IREN's CEO Dan Roberts clarified that the $684 million net loss reported last week was primarily due to approximately $450 million in non-cash Bitcoin miner write-downs, as the company converts its capacity to AI infrastructure. He added that the planned $25 billion to $30 billion capital expenditure for fiscal 2027 will largely be funded by customer prepayments and lenders, with only about $3 billion of the $19 billion raised over the past 12 months coming from equity. The company already has $4 billion in contracted annual recurring revenue for its AI Cloud business.