Increase in share count of the neoclouds over the last 3 year! - $IREN issued six shares for every one it had. Three caveats with this data: $NBIS is not a dilution story. Share count fell because Yandex divested and cancelled shares — 2024 count dropped 24% from 2023. Nothing to do with capital discipline. It's on the chart marked, because leaving it off looks like cherry-picking. $CRWV has no real 3-year record — it only listed in March 2025. Pre-IPO counts are a private cap structure, not comparable. Its one-year number is the honest one: shares up 122% in the last twelve months. $APLD's fiscal year ends in May, so its window is 2.2 years, not 3. Slightly flatters it versus the others. The clean comparison is really $IREN, $WULF and $CIFR. IREN is the outlier by a mile — six shares for every one it had, while the stock still went up, which is why nobody noticed. Disclaimer: $WULF share counts differ by source right now. Stockanalysis shows 424M while Morningstar shows 495.53M.