Why IREN is a hard pass for me

I see a lot of people talking about IREN here, and I want to share you my DD Nonstop shareholder dilution. Share count is up about 42% in a year, to 394 million, and the $6 billion ATM is still running. On top of that, a $700 million stock grant to the two brothers who run the company, roughly 5% of shares outstanding. Four-year time vest, no performance conditions. The board's own explanation is the part that gets me: they went time-based because the previous performance hurdles were "cleared too quickly" to work as retention. Chanos put the grant at around 17% of the company's own projected cumulative adjusted net income for FY27 through FY30. And it isn't their first payday. They took about $72 million each in FY2024, the highest paid CEOs in Australia that year. What are shareholders getting for it? FY26 revenue of $707 million, no profit, and a stock at 26 times sales. Q4 revenue fell 5.2% sequentially and missed. Of the $4 billion contracted ARR in every headline, about $1 billion is actually operating. FY27 capex is guided at $25 to $30 billion with roughly $14 billion of it funded, so the rest gets raised, which lands right back on the share count. With all that in front of them, they signed the richest jersey patch deal in North American sports history. Over $50 million a year to the Golden State Warriors. Not $50 million total, $50 million a year. Sorry, but IREN is a hard pass for me. If I wanted neocloud exposure I'd put a little into CRWV and nothing into IREN. My data center money outside of NBIS goes to APLD, which I think is the best co-location provider. Positions: APLD 6000 shares at $5 and NBIS 160 shares at $89 **TL;DR:** 42% more shares than a year ago, a $6 billion ATM still running, and a $700 million stock grant to the two founder brothers with nothing tied to performance. FY27 capex is guided at $25 to $30 billion against roughly $14 billion funded. Hard pass for me. CRWV gets a small position, my data center money goes to NBIS and APLD.