BitcoinSuperIntelligenceGuy

Long_Vol_(₿) Verified account @planA_thru_Z · 2h

Just reviewed $NBIS’ recent earnings.. and they said they’re experiencing delays at their colocation sites, including their New Jersey sites for Microsoft, yet sites they own are actually on track or ahead of schedule. What aspect caused delays at their colocation sites? Power. This is why the company stated in their Letter to Shareholders, “We prefer to build our own sites, which give us greater control over execution and better economics.” Looks like everyone is susceptible to delays but at least $IREN’s delay with Horizon 2 was associated with a network design change requested by the customer. Moreover, at least 50% of the 1 GW of incremental compute $NBIS plans to bring online next year is expected to come from owned datacenters, which generate stronger margins than colocation. This is literally free marketing for $IREN’s vertically integrated power and physical infrastructure portfolio, something the community has been preaching for a long time. Unfortunately for $NBIS, the opportunity to secure a lot of grid-connected power at scale has gotten way more difficult. It’s important to note that $NBIS’ current 5 GW of secured power is not the same as $IREN’s current 5 GW of secured power, because $IREN will actually own all of the physical infrastructure and compute associated with those 5 GWs. I also haven’t heard or seen $NBIS report a development pipeline but my guess is that it doesn’t come close to $IREN’s 35 GW development pipeline. We’ll see how much of this actually gets realized over time but creating that much potential opportunity doesn’t happen overnight. One thing I will give $NBIS a lot of credit for at this point in time is that they already have Vera Rubins deployed (not operating yet). As I’ve been saying as of lately, Vera Rubins will prove to be most beneficial in 2027. I look forward to seeing at what GPU rental rates these get contracted for.

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