# data center revenue — X 热门讨论 (2026-10-10 15:40 UTC)
## @FransBakker9812 (Frans Bakker) · 10-09 11:26 · ♥353 ↻32 💬24 3. Summarizing.
So if the economics are so good, the pace of construction is predictable and solid, and GPU debt and customer prepayments are abundant and clear. Why did $IREN not guide for a 2027 ARR?
My current take is that the company has underestimated the ability of the market to draw conclusions based on tools and data points that the company has provided.
It comes off as incredibly basic, but apparently the market needs IREN to spoon-feed it the outcome of the napkin math that you can get from multiplying the 0.5GW of IT load times the range of $20 - 25m per MW of revenue.
Behind the pretty pictures of OnlyFrans, there is a select group of people active to communicate with IR at IREN, to establish a better communication platform between the company and investors on X.
And make no mistake, there are a lot of institutional investors on X, but for the most part they like to remain anonymous.
Based on recent interactions, it's clear to me that management is aware of a few things, and for transparancy reasons I think it's important to share this with everyone here:
"Management acknowledged areas where disclosure can become more precise, particularly around operating capacity, future capacity, capex, and the relationship between capacity additions and revenue."
And further relevant to this post: "Management agreed that IREN may continue to trade with sensitivity to interest rates and financial conditions while investors view the company predominantly through the lens of large near-term capex requirements."
Clearly the market needs better education from IREN, more precise disclosures, and not an isolated capex chart, without giving acompanied indicative ARR figures.
To be honest, IR has improved a lot in the last 6 months, and the addition of Bob Chen and Chris Sailer to the team have been incredibly valuable.
Here is my current overview of the company and associated investment thesis:
1. Execution risk is present, but delivery is underway. Seeing very frequent construction updates around the portfolio has definitely helped with predicting the outcome. 2. Financing is turning into a low-equity story, and with ABF coming into the equation, the longer this capacity shortfall prolonges, the better it is for spinning up a powerful flywheel for this. 3. The company has shown to be willing to improve their communication, and via IR, has demonstrated the ability to do better. 4. Corporate governance is a point where many X investors disagree on, and so I will not dive into that here. For now I see this as a temporary concern, but as long as the company delivers on their roadmap, I think this topic will fade into the background.
Furthermore: - Horizon 2 will be delivered this month, I personally expect a handover to be imminent, and a subsequent acceptance shouldn't be far out. - Horizon 3 is not far behind, I'm hoping for a completion by early November, acceptance before the end of the 3rd week of November. - I am going to include Sweetwater 2, $CIFR barber lake, and a Crusoe data center for $META, to my coverage. If you're interested in joining, or have a question, leave a comment. - I will not further comment on the SemiAnalysis piece. There is nothing more to say, IREN will have to figure it out with them. Needless to say, IREN should be judged based on their actual managed service contracts, and now Mirantis is on board, I expect the $NVDA contract to be a piece of cake. Just as with the construction and financing, just delivering on those managed services contracts will show who was right.
I am also very excited to have found out a couple of things about the new cooling tech that IREN is implementing in Childress, and I suspect this will further help them to become more efficient in PUE, and faster in deployment of the hardware.
John Gross is an absolute final boss, and he will do great things for IREN, mark my words.
To close it off, here is the proof that the network core building for Horizon 5 and 6 is underway, and I can also confirm that Horizon 3 has received its first batch of GPUs.
The stock is on a discount. Non of this is financial advice.
Long $IREN https://x.com/FransBakker9812/status/2108519540418318670
## @StockSavvyShay (Shay Boloor) · 10-10 13:57 · ♥101 ↻16 💬14 $OSS is one of the smallest companies in my 'Physical AI' basket and I’ve been adding because it builds rugged AI computing systems for defense platforms where traditional data center hardware cannot operate.
As drones, military vehicles and autonomous systems process more sensor data locally that's where OSS comes in by providing the high-performance compute needed for real time AI without relying on cloud.
What I also like is once OSS hardware gets designed into a military platform then replacing it becomes much harder creating a potentially sticky revenue opportunity as defense spending shifts toward autonomy across air, land and sea. https://x.com/StockSavvyShay/status/2108919839934873741
## @MilkRoadAI (Milk Road AI) · 10-09 16:39 · ♥54 ↻3 💬6 $30 BILLION valuation and the IPO collapsed in less than 48 hours.
An Nvidia backed Australian AI data center company, Firmus Grid, was looking to go public at a valuation nearly 3X what it was worth less than three months ago.
The company was hoping to raise roughly $5.5 billion, but investors weren't willing to pay that price, forcing it to abandon the IPO.
And I can see why.
According to the FT, Firmus had only 46 MW of operational capacity out of more than 900 MW contracted.
In other words, investors were being asked to pay an enormous premium for infrastructure that largely hasn't even been built yet.
To me, this looks more like a poorly priced IPO than any fundamental problem with the broader AI infrastructure industry.
I remain extremely bullish on AI infrastructure demand, but that doesn't mean every company deserves a $30 billion valuation just because it has ambitious data center expansion plans.
There's a HUGE difference between having contracted power, actually deploying that capacity, and generating meaningful revenue from it.
And that's exactly why I continue to focus on execution, customer demand, financing and actual deployments when evaluating companies like $NBIS, $CRWV and $IREN.
The AI infrastructure boom can continue growing while individual companies struggle to justify their valuations.
Both things can be true. https://x.com/MilkRoadAI/status/2108598178652311605