Rasmus Leichter

@NVIDIAAIInfra @IREN_Ltd GB300 next?

@vanislesfinest @FransBakker9812 @IREN_Ltd 3 years at Microsoft, 4 years at Oracle before that. Not a bad CV

@FransBakker9812 @tykonu @IREN_Ltd Why can’t she hold down a job she only lasts max 1 year per job !!! clearly that’s not a stable employee. I give her 8 months max.

$IREN A great find from @tykonu. After $DCON, $NBIS, and Tensorwave, Faye Farhang-Hutsell now calls @IREN_Ltd her home. Welcome to the team 🔥

@sports_lamb @Drkevorkian666 @navajav5227 Q3 2026 is not Q1 2027, though. It’s true, but old.

@Drkevorkian666 @navajav5227 “Dell’s Q3 FY26 performance review presentation explicitly references an IREN agreement in a backlog footnote, and Dell’s website features detailed IREN customer stories highlighting their use of PowerEdge servers with NVIDIA GPUs.”

$IREN was mentioned in $Dell presentation 👀👀

@CDavidFloyd @sports_lamb That’s because he’s talking about a presentation that’s from 2 quarters ago.

@sports_lamb And yet no reaction. The disappoint is weird

@sports_lamb No they weren’t. They were in Q3-26 presentation, the current one is Q1-27. Half a year ago. Use AI, but verify!

@DrTomsLens Megawatts are a force. Software is a force multiplier.

With $IREN pivoting again, this time to software and platform, it’s becoming clear in my view that the company wasted years thinking peak AI value is in secured megawatts. Secured megawatt value is largely fixed. Platform value is optimizable: same megawatts, more dollars per megawatt over time. And for that, you need software. It’s not reusable rocket science. Or maybe it was.

@DeItaone Isn’t that effectively an admission of defeat in AI models by Elon?

XAI: SPACEXAI HAS SIGNED AN AGREEMENT WITH ANTHROPIC TO PROVIDE ACCESS TO COLOSSUS 1

@jiahanjimliu Do you think another acquisition a’la Token Factory / Together (any turnkey swipe-a-credit-card developer platform) might be on the cards, to complete the full stack? And do you think Mirantis will allow IREN to do a direct deal with someone like Anthropic, w/o any middlemen?

Almost certainty this will be IREN's orchestration layer and is better than what they have in house. If you look at how existing customers user Mirantis: DocuSign/Adobe/Paypal buy bare metal from HS, then they use Mirantis as orchestration layer, and then have in-house infrastructure on top of Mirantis's orchestration layer. This would basically split TogetherAI's infrastructure software between the enterprise and Mirantis/IREN. The margins would be split but the enterprise would keep more of it. Although the enterprise keeps more the margins, you have to look at it from the point of the enterprise customer and what they want. DocuSign/Adobe/Paypal are all mature software companies that didn't want to pay full margins to HS and as other companies mature they will take similar route.

$IREN Acquires Mirantis Previously, I have said that leading enterprises will move towards the Netflix model where they in-house their infrastructure software: "For AI software, the foundation software layer will come from $NVDA, and the AI Native and Leading Enterprises of 2030 will own most of their infrastructure software" (1). Instead of waiting for the market to move, Mirantis is IREN's acceleration into this market. From Mirantis' website: "Mirantis helps organizations achieve digital self determination by giving them complete control over their strategic infrastructure (2)". In practice, Mirantis essentially allows leading enterprises to own their own cloud stack on bare metal. Current customers of Mirantis' are Adobe, DocuSign, Inmarsat, Paypal, Societe Generale, S&P Global (2). These types of companies are not Netflix grade but strong enough to in-house significant SaaS services with . Enable Leading Enterprises Mirantis operates the orchestration layer software and provides CAPI (Clusters API). API's are commands which encapsulate software logic. Underneath the hood, CAPI manages the logic needed to deploy and run on AWS, Azure, GCP bare metal, VMware managed on-premise bare metal, or on any Intel/Nvidia/AMD bare metal servers. This makes Mirantis a perfect solution for hybrid HS Cloud and on-prem deployments. While Adobe, DocuSign, and Paypal use Mirantis' to tailors performance optimizations and greatly improve margins, many other long tail customers user Mirantis' for data sovereignty. Mirantis' lists many of it's long customers anonymously as "asian bank", leading aerospace company, "leading asian telecom operator", "defense agency cybersecurity office", "european medican center", "top 20 pharma company" (3). With into the rise of Sovereign AI, this is highly strategic. With the developments of the Iran War, it's important for certain organizations in other countries to have full control of their compute and not in datacenters next Washington D.C. (Virgina is the largest datacenter hub in the world), operated by software controlled by American Hyeprscalers. Compute sovereignty is not only having datacenters located in your country but probably more importantly, controlling the software that runs it. This is where all the cybersecurity breaches are. Nebius is positioned well to serve the Israel and EU sovereign AI markets markets, but I'm sure there are many other countries that would prefer their operations to not be EU/Israeli-tied. In fact even countries like Australia want full control over their sovereign compute. Grading Mirantis Previously, I said that in 2-3 years, AI software infrastructure will face a period of consolidation and acquisitions can be had at good bargains. Mirantis, however, does not come from a position of weakness as it's cashflow positive and has over 100m in revenue. There is no need for it to seek a buyout. To top it off, the "transaction consideration will be paid in IREN ordinary shares" (5) or all IREN stock. This signifies alignment as Mirantis owners only derive value if they believed in the success of IREN+Mirantis. From everything above, it's clear that 625m is a great price for a cashflow positive company, strategic alignment with IREN, and at a fair 6.25 P/S. For comparison, Tavily had a ~27 P/S and did not bring on 1500 customers. $NBIS did much better on a it's Eigen AI acquisition which allows it to compete closely with FireworksAI. Mirantis allows $IREN to accelerate where leading enterprises are going: self-owned AI infrastructure. Mirantis Technical Measurements - Mirantis a primary maintainer for Docker, #7 in commits (6). - Mirantis is #20 in commits to Kubernetes (6). - Mirantis is #5 commits in OpenStack (6). In other words, Mirantis is a key contributor to core open source software. This is likely as a by-product that it needs to fix bugs and improve open source as it enables deployments for customers.

@TheTechInvest Great find. Wondering if something got accelerated ahead of plans

🚨 JUST IN: $IREN just posted this job for what was described as "project development pipeline in Australia." (2) This role is accountable for "late-stage" development activities, campus master planning, front-end engineering of data centres and data centre campuses. Project development pipeline + Late stage!!

@litigious_dulce I’d love for you to return to $IREN analysis. Your insights were extremely valuable to the community. 👊

After a fairly long hiatus, I am now posting a bunch (when basically no one is paying attention lol). But my reasoning is simple. I doubt that retail fully appreciates the importance of the partnership between $NUAI and Primary Digital Infrastructure. Retail needs to understand that NUAI is basically a completely different company now. Read the CEO’s comments in the press release: “The formation of our partnership with Primary Digital is a watershed moment for New Era Energy & Digital and a powerful validation of our vision. Their team’s unparalleled track record, from developing global data center portfolios to financing multi-billion dollar projects, provides the critical expertise required to execute a development of this scale.” NUAI is leveraging this world-class expertise. I mean, have you looked up Bill Stein and Dave Feldman? One is the former CEO of $DLR, and the other the co-founder of Cyrus One. You can’t find more credible and experienced leadership than that… And now, when investors think NUAI, they must also think PDI—because the two are close strategic partners. Stock price is supposed to be a reflection of risk and reward, of probabilities. So I ask: does the PDI announcement affect the probability that NUAI will sign a hyperscaler Q1/early Q2? Management guided for this last month, but I wouldn’t fault anyone for being skeptical. In the PDI press release, though, @OGPermianGuy reiterates the guidance: “We remain on track to sign a hyperscale anchor tenant in line with our previous guidance, and we believe this development will deliver significant and durable value to our NUAI shareholders and project stakeholders.” Is a company that’s partners with PDI and on track to sign a hyperscale anchor tenant Q1/early Q2 worth $250m??? I have a feeling that Tuesday is going to be explosive, and that’s going to scare people. But I encourage everyone to determine, fundamentally, what is the fair value of NUAI. Consider the comps: $FRMI is worth $6B; how is FRMI that different from NUAI today? If anything, NUAI is ahead! Ask ChatGPT or your favorite LLM and build models. Be informed. Don’t rely on naive heuristics like “stocks don’t normally 10x.” Things that are deeply undervalued rerate up all the time, and conversely things that are deeply overvalued rerate down all the time. What I can say with absolutely certainty is that the market was blindsided by this PDI partnership. Logically, surprises are not priced in. I don’t know how long it will take for this to be priced in, but that inefficiency is exactly what a good trader/investor can exploit. Happy hunting.

@Civic108 @bitcoinbutcher1 @danroberts0101 @mikealfred Domicile in that they must be a domestic issuer. IREN qualifies on that point already. Source: press.spglobal.com/2023-04-17-S-P…

@bitcoinbutcher1 @danroberts0101 @mikealfred The S&P requirements are quite clear I believe. But yes, I absolutely expect them to move their domicile to the US sooner rather than later, and US domestic issuer status was likely an intentional step towards that. (and if not, it's still better to have US accounting etc)

@danroberts0101 @mikealfred likely a quiet period but if you can address $iren qualifying for $qqq $spy during earnings, we would appreciate. Market cap just under $17b and likely needs to hit $20b to qualify for both indexes Look forward to institutional 🚀 ⛽️ after Horizon and Sweetwater rerate the 👸

@SylentTrade Loved the press release, you called it! 🤣🤣

$IREN up 5% on 1mil share overnight volume in just 2.5 hours. Wait till the premarket opens. That is when real institutional volume will come in and shortly after that a press release. Microsoft & $IREN was the blueprint. Anthropic & $IREN is the acceleration.

@SylentTrade How did you already know this? 🤣🤣🤣

Bookmark this tweet and come back to it by December 31st. Then ask me how I already knew this. I bought 3mil of $IREN for a reason. I have alpha.

The future is being built right infront of our eyes. $IREN & Anthropic won’t just do a deal for 200MW like microsoft did. It will do a deal for 5x that at 1 GW of power. You have been warned. You are not bullish enough.

@danroberts0101 When you go to a restaurant in Sweetwater city, do you go for the alphabet soup, the prime rib or metaballs?

At $IREN, we’re continuing to bet that demand for energy-intensive compute compounds faster than real-world infrastructure can be built - and we’re positioning the business accordingly.

@KrystianLe9108 @FransBakker9812 @Google This is from September 17 and only covered by major publications on December 4/8. I was just asking for a movie review - just allow yourself a little laugh in your day and move on 😅

@FransBakker9812 @Google Movie from half year ago. Stop crazy imagination

Sweetwater movie from @Google ? Sweetwater site from $IREN 👀 Is this another flattering imitation, or just a straight up hint and what's coming next?

@mikealfred, thoughts on @Google’s new movie about AI titled “Sweetwater”? blog.google/technology/ai/…

@danroberts0101 With all this hyperscaler spending and IREN being one of the very few 1GW+ sites available this year, do you think it would be possible to negotiate a massive, unprecedented prepayment and put all financing concerns to bed?

As the New Year gets underway, the opportunity ahead for $IREN and energy-intensive computing has never been clearer. Model capability keeps accelerating, AI adoption is broadening, and demand for compute is rising faster than most expected. When Will and I set out to build this business 7 years ago, we had a simple goal: to create a data center platform capable of supporting the next generation of energy-intensive computing. From the start, we designed the platform with a wide range of use cases in mind, including machine learning, video rendering, and what would eventually become today’s AI workloads. 7 years on, we’re still executing against that same core strategy - now with a substantial portfolio of operating data centers, a clear growth pathway ahead, and a world-class construction and operations team with deep expertise in this rapidly evolving industry. We initially bootstrapped the platform through Bitcoin mining and are now leveraging our data center footprint to support a growing set of high-growth, energy-intensive computing applications. We’ve always stayed agnostic to the end use case, because we believe the greatest long-term value sits in owning and operating the real-world infrastructure behind these technologies: the power, the data centers, and the compute. The picks and shovels of the digital age. The progress we’ve made reflects the incredible effort of teams across IREN, working day and night to deliver on our commitments, as well as the support of our partners - including @Microsoft, @togethercompute, @nvidia, @Dell, @fluidstack, and @FireworksAI_HQ, to name a few. As 2026 begins, we’re proud of how far we’ve come - but even more excited about what’s ahead!

@BernieSanders @grok please create a sarcastic tweet in the exact same style, but in the historical context of power tools when they were invented to replace hand tools.

Why would corporations like Amazon replace workers with robots? Pretty simple. Robots don’t need a wage, health care, time off, sick leave, Social Security, Medicare or unemployment benefits. Maybe it’s time to tax robots & use the revenue generated to help working families.