YES PLS

Making the world a better place. #Bitcoin #financial Inclusion #Hope

[YES PLS @BTCYESPLS]

@Lazarus_Capital Are you a retard? They have been in the cue for 5-8 years fir these sites mate. You just either dont get it or are paid to non stop FUD IREN! Customers is the easy part man.

[YES PLS @BTCYESPLS]

@IREN_Ltd @StockTrader_Max Legends! ❤️💦

[YES PLS @BTCYESPLS]

@FransBakker9812 @IREN_Ltd Ant is wen not if now

[YES PLS @BTCYESPLS]

@_Sgr_A_Star @0xJokerFrog Great visual!

[YES PLS @BTCYESPLS]

@nvidia @MichaelDell IREN IREN IREN

[YES PLS @BTCYESPLS]

@jiahanjimliu I think they can outperform them and will also 😉

[YES PLS @BTCYESPLS]

This is just so good. Australia is ruining the once lucky Country! As Margaret Thatcher said: “the problem with socialism is you eventually run out of other people’s money"

https://t.co/ESvFRh6p2V

[YES PLS @BTCYESPLS]

How anyone can bag the IREN crew does my head in. Find me another stock that gets this level of detail and intellect from retail. Jim is a genius as are others imo. So grateful to have this guy and others. 🙏

[Jim Liu @jiahanjimliu]

$IREN: Financial Model 2.0.0

https://t.co/cNsypVJ1or

Summary
With more data from IREN's Q1 earnings call on buildout cadence (1), I made significant changes to the 1.2.5 financial model so this will be the first 2.0.0 version.

True to the ethos of the original model, the App allows the user to input all relevant variables and expose the App's calculation details in real time so that the user can audit and provide feedback.

Charting
As a corollary to the guidance on buildout guidance, we are able to implement great suggestions from @StockAnalystPro to chart "share price" vs "year". Additionally, the X and Y Axises can be selected so you can plot for example "share price" vs "MWs active" or "Earnings before Tax, SGA" vs "Market Cap".

I only read charts for TA. For FA, I'm always read numbers and never charts so there's probably improvements / suggestions that can be applied to improve the charting.

GPU Pricing Improvements
Previously I did improvement as a percentage of contract topline. Thanks to @GlobalCollapse for pointing out that's non-intuitive. I removed the odd mechanism completely and provide a flat GPU pricing for different years. For example I have "B300 - 2025 Pricing" which corresponds to both the unit price and hourly rate and "B300 - 2026 Pricing" correspondingly.

The default GPU pricing are either direct IREN datapoints or linearly extrapolated as described below.

Linear Extrapolation
I do mostly linear extrapolation. For example in the case of GPU pricing, IREN always gives GPU pricing included servers, Inter-rack Networking, cabling costs while publicly available figures are per GPU or per rack. To get IREN's all-in pricing for Vera Rubins I calculate = (IREN's All-In GB300 Price in 2025) * (Market Per GPU Vera Rubin in 2026) / (Market Per GPU GB300 in 2025).

Dilution
$IREN does Convertible Debt for their Datacenter Capex and GPU Backed Debt for their GPUs. Both the datacenter capex and GPU capex are subtracted off revenue before calculating "Earnings before Tax, SG&A". In practice this is equivalent to $IREN using revenue to pay off the convertible debt before it matures. Other Neoclouds like $NBIS also issues convertibles debt since it doesn't immediately count as dilution and can be paid back in cash. CRWV has more corporate debt which has higher interest rate but non-negotiable cash redemption.

On top of that I count 10% dilution per year up to 40% in 2029 to account for slippage in buying back convertibles even with the insurance that IREN buys and cost of site works, misc. In 2030+, cashflow should be strong enough so dilution stays at 40%.

Stock Price
The 2026 ARR supports a stock price of $94.63 while 2027 ARR supports $236.44 even though 2027 having lower PE and more dilution accounted for. This is because IREN has become a priority partnered of Nvidia and will get GPU deliveries that corresponds to their full buildout cadence with buildout guidance of 1210MW by 2027, a big jump from 480MW in 2026.

Important to note is that 2027 buildout will start with contracts signed in 2026 so in H2 2026 we may see partial pricing in of 2027 buildout as contracting gives market confidence on the supply side and concrete pricing.

Delays
IREN's build out cadence is bottleneck by GPU deliveries. Full system test of liquid cooling can only begin once the GPUs arrive so late GPU deliveries means late triaging of liquid cooling bugs. Then stress test networking scripts can only be run for long amounts of time after liquid cooling system is fully validated.

As you can see there is only so much theory preparation you can do. In engineering, debugging the real hardware is a process with many sequential locks.

Other
I'm pretty busy these days so my commentary is incomplete but number savy people like @_Sgr_A_Star, @GyujinAAIG might be able to good commentary on numbers. @_Sgr_A_Star has a great model for very zoomed in tracking of earnings financials that can probably validate or invalidate some elements of my model. I welcome feedback from everyone as that's the point of this open sourced model.

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

New $IREN Deep Dive

Our new $IREN deep dive is finally live!

It's honestly the most comprehensive report we have ever released and something I'm firmly convinced will age like fine wine.

Even though it goes into great depth, it's written in a way that virtually every investor can understand. I purposefully went light on industry and finance jargon, and whenever I did use technical terms I made sure to explain them properly.

This time around I've also unlocked the entire first chapter for free Substack subscribers to read.

So if you're on the fence, I encourage you to read the first pages to get a sense of the depth and analytical quality you can expect from the rest of the deep dive.

I'm sure every $IREN shareholder, analyst, or investor curious about the company will derive great value from this deep dive.

I very much appreciate everyone's patience. This one took a while.

Enjoy! ✌️

https://t.co/HUkfni8Ltf

[YES PLS @BTCYESPLS]

@CernunnosCap @danroberts0101 @HotAisle Done. Fly me there and I’ll fight you

[YES PLS @BTCYESPLS]

@CernunnosCap @danroberts0101 @HotAisle Remember it’s you v me mate. Man up

[YES PLS @BTCYESPLS]

@CernunnosCap @danroberts0101 @HotAisle Volk smash all you cunts

[YES PLS @BTCYESPLS]

@CernunnosCap @danroberts0101 @HotAisle In! Think Russia scares an Aussie. Shows how fucking gay you are pussy.

[YES PLS @BTCYESPLS]

@CernunnosCap @danroberts0101 @HotAisle Let’s cage fight

[YES PLS @BTCYESPLS]

@Lazarus_Capital Let’s just cage fight online

[YES PLS @BTCYESPLS]

@CernunnosCap @danroberts0101 @HotAisle Ok this is a line in the sand type retard post. Once we announce an Anthropic deal, deliver Horizons and NVIDIA plan their 5GW AI factory. Can I pay for you to ply to Sydney and fight me in a cage sir? Grow a pair or shut the fuck up cunt!