at today's prices.