$IREN's Blackwell expansion into Texas The biggest takeaway from this announcement is that a portion of $IREN's newly procured 50k B300 order will be deployed in Texas. That’s MASSIVE... On the recent Q4 earnings call, management repeatedly emphasized that hyperscalers are showing increasing interest in air-cooled GPUs. Air-cooled capacity is materially cheaper and faster to deploy, which improves project-level economics & time to market. That advantage is even larger if you already have a meaningful footprint of operational air-cooled data centers, which is exactly what $IREN has. It’s also worth noting that $IREN is one of the few cloud providers that can run air-cooled Blackwells at scale. Most air-cooled data centers only support rack densities of ~20-30 kW. That’s barely enough for the prior Hopper generation and nowhere near the ~60-70 kW required for B300s. Meanwhile, $IREN's Canadian air-cooled sites have record breaking rack densities of 80 kW. Until today, I’ve been rather skeptical that $IREN could replicate that success at its Texas facilities, mainly because the hotter climate reduces the effectiveness of air-cooling. In practice, I think $IREN will likely retrofit its existing data centers in Texas into a hybrid air + water heat rejection setup, with incremental CAPEX of around $2- $3 million / MW. Either way, seeing $IREN's air-cooled footprint leveraged in Texas is an extremely bullish development, especially given the company already has 450 MW (gross) of fully operational data center capacity at Childress that it can tap immediately for AI cloud expansion. Over the coming weeks, I’d expect $IREN to announce a new deal tied to the procurement of these 50k B300 units. Very exciting development. 📈