re: Nebius - NBIS - AI Infrastructure Company

Oh shite, they are killing this call. Stock should jump like crazy

Said something about a much higher payroll tax than anticipated but couldnt hear. This call should have IREN at a $25B market Cap…just saying.

We gotta weather this BS storm and get back to it. My Yacht is on hold for now….got a long way to go again from the aggressive plays I made that should have worked better but didn’t

If this is all IREN does with those earnings then we are well past screwed with NBIS earnings

I know you were kidding about IREN being down 10%, but it might be down overnight.

That's why I'm saying that I am going to buy options further out. It looks as if the forces manipulating the market are pulling a bait and switch so prices don't react the way they should. They are going down on good news and then a week later, on no news whatsoever, the price goes through the roof.

I dont know what to think. Hopefully this ends when the government opens up, the tariffs stabilize, and the interest rates are cut.

Yeah, doesn’t make sense. But still feel strong about the long term.

Did some looking into this and under GAAP it doesn’t look like unrealized gains are typically included in the income statement and definitely not included in EPS as that’s for realized income. Eliminate that and with GAAP IREN has a negative EPS.

Don’t know what accounting standards IREN is using. That might have been the reason for the EPS confusion.

im up to a 100 NBIS shares



best of luck in the trenches, gentlemen. looks rocky.

my long term outlook is still bullish and i will continue adding to my position. especially at this price. ive seen nothing to change my thesis

short term levered plays, well, best of luck to yall

I remember looking at NBIS earnings previously and they had a page that adjusted to GAAP as their standards are different.

IRENs TCoR has doubled on a 30% increase in revenue if I’m reading that right. It’s a lot of admin and marketing but their incremental cost per revenue dollar is increasing.

So on Iren earnings -

1) Yeah Ignore EPS - not a relevant measure with the unrealized gain and honestly who cares about EPS of Q3. I mean they literally had a few weeks of compute (AI Cloud revenue 7.3million). EPS is not a relevant metric for this company. EBITDA of $91 million more relevant but again - $7.3 million AI revenue when they project $3.4 billion ARR by the end of next year. This quarter is completely irrelevant.

2) What is relevant is the ARR if you believe it (I do). A little over 5X future year ARR that utilizes not even of 16% of available power not including pipeline. I mean that is incredible. This has gone from a hope and dream (with no market multiple made sense because there is nothing substantive) to a very conservative multiple (IMO) very quickly. I could not be more ecstatic

3) The other relevant piece is do you believe the IRR math they discussed in the call or the bears on twitter. That is an important judgement.

I will say this, if you told me 2 months ago when I made my first investment that we would be looking at end of 2026 ARR of $3.4 billion as projected now lol insanity.

I will take my lumps on the options I have left - but in terms of long term thesis - this was truly lights out in my opinion.