Added to YB: 2026-07-23
Pitch date: 2026-07-20
IREN [neutral]
IREN Limited
+0.9%
current return
Author Info
Gus Wisanggeni is a financial analyst breaking down the AI buildout and tracing where the money actually flows. Sign up for the newsletter.
Company Info
IREN Limited operates in the vertically integrated data center business in Australia and Canada. The company owns and operates computing hardware, as well as electrical infrastructure and data centers.
Market Cap
$14.4B
Pitch Price
$40.91
Price Target
N/A
Dividend
N/A
EV/EBITDA
109.52
P/E
74.00
EV/Sales
21.29
Sector
Software
Category
growth
What the Neoclouds Actually own - IREN
IREN (overview): Neocloud GPU-rental co ex-bitcoin miner. Conservative 1.7x leverage, owns power/buildings, net +$7M interest income. Q1: rev $145M, 72% gross margin, but $121M D&A + $140M mining impairment = operating loss. Closed $3.65B facility rated A/A(low), anchored by Microsoft offtake at 6% coupon/3.31% all-in. Best-positioned to survive vs 10.7x-levered CoreWeave; but all neoclouds lack moats—rates fell $8 to $1.70-2.35/hr, GPUs halve every 3yrs, Meta/hyperscalers building in-house. Structure works only while shortage lasts.
Read full article (12 min)