IREN - COO Kent Draper Q&A - Q1 Earnings, Microsoft Deal, GPUs & Growth!
Description
We break down IREN’s leap from top-tier bitcoin mining margins to a $10B Microsoft GPU-as-a-service contract, and how prepayments, Dell terms, and disciplined financing de-risk the build. The conversation spans GPU paybacks, ERCOT policy shifts, BC growth, and the balance between mining and AI.
• Q1 operating highlights and mid‑60s gross margins
• Details of the $10B Microsoft agreement and diligence
• Prepayments, Dell payment terms, and lease financing
• Two‑year GPU paybacks and mid‑30s equity IRRs
• GPU lifespan versus 20‑year data center life
• Repairs, warranties, and Dell‑backed liquid cooling
• Expansion at Childress, Horizons 1–4, and Sweetwater
• Security design for multi‑tenant hyperscaler sites
• Mining cash flow versus staged AI displacement
• Fleet efficiency, upgrade posture, and strategy
• ERCOT SB6 queue cleanup and grid approvals
• Global site criteria: renewables, OECD, colder climates
• BC update: pre‑contracted GPUs and rapid conversions
• Funding mix: converts, corporate debt, ATM optionality
• Local hiring, training, and community investment
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