FOF

$IREN $CIFR $BITF $LMND $XPEV

[Daniel Roberts @danroberts0101]

NVIDIA independently validated our B300 training performance across their benchmark suite, a status only a few achieve. Design, networking, software and operations tuned as one system. Owning the data centers, not renting them, helps keep cloud performance repeatable at scale.

[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

[FOF @fredrikof]

@DollarCostAvg Im tired boss

[Frans Bakker @FransBakker9812]

So overnight is a slaughterfest, and my tiny $PRIM position is looking extra rough.
Most of my plays from last week are not looking well, but so be it.

Last week I made a very nice return on a combination of closing $EOSE and $UAMY puts, as well as closing my previous $PRIM position at a nice gain.

If I would close out my new $PRIM position on this drawdown, I would erase my entire last week's gains, so I will probably hold on to it for a while, as the expiration for my synthetics is in September, the volume is marginal, and the CEO seems to have frontloaded all the negatives, while providing himself with plenty of time to do better going into the second half of this year.

What I learned from this event, is that execution is more important than just good earnings.

Derisking a business model or project, is in some cases more important than actually seeing the revenue recognized, even though in reality, it's a combination that mostly works in sync.

What it also showed, is that being transparant, upfront, and honest about your progress, is not being rewarded by the market for that fact alone.

$PRIM announced $2B of new business, which would be significant on a $4B market cap, would it not be that the market doesn't believe they will deliver it, until the current stalled projects are being delivered.

I could draw parallels with $NBIS in terms of being completely not transparant, or with $IREN in terms of not being believed that they can deliver on their projects.

It's obvious that Nebius is not granted the current valuation for just being vague about their unit economics. The real reason they are up this much, comes from the fact that they have shown to be able to deliver compute from mostly existing data centers, while simultaneously being able to monetize future projects, with hyperscaler deals.
Their earnings showed growth more than profitability, and the market loved it.

$IREN has not yet delivered meaningful AI revenue to date. And the slow ramp in 2026, paired with the delivery of Horizon 1 in Q3, has made the market weary of their ability to execute.

In this environment, striking new deals, would be received to a similar degree, as $PRIM trying to calm the markets with announcing a $2B deal.

The truth is, delivering deals, leads to pricing out execution risk, which in turn helps to lower financing risk.

-> Everything comes back to execution.
-> Profitability is nice to have, but not key in this part of the buildout.

I understand that this is a simplified approach, and the truth will most likely be somewhere in the middle.

I am convinced however, that $IREN will be delivering Horizon 1 next month, which will be the first in a series of events that will show that they can in fact execute, deliver, and subsequently recognize these revenues.

But where this may be reason for the market to start pricing out execution and financing risk, I think this is a turning point in profitability as well, and I strongly believe that that's exactly what the company is working on in the background.

Let's assume that the delivery of Horizon 1 is a milestone for the market, to believe that $IREN is able to deliver liquid-cooled, next generation, infrastructure and compute, to a hyperscaler customer.

What is going to happen when that milestone is met, and the company is immediately, subsequently, able to:
1. Show their AI revenue has a higher margin profile than their peers.
2. Demonstrate that their capex is being funded with a lower cost of capital than their peers.
3. And then signs a new deal with a hyperscaler or frontier lab.

This is the order where in I want IREN to deliver.
-> Deliver Horizon 1 to Microsoft.
-> Bring healthy operating income to the August earnings.
-> Showcase a low interest profile, paired with a prudent mix of equity and debt.
-> Sign Horizon 5-6.

Now of course, the deal for Horizon 5-6 could come at the same day as earnings. And I think that will not lead to the same correction we saw at last earnings.

The entire point I am trying to make, is the same point that I called a breaking point for my investment thesis for $IREN, and that is the delivery of the Microsoft deal, and delivering Horizon 1 is the milestone both me, and the market will need to see.

Everything else will be valued more accurately, as long as the main overhang of the Microsoft deal is gone.

$IREN did not have the luxury of a 75MW fully operational data center during their last 2 earnings, and sure enough the Prince George revenue will still not be even close to $NBIS in their last earnings.

But if we deliver Horizon 1, we will add 50MW of operational AI MWs to our portfolio, and that's a big milestone.

Make no mistake, the operational MWs are lagging the contracted MWs, and at the same token, the AI revenue is lagging the operational MWs.

But the gap is closing, and we are in the darkest night before the dawn.

I have the exact date of the completion of the 50MW supercluster of Horizon 1, and I AM BULLISH AF.

Nobody is going to tell me that IREN is not moving forward, because if you don't look at what's really happening, you either stay completely in the dark, or even worse: YOU MAY CONFUSE THE ORDER OF BUSINESS

I am just as much looking forward to the next deal as anyone, but signing a deal now will not yield the same results as doing it after Horizon 1 is delivered.

Get this in your head, and stop crying in the casino while the hedgefunds are playing ping-pong with your life savings.

IREN is being derisked EVERY SINGLE DAY, and I am here to report on that.

Fade the noise, and do your own research.
We are just getting started.

[FOF @fredrikof]

@BitcoinAIGuy Its been 84 years

[IREN @IREN_Ltd]

We're returning to @RaiseSummit this July 7-9 as Headline Sponsor. 

RAISE has long brought together the people shaping the future of AI infrastructure in Europe. It's a community we've been proud to be part of as we grow our presence in the European ecosystem. 

Europe is building out the foundations for AI at scale — and so are we. We look forward to seeing you in Paris.

[Cipher Digital @CipherInc]

Cipher Digital Announces Appointment of Bill Blevins as Head of Grid Strategies

Read full press release here: https://t.co/wnUCWoul9o

[IREN @IREN_Ltd]

Our vertically integrated AI Cloud platform has arrived in Europe.

Today, IREN announced it has completed the acquisition of Nostrum Group, adding 490MW of secured power in Spain to serve global demand for AI compute.

“Europe is one of the largest and fastest-growing markets for AI infrastructure, and Spain is among its most compelling entry points, with abundant renewables and strong fiber connectivity. Nostrum gives us secured power today along with a development pipeline and a great local team we're excited to work with.” - @danroberts0101

Learn more: https://t.co/f2ZWh6cBba

[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

[FOF @fredrikof]

@navajav5227 40’s?

[FOF @fredrikof]

@navajav5227 Poop

[Daniel Roberts @danroberts0101]

𝐓𝐡𝐞 𝐑𝐨𝐚𝐝 𝐀𝐡𝐞𝐚𝐝

IREN has been building Layer 1 for eight years. We are deploying Layer 2 at scale right now. And with Mirantis, we have taken the first deliberate step toward Layer 3.

The physical infrastructure advantage comes first.

Everything else compounds from there.

It has become almost cliché to say we are still in the early innings. But it genuinely feels that way. The opportunity feels generational. We have assembled the key inputs to be in a position to compound a genuine time-locked competitive advantage – and right now, the biggest opportunity in the world is simply bringing more of that compute online. These journeys are rarely linear. There will be speed bumps and challenges along the way that we cannot yet see. But we have never been more excited about what lies ahead, and intend to make the most of it.

[Daniel Roberts @danroberts0101]

𝐓𝐡𝐫𝐞𝐞 𝐋𝐚𝐲𝐞𝐫𝐬. 𝐎𝐧𝐞 𝐂𝐨𝐦𝐩𝐨𝐮𝐧𝐝𝐢𝐧𝐠 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞. 𝐓𝐡𝐞 𝐈𝐑𝐄𝐍 𝐓𝐡𝐞𝐬𝐢𝐬.

There's been a lot happening at IREN recently.

Expansion across North America, Europe and Asia-Pacific.

The NVIDIA partnership.
The Mirantis acquisition.
New GPU deployments.
New customer discussions.
A growing global footprint.

Underneath all of it is a fairly simple view of where the world is heading, and a deliberate strategy for how we position IREN within it.

That strategy is built on three layers. Together, they compound into a structural advantage that gets harder to replicate every quarter we execute.

Layer 1: Physical infrastructure. Power, land, substations, data centers, cooling. The foundation that everything else sits on.

Layer 2: Compute infrastructure. The GPUs, servers and networking that go inside those buildings. Deployed at scale. Generating revenue. Building execution track record.

Layer 3: Software and operational capability. The orchestration, deployment tooling and enterprise expertise that makes the first two layers work harder for customers, and opens the door to a broader, higher-value market over time.

Layers 1 and 2 are where the overwhelming majority of IREN's value is being created today. Layer 3 is where that advantage compounds further over time, but only because Layers 1 and 2 are built, owned and controlled at scale by IREN, not subscale nor contracted from a third party.

Think of Amazon. They didn't win e-commerce by building a great website. They won it by controlling the fulfilment infrastructure at a scale nobody else could replicate. The foundation you don't control becomes the ceiling on your business.

That is exactly how we think about IREN. The physical infrastructure - the land, the power, the substations, the data centers - is owned and controlled by us. The compute deployed into it generates the revenue and execution track record. And the software, orchestration and enterprise capability we are more methodically building on top is what turns the total product into a vertically integrated AI Cloud platform that compounds over time and deepens into a competitive moat.

AI is still early. The bottleneck is increasingly physical. And we have spent eight years building the foundations.

[Daniel Roberts @danroberts0101]

𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐀 𝐆𝐥𝐨𝐛𝐚𝐥 𝐏𝐥𝐚𝐭𝐟𝐨𝐫𝐦

A big part of our strategy has been building at scale, and building globally.

Today IREN has secured power and active development pipelines across Texas, British Columbia, Oklahoma, Spain, Australia, and more. Five gigawatts of secured, grid-connected capacity in total. Multiples of that coming behind it.

AI demand is global. The infrastructure layer supporting it needs to be global too. Capital and customer diversification across regions reduces concentration risk and strengthens the overall platform. Some customers care about latency. Some care about data sovereignty. Some care about renewable power. Some simply need capacity wherever it exists.

Europe is one of the largest and fastest-growing AI demand markets in the world, and it is significantly underserved from an infrastructure perspective. Asia-Pacific is home to roughly 60% of the world's population and some of the fastest-growing AI adoption on earth, with an infrastructure deficit to match. The supply simply does not exist at the scale the demand requires, and building it takes years – if you can find it.

Our Spain footprint positions us directly in the European market. Our Australia pipeline with direct submarine fibre connectivity to Japan and Singapore anchors our Asia-Pacific presence. And for customers where data residency matters, consider a company operating under GDPR: routing sensitive workloads through a Texas data centre may simply not be an option, regardless of how competitive the pricing is. Regional infrastructure may not just be a preference for those customers. It may simply be a requirement.

[IREN @IREN_Ltd]

IREN has acquired Awaken, a creative and media agency specializing in content strategy and brand development for high-growth companies.

Senior members of the team will join IREN, including Founder and CEO Chris Parker, who will lead IREN's brand and marketing strategy.

Daniel Roberts, Co-Founder and Co-CEO of IREN, commented: “As we expand across new geographies and customer segments, brand awareness and customer engagement become increasingly important. Chris and the Awaken team have been trusted partners to IREN for some time, and bringing those capabilities in-house was a natural next step as the platform continues to scale."

Learn more: https://t.co/DJxAquJ1CM

[FOF @fredrikof]

@BitcoinAIGuy I know

[FOF @fredrikof]

@BitcoinAIGuy People should think more about Iren long term, than their health short term.

[FOF @fredrikof]

@BitcoinAIGuy Soon

[Yahoo Finance @YahooFinance]

The "strategic partnership" includes two distinct parts:

1. A $3.4 billion five-year AI cloud contract
2. To accelerate the deployment of up to five gigawatts of AI infrastructure

[FOF @fredrikof]

@wallstengine You the man!