IREN says its $4B+ ARR target is fully funded. So why is another $6B of financing still being targeted? The answer is that investors are looking at two different expansion plans. IREN's contracted $4B+ ARR target is supported by a 0.3GW program the company considers funded, subject to financing conditions. But its wider FY27 expansion involves approximately $15B in remaining planned capex: • $9B from cash, committed financing and customer prepayments. • $6B from additional targeted funding, subject to market conditions. That $9B isn't all cash sitting in the bank. It includes undrawn financing and customer prepayments not yet received. And the additional $6B isn't necessarily an equity raise. This distinction matters. AI demand can be enormous while the economics for shareholders still depend on financing costs, dilution and how quickly contracted capacity generates cash. The real question isn't just how much AI infrastructure IREN can build. It's how much value each share captures after funding that growth.