양준민

[양준민 @wiseyang11]

@danroberts0101 Do you have any idea how many people are criticizing you right now? Things cannot go on like this.

[양준민 @wiseyang11]

@IREN_Ltd @nvidia @danroberts0101 @MichaelDell ... Nvidia and Dell are both killing it, but Iren...

[양준민 @wiseyang11]

@danroberts0101 https://t.co/iiZQOQTR7Z we assume there'll be no more fundraising through shareholder value dilution? You need to make that crystal clear. If it's true, promote it loudly and stop pulling this kind of crap.

[Daniel Roberts @danroberts0101]

Right way to think about it. Two layers here, think of them as IREN DC and IREN Cloud. IREN Cloud pays IREN DC for capacity, same as any neocloud leasing from a data center owner. So lenders would underwrite our data centers the way they'd underwrite any DC with a neocloud tenant. i.e. on the credit standing behind the lease agreements. At Horizon, that includes Microsoft on a five-year term. Data centers unencumbered today with GPU debt sitting on the Cloud side of the ledger. The first facility will answer rate and leverage better than I can here but hopefully that's helpful.

[양준민 @wiseyang11]

@danroberts0101 https://t.co/xbftkg1cOM
we assume there'll be no more fundraising through shareholder value dilution? You need to make that crystal clear. If it's true, promote it loudly and stop pulling this kind of crap.

[matthew sigel, recovering CFA @matthew_sigel]

If I could ask @danroberts0101 one question after tonight's call, it would be --->

You said 100% of IREN’s DC portfolio remains unencumbered and mentioned refinancing Horizons 1–4 once stabilized.

IREN’s vertical integration is truly novel. Other DC owners are borrowing against long-term leases to hyperscalers and neoclouds. IREN is both the DC owner and the neocloud, but the GPU financing is already secured by the chips and the Microsoft cash flows.

Assuming Horizons can sit in a property SPV with an intercompany lease (or is there another structure you prefer?) how different would its financing terms be versus a traditional DC with a third-party hyperscaler/neocloud lease? Is the difference mainly rate or leverage, or both? How much does waiting for stabilization close that gap?

This is a huge variable for shareholders. Horizons is ~$3B of DC investment. Refinancing most of that could recycle capital equivalent to ~79M shares at $38, or ~20% of today's share count.

After tonight’s call, the market sees a ~$5.5B funding gap: $27.5B of capex minus $14B already secured minus ~$8B of targeted GPU financing/prepayments.

If you can pull this off an attractive Horizons refi and repeat it across the portfolio, equity needs plummet.

[양준민 @wiseyang11]

Can we assume there'll be no more fundraising through shareholder value dilution? You need to make that crystal clear. If it's true, promote it loudly and stop pulling this kind of crap.

[matthew sigel, recovering CFA @matthew_sigel]

If I could ask @danroberts0101 one question after tonight's call, it would be --->

You said 100% of IREN’s DC portfolio remains unencumbered and mentioned refinancing Horizons 1–4 once stabilized.

IREN’s vertical integration is truly novel. Other DC owners are borrowing against long-term leases to hyperscalers and neoclouds. IREN is both the DC owner and the neocloud, but the GPU financing is already secured by the chips and the Microsoft cash flows.

Assuming Horizons can sit in a property SPV with an intercompany lease (or is there another structure you prefer?) how different would its financing terms be versus a traditional DC with a third-party hyperscaler/neocloud lease? Is the difference mainly rate or leverage, or both? How much does waiting for stabilization close that gap?

This is a huge variable for shareholders. Horizons is ~$3B of DC investment. Refinancing most of that could recycle capital equivalent to ~79M shares at $38, or ~20% of today's share count.

After tonight’s call, the market sees a ~$5.5B funding gap: $27.5B of capex minus $14B already secured minus ~$8B of targeted GPU financing/prepayments.

If you can pull this off an attractive Horizons refi and repeat it across the portfolio, equity needs plummet.

[Daniel Roberts @danroberts0101]

Right way to think about it. Two layers here, think of them as IREN DC and IREN Cloud. IREN Cloud pays IREN DC for capacity, same as any neocloud leasing from a data center owner. So lenders would underwrite our data centers the way they'd underwrite any DC with a neocloud tenant. i.e. on the credit standing behind the lease agreements. At Horizon, that includes Microsoft on a five-year term. Data centers unencumbered today with GPU debt sitting on the Cloud side of the ledger. The first facility will answer rate and leverage better than I can here but hopefully that's helpful.

[matthew sigel, recovering CFA @matthew_sigel]

If I could ask @danroberts0101 one question after tonight's call, it would be --->

You said 100% of IREN’s DC portfolio remains unencumbered and mentioned refinancing Horizons 1–4 once stabilized.

IREN’s vertical integration is truly novel. Other DC owners are borrowing against long-term leases to hyperscalers and neoclouds. IREN is both the DC owner and the neocloud, but the GPU financing is already secured by the chips and the Microsoft cash flows.

Assuming Horizons can sit in a property SPV with an intercompany lease (or is there another structure you prefer?) how different would its financing terms be versus a traditional DC with a third-party hyperscaler/neocloud lease? Is the difference mainly rate or leverage, or both? How much does waiting for stabilization close that gap?

This is a huge variable for shareholders. Horizons is ~$3B of DC investment. Refinancing most of that could recycle capital equivalent to ~79M shares at $38, or ~20% of today's share count.

After tonight’s call, the market sees a ~$5.5B funding gap: $27.5B of capex minus $14B already secured minus ~$8B of targeted GPU financing/prepayments.

If you can pull this off an attractive Horizons refi and repeat it across the portfolio, equity needs plummet.

[양준민 @wiseyang11]

Can we assume there'll be no more fundraising through shareholder value dilution? You need to make that crystal clear. If it's true, promote it loudly and stop pulling this kind of crap.

[Daniel Roberts @danroberts0101]

Right way to think about it. Two layers here, think of them as IREN DC and IREN Cloud. IREN Cloud pays IREN DC for capacity, same as any neocloud leasing from a data center owner. So lenders would underwrite our data centers the way they'd underwrite any DC with a neocloud tenant. i.e. on the credit standing behind the lease agreements. At Horizon, that includes Microsoft on a five-year term. Data centers unencumbered today with GPU debt sitting on the Cloud side of the ledger. The first facility will answer rate and leverage better than I can here but hopefully that's helpful.

[양준민 @wiseyang11]

@danroberts0101 @matthew_sigel Can we assume there'll be no more fundraising through shareholder value dilution? You need to make that crystal clear. If it's true, promote it loudly and stop pulling this kind of crap.

[양준민 @wiseyang11]

@danroberts0101 Everyone who trusted you and invested this year is miserable—aren't you even sorry?

[양준민 @wiseyang11]

@danroberts0101 Motherfucker, do something! Most of this crash is your fault.

[양준민 @wiseyang11]

$IREN All the bad news is already priced in. We're going to be delivering Horizons 2 through 4 every month, and the Sweetwater 1 contract is coming out soon, but the stock is way too cheap. Especially given the infrastructure we already have in place.

[양준민 @wiseyang11]

@danroberts0101 At least cancel your compensation plan for now, and say you'll do it later when the stock price improves, you asshole.

[양준민 @wiseyang11]

@IREN_Ltd Fucking hell, so when is the stock actually going up... I feel like I'm literally going to die...

[양준민 @wiseyang11]

@IREN_Ltd How long are you going to keep diluting shares, and when will the stock price actually go up? The stock performance is worse now than before the Sweetwater 1 energization and Horizon 1 delivery. What do you think is the main reason for this?

[양준민 @wiseyang11]

@danroberts0101 I'm not even kidding, I genuinely want to kill them....

[양준민 @wiseyang11]

@danroberts0101 Are you guys psycho or something?

[양준민 @wiseyang11]

@danroberts0101 ..... So when the fuck is the stock going up, asshole?

[양준민 @wiseyang11]

@danroberts0101 What the fuck makes you think you need an ad agency and a basketball team sponsorship when we haven't even posted any results? What kind of bullshit compensation plan is this? The stock price needs to go up first before we can even cash out, you assholes.

[양준민 @wiseyang11]

@IREN_Ltd @MirantisIT This absolute moron energized Sweetwater 1 and delivered Horizon 1, yet the stock price dropped even further... Now Horizons 2, 3, and 4 are lined up back-to-back... That was seriously the worst earnings call ever... Is this guy for real?