Sam

Owns $IREN, $NOW, $TSLA and $TLT leaps.

[Sam @Sammer_Q]

Lol.. $TSLA

[IREN @IREN_Ltd]

IREN has announced a planned 800MW data center campus in Bundey, South Australia. 

This marks IREN’s first announced Australian data center project and one of the largest in the Asia-Pacific region announced to date.

Learn more: https://t.co/3bOYCUG3pk

[Sam @Sammer_Q]

The OG holders remember the short report against $IREN

[GURGAVIN @gurgavin]

@tobi I RECENTLY ANALYZED EVERY SINGLE SHORT REPORT IN RECENT HISTORY

THIS WAS THE 11 WORST CALL OF ALL TIMES $SHOP

[Sam @Sammer_Q]

@smdcapital Over the past year I’ve trimmed my TSLA position and bought other stocks instead. Had a few multibaggers and now I’m more and more thinking about just selling the rest of my TSLA and putting it into other stuff. I can’t really think of a reason to not do it, lol.

[McFly @ilzmcfly]

For people that don't understand the movement between nebius and Iren:

$IREN
Contracts $13.6B(2026/2027)->Cur. Market Cap $17b
Price to sales Ratio = 1.25x

6 x $3.7B ARR = Market Cap $22.2b

$NBIS
Contracts $47B(2026/2027)-> Cur. Market Cap $50b
Price to sales Ratio = 1.06x

6 x $9B ARR = Market Cap $54b

Iren is actualy trading at higher P/S Ratio than Nebius, but that doesn't necessarily mean its a richer valuation.

its' justified 👇
Microsoft Bare-Metal deal:
------------------------------
- Payed off 300MW Datacenter
- 85% Project level EBIDTA Margins by not paying colocation fees.

Nvidia AI Cloud Deal:
-----------------------
- Fully Managed Cloud Solution Margins 40-50%
- most lucrative deal signed to date by a neo-cloud.

When $NBIS move from $80 to $190 it was justified, they signed a big bare-metal contract during the market being red in March and delivered revenue. Then got re-rated as we got out of the correction.

So while people like Serenity like to taunt Iren and compare it to nebius because "its not performing well because of dilution" it actually has nothing to do with Dilution. It's about contracted capacity and revenue.

Serenity just really hates Iren bulls because they got under its skin.

$iren guided 1210MW by 2027 and has 800MW left to contract.

They are sitting on $10.2B in cash between ATM, Converts and cash on hand. This doesn't include the potential pre-payments.

So when they start announcing contracts for their guided capacity dont start crying because it rips in your face. @aleabitoreddit

[McFly @ilzmcfly]

While $NBIS contracted most of their 2026/2027 GPU’s and Capacity for bare-metal, $IREN has been hoarding theirs for better rates and fully managed cloud solutions. Time to compute is important but dont be a fucken idiot and contract everything because dollars are being passed around.

Jensen and Michael have every intention of making $IREN succeed

[Metaman @coinreturns]

IREN's peers:
CRWV and NBIS each received roughly $2B in direct cash equity from Nvidia. Immediate capital for fast scaling, but at the cost of upfront dilution.

IREN:
5-year, $3.4B GPU compute contract with NVDA for 60 MW at $11.3M/MW. Nvidia also holds 5-year warrants for up to 30 million IREN shares at $70 ($2.1B potential), vesting with GPU deliveries up to ~600k units. The partnership targets IREN rolling out up to 5 GW of AI infrastructure. Aligning IREN’s entire ~5 GW secured power pipeline with NVIDIA’s DSX AI factory reference architecture for next-gen deployments (Blackwell, Vera Rubin, etc.).

You see? IREN’s financing is next level. It avoids near-term dilution entirely. It retains its $2.6B cash, stays fully funded for 2026 growth, and secures priority access to next-gen GPUs while NVDA pays as a customer. The warrants could bring in more capital later.

This setup favors stronger long-term unit economics, newer fleet mix, and cleaner balance sheet over pure speed. Market reaction looks like short-term optics disregarding the long-term strategic edge. It's analogous to the playbook $IREN used to kick a$$ as a ₿ miner, and the market is likely to catch on more quickly this time. 🚀

[Bloomberg @business]

Nvidia s investing as much as $2.1 billion in the data center developer IREN as part of a broader partnership between the two companies aimed at accelerating the construction of artificial intelligence infrastructure https://t.co/35254bbQ9w

[YES PLS @BTCYESPLS]

$IREN I think people are missing the bigger picture a bit here.

The NVDA rights only vest as 600k GPUs are actually deployed, so it’s not like IREN just handed away value upfront for nothing. NVIDIA only really benefits if IREN successfully scales.

And NVDA isn’t just some passive investor. They influence chip supply, deployment timelines, technical support, customer conversations, ecosystem credibility, and even financing confidence. That alignment can materially impact both the probability and pace of value creation.

Also worth thinking about the counterfactual. What is IREN worth without this level of NVIDIA alignment? The AI infra space has other players trying to scale into the ecosystem. Having NVIDIA strategically aligned potentially creates a real competitive advantage around access, execution speed, credibility, and customer acquisition.

Keeping 100% ownership of a slower, less certain path isn’t necessarily better than owning slightly less of a platform that scales much faster and more successfully.

So the real question isn’t just dilution in isolation, it’s whether partnering closely with NVIDIA meaningfully increases the odds of IREN becoming a top-tier AI infrastructure platform. I think it clearly does.

CONGRATS TO TEAM IREN!

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

3 Imminent $IREN Catalysts

Not many companies have as much going for them right now as $IREN does.

While management has been relatively quiet since the last earnings call, I believe we're standing right before a wave of major, thesis defining announcements.

1) Australia Expansion

Given that Australia is where $IREN was incorporated, one might expect the company to already be operational there. Yet as of today, Australia remains merely the home of its HQ.

That will likely change very soon...

Just a couple of months ago, $IREN announced a sponsorship of the Sydney Swans, a prominent AFL team. As an isolated event, I wouldn't have thought much of it. The company's CEO is an Australian Football coach himself, so it could have simply been management paying homage to the company's roots.

However, this sponsorship was accompanied by a sweeping marketing campaign across Australia.

$IREN has seemingly gone all out on visual ad spend, plastering full trams with the company's logo and tagline across multiple Australian states, while also putting up new billboards outside Sydney's airport and other notables places.

Knowing how cost disciplined management is, I seriously doubt they're burning all this money on nothing. I strongly believe the company is close to unveiling a major expansion into Australia.

Currently, there are rumors that $IREN has at least two new data center sites lined up: one in South Australia, and one in New South Wales.

With how aggressive the regional ad spend has been, I'd expect any new site announcement to be accompanied by large-scale customer contracts.

If I had to speculate on who $IREN's first major customer in Australia might be, I'd wager on Anthropic, who recently announced plans to open an office in Sydney.

2) Sweetwater 1 Energization + Deal

$IREN is likely just days or weeks away from energizing its largest site to date; the massive 1.4 GW Sweetwater 1 campus.

With data center projects across the industry missing delivery timelines, largely due to an inability to secure reliable power, Sweetwater 1 stands out as a true unicorn.

Having this much grid connected power concentrated at a single site is virtually unheard of, and positions Sweetwater as one of the most valuable assets in the sector.

Successful energization will undoubtedly elevate $IREN's standing among operators industry wide, putting its execution capabilities on full display while competitors face severe delays and outright project cancellations.

Management is also aggressively hiring for the Sweetwater campus, including night shift positions, a strong signal that the company is gearing up to develop new data centers at rapid speed around the clock, 24/7.

This tells me we're likely nearing the signing of a new large-scale anchor client deal, possibly with another hyperscaler or frontier AI lab.

My expectation is that the first tranche of the Sweetwater build-out will be designed entirely for liquid-cooled Rubins, with commissioning likely sometime in H1 2027.

3) Childress Expansion

While Sweetwater is currently getting all the attention, we shouldn't overlook $IREN's first Texas campus; the 750 MW large Childress site.

So far, $IREN has contracted 40% of the site's total capacity to Microsoft, 300 MW gross across 4 tranches (Horizon 1 to 4).

That leaves 450 MW still up for grabs.

With management clearly signaling its intention to fully convert the remainder of Childress into an air-cooled AI cloud campus, the runway potential remains enormous.

Over the coming weeks, I'm expecting one of two things: either $IREN announces a new multi-hundred MW cloud contract for Childress, or management lays out a concrete plan to convert the remaining 450 MW into a large-scale cloud hub for multiple enterprise clients.

Either way, the conversion of Childress's remaining capacity is likely to begin very soon.

As with Sweetwater, the company is also actively hiring night shift HSE advisors for Childress construction, once again signaling an intent to scale development rapidly (night shift = 24/7 construction).

On a side note, I'm also expecting the successful delivery of Horizon 1 this quarter to act as a meaningful catalyst for the company's competitive standing in the market.

General Thoughts

While I've covered each of these topics in depth in previous Substack reports, I believe the time has now come for this wave of catalysts to materialize.

It's also worth pointing out that most Wall Street analysts fail to see around the corner when it comes to $IREN's cloud expansion. For the most part, they simply react to what's directly in front of them.

That means $IREN is one of the rare stocks where retail investors can front run institutional capital, getting positioned before the catalysts materialize and before Wall Street prices them in accordingly.

The irony is that over the past few weeks, retail has been doing the exact opposite: panic selling right before what I expect to be a major re-rate of the stock.

Earlier this month I also heard many investors claim that $IREN couldn't move up before new large-scale deals or other catalysts materialized…

That's a very dangerous way to think.

Markets are inherently illogical. Trying to rationalize them is a mistake not only retail investors, but institutional ones too tend to make.

Last year, $IREN's share price increased by over 1,000% from its April lows, purely on the expectation of a deal being close. If you'd waited for the actual announcement, you would have entered around $70…

In any case, with these 3 major catalysts in front of us, I'm very much looking forward to the weeks ahead and especially to the Q1 earnings call.

NFA, but I wouldn't be surprised if the stock cracks $100 in May.

Images S/O: @FransBakker9812, @tempocap2

[Sam @Sammer_Q]

@TeslaTodd420 @Zerosumgame33 Buy high sell low, he only lost money with $IREN AFAIK.

[Sam @Sammer_Q]

@Cristia37175673 @TheTechInvest So true

[mon @moninvestor]

$IREN - If you bought this stock on the day of this post by Cramer, you’d be up 63%.

[Alexandra Semenova @alexandraandnyc]

wealth managers putting your money in an index fund

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

I’ve published a very comprehensive deep dive on exactly this topic, breaking down what makes $IREN unique not just as a cloud provider, but as a full-scale data center conglomerate.

You can read it for free below. Cheers! ✌️

https://t.co/TGc68dQ1Qf

[Money Qubit @moneyqubit]

This is exactly why $IREN is inevitable.
You can’t print power… and the world is waking up too late.

Everyone can raise capital.
Very few can secure scalable MW.

The winners won’t be the ones with the most GPUs -
it’s the ones who can actually energize them.

$IREN is not “another DC play.”
It’s the power moat in the AI arms race.

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

$IREN signing a $9.7b cloud contract with $MSFT is a thesis-defining moment for shareholders

For the last couple of years, doubters have argued that $IREN is just another $BTC miner or, in recent months, that they can’t compete with the likes of $NBIS or $CRWV because they lack "software orchestration".

Well, it turns out that all of these doubts were severely mis-guided.

Investors who did extensive research and analysis of the AI sector understood that it was always just a question of time — not merely because $IREN "has the power", but because they have world-class engineers and a one-of-a-kind CTO in Denis Skrinnikoff.

Combine that with excellent leadership at the top & this was a forgone conclusion.

Now keep in mind, this multibillion $ deal — which, on the surface, appears to have a very strong ROIC profile — barely encompasses 300 MW (gross) of $IREN's ~3 GW power portfolio.

There will be many more deals, whether in hyperscale cloud contracts or in the form of high-yielding “premium” colocation partnerships.

This is truly just the beginning...

Congrats @danroberts0101 & Team. Couldn’t be prouder as a shareholder today! 👏🎉

[Frans Bakker @FransBakker9812]

$IREN SECURES $9.7 BILLION AI CLOUD CONTRACT WITH MICROSOFT

[Sam @Sammer_Q]

@gr4mp5 @LordMoeLester

[TrendSpider @TrendSpider]

Six month ago today, $IREN was trading at $5.

We just broke $68 in pre-market.

WTF.

[Elon Musk @elonmusk]

Daddy is very much home.

Am burning the midnight oil with Optimus engineering on Friday night, then redeye overnight to Austin arriving 5am, wake up to have lunch with my kids and then spend all Saturday afternoon in deep technical reviews for the Tesla AI5 chip design.

Fly to Colossus II on Monday to walk the whole datacenter floor, review transformers and power production (excellent progress), depart midnight.

Then up to 12 hours of back to back meetings across all Tesla departments, but particular focus on AI/Autopilot, Optimus production plans and vehicle production/delivery.