We break down IREN’s latest strategy shift toward AI compute, using Daniel Roberts’ recent interviews and earnings themes to stress-test our investment thesis for 2026 and beyond. We compare CSP GPU-as-a-service with HPC co-location and focus on what actually decides outcomes: capital costs, build speed, and execution under contract deadlines. 

• bitcoin price action, volatility, and the rising Bitcoin Nasdaq correlation 
• miner stock heat map read-through and why IRIN stands out 
• IRIN’s “three Cs” framework: capacity, customers, and capital 
• the $6B ATM and how it fits into a broader funding toolkit 
• the 50,000 GPU purchase, timing, and pricing risk in the supply chain 
• speed to data center vs speed to power and why delays can crush estimates 
• CSP vs co-location trade-offs including GPU lifespan and asset optionality 
• Core Scientific’s co-location scale as a comparison point on CapEx and delivery 
• air-cooled GPU demand, retrofit potential, and faster time to compute 
• Sweetwater’s secured power, batching, and what Texas expansion could mean 
• competitive moat: founder-led execution, team strength, and the pivot beyond Bitcoin mining economics 

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