I think people are finally starting to understand why $IREN has operated the way it has. IREN took a lot of criticism for dilution. Maybe the timing was not perfect, but look at the sector now. WYFI, BTDR and NBIS are raising capital too, yet people are finding ways to call it bullish. When IREN does it, it is dilution. When others do it, it is funding growth. You cannot have it both ways. What matters is what shareholders get in return for that capital. The same applies to contracting. IREN spent years building the infrastructure first and has been willing to wait until capacity gets closer to delivery rather than rushing into deals. That gives them a stronger position to negotiate better economics. Then there is power. IREN has over 5 GW of secured power. This is very different from announcing a multi-gigawatt development pipeline that still depends on interconnection, transmission, permitting or other approvals. IREN got plenty of criticism for its strategy. Now we are watching much of the sector follow the same playbook.

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