At a $15B market cap the market is pricing $IREN as if Sweetwater, Oklahoma, and the remaining 4GW of uncontracted capacity are worth zero. $IREN just energized 1.4GW of renewable ERCOT connected capacity that would take a competitor 5-7 years and $3-5B minimum to replicate from scratch. The announcement dropped a day after retail gave up waiting for the April deadline. When $IREN contracts Sweetwater at the Microsoft comparable economics, that's $8-9B ARR. The energization announcement is the starting gun for accelerating the negotiations. At a minimum this new capacity is worth $3B in market cap (20% price jump), assuming just the raw cost of building 1.4GWs but the real value is the time to compute. Which in today's compute restrained world is priceless. Looking ahead: - Sweetwater 100% contracted - With MSFT Horizon economics (low end est.): $8.5B ARR - ARR Multiple 4x (conservative) - Implied Value $34B - Share price $150 (current market cap plus fully contracted Sweetwater deal) So the only bear case is $IREN can't sign a deal despite that all we hear is the demand far accedes the compute supply and the other Neoclouds are signing massive deals. I'm willing to bet they will close a deal. The risk reward is just to good here. We're looking at a 3x in 2026 and all we need is for the lawyers to do their thing and close the deal. The Horizon Microsoft deal took a long time and frustrated many investors. The Sweetwater deal will be worth the wait.

$IREN WHALE HUNTING 🐋 Last time @mikealfred joined the weekly IREN space, the very next day I wrote a post about how IREN was uniquely positioned for an AI Enterprise advantage. The day after my post, IREN announced their Mirantis acquisition (I just got lucky with the timing). Mike joined the weekly space once again yesterday, and again challenged us that the community was still not thinking big enough. Here is my latest attempt at highlighting why today, IREN is now also in a unique position to go after what I see as the biggest WHALE client in the AI / HPC space, one that is growing exponentially - the US Federal Government's AI compute contracts x.com/PhadsEth/status/206669…

$IREN 🔥🔥🔥 Neocloud Powerhouse IREN is a GAME-CHANGER!!! ✅ 5.8GW by 2030 in its secured pipeline (Wells Fargo model), scaling to 150K NVIDIA GPUs (H100/H200/B200/B300/Blackwell) with massive contracts: Microsoft ($9.7B), NVIDIA ($3.4B), and fresh $1.6B Dell Blackwell systems. More mega contracts likely H2 2026 👀 ✅ 800MW Australia campus (Bundey) now locked in — first major APAC footprint. realestate.com.au/news/gamec… ✅ $3.65B investment-grade GPU financing closed. iren.com ✅ Targeting $3.7B–$4.4B AI Cloud ARR at scale. ✅ Analysts firing: $96–$126 price targets rolling in. Momentum building fast. ✅ IREN is built for the AI infrastructure boom. Positioned. Powered. Bullish. 💪🔥🚀 (Long $IREN)

$IREN Bringing the Microsoft Horizon data center online on schedule will strongly validate IREN’s capabilities, likely triggering a significant stock rerating.

$IREN is getting it right!

hey! just checking in to make sure you're using the new model safely

I just want everyone to know that my company has contracted 45 GW of grid-connected capacity coming online. That is, after checking every bureaucratic box, sitting through the interconnection queue, working with the utility to upgrade high-voltage transmission lines, having the utility build a new substation, and building my own bulk substation, I'll have this power ready for you in 2045. So I'll just pay a gazillion dollars for Bloom Energy cells and air turbines. Wait, nevermind, lookings like I don't need those BE cells anymore. I won't be needed in Wyoming. But it's okay, my private market valuation is still 40 billion. Thank you for listening to my Ted Talk.

Most enterprises are great at AI pilots. Far fewer are ready for AI in production. Without the right operational foundation, platform teams face a growing gap between experimentation and scale, dealing with proprietary lock-in, inconsistent governance, and infrastructure that was never built for AI workloads. So how do you cross that gap? Martin Stadler, Field CTO for AI Infrastructure, breaks it down in our upcoming webinar: Private Enterprise AI: Building an AI Factory on Infrastructure You Control. Save your spot now: buff.ly/qCMYUHj #PrivateAI #EnterpriseAI #AIInfrastructure #AIFactory

SpaceX has just officially unveiled its AI1 satellite, the first generation of its AI satellite. Overall Specs: • 150 kW peak compute payload • 120 kW average compute payload • 70 kW per ton • Compute provider interchangeable Dimensions: • Wingspan: 70 meters • Deployed height: 20 meters Thermal System: • 110 m² deployable liquid radiator • Redundant pumping loops • Integrated micrometeoroid shielding • Deployable liquid radiators Solar Power System: • 150 kW solar array • 250 W/m² • SpaceX-manufactured solar technology from Bastrop, Texas Architecture: • Centralized compute module • Large deployable solar arrays • Deployable liquid-radiator thermal management system • AI-focused compute satellite design ("AI1 satellite") Elon: "The AI satellite is much simpler than a Starlink satellite. The AI satellite is essentially a lot of solar cells, you still need some laser links, but you don't have all of the super complex antennas that you have on a Starlink satellite. The easier one to design for is the AI satellite. It's bigger. A lot of this is technology we've already made with the Starlink V3 satellites."

$IREN is the best opportunity in the market right now. I'm not a TA, but I believe this recent pullback is setting up the next move higher. If the stock can hold support around these levels and stay within this rising channel, I think the stock will reach ATH by this summer.

BITCOIN KNOWS SOMETHING

INVESTOR MIKE ALFRED: “The move from $16,000 to $126,000 to $60,000 was not a full cycle move. It was just a re-basing before the actual bull run. The actual bull run will take us from $60,000 to at least the $315,000 area.”

He’s right and it’s obvious and no one is willing to consider it.

The amount of Anti-MSTR takes I've seen today probably mean today is a good buying opportunity. Oh wait I can't.

If there’s one investor I’ve learned a lot from over the past two years, it’s Mike Alfred. He’s been exceptional at identifying emerging trends early, especially in AI infrastructure, data centers, power, and compute. He was way early in CIFR IREN than anyone else that I know of. What I admire most is his ability to stay disciplined and unemotional, focusing on the data and long-term thesis rather than day-to-day market noise. Definitely worth following for new ideas and market trends. Do your own homework, think independently, and build your own conviction. Huge respect, Mike. 🫡

The bottom was not in! #Bitcoin

I’ve tried to explain this before but I think it probably went over most people’s heads. Let me try again and see if it sticks this time. The only time you really need to be worried is when they STOP doing this on Fridays. Until then, every dip is buyable.

This is staring to feel like when we hit $33 last Feb and that marked the bottom. $IREN

Strategy is totally fine. In fact, they are in a position of strength. The FUD on here is undeniably insane. Their annual dividend obligation = $1.712B. Dividend obligation per trading day: $1.712B / 252 trading days = $6.79M per trading day Average 2026 MSTR daily dollar trading volume is about: $3.043B per trading day So the dividend obligation as a percentage of average 2026 MSTR trading volume is: $6.79M / $3.043B = 0.223% Strategy’s dividend load is only about 22 basis points of MSTR’s average 2026 daily trading volume. That is hilariously small relative to MSTR liquidity. The entire daily preferred dividend burden is a rounding error in the stock’s trading volume, like a billionaire complaining that the vending machine ate his quarter. Once again, the MSTR bears are unable to do math.