CIFR's deal structure with AWS actually derisks them even more than IREN since they start collecting rent in August 2026 with full delivery by Q4 2026. The dual cooling capabilities at Barber Lake shows they're ready for whatever GPU architecure AWS deploys next. Your new asset class framing is spot on because these companies now have predictable cashflows that look nothing like cyclical mining operations. The fact that both Microsoft and AWS are locking in 15 year deals tells you everything about how tight powered capacity really is.
The $1.94 billion prepayment from Microsoft really underscores the desperation hyperscalers face for secured capacity. What's remarkable is IREN only commited 10% of their total power capacity, leaving them with massive optionality for future deals. The Dell partnership for GB300 procurement shows strong execution capability that many legacy miners lack.
Reminds me of WWE tag team champions, great update!
CIFR's deal structure with AWS actually derisks them even more than IREN since they start collecting rent in August 2026 with full delivery by Q4 2026. The dual cooling capabilities at Barber Lake shows they're ready for whatever GPU architecure AWS deploys next. Your new asset class framing is spot on because these companies now have predictable cashflows that look nothing like cyclical mining operations. The fact that both Microsoft and AWS are locking in 15 year deals tells you everything about how tight powered capacity really is.
The $1.94 billion prepayment from Microsoft really underscores the desperation hyperscalers face for secured capacity. What's remarkable is IREN only commited 10% of their total power capacity, leaving them with massive optionality for future deals. The Dell partnership for GB300 procurement shows strong execution capability that many legacy miners lack.