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![litigious_dulce Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1281053090783903744.png) Dulce [@litigious_dulce](/creator/twitter/litigious_dulce) on x 2663 followers
Created: 2025-07-16 21:41:47 UTC

If IREN doesn’t use any debt, it can reach NBIS-scale pretty trivially. However, to compete with CRWV (and hyperscalers), IREN must rely on external capital. The more IREN can borrow, the faster IREN will grow. If next year IREN can borrow $5B, then IREN can compete with CRWV. If within X years IREN can borrow $10-25B, IREN can compete with anyone.

Strategically, I think it makes sense to use debt to invest ~$5B into Blackwells 2026 and ~$10B into Rubins 2027. These sums are not unrealistic.

![](https://pbs.twimg.com/media/GwAoroiWYAAxY6U.jpg)

XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1945599772217237764/c:line.svg)

**Related Topics**
[$1025b](/topic/$1025b)
[$5b](/topic/$5b)
[debt](/topic/debt)

[Post Link](https://x.com/litigious_dulce/status/1945599772217237764)