HYTrades

Jesus is the Truth & Light, Tech CFO, AI Infra $IREN, BTC class of 2019, Happy Husband, Dad. All information is NFA - Formerly HYBitcoin

[HYTrades @HY_Trades]

@Tree75769 Nice Work Tree!! So much value here

[HYTrades @HY_Trades]

@Tree75769 Spot on Tree! Great discount imo on LD SP at $35 is incredible value

[HYTrades @HY_Trades]

@ilzmcfly Excellent work! You’re hired!

[HYTrades @HY_Trades]

@zerohedge $IREN has the power

[HYTrades @HY_Trades]

👀👀👀👀 $IREN

[₿itcoin ₿utcher 🥩 🐑 🐷 @bitcoinbutcher1]

12/31/27 $iren FWD ARR $15B

Listen to @danroberts0101 $iren call again and you will realize the assumptions I've detailed below are conservative. Dan outlined the benefits of DSX architecture for power usage as well as the untapped MW at existing projects. There's more revenue that I'm not showing out of conservativism.

This comes down to execution.

Did the team learn from the growing pains of H1 and Prince George? Dan acknowledged capacity is the constraint but $iren will remain an executional and dilutional risk in the eyes of the market until more capacity gets delivered without excessive equity issuance.

If the team improved its processes, than they will meet guidance and deliver capacity at great rates because the market lacks GW.

I want to relisten to the call and review the presentation in more detail, but anyone who comes away from that call without feeling optimistic about 2027 is missing the picture. With that said, IR and management have a lot of work to do to better communicate the story to the street.

Do not conflate your short term frustration with the long term setup.

[XCap @XCapitalMgmt]

Solid $IREN EC. At this point, Satya, Jensen, and Bezos (via Prometheus) are all customers - how many names like that are required before market realizes IREN is a serious player? And IREN added a leading frontier lab - there aren't many of those.

Active discussions at $25M per IT MW against 2027 capacity plan could put ARR at $15B+ by end of next year (vs. $4B contracted today).

Super encouraging on the financing front - ATM should be less of a factor going forward and @danroberts0101 couldn't hold back a smile when asked about datacenter financing for Horizons and the ability to potentially get capital back from datacenter builds before commissioning only spins the flywheel faster.

Renewals from existing customers matter - having confirmation of that is just as important as having delivered Horizon 1.

Revenue is still subscale but that should ramp in Nov/Feb/May ECs with the rest of Horizons + other 2026 capacity commissioning. With $4B contracted today, if they can get it all online (still an if) by end of year, the May print could be a $1B+ quarter (vs. <$100M AI cloud this past quarter).

Forward capex guidance without corresponding ARR guidance was the biggest disappointment, but that will have to be addressed in future ECs as it's unlikely they can fund the capex they're talking about without signing more contracts and collecting more prepayments.

Speaking of which, 2027 discussions characterized as "late stage" with 2028 conversations progressing in parallel is absolutely fantastic. The tightening of the market this summer with the Abbott pause has completely vindicated IREN's decision to wait to sign. That said, I'm excited to see what they come up with for Horizon 5-6, rest of Childress, and Sweetwater 1 (plus Canal) as they look to more than 2x+ their capacity next year.

I've been waiting for Sweetwater for years now and this EC felt like a bridge to it. Whether we get it in Nov, Feb, or May ECs, I'm good to keep waiting. But I don't think retail will. Net effect of this EC we probably see retail dump and the institutional shareholder count continue to grow. We'll see.

NFA / DYOR.

P.S. I'm consistently impressed with IREN's customer selection - interesting that they're building a physical AI sleeve in the portfolio with Figure AI and now Prometheus. And obviously NVIDIA will play a huge role in physical AI as well and they're also an IREN customer. Something to watch.

[YES PLS @BTCYESPLS]

$IREN EC was not a total flop like X is all saying for mine. The one huge miss for me was not giving the 2027 ARR yet dropping the capex. Everyone with half a brain can work it out that's its circa 14B and will only improve given market dynamics. SIGH...
Best part of the call for mine was how well financed we are and the mix. Equity dilution is going to be significantly lower than the market is pricing. I'm buying more. See ya at $150-$200 EOY 2027. (remember NBIS trade at circa 5x 2027 ARR) @IREN_Ltd @danroberts0101

[HYTrades @HY_Trades]

@danroberts0101 H2-H4 delivered in December quarter!! LFGoooooo

[Rosanna Prestia, MBA @RosannaInvests]

$IREN just reported $1B of ARR operating today, $4B contracted for year-end, and 2026 capacity sold out. New contracts are signing above $20M per MW with discussions at $25M, roughly double what the street models.

The bear case died on page one: $3.6B of investment grade GPU financing at 6%, another $2.8B from Blue Owl and PIMCO, $7.6B of cash, and $1.8B of customer prepayments already collected. Customers are paying years in advance for capacity that doesn't exist yet.

The headline "miss"? Bitcoin mining shrinking on schedule while AI Cloud grew 110% in a single quarter. The old business is being dismantled faster than the new one gets recognized. The contract book says which one wins.

Priced like a miner. Contracted like a utility. Growing like a hyperscaler.

Their words: the structural shortage of compute is deepening.⚡

Long $IREN
DYOR

[HYTrades @HY_Trades]

@DeepValueBagger Known write down of bitcoin miners. They tracking fine. Getting $20M-$25M/MW similar to $NBIS &amp; $CRWV

[HYTrades @HY_Trades]

@AvivArazi Well said!

[HYTrades @HY_Trades]

@TheBigBerbowski And paid for mainly by customer prepayments

[HYTrades @HY_Trades]

@TheBigBerbowski ROI in 2 years. Incredible return and will own the GPUs in perpetuity

[IREN @IREN_Ltd]

Execution at scale. From Childress and Sweetwater in Texas to Mackenzie, Prince George and Canal Flats in British Columbia.

IREN is building across multiple campuses simultaneously, with development advancing at Kiowa (Oklahoma), Bundey (Australia) and Badajoz (Spain).

Over 4,000 personnel. Millions of work-hours completed to date. Building at speed and scale.

That is the advantage of IREN's vertically integrated model.

[Jim Liu @jiahanjimliu]

https://t.co/4vz9n7Lt7d

[HYTrades @HY_Trades]

@jiahanjimliu Great analysis Jim!! TY!

[HYTrades @HY_Trades]

@RosannaInvests @cantonmeow Very small portion of 5GW contracted. Sooooo early!

[Frans Bakker @FransBakker9812]

$IREN Weekly Space - 8/23/2026

Join me and @bitcoinbutcher1 for another Sunday night space @ 9PM ET.

- IREN earnings predictions
- $NVDA price hike / earnings
- $CIFR drawdown
Everything AI infrastructure

Will be recorded

https://t.co/pAcEdW30Xw

[Garry Tan @garrytan]

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

[₿itcoin ₿utcher 🥩 🐑 🐷 @bitcoinbutcher1]

If you don’t like what’s being said, change the conversation

More states will learn how to frame data centers properly as economic engines that increase the tax base and may even result the abolishment of income tax in West Virginia