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.

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🚨 Indonesia’s stock market crashes over -11% recording its biggest crash since 1998. MSCI is considering downgrading Indonesia from an "emerging" market to a "standalone" market. A standalone downgrade could force global funds to sell Indonesian stocks, triggering billions of dollars in outflows. The move comes amid concerns over market transparency concentrated ownership and trading integrity. The announcement triggered a massive sell-off and forced a temporary trading halt. The Indonesian rupiah falls to 18,070 per dollar, nearing its record low of 18,190.

The neocloud massacre continues 😳 • $CRWV -15% • $NBIS -10% • $IREN -10% • $HUT -9% • $WULF -9% • $WYFI -8% • $CIFR -8%

We discovered a sophisticated recording device that was hidden inside one of our offices. We used our models to understand the device and where it had come from, identifying that a specific employee had planted it a few days earlier. We referred the matter to the FBI, and we’re grateful to the agents and prosecutors who moved quickly to make an arrest. The FBI’s investigation is ongoing and we will continue to support their work. At this time, we have no indications of this individual inappropriately accessing or exfiltrating model weights, source code, or customer data. The employee was terminated. We take protecting our technology, data, and people seriously, and as a matter of national importance. Our security program is designed to protect against a wide range of threat actors, from insider risks to cybercriminals to nation states, and this case is an example of how AI can help address these sophisticated security threats.

Video: A Haruki Marukami mega fan reacts with sadness to the announcement that his favorite novelist did not win this year's Nobel Prize for Literature. In their haste to create an announcement sign, someone misspelled the name of the winner, Anne Carson.

Princeton didn’t consider Anne Carson worthy of a recommendation for tenure, and she couldn’t continue teaching at McGill after its Department of Classics was shut down. Now, everyone wants to claim her as their own …