Erik

Trader & Investor in the future of space, drone and AI technology.
$ASTS, $RDW, $RKLB, $XTIA, $NVO, $ONDS, $IREN, $SLNH 🚀 🚀 🚀
Not financial advice.

[Lando @LandoInvests]

IREN: Frustration, Struggle, but Hope?

It's June 17:
> NBIS is nearly at $300/share (71B MC)
> CRWV is at $115/share (63B MC)
> Neoclouds running, and yet no deal for IREN
> Sentiment on X is actively souring, with investors openly questioning @IREN_Ltd
> Execution struggles, missed earnings, ATM dilution?

Looking at the surface, it feels like we made the wrong choice. IREN is lagging its peers while global compute demand sits at all-time highs. Management is diluting shareholders through convertible note offerings and ATM programs, all while staying relatively quiet on the PR front.

These are real struggles, and I am openly admitting to them. But does any of this change my core thesis on IREN or my view on management’s long-term execution?

Not in the slightest.

The opportunity cost of holding IREN over the past few months has been incredibly painful. But looking forward, the risk-to-reward ratio at the current price is heavily skewed in IREN's favor.

IREN in May/June:

May 1, 2026 – Energized Sweetwater 1: Grid-connected a massive 1.4GW substation facility

May 5, 2026 – Acquired Mirantis ($625M): Bought an enterprise cloud infrastructure and Kubernetes powerhouse to build a native software layer for their compute stack.

May 7, 2026 – The NVIDIA "Trifecta" Partnership: Secured a 5-year, $3.4 billion contract providing NVIDIA with managed cloud services using Blackwell GPUs, while granting NVIDIA options to buy up to 30 million shares at a fixed $70/share.

May 7, 2026 – Acquired Nostrum Group: 490MW of grid-connected capacity in Spain, establishing an immediate foothold in Europe.

May 11–14, 2026 – Raised $3.0B via Convertible Notes: Closed a private placement of 1.00% convertible notes due 2033. It hit the absolute $3.0B hard-cap due to overwhelming institutional demand and was paired with capped calls to mitigate dilution.

May 18, 2026 – Acquired Awaken Agency: Brought their long-standing external creative and media agency in-house to spearhead a global enterprise rebrand. (very fond of this)

May 26, 2026 – Targeted $4.4B ARR: Formally projected hitting an Annual Run-Rate Revenue target of $4.4 billion driven by upcoming Blackwell cluster deployments.

June 1, 2026 – Secured $3.65B GPU Financing: Closed an investment-grade, asset-backed facility specifically tailored to buy chips, while partnering with BE Networks to build NVIDIA DSX Air-architected "AI Factories."

June 3, 2026 – Announced Australian Data Center Campus: Signed a transmission connection agreement to back a planned 800MW mega-campus in South Australia.

Notes: Signed on as a Headline Sponsor for the massive RAISE Summit 2026 in Paris, while maintaining a 2-month rolling stock price average of $53.25.

The price action has been brutal, and the stock has mostly just consolidated. But look at what you are actually buying right now at a ~$20B valuation: 5.8 GW of secured power and only 2 major contracts locked in, with the NVIDIA contract priced out at current price. More contracts are inevitably coming in the next 1 to 5 months.

IREN did the hardest thing first: they went out and secured the power early. They bought Mirantis for software brains, diversified globally, and are networking aggressively with institutions and hyper-scalers.

I don’t have the rock-bottom cost basis that some early bulls on this platform have, and I’m not a TA wizard or professional analyst. I’m just a guy looking at a massive disconnect between real-world fundamentals and a stuck stock price. These mega-infrastructure transitions take time.

If you want a conservative roadmap for what to expect through July and August, here it is:

> On @FransBakker9812 X spaces, @mikealfred recently reiterated that IREN is on the absolute right track and will continue to catch people off guard with upcoming milestones.

> The RAISE Summit (July 8-9) is the most elite C-level AI conference in Europe, with an audience made up of nearly 80% executives. This is a monumental stage for @danroberts0101 to close European enterprise pipelines.

> I expect a major new contract announcement to drop either immediately before the Paris Summit or shortly after, by late August at the latest.

> Next earnings need to show the initial fruits of the pivot, with a massive ramp in realized AI revenue and clear operational beats to prove execution.

The last two months were entirely about securing the land, the power, and the multi-billion dollar financing. The next two months are when the actual commercial deals happen.

Trust the process. Trust your gut. Long $IREN.

[Erik @erikkars]

@nsinghal211 This is what the future of the Netherlands looks like too!

[Erik @erikkars]

@PatrickTwettert Ik heb 20% van mijn gevraagde #SpaceX aandelen toegewezen gekregen.

[Erik @erikkars]

@johhnyWalkerAZ Have fun and enjoy the game. I am a big ice hockey fan myself.

[Erik @erikkars]

@johhnyWalkerAZ Wow cool

[Erik @erikkars]

@Sozyuku 57

[Prof @TheProfInvestor]

Oh my Ondas.

$ONDS - you are handpicked.

Government officials are literally telling you which companies to focus on.

[Soluna @SolunaHoldings]

Power. Pipeline. AI infrastructure.

$SLNH CEO John Belizaire joins @disruptorinvest for a second interview on X Spaces.

Tuesday, June 2, at 2:00 pm EST.

Set your reminder:
https://t.co/b5JUsISBj3

@jbelizaireCEO

[Erik @erikkars]

@De_belegger $ZETA

[Erik @erikkars]

@De_belegger $ONDS 🚀🚀🚀

[Erik @erikkars]

I love $RDW 🚀🚀🚀🚀

[AST SpaceMobile @AST_SpaceMobile]

The last BlueBird in the convoy is on the move.

BlueBird 9 has officially left our Texas facilities and is heading to Cape Canaveral to reunite with BlueBirds 8 and 10.

Next stop: the launch pad.🚀 🚀 🚀 🚀 🚀 🚀 🚀 🚀 🚀 🚀

Built in Texas. Broadband from space. Designed to connect directly to everyday smartphones. 🌎📶📱

#ASTSpaceMobile #Broadband #ConnectingtheUnconnected #BlueBirds

[Redwire @Redwire]

🚀 Exciting milestone in lunar exploration!

Redwire, in collaboration with Added Value Solutions has successfully developed, tested and delivered its prototype lunar robotic arm: the Manipulator for Argonaut Payload Needs and Unloading Support (MANUS) to @esa.

Led by Redwire’s team in Luxembourg, this achievement marks significant progress for MANUS, as the team completed key milestones, including preliminary design and performance assessments before delivery.

MANUS could play a critical role in handling payloads and enabling efficient unloading on the Moon, contributing to the next generation of sustainable exploration.

Read more: https://t.co/SHkUYwy5vN

[Erik @erikkars]

@TheLongInvest In how many years do you think it will take to go 5 times?

[Nate Endicott @EndicottInvests]

$ZETA Partners with OpenAI to run advertising

LFG

[Erik @erikkars]

@cerebras @Nasdaq Congratulations

[Crypto Tice @CryptoTice_]

BREAKING:

It’s official.

Senator Lummis just confirmed it.
The CLARITY Act will pass.

With strong Democratic support.

This is not a rumor. Not a prediction.
A confirmation.

From the woman who fought harder for this bill than anyone alive.

Banks tried to kill it. Failed.
Brian Armstrong tried to kill it. Twice. Failed.
Democrats tried to kill it. Failed.

Now Democrats are voting yes.

$20,000,000,000,000 is about to enter this market.

The most important vote in crypto history.
Just became inevitable.

[Joel @growthrapidly]

$ONDS IS UP 23% TODAY!!!

[Johhnywalker @johhnyWalkerAZ]

$XTIA drop their Q1 numbers — $27.7M revenue from the Drone Nerds side, holding up solid with that $160M+ full-year guidance still in play. Margins improving, path to cash flow breakeven by Q3. Analysts have a $5.10 PT on it right now which would be a nice pop from here

[Cointelegraph @Cointelegraph]

🤖 INTERESTING: Reflex Robotics unveiled a home robot that can help with cooking, chores, and other daily household tasks.