- Author expects IREN’s next major rerating in 4–5 weeks if Horizon 2, potentially alongside Mackenzie deployments, lifts operating ARR to $1.5–2B.
- A larger catalyst could be 60–120+ MW contracts at ~$25M ARR per IT MW, adding $1.5–3B+ in contracted ARR; using 450 MW of assumed unsold 2027 capacity, the author estimates ~20% would add ~$2.25B.
- If both materialize, execution proof and validated economics could raise forward earnings expectations, reduce perceived risk and expand IREN’s valuation multiple; the thesis remains conditional on delivery and signed contracts.
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