𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬

ᴘᴇᴄᴜɴɪᴀ ɴᴏɴ ᴏʟᴇᴛ

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

$IREN - Complete A-Z investment case

In this post I’ll cover why I expect this hyper-growth stock to crack $150 over the next 18 months—representing a gain of 1150% from its current price of $12 📈

I went ‘All-In’ this stock, and for good reason….

🧵

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@IREN_Ltd $IREN ‘s infinite secured power pipeline keeps expanding… now at 5.8 GW 👀 📈

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@marksotoges @badgernewman Yes SW & OK will be liquid-cooled. Pretty much any new build going forward will
be liquid-cooled. But $IREN still got 240 MW of air cooled capacity left at Childress, that yet have to be contracted.

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

Most $IREN investors don't yet grasp how profitable the 60 MW $NVDA deal actually is.

Despite being just 20% of the MW capacity, it yields more cumulative net income than the 300 MW $MSFT agreement.

This is a direct result of $IREN locking in stronger terms.

Now that $IREN is quickly establishing itself as one of the premier cloud providers with the deepest pipeline in the industry, I expect future deals to land at similar profit margins.

Considering the price action since last earnings, the market clearly hasn't priced that in yet.

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@tonitrades_ I don’t know what you are talking about. The terms are fixed for the duration of the contract. This chart doesn’t assume any renewal.

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@badgernewman We’ll have to see. But yes, that might be the case due to higher data center depreciation weighing on margins. That could be offset by even higher revs, but we’ll have to wait for the terms.

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@_Sgr_A_Star @blackwalletfr Sweet

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@AlexfromBabylon @Tsuff101 Finally

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@latentvectors7 A combination of meaningfully higher revenue per GPU, substantially lower data center depreciation & air-cooling having better PUE (leading to more GPUs per gross MW).

I covered the discrepancy between the two deals in more depth in my recent deep dive on Substack.

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@justinintime00 🤝

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@moninvestor For real…

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@neel_epochal Thank you, Neel! 🤝

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

While the warrants aren’t directly tied to this 60 MW deal, I get where you are coming from.

Much of this profitability increase comes from the 30% revenue per GPU increase. Imo, that increase is mostly attributed to cloud economics in generally improving amidst this compute shortage. Then you got to factor in that the msft deal was IREN’s first large-scale cloud deal which certainly meant their negotiating leverage must have been lower than ot is today.

So, as a whole, I don’t think $NVDA is giving $IREN a free lunch here. But we can’t know for sure until we see the economics of the next deal.

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@AdityaK20792824 Analysts just see what is directly in front of them. Every newly signed large-scale deal will lead to price target upgrades.

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@Stock_Inf0 Unmatched long-term potential 💯

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@Stock_Inf0 Very interesting! Thanks for sharing

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@Bare_Birk  Much more to come! 📈

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@eagleeyeswolf98 @DollarCostAvg long-term prosperity > short-term sugar rush

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@elkiks2_0 You are welcome brother ;)

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@DollarCostAvg $IREN is definitely one of the best risk / reward tickers out there right now.

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

@dasisjasolustig No deals yet, no model ;)

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

Model Release: AI Cloud & Colocation

We just released the in-house developed infrastructure model behind our $IREN work.

It lets you replicate any AI cloud or colocation lease and gives you exceptional insights into the economics of your favorite AI/HPC stock.

We have been developing and refining this model for well over 6 months, and we genuinely believe it is one of the most powerful tools out there for breaking down the economics of any AI cloud or colocation deal.

In this thread I'll walk you through everything there is to know. 🧵