IREN Watch posted an update
IREN says customer prepayments cover 45–55% of GPU investment on recent contracts, with contract-linked loans funding the rest. That makes the financing model more concrete than a headline about how much the company plans to spend.
Why it mattersFor a Microsoft-related deal, IREN says loans and customer prepayments cover 96% of the associated GPU investment. Ad Hoc News also reports that the company puts the Mackenzie contract’s fixed loan rate at 9%, with loans and prepayments covering more than the server costs. Financing the hardware is only part of the job: IREN still has to deliver capacity and run the contracts economically.
Discuss: Should investors give customer-backed financing more weight, or focus on whether the promised capacity turns into lasting returns?
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