Speculation on $IREN and why and when a major deal could be released. A personal theory of mine on why a major deal hasn’t been announced for Sweetwater yet is based on several reasons. Firstly, Ercot has yet to release their Batch Zero list. It seems more than likely Sweetwater will be included in it based off signed agreements being in place, but as it stands now, it’s probably like a 99% chance, and not 100% . For the reason, it’s hard to sign a deal, especially one that will likely involve many billions of dollars when something is 99% and not 100%. Dan and Will likely don’t want to sign a deal either if they have to put a provision in the deal saying on the very small chance that Ercot doesn’t include it in Batch Zero, that the deal could possibly have to be altered, delayed or cancelled. They like to operate on absolutes and don’t promise anything they can’t guarantee they’ll do. Ercot has stated the Batch Zero list will be done by June or earlier, so it could be anytime from now until June. Secondly, energization of the Sweetwater site is also another key milestone that could be another key part while a deal hasn’t been signed yet. It appears the site is on track to be energize on time still, but it’s another thing that could possibly affect timelines on a deal if some reason it wasn’t done on time. I personally believe they’ll hit the goal on time, but when signing massive deals, the more that is already in place, the easier it is to negotiate and get terms you want. Thirdly, having GPU’s is a necessity to be able to fulfill terms of a deal and to generate revenue. Management may be waiting on guarantees from suppliers such as Dell who they are working with on securing GPU’s. They likely want to have a clear outline on when GPU’s would be delivered to Sweetwater to know timelines on when the site would be ready to go and fulfill their end of any deal(s). As I mentioned above, this is all purely speculation on my end, but it is based on logical facts. Dan and Will do everything that they say they will do, so by having more of these pieces in place, it makes outlining a deal much more clearer when they have these 3 different pieces in place. So we know that Ercot can announce Batch Zero between now and June. Sweetwater is expected to be energized in Q2 of this year, with April seeming the most likely, but May and June would also still be Q2. And then GPU deliveries would be based off what Dell or others can guarantee to them based off whatever discussions I imagine they have had already. So while it doesn’t narrow down a deal timeframe from the already expected timeframe of anywhere from now until sometime later in the year, I think it’s safe to say as each 1 of these 3 different parts are guaranteed to a 100% resolution, the deal announcements are more likely to happen. So most likely June at the latest and possibly earlier if 1, 2 or even all 3 of these are completed before then. If @danroberts0101 was able to chime in more on that it would be great, but I know he might be limited on what exactly he could say. Nonetheless, this is just my personal thoughts on the matter and what I’m expecting to play out. I’m currently long on the stock and hold both shares and options.