At a $15B market cap the market is pricing $IREN as if Sweetwater, Oklahoma, and the remaining 4GW of uncontracted capacity are worth zero. $IREN just energized 1.4GW of renewable ERCOT connected capacity that would take a competitor 5-7 years and $3-5B minimum to replicate from scratch. The announcement dropped a day after retail gave up waiting for the April deadline. When $IREN contracts Sweetwater at the Microsoft comparable economics, that's $8-9B ARR. The energization announcement is the starting gun for accelerating the negotiations. At a minimum this new capacity is worth $3B in market cap (20% price jump), assuming just the raw cost of building 1.4GWs but the real value is the time to compute. Which in today's compute restrained world is priceless. Looking ahead: - Sweetwater 100% contracted - With MSFT Horizon economics (low end est.): $8.5B ARR - ARR Multiple 4x (conservative) - Implied Value $34B - Share price $150 (current market cap plus fully contracted Sweetwater deal) So the only bear case is $IREN can't sign a deal despite that all we hear is the demand far accedes the compute supply and the other Neoclouds are signing massive deals. I'm willing to bet they will close a deal. The risk reward is just to good here. We're looking at a 3x in 2026 and all we need is for the lawyers to do their thing and close the deal. The Horizon Microsoft deal took a long time and frustrated many investors. The Sweetwater deal will be worth the wait.

$NBIS CRO Marc Boroditsky reveals Nebius has four customers ready to sign for every GPU and is turning away 75% of demand, and says there's another 18 months of reasonable clarity "If you look at our pipeline today, for every GPU, we have a customer ready to sign. We have four customers ready to sign for every GPU. You can just think about that for a moment. We're saying no 75% of the time. That's today." "Now, does that continue into the future? If you look at the plans that customers are sharing with us and are looking for commitments with us, it actually moves well into next year. And their willingness right now to sign up for tens of thousands of GPUs in the middle of next year is very high." "And there's a sort of growing level of fear that if you don't actually secure your future, you're not gonna have the compute that you need in order to be able to succeed." "So I would say that there's probably reasonable clarity for another 18 months at the current rates. Beyond that, we're trying to figure it out by actually utilizing new pricing mechanisms. We introduced an auction about a month ago. This week, we also introduced spot price."

My god this is such a good speech that every SWE needs to hear. You know what? Every person should hear it Keep the happy memories, eyes on the reality, be excited about the future. That’s the best that anyone can do

$IREN Horizon 2 delivery End of Oct... H3 Nov H4 Dec... ARR $4b .....thats all you need to know.... ignore the noise! keep it simple stupid.

Bears might be f*cked

Cipher Digital Expands Barber Lake Lease Term to 20 Years, Increasing Revenue to Over $9 Billion · Additional 10-year term adds ~$5.2 billion of contracted revenue at Barber Lake · In connection with change orders and continued evolution of the tenant’s design, the lease amendment establishes a phased delivery schedule for the site, with individual data halls expected to be delivered between Q4 2026 and Q1 2027 · Cipher remains on track with the revised delivery schedule “Extending Barber Lake’s contracted life reflects the enduring value of the infrastructure we're building,” said Tyler Page, CEO. “Barber Lake was designed as a long-lived, mission-critical asset, and securing a firm commitment that extends well beyond the original lease term demonstrates the long-term utility and strategic relevance of the campus, as well as the durability of demand for hyperscale computing capacity.” Read the full press release here: investors.cipherdigital.com/…

The presumption that the Fed raising short-term rates reduces inflation is predicated on the belief that higher rates reduce demand and investment. But what if higher rates don’t reduce demand and investment because the demand for intelligence and energy is unaffected by higher rates because winning the race for super intelligence has a near infinite ROI and the demand for compute will remain incalculable. Why won’t higher rates at this unique moment in history therefore lead to more inflation as interest costs are embedded in everything? And the problem is compounded as the more the Fed raises rates, the more inflation we will have and the more the Fed will need to raise rates further and so on. But what if the old models don’t apply to the current paradigm and the Fed is wrong? I think the Fed might have just made a mistake. Am I right or am I wrong?

Amazing interview today as we were joined by @IREN_Ltd CCO @kentpdraper! A lot of info covered on this interview including AI pricing & power allocations, Horizon 1-4, and the international expansion in Spain & Australia!!! 🔥🔥🔥 $IREN piped.video/W1Z_O1zlZlc

$WGMI perfect breakout and retest. Price target $88. This will affect $CIFR, $HUT, $IREN, $WULF and its second largest holding is now $NBIS. Top holdings: Symbol % Assets $CIFR 12.19% $NBIS 7.22% $HUT 6.19% $KEEL.TO 5.79% $IREN 5.75% $RIOT 5.34% $HIVE.TO 5.17% $WULF 4.99% $CRWV 4.75% $WYFI 4.61%

JUST IN: $NVDA backed Nscale just filed for a NYSE IPO under $NSCL. The company has $103.4B in active contract value already

The Bitcoin Miner ⛏️ George starts mining Bitcoin in Jerry’s apartment. Inspired by a true story. Unfortunately, that story is mine.

Today we’re releasing Helix 2.5 We rented 30 homes in the Bay Area. The robots arrived with no additional training and started doing useful work

“Its time to scale up” Figure is a customer of $IREN

1/4 I have been trying to explain for a long time why $IREN is playing a different game. Credit to @mcF_dan for the inspiration for this thread. When I first met $IREN co-CEOs Dan and Will in 2019, that was obvious. They didn’t know everything. What I could see was how fast they could learn. That is the rare part. Not a perfect map on day one. A learning rate fast enough to outrun the problems and still land exactly where they needed to be. They built from first principles: secure the scarce physical layer first, keep as much optionality as possible, learn from people who had already been through it, then go further, way further than the starting playbook. That is why the strategy can look slow if you only watch deal-by-deal headlines. In a tightening market, waiting can mean better counterparties and better economics. Don’t get lost in one contract. Watch the whole stack in the age of AI.

$IREN is very strategic in signing deals. Every month they wait in a tightening market could improve the deals in higher $/MW, larger prepayment, shorter payback, and better counterparty. The first Sweetwater first 300MW contract will be epic. We just have to be patient and wait 9-12 months. Meanwhile, the B300s will be deployed and will be very profitable. These prices, sub-$60, are a gift and an amazing asymmetric bet.

True

$IREN finally getting some respect from JP Morgan. Still a low ball target IMO.

AI models are getting too good too fast so therefore we should sell AI related investments do I have this right

Tomorrow… should be interesting. 1% NASDAQ drop would be a gift

Nothing can shut down open source

The AI safety paradox nobody is talking about: As AI shifts from human-prompted chatbots to autonomous agents and teams of agents, humans will no longer be capable of monitoring everything those systems are doing in real time. The only scalable guardrail is AI monitoring AI. That means teams of safety agents continuously auditing other agents — checking outputs, permissions, actions, communications and behavior, and intervening when something goes wrong. But those safety agents need inference too. So every major expansion of autonomous AI creates a second layer of compute demand: AI agents doing the work. AI safety agents watching the AI agents doing the work. And eventually, AI systems checking the safety systems themselves. The safer and more autonomous AI becomes, the MORE compute infrastructure it requires — not less. AI safety itself becomes a massive new compute workload. $IREN $CIFR