WΞKα🦧 🦍🐺

I think the $25-$30b capex figure could have been better communicated at the EC. The real funding “gap” is just $3-$8b once you account for customer prepayments & GPU related financing. Yet nowhere on the presentation slide was that figure highlighted. The figure with the largest font and most visual presence was the $25-$30b capex headline, which is what most people naturally gravitate towards if you highlight it in that way. And since $IREN is perceived as this dilution machine, many investors predictably jump to the wrong conclusions as a result. This might appear trivial but you gotta understand that $IREN is looked upon with a great deal of skepticism from Wall Street and investors at large. We can argue about why that’s the case, but it’s irrefutable. MS doesn’t even cover you guys, while JPM just recently published a terrible report on $IREN. I have come across plenty of anecdotal testimonials from Wall Street folks who claim most of their colleagues don’t take you guys serious at all. If that’s the setup you are facing, you should go above and beyond to “own the narrative” and spoon feed the market. Don’t leave anything up for imagination, because most investors will assume the worst. This also relates to IREN’s consecutive ARR misses at Prince George that have gone completely unaddressed by management. As a result the wide spread perception is that IREN isn’t up to par with the rest of the industry and is perceived as “slow” or unreliable in terms of giving guidance. Same story for the H1 delivery delay that originally was targeted for Q2. The irony is that hidden in the recent 10k filing you named “delays in NVIDIA related equipment” as the reason for the H1 delay. Why wasn’t that communicated to investors as early as the May EC, when you moved the Horizon delivery timeline up one quarter? I understand that you don’t want to throw your supply chain partners under the bus, but not saying anything is even worse. The market is skeptical and a complete lack of transparency on these matters REALLY doesn’t help. $IREN continues to fall short on the IR / comms front. I (and many others) have raised that issue for over a year and nothing has changed since. From an optics / IR perspective, $IREN is bottom of the barrel, which is a shame since it has all the right ingredients to craft a much stronger investor perception. I think when the stock rallied aggressively last year, you mistook that for your IR / comms effort working. That was clearly not the case. 2025 was a retail driven rally spearheaded by a vocal retail shareholder base that spread the good word on your behalf. It’s getting painfully obvious to anyone, but $IREN management themselves, that IR has to step up its game. OWN THE NARRATIVE!

New $IREN Deep Dive Our new $IREN deep dive is finally live! It's honestly the most comprehensive report we have ever released and something I'm firmly convinced will age like fine wine. Even though it goes into great depth, it's written in a way that virtually every investor can understand. I purposefully went light on industry and finance jargon, and whenever I did use technical terms I made sure to explain them properly. This time around I've also unlocked the entire first chapter for free Substack subscribers to read. So if you're on the fence, I encourage you to read the first pages to get a sense of the depth and analytical quality you can expect from the rest of the deep dive. I'm sure every $IREN shareholder, analyst, or investor curious about the company will derive great value from this deep dive. I very much appreciate everyone's patience. This one took a while. Enjoy! ✌️ agrippa.investments/p/irens-…