$IREN's $6b ATM… I think most people are drawing the wrong conclusions from this development. Don’t get me wrong; a $6b ATM looks ridiculous relative to $IREN;s current market cap of ~$13.5b. If they tapped the entire amount at today’s levels, the share count could increase by >40%. But that’s a big “IF”, and most people are treating it like a certainty. Let’s think about it. Why would $IREN need to tap this ATM today? They’re fully funded for the $MSFT deal, having raised over $3b through converts, ~$1.93b of prepayments, and $3.6b of GPU financing. They don’t need a single additional dollar to execute the $MSFT buildout. Okay, then what about the new ~$3.5b GPU order announced yesterday, surely they’ll use the ATM for that, right? First, those costs come due gradually through H2, on terms that are 30 days post shipment. Second, and more importantly, management explicitly stated in yesterday’s press release that the procurement of 50k B300 units will be financed primarily through the same sources they’ve used over the past quarters, namely: prepayments, converts, and GPU financing. So what’s the actual purpose of this $6b ATM? The new ATM is primarily a backstop. It helps establish confidence that $IREN can deliver on large-scale deployments and strengthens their negotiating position by reducing doubts around capital availability. Will $IREN tap it eventually? Yes, almost certainly at some point, likely when the share price is materially higher. But there’s no indication they’ll draw a meaningful amount anytime soon. Net dilution from this ATM will most likely come in well below 20%, and could even be closer to ~8–12% (or less) if management stays particularly conservative. Relative to the growth opportunity in sight, that’s a small price to pay.