The pivot from crypto mining to AI data centers makes a lot of sense when you think abut the infrastruture overlap. The PUE of 1.1 is impressive, especially compared to traditional data centers running at 1.5 or higher. What stood out to me is how IREN structured the Microsoft deal with that upfront payment. How do you see the colocation vs bare metal mix playing out as they scale the Texas sites?
Minimum 60% for colocation. They are spending $5.8B on GPUs just for 200MW. Equipping all 3GW with GPUs would cost about $87B. And this is just the GPUs, not the rest. They don't have that type of cash.
The pivot from crypto mining to AI data centers makes a lot of sense when you think abut the infrastruture overlap. The PUE of 1.1 is impressive, especially compared to traditional data centers running at 1.5 or higher. What stood out to me is how IREN structured the Microsoft deal with that upfront payment. How do you see the colocation vs bare metal mix playing out as they scale the Texas sites?
Minimum 60% for colocation. They are spending $5.8B on GPUs just for 200MW. Equipping all 3GW with GPUs would cost about $87B. And this is just the GPUs, not the rest. They don't have that type of cash.