𝗝.𝗣. 𝗠𝗼𝗿𝗴𝗮𝗻'𝘀 $55 𝘁𝗮𝗿𝗴𝗲𝘁 𝗼𝗻 $IREN 𝗿𝗲𝘀𝘁𝘀 𝗼𝗻 𝗮 𝗯𝘂𝗶𝗹𝗱 𝘁𝗵𝗮𝘁 𝘀𝘁𝗶𝗹𝗹 𝗻𝗲𝗲𝗱𝘀 $6B 𝗼𝗳 𝗳𝘂𝗻𝗱𝗶𝗻𝗴 𝘁𝗵𝗶𝘀 𝗳𝗶𝘀𝗰𝗮𝗹 𝘆𝗲𝗮𝗿. $IREN cut its FY27 capex plan by about $7.5B. The cut came out of early site work on far-off projects and a slower air-cooled Childress rollout. Per the note, the 2027 deployments are untouched. Management's options to fill the gap come before any converts or new shares. Every one of them is debt or customer prepayments, priced in the same credit market that slowed the plan. Choe's model keeps free cash flow negative through FY29 while net debt keeps climbing. That holds together only if the EBITDA ramp lands on schedule. First up is Horizons 2 to 4 at Childress for Microsoft, now due at the end of January and possibly February. That handover takes operating ARR from $1B to more than $4B.