Gui Goossens

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

$IREN: No More Hyperscaler Deals?

$IREN investors should get accustomed to the fact that the thesis no longer hinges on large-scale hyperscaler deals.

In fact, committing large chunks of your pipeline to lower-margin hyperscaler contracts may be one of the least attractive things a neocloud can do in this market.

$IREN's revenue per MW has more than doubled since it signed its $MSFT deal less than 12 months ago.

At today's economics, the company is far better off building out a diversified portfolio of AI-native and large-scale enterprise customers rather than selling compute to what is essentially a middleman.

And before someone asks: no, frontier AI labs don't fall into that category.

Judging by what Anthropic is willing to pay, they're clearly leaving plenty of economics on the table for the cloud provider.

[MANDO TRADING @MandoTrading]

When the market is choppy, do you actually stand down… or do you start manufacturing trades?

[Frans Bakker @FransBakker9812]

Many $IREN investors are waiting for an announcement from the company, to remove any doubts around Sweetwater 2 being included in batch zero baseload.

At OnlyFrans, we prefer to follow the development facts, and as you can see in the time-lapse from the past 3 weeks, the progress is undeniable.

Matching the rendering, the top-view from the satellite shows that the bulk substation earthworks are showing the typical IREN proportions. Roughly 2/3 of the footprint for the 345kV network, and the 1/3 smaller footprint above for the 138kV network.

Further to the left, near the top of the image, we can see that the first signs for the two 300MW Primary substations are taking shape.

I expect civil works to start in Q4, and after the stormwater works at Sweetwater 1 are done, I expect the main focus of the work to be stormwater management, in parallel with building out the bulk, and primary substations.

Needless to say, Sweetwater 2 is batch zero baseload.

Sweetwater 2 is an early example of the market moving before the rulebook did. In March 2025, IREN committed roughly $31m to secure 600MW with AEP — ~$51.7k/MW. Nearly a year later, Texas settled on a $50k/MW financial-security benchmark (under CIAC) for large loads entering Batch Zero.

This means $IREN and AEP (the interconnecting TDSP for SW2) were already operating with the kind of financial commitment Texas would later require to separate real projects from speculative load requests.

In other words:
@IREN_Ltd was positioning its projects as real/financially committed rather than speculative well before Batch Zero forced everyone to do it.

Think about it, if anyone would be compliant to the batch zero baseload requirements, wouldn't it be the company that had completed CIAC (Contribution in Aid of Construction) a year before it became mandatory for everyone else?

I see a site progressing as if it's approved, and a connection progress that was completed before it became common knowledge.

And somehow there are people that doubt that IREN will add 600MW of power next year?

Now if you are interested to find out what else there is in batch zero baseload from IREN, you know where to go.

Long $IREN

[Shay Boloor @StockSavvyShay]

$ASTS is moving one of it its longest standing carrier partnerships toward commercial service with Rakuten planning a Japan launch as soon as this year that could support video calls.

Rakuten calls partnership “extremely critical” as it looks to use AST to extend its mobile network into areas traditional infrastructure struggles to reach.

[Shay Boloor @StockSavvyShay]

$IREN is now hiring operators from the hyperscalers it wants to compete with.

Nicholas Sandberg joins as Head of US Operations after 20 years across $ORCL and $AMZN AWS to help turn IREN’s expanding US power and data center footprint into a scaled AI infrastructure platform.

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

$IREN: The Good, The Bad, & The Ugly

We just released our new $IREN deep dive into last week's earnings results.

I've spent the past week going through everything; the call, the deck, the 10-K and the filings around it, and I can say this with full confidence....

I haven't seen a single sell side report or X post that covers these earnings anywhere near as comprehensively as this piece does.

As some of you may already know from my recent post, the biggest takeaway from $IREN's Q2 (FYQ4) earnings was the company's emerging financing flywheel.

$IREN has quietly built a structure of GPU financing, customer prepayments, and soon data center refinancing, all working together to fund the build-out without leaning on the equity market the way the company used to.

This report goes several levels deeper than that post, breaking down $IREN's evolving financing strategy piece by piece and showing why it's turning into a genuine moat that very few competitors can replicate. It fundamentally changes the dilution math this stock has been punished over for years.

I firmly believe this is the most important development since the company committed to building its own cloud, and most investors still haven't fully grasped what it means.

The entire first section covering the financing flywheel is free to read (no paywall). If you're on the fence, start there & get a sense of the depth you can expect from the rest.

The report also covers what genuinely disappointed me this quarter, from the Q4 2027 liquid-cooled timeline and what it says about $IREN's standing with $NVDA, to the soft AI Cloud print, to an IR track record that keeps undercutting one of the strongest stories in the sector.

Throughout it all, I'm reflecting on my broader $IREN thesis at large, so this is as much an assessment of where the company stands today as it is an earnings breakdown.

We also made a dozen custom graphics for this report, because topics like the flywheel are far easier to grasp visually, with supporting imagery, than through text alone.

As always, it's written so that virtually every investor can follow it. Whether you hold $IREN, cover it, or are considering a position, I'm certain you'll derive great value from this one.

Once you've read it, I'd love to hear your feedback in the comments. Thank you very much!

Enjoy! ✌️

https://t.co/hH5ZE40ehS

[MANDO TRADING @MandoTrading]

This is the only model I need.

THE MANDO MODEL

Liquidity + Market Structure Shift + Discount Imbalance

- Sweep liquidity
- Wait for the MSS
- Retrace into a discounted FVG (below 50% of the range)
- Enter.
- Stop at the low of the imbalance candle.
- Target opposing liquidity.

Do not chase breakouts.
HTF bias is king.
Works on any timeframe, any ticker.

Save this. Study it. No need to overcomplicate entries.

[Alexander Kristensen @AlexanderKr]

https://t.co/nB4r8cUJFi

[Stocks On Spaces @StocksOnSpaces]

https://t.co/2YsLTYWTKl

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

New $IREN Deep Dive

Our $IREN Q2(FYQ4) brekadown is dropping on Substack in less than 24 hours.

A major focus of the report is the company's emerging financing & capital flywheel, which is shaping up to be a real moat.

That entire section won't be paywalled (= free).

More on the report and the topics it covers tomorrow once it's live.

Cheers! ✌️

[Gui Goossens @_GuiGoossens]

@Jake__Wujastyk @CeoOndas ONDS

[MANDO TRADING @MandoTrading]

Daily bearish imbalances all around... 😱

$SPY $NQ

[MANDO TRADING @MandoTrading]

Some clips from today's live trading sesh...

Bookmark it for later. I think you'll like it 🔮

$SPY $QQQ

[Shay Boloor @StockSavvyShay]

Berenberg initiated $RKLB at Buy with an $83 price target calling it “perhaps the most compelling and differentiated long-term asset to own in the space sector.”

The note says Rocket Lab is the only public end-to-end space pure-play across launch, satellites, components and now spectrum with Electron dominating dedicated small lift while Neutron expands that position into medium lift.

Iridium takes that model one step further by adding scarce global spectrum and recurring applications revenue giving Rocket Lab another layer of vertical integration.

[Kris Patel 🇺🇸 @KrisPatel99]

Monday Night W/ Steve https://t.co/GuqQiO6oqd

[Stocks On Spaces @StocksOnSpaces]

https://t.co/4OZH2aihbJ

[MANDO TRADING @MandoTrading]

Little snippet from today's live session

[Small Cap Snipa @SmallCapSnipa]

$IREN CEO Dan Roberts full interview this morning on CNBC:

• Capex funding
• The bottleneck is bringing GPUs online
• Political pushback on data centers
• Global AI cloud footprint

[Shay Boloor @StockSavvyShay]

The next episode of THE DEEP END is all about $IREN.

Brad and I are recording it today and breaking down the following topics:

• What a neocloud actually is and what makes the model different
• How $IREN stacks up against $NBIS, $CRWV, $APLD, $CIFR and $WULF
• Why the company is so polarizing
• What ultimately has to go right for the stock to work

Drop any IREN questions you want us to tackle and we’ll try to get to a few at the end of the episode!

[Paper Gains @PaperGainsInc]

BACK TO BACK!
https://t.co/rgWzr7w4qy