Hassan Ruzz

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[Hassan Ruzz @HassanRuzz]

@gogyal_taka @433 Wtf 🤣🤣

[Tradeify @Tradeify]

The league is here.

Welcome to the Premier Trading League - where futures traders compete for their place at the top.

$1M on the line.
Free to enter.
One champion.

Bigger stakes. Bigger stage. A league of its own.

This is PTL.

[Hassan Ruzz @HassanRuzz]

@__nilakshi @aphrosociety Thought the same bruv. That’s mad

[Hassan Ruzz @HassanRuzz]

@AmasPFT Enig brormand

[Hassan Ruzz @HassanRuzz]

@DingleberryBush @TheLongInvest @IsraeliPM I have guessed you are a stupid Jew

[Hassan Ruzz @HassanRuzz]

@hlrgen @TheLongInvest @IsraeliPM You are fuxikng are dumb.

[Hassan Ruzz @HassanRuzz]

@Jackazz19 @TheLongInvest @IsraeliPM Jesus huh, they guys you are protecting are telling out loud Jesus is burning in hell in human fences. Funxing prick

[Hassan Ruzz @HassanRuzz]

@richard_bakst @TheLongInvest @IsraeliPM Shut up, be realistic

[Hassan Ruzz @HassanRuzz]

@DiegoBTrades You trade your strategy. If your strategy don’t align with the PA, don’t trade. Is really simple. You don’t have to trade everyday.

Focus on the A+.

[Hassan Ruzz @HassanRuzz]

@MapleStax Bro depends on account and RR.

[Hassan Ruzz @HassanRuzz]

@iamdisplacement Ha ha ha you are funny bro

[Hassan Ruzz @HassanRuzz]

@bd13628 @ericjackson Why are you second-guessing this? Do your own due diligence and let that guide the decision — don't chicken out over it. That said, if Kaz's play works out, the risk/reward is only marginal

[Tree @Tree75769]

$IREN I’ve been seeing comments like:

“Sweetwater delayed to 2027.”
“They missed.”
“$30B capex = dilution to zero.”

So I did what I always do. I updated my active model — every piece of known IREN info, the 10-K, the transcript, the broker notes, plus alpha from @FransBakker9812 @Agrippa_Inv @jiahanjimliu @_Sgr_A_Star among others.

And honestly?

Almost every one of those fears is a misread.

Let me go through them.

1. Sweetwater was NOT delayed.

IREN never guided Q1 2027 for the first Sweetwater building.

Retail assumed it.

What the company actually said:

Air-cooled from Q1 2027.
Liquid-cooled from Q4 2027.

That’s the exact Childress timeline (~14 months steel to delivery)…

…applied to a building 6x bigger…

…built for Vera Rubin, which NVIDIA ships in volume in 2027.

Same cadence. Bigger box. Newer chip.

The 2027 target (0.8GW IT) didn’t move an inch.

2. The “miss” was a consensus problem, not a business problem.

Estimates ranged from $132M to $157M.

IREN printed $137M.

Beat the low. Missed the high. The high got quoted. 🤷

Meanwhile:

AI Cloud revenue DOUBLED quarter over quarter.
AI Cloud passed Bitcoin for the first time ever.

The $684M net loss? $450M of it is non-cash mining write-downs.

That’s the old business getting buried.

Not the new one struggling.

3. What was ACTUALLY said on the call:

✅ $4B contracted ARR. 2026 sold out.
✅ $1B operating today, rest live by December.
✅ 3-year pricing up 125% since November.
✅ Recent deals >$20M per MW. Discussions at ~$25M.
✅ ~2 year hardware payback.
✅ Customers prepay 45–55% of GPU cost.
✅ Lenders fund ~90%.
✅ Frontier AI lab signed.
✅ Together AI and Fireworks renewed AND expanded.

Dan said it best:

“New logos are proving demand, whereas renewals continue to prove ongoing delivery.”

Read that twice.

New customers prove demand exists.

Renewals prove the product works.

4. The dilution fear. Done honestly.

Yes, there are old converts that still become ~30M shares.

Yes, they’ll raise corporate capital. My model says ~$8B over two years. Half converts, half stock.

I end 2028 at ~565M shares and ~$23B of debt.

ALL of it counted.

But here’s the thing everyone skips:

On a contracted megawatt, customers prepay ~$15M, lenders fund ~$27M…

…shareholders fund about $4M.

That’s 9%.

And every data center IREN owns is STILL unencumbered.

That’s the next financing rail. Management said so on the call.

“Dilution to zero” requires ignoring that customers and lenders pay for 90%+ of every contracted megawatt.

5. Now the fun part. Where value actually lands.

Every share. Every dollar of debt. The Sweetwater timing.

All in.

Base case TODAY: $61.

Stock: $35.

Year-end base case: $75.

And I want to be clear — this is the CONSERVATIVE read.

The Street sits at $80–$99.

They get there by valuing IREN’s 5GW of empty pipeline at deal comps.

I don’t. I value contracts.

$75 is simply what the stock is worth once the market gets what management has ALREADY laid out for December:

→ Horizons 2–4 handed to Microsoft
→ $4B of ARR operating
→ 2027 capacity converting from “late-stage discussions” to signed at $20M+/MW

Stated plans. Not wishes.

Sweetwater’s first tranches in 2027 are the leg ABOVE that.

6. The only thing that matters from here.

Sweetwater’s first 300MW won’t be one Microsoft-style anchor.

Management has said THREE times they’ll sign it late, across multiple tenants, into rising prices.

So “no anchor yet” isn’t a problem.

It’s the plan working.

Watch for tranches through 2027.

First print above $16M/MW and the re-rate starts.

Nothing by Q3 2027 and I’m wrong. I’ll say so.

Risks I’m carrying:

A 2028 supply wave bending the pricing curve.
A convert struck at $50 instead of $70.
The March-quarter revenue lag letting the market wait.

I hold a position. This is my work, NFA.

Thanks to everyone who sold me shares today!

[Hassan Ruzz @HassanRuzz]

@sagelovebars 5-6x here

[Hassan Ruzz @HassanRuzz]

@mbguercio @TheLongInvest Maybe because they are helping Israel killing kids?

[Hassan Ruzz @HassanRuzz]

@NectonX6 He will be back, trust me.

[Hassan Ruzz @HassanRuzz]

@equipedefrance No France player on sight #Africaallstars 😍

[Hassan Ruzz @HassanRuzz]

@Man_redeemer @YashRMFC He is dead bro

[Hassan Ruzz @HassanRuzz]

@Bashachino @digitalchampi Not financial advice* 😂

[Hassan Ruzz @HassanRuzz]

@nklz0r @Sneak0o Stupid.