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Investment pitches

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  1. 86

    IREN’s AI-cloud upside depends on converting power into accepted, profitable compute

    2,683 wordsEquityX ↗
    • IREN’s powered sites support an AI-cloud expansion; management reports ~$4B contracted 2026 ARR, while the model reaches $5.3B 2027 revenue and $1.1B adjusted operating profit.
    • The $9.7B Microsoft contract and Horizon 1 acceptance support demand and execution, but contracted ARR is not recognized revenue; remaining deployments and customer acceptance determine timing.
    • At about $36, the model values Q4 2027 at $85–128 using 20–30× forward adjusted operating profit and ~460M economic shares—about 140–260% upside in the author’s scenario.
    • The case is conditional on profitable service conversion, funding and dilution control, reliable operations, and depreciation economics; acceptance, recognized revenue, operating costs, and Canadian remediation are key evidence points.