IREN Ltd

Позитивное:

• Мощнейший спрос позволяет диктовать цены и получать авансы, покрывающие почти всю стоимость GPU (ценообразование $22-$40 млн за МВт). Цитата: «Since quarter end, we've signed contracts at $22 million of annualized revenue per megawatt of IT load on a five-year term, and in excess of $40 million per megawatt on a shorter duration contract. Importantly, the five-year agreement also includes a customer prepayment covering approximately 90% of the associated GPU CapEx.» транскрипт
• Успешная сдача флагманского объекта Horizon 1 для Microsoft в рекордные сроки (14 месяцев) с подтверждением качества от NVIDIA. Цитата: «Horizon one went from civils to an NVIDIA Exemplar Cloud-validated GB300 cluster in about 14 months. JLL puts the global average at 18 months to build a 50 MW data center, and that's the building alone.» транскрипт

Негативное:

• Задержки со стороны поставщиков оборудования и запросы клиентов на изменение дизайна сдвинули достижение цели по ARR на 1-2 месяца. Цитата: «In July, we said more than $4 billion of operating ARR was targeted to be online by year-end. It's now January. Two reasons. One, a customer asked for a design change, which we agreed to... And two, supplier timing.» транскрипт
• Резкое расхождение между сильными фундаментальными показателями бизнеса и негативным сентиментом на рынках капитала заставило компанию снизить план по CapEx. Цитата: «Capital markets have become more selective in the last few weeks... We have deliberately flexed it down, and it is not because we want to, and it is not because we need to because of a lack of growth opportunities... Capital needs to be respected in the current environment, and we are not going to grow at all costs.» транскрипт