Added to YB: 2026-09-02
Pitch date: 2026-08-30
IREN [bullish]
IREN Limited
+2.82%
current return
Author Info
Daniel Romero is an equity analyst and investor in the companies shaping the future. I share my portfolio, investment theses and valuation work, following the same approach that has helped me outperform the market. Sign up for the newsletter.
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
$14.0B
Pitch Price
$35.81
Price Target
N/A
Dividend
N/A
EV/EBITDA
414.98
P/E
-15.95
EV/Sales
22.51
Sector
Software
Category
growth
Is IREN Fucked? (Q4 Earnings Thoughts)
IREN (earnings): Despite trailing Nebius and CoreWeave in AI-cloud monetization, IREN’s acceleration suggests the gap is a timing issue rather than a fundamental problem: operating ARR rose from a $280M annualized run rate based on the June-quarter average to $1B by August 26, with $4B targeted by year-end and already contracted. Its 2026 capacity is sold out and roughly one-quarter of planned H1 2027 capacity is pre-sold. Risks include heavy spending, a lagging software stack and 61% fully diluted share growth over 14 months assuming convertible conversion.
Read full article (4 min)