Benjamin Sommers's questions to IREN (IREN) leadership • FY 2025
Question
Benjamin Sommers inquired about the rationale for beginning development on Horizon 2 and whether it was driven by customer demand to scale beyond Horizon 1. He also asked about the potential difference in customer profiles for the large-scale Sweetwater site versus the smaller Childress sites.
Answer
Co-CEO Daniel Roberts explained that the company has not committed full capex to Horizon 2 but is ordering long-lead items to maintain 'cheap optionality' and ensure a fast time-to-power. He described the decision as a 'no-brainer' given the increasing demand signals for both AI cloud and colocation. The response focused on the Horizon 2 strategy, without detailing the different customer profiles for Sweetwater.