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Gina Hinojosa’s win in Texas raises a questions for $IREN, given how much of its development pipeline is located in the state. But not all of $IREN’s Texas projects carry the same political risk. There is a big difference between infrastructure that is already built or progressing through the approval process and entirely new projects that haven’t entered that process yet. Starting with Texas: Childress is already an operating site, supporting $IREN’s Microsoft and NVIDIA deployments. It is not a new project waiting for a permit. Sweetwater 1 (1.4GW) has already been energized, and construction of the first 300MW of DC capacity is underway, with delivery targeted for Q4 2027, which is way further along than a project that exists only on paper. Sweetwater 2 (600MW) carries a slightly higher risk since it is not yet energized, but it has already been conditionally included in ERCOT’s Batch Zero as Base Load, alongside Sweetwater. Conditional inclusion is not final approval, and verification is still ongoing, but Sweetwater 2 has already entered that process and received a conditional classification. What can the new governor actually change? Hinojosa campaigned for a moratorium on new data-center development until lawmakers establish stronger protections around electricity, water and local communities. She can influence state permitting policy, direct state agencies within her authority, appoint PUCT commissioners subject to Senate confirmation, and push for new legislation. That could make future development in Texas considerably more difficult. But she does NOT personally decide ERCOT’s technical classifications, and her election does not automatically cancel existing Batch Zero classifications. There is still risk for projects already in the process. The verification requirements and remaining approvals have to be completed, and a new administration could change the broader regulatory environment. But I would separate that risk from the much greater uncertainty facing projects that haven’t secured a place in the existing process. And $IREN is not just Texas. With infrastructure in Canada, a major development pipeline in Oklahoma, and projects in Spain and Australia, its entire pipeline is substantially less dependent on the situation in Texas. There are also reasons to think $IREN may be better positioned to navigate the changing political environment than some of its competitors. $IREN has spent years building relationships with the communities... local hiring, investment in community infrastructure, grants to local organizations, workforce training and a closed-loop cooling system that doesn’t rely on evaporating local water are all part of its approach. In Childress, it has created more than 200 permanent jobs, many filled by local residents, and has also stepped in to help the community during its recent water difficulties. That doesn’t mean there won’t be opposition, but these efforts matter. The backlash against data centers is often about communities feeling they carry the costs without sharing in the benefits. $IREN has made a real effort to address that, and I believe this could work in its favor as scrutiny increases. BTW Texas isn’t the only state with a Democratic governor developing DCs. Virginia and Maryland are good examples. Both are introducing stronger rules around energy, water and community protections, but neither is abandoning the industry. Virginia alone has 391 additional data-center projects in its development pipeline, according to recent industry data. The direction moving forward is clear: DCs will increasingly have to demonstrate that their projects benefit local communities which can only benefit the established players that have already invested in infrastructure, built local relationships and demonstrated a willingness to work with regulators.