Alex Grant

Whether you think you can, or think you can't, you're right.

$iren $cifr $wulf

[Alex Grant @TheRealAGrant]

it's always darkest before the dawn...

$iren

[Alex Grant @TheRealAGrant]

@Tree75769 🎯🎯🎯

[Alex Grant @TheRealAGrant]

@abhiisreal @mikealfred 🚀🚀🚀

[Alex Grant @TheRealAGrant]

@mikealfred 🚀🚀🚀

[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

[Alex Grant @TheRealAGrant]

@marc02200 Check out $ASST

[Alex Grant @TheRealAGrant]

@BitcoinAIGuy I would keep it quiet :)

$iren
$cifr

[Alex Grant @TheRealAGrant]

@navajav5227 ruh-roh ...

$iren

[Alex Grant @TheRealAGrant]

@navajav5227 @sports_lamb I fear for your financial wellbeing...

$iren

[BitcoinAIGuy @BitcoinAIGuy]

MASSIVE $46M DARKPOOL ORDER AFTER HOURS $IREN

$125.8M IN DARK POOL ORDERS TODAY!

[Alex Grant @TheRealAGrant]

@navajav5227 lol
$iren

[Alex Grant @TheRealAGrant]

@JaguarAnalytics @mikealfred We love him but his troll game is unmatched

[Alex Grant @TheRealAGrant]

@mikealfred Leggo 🚀

[Alex Grant @TheRealAGrant]

@chinoalemano @solidasarock77 🤣🤣🤣

[Alex Grant @TheRealAGrant]

@danroberts0101 Go get’em @danroberts0101 🚀🚀🚀

[Kerdos Capital @kerdoscapital]

$IREN

I want to clear something up about IREN's financing position because I don't think enough people understand how well structured this actually is.

IREN has already deployed ~$2.9B of the $5.8B $MSFT GPU buildout — roughly half — with the remaining Dell tranches scheduled to ship in H2 2026. Per the original 8-K: "GPUs and ancillary products and services, scheduled to be delivered in several tranches from March 2026, for an aggregate purchase price of approximately $5.8 billion payable in installments within 30 days of each tranche shipping." The remaining ~$2.9B will almost certainly come from the $3.6B Goldman Sachs & JPMorgan delayed-draw facility at <6% — secured by the GPUs and Microsoft's own contracted cash flows. Their financing, combined with Microsoft's $1.94B prepayment, covers roughly 95% of GPU-related capex. The balance sheet cash barely needs to be touched.

The $NVDA deal ($3.4B over 5 years) will likely follow the exact same playbook — GPU-backed financing plus a potential NVIDIA prepayment mirroring what Microsoft did. And NVIDIA isn't just a customer here. They hold investment rights to purchase up to 30M IREN shares at $70 — a potential $2.1B investment — with those rights vesting per 100K GPUs deployed through 2031. They don't get the equity until they deliver. That's the kind of alignment you want to see.

Now let's talk about the cash pile because this is where it gets interesting. Audited cash as of March 31 was $2.213B. Unaudited preliminary cash as of April 30 grew to $2.6B — IREN's own words from the Q3 business update. Then on May 11 they priced an upsized $2.6B convertible at 1.00% coupon with a $400M overallotment option. If fully exercised, after estimated underwriting fees, net proceeds would likely be ~$2.925B — potentially putting total cash at roughly $5.5B.

And the ATM tells the same story. The original $1B ATM? Completely exhausted. Replaced in March 2026 with a $6B facility. Just over $1B has already been drawn from the new facility to date. The stock components of Mirantis (~$562M) and Nostrum (~$63M) will likely be sourced from ATM-registered shares — meaning zero additional cash drain. If so, after existing draws and both acquisitions close, the ATM would still have approximately ~$4.4B in remaining capacity.

I've said it before — dilution is accretive if used right. The combined actual cash outflow from both acquisitions is only ~$107M. That barely registers against a potential $5.5B cash position.

So ask yourself — why is a company whose current buildouts are essentially self-financing sitting on $5.5B in cash and ~$4.6B in ATM capacity? I don't think management is hoarding capital for fun. You don't load up like this unless something bigger is coming. Another hyperscaler, a sovereign AI deal, a transformational acquisition — I don't know what it is but the setup is clear. IREN is loading the chamber.

[Alex Grant @TheRealAGrant]

@McnallieM @IREN_Ltd Buy the dip.

$iren

[Alex Grant @TheRealAGrant]

@BitcoinAIGuy Somebody. always. knows.

$iren

[Alex Grant @TheRealAGrant]

@mikealfred Now 🚀

[Alex Grant @TheRealAGrant]

@SylentTrade Boom. 🚀🚀🚀

[Alex Grant @TheRealAGrant]

@mikealfred let's goooooooooo 🚀🚀🚀