$IREN $NBIS i think you are going to see a lot more of this. Market is realizing $IREN has much larger upside on current position, and quite frankly, has the better grid-connected assets. It’s obvious now that grid-secured capacity with ability to execute vertically is what is going to win IREN has energized sites delivering and a pipeline of secured power with clearer near-term delivery dates (Horizon, Sweetwater, etc.) IREN has more vertical control over power and land at key campuses, which reduces reliance on third-party developers for the critical path IREN has existing operational MW that can be expanded or converted, rather than mostly greenfield large campuses still years from first power Personally, i would not want 1.5GW of planned capacity in New Jersey and Pennsylvania. Way too much risk imo. Yes, NBIS got the jump by leasing capacity to service compute contracts. But $IREN will far exceed $NBIS in terms of share price appreciation at these levels.

Not saying $IREN is going to be the next Apple, Tesla or Amazon. What I’m trying to put into perspective is that massive peak-to-trough moves for high growth, capital-intensive businesses in their infancy are extremely common. Winners can look broken and recovery times can vary. But execution and fundamentals always prevail. If $IREN executes, we will all look back on this moment as a great buying opportunity. $IREN was always a 2027 story. Compute comes online and contracts start delivering revenue. This is where patience comes in and you have to level set your investment horizon. Mine is 2030 and always has been. IREN has the makings of a $100B company, it just might take 2-3 years to get there, and that is okay with me. This company keeps getting better, despite the price action. Thesis only changes if the company stops executing. Everything else is noise. NFA.

I dont know if i can take another week of it, boss

$IREN I don’t know about you, but the thesis just keeps getting better and better

$IREN i continue to reflect on Dan’s comments on the last EC around the Financing Flywheel. As if he saw this day coming when yields will rise and credit tighten. I believe there is no other Neo-cloud positioned to weather this environment more than IREN. In summary: 1. Contract capacity 2. Customer prepays 45% - 55% of GPU capex upfront 3. GPU debt financing covers the rest* 4. Combined, prepayments + debt cover 100% of the cost of the GPUs 5. Residual cash starts funding next tranche of GPUs 6. Contracted cash flows service the debt and fund further expansion, removing the need for dilution *Asset backed (GPUs, LPS) debt-financing results in lower blended rates of 6%-9% FIXED NFA

$IREN People were throwing shade at IREN’s leadership because it wasn’t technology centric. I’m telling you, this is the experience you need in Management if you want to make it out of the current environment alive. There is nothing more important than debt and capital management right now. $IREN will survive, many won’t. NFA

$IREN believe in something.

$IREN added more commons and contracts. Up to 2700 shares and 10 Sept 2028 contracts. 75 cents off the bottom of the day so I feel good about that. Conviction. Some people will tell you they are buying but they don’t show you the receipts. Let’s see if we find a bottom here or not.

Damn, all i needed to do was invest in $WMT

$IREN adding to LEAPs. DCAing. NFA

No idea how low $IREN is going. But these feels like complete capitulation. But, has $IREN gotten worse as a company in the last 2 weeks? I don’t think so. Continuing to add to my $35 9/18/2028 LEAP. More than enough time for the thesis to play out. Holding off on more commons to preserve capital. NFA