$IREN Respectfully disagree. And I could be wrong, because I'm wrong a lot. And my knowledge of Iren is mediocre at best. But I follow them fairly closely, and at this point I believe Anthropic is already a contracted customer of IREN, not a future one. Various pieces of evidence reinforce the others and bring the picture into sharper focus for me. 1. IREN August 27 filing. They explicitly said they have a signed multiyear AI cloud contract with an "unnamed leading frontier AI lab" among its $4 billion of contracted ARR for year-end 2026. That is by most people's descriptions either Anthropic, OpenAI, or Google. Unless you think they're lying that it's an actual leading frontier AI lab, that really narrows things down. 2. The Information's October 11 article. They reported that Anthropic has an unannounced multiyear cloud deal with IREN (note similarity of wording). The language describes an existing agreement, not negotiations or a conditional award. 3. Anthropic's S-1 today. Here's where it gets a little more speculative to me. But they talk about a transition toward a hybrid procurement model that includes cloud computing, directly leased equipment, and dedicated facilities. Also admits that compute shortages have constrained its business and that securing capacity requires advance financial commitments. That to me really sounds like someone like IREN. But, let's consider that The Information's article was wrong. That means it's likely either OpenAI or Google. At that point, what difference does it make? Either way, it's already contracted. At a more basic level, let's think about this logically. They have grid connected power (much more reliable than behind-the-meter) and also based on renewable energy (clean, desirable), and it's all coming online sooner rather than later. Does anyone really think they're going to build all this stuff, and then nobody will use it? And that they can't secure the working capital by hook or by crook to get it over the finish line? Many neoclouds are posers and the names among them will be replete with failure, consolidation, and lost dreams. And this insane FUD around the leading, most well funded neoclouds with the most advanced and enviable projects in the world, is beyond ridiculous.

$IREN On Oct 19 @danroberts0101 tweet about their funding model gave zero indication that GPU backed debt has dried up for them. He instead explicitly described the ongoing model as: - customer prepayments of 45–55% of GPU capex on recent 3-year contracts, - GPU-secured financing (6-9%) on all or nearly all of the rest - whether the rate is 6% (IG), 9% (non-IG) or something even higher it "barely moves the economics" because of 2 year payback - Everything else (about 1/3 of total cost) is funded with IREN’s own cash without debt On Oct 22, the Nebius CEO said that, "From last week, probably some of the capital sources are temporarily closed, like the asset-backed or debt market." This suggests Nebius and Iren might be in different situations insofar as access to GPU-backed credit. A clarifying update today from @danroberts0101 on their ongoing access to capital (temporary or otherwise) would be noteworthy.

$EOSE Stifel toured the factory last month and gave us an update from management. Line 2 in Thornhill in September had a 9 second cycle time for battery module production, versus 10, and had other efficiencies from single-piece flow, like the footprint down 40%, travel distance 0.29 vs 1.16. If the containerization could just keep up with the purported battery module cycle time, one line could produce 3 GWh/yr with just a 70% yield x utilization. Even so, Line 2 is still discussed as having a 2 GWh/yr nameplate, even with 4 shifts to fill out 24x7 production, and weirdly, the same as what they describe as Line 1 nameplate. That corresponds to a 50% yield x utilization, which is manufacturing flunkee territory. Eos has never explained to us in simple terms why 2 GWh/yr is a ceiling, and why improved cycle times even matter if it doesn't expand the capacity beyond 2 GWh/yr. 3 lines operating at 9 second cycle time and just a still pathetic 65% yield x utilization (each with 2.7 GWh/yr) would fulfill Project AMAZE's 8 GWh/yr production capacity. So much incredible promise. So many questions. So few answers. Why does Line 2 even need 4 shifts to achieve that? Is there really that much downtime baked in? My theory is that these are not wholly technical issues. Rather, they're rates limited by backlog conversion and customer readiness. But, that's just a theory. Why Eos has never sat us down and explained this to us like adults over the last 2 years, when we had so many questions about this very issue, remains one of the biggest unsolved mysteries.

$EOSE is currently priced for bankruptcy, or Cerberus screwing everyone (including employees) and taking the company private, or the market trying to force OG capitulation. None of that will happen, if Alessandro's cost out plan executes on plan. Stifel visited the factory, talked to management, and came up with a $9 price target based on 14x their 2028E EBITDA projections. So did Roth, who came up with a much more conservative $4.50 target, based on 5.5x on FY27 sales. The current SP is awfully silly, if the company doesn't fail. It's unbelievably hard to stack shares and options when the SP is $1.7 and wicks down to $1.08. Especially if you didn't take significant profits at the previous highs and have the cash to do it. I am not suggesting you do. This is a personal decision, based on where you think things are actually headed. Nobody can predict the future. Don't listen to those who claim they know it with certainty. If they did, they wouldn't be sharing it with you. This is a critical time for the company. The sales team needs to respond to customers in hours or days, not weeks. They need to constantly call their pipeline customers and get them to yes. On the execution side, pull out all the stops to meet guidance and the cost out plan to positive Adjusted Gross Margin exiting Q4. IR needs to put the big guns on IR discussions, not incompetent people interfacing with some of the biggest investors from the previous convertibles. This is the company's time to shine or go home. This is really serious.

$EOSE Met another legendary OG today. We had a 3 hour convo over an extended lunch and shared secrets. The 3 hours passed quickly. I love this community (the ones who don't hate me). I wouldn't trade this for anything.

I'd be interested in meeting Topher in real life sometime. At least one person has. I'd bet he is a lot more genteel and demure in person than online.

$EOSE Opinion: - Indensity will have much lower COGS than the cubes. Some facts I'm willing to share with you: - The current plan is for Indensity production to launch in Q1. - There is a backlog of orders for Indensity. - If you want to order Indensity today and are willing to put down a chunk of change (like 25%) to secure your position, you still wouldn't get it for another year. - I've seen extremely detailed engineering drawings for Indensity projects.

$EOSE The company doesn't have a going concern now. They used to. The shorts are trying to terrify you. They have, by my count, over $280m in unrestricted cash, and that will last for several months if the margin expansion goes on plan. They also have a $100m revolving line of credit from Cerberus, if Cerberus is that magnanimous again. That said, Eos does have to execute. The current PA isn't giving the company many other opportunities to raise capital before becoming profitable. If you can actually get to positive Adjusted Gross Margin exiting Q4 without going back to the dilution piggy bank, you will have earned a lot of investor respect. Eos management, Eos employees: you must understand what a critical time this is. It's existential for your for employment and your equity going forward. You need to actually accomplish this objective, and not just talk about it and make excuses after the fact. Sleep on the factory floor if you have to. Now is your time to shine.

My feed today was filled with so many random guys from Canada, Indonesia, Algeria and elsewhere telling me various stocks are headed for zero and supported with wildly boorish arguments. I’m not sure the bottom is in, but we’re pretty close. Buy bargains and protect your capital till the midterms.

Yes! Needed this today. 😅 One of the most undervalued companies if you can get past their (past?) shadiness.