🚨 $IREN just purchased 2.4k Blackwell GPUs (B200/B300) What most investors don’t realize is that $IREN's GPU cloud is among the only ones capable of offering *air-cooled* B200/B300 GPUs at scale. Unlike the GB200/GB300 models, which require extremely CAPEX-intensive liquid-cooled data centers (and carry higher OPEX as well), the B200 and B300 can be run in air-cooled environments — *IF* your infrastructure is good enough. However, most air-cooled data centers don’t have the rack densities (i.e., cooling capabilities) to support these cost-effective Blackwell models. To deploy B300s effectively and get solid performance, your air-cooled facility needs to support rack densities of at least 60 kW — ideally even higher. Unfortunately for most of the industry, the majority of air-cooled data centers operate below 30 kW per rack. Meanwhile, $IREN's air-cooled facilities operate at industry-leading rack densities of 80 kW — likely the highest achieved at scale for air-cooled data centers. When I met $IREN's CCO Kent Draper a few weeks ago, he expressed just how excited he was about the company’s competitive edge in air-cooled data center design — and the massive opportunity that exists in the B200/B300 segment. I expect $IREN to take full advantage of this edge and scale its B200/B300 fleet aggressively in the coming year — while competitors struggle to deploy these GPUs efficiently. Unlike $CRWV or $NBIS, $IREN owns & operates 100% of its infrastructure, resulting in industry-leading gross margins of 98%. Its only real cost of revenue is electricity. This margin lead will likely widen even further with the shift toward air-cooled Blackwell models. Very exciting future ahead for $IREN — this is just the beginning!