Yesterday, an exceptionally high number of call options were sold, which suggests that there was information in the market, but not everyone had it.
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Will the earnings be released before the NYSE open or after? I believe it’s supposed to come out today.
It seems to be after the market closes; if I recall correctly, I read somewhere last week that it is at 00:00 Finnish time.
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Onnea kaikille omistajille!!!
As part of the partnership:
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NVIDIA and IREN intend to support deployment of up to 5 gigawatts of NVIDIA DSX-aligned AI infrastructure across IREN’s global data center pipeline over time.
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NVIDIA and IREN will collaborate on deployment of NVIDIA accelerated compute in DSX AI factories to expand access to AI-native, startup and enterprise customers.
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As part of the partnership, IREN issued to NVIDIA a five-year right to purchase up to 30 million shares of ordinary stock at an exercise price of $70 per share, resulting in a right to invest up to $2.1 billion, subject to certain conditions including regulatory.
IREN Expands AI Cloud Platform to Europe with Acquisition of Nostrum Group
The acquisition marks IREN’s entry into the European market and increases its power portfolio to 5GW. It adds approximately 490MW of secured, grid-connected power in Spain, together with an additional development pipeline, enhancing IREN’s ability to service observed customer demand in Europe.
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Oh boy, this wasn’t on my bingo card.
TO THE MARKET SQUARE!
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My first IREN purchase was in October 2024, after which I have heavily concentrated my portfolio into Iren, especially during last year’s tariff dip. I must say, I feel quite validated right now. Congratulations to the other owners!
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I’m in, but I have to ask: is this the leverage play of a lifetime? They’re putting everything on the table—all past profits, everything left in the shareholders’ pockets (6BN ATM), suppliers’ money (NVIDIA), and customer prepayments (Microsoft)—and then we’ll just see how it plays out for the boys. 
I think I saw on some slide that they already have contracts for a $3.7 billion ARR pace by the end of '26. Or did I misunderstand completely? Either way, it’s wild.
As long as AI demand doesn’t falter, I guess the cash will start flowing at hyperscale speed.
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I have to admit I no longer really have a clue where I’ve put my money this time (lol, as if I ever did). I just have to trust that Nvidia has done the DD regarding Iren.
Future will tell. Now just keeping my fingers and toes crossed.
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Pekka’s comment on the results and the latest news.
https://x.com/vontuchman/status/2052527367017369624
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To my eye, this news moves IREN significantly more towards being a legitimate AI infrastructure player and no longer just in the “Bitcoin miner with AI slides” category. NVIDIA doesn’t typically enter into this level of collaboration on flimsy grounds, so this definitely adds credibility to the case.
At the same time, I paid perhaps the most attention to the financing structure itself. The NVIDIA warrant deal looks more like a result of their extremely strong negotiating position than any kind of “free validation” for IREN. In practice, a lot hinges on the stock price and AI execution continuing to develop in the right direction going forward.
So, while we are talking about very large sums and potential, this remains an extremely capital-intensive and high-risk execution case. But at the same time, it is a considerably more credible AI infrastructure story than it was just a while ago.
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Referring to the influencer quoted above; the problem with them is the great need to speak a lot and quickly.
I’m sure some quite good insights will come from there in time if they have the patience to delve into it.
I would approach the matter in a Munger-esque way through incentives.
If Nvidia supports Iren during its ascent, perhaps even advertises and praises it to the markets, looks for suitable partners, and generally oils the wheels everywhere, it can sell GPUs en masse into this massive capacity and, as a thank you, print money with warrants (after every 100k GPU delivery).
Let’s add that Iren’s biggest problem, i.e., GPU availability, is fixed immediately and they move to the front of the line (if Nvidia likes success and money, that is).
From there, it’s time to place bets on which outcome one believes in.
Edit:
A slightly better take on Nvidia, Iren, and Mirantis:
https://x.com/franklee6924t/status/2053344382053503273?s=46&t=Gf87bhKtIDEQ8PoQTL96bQ
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More news came out today regarding convertible bonds. Dilution is real. This instrument accounts for 2.3 BN USD. If growth and billing materialize at the levels painted by management, then of course, there’s no problem.
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These and the 6 billion ATM are basically pocket change in this business. Building 1GW with all the trimmings costs tens of billions—that’s why Iren’s air-cooled capabilities are worth their weight in gold. In parts of Canada and Childress, they can retrofit old BTC mining facilities at a bargain price; they generate good cash flow and at least slightly alleviate the need for capital. As long as they can get those GPUs there 
But these liquid-cooled AI factories require an insane amount of money, so they will likely be built out 250-300(gross)MW at a time (this SN would provide just enough for that). Next year, there will definitely be a new ATM, and they’ll use GPU/DC/contract-pledging and whatever else they can come up with for financing.
Notes cause really strange movements in the share price when old ones are closed, pricing is sought for new ones, and so on. You can see that happening today as well.
This is what aggressive growth companies do; the previous ATM was pumped at $5-$15 prices, and the dilution propelled us over $70. Then, when the deal didn’t please people or wasn’t understood, we came down to the thirties.
What I mean to say is that dilution is normal when growing, and the company wouldn’t have gotten anywhere without it—the same applies to all capital-hungry growth firms.
With a company like this, you either know it exceptionally well, choose not to invest, or size your position according to what your stomach can handle.
If you believe that (calendar) Q1/27 revenue will be over a billion (meaning ARR guidance is met/exceeded) and growing in leaps and bounds, you might see it from a different perspective. The assumption is that every billion invested generates that revenue for a very long time, which is why the balance sheet should also be valued, rather than valuing based on ARR alone.
(Calendar) Q1/26 AI revenue was indeed a massive disappointment (my target was 65-85M) and underlined how important it was to finally get that Nvidia partnership established. Perhaps it was the HBM crisis that slowed down production… well, it doesn’t matter, priority status was needed.
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The situation is exactly as you described. I was simply listing the massive amount of leverage currently in play. And as we both noted, there is no problem AS LONG AS growth continues and debts can be rolled over.
When compared to Q1 revenue, these combined billions across various instruments are certainly not pocket change.
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Issuance Terms
• Coupon: 1.0–1.5% (to be confirmed at pricing)
• Size: $2 billion
• Maturity: 7.5 years → maturity date around late 2033
• Conversion Premium: 27.5–32.5% over the current share price, which reflects a price of approximately $70 based on current levels.
A “Capped Call” has been structured to mitigate dilution, but its specific terms have not yet been disclosed.
Note that in the December 2025 issuance, the coupon was 0%.
Hedge funds are buying this, so there will be a lot of short pressure in the coming weeks as they hedge Delta in a Convertible Arbitrage strategy.
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Half of this amount, with a maturity several years shorter