The evidence should remain inspectable after the conclusion is published.

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

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

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 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

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

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.