Vex Broozer

Living the dream. Don’t wake me.

[Garry Tan @garrytan]

Reminder: the datacenter discourse is a documented psyop and they’re winning

[Daniel Roberts @danroberts0101]

Nine months ago we signed a contract. Today Microsoft has accepted delivery of Horizon 1: 50MW of direct-to-chip liquid cooled AI infrastructure, built, commissioned and handed over.

A greenfield build of this scale typically takes 2-3 years. Owning the land, the power, the substations and every workstream in between is how you compress that.

Proud of the 3,000+ people on site who make it happen. Three more Horizons to go this year.

[IREN @IREN_Ltd]

IREN will release its FY26 Results on Thursday, August 27, 2026.

Conference call to be held at 5:00pm (Eastern Time).

Register here: https://t.co/bJENJGVXLs

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

$IREN delivers Horizon 1 🚨

This is a massive de-risking event for the company & its shareholders.

Horizon 1 alone delivers nearly $500m of ARR.

With Prince George already fully online & Mackenzie being commissioned as you read this, Q3 & Q4 are looking very good.

[Vex Broozer @VexBroozer]

@GaaOptions Hell yeah brother

[Vex Broozer @VexBroozer]

@GaaOptions Lol crazy good trades today. Calls all day ftw

[Daniel Roberts @danroberts0101]

8 years ago Will and I started accumulating powered land because we thought compute would eat the world. Some weeks the market agrees with us more than others.

What we know today: demand for our capacity exceeds everything we can build, 85% of our $4bn+ 2026 target is signed, and there are thousands of people on our sites right now pouring concrete and racking GPUs.

We've been through way worse than this. Back to it.

[mon @moninvestor]

$IREN is currently valued at roughly $10.9 billion.

- Market cap: $10.87 billion
- Cash and cash equivalents: $7.6 billion
- 2026 AI Cloud ARR target: More than $4 billion
- New customer contracts: $2.8 billion
- Analyst consensus: Buy to Moderate Buy
- Average analyst price target: Around $82
- Institutional Ownership: At an all time high.

The cash balance alone represents around 70% of the company’s market cap, while the stock is valued at roughly 2.7 times its 2026 AI Cloud ARR target.

The difference between its market cap and its cash balance is only around $3.3 billion.

That valuation is ridiculous.

Demand is exceeding capacity, contracts are being signed, ARR guidance is rising and institutions are buying more shares.

IREN basically does not need everything to go perfectly from here. It only needs to deliver on what it has already announced for this valuation to look completely absurd.

The stock will not stay this low for long.

[Vex Broozer @VexBroozer]

@GaaOptions Keep slingin that shit brother, nothing quite like having a good chuckle and making a few bucks

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

The Golden Age of Neoclouds

I have just published my new deep dive on neoclouds and the cloud sector at large.

Everybody today is fixated on the hardware sellers and the model makers, and it's easy to understand why. $NVDA, $MU and $SKHY are the ones making all the money right now.

But look a little deeper and you can derive where the value flows next.

This deep dive guides you through how the neoclouds came to be in the first place, born out of a problem $NVDA had to solve, before working through the forces that will define what I call the golden age of neoclouds.

A period where extraordinary profits get minted, for the select few operators that overcome the single biggest problem this industry faces.

This piece is also unique in that it's a sector-wide thesis. What it covers doesn't just affect $IREN, but very much also the likes of $CRWV & $NBIS, and just as much $NVDA, $MU, $SKHY, and even $BE and $CAT.

If you hold or follow any of these names, the context in here is worth your time.

It covers NVIDIA's conundrum in detail, the coming shift in the hardware industry, the obstacle every ambitious cloud provider has to clear, and the window in time I define as the golden age.

It's a thoroughly researched piece, and the first chapter, ‘Inception’, is entirely free to read, even for non-subscribers.

If you've read it already, I'd love to hear your thoughts and takes in the comments. And if you found value in it, sharing it on X would mean a great deal to us.

We're also happy for people to post snippets of the report or share some of the custom graphics we made for it, as long as it stays fair use (no leaking of entire pages).

All we ask is that you credit us. We’d love to see these ideas reach a wider audience and contribute to the public discussion.

Wishing you all a great Sunday 🫶

Enjoy!

https://t.co/RBv9dU9Q9Y

[IREN @IREN_Ltd]

IREN has signed $2.8bn in new multi-year AI Cloud services contracts with leading AI developers and raised its year-end 2026 AI Cloud ARR target from $3.7bn to over $4.0bn.

“Our vertically integrated AI Cloud platform is scaling at pace. In the past 12 months we have expanded from approximately 3MW of self-built AI Cloud capacity to 480MW being delivered this year, with 1.2GW targeted for 2027, broadening our customer base across hyperscalers, enterprises and AI developers.”

“We are proud to support leading companies building frontier applications across design, physical AI and robotics, generative media, AI search and model development.” - @danroberts0101

Press release: https://t.co/7W3Ze0JThN

[Vex Broozer @VexBroozer]

@GaaOptions Thank you for putting in the work and actually sharing it. Fkn legend here folks.

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

Reflecting on $IREN

Over the last couple of days I spoke with multiple people in close contact with $IREN's management team, including investors who attended the RAISE Summit this week.

Given the insights I've gathered, I think it's an appropriate time to reflect on $IREN and share my latest thoughts.

It's no secret that $IREN has been somewhat slow on the commercial side, at least relative to the likes of $NBIS and $CRWV. I for one thought we'd have seen a Sweetwater deal by now, let alone substantial parts of the remaining Childress capacity pre-contracted.

So what's stopping $IREN from signing these multi-hundred MW deals?

In short, nothing is really "stopping" them. It comes down more to a few factors shaping their decision to hold off where other cloud providers perhaps wouldn't.

Based on management's comments both on and off camera, I can confidently say demand truly isn't the issue. Cloud capacity in this market is sparse and supply can't keep up. In fact, I've heard $IREN could easily sell out 100% of its 2027 capacity today if it wanted to.

The catch is that selling capacity which won't come online for another 6, 9, or 12 months yields significantly less than capacity arriving sooner. Customers want capacity today, and they're willing to pay a substantial premium for it.

So while selling far into the future might prop up the stock, commercially it may not be the most prudent strategy in this environment. That dynamic can obviously shift over time, but given how far supply sits behind demand, it won't change overnight, and as it stands, holding off as long as possible yields better long-term returns.

Not only do returns shrink the further out you pre-contract, but the available buyer pool shrinks with it. Selling capacity well into the future means gatekeeping much of the smaller, higher-margin clientele while mostly attracting the lower-paying hyperscalers.

As we know, $IREN is increasingly moving up the stack, effectively cutting out the middle-man that hyperscalers represent, as evident in their recent Mirantis acquisition. On that note, $IREN apparently has multiple LOIs and customer commitments for high-margin managed cloud services set to take effect once the Mirantis deal closes over the coming weeks.

I've now also heard several times that $IREN takes customer selection and contract structure extremely seriously. Creditworthiness matters, but management also wants clients that can scale their compute demand substantially as $IREN ramps capacity. The only near-term downside is that this due diligence takes time, yet the longer-term advantages of the approach are obvious.

Beyond contract timing and customer selection, I believe some of it also comes down to operational reasons.

We know the 1.4 GW Sweetwater campus is earmarked for the upcoming VR200 (Rubin) capacity, whose supply won't ramp until late this year into early next. That partly explains why the site isn't up and running already, since all they could lease out right now would be current Blackwell generation.

The flip side is that $IREN could simply build "Horizon-style" capacity at Sweetwater, the same style they're currently developing at Childress, since those facilities are fully capable of housing next-gen Rubins, and have them ready by early next year, right as NVIDIA fully ramps Rubin production.

And while $IREN is already doing foundation work at Sweetwater, it could still easily take another 3-4 quarters before we see operational capacity there.

So what's the holdup?

I believe a major reason for the slow ramp at Sweetwater is that they want to implement lessons learned from their Horizon build-outs at Childress, making the Sweetwater process more efficient, less costly, and thus more economical.

Here I want to give a big shoutout to my friend @FransBakker9812, who found that $IREN has recently developed proprietary methods to make elements of the construction process significantly more streamlined, saving time and cost across all future liquid-cooled builds.

He shared more specifics on that with his "Research” and “Founding” subscription tiers, which I recommend checking out.

I firmly believe what some might see as a relatively slow ramp, given $IREN's starting position, is management's way of doing things right. Start with the first liquid-cooled buildouts in Horizons 1-4, implement lessons from one Horizon batch to the next, then apply the full set of process and workflow improvements at Sweetwater.

This closely mirrors what $IREN has always done since its mining era, when it started small and progressively scaled its construction operations in both size and speed. A true construction flywheel.

Interestingly, I've just heard that $IREN plans to develop Sweetwater 1, Sweetwater 2, and the 1.6 GW Oklahoma site in parallel over the coming years. That shows just how exponential their construction ramp really is.

In short, I believe holding out on the next wave of contracts comes down to a few factors:

1) Signing well ahead of commissioning means giving up pricing upside and attracting only a small subset of clients.

2) Customer selection and contract structure are a big part of $IREN's long-term strategy. It takes more time than simply selling to the highest bidder, but should build stronger customer relationships over the long run.

3) Scaling construction in a controlled manner, carrying critical lessons from current builds into the next. Slow start, exponential growth curve.

None of this means we won't see any deals this year, but it does add color on why commercial progress on closing deals has been slower than many of us expected.

As for deal activity and my current expectations there, it helps to step back and consider how $IREN's near-term capacity is structured.

We should expect the 50k B300 units $IREN procured back in March to be fully contracted and installed by year-end, roughly 33k at Mackenzie and another ~17k at Childress. Apparently first deliveries for Mackenzie have already arrived and are being installed.

Given this progress, I'd expect $IREN to announce having contracted substantial parts of these air-cooled Blackwells by August earnings at the latest. This is the low-hanging fruit.

And worth noting, since $IREN first gave ARR guidance for that capacity, GPU rates across the board have moved up substantially. If they sign anything close to what they landed with the 60 MW NVIDIA deal, their year-end guidance of $3.7B should climb to at least $3.9-$4.1B.

Beyond this, there's plenty of 2027 capacity that could get contracted later this year, including 190 MW of air-cooled capacity at Childress, 30 MW at Canal Flats, 150 MW of liquid-cooled Horizon 5-6, and 300 MW of liquid-cooled capacity at Sweetwater 1.

We don't have guidance on when this capacity comes online next year or what the ramp schedule looks like, but since liquid-cooled greenfield development takes longer than retrofitting existing air-cooled buildings (currently mining BTC), I'd expect the remaining 220 MW of air-cooled capacity to come online within the first couple of quarters of 2027.

For that reason, I think the odds those few hundred MW get pre-contracted later this year are relatively high.

The trickier part is the 150 MW of Horizons 5-6 and the 300 MW of liquid-cooled Sweetwater capacity. I think there's a decent shot at least one of the two gets pre-contracted in 2026, especially if it's for a hyperscaler or a frontier lab, which are far more inclined to sign a few quarters ahead.

Either way, it's just a matter of time until contracts start flowing. It's clear to me that $IREN is playing the long game and isn't compromising long-term upside for short-term euphoria in the share price. As a long-term investor, I fully support that.

I do wish, however, that $IREN were a bit more open about strategy and roadmap. It's obvious they're holding their cards close to the chest, but I find management has been overly vague on strategy.

It takes investors like me piecing the puzzle together to make sense of how $IREN plans to scale into the next hyperscaler. Ironically, management does share a fair bit of interesting and useful information if you get the chance to meet them in person, yet on earnings calls they come across as overly reserved.

That said, the future looks bright, and I have no reason to get overly concerned about disappointing price action. With a bit of luck we're in for a string of positive catalysts, starting with the Horizon 1 handoff in a couple of weeks.

I also want to take a moment to thank @OMCapitalGroup, who did an excellent job gathering information and insights while attending RAISE this week.

If it weren't for his work, I wouldn't be nearly as informed, so big props to him for taking the time to travel all the way to Paris for $IREN due diligence and then going out of his way to keep me updated with everything he picked up, even putting some of my own questions to management directly.

He's relatively new to X, but he told me he's going to start posting shortly and jump into Frans' spaces more often. Do me a favor and give this fella a follow.

Have a good one, cheers! ✌️

Thumbnail Credit (enhanced version): @AndyDTrades

[ChinoAleman @chinoalemano]

Conspiracy time.

Is a big $IREN announcement coming this week?

Follow the breadcrumbs with me.

May 21. IREN lights up the Exosphere of the Las Vegas Sphere during Dell Tech World. Their official caption: "Turns out the next big thing is pretty big".

A teaser.

On a giant sphere.

That resolved into... nothing yet.

The line is still hanging there.

Now look at RAISE Summit.

July 8 and 9, Le Carrousel du Louvre, Paris.

One of the biggest AI stages in Europe.

Open their homepage: the entire hero visual is a giant glowing sphere.

And IREN is on the agenda with a full hour-long slot.

An hour.

Companies get panels.

Products get keynotes.

Now add the piece everyone forgot: IREN just bought Awaken, a creative and media agency.

An in-house marketing weapon, acquired weeks ago.

And yet, look at how the Warriors deal dropped.

The richest sponsorship in North American sports history, and there was barely a formal rollout.

The announcement looked straight out of ChatGPT.

No campaign, no film, no polish.

You buy a creative agency and then announce your biggest deal ever with AI-generated three lines?

Could be that the creative firepower isn't missing.

It's being saved.

So connect the dots.

A "pretty big" teaser on a sphere in May.

An in-house agency acquired and suspiciously quiet.

A summit wrapped in sphere imagery in July.

A full hour of stage time, three days from now.

Maybe it's pareidolia.

Maybe the sphere is just RAISE's branding, the hour is just a slot, and the agency is just for jersey ads.

Or maybe the next big thing needed a stage in the capital of European AI, one week into the fiscal year, with the whole coalition watching, and a launch campaign nobody has seen yet.

IREN Cloud has a nice ring to it in French.

Let's see.

This is not financial advice. Do your own research.

I'm long $IREN.

[ChinoAleman @chinoalemano]

The biggest catalyst nobody has priced in:

$IREN is going to be the next AWS.

And it isn't doing it alone.

It's doing it with $NVDA and $DELL standing behind it.

Let me explain why, because once you see the structure, you can't unsee it.

NVIDIA needs IREN to survive.

Not as a nice-to-have.

As a matter of strategy.

Think about NVIDIA's position.

Its three biggest customers, Microsoft, Google and Amazon, are all building their own chips to cut it out.

Maia.

TPU.

Trainium.

Every one of them is trying to escape.

So NVIDIA needs a generation of clouds that will never build their own silicon, that stay pure NVIDIA, and that grow big enough to be a real alternative to the hyperscalers.

That's IREN.

That's why NVIDIA is funding it, feeding it allocation, and building it into a giant.

If the loyal neoclouds fail, NVIDIA is left with nothing but the customers trying to replace it.

So NVIDIA will defend IREN to the death, because IREN is part of how NVIDIA stays the center of the entire ecosystem.

Now look at what IREN has stacked in a single year.

The density is staggering:

✓ NVIDIA Exemplar Cloud status, certified on the B300, NVIDIA's newest architecture. One of the few clouds on earth to earn it.

✓ Sweetwater 1, 1.4GW, energized on schedule. Disciplined execution on the scarcest input in AI: power.

✓ A direct $3.4B cloud contract with NVIDIA. The only software deal a neocloud has signed with a Mag7 company.

✓ NVIDIA's option to invest up to $2.1B in IREN, vesting as GPU infrastructure deploys. NVIDIA literally profits more the more IREN builds.

✓ Sweetwater chosen as the flagship deployment for NVIDIA's DSX AI factory architecture. Of all the neoclouds, IREN's site is the blueprint.

✓ A $3.4B to $3.7B ARR trajectory as the fleet scales toward 150,000 GPUs.

✓ The Mirantis acquisition, NVIDIA's own strategic partner, for the orchestration layer.

✓ European expansion through the Nostrum acquisition, adding 490MW.

✓ An 800MW data center announced in Australia. A 1.6GW campus announced in Oklahoma.

✓ A ~5GW secured power portfolio, owned, not leased, putting IREN among the largest in the entire space.

✓ A strategic partnership with NVIDIA to deploy up to 5GW of AI infrastructure.

✓ And a global pipeline still being disclosed.

Read that list again. Any single one of those would move a stock. IREN stacked all of them in a year, and the market is still pricing it like a former Bitcoin miner.

Now add the third leg.

Dell.

IREN signed a $1.6B deal with Dell for Blackwell systems.

So you have the full stack assembling: NVIDIA bringing the silicon and the ecosystem,

Dell bringing the systems and the hardware, and IREN bringing the power, the land, and the operation.

That's not a data center company.

That's the three layers of a hyperscaler being built in real time, by the companies that want to take AWS's place.

NVIDIA needs it to exist.

Dell is building it out.

And IREN owns the scarcest asset in the entire equation: the power.

The catalysts are real.

Most aren't priced in.

And the market is asleep.

You're not betting on a neocloud.

You're betting on the next AWS, with the most powerful company in tech making sure it gets built.

This is not financial advice. Do your own research.

I'm long IREN.

[Freedom By 40 @Freedom_By_40]

$IREN

The green moves are impulsive, the orange moves are corrective.

Corrections are necessary to reset indicators and build out bullish structure.

Video in the comments again idk why.

If you guys like the content please do share the videos/posts so I know it helps you.

[IREN @IREN_Ltd]

IREN has achieved @nvidia Exemplar Cloud status on NVIDIA HGX B300 for training workloads.

This status confirms that IREN's infrastructure performs within NVIDIA's reference performance targets across its full suite of benchmarking recipes, validated against NVIDIA reference architecture.

"IREN's achievement of NVIDIA Exemplar Cloud status reflects deep engineering collaboration between our teams and the quality of infrastructure behind IREN's AI Cloud, giving enterprises confidence to run their most demanding training workloads at scale." — Warren Barkley, VP Product Management, NVIDIA

Read full blog: https://t.co/GbdlTB3v79

[Vex Broozer @VexBroozer]

@MapleStax CBC

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

$SPCX & the Neo-Cloud Sector

Before getting into why I believe $SPCX could act as a positive tailwind for the broader neo-cloud space, let me first give you my quick take on the newly IPOed stock.

The way I see it, $SPCX is grossly overvalued, trading at an absurd P/S of well over 100. That's insane, especially when you consider they aren't even profitable. In fact, they posted net margins of NEGATIVE 26% in 2025.

In other words, $SPCX is the most expensive turd in the world.

I expect this stock to crash at minimum 50% over the coming 12 months peak to trough, and likely substantially more than that. I wouldn't be surprised to see $SPCX trade sub $1t market cap sometime next year.

That said, this seems obvious to everyone and appears to be the overwhelming consensus amongst investors.

Even most $SPCX bulls seem to hedge their bullishness by claiming to be in the stock for its "long-term" potential. Hardly anyone is bullish over the short-term.

Typically, when opinions are that one-sided, the complete opposite happens, which is what I'm expecting.

In other words, I believe the stock will follow something like this:

→ $SPCX does relatively well initially.

→ A good amount of bears and people on the fence capitulate, FOMOing in and leading to a multi-week / multi-month rally in the stock.

→ Then reality settles in, with the stock eventually crashing dramatically.

This pattern is supported by the fact that the initial float (amount of shares publicly available to trade) is incredibly tiny at sub 5%, while insider unlocks could lead to substantial selling pressure over the coming 3-6 months.

In any case, I don't have a horse in the race. I'm neither long nor short the stock. I'm just an observer.

However, as someone who is long $IREN, I do believe $SPCX could act as a strong tailwind for the broader neo-cloud sector.

Their management, namely Elon, is clearly trying to position SpaceX as an AI cloud provider, as evidenced by the recent deals signed with Anthropic and Google.

Much of the company's future revenue is now inherently tied to this segment.

Ironically, because $SPCX is this expensive, it makes the rest of the cloud sector, including pure plays like $IREN, $NBIS, and $CRWV, look cheap... comparatively speaking.

As a result, I wouldn't be surprised to see some $SPCX enthusiasm trickle over toward the rest of the neo-cloud sector.

[Vex Broozer @VexBroozer]

@GAAoptionsVIP Same. Shit happens. Looking forward to the next one.