$IREN Ltd(IREN)$ IREN's CEO recently highlighted an interesting part of the AI infrastructure business. Dan Roberts says that even a wider spread in financing costs barely moves the economics, because customer prepayments of around 50%, combined with GPU-backed financing near 8%, have covered roughly 96% to more than 100% of GPU costs on recent deals. Payback periods are around 2 years. And demand doesn't seem to be the biggest issue right now. IREN's 2026 capacity is largely sold out, recent contracts are being priced at more than 2x last year's levels, and reported 2027 demand is already several times greater than available supply. That leads to a pretty interesting bottleneck: the challenge may not be finding customers, it may be getting enough GPUs online fast enough.
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