"Firstly, we secured underwriting commitments for $3.6 billion of GPU financing at an interest rate of less than 6%. Together with customer prepayments, this provides funding coverage for approximately 95% of the GPU-related CapEx, supporting our $9.7 billion AI contract with Microsoft. Importantly, this financing package provides greater clarity to also advance a broader set of customer discussions."

Management

"Operationally, execution is tracking well across the portfolio, and we expect to deliver 140,000 GPUs by the end of 2026, positioning us to deliver $3.4 billion in annualized run rate revenue. Based on capacity already contracted and the strong customer engagement for new deployments in Mackenzie and Canal Flats, we're on track to reach our targeted $3.4 billion ARR by the end of 2026."

Management

"But to, to be clear on this, guys, like, crystal clear, the 2,000 MW is secure. Like, none of this batch stuff, none of the market chatter is influencing whether or not this 2,000 MW is available. We've got the signed interconnection agreement. It was signed in 2023. It's been there for years."

Management

"When you've got scarcity around how many data centers you can physically bring online, every incremental 200 MW can deliver either $300 million-ish through a colocation or multiples of that in the $ billions under a cloud contract. So when we look at the monetization opportunity for our platform and growth for shareholders in creating value, the cloud opportunity creates a lot more upside, as we see it."

Management

"Our $3.4 billion ARR target for the end of calendar 2026 reflects utilization of only around 10% of our 4.5 GW of secured grid-connected power capacity. That means the vast majority of our portfolio remains available to support additional deployments. With demand continuing to build, that secured capacity gives us the ability to keep engaging customers on new large-scale opportunities and to extend growth well beyond the 2026 target."

Management

"As Dan mentioned, we've secured a new 1.6 GW data center campus in Oklahoma, further strengthening what is already one of the most differentiated power portfolios in the sector. The 2,000-acre Oklahoma site is a strong addition, with low latency connectivity to major network exchanges and ramp schedule commencing in 2028. As with Sweetwater, the MW for this new site in Oklahoma have been secured, which enables commercial discussions to progress meaningfully, anchored on firm, deliverable capacity."

Management

"But, you know, one of the knocks on GPU cloud was the capital intensity of GPUs. So with the announcement today of the GPU financing, we've now secured 95% of the cost of the GPUs at an average interest rate of around 3% when you factor into the prepayment. So we essentially got the GPUs for next to nothing."

Management

"If you think of A100s, H100s, you know, those are more than 5 years old and more than 3 years old, respectively now. Now, those chips are still effectively 100% utilized across the industry, and still earning very good rates of return against their original capital costs. So we continue to believe that these chips will have a long, economically useful lifetime, you know, in excess of the contract lengths that we're signing, even the Microsoft one at five years."

Management

"Financial year to date, we have now secured $9.2 billion from customer prepayments, convertible notes, including the $2.3 billion issued in December, GPU leasing arrangements, and the dedicated GPU financing for the Microsoft contract. This diversity of capital sources allows us to scale with confidence."

Management

"Vertical integration is one of IREN's most important competitive advantages. We design, build, and operate our own data centers, supported by in-house engineering, procurement, construction, technology, and operations teams. This structure gives us direct end-to-end control of our cloud offering and the ability to manage cost, timelines, and service quality."

Management