Dec. 24 at 9:11 PM
There’s a real chance that the deal
$HUT pulled off becomes a reference point for others. As Benchmark notes, the key isn’t just the size of the agreement, but the discipline behind it.
Management didn’t rush to monetize valuable power assets early in the AI infrastructure land-grab, when pricing, structure, and counterparties were less favorable. Instead, they waited for a structure that met their return requirements and strategic goals.
This may not even be about management twisting
$GOOG’s arm, but about an acute shortage of suitable sites. Available capacity is shrinking, execution has become the real bottleneck, and hyperscalers are increasingly willing to pay more and offer stronger guarantees.
In that context, any future
$IREN deal on comparable terms could materially re-rate the stock. It’s possible the market regime has shifted, and the next two years will mark the peak of the battle for compute needed for large-scale commercial deployment of chatbots.
