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Optimus

All-In Podcast Interview with $IREN CEO Dan Roberts: We were doing [data centers] in a scale that amazed people at the time, like 750MW as our flagship Texas site, 4 years ago was unheard of. $MSFT deal is 5% of our capacity. For us, the constraint is the time to compute. We have used 100% renewable energy since inception. We cannot meet demand. AI is inevitable.

Holy moly, Tesla/SpaceX’s Terafab will be ~100 million square feet, which is 10X larger than the main Giga Texas building, which itself is ~1 mile long. No wonder the Terafab won’t fit on the existing Giga Texas campus 🤯

Why do I own $IREN in my growth portfolio? • The ~$10B $MSFT deal validates the platform • ~4.5 GW of secured power capacity versus only ~500 MW needed to support $3.7B ARR target by year-end • Over $1B in operating profit potential by 2028 from 50K $NVDA B300 GPUs on order (taking fleet to 150K) • Sweetwater 1 energizing in Q2 2026 is next big proof point that 10:1 power advantage is real

I thought I’d share my latest updated thoughts on $IREN that I sent to my subscriber community with all of you since I’ve seen so many questions about what I’m doing with the position in my growth portfolio. IREN has a very real asset base and a genuine power story which in some ways makes its foundation more defensible than many of the neoclouds but the market just isn't going to reward that as instantly as it rewards something like $NVDA Rubin access or a Jensen architecture signal for $NBIS. The $MSFT relationship is obviously huge because it gives the company a real hyperscaler anchor and a clearer frame for how large the business can become but the path from here to there requires IREN to energize sites, deploy capital and scale physical capacity. That's why the equity story feels heavier and slower since the upside may be very real but it has to be earned through capacity buildout, power monetization and eventually contracted AI infrastructure revenue rather than through a constant stream of strategic endorsement events that re-rate the stock overnight. The $6B ATM and the dilution debate sit right in the middle of that difference as well since IREN is effectively saying that the way to maximize long-term value is to make sure the capital is there to fund the buildout, secure the GPUs and create the physical infrastructure first trusting that if it executes then the market will eventually pay for that. That is a much more old-school infrastructure mindset than what Nebius is doing and in a fragile 2026 tape where investors hate dilution and want instant validation, it has naturally been a harder sell but I wouldn't let the narrative be dictated by the price action. IREN is optimizing for asset-backed scale first because its moat is far more tied to power, sites and infrastructure delivery.

$IREN just dropped the biggest news of 2026 for AI infrastructure. 50,000 NVIDIA B300 GPUs secured. Total fleet: 150,000 GPUs. Let me walk you through why this is MORE bullish than the headline suggests: The Texas angle nobody’s talking about: A portion of these B300s are being deployed in Childress, Texas. That’s where $IREN already has 450 MW of FULLY OPERATIONAL data center capacity sitting ready. Here’s what makes this insane: Most air-cooled data centers cap out at 20-30 kW rack density. That’s barely enough for Hopper-generation chips. B300s require 60-70 kW. $IREN’s Canadian sites run at 80 kW rack density. Record-breaking. Now they’re bringing that same air-cooled Blackwell capability to Texas. That’s a capability almost NO other cloud provider can replicate at scale. The $9.3B war chest signals everything: $IREN secured $9.3 BILLION in funding over the last 8 months. They’re buying 50,000 B300s BEFORE all the customer contracts are signed. In a supply-constrained GPU market, you don’t pull that trigger unless: > You have term sheets in progress with hyperscalers > You have strong demand signals from enterprise clients > You know something the market doesn’t yet Early hardware procurement = guaranteed deployment timelines for future clients. That’s the whole game in AI infrastructure right now. Cantor just raised their price target to $82 (Overweight). From $43.84 today. That’s 87% upside from a bank that’s been right on $IREN before. Their reasoning? The 150k GPU fleet now supports $3.7B ARR by end of 2026. Up from $3.4B previously. Now let’s talk about the ATM offering and why bears are wrong about it: $IREN filed a new At-The-Market equity program allowing up to $6 BILLION in share sales. Bears see dilution. I see the playbook. Here’s the thing: ATM offerings aren’t dumping shares. They sell gradually, opportunistically, at market prices, usually in small tranches when the stock is strong. $IREN already used the previous $1B ATM fully. They raised $1B without crashing the stock. Why? Because the capital is immediately deployed into assets generating REAL cash flow. The $6B ATM isn’t a red flag. It’s the funding mechanism for $3.5B in additional capex needed to deploy these 150,000 GPUs by year-end 2026. You can’t build the largest AI infrastructure platform on the planet without capital. This IS the capital structure. The bottom line: $IREN went from Bitcoin miner → 150,000 GPU AI infrastructure giant in under two years. They have the power. They have the hardware. They have $9.3B in funding. And within the next few weeks (April/latest May), I’d expect a major new cloud contract announcement tied directly to these 50k B300s. The hardware gets bought first. The deal gets announced second. $IREN to $150 is no longer a moonshot. It’s the base case.​​​​​​​​​​​​​​​​ Note. This is not financial advice.

150k GPUs secured. Execution continues.