IREN ▼ -3.4% - IREN Limited $IREN Says Future Growth Could Require “Arguably Little Equity” ? • IREN says GPUs represent roughly two-thirds of the fully loaded cost of an AI deployment; customer prepayments of ~50% of GPU value can roughly cover the entire data center construction cost. • Management says IREN can now finance around 90% of GPU costs with debt, creating a “funding flywheel” that could require “arguably little equity” over time. • IREN says the British Columbia shift to liquid cooling is driven primarily by customer demand, while the company is also willing to order compute “on spec” given continued strong demand. IREN Limited fell 3.4% despite positive commentary on its capital-efficient growth model. The company outlined how customer prepayments and debt financing could enable expansion with minimal equity dilution, while also highlighting strong demand for its data center services and willingness to build speculatively. The stock decline suggests investors may have focused on execution risks or were disappointed that the company didn't announce concrete growth guidance or new major customer wins alongside these operational updates. 27-AUG-2026 05:45 PM ET