Oli retweeted
$IREN: Let's reflect.
Neocloud and data centre sentiment is the lowest I've seen in a while.
Part of it is the recent financing headlines. I don't think these are impactful for $IREN.
Part is the $MSFT "third-party delays" headline. Microsoft didn't name anyone, but the concern is valid.
There's also a rumour of cabling issues at $IREN. If true, it's not thesis breaking, but it's a flag worth noting.
Horizon 2 delivery. Tick tock, @danroberts0101. If there's been a delay, we want to hear why directly from the team, with an ETA on the fix.
I don't think any of these fears are major. They're addressable, and I have significant trust in the team's ability to deliver.
But I'd like to see the same transparency on the negatives as on the positives.
Oli retweeted
Sunday, Elon: debt markets have "almost entirely shut off" for neoclouds.
Today: $IREN closes a $363M refinance with a six-lender group.
Not new debt for new hardware. Cash released from GPUs already deployed and earning revenue, backed by multi-year contracts.
Physical assets turned back into liquidity to fund the next build.
Oli retweeted
Two takeaways from Citizens on neoclouds:
1. Pricing power. Customers are paying 2x+ more per MW than a year ago. Demand is still outrunning supply.
2. Every delayed MW makes existing capacity more valuable.
That's exactly why $IREN isn't rushing to sign its remaining capacity.
Citizens: Neoclouds
"CoreWeave has the largest contracted platform and the most future capacity to reprice; Nebius already shows the rate reset in agreements signed at $20–$25 million/MW, with customers prepaying 50–60% of the associated capex; and IREN shows the progression from roughly $10 million/MW on its original Microsoft agreement to above $20 million on newer contracts."
"We are more positive on the Neocloud business model in the near-to-intermediate term. The equities and credit have repriced around the capital required to deliver the build, but demand continues to exceed available supply, delivery remains back-end loaded, and the newest contracts are being signed at higher rates."
$NBIS $IREN $CRWV
Oli retweeted
Stranded compute = GPUs with no power to run them.
The winners have a repeatable build-out design and secured grid connections.
Am I the only one who sees this as bullish for $IREN?
Oli retweeted
Chamath: "Neoclouds are disorganized and poorly capitalized. Some are definitely better than others however."
A month ago, he named $IREN and $NBIS among the economic winners of the next 12 months.
I wonder which neoclouds he is referring to?
As someone with a portfolio of energized land assets here is what I am seeing:
1. Neoclouds are disorganized and poorly capitalized. Some are definitely better than others however.
2. Hyperscalers are intractable, bureaucratic organizations that take 3 months to do an NDA and want 18mo escrow periods. We built our portfolio by competing against these terms because of our speed and simplicity. The more future assets orgs like ours win, the bigger the problem for the hyperscalers downstream (see 3).
3. There are delays in the existing pipeline that will catch people off guard in 2027. Hyperacalers will (obviously) react by focusing on their own internal compute needs over any third party. If the third party is a model company, they will tell them to go through their model router where they will also take a non-trivial vig. Them telling Ant they have no compute for them (rumored in Ant’s S-1) if true is a huge tell that this is already happening.
All of this is to say that it does look like there will be a lot of partially stranded compute and compute sitting in inventory in 2027 than is currently forecasted. This is bought and paid for but effectively underearning (below total cost of capital) or collecting dust. We see this as true for everyone - model companies, hyperscalers, neoclouds except ONE (you can guess which one).
This dislocation will benefit two kinds of orgs: the non-bureaucratic big scalers who can build industrial scale quickly and the nimble, well capitalized players feeding them.
2027 will be a turbulent year because it will clear out a bunch of wrong/bad bets. It will also be a consolidation year for a few.
Oli retweeted
If pay is your only incentive, quit X.
You've got to enjoy it and be working towards something bigger.
My goal on X is to build two things:
1. A credible brand
2. An expanded network
A network gives you insight and contacts.
A brand gives you a platform to monetise through a service or product.
What are you building towards on X?
Oli retweeted
March 2026 gave you this:
$MU $321.80 → $1,255 | +290% | 3 months
$CRDO $87.81 → $308.67 | +252% | 3 months
$NBIS $92.26 → $299.86 | +225% | 3 months
$BE $119.51 → $351.28 | +194% | 3 months
$IREN $31.62 → $64.05 | +103% | 2 months
$VRT $234.22 → $379.94 | +62% | 2 months
Is October 2026 giving you a second chance?
