Hage @HageFinancial

High Rates... No Problem

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

🚨 PowerSecure to Back @keelinfra_ 's Moses Lake Data Center Campus 🚨 ⚡ PowerBlocks deployed — modular, integrated backup power system designed for scalability as the campus grows ⚡ Peak shaving built in — solution also optimizes energy use during high system-load periods, not just backup resiliency ⚡ 2.2GW pipeline — $KEEL 's broader footprint spans Washington, Pennsylvania and Québec with grid interconnections already in place ⚡ 2GW+ track record — PowerSecure, a @SouthernCompany subsidiary, has deployed over 2GW of microgrid capacity and $900M+ in efficiency upgrades $KEEL $SO

Keel Infrastructure @keelinfra_

3 weeks ago

$KEEL has signed an agreement with Power Secure to deliver an integrated backup power solution for our Moses Lake, WA site. Modular PowerBlocks® that scale as we grow, with peak shaving that lets us run on our own generation when demand is highest. Full release:

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@aijoey @FransBakker9812 @jiahanjimliu

@GioCRZ1 @FransBakker9812 @danroberts0101 I didn't say they have an issue with it, I said that is more difficult to estimate because of what you said. I trust they will deliver but the stockprice jumps will come of the (contracted) deals and terms they publish too

@FransBakker9812 @GioCRZ1 @danroberts0101 The more difficult question with the way Iren works is when the capacity will be contracted.

@Agrippa_Inv @danroberts0101 @IREN_Ltd They really need an external advisor to highlight things in prep for ec's like yourself, Jim or Frans. Would be quite unique too.

A few people have Thursday's numbers tangled, so let me untangle them. The majority of the $684m loss is the cost of retiring Bitcoin miners as we convert those sites to AI Cloud. Non-cash. The cloud business underneath ran ~87% gross margins (ex D&A). Every megawatt that comes off mining goes back on at multiples of the revenue. Recent 3-year AI Cloud contracts are at >$20m per MW (IT), more than double late last year. And the $25-30bn of forecasted FY27 capex isn't an equity number. Customer prepayments can cover about half the GPU capex. Lenders can fund most of the rest. We raised ~$19bn over the last twelve months and only ~$3bn of it was equity. We haven't borrowed a dollar against the data centers yet either. $4bn of ARR is contracted, with three sites commissioning between now and year end to bring it online. And that's the 2026 story. The real ramp is 2027, when Sweetwater and the next wave of capacity come into play. It's delivery time.

@danroberts0101 I like DANgry Roberts. Time to deliver!

$IREN My current thoughts: Calling everything a red flag on $IREN isn't the brilliant hot take you think it is. It's not an "elephant in the room" if you point at every shadow yelling elephant. You're just describing the exhibit you´re standing in. First and foremost, I do recognise the negative sentiment and think the earnings call was pretty shit and unprofessional. To put it in perspective: I think the stock price can go lower. Back to $28 would be possible (and much not wanted by myself). But the market, albeit irrational, is forward looking. What the earnings call did show is that we are looking at better deals, $25m per MW. Capacity for 2026 is pretty much sold out. With that $25m per MW number in mind, and talks on 2027 capacity supposedly far advanced, we can be looking at great deals. They are slow burners though. Everyone expected a Sweetwater deal in April, me included. That might be April 2027 now. Like I said before, I think a lot of the hype news just will not be there this quarter, which is why CCs might be a good option with parts of the position. Horizon 1 was delivered on time. They have picked up exemplar statuses too, two, or three if you count Mirantis. Horizon 2 is seemingly on track, I still hope comissioned by october. But the call was confusing and vague about a lot at things and especially timelines (although they seem on track), but maybe that was the point. The main thing they do different, and it irks me too even though it is decent business wise, is that they do not fill up their contracted backlog in advance, which everyone else is doing. If you compare the trajectory of Nebius and IREN, they are about 2.5 quarters behind. More precisely: IREN is about 2-2.5 quarters behind Nebius on live ARR and commercial scale, further behind on the P&L because billing lags delivery, and roughly in parallel on the 2026 contracted book if Horizons 2-4 land in Q4. If that delivery hits, the next two quarters either close the gap or keep IREN looking like early-2026 Nebius for longer. We know what happened to Nebius after that point on the curve. Wen Deal is not the key. Delivery of Horizon is the key. Contracted backlog expansion is the hidden gem.

@Agrippa_Inv @amitisinvesting @SixSigmaCapital @IREN_Ltd dont have to defend everything. the call was shit

@IREN_Ltd Horizon 2 in q4?

@wierdduk Vind het altijd zo ironisch dat islamitische terreurgroepen foto's van hun soldaten hebben terwijl dat volgens de hadiths hadeethenc.com/en/browse/hadi… betekent dat ze gemarteld zullen worden.

I bought the dip at 3.33. Again. $KEEL

Ben Gagnon @CaptainKeel

a year ago

Nice consolidation. I bought the dip. $bitf

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@FransBakker9812 Verwacht je Horizon 2 acceptatietests in de eerste helft van september of pas richting het einde?

Someone's $100M DC permit in Moses Lake just got issued... I wonder who 🤔🤔🤔 $KEEL

@OInvests @BitcoinAIGuy Time to wait for Santa Cloud

Horizon 1: delivered. IREN has delivered Horizon 1 to Microsoft and achieved NVIDIA Exemplar Cloud status on NVIDIA GB300 NVL72. Read more: iren.gcs-web.com/static-files/4…

@SmallCapSnipa I dont think theyre just they are as far yet in regards to pivot to beat expectations though, hope they cushion by delivering or new deal

@tempocap2 @optionscjp Damn, next date is sunday before futures open. Cant fix the fishing fuckery.