SpaceX (NASDAQ: SPCX) and Tesla CEO Elon Musk recently posted on X that over the past few weeks, debt markets have "almost entirely shut off access to money for any company that doesn't have substantial revenue independent of AI data centers". Musk believes that tightening could cause more than 200 neocloud companies -- which mainly provide AI infrastructure services -- to face a "guppy-level death and consolidation" in the near future. That statement caused many neocloud stocks to plummet. One of the hardest-hit stocks was IREN (NASDAQ: IREN), which trades 64% below its all-time high from last November. Let's see why a tightening debt market could spell trouble for this former market darling. Image source: Getty Images.
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