Added to YB: 2026-05-29
Pitch date: 2026-05-25
IREN [neutral]
IREN Limited
-49.08%
current return
Author Info
No bio for this author
Company Info
IREN Limited operates as a vertically integrated AI cloud services platform in Australia and Canada. It develops, owns, and operate data centers, including the associated land, grid connections, and substations, as well as buildings and cooling.
Market Cap
$16.3B
Pitch Price
$59.68
Price Target
N/A
Dividend
N/A
EV/EBITDA
474.89
P/E
-18.57
EV/Sales
25.76
Sector
Software
Category
growth
IREN: Dodge-O-Meter
IREN (overview): $3.54B NVIDIA contract ($700M ARR on 60MW air-cooled Blackwells) but mgmt refused to disclose GPU count or unit economics when asked—can't verify pricing vs market. $2.1B NVIDIA investment only vests after 600k GPU deployment (years away), not committed capital despite headline. $3.1B ARR concentrated in Microsoft+NVIDIA, customer acquisition 'organic' via NVIDIA referrals (margin compression risk). 730MW 2027 capacity (450MW Childress, 280MW Sweetwater). Spain 490MW timeline undisclosed. Chanos short on cap risk vs economics.
Read full article (9 min)