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.

Met my 5th fellow $EOSE investor IRL this week in Palo Alto for lunch. Everyone in this community I've met face to face so far are A+ individuals. Thoroughly enjoyed all my talks with you all over coffee, lunches and dinners, and sharing old war stories, experiences and life in general. None of the talks were awkward, because we have so much to talk about. It's interesting to me that, despite coming from different and disparate backgrounds, and from all around the country and the world, we all kind of see things the same way, when we're talking about things and those old war stories. We are a miniscule percentage of the world population that share a special bond. There is some risk in putting yourself out there, but even so, I'd recommend it. Dinner for 4, 6 or beyond would be a blast. If you're in the area, hit me up.

Agreed. Unrestricted cash will be positive for several months if they execute the margin expansion plan, and Eos also has access to the $100m revolver if Cerberus agrees. But they can’t stall forever.. The company have been given every policy tailwind available and investor capital you don’t deserve. This is your time to shine or go home. Put the big guns on investor calls. Relentlessly expand margins with a sense of urgency. Make cuts elsewhere as necessary. Sleep on the factory floor if you have to.

$SMCI PRELIMINARY Q1 EARNINGS • Revenue $19.1B vs Est. $15.2B • Gross Margin 12% vs. Est. 11%

Introducing SKY-001, the first Engineering World Model. On CAD and BIM tasks, it beats GPT-6 Astra and every frontier model we tested: -> 51-125x faster - > 150-210x cheaper -> Higher IOU than all frontier models SKY-001 lets you dream a physical object before you build it. 18 months of work. Built by the team out of Maluuba's deep learning lab (acq. by @MSRResearch). The first ‘AI General Engineer’ will be the backbone for Autonomous Manufacturing.