Arggghh

[Tyler Page @rftylerpage]

I think you are oversimplifying the concept of “spot” rates for leasing. Generally, tenants are very interested in powered shells available in the near-term and become less interested in ones available further into the future. This relative level of interest is reflected in what they are willing to pay in rent. Leases that are being signed and announced now are typically for sites available 12-18 months out, and they are being signed at the highest rates we have seen. But if you ask a hyperscaler about what they would commit to pay right now for a long-term lease for a site available in 2030+ (if they would even be interested now), they might offer to pay 7-8% YOC. At those levels, we would not commit to a lease and will wait if we have such a site available.

The binding commitment we received here is for a lease starting 10 years from now at a rate in-line with today’s elevated market rates for powered shells available in the near-term from a very large and successful leading AI lab. This is a big deal and evidence of a long-term sustained demand environment in my opinion.

I saw a few other questions along the lines of “Why sign now? Why not wait?” Presumably this logic is based on the idea that we should just wait 8.5 years until interest will be higher. My answer is that we have never seen interest at today’s elevated rates for a lease starting that far in the future and it provides an excellent projected IRR on our investment. Also, if we follow that advice, why should we ever sign a lease at all? Just keep waiting for infinitely higher lease rates. I don’t believe that is a winning strategy.

Lastly, keep in mind that headline lease rates don’t tell the full story in an inflationary environment with fast-changing design and engineering standards. You need to consider other elements that can control your costs and financing risks. We are focused on maximizing a return on our investment while managing risks. (Note that this is also why revenue comparisons with neoclouds are somewhat irrelevant—they have a completely different cost and risk structure)

[BitcoinAIGuy @BitcoinAIGuy]

YOU ARE NOT BULLISH ENOUGH @chamath $IREN

[Stan @StanNRGY]

$IREN Spain just green-lit power for IREN’s first European AI campus ✅🇪🇸

IREN’s Badajoz campus (the Nostrum deal) got preliminary authorization for its grid hookup — 220 kV substation + two ~3.3 km underground lines at the Logistics Platform.⚡️

Specs in the filing: ~300 MW access at first, scalable toward 500 MVA. Stated capex ~€1.9B. ~330 jobs.✅

The part that matters:
planned operations are 2031.

https://t.co/aaWDyjUfqy

[Hardik Shah @AIStockSavvy]

$CIFR | Morgan Stanley 𝗺𝗮𝗶𝗻𝘁𝗮𝗶𝗻𝘀 𝗢𝘃𝗲𝗿𝘄𝗲𝗶𝗴𝗵𝘁 on 𝗖𝗶𝗽𝗵𝗲𝗿 𝗠𝗶𝗻𝗶𝗻𝗴, raises PT to $𝟱𝟰.𝟬𝟬 from $𝟰𝟯.𝟱𝟬

[The Tech Investor @TheTechInvest]

🚨JUST IN🚨

NORTHLAND INITIATES COVERAGE OF $IREN WITH AN OUTPERFORM RATING AND $99 PT

New Coverage

🔥🔥🔥

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

$IREN's institutional ownership is going ballistic

Shares held by institutions have grown by nearly 70% YTD.

And before anyone points out that $IREN's share count also increased over that period: yes, but not nearly as much.

Outstanding shares are up "only" ~19% since the start of the year.

In other words, institutional ownership has gone from around 42% to 60% in just three quarters.

While I typically don’t focus too much on what institutions are doing, there is a pretty clear trend developing here.

The average Wall Street analyst price target now sits around $80, while JPM, historically one of the most consistent $IREN bears, finally flipped bullish on Monday and upgraded the stock from Underweight to Overweight.

It seems like institutions and Wall Street are slowly catching on to where $IREN is heading...

[Arggghh @hidedejected]

@StanNRGY Facts.

[Arggghh @hidedejected]

@DustinHuntwn Democrats + Midterms with a smattering of Kamala and Obama being anti-AI... this is all an election season psyop.

[Arggghh @hidedejected]

@FransBakker9812 IMO Lone Star is using the land they purchased as a staging area for $IREN's multi-year build out. This will save on transportation costs for the project.

[Arggghh @hidedejected]

@RYOBItoolsusa thank you for making the worlds weakest tools.

[Arggghh @hidedejected]

@bitcoinbutcher1 @deepseek_ai @DarioAmodei @sama @elonmusk @danroberts0101 “we’ve contracted all our capacity for 2026 and 2027.”

Sure they can “slow down”. They don’t have the compute to speed up. Retail please give another chance at cheap shares!

[Arggghh @hidedejected]

@bitcoinbutcher1

[Arggghh @hidedejected]

@willyseggs @DarioAmodei Cheaper megawatts is the game. Stopping progress isn’t an option. Funding it with the cost of megawatt set to double again in 3 years is also not sustainable.

[Arggghh @hidedejected]

@DearS_o_n You are right. This is why you only pursue these two qualities.

Be someone you admire and always maintain your integrity. The approval or disapproval from others does not matter.

God is the only one who cares and matters. Trust me bro. 😎

[Arggghh @hidedejected]

@Agrippa_Inv Trusted partner who knows the organization becomes employee(dedicated resource) with predictable costs. Sounds like a good decision to me.

[Arggghh @hidedejected]

@ZeekTyt They sandbag news while institutions continue to load up while retail panic sells into the 'tutes loading zone.

[Arggghh @hidedejected]

@danroberts0101 @bitcoinbutcher1 @IREN_Ltd Well articulated and sentiment stabilizes with this type of transparency.

[Daniel Roberts @danroberts0101]

Goldman's CommTech conference, San Francisco. 48 hours of @IREN_Ltd investor meetings, and the mood has shifted meaningfully.

Key takeaways:

[Ben Gagnon @CaptainKeel]

Steel.

The grid.

The Internet.

Every generation builds its defining infrastructure.

At @keelinfra_ we’re building the foundation compute runs on.

This is our vision, in 90 seconds. Now watch what we do with it.

[Anawat @Anawatlbtb]

$KEEL Every partnership starts with a conversation. Earlier this year, our team met with Keel Infrastructure at our Durham Headquarters to see the opportunity ahead firsthand. What began as a site visit quickly became a shared vision: building the resilient energy infrastructure needed to support the next generation of digital growth.

Today, we announced our partnership with Keel Infrastructure on its Moses Lake Data Center Campus.

This video captures the beginning of that journey and the people behind it. Watch the highlights from our first visit to Moses Lake.

Read the full release on the partnership at: https://t.co/r3uQhEMYYa

#DataCenters #EnergyResilience #DigitalInfrastructure #MosesLake