Paul Cain

[Jake Howell @howellnatoyi]

WHY $IREN BE STRONGER THAN OTHER NECLOUDS!

🔥 IREN owns its land, power infrastructure, and data centers.

🔥 Less dependence on leased facilities.

🔥 More control over CapEx and expansion timing.

🔥 Less pressure to grow at any cost when financing gets expensive.

CEO Dan Roberts says IREN can afford to be patient and accelerate growth when market conditions improve.

Others may be forced to expand. $IREN has the flexibility to choose WHEN to expand.

That's the power of vertical integration. 💪

Follow me for more updates

[Paul Cain @PCainSt]

@wreckinralph222 @TheProfInvestor @wreckinralph222 beat it pal!!!

[Paul Cain @PCainSt]

@BitcoinAIGuy @NighthawkTradez 👃

[Paul Cain @PCainSt]

@DivesTech GPU prices go down. @danroberts0101 buys them at a discount. $IREN

[Paul Cain @PCainSt]

@TheProfInvestor Buy**

[Paul Cain @PCainSt]

@TheProfInvestor But $IREN and await the Anthropic IPO and subsequent $IREN deal plus expansion at $20-40 million per MW. Under NDA now. Quiet period ending. Priced in? Doubtful.

[Paul Cain @PCainSt]

@MarcusWallStX $IREN signed a deal with them, and on the call last week, Dan advised they expanded it.

[Scott David @BitcoinzC]

$IREN deal announcement?

Anthropic’s quiet period ends TOMORROW.

If they are the “Leading Frontier Lab”,
We should hear very soon.

[Sebastian_ @sebastian_ski]

$IREN moved its $4B+ ARR target from year-end to January on customer change orders. That's a delay, not a cancellation. 1.4 GW at Sweetwater 1 is already grid-connected, and the backlog sits at $20.3B. When power is the bottleneck, connected megawatts are the moat. Patient here. NFA

[Jae Kim @JaeKim1089208]

$IREN @jiahanjimliu

This is pure conjecture, but it seems realistic.

The new IREN deal at ~$22M per IT-MW annually for five years, with 90% of GPU capex prepaid, is almost certainly Anthropic.

Anthropic is the most likely company that has the combination of financial resources, enormous compute needs and willingness to make this massive long-term infrastructure deal. I can't think of any other company willing to do a 5-yr 22M per IT-MW deal. I believe $NBIS and $CRWV talked about deals for 20-25M per IT-MW for 1-3 years, but 5 years??

Since this deal was signed after September 30, it is not reflected in IREN's reported $20.3B backlog. It's all upside.

Potential backlog addition at ~$22M per IT-MW:

⚡ 25 MW → $550M ARR | $2.75B contract value
⚡ 50 MW → $1.10B ARR | $5.50B contract value
⚡ 75 MW → $1.65B ARR | $8.25B contract value
⚡ 100 MW → $2.20B ARR | $11.00B contract value

Know what you own.

[Calgary Flames @NHLFlames]

Welcome back, Cools!

[The Tech Investor @TheTechInvest]

Even $IREN CEO underestimated $IREN

8 months ago, he explicitly said:
"In our view, [we] can roughly generate $10M per MW versus 1.5 to $2M in colocation."

Yet, $IREN just signed:

1. 5Y deal at $22M per MW.

2. 3Y deal with Anthropic at $40M per MW including funding 90% of the GPU CapEx.

$100M to $150M per MW by 2028 is highly likely.

[Paul Cain @PCainSt]

@datacentrebull The pivot from Bitcoin mining to cloud revenue will be studied

[Paul Cain @PCainSt]

@jiahanjimliu Do they do a press release soon?

[Paul Cain @PCainSt]

$IREN

[Paul Cain @PCainSt]

@DGretta_Author They must do this. Normal.

[Paul Cain @PCainSt]

@Agrippa_Inv @huliwood Dan also said, a few times, the frontier lab deal was signed “a few days ago”

[Paul Cain @PCainSt]

@Agrippa_Inv @huliwood

[Paul Cain @PCainSt]

@Agrippa_Inv @huliwood

[Paul Cain @PCainSt]

@Agrippa_Inv @huliwood Dan also said, a few times, the frontier lab deal was signed “a few days ago”

[Paul Cain @PCainSt]

@DeItaone Strengthening relationship with $IREN