$IREN

DON'T BE THE GUY WHO USES NEXT YEARS EARNINGS TO MEASURE ROIC FOR A GROWTH STOCK The below may be true when looking at $IREN in 2027, but it is a snapshot, and a big portion of that capital (>25%) is tied to the buildout of the sites (non-recurring, or at least minimal maintenance). So that $10B would be cut down by ~25% , and then you would start seeing a much more meaningful return on the GPUs past year ~2.5. Doing some math on the prior two deals you see that the payback period is long (5 years and 4 years), but taking out the building capex cuts it in half. If you fast forward to when these sites are built out, the capital goes down meaningfully. If the GPU rental rates keep rising, the ROIC will be very healthy. 16% WACC is also likely to come down as more tenants/contracts a