IREN may need to raise cash or issue shares, according to the author. The quoted post says GPU financing and customer prepayments cover most or more than all of GPU costs, while construction of its data centers has so far been funded with cash and no debt. It also says 2026 capacity is largely sold out, recent three-year contract pricing is more than double the prior year’s, and demand for 2027 capacity exceeds what the company can bring online.