Aplus Plumbing

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[Aplus Plumbing @Aplusplumbing12]

@4779capital Thanks Kyle, updates always hold a lot of value…

[Black Panther Capital @BlackPantherCap]

$IREN co-founders just got approved for a $1.14 billion pay package.

It lands a week after a $50 million a year Warriors jersey patch deal, and four months after a $6 billion ATM that replaced the $1 billion they’d already fully tapped.

The optics look like a management team spending someone else’s money. The mechanics say something different.

Here’s what the package actually is:

Nine million shares each, vesting in tranches through 2030. They have to hold every tranche two years before they can sell a single share. The board locked out any new grants until FY2031.

Now the number that matters. Each brother owns about 3.9% of IREN today, 14 million shares. Add the new grant and they’re each sitting on roughly 23 million shares once fully vested. Combined founder ownership pushes toward 12%.

That’s the same range Arkady Volozh holds at $NBIS, arguably the most founder-aligned name in this entire AI infrastructure trade. The Roberts brothers just bought themselves into that same tier.

Here’s the part I’m not waving away. This grant is the third major capital and spending decision from this board in four months, after the $6 billion ATM and the Warriors deal. Stack a nine-figure equity package on aggressive share issuance and a Bay Area sponsorship splash, and you get a leadership team spending like the AI Cloud ramp is already proven, when bitcoin mining still made up the majority of last quarter’s revenue.

A $1.14 billion pay packet reads like excess until you notice it’s the same bet Volozh made on Nebius: get paid in shares, get locked in for years, let the buildout do the talking.

The Roberts brothers just wagered four years of their own net worth on hitting numbers they haven’t hit yet.

I’m still long. But I also want the next earning to show results for the path forward. And based on recent activities and lack of PR I think @danroberts0101 owes retail some clarity.

-BP

Not financial advice.

[Aplus Plumbing @Aplusplumbing12]

@4779capital Kyle Happy Thanksgiving to you and your family, thanks for all you have done for us.

[Aplus Plumbing @Aplusplumbing12]

@4779capital Thanks Kyle always good to hear from you..

[Aplus Plumbing @Aplusplumbing12]

@4779capital Thanks Kyle looking forward to it..

[Aplus Plumbing @Aplusplumbing12]

@4779capital Thanks Kyle for reaching out.. you were 100% right they will not make this easy on you.. can’t wait for the harvest..

[Aplus Plumbing @Aplusplumbing12]

@4779capital Kyle thanks for reaching out

[Aplus Plumbing @Aplusplumbing12]

@4779capital Great update… Thanks Kyle

[Aplus Plumbing @Aplusplumbing12]

@4779capital Thanks Kyle a wise man once said if you no yourself and you no your enemy you need not fear 100 battles…

[Aplus Plumbing @Aplusplumbing12]

@4779capital Thanks for the update Kyle, fascinating to see how they push a narrative or use a narrative to their advantage, something i never saw until you pointed this out.

[Aplus Plumbing @Aplusplumbing12]

@4779capital Thanks Kyle that would he great. Hoping you could touch on your exit strategy a little and if you plan on rotating into a sector that is lagging behind some plus as others have mentioned a subscription service would be great…

[Aplus Plumbing @Aplusplumbing12]

@4779capital Happy new year Kyle, thank you for gifting us all your time & energy you put into this thesis.
I’m trying to mentally prepare for what lies ahead and how important it is going to be to quiet those voices inside the head.

[Aplus Plumbing @Aplusplumbing12]

@4779capital @Yorksdriveclean Not sure if you are comfortable answering this and that is okay.
But anything you have your eye on at this time. Cheers

[Aplus Plumbing @Aplusplumbing12]

@4779capital Thanks for the update Kyle greatly appreciate. I often wonder who is pulling the strings behind the scene have to admit they are good at what they do, not going to lie kind of looking forward to this being over soon .

[Aplus Plumbing @Aplusplumbing12]

@4779capital Thanks Kyle, really hoping someday you can tell us what you saw and how you were able to piece this all together.
If I sit back and think about it I am pretty amazed by it all.

[Aplus Plumbing @Aplusplumbing12]

@4779capital Happy Thanksgiving Kyle..
Thanks for everything you have done for us and most important being a man of your word..

[Aplus Plumbing @Aplusplumbing12]

@4779capital Thank you for your service Kyle and all the other great men and women who served this country and to all service members today…

[Aplus Plumbing @Aplusplumbing12]

@4779capital Kyle do you think they wait until the new administration is in place..
Thanks

[Aplus Plumbing @Aplusplumbing12]

@4779capital Awesome thanks Kyle..

[Aplus Plumbing @Aplusplumbing12]

@kellymurrayshow @kellyinvegas @vegasmurray Not sure if this was asked before.
Can you ask JM what odds would he put on The Doink (feild goal) and have the books ever discussed this..