{
  "status": "free_public_research",
  "published_on": "2026-10-06",
  "sources_checked_through_utc": "2026-10-05",
  "scope": "Selected historical executed versions and issuer disclosures; not a complete amendment, compliance or earliest-draw opinion",
  "sources": [
    {
      "id": "IREN-CTA-20260529",
      "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/a1037commontermsagreemen.htm",
      "document_date": "2026-05-29",
      "type": "executed_common_terms",
      "locators": [
        "3.2",
        "3.3(a)-(r)",
        "6.6(a),(e)",
        "9.1(h)",
        "9.8",
        "9.11",
        "Schedule I: Level 4 Commissioning System Acceptance",
        "Schedule I: Upfront Amount Utilization Conditions"
      ],
      "timely_delivery_fraction": 0.97,
      "deadline_lead_days": 45,
      "deadline_reference": "Delivery Delay Window expiry, subject to the specified Excluded Delays and customer extensions",
      "fallback": "cash_equity_purchase_then_customer_acceptance",
      "prepayment_in_fallback": "only when utilization conditions are satisfied or their defined exception applies",
      "first_tranche_exception": "before_any_tranche_accepted__any_upfront_for_first_tranche_equipment",
      "equity_reimbursement_cap": "qualifying_cash_equity_applied_to_GPU_purchase",
      "complete_condition_satisfaction_on_any_actual_draw": null,
      "test_criteria_exhibit_F": "omitted",
      "actual_consultant_certificate_date": null
    },
    {
      "id": "IREN-FY2026",
      "url": "https://www.sec.gov/Archives/edgar/data/1878848/000187884826000052/iren-20260630.htm",
      "period_end": "2026-06-30",
      "locators": [
        "AI Cloud Services Contracts",
        "GPU Financing",
        "Note 23 Debt"
      ],
      "ddtl_funded_as_of_period_end_usd": 413000000,
      "notes_issued_as_of_period_end_usd": 525000000,
      "notes_escrow_release_amount_as_of_period_end_usd": null,
      "horizon_1_customer_acceptance_month": "2026-08",
      "horizon_1_customer_acceptance_day": null,
      "evidence_level": "issuer_disclosed_not_independent_bank_confirmation"
    },
    {
      "id": "IREN-H1-ANNOUNCEMENT",
      "url": "https://www.sec.gov/Archives/edgar/data/1878848/000114036126032638/ef20080141_ex99-1.htm",
      "announcement_date": "2026-08-13",
      "status_reported": "horizon_1_delivered_and_accepted",
      "exact_acceptance_day_from_this_source": null
    },
    {
      "id": "CRWV-DDTL55-20260807",
      "url": "https://www.sec.gov/Archives/edgar/data/1769628/000176962826000357/ex101creditagreement.htm",
      "document_date": "2026-08-07",
      "locators": [
        "1.01: DC Funding Conditions",
        "1.01: Funding Date Capital Expenditures",
        "1.01: Exempt Ancillary Components",
        "4.02(a)-(p) and final paragraph"
      ],
      "future_capex_addressed": true,
      "vendor_payment_controls_addressed": true,
      "dc_funding_condition_d": "redacted",
      "full_customer_acceptance_dependency": null
    }
  ],
  "research_inferences": [
    {
      "claim": "The IREN disclosures place DDTL funding before Horizon 1 customer acceptance",
      "basis": [
        "IREN-FY2026",
        "IREN-H1-ANNOUNCEMENT"
      ],
      "not_inferred": [
        "exact draw day",
        "full release of issued notes",
        "current outstanding debt",
        "current project compliance"
      ]
    },
    {
      "claim": "Financing readiness and operating readiness should be separate inputs in a future experiment",
      "status": "proposed_model_extension",
      "not_a_company_forecast": true
    }
  ],
  "model_scope": {
    "existing_experiment": "/downloads/installation-sequencing/installation-sequencing.mjs",
    "existing_readiness_gate_preserved": true,
    "new_cash_simulation_run": false,
    "not_an_executable_loan_eligibility_test": true
  }
}