Elon Musk's warning actually makes the dilution comparison more important. Highlighting that AI infrastructure companies need more than demand: they need enormous capital, power, cooling and execution to bring compute online. $SPCX secured $40 billion in debt financing, but Musk argued that companies without substantial revenue outside AI infrastructure could struggle to access capital.
For $IREN , the bull case is that higher compute pricing and customer prepayments could fund more expansion with less dilution. For $CRWV the concern is its heavier debt burden and financing costs.
For $IREN , the bull case is that higher compute pricing and customer prepayments could fund more expansion with less dilution. For $CRWV the concern is its heavier debt burden and financing costs.