If I could ask @danroberts0101 one question after tonight's call, it would be ---> You said 100% of IREN’s DC portfolio remains unencumbered and mentioned refinancing Horizons 1–4 once stabilized. IREN’s vertical integration is truly novel. Other DC owners are borrowing against long-term leases to hyperscalers and neoclouds. IREN is both the DC owner and the neocloud, but the GPU financing is already secured by the chips and the Microsoft cash flows. Assuming Horizons can sit in a property SPV with an intercompany lease (or is there another structure you prefer?) how different would its financing terms be versus a traditional DC with a third-party hyperscaler/neocloud lease? Is the difference mainly rate or leverage, or both? How much does waiting for stabilization close that gap? This is a huge variable for shareholders. Horizons is ~$3B of DC investment. Refinancing most of that could recycle capital equivalent to ~79M shares at $38, or ~20% of today's share count. After tonight’s call, the market sees a ~$5.5B funding gap: $27.5B of capex minus $14B already secured minus ~$8B of targeted GPU financing/prepayments. If you can pull this off an attractive Horizons refi and repeat it across the portfolio, equity needs plummet.

If I could ask @danroberts0101 one question after tonight's call, it would be ---> You said 100% of IREN’s DC portfolio remains unencumbered and mentioned refinancing Horizons 1–4 once stabilized. IREN’s vertical integration is truly novel. Other DC owners are borrowing against long-term leases to hyperscalers and neoclouds. IREN is both the DC owner and the neocloud, but the GPU financing is already secured by the chips and the Microsoft cash flows. Assuming Horizons can sit in a property SPV with an intercompany lease (or is there another structure you prefer?) how different would its financing terms be versus a traditional DC with a third-party hyperscaler/neocloud lease? Is the difference mainly rate or leverage, or both? How much does waiting for stabilization close that gap? This is a huge variable for shareholders. Horizons is ~$3B of DC investment. Refinancing most of that could recycle capital equivalent to ~79M shares at $38, or ~20% of today's share count. After tonight’s call, the market sees a ~$5.5B funding gap: $27.5B of capex minus $14B already secured minus ~$8B of targeted GPU financing/prepayments. If you can pull this off an attractive Horizons refi and repeat it across the portfolio, equity needs plummet.

Source:https://x.com/matthew_sigel/status/2093193191147073548