IREN shares edged lower in pre-market trading after co-CEO Daniel Roberts said its data centers carry no debt and have been paid for in cash so far, responding to investor concern over funding. He said customers sign multi-year take-or-pay contracts, with prepayments covering 45% to 55% of GPU costs on recent three-year deals and lenders funding most of the rest, with GPUs as collateral. The Microsoft contract is backed by an A-rated facility at about 6%, which together with prepayments covers 96% of GPU spending. Roberts said demand exceeds supply, with 2026 capacity largely sold out, 2027 several times oversubscribed, and recent three-year contracts priced at more than double last year's level. The stock fell over 4% to $26 pre-market amid pressure on neoclouds after debt worries at CoreWeave.
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