▲ 65 r/irenstocks
Demand is insane.
If I haven't miscalculated, Anthropic paid SpaceX $50 million per megawatt. That's insane.
I think Dan was right not to rush into a new deal.
u/walles85 — 1 day ago
u/walles85
▲ 47 r/irenstocks
It is an indication that power is a real ditch.
Nbis bulls claimed that power was insignificant, that the most important thing was software. But it seems that they will pay 2.6 billion dollars for 250 mw of power. And their margins will fall. As time goes by, we will see how Iren's thesis crushes the nbis narrative. Patience. It's almost time.
u/walles85 — 2 days ago
▲ 80 r/irenstocks
Final terms confirmed. $3.0B raised.
$2.6B base + $400M greenshoe fully exercised on day one.
Net proceeds: ~$2.96B
Coupon: 1.00%
Conversion premium: 32.5%
Cap price: $110.30 - 100% premium
Capped call cost: $201.3M
The greenshoe is worth explaining:
Banks were given an option to buy an extra $400M if investor demand was strong enough. They had 13 days to decide.
They took the full $400M on day one.
That’s institutional demand. Not a routine capital raise.
Backed by JP Morgan, Goldman Sachs, Citi, Jefferies and more.
u/walles85 — 8 days ago
▲ 30 r/irenstocks
At these price levels, Iren can be a better bet than nbis.
I think it could be a better bet than Iren nbis at this point. I don't think Iren will make a new atm for 2026. But Nbis can do it. In addition, it is very likely that Iren will announce a new agreement after the Nvidia agreement. They have 1.4 gw of energized Sweetwater.
The main problem for Iren was the problem of accessing the gpu. I think they solved this with the Nvidia agreement. Nbis also announced the $27 billion Meta deal after the deal with Nvidia. Iren may be next.
Perhaps what Dan said in the earnings talks was true: if you have a partnership with Nvidia, you don't need to look for a salesperson.
u/walles85 — 8 days ago