$IREN fighting hard to defy the laws of gravity. It is now above $24 from 22.90. Look, the demand for compute is increasing, not decreasing. And IREN is signing one deal after another. So, the fear is not substantiated.

So let me get this straight… AI companies are paying more for compute, while Wall Street thinks the companies supplying it are worth less? 😂 Something has to give. I'm betting $IREN surprises a lot of people.

While Wall Street thinks neoclouds are supposedly going extinct, Perplexity’s VP of Engineering is talking about $IREN helping power Perplexity’s next phase of growth. Apparently, someone forgot to tell Perplexity that neoclouds are dying. https://t.co/3Ymj3V7vjB

Funny how everyone suddenly became an expert on why neoclouds won't survive. Meanwhile, $IREN keeps signing customers and securing financing. I have a feeling the next $IREN earnings call is going to be very interesting-- Microsoft. NVIDIA. Perplexity. New financing.

The bearish comments/sentiment on the Neoclouds are unsubstantiated. Today, $IREN secured $363M in GPU-backed financing. Last week, $NBIS secured a $3.5B credit facility. Where is the bear case?

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!

$IREN Yes! And Musk's comments are a legitimate conflict of interest. What's particularly interesting is that SpaceX isn't merely financing AI infrastructure for its own use. It's also selling computing capacity to outside customers. In fact, SpaceX's October 20 earnings-call transcript, states that Musk said the company aims to allocate roughly half its compute capacity to internal use and half to external customers. He also discussed renting that capacity at market rates. With that being said, doesn't that make Musk a participant in the very market whose competitors he's publicly warning could collapse?!

Folks, relax! Industry consolidation can be bearish for weaker operators and bullish for the survivors like $IREN! Fewer competitors doesn't mean less than AI demand, but more opportunity for the survivors: Secured power Bankable customer contracts Access to financing Proven execution Those are the competitive advantages that matter. and $IREN already has important pieces of that puzzle.

$IREN is not a typical speculative neocloud trying to raise money without committed customers. Its August financial disclosure described a $3.6 billion investment-grade GPU financing arrangement associated with Microsoft at a 6% borrowing cost. Together with customer prepayments, that covered approximately 96% of the associated GPU capital expenditure. Musk may be right that many neoclouds won't survive. But IREN will not be among the casualties.

$IREN IS TESTING YOUR PATIENCE. YOUR CONVICTION. YOUR PAIN THRESHOLD. Down another $0.60 today? So what! The entire neocloud sector is under pressure. But has IREN’s fundamental thesis changed? No! The business remains intact. I added more Jan 2028 strike 28 calls. The lower it goes, the more I’ll add.