--- title: "IREN's 3-year-old Nvidia H100s re-rented at double the price; $6 billion of its $15 billion build unfunded" description: "The doubled rent on three-year-old H100s is IREN's proof that GPU collateral holds value. It lands in front of lenders just as $6 billion of the company's $15 billion build still needs raising, and the form of that money decides who carries the risk." publisher: "The Inference" section: "Data Center" published: 2026-11-11T16:04:27.818Z modified: 2026-11-11T16:04:27.818Z canonical: https://theinference.org/article/iren-s-3-year-old-nvidia-h100s-re-rented-at-double-the-price-6-billion-of-its-15-billion-build-unfunded language: en keywords: "IREN, Nvidia, Data Centers, GPU Financing, Microsoft" --- # IREN's 3-year-old Nvidia H100s re-rented at double the price; $6 billion of its $15 billion build unfunded > The doubled rent on three-year-old H100s is IREN's proof that GPU collateral holds value. It lands in front of lenders just as $6 billion of the company's $15 billion build still needs raising, and the form of that money decides who carries the risk. ## Three-year-old chips, doubled rents Chips do not usually appreciate. On [IREN](https://theinference.org/markets/companies/iren)'s [Nov. 5 earnings call](https://finance.yahoo.com/markets/stocks/articles/iren-ceo-old-nvidia-h100s-200720163.html), co-CEO Daniel Roberts said these just did: "Older generation H100s, we just recontracted at double the original contract price." [1] IREN, a former bitcoin miner now renting out AI data centers, wrote its $9.7 billion [Microsoft](https://theinference.org/markets/companies/microsoft) contract as if the GPUs inside were worth nothing after five years. [1][2] The rest of the call ran the same direction: a five-year deal at about $22 million per megawatt with the customer prepaying about 90% of the GPU bill, a short-term deal above $40 million per megawatt, and contracted pricing up 11% to 12%. [2] ## A $6 billion hole in a $15 billion plan The September quarter alone consumed $4.77 billion of capital spending, against $281 million a year earlier. [3] IREN still plans $15 billion this fiscal year, to June 2027; about $9 billion is covered by cash, committed GPU financing and prepayments, and [$6 billion is "target" financing](https://finance.yahoo.com/markets/crypto/articles/popular-bitcoin-miner-seeks-6-222003039.html), subject to market conditions. [2][4] Short seller Jim Chanos counts about $20 billion of average capital employed by the time IREN reaches $4 billion of revenue and calls the resulting 5x ratio "not viable long-term." [1] The doubled H100 rent is IREN's answer: collateral that earns more at three years than it did new [1]. *Chart: **IREN's quarterly capex rose 17-fold in the year to September 2026** Column chart of IREN quarterly capital expenditure from Q4 2024 to Q3 2026 in billions of dollars, rising from about $0.2 billion to $4.77 billion* *Capital expenditure by calendar quarter, USD billions, from IREN's SEC filings. [3]* ## The banks priced the hole, not the chips [Goldman Sachs](https://theinference.org/markets/companies/goldman-sachs) [cut its target to $30 from $50](https://cryptobriefing.com/goldman-sachs-iren-neutral-30-price-target/) and kept Neutral; JPMorgan went to $55 from $65, Cantor Fitzgerald to $47 from $99. [5][6] Net debt reached $4.43 billion, from $216 million, and [the stock fell 45% in a month](https://finance.yahoo.com/markets/stocks/articles/iren-sinks-10-analyst-target-180224770.html). [5] The other side of the ledger: June's $3.65 billion GPU financing, rated A, covered about 96% of the $5.8 billion Microsoft GPU bill at a 3.31% average cost, and backlog stands at $20.3 billion, two-thirds with investment-grade counterparties. [2] Roberts, on the same call: "Capital markets have become more selective in the last few weeks." [4] *Chart: **Three banks cut their IREN targets by 40 to 52 points** Range chart of analyst price targets on IREN before and after the November 5 earnings call: Goldman Sachs from 50 to 30 dollars, JPMorgan from 65 to 55, Cantor Fitzgerald from 99 to 47* *Price targets on IREN before and after the November 5 earnings call and Microsoft delay, per reports compiled by Yahoo Finance and Crypto Briefing. [5][6]* ## The form of the money decides it If lenders accept the doubled mark, the $6 billion arrives as debt against GPUs and data centers IREN values at $6 billion. [2] If not, it arrives as stock, and shareholders have seen that bill: shares outstanding rose 48% in fiscal 2026. [1] Timing has already slipped once. Microsoft asked IREN to [reconfigure network gear to ready 200 megawatts](https://www.businessinsider.com/iren-blames-microsoft-change-for-delay-to-texas-ai-center-2026-11) for frontier models, pushing the [$4 billion annualized revenue milestone](https://www.msn.com/en-us/money/markets/neocloud-iren-says-4-billion-in-annualized-revenue-being-delayed-due-to-customer-request/ar-AA2gR0LA) to January, possibly February [4], and Microsoft itself spent $5 billion less than expected on AI infrastructure after delays at third-party providers. [7] Research firm Currence expects [30% to 50% of capacity due this year to slip into 2027 or later](https://hoodline.com/2026/11/microsoft-request-pushes-back-iren-s-9-7-billion-texas-ai-data-center-timeline/). [8] The January print and the terms on the first slice of the $6 billion settle the argument. Debt priced like June's deal says Chanos is wrong; new shares say he is early. ## Takeaway The doubled rent on three-year-old H100s is IREN's collateral argument to lenders; whether the remaining $6 billion arrives as debt or shares decides if Jim Chanos is early or wrong. ## Sources 1. [Yahoo Finance (TIKR), "IREN CEO: Old Nvidia H100s Just Recontracted at 'Double the Original Contract Price'", 6 November 2026](https://finance.yahoo.com/markets/stocks/articles/iren-ceo-old-nvidia-h100s-200720163.html) 2. [TheStreet via Yahoo Finance, "Popular Bitcoin miner seeks $6 billion for AI expansion", 6 November 2026](https://finance.yahoo.com/markets/crypto/articles/popular-bitcoin-miner-seeks-6-222003039.html) 3. [IREN quarterly figures from its SEC filings, via company_series, retrieved 11 November 2026](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001878848) 4. [CNBC (Kif Leswing), "Neocloud IREN says $4 billion in annualized revenue being delayed due to customer request", 5 November 2026](https://www.msn.com/en-us/money/markets/neocloud-iren-says-4-billion-in-annualized-revenue-being-delayed-due-to-customer-request/ar-AA2gR0LA) 5. [24/7 Wall St via Yahoo Finance, "IREN Sinks 10% as Analyst Target Cuts Pile Up After Microsoft Delay", 10 November 2026](https://finance.yahoo.com/markets/stocks/articles/iren-sinks-10-analyst-target-180224770.html) 6. [Crypto Briefing, "Goldman Sachs keeps IREN at Neutral, cuts price target to $30", 6 November 2026](https://cryptobriefing.com/goldman-sachs-iren-neutral-30-price-target/) 7. [Business Insider (Geoff Weiss), "IREN blames Microsoft-requested networking changes for delays to its $9.7 billion AI project", 5 November 2026](https://www.businessinsider.com/iren-blames-microsoft-change-for-delay-to-texas-ai-center-2026-11) 8. [Hoodline, "Microsoft Request Pushes Back IREN's $9.7 Billion Texas AI Data Center Timeline", 6 November 2026](https://hoodline.com/2026/11/microsoft-request-pushes-back-iren-s-9-7-billion-texas-ai-data-center-timeline/) --- IREN's 3-year-old Nvidia H100s re-rented at double the price; $6 billion of its $15 billion build unfunded — The Inference. Canonical: https://theinference.org/article/iren-s-3-year-old-nvidia-h100s-re-rented-at-double-the-price-6-billion-of-its-15-billion-build-unfunded