Withman A Liriano retweeted
So you’re telling me IREN gets customers to prepay 45-55% of the GPU cost up front on multi-year take-or-pay deals, then layers on cheap financing (6% for Microsoft, 9% for others) that covers the rest or more… so the company barely puts any of its own capital into the chips, the data centers stay unlevered, paybacks are ~2 years, and there’s still way more demand than they can build for? 👀
The $IREN flywheel 🔥🔥🔥
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.
Withman A Liriano retweeted
$IREN 2026 sold out, 2027 final stages , and 2028 capacity contracts under negotiations.
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.
Withman A Liriano retweeted
⚡️ JUST IN: $XRP launches an official X account managed by Ripple and the XRP Ledger Foundation.
Withman A Liriano retweeted
Welcome @XRP
Withman A Liriano retweeted
we're going to tokenise a ton of EasyA.
likely in the hundreds of millions of dollars at least.
potentially over a billion dollars.
choosing who we'll partner with rn.
Withman A Liriano retweeted

Polymarket@Polymarket7h
United States
United StatesConnected via WebAccount-level information, not a live location or per-post device.
JUST IN: OpenAI is reportedly “accelerating” a $30,000,000,000.00 fundraising round to secure investor capital ahead of Anthropic's IPO.
Withman A Liriano retweeted
JUST IN: President Trump thanks Elon Musk for giving SpaceX stock to millions of American children
Withman A Liriano retweeted
Tomorrow $IREN popping up at GTC Berlin with a demo of GB300 NVL72 + k0rdent for production workloads. AI infra names are still getting attention, this is one of the ones actually trying to deliver the stack.
Heading to #NVIDIAGTC Berlin?
See IREN AI Cloud in action with a demo led by IREN Chief Product Officer, Kambiz Aghili, and learn how IREN brings together NVIDIA GB300 NVL72 infrastructure and k0rdent AI orchestration to support production inference.
Join us at the IREN booth 7013 and explore our vertically integrated AI Cloud platform, delivering data centers, compute and software.
























