AIDC, CALCULATOR LEASING AND CLOUDS: ENCRYPTED MINES AI TRANSITION "THREE PARAGRAPHS"

Author: A chain of the Qin district

Summary

THE “AI TRANSFORMATION” OF ENCRYPTED MINES IS NOT A SLOGAN, BUT IT IS TAKING PLACE IN THREE IDENTIFIABLE PHASES:The first phase involves the direct lease of electricity, land and plant to AI's calculated customer's “Closure”, the second phase is the lease of its own GPS server in the form of “naked metal” to its cloud client (Bare Metal Rental) and the third phase is the packaging of the GPU as a hosting cloud service (Neocloud). The difference between the three paragraphs is not conceptual, but the vertical extension of the factors of production - each layer requires the completion of a critical set of capabilities, but at the same time the value of each MW contract jumped from roughly US$ 1.78 million/MW/year (phase I) to US$ 970-11 million/MW/year or more (phases II and III) with extremely steep shifts。

THE FIVE-YEAR $3.4 BILLION AI CLOUD CONTRACT BETWEEN IREN AND IN WEIDA, SIGNED ON 7 MAY 2026, IS A DIRECT GPU CLOUD HOSTING SERVICE FOR SEMICONDUCTOR HEAD MANUFACTURERS PROVIDED BY THE ORIGINAL MINE COMPANY, MARKING A FORMAL TRANSITION TO THE THIRD PHASE OF THE ENCRYPTION MINE TRANSITION。DURING THE SAME PERIOD, BRITISH WIDA OBTAINED THE RIGHT TO PURCHASE UP TO 30 MILLION IREN SHARES AT A COST OF $70 PER SHARE OVER A PERIOD OF FIVE YEARS (WITH AN EQUITY CAP OF APPROXIMATELY $2.1 BILLION), AND TWO COMPANIES ANNOUNCED AN AI STRATEGIC INFRASTRUCTURE COOPERATION FRAMEWORK OF UP TO 5 GW. THE “LONG LIST + STRATEGIC EQUITY” FORM BINDS THE OPERATOR'S INTERESTS DIRECTLY INTO THE GPU SUPPLY CHAIN, WITHOUT PRECEDENT WITHIN THE PLATE。

In our view, this transaction will further facilitate the revaluation of the plate, but the fragmentation will be more significant:Having a mass of grid-connected electricity and being able to operate the three layers of the "electric-mechanical-uncry" is expected to achieve higher contract density and longer contract duration. The current plate presents a clear three-tiered ladder: the first is the five “suspensing men” who have signed a super cloud manufacturer or equivalent order - IREN, Hut 8, Appleid Digital, Cipher, TerraWulf; the second is Galaxy Digital, Core Science, Riot; the third is Bitdeer, Marathon, CleanSpark, Bitfarms, Hive, who has not yet signed a bill but has experience with the North American AI power and/or their own GPS cloud。

Investment proposals:We propose to focus on the “Three Gold Flowers” — the Dragon IREN (IREN.O) is the three-stage full-stop runner, with Microsoft’s $9.7 billion naked metal order (with $1.94 billion in advance) and the Weibo’s $3.4 billion Neocloud contract and through the acquisition of Mirantis patches to control the software; Dragon II Hut 8 (HUT.O) owns the largest “three net, non-payable” orders within the plate (a total of $9.8 billion at a unit price of $1.85+$/MW/year), with the highest quality of the contract and cash flow certainty; and the potential Bitdeer (BTDR.O) owns the GPU cloud, with more power in the United States。

Risk tips:HIGH CONCENTRATION OF COUNTERPARTY-CLIENT RISK; GRID-CONNECTED ELECTRICITY AND REGULATORY CYCLE TIGHTENING RISK; DEPRECIATION OF GPU AND EXCESSIVE INTERGENERATIONAL RISK OF HARDWARE; RISK OF DISRUPTION OF ENCRYPTED PRICE FLUCTUATIONS TO THE CASH FLOW OF THE ORIGINAL INDUSTRY。

1. EVENT: IREN TOOK THE $3.4 BILLION AI CLOUD ORDER

On 7 May 2026, IREN Limited (stock code: IREN.O, hereinafter referred to as “IREN”) announced a five-year contract with NVIDIA Corporation, stock code: NVDA.O for the hosting of GPU cloud services (managed GPU cloud services) for approximately $3.4 billion. The contract will be delivered within the space of IREN in the existing data centre at Childress Park, Texas, United States, and approximately 60 MW critical IT load (critical IT load), using the cold-temperature British Blackwell system; the layout and cluster management software will be provided by IREN in conjunction with Mirantis, a software company that recently signed an acquisition agreement with Kubernetes。

DURING THE SAME PERIOD, WEIDA ACQUIRED THE RIGHT TO PURCHASE UP TO 30 MILLION IREN GENERAL SHARES OVER A PERIOD OF FIVE YEARS AT A COST OF $70 PER SHARE, WITH AN EQUITY CAP OF APPROXIMATELY $2.1 BILLION; TWO COMPANIES ALSO ANNOUNCED AN AI STRATEGIC INFRASTRUCTURE COOPERATION FRAMEWORK OF UP TO 5 GW。

In our view, the key meaning of the transaction is three: (1) that Young Weida, in the form of a “long list plus strategic holding options”, deeply bound a computer supplier with a previously encrypted mine background, is equivalent to a “dual endorsement” of credit and technical recognition within the industry; (2) that the contract is for “hosting GPU cloud services”, which means that IREN provides not only a hangar or GPU server, but a complete cloud service with layout, movement control and transport, commonly referred to as “Neocloud” (new cloud) capability within the industry; and (3) that IREN has signed a $5.7 billion GB300 naked metal contract with Microsoft (MSFT.O) in November 2025, in parallel with this $3.4 billion order showing that the same mine assets can carry multiple business models simultaneously。

2. Three phases in the transformation of encrypted mines

IREN'S ORDERS WITH INVERDA AND MICROSOFT ARE PUT BACK IN THE ENTIRE PLATE EVOLUTION SEQUENCE, AND WE CAN EXTRACT THE “THREE-PART THEORY” OF THE TRANSFORMATION OF THE ENCRYPTED MINE INTO THE AI INFRASTRUCTURE. THE THREE PHASES ARE NOT TIME-CRITICAL — MANY COMPANIES ARE RUNNING IN PARALLEL IN TWO PHASES — BUT THE DIFFERENCE BETWEEN THE FACTOR STRUCTURE AND THE VALUE OF EACH MW CONTRACT IS SO CLEAR THAT IT IS THE MOST INTUITIVE COORDINATES TO IDENTIFY THE POSITION OF THE COMPANY。

Phase I (site hosting/Colocation)

Number of contracts currently signed: 15
THE TOTAL CRITICAL IT LOADS COVERED BY THE CONTRACT AND TOTAL CONTRACT VALUE: $2941 MW, $78.3 BILLION
KEY IT LOAD AVERAGE: $1.78 MILLION/MW/YEAR
Average length of contract: 14 years。

Phase II (naked metal lease/Bare Metal Rent)

Number of contracts currently signed: 1
THE TOTAL CRITICAL IT LOADS AND TOTAL CONTRACT AMOUNTS COVERED BY THE CONTRACT: $20 MW, $9.7 BILLION
KEY IT LOAD AVERAGE: $9.7 MILLION/MW/YEAR
Average length of contract: 5 years。

Phase 3 (GPU cloud service/Neocloud)

Number of contracts currently signed: 1
THE TOTAL CRITICAL IT LOADS AND TOTAL CONTRACT VALUE COVERED BY THE CONTRACT: US$ 60 MW, US$ 3.4 BILLION
KEY IT LOAD AVERAGES: $11.33 MILLION/MW/YEAR
Average length of contract: 5 years。

2.1 Phase I: Campus hosting

2.1.1Services provided by mines at this stage

THE SITE CUSTODIAN, THE MINE, LEASES KEY IT LOAD CAPACITY (MW) FROM ITS OWN DATA CENTRE TO ITS CUSTOMERS IN THE FORM OF LONG LEASE, WHO BRING THEIR OWN GPS SERVERS AND OPERATE THEIR OWN AI CLUSTERS。THE PRODUCT OF THE MINE IS IN FACT A “GRID-CONNECTED, CONSTRUCTED, ADAPTED ELECTRICITY-SPACE COMBINATION IN ACCORDANCE WITH AI”。

2.1.2Reusable factors of production for old operations: electricity, land, plant

(grid integration):This is the most scarce link in the current expansion of data centres。
Land:Large tracts of land near the main grid node, near the main fibre-optics
Plant and power skeletons:The old mine plant could reuse part of the shell and middle voltage, but would require major alterations。

2.1.3IN ORDER TO PROVIDE THIS SERVICE, THE MINE NEEDS TO ACQUIRE ADDITIONAL FACTORS OF PRODUCTION: AI ELECTRICITY, NETWORK, HEAT DISPERSION

Electricity:TWO-WAY POWER SUPPLY AND REDUNDANCY MODIFICATIONS, SOLID TRANSFORMER (SST) AND HIGH PRESSURE DIRECT FLOW (HVDC) PROGRAMMES AT THE LEVEL OF AIDC
Network:DATA CENTRE-GRADE FIBRE-OPTIC ACCESS (MANY STAND-ALONE ROUTES), LIGHT INTERCONNECTION IN THE PARK, ESPECIALLY LONG-RANGE, LOW-DELAYED CONNECTIVITY TO ACCOMMODATE CROSS-CONSTRUCTION GPU CLUSTER TRAINING
Heat spread:According to IDC, with the continued surge in computing density, the AI training server stand-alone capacity limit is about to be exceeded by 100 kW, and the liquid cooling technology is officially converted from an optional upgrade to a mandatory configuration。

2.2 Phase II: GPU server nudity metal lease (Bare Metal Rent)

2.2.1Services provided by mines at this stage

The nudity metal lease means that the mine no longer rents only “space + electricity”, but rather integrates the GPU server into the data centre and sells the entire cabinet/cluster to cloud customers at reserved capacity, with the super cloud manufacturer (hyperscaler) or large AI laboratory level。The customer's load runs directly on a physical server, but the mine does not provide a software stack service above the operating system. The main deliverables are nudity metal performance, power availability, network and transportation。

2.2.2Reusable factors of production for old operations: electricity, land, plant

All elements of the first phase:Connected electricity capacity, land, plant

2.2.3IN ORDER TO PROVIDE THE SERVICE, THE MINE NEEDS TO ACQUIRE ADDITIONAL FACTORS OF PRODUCTION: GPU CALCULUS

Electricity, network, heat dispersion:Similar to phase I
GPU servers (e.g. Blackwell B200/B300, GB300 NVL72, etc.)。

2.3 Phase III: GPU cloud service (Neocloud)

2.3.1Services provided by mines at this stage

In the third stage, the mines packaged the GPU into packagings, movement control, surveillance, billing, standardized cloud services for the enterprise SLA are sold to the outside world and charged on the basis of GPU hours, token call or reasoning examples, directly to the final enterprise or AI laboratory。At this point, the mine was no longer a mere “landowner” or “roof dealer”, but became a cloud service provider with a complete software warehouse (i.e. what is commonly known as “Neocloud” in the industry), competing with similar companies such as CoreWeave, Lambda and Nebius。

2.3.2REUSABLE FACTORS OF PRODUCTION: ELECTRICITY, LAND, PLANT, GPU

All elements of the second phase:CONNECTED ELECTRICITY CAPACITY, LAND, PLANT, GPU SERVERS。

2.3.3REUSABLE FACTORS OF PRODUCTION: ELECTRICITY, LAND, PLANT, GPU

Electricity, network, heat dispersion, computing:Similar to Phase II
Software stack capacity:Cluster control software such as containerization, Kubernetes, SLURM and full cloud control surface covering account management, SLA security, safety and compliance, API and billing (control plan)

3. THREE-TIER TEAM FOR THE CURRENT TRANSFORMATION OF ENCRYPTED MINE AI AND KEY COMPETITIVE ELEMENTS

As at the beginning of May 2026, the total amount of the site hosting/naked metal/Neocloud contract signed in the plate was approximately 3,201 MW key IT loads (landed or constructed) for a total amount of over $91.4 billion (the first term of the contract)。

We found that the clients of these contracts were highly concentrated in the Ai Yunn factory, CoreWeave, Fluidstack, whose agreement was partly backed by Google, and Microsoft, Amazon, Inweida and semi-conductor。

IN ADDITION, WE FOUND THAT THE COMPANY ' S MARKET VALUE WAS CLEARLY LINKED TO ITS TOTAL AI ELECTRICITY IN NORTH AMERICA AND ITS CONTRACTED AI ELECTRICITY IN NORTH AMERICA。

WE DIVIDED THE 13 LISTED COMPANIES OF THE PLATE INTO THREE-STOREY LADDERS, ACCORDING TO THE COMPOSITE DIMENSIONS OF THE “CUSTOMS LEVEL — CONTRACT QUALITY — ORDER SIZE — NORTH AMERICAN AI POWER RESERVE”。

3.1 First Platoon: Lead (super cloud manufacturer or equivalent order exists)

3.1.1Sorting by client grade, quality of contract and amount of funding endorsement

Within the first team, we follow the following hierarchical sequencing logic: (1) operational phase priority — cloud order (phase III) — nudity metal (phase II) — site hosting (phase I); (2) contract quality priority — same as hosting — “three clean, non-payment” — “large advances” — “no more”; (3) customer class — super cloud company hand-in-hand (microsoft, Amazon, Weeda, etc.) — new cloud supported by super cloud company finance — no new cloud supported by super cloud company finance; (4) super cloud company finance. Combining the above dimensions, the first ladder is from high to low: IREN > HUT > APLD > CIFR > WUF。

3.1.2SORTING OF REPRESENTATIVE COMPANIES: IREN > HUT > APLC > CIFR > WUF

IREN:The $3.4 billion AI Cloud Order (five-year period, approximately 60 MW, at a unit price of $11.33 million/MW/year) is for a small number of companies within the plate that have entered phase III of the Neocloud business。

AT THE SAME TIME, THE COMPANY ENTERED INTO A FIVE-YEAR $9.7 BILLION CONTRACT WITH MICROSOFT FOR GB300 NAKED METALS (20 MW AT A UNIT PRICE OF $9.7 MILLION/MW/YEAR) WITH AN ADVANCE OF 20 PER CENT (APPROXIMATELY $1.94 BILLION) AND CASH FLOW WAS EXTREMELY SAFE。

The acquisition of Mirantis, announced the week before this order, is a key puzzle of IREN's entry into the Neocloud business: Mirantis is the founding ISV partner of the “AI Cloud Ready Initiative” in Weidar, whose k0rdent AI platform manages AI infrastructure in an integrated manner between naked metals, dead machines and Kubernetes and integrates the former Docker Enterprise business to cover over 1,500 business clients。

Through this acquisition, IREN will acquire its previously missing “software control” capability as a nudity metal/GPU cloud service provider and directly follow the Neocloud model of the whole house at Nebius, CoreWeave。

Hut 8 (HUT.O):The largest “triple net” (NNN, Net 1 refers to Property Taxes), Net 2: Building Insurance, Net 3: Common Area Community (CAM) (Public Area Maintenance Costs) Orders - 245 MW, $7 billion contracts with Fluidstack (Anthropic for end-users, Google finance support) (December 2025, 15-year period at a single price of $1.95 million/MW/year), folding with a new “investment-level customer” contract signed on 7 May 2026, 352 MW, $98 billion (15-year period at a single price of $1.856 million/MW/year at no cost) totalling $597 MW, $16.8 billion。

The term “triple net, non-payment” is the best form of contract on the board: real estate taxes, building insurance, maintenance of public areas, etc., are borne by the lessee, and the tenant, whether actually used or not, is required to pay the full amount of the contract, the operator's cash flow is the most certain and leverage financing is the best available。

Appleted Digital (APLD.O):THE ONLY COMPANY IN THE PLATE THAT CURRENTLY HAS TWO LONG-LEASE CONTRACTS FOR THE “INVESTMENT-GRADE SUPER CLOUD MANUFACTURER” AT THE SAME TIME, IS THE “UNITED STATES-OWNED SUPER CLOUD MANUFACTURER A” (200 MW, $5 BILLION, 15-YEAR PERIOD, $1.667 MILLION/MW/YEAR, OCTOBER 2025) AND “UNITED STATES-OWNED SUPER CLOUD MANUFACTURER B” (30 MW, $7.5 BILLION, 15-YEAR PERIOD, APRIL 2026), FOR A TOTAL OF $12.5 BILLION。

The two orders, the “investment-grade super cloud manufacturer” counterparty, had a significantly higher credit rating than the new cloud customer, Fluidstack or CoreWeave, and represented the core difference between APLD and other first-class companies。

In addition, APLD and CoreWeave had an additional contract of 25 MW and $7 billion。

IN TOTAL, THE COMPANY HAS SIGNED A KEY IT LOAD OF 750 MW, THE HIGHEST OF THE PLATES。

Cipher Mining (CIFR.O):30 MW, $5.5 BILLION, 15-YEAR CONTRACT WITH AMAZONIAN CLOUD (NOVEMBER 2025, $12.22 MILLION/MW/YEAR, JULY 2026, LEASE START IN AUGUST 2026)It is the first order within the plate and the only order directly signed by the “Seven Big” public cloud manufacturer。

The company also signed an additional $168 MW, $3.8 billion, 10-year contract with Fluidstack, and Google provided $1.73 billion in lease endorsements。

Cipher combined signed key IT load 468 MW。

TerraWulf (WULF.O):Two contracts were signed with Fluidstack, totalling 368 MW and $13.2 billion, all supported by long-term leases by Google ($3.1 billion)。

Added to the $70 MW/10 billion contract with Core42 in 2024, TeraWulf combined a critical IT load of $438 MW and contract value of $14.2 billion。

In the first column, the WULF rivals were composed entirely of New Cloud Fluidstack and Core42, with no direct supermassive cloud rivals, and were therefore at the bottom。

3.2 Second Platoon: China (without direct support from supermassive cloud manufacturers, client is a new cloud or chip company)

3.2.1Sorting by: value of purchase orders, progress in implementation

The second-tier company is neither a super cloud manufacturer (MSC, Amazon level) nor has it obtained long-lease endorsements from the super cloud manufacturer, relying solely on CoreWeave or the chip manufacturer (AMD) to support the order. In the absence of top-level endorsements, we use a composite ranking of “order value x progress in implementation”: the larger the contract, the higher the customer's recognition of the operator's power, land and adaptation capacity, and the earlier the implementation process, the faster the cash flow and the valuation anchor。

3.2.2SORTING OF REPRESENTATIVE COMPANIES: GLXY> CORZ > RIOT

Galaxy Digital (GLXY.O):Two contracts were entered into with CoreWeave for a total of $393 MW, or $13.5 billion, and the total contract amount was the largest for the second stage of the plate。

Core Scientific:Two contracts were entered into with CoreWeave totalling $27 MW, $4,725 million, the first company to sign an AI data centre hosting contract on board。

Of the two CORZ contracts, CoreWeave assumed the full capital investment related to infrastructure, of which approximately $405 million would be reimbursed against the share of the custodial payments up to 50 per cent of the monthly fee。

Riot Platforms (RIOT.O):25 MW, $311 MILLION, 10-YEAR CONTRACT WITH AMD (JANUARY 2026, UNIT PRICE $12.244 MILLION/MW/YEAR). THE ORDERS WERE SIGNIFICANTLY SMALLER THAN THOSE OF OTHER SECOND-TIER COMPANIES, BUT AMD, AS A SEMI-CONDUCTOR HEAD-MANUFACTURING COUNTERPART, HAD CERTAIN FEATURES OF CREDIT。

CONSIDERING THAT RIOT NORTH AMERICA HAS 2,000 MW OF ELECTRICITY, BUT ONLY 25 MW (1.25 PER CENT) HAS BEEN SIGNED UP FOR HOSTING, AND THAT THE FUTURE PIPELINE SPACE IS LARGE, RANKING DOES NOT MEAN THAT WE DENY ITS POTENTIAL REVALUATION ELASTICITY。

3.3 TEAM 3: POTENTIAL BLOCK (NO AI DATA CENTRE CONTRACT YET)

3.3.1SORTED ACCORDING TO SIZE OF AI POWER IN NORTH AMERICA AND EXPERIENCE WITH SELF-EMPLOYED GPU CLOUD OPERATIONS

THE THIRD PLATOON COMPANY HAS NOT YET ANNOUNCED THE AI DATA CENTRE HOSTING/NAKED METAL/CLOUD VOLUME CONTRACT, BUT NORTH AMERICAN AI WITH HUNDREDS TO THOUSANDS OF MW RETROFITABLE POWER RESERVES IS THE POTENTIAL OWNER OF THE NEXT ROUND OF ORDERS TO LAND. WITHIN THIS LEVEL, WE ARE SORTED IN COMBINATION WITH THE “NORTH AMERICAN AI POWER SCALE X SELF-EMPLOYED GPU CLOUD EXPERIENCE”, WHICH DETERMINES THE SIZE OF THE AI POWER TO TAKE OVER THE SINGLE CEILING, AND THE SELF-EMPLOYED GPU CLOUD EXPERIENCE DETERMINES WHETHER IT IS POSSIBLE TO JUMP VALUE TO PHASE TWO AND THREE AT THE TIME OF SIGNING, RATHER THAN LOCKING IT TO THE FIRST STAGE UNIT PRICE。

3.3.2SORTING OF REPRESENTATIVE COMPANIES: BTDR > MARA > CLSK > KEEL > HIV

Bitdeer Technologies Group:IN THE UNITED STATES, 662 MW NORTH AMERICAN AI POWER IS NOW BASED ON THE ASIA-PACIFIC MARKET AS THE MAIN GPU CLOUD CUSTOMER BASE。

BTDR IS ONE OF THE COMPANIES IN THE THIRD PLATOON WITH ITS OWN GPU CLOUD OPERATIONS, AND ALTHOUGH NORTH AMERICA ' S AI POWER IS IN ABSOLUTE TERMS LESS THAN MARA, ITS SINGLE MW VALUE JUMP CAPACITY AT THE TIME OF TRANSITION TO PHASES II AND III IS SIGNIFICANTLY GREATER THAN ITS PURE FIRST STAGE SITE HOSTING COUNTERPART。

Marathon Digital (MARA.O):WITH 1,736 MW IN NORTH AMERICA, AI IS THE COMPANY WITH THE LARGEST POWER RESERVES IN THE THIRD TRANCHE; THERE IS NO AI DATA CENTRE CONTRACT AND NO SELF-EMPLOYED GPU CLOUD OPERATION。

CleanSpank:IN NORTH AMERICA, THERE IS 1,175 MW AI RETROFITABLE POWER, SECOND ONLY TO MARA; THERE IS NO AI BUSINESS ORDER OR OWN-ACCOUNT CLOUD BUSINESS。

Bitfarms (KEEL.O):IN NORTH AMERICA, THERE ARE 771 MW AI RETROFITABLE POWER; THERE ARE NO AI BUSINESS ORDERS OR OWN-ACCOUNT CLOUD OPERATIONS。

HIVE Digital Technologies (HIVE.O):IN NORTH AMERICA, ONLY ABOUT 50 MW AI CAN TRANSFORM ELECTRICITY; HOWEVER, THROUGH ITS CANADIAN SUBSIDIARY, BUZZ HPC, GPU CLOUD SERVICE, THE SELF-RUN CLOUD BUSINESS IS MORE SOPHISTICATED. THE ABSOLUTE SIZE OF AI IS THE PRIMARY REASON FOR ITS POOR RANKING。

Investment proposals: focus on “three golden flowers”

We suggest focusing on three companies, corresponding to the different levels of competition and investment logic in the three phases of the transition。

4.1 DRAGON I: IREN (IREN.O) — LEADER OF THE THREE-STAGE WHOLE HOUSE

IREN is the only company in the current plate that has been awarded a scalable contract in both phase II (Microsoft $9.7 billion order for naked metals) and phase III (Neocloud order of $3.4 billion in British Wida) and has completed the most critical panel of software control through the acquisition of Mirantis. Its differential advantage is reflected in five dimensions: (i) the highest customer hierarchy - Microsoft and Weeda are all “seven” or semiconductor head manufacturers, which are uniquely integrated counterparties in the industry; (ii) the highest unit price - Microsoft Contract $9.7 million/MW/year, British Weeda Contract $11.33 million/MW/year, well above the plate averaged $1.78 million/year The first phase of the MW/year level; (3) contractual guarantees — the Microsoft contract consists of a 20 per cent advance of approximately $1.94 billion; (4) growth pipelines — and the AI Strategic Infrastructure Cooperation Framework, announced by both parties at a scale of up to 5 GW; (5) electricity reserves are adequate, and in North America it can be converted to 4.5 GW. The five-year equity option of NVIDIA, which directly binds the operator's interests to the GPU supply chain, has no precedent within the board for this "client-capital" model of cooperation。

4.2 Dragon II: Hut 8 (HUT.O) - “cash cow” of the highest quality of contract

HUT is the company with the highest quality of the contract on the plate - its 245 MW with Fluidstack (Anthropic end-user, Google funding support) and its $7 billion contract (December 2025) and its $352 MW, $9.8 billion contract with an “investment-class customer” (May 2026, at the same time at the same time at the same time) using a “three net” (NNN) structure totalling 597 MW and $16.8 billion is the largest “three net” purchase order portfolio in the plate at a unit price of $1.85+$/MW/year. Under the “three net” form, the operator incurs the minimum operating expenses and locks in the minimum income for the entire contract period, with a significantly higher certainty of cash flow than other premises hosting counterparts。

4.3 Potential indicator: Bitdeer (BTDR.O) — with a self-employed GPU cloud operation and higher electricity in North America

BTDR IS A COMPANY IN THE PLATE WITH ITS OWN GPU CLOUD OPERATIONS, WITH THE EXCEPTION OF IREN AND HIVE, WHICH MEANS THAT THERE IS NO NEED TO BUILD THE SOFTWARE WAREHOUSE FROM SCRATCH WHEN CONTRACTING THE SECOND AND THIRD ORDERS. HOWEVER, THE FIRM ' S ABSOLUTE AMOUNT OF AI (662 MW) IN NORTH AMERICA IS SIGNIFICANTLY SMALLER THAN MARA (1,736 MW) AND CLSK (1,175 MW), WHICH MAY HAVE GREATER MARGINAL ELASTICITY IN INDIVIDUAL ORDERS IF CONTRACTED。

Risk tip

Focusing of risks between clients and their counterparts

IF THERE IS AN UNEXPECTED FALL IN AI REASONING OR TRAINING NEEDS, THE ABILITY OF THE COUNTERPARTY TO PERFORM WILL BE TESTED AND THE NET PRESENT VALUE OF THE CONTRACT WITHIN THE PLATE (NPV) MAY BE REPAIRED COLLECTIVELY。

Power interconnection and regulatory cycle risk

The current core competitiveness of all companies on the plate is based on the scarcity of “connected electricity capacity”. If the regulatory tempo tightens or electricity price reforms (e.g., the imposition of an “association fee” on the data centre) are put on land, the new capacity will be delayed, the unit price will rise, and there will be double pressure on the operator's profitability and the unsigned valuation assumptions。

GPU DEPRECIATION AND HARDWARE EXCESSIVE INTERGENERATIONAL RISK

IF THE AI TRAINING MARKET RAPIDLY TURNS TO A NEW GENERATION OF CHIPS, THE OLD GPU WILL BE AT RISK OF A SHARP FALL IN RESIDUAL VALUE, WHICH WILL AFFECT THE ABILITY OF OPERATORS TO DEPRECIATE “SILENT” NUDITY METAL AND CLOUD SERVICE CONTRACTS THROUGH GPU。

Encrypted price fluctuations and cash flow risk in the home industry

UNTIL AI ' S OPERATIONS WERE SCALED UP, THE MAJORITY OF THE COMPANIES ON THE PLATE CONTINUED TO HAVE THEIR MAIN CASH FLOW FROM MINING IN BITCOIN. ONCE BITCOIN PRICES FALL, THE COMPANY'S ABILITY TO RECAPITALIZE THE AI DATA CENTRE WILL BE REDUCED, THEREBY DELAYING THE DELIVERY OF ORDERS, POSING AN “INTERNAL” RISK OF DECOUPLING FROM AI NEEDS。

AIDC, CALCULATOR LEASING AND CLOUDS: ENCRYPTED MINES AI TRANSITION "THREE PARAGRAPHS"

Summary

1. EVENT: IREN TOOK THE $3.4 BILLION AI CLOUD ORDER

2. Three phases in the transformation of encrypted mines

3. THREE-TIER TEAM FOR THE CURRENT TRANSFORMATION OF ENCRYPTED MINE AI AND KEY COMPETITIVE ELEMENTS

Investment proposals: focus on “three golden flowers”

Risk tip

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