Bernstein says neocloud prepayments at 20-30% of GPU capex can support debt servicing; IREN needs ~$680M more cashflow for Mackenzie debt

Bernstein says neocloud customer prepayments at 20-30% of GPU capex can help bring the debt service coverage ratio above 1x. Based on its assumptions, IREN requires roughly $680M in additional cashflows to service its Mackenzie debt on schedule in year 1.

Detected & updated continuously · Source: Nebula