$IREN CEO untangling the print himself

$IREN CEO untangling the print himself. Worth reading twice, because it matches what the filing said all along. 👀

The mechanism most missed: the $684M loss is the cost of retiring miners so those megawatts can be re-leased at over $20M per MW. Mining earned a small fraction of that per megawatt. The write-down is the toll for converting a low-yield asset into a high-yield one. Impairments are what conversion looks like on a P&L.

The line to underline: ~$19B raised, ~$3B of it equity, and not a dollar borrowed against the data centers yet. That’s $7.6B of unencumbered property sitting in reserve. Dilution went from mandatory to optional, and the biggest lever hasn’t been pulled.

Three sites commissioning into year end to bring $4B of ARR online. That’s the 2026 story. 2027 is Sweetwater.

Long $IREN