$IREN genuinely curious what deal economics look like with Anthropic. Assuming this is a 5YR+ deal which @Agrippa_Inv suggests could anchor 50MW of GB300 capacity at Childress. FYI in August, Anthropic signed a 6YR $44.6B deal with Nscale for 460MW of Rubin compute at its Monarch campus. That works out to $16.2MM/MW/YR in annualized contract value. Granted, Nscale's deal covers substantially more capacity on newer-generation silicon, and the contract structures may differ, so it's not apples-to-apples with $IREN. And if you're thinking about the ~$30MM/MW/YR headline from Anthropic's deal in May with $SPCX, that is a highly unusual arrangement. 1/ Near-immediate scale deployment Anthropic contracted 325K GPUs across Colossus I & II, with capacity ramping in May–June 2026. They're paying a premium for compute available almost immediately. 2/ Short-term commitment, long-term optionality 6 month minimum commitment, with either party able to terminate on 90 days notice after the initial 3 months. Otherwise, the agreement can run through May 2029 at $1.25B/month. Either party can walk away though, so hard to quantify how that flexibility factors into pricing.