JedMosley

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For the second week in a row, LINK has been the most traded asset on Coinbase for Agents. The top 3 assets by notional trading volume from 10/19 to 10/25: 🥇 $LINK 🥈 $BTC 🥉 $ETH Coinbase for Agents is now natively available on Grok, Grok Bot, Perplexity Computer, Composio, and via MCP on other AI platforms.

HEY @GROK , WHICH OF THESE IS THE MOST UNDERVALUED RIGHT NOW, AND WHY? $IREN at ~$24 $NBIS at ~$158 $CRWV at ~$54 $ASTS at ~$39 One answer.

A lot of questions this week on funding, so here's how a GPU typically gets funded at $IREN. First, the customer signs a multi-year take-or-pay contract and agrees to a prepayment. On our recent 3-year contracts, prepayments have been 45% to 55% of the associated GPU capex. Second, financing is committed, secured by the contracted GPUs. On the Microsoft contract we secured an A-rated facility at around 6%, which together with prepayments covers 96% of GPU capex. More recently, for a non-investment grade counterparty at Mackenzie, we secured financing at 9% fixed, which together with prepayments covers more than the full cost of the GPUs. That's the GPU side. The data centers are a separate, long-term asset base, and we own the ones our GPUs run in. Construction has been funded from cash to date, with no debt against these multi-billion dollar assets. As they come online with contracted customers, they can support financing in their own right. The processes behind the next facilities are continuing, and new paper will cost what the market charges. With GPU paybacks of around two years on our recent 3-year contracts, a wider spread barely moves the economics. There's more customer demand than we can build for. As we noted at our recent earnings, 2026 is largely sold out, recent 3-year contracts are at more than double the prior year's pricing, and demand for anything we can bring online in 2027 covers it several times over, with prepayments a focus in every negotiation. Conversations on 2028 capacity are already underway. Meanwhile announced capacity keeps slipping across the industry, which is the point: signing deals isn't the bottleneck in this market, bringing GPUs online is, and that's our focus.

$IREN's insane profitability Despite $IREN trading like a turd these days, the underlying fundamentals are actually improving drastically. One of the most underrated developments is the sharp improvement in profitability. $/MW contract terms have more than doubled since last year, while most project-level operating expenses have stayed relatively flat. That is creating very strong operating leverage. While revenue per MW has 2.4x’d, pre-tax profit has increased by roughly 12x. The graphic below shows this pretty well. During $IREN's last earnings call, management revealed that recent contracts were being signed at rates of >$20m/MW. However, at the follow-up Goldman Sachs conference, CCO Kent Draper disclosed that the company’s most recently announced contract was priced at $23m/MW. I assume that was the “leading frontier AI lab” contract management announced during earnings, which I believe to be Anthropic. Now, the $12m/MW pre-tax profit figure implied by that $23m/MW headline rate already accounts for financing expenses, depreciation and the direct expenses associated with the deployment, in line with the company’s broader guidance. What it does not include are SG&A, R&D and taxes. However, once $IREN reaches sufficient scale, I think those >50% project-level margins are a pretty solid indication of where GAAP net income margins could ultimately trend towards. Interestingly, with current negotiations now taking place around the $25m/MW range, according to management, margins appear to be moving even higher. Most of that additional $2m/MW should fall straight into the pre-tax project profit pile, since the underlying cost base stays largely fixed. A major advantage $IREN has here is that it doesn’t have to pay colocation fees to rent third-party data centers, since the company develops and operates its own facilities. With colocation pricing rising sharply, that gives $IREN another meaningful advantage over competitors that have to absorb those rental costs every time they bring new capacity online. TLDR: Don’t get distracted by noisy price action. Keep your eyes on the fundamentals.

IREN is partnering with NVIDIA to accelerate deployment of large-scale AI factories by combining NVIDIA’s DSX AI factory architecture with IREN’s expertise across power, land, data centers, GPU deployment and infrastructure operations.

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One of the most common questions we get about AI data centers is how much water do they use? Fair question. Older designs cooled servers by evaporating water and people naturally assume ours do too. They don't. $IREN's sites are different. Direct-to-chip liquid cooling in a closed loop. Same idea as a car radiator or a fridge. Fill it once and the water just goes round and round. Over the life of a 200MW site, the initial fill plus every top-up averages out to about as much water each year as 3 households. Not a town. Not a suburb. Not a street... 3 houses. Water matters in the regions we build in. Which is precisely why our cooling barely uses any.