Ace-Kicker

AI stock research- power & data centers. Commercial electrician & EPC contractor for renewable energy. NFA.

[Ace-Kicker @AceKicker13]

MACKENZIE UPDATE: Thermal imaging of $IREN Mackenzie site (captured 9/23) is showing a quiet signature — and that's exactly what you'd want to see right now, not a red flag.

On the FY26 earnings call, Co-CEO Dan Roberts confirmed GPUs have been racked in the first two of Mackenzie's four air-cooled data halls, with the remaining capacity targeted for commissioning by the December quarter.

Racked ≠ powered on. Until compute load actually goes live, there's no meaningful heat signature or power draw to expect — no HVAC load, no occupancy heat, no active workloads. A "cold" thermal read at this stage of buildout is a construction-phase signature, not a delay signal.

Watch for the thermal profile to shift once GPUs energize. That's the tell that Mackenzie's ramp is underway. 🔧⚡

LOTS of progress has been made!

More thorough Mackenzie footage posts and pics to come. If you want to get site updates please like, follow and turn on notifications.

[Ace-Kicker @AceKicker13]

@ChairmansLedger @XCapitalMgmt Thank you @ChairmansLedger for those kind words and the shout out 🙏 I have lots more footage of additional sites coming 😉

[Ace-Kicker @AceKicker13]

@justinintime00 @Agrippa_Inv No argument here!

[Ace-Kicker @AceKicker13]

A really good write up by @Agrippa_Inv

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

$IREN's insane profitability

Despite $IREN trading like a turd these days, the underlying fundamentals are actually improving drastically.

One of the most underrated developments is the sharp improvement in profitability. $/MW contract terms have more than doubled since last year, while most project-level operating expenses have stayed relatively flat.

That is creating very strong operating leverage. While revenue per MW has 2.4x’d, pre-tax profit has increased by roughly 12x.

The graphic below shows this pretty well.

During $IREN's last earnings call, management revealed that recent contracts were being signed at rates of >$20m/MW.

However, at the follow-up Goldman Sachs conference, CCO Kent Draper disclosed that the company’s most recently announced contract was priced at $23m/MW.

I assume that was the “leading frontier AI lab” contract management announced during earnings, which I believe to be Anthropic.

Now, the $12m/MW pre-tax profit figure implied by that $23m/MW headline rate already accounts for financing expenses, depreciation and the direct expenses associated with the deployment, in line with the company’s broader guidance.

What it does not include are SG&A, R&D and taxes.

However, once $IREN reaches sufficient scale, I think those >50% project-level margins are a pretty solid indication of where GAAP net income margins could ultimately trend towards.

Interestingly, with current negotiations now taking place around the $25m/MW range, according to management, margins appear to be moving even higher.

Most of that additional $2m/MW should fall straight into the pre-tax project profit pile, since the underlying cost base stays largely fixed.

A major advantage $IREN has here is that it doesn’t have to pay colocation fees to rent third-party data centers, since the company develops and operates its own facilities.

With colocation pricing rising sharply, that gives $IREN another meaningful advantage over competitors that have to absorb those rental costs every time they bring new capacity online.

TLDR: Don’t get distracted by noisy price action. Keep your eyes on the fundamentals.

[Ace-Kicker @AceKicker13]

@needmoreinfo54 Thank you!

[Ace-Kicker @AceKicker13]

$IREN Mackenzie: How one power block is wired, from the grid to the GPU racks.

Each Mackenzie data hall is split into 8 identical segments, and each segment is its own 2.5MW power block. 8 x 2.5MW = 20MW per hall.

Photo 1 is a segment before the concrete pour, showing the conduit routing. Photo 2 is a finished segment with all the equipment set.

Here's how it all ties together:

[Ace-Kicker @AceKicker13]

One of the most disappointing things I see today amongst men who consider themselves leaders is losing their cool on a subordinate when they have made a mistake. A leader must lead with strength, accountability and emotional stability.

[Ace-Kicker @AceKicker13]

@Brownmoose Now that’s how you spend a weekend. I’m here if you need another friend 😂

[Ace-Kicker @AceKicker13]

@TheBigDegen Thank you for sharing!

[Ace-Kicker @AceKicker13]

@TheBigDegen You’re welcome!

[Ace-Kicker @AceKicker13]

MACKENZIE UPDATE: Thermal imaging of $IREN Mackenzie site (captured 9/23) is showing a quiet signature — and that's exactly what you'd want to see right now, not a red flag.

On the FY26 earnings call, Co-CEO Dan Roberts confirmed GPUs have been racked in the first two of Mackenzie's four air-cooled data halls, with the remaining capacity targeted for commissioning by the December quarter.

Racked ≠ powered on. Until compute load actually goes live, there's no meaningful heat signature or power draw to expect — no HVAC load, no occupancy heat, no active workloads. A "cold" thermal read at this stage of buildout is a construction-phase signature, not a delay signal.

Watch for the thermal profile to shift once GPUs energize. That's the tell that Mackenzie's ramp is underway. 🔧⚡

LOTS of progress has been made!

More thorough Mackenzie footage posts and pics to come. If you want to get site updates please like, follow and turn on notifications.

[Ace-Kicker @AceKicker13]

I don’t have a take on when or how many GPUs will be converted to liquid cooled chips, however, based on latest footage of Mackenzie, at least 2 data halls will have the plumbing required for liquid cooling in place this year. Specifically data halls #4 and #3.

Future ongoing coverage of Mackenzie’s development will tell if they plan to equip all 4 data halls with the required plumbing for liquid cooling. I’m imagine they will.

[Ace-Kicker @AceKicker13]

Mackenzie UPDATE:
$IREN looks to be laying the groundwork for liquid cooling at Mackenzie while the air-cooled retrofit is still underway.

Drone footage from 9/23 shows black 2" to 3" rigid pipe entering the data hall wall at regular intervals along an open trench that runs the length of the building.

It looks like supply and return branch lines for a liquid cooling system. If you look closely, they go from the wall into buried trunk lines running parallel to the data hall for a future liquid-cooling loop, going in at the same time as the air-cooled GPU fit-out.

Why this is smart sequencing:

[Ace-Kicker @AceKicker13]

@CockedStriker Thanks for sharing!

[Ace-Kicker @AceKicker13]

$IREN

[Frans Bakker @FransBakker9812]

What's that?

$IREN's Horizon 2 has no scaffolding?

Could it be almost ready perhaps?

Surely they need to make way for the paving so Microsoft can drive their security carts around?!

But execution risk and shit bro!

Imagine worrying about copy-pasting the 2nd time around 😂

[Ace-Kicker @AceKicker13]

@AvivArazi I think it looks very possible based on current progress.

[Ace-Kicker @AceKicker13]

@gerardholland82 You’re welcome

[Ace-Kicker @AceKicker13]

@FransBakker9812 Thanks Frans!

[Ace-Kicker @AceKicker13]

@justinintime00 You’re welcome!

[Ace-Kicker @AceKicker13]

@HappoVaari I’m happy you found it helpful!

[Ace-Kicker @AceKicker13]

@the_real_mccoyy You’re welcome! Commercial electrician/mechanical contractor