中文翻译
你们觉得 $IREN 还要再摊 56.5 亿美元的稀释吗？ 如果你看多 Neocloud，真的很意外还有人没转去 $NBIS 或其他名字。 一个已经确认拿到 $NVDA 资金和机构可转债支持。 另一个则很可能在通过公开市场持续卖新股，从散户身上筹钱。 残酷的现实是： $IREN 根本无法在不靠这个的情况下把剩余产能变现。这不是“可选性”。 在挑选谁能带来股权升值时，财务结构的细微差别非常重要。 Nebius 的融资结构明显更好，这一点已经反映在年初至今的回报里了。
· 个股论点
指出 IREN 的稀释压力远高于 Nebius。
英文原文
Do you guys think there’s only $5,650,000,000 dilution to go with $IREN? Very surprising that people haven’t switched to $NBIS or other names if you’re long Neoclouds. One already has confirmed funding with $NVDA + convertibles from institutions. The other is likely actively selling new shares on the open market to get funding off retail shareholders. The sad reality is: $IREN simply cannot monetize the rest of their capacity without using that. It’s not “optionality”. Financial structure nuance matters when you’re choosing winners for equity appreciation. Nebius is clearly has the better financing structure and this is already showing up in YTD returns.