Hage

IREN | HOOD | KEEL | SMCI

Personal finance enthousiast | NFA

[TheEnergyMag @TheEnergyMag]

JUST IN: @CleanSpark_Inc $CLSK has signed a 20-year infrastructure lease with a high-investment-grade global technology company at its Sandersville, Georgia, campus.

Key figures:

• $6.6B in contracted revenue over the initial term
• $11.6B if two 5-year extensions are exercised
• About $330M in average annual NOI contribution
• Nearly 100% cumulative NOI contribution margin
• $10M-$12M estimated landlord cost per MW of critical IT load
• Triple-net lease with annual escalators

The tenant also secured exclusivity over CleanSpark’s entire Texas portfolio: 718 acres with up to 885 MW of secured and planned power capacity.

[Hage @HageFinancial]

@OInvests @Lazarus_Capital @Agrippa_Inv This is not true tbh, it has not been quiet in the sector

[Keel Infrastructure @keelinfra_]

Today we announced the appointment of Ganesh Aiyer as President of $KEEL.

He joins us from one of the world's largest data center platforms with 25 years in commercial strategy, and will lead our commercial and pipeline expansion.

https://t.co/WoeAwb9UsR

[Hage @HageFinancial]

@SmallCapSnipa TWENTY YEARS? What the fuck

[Hage @HageFinancial]

@FransBakker9812 @MirantisIT @IREN_Ltd @NVIDIAAIInfra @RaiseSummit The worst is most likely behind us, timing of various announcements is still very much crucial though if we are behind on delivery or lag ai revenue on earnings

[Hage @HageFinancial]

@OInvests There is an interesting rotation of 'finfluencers' happening in regards to $IREN but i cannot be assed to look deeper into it

[Hage @HageFinancial]

TLDR: I don’t expect a direct headline of Anthropic signing with $IREN . Instead, NVIDIA ($NVDA ) (or a traditional hyperscaler) will likely act as the middleman, with Anthropic receiving the capacity downstream.

[Hage @HageFinancial]

Recently I noticed that for $IREN the headlines have drifted from hyperscalers being the most prominent candidates for their deal to it being Anthropic directly. From Anthropic’s own statements they are still heavily on Trainium (AWS $AMZN ) and GCP TPUs($GOOG ) for training and parts of inference. At the same time, they have published large-scale LOIs for dedicated data center capacity, pointing toward multi-site, gigawatt-scale compute commitments outside the classic hyperscaler leasing model.

$IREN , meanwhile, is building itself to be a vertically integrated AI cloud operator, with NVIDIA($NVDA ) Vera Rubin systems and orchestration software layers (including @MirantisIT ) designed to support full-stack GPU workloads across training and inference.

The big question this leaves us with is whether @AnthropicAI is already at a stage where it can realistically execute more direct, solo infrastructure deals at this scale, or whether it still structurally depends on hyperscalers to make those deployments viable in practice.

Anthropic is already diversifying its compute across multiple providers, which points to interest in more direct infrastructure deals. However, gigawatt scale capacity still requires enormous capital commitments and the ability to carry significant balance sheet exposure something hyperscalers are structurally better positioned to handle than a "start-up" like Anthropic that is still unprofitable.

A stronger counter-thesis is that the most logical outcome isn’t a pure direct deal or continued hyperscaler dominance, but a NVIDIA mediated path through IREN’s Sweetwater campus. With NVIDIA already designating Sweetwater as its DSX flagship site and maintaining an active technology partnership with Anthropic around Rubin systems, this structure would give Anthropic dedicated, optimized NVIDIA capacity with more control than traditional cloud leasing, while still benefiting from NVIDIA’s architecture and validation.

I think Anthropic’s deals will be less headline-driven than what we saw with OpenAI and the market reactions last year. For $IREN, a hyperscaler or NVIDIA-linked deal still looks more likely to me than a direct Anthropic gigawatt commitment.

[Hage @HageFinancial]

$IREN now is a very good buy. On successful execution on the $4.4B ARR (Microsoft + other contracts + BC/Childress GPU utilization), which can be expected to be announced at earnings, at current market cap brings forward P/E to about 7. Which for a high-beta AI name is incredibly cheap.

We have more than just this in the pipeline.

[Hage @HageFinancial]

People pointed to b-class share structures. $IREN specifically does not utilize a standard b-class share structure. From their own filing "The holders of B Class shares are entitled to vote at general meetings of shareholders. Each B Class shareholder
is entitled on a poll, to 15 votes for each ordinary share held by the holder of a B Class share." So the RSU massively improves their power

Its not that dark of a thesis but im starting to feel that im right on this lmao:
Without RSUs > brothers fall to 48% after two or three (expected) capital raises.
With RSUs → brothers remain at or over 52% with ease

[Hage @HageFinancial]

Alternative angle time:
What if @danroberts0101 needed this massive RSU package as "dilution insurance" to preserve their voting power while aggressively issuing new shares to fund $IREN expansion (which would also dilute management)?

By securing a dominant block of ordinary shares, they could retain effective control if a player like $NVDA or a private equity firm ever tried to accumulate a controlling stake or force a takeover.

More of a chess move than simple arrogance.
@mikealfred @brianfry01 @jiahanjimliu @FransBakker9812 @BitcoinAIGuy

[Hage @HageFinancial]

@SSage57465 Not random. It's a forward P/E based on successful execution of ~$4.4B ARR and the current market cap. Assuming AI cloud margins are achieved, the implied earnings put $IREN at roughly 7x forward P/E. It's an execution-case estimate.

[Hage @HageFinancial]

$IREN now is a very good buy. On successful execution on the $4.4B ARR (Microsoft + other contracts + BC/Childress GPU utilization), which can be expected to be announced at earnings, at current market cap brings forward P/E to about 7. Which for a high-beta AI name is incredibly cheap.

We have more than just this in the pipeline.

[Hage @HageFinancial]

@SumaCumBarden @danroberts0101 Damn okay, thought you were out there in the field making deals

[Hage @HageFinancial]

Alternative angle time:
What if @danroberts0101 needed this massive RSU package as "dilution insurance" to preserve their voting power while aggressively issuing new shares to fund $IREN expansion (which would also dilute management)?

By securing a dominant block of ordinary shares, they could retain effective control if a player like $NVDA or a private equity firm ever tried to accumulate a controlling stake or force a takeover.

More of a chess move than simple arrogance.
@mikealfred @brianfry01 @jiahanjimliu @FransBakker9812 @BitcoinAIGuy

[Hage @HageFinancial]

@SumaCumBarden @danroberts0101 You don't buy a whore, you rent one?

[Hage @HageFinancial]

@Franchise9494 @danroberts0101 Thanks!

[Hage @HageFinancial]

@mikealfred I disagree with your style but at least I respect you for being approachable in the digital office of X. The other independent board members should be too.

[Hage @HageFinancial]

@FransBakker9812 Hey Frans, volgens mij ben ik er perongeluk achtergekomen waar de RSU daadwerkelijk voor dienen:
https://t.co/J23XnLLwrV

[Hage @HageFinancial]

Alternative angle time:
What if @danroberts0101 needed this massive RSU package as "dilution insurance" to preserve their voting power while aggressively issuing new shares to fund $IREN expansion (which would also dilute management)?

By securing a dominant block of ordinary shares, they could retain effective control if a player like $NVDA or a private equity firm ever tried to accumulate a controlling stake or force a takeover.

More of a chess move than simple arrogance.
@mikealfred @brianfry01 @jiahanjimliu @FransBakker9812 @BitcoinAIGuy

[Hage @HageFinancial]

People pointed to b-class share structures. $IREN specifically does not utilize a standard b-class share structure. From their own filing "The holders of B Class shares are entitled to vote at general meetings of shareholders. Each B Class shareholder
is entitled on a poll, to 15 votes for each ordinary share held by the holder of a B Class share." So the RSU massively improves their power

Its not that dark of a thesis but im starting to feel that im right on this lmao:
Without RSUs > brothers fall to 48% after two or three (expected) capital raises.
With RSUs → brothers remain at or over 52% with ease

[Hage @HageFinancial]

@Mario20253035 @jiahanjimliu @neel_epochal @danroberts0101 I can see both sides and my instinct is to not like the time-based rsu's but there can be different angles at play. I like your thoughts Mario. Also people must not forget that we are in a negative spiral and this can be the cherry on top if misunderstood
https://t.co/J23XnLLwrV

[Hage @HageFinancial]

Alternative angle time:
What if @danroberts0101 needed this massive RSU package as "dilution insurance" to preserve their voting power while aggressively issuing new shares to fund $IREN expansion (which would also dilute management)?

By securing a dominant block of ordinary shares, they could retain effective control if a player like $NVDA or a private equity firm ever tried to accumulate a controlling stake or force a takeover.

More of a chess move than simple arrogance.
@mikealfred @brianfry01 @jiahanjimliu @FransBakker9812 @BitcoinAIGuy