Microsoft pulled out of its deal with Nscale in the UK, where it was going to rent the entire 50MW Loughton site in Essex as the anchor tenant. Grid officials had told Nscale the site wouldn't have power until after 2030. A site with no power for years is no use to anyone trying to get GPUs running now. Companies are desperate for power and they need it as soon as possible. That's why I keep coming back to $IREN. When one of the biggest buyers of compute in the world is walking away from a site because the power isn't there, having power you can actually switch on in 2027 is a serious moat. None of that changed in the last 3 weeks. I believe 2027 will be a big year for IREN.
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