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· Post-Market Alpha · by Buzzberg Research
Gavin Baker said Texas's governor-elect will let currently permitted data centers finish, and IREN's CEO disclosed a five-year contract with 90% of GPU capex prepaid.
Themes on this desk
IREN funding
@FinnStockinger relayed IREN's FY27 funding picture: $15B of remaining capex, $9B already covered by cash, committed GPU financing and prepayments, and $6B still to be secured.
Memory LTAs
Jukan relayed a veteran investor's argument that memory LTAs are basically meaningless because customers will forfeit their deposits once prices fall, noting that historically customers broke LTAs whenever prices fell more than 60% from the
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Market Radar →An anonymous seller is auctioning about $500 million of data-center loans, per Bloomberg
Per Bloomberg, the seller is auctioning a dozen loans, including a $25 million piece of financing for a Stargate site in New Mexico, the joint project of OpenAI, SoftBank and Oracle.
BREAKING: A mystery seller is trying to dump about $500 million in data center loans all at once, per Bloomberg,
Oracle has already sent that site's developer a force majeure notice.
Source →Gavin Baker: Texas's governor-elect will let all currently permitted data centers finish construction
Baker says Gina Hinojosa's stance essentially covers all of 2027 and likely well into 2028; newly permitted data centers for 2028/2029 delivery would have to pay taxes, not raise consumer power prices, not affect water availability and use union labor.
The governor-elect of Texas, Gina Hinojosa, has explicitly said that all currently permitted datacenters in Texas will be allowed to
Baker called the conditions reasonable, saying she does not want to lose blue-collar jobs and property taxes for small towns in rural Texas.
Watch The laws Hinojosa passes for newly permitted Texas data centers.
Source →Serenity (@aleabitoreddit): Google announced a $17 billion Wyoming data center using BE fuel cells
Serenity (@aleabitoreddit) relayed Google's formal announcement of a new $17 billion data center in Wyoming and noted Google will use BE fuel cells for the project.
$GOOGL formally announces a new $17 Billion DC in Wyoming.
The post set the announcement against the view that the AI buildout is over.
Source →Citi eased its 2027 DRAM supply/demand gap to -3.8% from -8.7%
Citi now projects 2027 DRAM supply growth of 24% against demand growth of 28%, versus 19% and 30% before.
Citi: We project 2027E DRAM supply/demand ratio to ease from -8.7% to -3.8%. 2027E DRAM S/D: Supply +24% vs.
Citi raised its 2027 DRAM supply growth estimate and cut its demand growth estimate.
Source →IREN's CEO: a five-year contract at about $22 million per MW with 90% of GPU capex prepaid
Co-founder and CEO Daniel Roberts said that since quarter-end IREN signed a five-year contract at about $22 million per megawatt with 90% of the GPU capex prepaid by the customer, and a short-term contract at $40 million per megawatt.
$IREN - Daniel Roberts, Co-Founder/CEO: “Since quarter-end we have signed a five-year contract at about $22 million per megawatt with
The customer prepays 90% of the GPU capex on the five-year contract.
Source →