Great article from Jim breaking down the $IREN earnings. One detail I think deserves more attention: IREN explicitly highlighted twice that its current data center portfolio is unencumbered. I think this is more important than it may initially sound. Over the last year, IREN has used equity capital, customer prepayments and GPU financing to build out productive infrastructure and turn secured power into revenue-generating AI assets. Now those assets can potentially become collateral for a new layer of financing. That changes the capital structure quite significantly. Instead of continually funding growth primarily through equity, IREN can increasingly finance the next stage of its buildout against an existing asset base and contracted cash flows. And this may also explain the preference for medium- and long-term contracts: predictable contracted cash flows are much more financeable than short-term or merchant revenue. So the sequence matters: equity / customer capital → productive assets → contracted cash flows → asset-backed financing → more infrastructure → more contracted cash flows. That is the capital flywheel Dan Roberts was talking about on the earnings call. To me, this is one of the more important pieces of the earnings that the market may be overlooking.