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▲ 155 r/stocks

MSFT has accepted delivery of IREN's 50MW Horizon 1 facility

This is the first of four tranches in a 5 year, $10 billion contract. The remaining 3 tranches are due by end of year.

Why is H1 acceptance so important? Because it proves their execution and their moat.

While many data centre buildouts are facing supply constraints, long grid approvals, governor audits and heavy community opposition (and some are outright being cancelled), IREN's 700MW Childress and 1.4GW Sweetwater 1 facilities are already years past these hurdles.

They also have Nvidia onboard. Sweetwater 1 has already been designated as Nvidia's DSX reference implementation and Nvidia have already contracted 60MW from IREN for its own internal AI workload.

IREN fully own the entire vertical datacentre stack from GPUs and buildings right down to construction pipelines, land and grid power contracts that were approved years ago. No other neocloud has this, and it means they (a) their bottom line is unaffected by land, power and building fees and (b) have complete control over their design and construcion pipelines and can optimize them.

The Childress and Sweetwater facilities are situated in remote communities at a crossroads between major fibre backbones and the renewable ERCOT grid where their usual approach has been to relieve the grid of surplus load during periods of oversupply.

Their debt structure is generally considered to be very healthy.

Yes, they do have an outstanding ATM and some may not like this, but they need to fund a massive pipeline and they are generally considered to have a very favourable debt structure and asymmetric upside if you believe in the AI buildout.

DYOR.

reddit.com
u/is_it_gif_or_gif — 7 days ago
▲ 17 r/MSFT

Microsoft accepts delivery of 50MW Childress Horizon 1 tranch from IREN.

This is the first of four tranches from the $10B 5 year contract. The remaining 3 Horizon facilities are due to be completed by end of year.

x.com
u/is_it_gif_or_gif — 7 days ago
▲ 25 r/irenstocks

Frans Bakker and Jim Liu both aligned: H1 online and MSFT are in their 5 day acceptance test

I've been skeptical over the past few weeks and everyone jumped on the subcontractor facebook pic bandwagon as if "subcontractors finished = handover" which is simply not true. IMO fake hype is about as helpful as fake FUD.

However with both Frans and Jim aligned, I think my last traces of skepticism are gone. Jim is very controlled, methodical and measured with his approach, even if the signals point against his bullishness he'll objectively acknowledge them. Probably the most objective a bull could ever be.

https://x.com/jiahanjimliu/status/2085806131637793040?s=20

reddit.com
u/is_it_gif_or_gif — 12 days ago
▲ 51 r/irenstocks

Mirantis acquisition has completed

https://preview.redd.it/s908ps0tbchh1.png?width=1117&format=png&auto=webp&s=26af098441236ed3ed2de0aca06d9be7eb63c4a5

IREN Completes Acquisition of Mirantis

IREN Completes Acquisition of Mirantis

Strengthening the Software Layer of its Vertically Integrated AI Cloud Platform

NEW YORK, Aug. 04, 2026 (GLOBE NEWSWIRE) -- IREN Limited (NASDAQ: IREN) (“IREN”) today announced it has completed the acquisition of Mirantis, Inc. (“Mirantis”), a leading provider of cloud software and services, through the issuance of approximately 12.6m ordinary shares, fixed at signing, plus cash, restricted stock units and other consideration of approximately $40m as of closing.

The acquisition deepens IREN’s capabilities across AI workload orchestration, monitoring and customer support, further strengthening its vertically integrated AI Cloud platform spanning owned and operated data centers, compute and software.

The acquisition also supports IREN’s strategy to serve a large and diverse customer base over time, including hyperscalers, enterprises and AI developers across bare metal and managed cloud services, and has already facilitated several of IREN’s announced and prospective AI Cloud contracts.

Mirantis brings deep software engineering and technical expertise, and a track record of serving more than 1,500 enterprise customers globally. Mirantis is an inaugural partner of the NVIDIA AI Cloud Ready Initiative, and has integrated k0rdent AI with NVIDIA DSX OS software components, supporting current and next-generation NVIDIA architectures. The open-source k0rdent AI platform will continue to be developed and supported for Mirantis’ customers.

The combination brings together IREN’s owned and operated data centers and compute with Mirantis’ flexible, interoperable software layer, giving customers greater choice and control in how they deploy and scale AI workloads.

Daniel Roberts, Co-Founder and Co-CEO of IREN, commented:

“From the beginning our view has been simple: own the land and power, build the data centers, deliver the compute. Mirantis adds the software layer on top, turning infrastructure into a platform. That’s what lets us serve everyone from hyperscalers running bare metal to enterprises who want fully managed AI cloud.”

Alex Freedland, Founder and CEO of Mirantis, commented:

“For more than a decade, Mirantis has helped enterprises deploy and operate mission-critical cloud infrastructure software, and that commitment to our customers remains unchanged. Becoming part of IREN gives us the opportunity to bring those capabilities to an even larger infrastructure platform, accelerating innovation while continuing to invest in the open and infrastructure-agnostic k0rdent AI platform.”

reddit.com
u/is_it_gif_or_gif — 16 days ago
▲ 19 r/irenstocks

Morgan Stanley - Playing the AI Infrastructure Dip - highlights

The full report is 118 pages long so I can send it to whoever wants but here are some highlights:

>Key Takeaways
- Our highest conviction view: the demand for compute is likely to significantly exceed supply for many years to come.
- We disagree with the "tokenmaxxing" argument that Enterprise limits on token spending will suppress AI revenue – we see the opposite playing out.
- Chinese LLM advances represent a real competitive threat to frontier model developers, but only bolster our "Jevon's Paradox" bullishness on compute demand.
- We are fundamentally bullish on the rate of improvement in AI capabilities, the benefits of AI adoption, and associated capex.

>Our core investment recommendations:
(i) Own the AI Infrastructure bottlenecks: labor, "time to power" (fuel cells, Bitcoin players turned Powered Shell Providers, turbines, energy storage, power developers including energy companies that have become involved, and data center REITs with strong growth).
(ii) Own the compute manufacturing ecosystem, given the rapidly rising value of Intelligence and the shortage of compute relative to demand.
(iii) Own leading Chinese AI solution providers, given how capable and cost-competitive these companies' products are and how little related upside is priced into many of these stocks.
(iv) Own Energy Security assets that are important to AI Infrastructure development. We would flag Energy Storage as a standout asset class here (see Jack Lu's excellent report).
(v) Own hyperscalers with the capabilities to achieve scale benefits and drive attractive ROI on their AI capex (we are Overweight META, GOOGL, MSFT and AMZN).

>Time to Power Solutions
Let's shift our focus to power grid bottlenecks facing data center developers. We estimate a 38 GW potential shortfall in available US power grid access relative to the magnitude of data center demand in the next several years. With a substantial ramp in data center power demand we expect lengthy grid interconnection delays with some regions already experiencing 5- to 7-year wait times. With increasing grid constraints, we see an expanding TAM for "de-bottlenecking" solutions that can accelerate the access to power for large loads.

>The two fastest "time to power" strategies are:
- Repurpose the existing grid access possessed by ex-Bitcoin companies and
- Quick-to-deploy, scalable power generation, which can offer 1-3 years of time-to-power advantage vs. the grid in many cases.

>The Value of Time to AI Players
The math relating to "time to power" contracts entered into between power developers and data center developers/hyperscalers is not fully understood by the market, in terms of ultimate impacts to shareholders. For example, the powerful magnifying effects of long-term contracts with investment grade hyperscalers is not fully appreciated. The analogy here would be to renewables contracts with investment grade tech sector customers. It would not be unusual to see a 15- to 25-year Power Purchase Agreement (PPA) signed for solar power to have an unlevered Free Cash Flow (FCF) yield of 9%. Such a project would typically cost ~$2/watt, and these projects can often be levered at 80-90% at the project level, resulting in levered equity returns in the mid- to high-teens. This, in our view, is an attractive ROE, given the low-risk, long-term nature of the contracted cash flows.
What is so striking to us is how attractive the "powered shell" data center contracts are, and how misunderstood this value creation is. For example, several Bitcoin companies have recently signed agreements in which they will build data center "powered shells" at $10-12/watt, with 15- to 25-year, fixed price contracts (with escalators), at unlevered FCF yields of 15-19%. These contracts will generate extremely attractive returns, in our view, and the Bitcoin stocks do not reflect this value creation.

u/is_it_gif_or_gif — 23 days ago
▲ 35 r/irenstocks

RAISE Day 1 Summary on $IREN by @LandoInvests

https://x.com/i/status/2074999495990071692

‣ Horizon 1 handover confirmed 19th July

‣ Commisioning H2

‣ MSFT very happy with IREN so far, very hands off. Great partners.

‣ IREN on call with NVDA basically everyday

‣ Deals signed today are even better than 2 months ago.

‣ Pre payments sweetspot now between 25-40 roughly. Some even offering 100%

‣ IREN GB300 NVIDIA EXEMPLAR Cloud certified. Likely announced next week. Only THREE have this right now.

‣ IREN selected with small number for VERA rubin for testing VERY SOON. Unofficially late EOY mass production. Likely early 2027

‣ H5-H6, Sweetwater 1 Vera Rubin

‣ Mirantis deal closing this month is the aim

‣ Semi conductor shortage micron $MU seeing into 2031

x.com
u/is_it_gif_or_gif — 1 month ago
▲ 50 r/irenstocks

IREN/Nvidia/Mirantis Raise 2026 summit Part 1

Thought I'd scrape it and post it here to make it easier than hunting through a 5 hour time window for a timestamp.

u/is_it_gif_or_gif — 1 month ago
▲ 41 r/irenstocks

Nvidia, IREN and Mirantis will take the main stage together at Raise Summit on July 8th

https://x.com/i/status/2072952511267320074

----

On July 8, three leaders building the foundations of AI take the Master Stage to discuss what's really powering the industry today:

→ Kent Draper, Chief Commercial Officer, @IREN_Ltd

→ Dion Harris, Senior Director, HPC and AI Infrastructure Solutions, @nvidia

→ Alex Freedland, Co-Founder and CEO, @MirantisIT

u/is_it_gif_or_gif — 2 months ago
▲ 28 r/irenstocks

One of the most interesting hypotheses I've seen on why the RSU package was structured this way

https://x.com/hexahasher/status/2073137693031039138?s=20

I'm going to borrow a summary from grok here because it's well written:

>Time-based RSUs (4yr vest + 2yr hold into 2033) were picked instead of performance-based because the goal is *guaranteed* delivery of big permanent equity ownership to the founder co-CEOs right as their Class B super-voting shares (15x votes) automatically expire ~late 2033. Performance conditions create risk they might not vest — that doesn't work if you're structurally replacing expiring control with real shares they must hold.

>The vesting/holding schedule is timed to land exactly on that cliff.

>Why silent in the 8-K? Companies use standard language ("retention + long-term alignment after comp review"). Explicitly saying "this preserves founder influence post-sunset" invites governance pushback. They noted considering perf-based/hybrid options but chose this. The Discord sunset thesis fits the facts & timing cleanly.

u/is_it_gif_or_gif — 2 months ago
▲ 103 r/irenstocks

IREN has completed the acquisition of Nostrum Group, adding 490MW of secured power in Spain to serve global demand for AI compute

This was announced at earnings but good to see it completed.

> Today, IREN announced it has completed the acquisition of Nostrum Group, adding 490MW of secured power in Spain to serve global demand for AI compute. > > “Europe is one of the largest and fastest-growing markets and Spain is among its most compelling entry points, with abundant renewables and strong fiber connectivity. Nostrum gives us secured power today along with a development pipeline and a great local team we're excited to work with.” - @danroberts0101

x.com
u/is_it_gif_or_gif — 2 months ago