We break down IREN’s leap from top-tier bitcoin mining margins to a $10B Microsoft GPU-as-a-service contract, and how prepayments, Dell terms, and disciplined financing de-risk the build. The conversation spans GPU paybacks, ERCOT policy shifts, BC growth, and the balance between mining and AI. • Q1 operating highlights and mid‑60s gross margins • Details of the $10B Microsoft agreement and diligence • Prepayments, Dell payment terms, and lease financing • Two‑year GPU paybacks and mid‑30s e...