- BRUN trades at 0.56x contracted revenue versus 0.73x for CRWV and 0.92x for IREN, making it the author’s preferred AI-infrastructure exposure.
- BRUN has roughly $11 of contracted revenue per $1 of funded debt or finance leases, versus $3.20 for CRWV and $2.50 for IREN; leasing colocation and using customer prepayments may reduce shareholder capital needs.
- The caveat: BRUN’s current ~9% financing-to-TCV ratio excludes much future equipment financing, including a $525.6m contract deploying in 2027. The thesis depends on eventual financing settling near 20–25 cents per $1 of contracted revenue, below peers’ 30–40 cents.
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