[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  Rittenhouse Research [@RHouseResearch](/creator/twitter/RHouseResearch) on x 1501 followers Created: 2025-07-26 19:44:19 UTC Coreweave has 250K+ GPUs. IREN has less than 5K. CRWV did $1B of cloud revenue last quarter. IREN did less than $5MM. It would cost IREN around $1B, or XX% of its market cap, to get to around 25K GPUs, which would still be less XX% of the capacity CRWV has. CRWV has $5B+ of liquidity to continue scaling its GPU fleet. CRWV has raised ~$5B of debt and equity in the last six months alone. CRWV can use GPU financing because nearly XXX% of its cloud revenue is from long term contracts. IREN probably has less than $500MM left on its ATM. IREN has never executed on GPU financing (suggesting all of its cloud revenue is short term or on-demand). IREN owning a plot of land that they expect to energize in the future does not make them better value than CRWV. DLR just bought XXX acres of land expected to energize 480MW for $11MM. That’s a drop in the bucket for CRWV. What actually matters is GPU fleet scale, depth of technical capabilities including seamless and quick deployment, and robust customer support to be able to convince the largest AI cloud customers they can rely on your computing services. CRWV has secured OpenAI, Microsoft, Google, Mistral, Jane Street, amongst many others as their customers. IREN had one customer of note, Poolside AI, who churned from IREN after X months. Nvidia, who is a paying customer of Semi-Analysis (who rated CRWV platinum and IREN non-performing in their GPU cloud rankings), invested in CRWV and a few other neoclouds. NVDA has not invested in IREN. Separately, why do you always tweet about IREN signing a hyperscaler as a colocation tenant only to delete the tweet when the hyperscaler deal never happens?  XXXXX engagements  **Related Topics** [market cap](/topic/market-cap) [debt](/topic/debt) [gpu](/topic/gpu) [$5b](/topic/$5b) [$5mm](/topic/$5mm) [$1b](/topic/$1b) [$crwv](/topic/$crwv) [stocks technology](/topic/stocks-technology) [Post Link](https://x.com/RHouseResearch/status/1949194088294822097)
[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]
Rittenhouse Research @RHouseResearch on x 1501 followers
Created: 2025-07-26 19:44:19 UTC
Coreweave has 250K+ GPUs. IREN has less than 5K.
CRWV did $1B of cloud revenue last quarter. IREN did less than $5MM.
It would cost IREN around $1B, or XX% of its market cap, to get to around 25K GPUs, which would still be less XX% of the capacity CRWV has.
CRWV has $5B+ of liquidity to continue scaling its GPU fleet. CRWV has raised ~$5B of debt and equity in the last six months alone. CRWV can use GPU financing because nearly XXX% of its cloud revenue is from long term contracts.
IREN probably has less than $500MM left on its ATM. IREN has never executed on GPU financing (suggesting all of its cloud revenue is short term or on-demand).
IREN owning a plot of land that they expect to energize in the future does not make them better value than CRWV. DLR just bought XXX acres of land expected to energize 480MW for $11MM. That’s a drop in the bucket for CRWV.
What actually matters is GPU fleet scale, depth of technical capabilities including seamless and quick deployment, and robust customer support to be able to convince the largest AI cloud customers they can rely on your computing services. CRWV has secured OpenAI, Microsoft, Google, Mistral, Jane Street, amongst many others as their customers.
IREN had one customer of note, Poolside AI, who churned from IREN after X months.
Nvidia, who is a paying customer of Semi-Analysis (who rated CRWV platinum and IREN non-performing in their GPU cloud rankings), invested in CRWV and a few other neoclouds. NVDA has not invested in IREN.
Separately, why do you always tweet about IREN signing a hyperscaler as a colocation tenant only to delete the tweet when the hyperscaler deal never happens?
XXXXX engagements
Related Topics market cap debt gpu $5b $5mm $1b $crwv stocks technology