Withman A Liriano

$IREN earnings just delivered one of the most bullish signals for the entire AI infrastructure trade. While the market worries about AI financing and whether demand can support these massive buildouts, look at what IREN just announced: • AI Cloud revenue surged 182% QoQ to $200M. • AI Cloud gross margins remain at an incredible 86%. • Revenue backlog grew 22% to $20.3 BILLION. • Over $4 BILLION in annualized revenue is already contracted and fully funded. • Contract pricing is actually INCREASING, up 11% on 3-year deals and 12% on 5-year deals. But here’s the biggest takeaway: IREN just signed a NEW 5-year AI contract at approximately $22M in annual revenue per MW, with the CUSTOMER agreeing to PREPAY 90% of the associated GPU capital expenditures! Think about what that means. Customers are so desperate to secure AI compute that they’re willing to fund nearly the ENTIRE GPU investment UPFRONT to lock in capacity for the next five years. And IREN also signed a short-term contract at $40M per MW annually and contracted H100 GPUs at DOUBLE previous pricing. Does that sound like an AI demand slowdown? The market is obsessing over how AI infrastructure companies will finance their expansion, while customers are literally stepping up to finance the infrastructure themselves. Yes, execution and financing risks still exist, but these announcements suggest demand is strong enough to support increasingly attractive financing structures. The AI infrastructure buildout isn’t slowing down. If anything, these results suggest the market is underestimating just how much demand still exists. Extremely bullish for $IREN and the broader AI trade.