Another quarterly update completed for $IREN.

We published our Q2 update earlier today, and interest was strong enough to briefly overwhelm the site at release. If you missed the deck, it’s available here:
👉 iren.gcs-web.com/static-files/0…

The past few months have seen continued progress across capacity, customers, and capital. Demand remains the strongest we’ve seen and, importantly, we’re building the infrastructure and capital structure required to deliver against it.

We’re still at an early stage of our AI Cloud build-out, but have already scaled ARR under contract to more than $2.3bn. Our $3.4bn ARR target utilizes only a portion of our now 4.5GW secured power portfolio.

More detail below 👇 1/ Capital
We secured $3.6bn of committed GPU financing for the Microsoft contract at <6% p.a. Combined with the $1.9bn Microsoft prepayment, that covers ~95% of GPU-related capex at an average interest cost just over 3%.

$IREN July power costs were very high and managing our #1 expense is front of mind as we build out our 750MW Childress site.

A thread 🧵 2/ Regular and transparent detail

- One of the benefits of detailed monthly reporting is the ability to engage in quality discussion with our investors around some of the nuances we see day to day in our business.

- Off the back of our July monthly report, I wanted to share some additional perspectives on our power strategy.

After market close today, one of the Wall St banks asked us to deliver a presentation on Datacenters & Bitcoin Mining. Over 200 investors dialed in 👀

A thread... 🧵 $IREN 2/ Overview of IREN’s business model and assets (including magnitude of grid access):
- 260MW of data centers across 4 sites (3 BC, 1 TX), scaling to 510MW in 2024
- support a combination of Bitcoin mining and AI Cloud Services workloads
o 10 EH/s Bitcoin mining, scaling to 30 EH/s in 2024 – one of the largest listed miners
o 816 NVIDIA H100 GPUs providing cloud services to AI customers
- Significant pipeline of sites and access to energy – >3GW portfolio, including a 1.4GW site in West Texas where a connection is underway (2026 in-service date)

Thread time... 🧵 (my first)

Imagine playing a game of monopoly where someone periodically tips more money onto the board and then occasionally takes some off...

1/n It’d make it reasonably hard to concentrate! If you wanted to win, you’d probably get as close as possible to that person and try to get a larger share of those handouts. That person also wouldn’t want to take too much money or they’ll have some pretty grumpy friends…

2/n