Student from Norway that loves AI infrastructure | ALL IN $IREN | Portfolio manager for OM Alpha Fund
Joined September 2025
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H invest retweeted
$IREN Mackenzie UPDATE:
More angles of NEW expansion, staging yard, and workers camp for your viewing pleasure. Notice, equipment for expansion is already being staged.
H invest retweeted
$IREN
While today’s announcement is positive, I suspect this financing was already well underway before debt markets tightened and may have been disclosed in aggregate back in August.
In its FY26 results, IREN announced $2.8B of new GPU financing supporting non-investment-grade customer deployments.
Of that amount, $2.4B came from Blue Owl and PIMCO to fund the Mackenzie B300 deployment.
That left an obvious question:
Where was the remaining ~$400M coming from, and what deployment was it intended to support?
I think today’s $363M Wingspire financing answers the first question.
$2.4B + $363M = $2.763B
Rounded, that is the $2.8B IREN disclosed in August.
What we still do not know is which GPU deployment will ultimately benefit from the liquidity.
My long standing suspicion is Prince George’s 10MW liquid-cooled expansion.
That expansion can support more than 4,500 GB300s. IREN already financed approximately 1,200 GB300s last year, leaving capacity for roughly another 3,300 GPUs.
Today’s transaction refinances existing, revenue-generating AI equipment and returns $363M of capital to IREN. My working theory is that this liquidity will be recycled into purchasing the remaining GB300s and associated infrastructure required to complete the 10MW Prince George deployment.
I believe today’s "news" finally identifies the previously unexplained ~$400M component of IREN’s $2.8B financing package.
Don't know the exact split, but this week's 363 million dollar Wingspire deal says a lot. Lenders refinanced GPUs that are already running and earning, backed by multi-year customer contracts. Rising rates plus fleets lenders will finance is the combo I've been waiting for since I bought in 2023. Watching the Nov 5 numbers.
H invest retweeted
$IREN Mackenzie UPDATE:
FIVE New Liquid-Cooled Halls somewhere between 20-30MW a hall, gross is what I have heard (not confirmed).
Here is a dropdown view of Mackenzie's existing halls next to the site expansion, and a hypothetical site layout for five 25 MW gross halls.
H invest retweeted
$IREN Mackenzie UPDATE:
Thermal imaging from 10/24 shows significant heat coming from data halls 4 and 2. All 8 segments of data hall 4 are showing enough heat to suggest commissioning. With fiber optics still being tied in, however, they are most likely not billing yet. As for hall 2, 6 of 8 segments are showing heat signatures and are most likely being commissioned, yet not billing since fiber optics has not been tied in.
Lots of work has been done since 9/23 footage was taken. I believe 3-4 halls could be online and billing before year-end.
H invest retweeted
$IREN started grading land to pour concrete for new data halls in Mackenzie, weeks before the election results came in.
And you are still worried about Abbott's office and the multiples of 5GW pipeline? 😂
Mathematician vs Wizard.
No Brainer.
🚨BREAKING NEWS🚨 10/24 footage confirms massive expansion is underway at $IREN's Mackenzie site in BC.
Will @danroberts0101 discuss this on the 11/5 earnings call?
More details to come!
H invest retweeted
The notion that GPU debt and data center financing is *closed* is laughable.
As of now, the world is separated between those who say they know, and those who actually know.
If @jvisserlabs is right, intel is more valuable than equity, so let me tell you this:
selective credit markets means the due diligence goes beyond your traditional ways of finding out the winners from the losers.
I will gladly go on the record here and say that based on my latest, the debt markets are not closed for $IREN.
Best of luck to the others.
H invest retweeted
🚨BREAKING NEWS🚨 10/24 footage confirms massive expansion is underway at $IREN's Mackenzie site in BC.
Will @danroberts0101 discuss this on the 11/5 earnings call?
More details to come!
H invest retweeted
IREN’s @danroberts0101 speaks to @ArjunKharpal about AI financing and demand on CNBC.
Watch the full interview.
H invest retweeted
A lot of questions this week on funding, so here's how a GPU typically gets funded at $IREN.
First, the customer signs a multi-year take-or-pay contract and agrees to a prepayment. On our recent 3-year contracts, prepayments have been 45% to 55% of the associated GPU capex.
Second, financing is committed, secured by the contracted GPUs. On the Microsoft contract we secured an A-rated facility at around 6%, which together with prepayments covers 96% of GPU capex. More recently, for a non-investment grade counterparty at Mackenzie, we secured financing at 9% fixed, which together with prepayments covers more than the full cost of the GPUs.
That's the GPU side. The data centers are a separate, long-term asset base, and we own the ones our GPUs run in. Construction has been funded from cash to date, with no debt against these multi-billion dollar assets. As they come online with contracted customers, they can support financing in their own right.
The processes behind the next facilities are continuing, and new paper will cost what the market charges. With GPU paybacks of around two years on our recent 3-year contracts, a wider spread barely moves the economics.
There's more customer demand than we can build for. As we noted at our recent earnings, 2026 is largely sold out, recent 3-year contracts are at more than double the prior year's pricing, and demand for anything we can bring online in 2027 covers it several times over, with prepayments a focus in every negotiation. Conversations on 2028 capacity are already underway.
Meanwhile announced capacity keeps slipping across the industry, which is the point: signing deals isn't the bottleneck in this market, bringing GPUs online is, and that's our focus.
H invest retweeted
$IREN: H2 Final Update from IR to Large Share Holder
Today, a group of very large shareholders held a call with IREN’s investor relations to get to the bottom of the H2 rumors.
1. H1 will be billing continuously from August 13th onwards. H1 was delivered according to original contract and specs. Any changes made will not interrupt billing.
2. H2 will be delivered in weeks.
3. H3-H4 will be delivered by late December 2026.
From what I can see, this more or less calms the rumors around H2. H1 revenue will be steady and strong, up ton45 day delay from roughly mid Oct for H2, and H3 minimal delays and H4 by late December. H1-4 all will be handed over to MSFT in 2026.
I was not part of call as these very large holders are mid 8 digits, 9 digits, and mid 9 digits measured in dollar value of IREN shares but I do talk to some of them.
$IREN: H2 Root Cause Analysis Update
I got more information tonight confirming that the issue stems from either MSFT AI model research team not communicating workload requirements to MSFT HPC systems team or that MSFT HPC team incorrectly translated those workload requirements to networking requirements.
MSFT HPC systems team communicates the requirements to IREN and defines the acceptance tests. The miss was both in specs provided to IREN and acceptance test for H1. This is not an error discovered while bringing up the network core to combine H1 and H2.
Yes if IREN had a principal networking engineer with deep knowledge of AI workload requirements, they could have prevented this but it's MSFT's responsibility to give the the full requirements as they own the model and platform layers.
Expectation is that H1 continues billing and new specs are implemented as maintenance over a 4 months. For H2, this is a design change that IREN has to respond to which will incur a 45 day delay. H3 is not most cabled at all so will not be delayed as much and be delivered at the same time as H4. H4, not cabled at all, will incur no delay and be delivered in Dec. H1-4 will all be billing exiting 2026.
For those wondering why cabling can result in a 45 delay and worrying that a 45 day must mean structural changes in liquid cooling or power distribution, you can watch this youtube video to understand how time consuming cabling can be. Credits to @pietrovl on good video pointing out how complex cabling can be. youtube.com/watch?v=_mw0cu1h…. Most likely, IREN is still using MPO since EBO came out just this July and hard to supply chain.
H invest retweeted
Everyone's laughing at $IREN sponsoring Real Madrid.
Who runs Real Madrid?
Florentino Pérez.
Who else does he run?
ACS, one of the world's biggest data center builders, targeting €25B in DC revenue by 2030.
IREN has 490MW in Spain.
Just saying.
H invest retweeted
Know what you own.
Flushes like this are not by choice.
Decade long data centers are not weekly investments.
Stay strong frens.
$IREN
H invest retweeted
let me explain for the perpetual uninformed.
This looks like an early project phase, and sure, lots of work to be done.
Sweetwater 2 is actually 1.5x $GOOGL haskell, you know, Project Thelma.
But IREN has flat land, like as flat as your wife's ass before BBL, or her tits before surgery.
Google is building 440MW as if it's Stargate 3, while designating the bulk substation as "By Others".
$IREN on the other hand, is doing 600MW of base load with a team that has done this multiple times before.
Place the pads, grade the land, connect the power.
But more than that, IREN has instructed these guys to complete all the stormwater works at the same time as the bulk substation, and complete the first shell around the same time as the energization of the site.
Yes, that's right. Pay attention JPM, because IREN will not just deliver 200MW of IT load in H2 of CY2027, they will deliver another 200MW IT load in H1 of CY2028 in SW2, followed by another 200MW IT load in SW1 in H2, 2028.
How hard is it to actually follow the money, do you really think it's going to sponsorships?
McKinsey is placing "pad mounted transformers" as the number 1 in LLI bottlenecks, and somehow IREN can get 13 of them in SW1 in a year time, and confidently pour 3 concrete pads at their SW2 bulk substation.
Wow, guess what? Those 345/138kV transformers are already procured, downpaid, and will be delivered in 8 months from now.
You're not looking at dirt, you're watching a rehash of Sweetwater 1 in slow-motion.
The same routing, but better economics.
Didn't IREN give the bitter 14-16m/MW pill for Horizon 1-4 before?
Didn't they guide for $25 - 30B of capex for FY2027?
Is it not obvious that there are no surprises in the core part of the business, and yet the market treats any fluctuation in a temporary rate environment as a main driver of the valuation of this company?
This market is run by boomers who are afraid to lose money.
Well, IREN's data centers are going to outlive Jim Chanos and the likes.
As an IREN shareholder you are here to solidify your share of the next paradigm.
Stay strong frens.
Fuck these margin called losers that don't know how to hedge their positions.
Good riddance and good night.
If you hold $IREN and you think the current market cap is an actual reflection of the business, or even remotely resembling a real valuation of the company, then I suggest you look again in a few months.
The word rerating will not just be a word for much longer, but rather an actual happening.
Did I expect the night to get this dark before the sunshine radiates upon our ARR? Not in the slightest.
Do I have the patience and conviction to sit this period of macro turbulence, and market fuckery out? Absolutely!
Now here is a pretty picture of Sweetwater 2, and stop crying in the casino.
H invest retweeted
$IREN
Time to revisit this.
30MW extra in Prince George.
20MW extra in Mackenzie.
Would it not be the perfect revenge on SemiAnalysis to add more power to "the world's worst site".
Soon more.
$IREN - Interview with Glenn Harrison
Some of you may have missed this, I myself included.
But here is a very interesting interview with the VP of Operations for @IREN_Ltd in Canada @GlennHarro.
Recommend to watch it!
A little preview with some nuggets:
H invest retweeted
$IREN Prince George UPDATE: Thermal imaging shows all 4 data halls and the two substation transformers are humming and drawing significant power. Its raining so some of the heat signature is distorted.
More Prince George site specific updates to come. Lots going on there!
H invest retweeted
🚨 $IREN x Anthropic Leak
The Information, one of the best-sourced outlets covering the AI industry, just reported that Anthropic recently signed a cloud deal with $IREN.
For anybody who has followed management’s commentary closely over the past few weeks, this doesn’t come as much of a surprise.
First, $IREN announced a new contract with an unnamed “leading frontier AI lab” during its recent earnings call, followed by CCO Kent Draper revealing that the company in question was “1 of 2” possible customers.
While The Information didn’t disclose any specific MW amounts or terms of the deal, I believe it’s very likely that Anthropic secured the 50 MW of air-cooled B300 capacity coming online at $IREN's Childress site THIS year.
As for the economics behind the deal and where this relationship could go from here, we recently published an in-depth report for both our X and Substack subscribers covering exactly that.
I’ll link it below in the comments for anybody interested.
Wishing everybody a great rest of Sunday and a great start to the new week. Cheers!
H invest retweeted
At IREN, we believe AI builders shouldn't have to choose between raw performance and operational flexibility.
As an inaugural partner of the NVIDIA AI Cloud Ready Initiative, Mirantis has completed NVIDIA-Certified Hypervisor validation for k0rdent AI’s virtualization stack on Arm-based NVIDIA GB200 systems. This milestone demonstrates that virtualized GPU environments can now deliver predictable, near bare-metal performance while supporting secure, hardware-level multi-tenant isolation.
IREN AI Cloud empowers engineering teams to match infrastructure to workload requirements, balancing performance, isolation, and operational efficiency.
AI builders can choose from:
• Software-Defined Virtualization: delivers secure, elastic multi-tenant environments and scalable inference, with the VM as a hardened tenancy boundary.
• Dedicated Bare-Metal Clusters: optimized for maximum performance to deliver high-throughput model training and high-concurrency, ultra-low-latency inference.
From infrastructure to inference, choose the operational model that best fits every AI workload.
H invest retweeted
$IREN
Who wins?
@IREN_Ltd with a Yotta video..
Or yours truly with a fresh Sweetwater 1 picture?
Shot on Friday morning 🫡 – at Sweetwater, TX
Yotta brought the AI infrastructure ecosystem under one roof, giving IREN leaders three days of direct conversations with the suppliers, builders and operators shaping what comes next.
- IREN is strengthening ties with leading construction and equipment partners
- Suppliers want to partner with developers that can execute
- Vertical integration from grid to AI Cloud is how IREN delivers with speed and reliability
Watch the highlights.
H invest retweeted
Today I will be educating you with some construction progress at $IREN sites in Texas.
Additionally, I will try to explain why the current strategy is the optimal one, and attempt to clarify some misunderstandings around the company and its trajectory.
