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Open original source ↗So $IREN, with slightly over $6B of capital employed at 6/30/26 is going to spend $25-30B in FY 2027…?! Which means they will average almost $20B in capital employed in FY 2027. On a forecast of $4B in ARR. The math still doesn’t work here. https://t.co/WtlH4HHVjS