The evidence should remain inspectable after the conclusion is published.

Relevant finding

Supports the 1.376 CAD per USD translation.

Review notes

Supports the 1.376 CAD per USD translation.

Relevant finding

C$2.91 reference used only for market comparison and reverse SOTP.

Review notes

C$2.91 reference used only for market comparison and reverse SOTP.

Relevant finding

Supports adaptability across materially different qualified intermediate feedstocks, not commercial recovery, uptime, payables or margin.

Review notes

Supports adaptability across materially different qualified intermediate feedstocks, not commercial recovery, uptime, payables or margin.

Relevant finding

Supports gross proceeds, issued shares and underwriting fee; post-quarter spending remains estimated.

Review notes

Supports gross proceeds, issued shares and underwriting fee; post-quarter spending remains estimated.

Relevant finding

Makes the calculation chain reproducible, separates GPU accounting life from financing and post-contract economic life, and identifies which inputs are facts, guidance, analyst assumptions, sensitivities or unresolved limitations.

Review notes

Canonical public workbook for formulas, site and GPU inputs, explicit cohort cash flow, financing and dilution, peer project-yield checks, assumption evidence, model checks, and revision history. It is a research model, not independent evidence of future performance.

Relevant pages: Scenario Inputs, Site Inputs, Consolidated DCF, GPU Residual & NOI, GPU Capital Duration, Financing & Dilution, Peer Cap Rates, Sources & Notes, Model Checks, Revisions, and Assumption Evidence tabs.

Relevant finding

Supports a non-core financing and residual-support sensitivity ceiling, not an automatic increase to IREN's Base residual value or useful life.

Review notes

NVIDIA described financing platforms with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR intended to mobilize more than $500 billion over time, with possible case-by-case support of up to 25%. Final legal terms, IREN eligibility, support recipients, revenue-share economics, asset ownership and timing remain undisclosed.

Relevant pages: Announcement and reporting sections covering platform scale, independent underwriting, possible NVIDIA support, residual-value framing and the absence of final transaction allocations.

Relevant finding

Describes the consolidated company, AI platform, application businesses, customer concentration, risk factors and pending transaction context used to define the SOTP segments.

Review notes

The website date reflects the model research cutoff where the exact filing date was not separately carried into the publication draft. Filing accession and SEC metadata control. Workbook ID S34 uses this source.

Relevant pages: Business; AI platform; Grok, X and applications; risk factors; capitalization; offering and acquisition disclosures.

Relevant finding

Reports approximate size, hardware, and construction time for the Colossus and Colossus II clusters used as historical build-speed benchmarks rather than proof of future repeatability.

Review notes

The website date reflects the model research cutoff; SEC filing metadata controls. Workbook IDs S16-S18 map to this filing.

Relevant pages: AI Infrastructure and Colossus development discussion.

Relevant finding

Provides the filed basis for the pending all-stock Cursor transaction and its approximately $60 billion implied value; cash flows and shares are included by scenario factor.

Review notes

Workbook ID S19. The website date reflects the model research cutoff; SEC filing metadata controls.

Relevant pages: Transaction description, expected consideration and closing conditions.

Relevant finding

Argues that rapid construction can support a 10 GW 2027 build and scarcity pricing, while also presenting unconfirmed Microsoft offtake and NVIDIA vendor-financing claims excluded from Base.

Review notes

Workbook IDs S23-S25. Retained as an aggressive technical and commercial thesis, not the primary source of record. The URL retains an older headline figure while the live headline refers to $300 billion of ARR.

Relevant pages: Public article and paywalled site/buildout discussion; accessed by the model research cutoff.

Relevant finding

Provides the $133.11 per-share market reference used for the valuation hurdle and reverse-DCF cross-check.

Review notes

Workbook ID S26. The $133.11 reference price is compared with a June 30 balance-sheet valuation date, creating a known date mismatch.

Relevant pages: Historical and current price display for August 7, 2026.

Relevant finding

States a current design target of 75 kW per ton, implying 75 GW for one million tons; thermal, radiation, bandwidth, repair and cost remain milestone-gated.

Review notes

Workbook ID S32. Technical target is not evidence of commercial cost competitiveness.

Relevant pages: Starmind mass, power-density and deployment description; accessed August 7, 2026.

Relevant finding

Explains that vacuum removes convective cooling and requires heat rejection primarily through radiation, supporting a milestone-gated orbital-compute treatment.

Review notes

Workbook ID S49. Access date is used for the living technical page.

Relevant pages: Thermal-control discussion for spacecraft and vacuum environments.

Relevant finding

Projects AI-server electricity use rising from roughly 63 TWh to more than 300 TWh by 2030 and inference overtaking training, supporting explicit physical power gates.

Review notes

Workbook ID S40. Research-cutoff access date is used where the exact document publication day was not carried into the draft.

Relevant pages: AI-server electricity demand and training-versus-inference discussion.

Relevant finding

Presents large AI revenue and infrastructure-capex estimates that support category growth but require careful taxonomy to avoid double counting.

Review notes

Workbook ID S41. Research-cutoff access date is used; overlapping TAM categories are not added together.

Relevant pages: AI revenue and infrastructure capex estimates through 2030.

Relevant finding

Provides a comparable operating snapshot of more than $5 billion of revenue, over 850 MW and $66.8 billion of backlog, useful only as a broad reasonableness check.

Review notes

Workbook ID S50. Research-cutoff access date is used. Revenue per MW is only a rough comparison because timing, contracts, utilization and hardware differ.

Relevant pages: FY2025 revenue, active power and backlog discussion.

Relevant finding

Presents a Bloomberg-consensus-style 2030 Connectivity cross-check of roughly $107.2 billion revenue, $56 billion operating income and $33.4 billion capex.

Review notes

Workbook ID S51. Research-cutoff access date is used; the figures are a consensus cross-check rather than issuer guidance.

Relevant pages: 2030 Connectivity revenue, operating income and capex estimates.

Relevant finding

Secondary reporting attributes a $300 target, a greater-than-$3.3 trillion 2040 revenue path and free cash flow only in 2035 to Morgan Stanley, reinforcing funding and terminal-state risk.

Review notes

Workbook ID S52. Research-cutoff access date is used; underlying assumptions are paywalled and non-reproducible.

Relevant pages: Reported target, 2040 revenue case and free-cash-flow timing.

Relevant finding

Reports an initial $16.8 billion Tesla/SpaceX investment and a much larger aspirational output goal; the Elon Case uses possible capex-per-watt improvement but no chip-sales revenue.

Review notes

Workbook ID S33. The funded first phase and aspirational long-run scale are kept separate.

Relevant pages: Article discussion of initial investment, ownership and long-run production aspiration.

Relevant finding

Frames a $1–2 trillion mid-2030s space economy as plausible but not inevitable, with launch a small share and orbital compute constrained by power, radiation, heat rejection and latency.

Review notes

Workbook ID S37. This is attributable thematic research, not the paywalled issuer initiation report.

Relevant pages: Space-economy sizing, launch share, orbital compute and technical constraints.

Relevant finding

Reports the xAI common-control acquisition presentation, Space, Connectivity and AI segment results, H1 operating cash flow and capex, cash, securities, debt, lease obligations, backlog, stock compensation, awards, and reported shares.

Review notes

Primary source of record for filed historical financials. Workbook IDs S01-S11, S21, S47-S48 map principally to this filing and its cited ownership disclosure.

Relevant pages: Cover; financial statements; cash-flow statement; segment note; debt and leases; commitments; backlog and concentration; EPS and awards; subsequent events.

Relevant finding

Contains management's year-end compute targets, power-and-cooling pipeline, current payback claim, additional cloud-contract disclosure, December ARR statement, 2030 revenue aspiration, and longer-shot SpaceX claims.

Review notes

Official management statements are classified as guidance, claims, or speculation rather than audited facts. Workbook IDs S12-S13, S20, S22, S27-S29, S31 and S35 use this source.

Relevant pages: Management discussion and Q&A on compute, AI pricing, revenue aspirations, Starlink V3, Starship, Starmind and financing.

Relevant finding

Secondary reports attribute an Overweight rating and approximately $225–$240 targets to JPMorgan, but full assumptions are unavailable and not used as model inputs.

Review notes

Workbook ID S43. The underlying sell-side report is paywalled; target, timing and rating are non-reproducible cross-checks only.

Relevant pages: Reported JPMorgan rating and target discussion.

Relevant finding

Framework source for production, storage, pipeline, and regional-basis analysis.

Review notes

Official data source; select the exact series and retrieval date when publishing analysis.

Relevant finding

Primary-source portal for Texas grid conditions and interconnection evidence.

Review notes

Use exact queue, load, generation, and market reports with retrieval dates.

Relevant finding

Primary reference for nominal Treasury yields used in duration comparisons.

Review notes

Capture exact observation date and maturity.

Relevant finding

Allows exact reproduction of the community earnings-power outputs while preserving a clear distinction between public code and current intrinsic-value analysis.

Review notes

Public user-generated model used as a reproducible site-level operating engine and cross-check. It is not IREN guidance, audited information, or a substitute for the Ephesus cohort-cash DCF.

Relevant pages: Repository source code, site constants, GPU defaults, calculation engine, and scenario outputs reviewed through July 30, 2026.

Relevant finding

Provides the site-level configuration underlying the 2.31 GW, 3.91 GW, and raw 5.6 GW community stages; official evidence and execution probabilities are applied separately.

Review notes

User-generated site and cohort schedule used to operationalize official aggregate capacity milestones and to expose later-stage optionality. Exact annual timing, GPU configurations, capex, and later sites are not all company commitments.

Relevant pages: Site objects for Canadian campuses, Horizon, Childress, Sweetwater, Oklahoma, Nostrum, Kiowa, and the annual community buildout configuration.

Relevant finding

Provides transparent, editable inputs for the merchant and contracted GPU operating engine while keeping confidence low until company-specific realized economics are disclosed.

Review notes

User-generated GPU hourly rates, hardware prices, utilization, financing, and residual assumptions used for reproducibility and sensitivity analysis. These are not company guidance or reported realized economics.

Relevant pages: Default profiles for Vera Rubin, GB300, B300, B200, MI350X, pricing, utilization, purchase cost, financing, and residual assumptions.

Relevant finding

Frames IREN as part of an NVIDIA-aligned independent cloud layer and discusses the strategic significance of NVIDIA's investment rights, GPU relationship, and use of IREN capacity.

Review notes

Secondary research reviewed from the project's private IREN research archive. Use it for strategic interpretation and question formation; verify contractual, financing, capacity, and valuation claims against primary filings and agreements.

Relevant pages: Saved-PDF sections discussing NVIDIA's independent-cloud strategy, IREN's NVIDIA relationship, and the neocloud competitive landscape; pagination varies by export.

Relevant finding

Provides a site-level buildout and valuation cross-check that helped identify capacity definitions, phase timing, and assumption differences requiring reconciliation.

Review notes

Secondary community model reviewed from the project's private IREN research archive. It is useful for site-level reconciliation and identifying missing questions, but every material capacity, timing, cost, financing, and valuation input must be checked against primary sources.

Relevant pages: Interactive site-level model and supporting methodology pages; accessed July 2026.

Relevant finding

Supports capping the official strategic model stage at 5.0 GW while keeping the community model's raw 5.6 GW configuration as a separate reference case.

Review notes

Primary company disclosure used for the up-to-5 GW strategic AI Cloud framework, NVIDIA relationship, and official capacity ceiling. The framework is not treated as a fully contracted five-gigawatt backlog or a fixed site-level delivery schedule.

Relevant pages: Announcement sections covering contracted AI Cloud revenue, strategic partners, the 480 MW and approximately 1.2 GW scale-up, and the longer-term power-backed expansion framework.

Relevant finding

Corrects the prior model denominator by adding the full PSU balance and anchors the current fully diluted share count at 228.810 million.

Review notes

Company-reported capitalization cross-check showing 214.197 million basic shares, 10.000 million options, 2.584 million PSUs, 1.050 million RSUs, 0.979 million warrants and 228.810 million fully diluted shares.

Relevant pages: Issued securities and delayed market-data section.

Relevant finding

Supports inclusion of the offering cash and shares in the pro forma capitalization, with a visible status caveat.

Review notes

Company announcement for gross proceeds and issued shares. It continued to describe final TSXV approval as a condition; no later approval announcement was located in the model review.

Relevant pages: Closing terms, share issuance, admissions and approval conditions.

Relevant finding

Supports the post-financing liquidity bridge and planned six-well program, while requiring separate modeling of the remaining plant, field, infrastructure and contingency funding need.

Review notes

Primary filed source for the 25.393 million-share offering, offer price, estimated net proceeds, proposed use of proceeds, plant scope, drilling program and pro forma working capital. Forward-looking uses and cost estimates are not commitments.

Relevant pages: Offering terms, capitalization, use of proceeds, plant procurement, development work and risk-factor sections.

Relevant finding

Anchors the model timeline while retaining explicit delay and execution-risk adjustments.

Review notes

Company source for the planned six-well program and Q4 2027 first-production target. The schedule, costs, permits, financing and commissioning remain forward-looking.

Relevant pages: Development plan, plant pathway, drilling program, timetable and use of proceeds.

Relevant finding

Provides an outside reference point for long-duration AI infrastructure lease revenue per critical MW-year and customer-credit framing.

Review notes

External AI/HPC lease benchmark only. The WULF economics do not establish NUAI tenant rent, credit support, pass-throughs, or ownership economics.

Relevant pages: Announcement sections describing the Anthropic 20-year lease, approximately 401 MW of critical IT load, approximately $19 billion of expected contracted lease revenue, and phased delivery timing.

Relevant finding

Synthesizes TCDC's phased 1.4 GW plan, partner ecosystem, Phase 1 power question, behind-the-meter expansion, Macquarie timing, land contribution, GP/LP waterfall economics, construction financing, and execution risks.

Review notes

A 143-page secondary deep dive reviewed from the project's private NUAI research archive. It synthesizes filings, company materials, calls, counterparties, project economics, and author estimates. Independently verify every material claim and scenario input; do not treat the report as a substitute for primary evidence.

Relevant pages: Pages 13-14 for company and site overview; 19-36 for TCDC, partners and power; 46-52 for incentives and lease timing; 56-126 for JV and waterfall economics; 136-138 for the pipeline and New Mexico optionality.

Relevant finding

Illustrative source for capacity, timing, and operating structure.

Review notes

Reconcile presentation metrics to contracts and filings.

Relevant finding

Illustrative source for site optionality and potential HPC development.

Review notes

Confirm project status independently.

Relevant finding

Illustrative source for contracted capacity and construction schedule.

Review notes

Separate signed commitments from prospective pipeline.

Relevant finding

Shows approximately 1.302 billion restricted Class B shares already issued and therefore already included in the reported cover count rather than added again as incremental dilution.

Review notes

Workbook ID S47. Month-start date is a publication placeholder where the exact filing day was not carried into the draft; SEC metadata controls.

Relevant pages: Beneficial-ownership table and restricted Class B share footnotes.

Relevant finding

Secondary reporting attributes a Buy rating and $235 target to Bank of America and says its DCF extends to 2045, but the WACC, site timing and funding waterfall are not public.

Review notes

Workbook ID S44. The underlying report is paywalled; month-start date is a placeholder and the linked page metadata controls.

Relevant pages: Reported rating, target and long-horizon DCF description.

Relevant finding

Secondary reporting attributes a $200 base target and a $900 illustrative long-shot outcome to Citi; the long shot is not reproducible and is used only to frame the low-probability Elon Case.

Review notes

Workbook ID S45. The underlying report is paywalled; month-start date is a placeholder and the linked page metadata controls.

Relevant pages: Reported base and long-shot valuation discussion.

Relevant finding

Illustrative source for debt, site ownership, power costs, and customer economics.

Review notes

Replace with exact filing.

Relevant finding

Illustrative source for operating sites, development commitments, and capital structure.

Review notes

Replace with exact filing.

Relevant finding

Illustrative source for construction commitments, revenue recognition, debt, and share count.

Review notes

Replace with exact filing and debt footnotes.

Relevant finding

Provides the core plant-capacity anchor but does not establish a fixed all-in installed cost or completed purchase contract.

Review notes

Supports the 940 litre-per-hour helium nameplate, 300 tonne-per-day CO2 capacity, US$78.7 million indicative equipment-package price and reservation-payment schedule. Final scope, definitive documentation, financing, approvals, delivery and commissioning remained conditions.

Relevant pages: Equipment capacity, price, payment milestones, exclusions and contemplated definitive agreement.

Relevant finding

Improves the mineral-rights and royalty bridge but does not establish reserves or sustained commercial rates across the field.

Review notes

Supports seven drilled wells, approximately 690 net fee-simple royalty-free acres, approximately 4,941 net leasehold acres, the majority 3% royalty burden and the company's then-current two-to-four production-well planning range.

Relevant pages: Land ownership, royalties, well count, pressure correlation and production-well planning.

Relevant finding

Supports strategic feedstock and distribution cooperation, not binding feedstock or offtake economics.

Review notes

Supports strategic feedstock and distribution cooperation, not binding feedstock or offtake economics.

Relevant finding

Reports a Morningstar fair-value estimate near $780 billion and a more cautious view of xAI and orbital-compute economics, retained as an independent downside cross-check.

Review notes

Workbook ID S46. Detailed private valuation assumptions were not fully public.

Relevant pages: Reported valuation and skepticism toward orbital data centers and xAI.

Relevant finding

Supports separately modeling GPU financing and customer prepayments rather than treating gross contracted revenue as unlevered equity value.

Review notes

Primary financing source for the $3.65 billion GPU facility and the disclosed Microsoft GPU-capex funding bridge. Financing reduces immediate equity needs but creates senior claims, interest, amortization, and refinancing risk.

Relevant pages: Financing highlights, facility components, blended cost, customer prepayment, collateral, and the disclosed percentage of Microsoft GPU capex funded.

Relevant finding

Provides the pre-financing balance-sheet anchor and confirms that material external capital remains necessary for development.

Review notes

Balance-sheet and expenditure source preceding the July financing. The July offering and subsequent payments are incorporated separately in the pro forma liquidity bridge.

Relevant pages: Selected financial information, liquidity, exploration spending, subsequent events and going-concern disclosures.

Relevant finding

Anchors March 31 cash, debt, liquidity and outstanding securities.

Review notes

Anchors March 31 cash, debt, liquidity and outstanding securities.

Relevant finding

Supports approximately 9,600 tpa design capacity and the disclosed initial capital framework; later-line capital remains estimated.

Review notes

Supports approximately 9,600 tpa design capacity and the disclosed initial capital framework; later-line capital remains estimated.

Relevant finding

Provides institutional analyst color on TCDC's development path and adjacent-generation thesis while emphasizing construction, capital-intensity, financing, macroeconomic, counterparty, and legacy-asset risks.

Review notes

Institutional report supplied through the project's private NUAI research archive; a direct public report URL was not confirmed. Northland disclosed market-making, prior investment-banking compensation, a client relationship, management of a securities offering, and an intention to seek investment-banking compensation from NUAI. Treat company-specific conclusions and valuation as conflicted secondary research.

Relevant pages: Pages 1-5 for company analysis and risk discussion; pages 5-8 for analyst certification and conflicts disclosures.

Relevant finding

Provides a separate GPU-capex anchor for the NVIDIA cohort without establishing a different accounting life or guaranteed residual value.

Review notes

Primary purchase-cost anchor for approximately $1.6 billion of air-cooled Blackwell systems associated with the NVIDIA managed-services deployment. Final financing, system mix, installation cost, ownership and residual arrangements remain incomplete.

Relevant pages: Announcement sections covering the Dell systems purchase, payment timing, deployment capacity and relationship to the NVIDIA contract.

Relevant finding

Describes TCDC's 200 MW Phase 1, planned 450 MW behind-the-meter Phase 2 and 750 MW Phase 3, the path toward 1.4 GW, the Macquarie facility, the proposed GP/LP structure, and current permitting and commercial priorities.

Review notes

Company-furnished and forward-looking. Treat phase capacity, turbine procurement, adjacent-generation access, tenant discussions, project leverage, and timing as company guidance until supported by binding contracts, permits, lender commitments, and construction evidence.

Relevant pages: Slides 3-9 for funding, counterparties, TCDC phasing and near-term workstreams; slide 11 for capitalization; slides 15-16 for campus pipeline and proposed SPV structure.

Relevant finding

Provides the primary record for NUAI's quarter-end financial position, capital structure, liquidity, obligations, ownership disclosures, and project-financing risk.

Review notes

Primary financial source for the March 2026 quarter. Use with subsequent 8-K exhibits for post-quarter financing and project updates; the filed legal-entity, liquidity, debt, equity, and share data control over secondary estimates.

Relevant pages: Unaudited financial statements; liquidity and capital resources; debt and equity notes; commitments; subsequent events; risk factors.

Relevant finding

Reports IREN's quarter-end financial position and operating disclosures, including its AI Cloud, data-center power portfolio, GPU deployment, Bitcoin-mining operations, and capital commitments.

Review notes

Primary financial source for the March 2026 quarter. Use the filed statements and notes to reconcile cash, debt, commitments, segment results, share count, and risk disclosures before changing the illustrative model.

Relevant pages: Overview; unaudited financial statements and notes; commitments and contingencies; management discussion; risk factors.

Relevant finding

Describes a five-year AI Cloud contract and strategic partnership with NVIDIA, the staged AI-capacity buildout, secured-power pipeline, current financial results, and management's financing assumptions.

Review notes

Company-furnished material. Reconcile contracted ARR, customer terms, NVIDIA investment rights, delivery schedules, and funding requirements to executed agreements and financial statements. Forward-looking targets are guidance, not realized results.

Relevant pages: Pages 1-5 for the NVIDIA relationship and buildout plan; pages 8-12 for financial statements and reconciliations.

Relevant finding

Supports a distinct contracted NVIDIA cohort and a five-year primary monetization period while leaving post-contract and residual economics unverified.

Review notes

Primary company disclosure for the approximately $3.4 billion, five-year managed GPU-services agreement with NVIDIA across approximately 60 MW at Childress. The public materials do not disclose a separate NVIDIA revenue share, residual-value guarantee, final ownership allocation, or end-of-term hardware rights.

Relevant pages: Business-update sections covering the NVIDIA contract value, five-year term, deployment capacity, staged acceptance, and related Blackwell systems deployment.

Relevant finding

Discloses 325,000 NVIDIA GPUs plus supporting infrastructure and approximately $1.25 billion of steady-state monthly fees, with a 90-day termination mechanism after the initial period.

Review notes

Workbook ID S14. The exact filing metadata controls if the placeholder month-start date differs from the SEC filing day.

Relevant pages: Capacity, fees, service period and termination provisions.

Relevant finding

Discloses 110,000 NVIDIA GPUs plus related components and approximately $920 million of steady-state monthly fees after ramp, with termination rights after December 2026.

Review notes

Workbook ID S15. The exact filing metadata controls if the placeholder month-start date differs from the SEC filing day.

Relevant pages: Ramp, capacity, fees, delivery remedies and termination provisions.

Relevant finding

Estimates a multi-trillion-dollar AI infrastructure buildout and describes silicon lives of roughly four to six years, materially shorter than buildings and power assets.

Review notes

Workbook ID S38. Used as an asset-life and market-capex cross-check, not a SpaceX issuer forecast.

Relevant pages: AI infrastructure capex, silicon, buildings, and power-asset life discussion.

Relevant finding

Estimates roughly 148 GW of incremental power capacity may be required by decade-end, reinforcing physical power and financing constraints without constituting a SpaceX commitment.

Review notes

Workbook ID S42. BlackRock has no public SpaceX issuer DCF in the research reviewed.

Relevant pages: AI energy requirement, generation, storage, gas and behind-the-meter capacity discussion.

Relevant finding

Supports a current resource basis but not a reserve or current economic study.

Review notes

Supports a current resource basis but not a reserve or current economic study.

Relevant finding

Estimates a greater-than-$25 billion 2025 neocloud market approaching $400 billion in 2031; a simple 2027 extrapolation is well below Base and Bull exit ARR.

Review notes

Workbook ID S39. Category definitions may differ from SpaceX's reported AI Infrastructure revenue.

Relevant pages: 2025 market size, 2031 forecast and growth-rate discussion.

Relevant finding

Estimates roughly $2.9 trillion of data-center construction from 2025–2028 and describes funding through corporate cash flow, bonds, asset-backed securities and private capital.

Review notes

Workbook ID S36. Thematic funding research is not a financing commitment to SpaceX.

Relevant pages: Data-center construction requirement and financing-channel discussion.

Relevant finding

Supports a 450 MW behind-the-meter generation plan for TCDC and explains why the model does not charge the full generation capex to NUAI parent by default.

Review notes

Company announcement used to support the model's Phase 2 behind-the-meter power architecture and the separation of data-center SPV economics from power-SPV economics. Definitive purchase documentation, fuel, permits, PPA/lease terms, and retained economics remain unverified.

Relevant pages: Announcement text describing Thunderhead, Turbine-X, major generation equipment access, procurement activities, and definitive documentation still to be finalized.

Relevant finding

Provides a long-duration landlord cash-flow reference that is not directly comparable with IREN's shorter-lived GPU-compute layer.

Review notes

Public infrastructure-landlord reference for 216 MW of critical IT load, a 15-year AWS lease, approximately $5.5 billion of contracted lease payments, a $9.5 million maximum development cost per critical MW, and tenant reimbursement of qualifying cost overruns.

Relevant pages: Transaction overview, financing and credit support, lease economics, construction-cost cap, rent commencement schedule, and operating-expense pass-through sections.

Relevant finding

Helps audit the claimed $600 billion U.S. carrier backdrop; the combined Big Three consolidated revenue used by the model is closer to $352 billion and includes non-wireless activity.

Review notes

Workbook ID S30. Used with the Verizon and T-Mobile totals carried in the workbook audit; month-start date is a placeholder and SEC metadata controls.

Relevant pages: Consolidated revenue and segment reporting.

Relevant finding

Provides a reasonableness reference while leaving realized liquid-helium pricing, transport, customer terms and processing deductions as explicit assumptions.

Review notes

External gaseous and Grade-A helium benchmark and market-context source. It is not a Topaz liquid-helium offtake quote or project netback.

Relevant pages: Price, production, reserves, imports, uses and market commentary.

Relevant finding

Anchors the model's resource-constrained case and shows that the strategic development case requires substantial appraisal, conversion, recovery and scale-up evidence.

Review notes

Primary technical source for gross and net contingent and prospective helium and CO2 resource ranges, effective October 1, 2024. The disclosed quantities are resources, not reserves.

Relevant pages: Resource tables, classifications, assumptions, contingencies and risk discussion.

Relevant finding

Supports testing whether older GPUs should be redeployed or replaced based on risk-adjusted cash contribution per constrained critical kilowatt.

Review notes

Official NVIDIA platform claims used as a technology-cycle and contribution-per-kW stress. They do not establish realized IREN rental rates, utilization, deployment cost, power density or customer demand.

Relevant pages: Platform-performance sections comparing Rubin with Blackwell for inference token cost, GPU requirements and large-model training.

Relevant finding

Prevents the model from presenting proposed gas-tax language as enacted law.

Review notes

Current published gross-proceeds statute cross-check. The published text does not expressly contain the proposed 7%/9% gas schedule used as a conservative model assumption.

Relevant pages: Current statutory rate and scope.

Relevant finding

Provides the strongest disclosed unit-economics and financing anchor for the contracted hyperscaler cohort in the site-level DCF.

Review notes

Primary contract-economics anchor for approximately $9.7 billion of five-year contract value, the customer prepayment, GPU-system capex, Childress deployment, and contracted project-margin framing. Detailed remedies, final delivery, operating costs, renewal, and residual value remain material.

Relevant pages: Contract announcement and presentation sections covering the five-year Microsoft agreement, approximately $9.7 billion of contract value, 20% prepayment, approximately $5.8 billion of GPU and ancillary-equipment capex, and Horizon 1-4 delivery.

Relevant finding

Supports up to C$36.3 million of conditional support; capacity, capital and operating economics remain undisclosed.

Review notes

Supports up to C$36.3 million of conditional support; capacity, capital and operating economics remain undisclosed.

Relevant finding

Anchors the lower sustained-rate cases and the field-supported utilization constraint; it does not prove commercial decline behavior.

Review notes

Reports 7%–8% helium, approximately 75%–80% CO2 and roughly 150–300 Mcf/day natural flow for 12–18 hours on smaller chokes. Jetstream #2 remained mechanically restricted and required remediation.

Relevant pages: Gas composition, choke-dependent flow, test duration and Jetstream #2 blockage discussion.

Relevant finding

Supports the Bull per-well rate only as an upside test anchor; the model does not treat the compressed peak as a multi-year plateau.

Review notes

Reports an approximately 501 Mcf/day natural maximum and a 1.3 MMcf/day compressed peak at Jetstream #1, plus an initial restricted Jetstream #2 flow. Peak and short-duration test rates are not long-term production forecasts.

Relevant pages: Flow-test setup, natural and compressed rates, pressure behavior and drilling plan.

Relevant finding

Provides a long-duration infrastructure yield-on-cost reference while illustrating that the tenant or compute operator, rather than the landlord, bears most GPU obsolescence risk.

Review notes

Public project-economics reference for more than 200 MW of critical IT load, approximately $3.7 billion of initial contracted revenue, an approximately 85% expected site NOI margin, and an $8-$10 million project-cost range per critical MW. It is an infrastructure-hosting contract, not a direct GPU-compute comparison.

Relevant pages: Transaction highlights covering contracted revenue, initial lease term, expected NOI margin, project cost, Google support, and delivery schedule.

Relevant finding

The workbook retains the schedule only as a conservative policy sensitivity pending enacted-law or formal agency confirmation.

Review notes

Source of the proposed 7% gross-proceeds rate for the first extraction year and following two years and 9% thereafter. A bill text is not proof of enactment.

Relevant pages: Gas-production tax provisions and proposed effective language.

Relevant finding

Supports US$18.4 million of initial non-repayable construction funding.

Review notes

Supports US$18.4 million of initial non-repayable construction funding.

Relevant finding

Provides a stale historical NPV anchor used only after severe risk and timing haircuts.

Review notes

Provides a stale historical NPV anchor used only after severe risk and timing haircuts.