What excites me most about the $363 million that $IREN secured is the financing mechanism. IREN is demonstrating that deployed, revenue-generating GPU infrastructure can serve as collateral for institutional financing. That's an important distinction in a market increasingly concerned about how neoclouds will fund their expansion. This means that the equipment-backed debt capital raised is without issuing new common shares. There is no share dilution. IREN has now proved, despite Musk's bearish comments, that institutional capital can be available to a company with operating infrastructure and customer contracts!