⚡🏗️ $IREN is executing at a speed the market hasn’t priced in

While everyone talks about mega-projects like Stargate, Iris Energy has already shown what real execution looks like.

With fewer than 600 workers initially, scaling to ~1,100, IREN delivered 500MW of data center capacity in just 14 months — and not in a Tier-1 tech hub, but in the middle of nowhere.

Yes, these were air-cooled facilities.

Yes, racks were “only” ~80kW.

But none of that changes the part that actually matters to capital markets:

• Built on schedule

• Built on budget

• Built exactly to guidance

That combination is rare.

Now zoom forward.

Imagine 2,500 workers at Sweetwater, 1,100 at Childress, no dependency on a single hyperscale supercluster, an abundance of LLIs, and top-tier EPC firms actively competing to work with you.

That’s when something changes.

Execution speed stops being linear and starts compounding.

What IREN is quietly assembling in West Texas is not just capacity — it’s institutional muscle memory:

• Teams that know how to build

• Contractors that already trust the playbook

• Supply chains that don’t need to be invented mid-project

When expertise, repetition, and scale converge, timelines compress in ways spreadsheets don’t capture.

This is how infrastructure leaders are made — not by announcements, but by delivered megawatts.

Fade it if you want.

Just understand what you’re fading.

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