$IREN Sunday Night Space with Bitcoin Butcher

I'd say like we're going to 80 bucks tomorrow. So those are some of my initial thoughts. Yeah, thanks for that. It is a very interesting psychology behind our bubble on X and then how the rest of the world perceives information. I think when I first saw this anthropically through the information article which was shared on Discord, the first thing I thought was, okay, that's all great, but we already knew that. And then I see Agrippa making a very dedicated post around it and then people run with it and I'm like, but guys, we already knew this, but that's the whole weird thing about this. Whatever we believe or convinced about with regards to iron on this platform or even inside the only friends bubble, if I can call it like that, it's wildly misunderstood or the rest of the world isn't even completely unaware of what's going on. So things that are normal for us or we already figured out weeks or months ago, the rest of the market to a certain extent has no idea. And that's really odd because apparently we are not just early, we're also painfully more informed, better informed. And so educating the masses is a task that is, you know, we're not running this space to educate the masses, but we will try to explain why the discrepancy between the stock price and the vast amounts of information that seemed very bullish on the company that we have in our ex-circles is so, you know, there is such a big gap between that and I think these spaces are at least one way to address them. So that's also why recently I've been starting to post a little bit more of my aerial footage. You may have seen a few pictures here and there, the one that I used to announce this space, for example, is a shot that was from children from Friday morning. So that's basically two days ago, two and a half days ago. And that really shows progress. I mean, I didn't give any explanation around it, but you can, you know, if you look carefully and you compare it, for example, to the tweet I made two weeks ago on a Friday night where I called Hedge Funds retards. That one, you know, you can just compare them and you can draw your own conclusions. You know, does this look like we are weeks away from horizon two, three, and four or not? I mean, we know the answer obviously, but okay, we'll spell it out for everyone here on the space again. But so anyway, before I dive into that, it's just, I think that is a very interesting, you know, once again, we are front running information and the share price just doesn't do anything with it. Everyone is like, why are we so much lower than when they announced horizon one to be accepted by Microsoft? That's just because exactly like what you said, the market needs to see Iran delivering the physical infrastructure and then the revenue behind it. So yeah, we are going to try to spell it out for everyone here and why this, you know, a part of these spaces is also just explaining why we are not there yet in terms of understanding and we have to keep educating. So I don't know, but you do you want to dive into the possible economics of the anthropic deal and the size and why this size and why did they not announce it themselves? Maybe we can just briefly touch on that and then I'll reply to whatever you're going to say about that. I think the grippo is referencing the, what's back track a second. If the deal was signed, I think with the exception of the managed service contract from Envidia, all their contracts for the most part have been signed for 2026 delivery and 2026 delivery was, we know Prince George has done already. We know Mackenzie was mostly if not all filled up and I don't think the Mackenzie capacity would be enough. So those two, I'm doing the math as I go. The short answer is it's going to be children's and it's most likely air cooled because we haven't seen anything from Horizon 5 and 6 and it's probably 50 megawatts. I'll do that math another time instead of boring everyone. That would be my short answer. If you assume a PUE of, let me do this math here. If you assume a PUE of 1.35, that would be about 37. So 37 to 40 critical IT and I think it's fair to say that they're going to generate 23 million per megawatt with that right now. So that would be 23 million by the 37. So it's like 851 million in AR. I would approximate right now. I don't think they signed. I think Anthropic's desperate enough and I think Anthropic has an immediate need for power that they're going to pay up because they're margins for their inference. Although it's compressing a little bit with open source models, it's still, if I had a guess, let's put it this way. If Elon can charge 40 million per megawatt for renting what's a basically bare metal, maybe there's some Kubernetes to these guys. Granted, those are short-term contracts. But realistically, we said Iron can charge 23. These guys at a minimum make 40 million per megawatt. So are they going to really, I think they're not scrutinizing how much they're paying right now and they're just trying to acquire as much as possible. Like unrelated, they're potentially going to sign a co-location agreement with NUAI who's never produced a data center for anyone. That's how much of a crunch there is in power right now that they have to go with non-traditional players. So for our entirety of built for Microsoft and to deliver on time and have this 50 megawatt parcel or whatever it is available, I think those are my initial thoughts on it. 20 million plus at least, probably 50 megawatts. Cause I think the real question, Franz, and you can speak to it is it's more anthropic is more to me about Australia and potentially sweet water, one is an anchor tenant. And I think for their purposes, I think if I'm guessing, I think Dan and Kent and Will probably told them, take a small piece right now, see what we can do and then let's revisit. I think it's a negotiating tactic personally for my ring to sign them to a smaller piece. Because everyone else is going in the opposite direction. Like they sign a co-location agreement for 400 megawatts with Terrible, if they sign something with NUAI that would be 750 megawatts. Like they're ARR, I think they're on track to get to 100 billion plus annually. And I also know the biggest thing with the anthropic is they have the IPO coming up which is supposed to be early November or mid November. So if you're updating your S1, just think about what happened with Elon, Jamie Diamond going around talking about how great of a Neo Cloud that SpaceX was and they hadn't even signed a deal up until a few weeks before their IPO, then they signed out that capacity to anthropic specifically for those higher elevated rates for the, and I think Google was the other one, but these three month contracts or whatever with they were able to walk. But basically the whole point was they were trying to boost their valuation at IPO and anthropics going to play the same game. Another topic before I forget that we should bring up and I don't know about them as much as you do, Franz, but I think it's pretty telling that the market firmness went on their road show and was seeking a $30 billion market cap and they got laughed at out of the room. So I think that also speaks to the skepticism in the marketplace right now. I'm not familiar with how much power they have or how long their journey is, but that would have been a nice comp for Iron to see someone at 30 billion, but I think that's the point is this market until macro warms up a little bit in favor of a risk on environment that there's gonna be skepticism until these things hit the financials. Yeah, absolutely. And a company like Iron is a, who has announced a lot of things this year, but backlogs really weren't much of that and besides the Nvidia deal for 2027, Iron has not contracted anything with regards to their 2027 500 megawatts, IT load buildouts. So I guess a part of the market is concerned that there will be not enough buyers, I guess or sustainable credible counterparties for Iron to take that capacity in order for Iron to even consider dipping into GPU depth. But and things like SpaceX aren't helping then. That really gives, there is a part of Wall Street that believes demand is finite and of course to a certain extent there it is. But as in it could be covered by a certain amount of large players and Iron would be left out. I mean, that's a real theory that is, I mean, you could call it a bear theory but there is a group of people, you know, that Rothschild report that covered like almost all the companies in the AI cloud and co-location segments. They are very bearish on the absolute required megawatts for inference by 2029 or 2030. And that would, you know, all the projects that are being built right now, that would already be a massive overbuilt in their book. So I'm not saying that they are representative of anything but there is a part of Wall Street that believes this. So before Iron actually contracts these 2027 capacity, the market doesn't count them. And that is extra awkward because Iron purposely leaves those megawatts uncontracted as long as possible because that pushes the price up and it enables them to contract a bigger amount of different customers. So you know, you have SpaceX contracting large capacities in a very short order for incredible high prices right after Iron announced a tiny backlog with NVIDIA for managed services for 2027. Like the order where these things came out is also very awkward. And then you see Iron no longer signing anything and then the market is not counting anything else beyond that. So if you look, I mean, this is probably not really true but if you add our announced capacity contract so far you basically get, you know, if you add Microsoft contract and the NVIDIA contract together you almost get to Iron's market cap right now. You know, it's like it is incredibly frustrating. But before I lose track of where we were going, I think the, you're reasoning behind the IPO is fair. And I think that the reason why Iron has announced it is anthropic is not because of the IPO. I think there are different reasons here. There could be reasons as in Iron doesn't want to announce a tiny deal which it basically is because that would, you know, probably ask more questions than, you know, give some kind of satisfaction to the market. I think that what Iron is going to do is they're going to deliver on this contract but they may or may not confirm this name during the earnings. I think it's kind of weird that they narrowed it down to two, right?