中文翻译
三天后，$IREN 再次进行 60 亿美元的自动取款机 (ATM) 增发，在公开市场上出售了几乎一半的市值。变现 3-4GW 产能听起来不错，但如果你是现有股东，情况就不妙了。看起来他们的经济模型不像 $NBIS 那样能覆盖足够多的资本支出 (Capex)。我和去年其他人的看多逻辑是：$IREN 通过托管 (Colo) 业务产生自由现金流 (FCF) 来资助 GPU 相关扩张。但这发生了实质性变化，增加了执行不确定性，并在此基础上带来了无尽的稀释。
· 个股论点
IREN 巨额增发致稀释，商业模式不及 NBIS，看多逻辑失效。
英文原文
3 days later $IREN is having another $6B ATM, selling almost half their marketcap on the open market. Monetizing 3-4GW capacity sounds good, but not if you’re an existing shareholder. Doesn’t look like their economics cover enough of their capex in the way $NBIS does. My bull case, alongside everyone else’s last year: was for $IREN to do colo and fund GPU related expansion with FCF. This materially changed and added execution uncertainty + endless dilution on top.