9) $BTC Mining: Diminishing Returns or Market Opportunity? Despite recent improvements in mining economics (i.e., BTC price making new ATHs), the mining industry has faced severe economic challenges over the past two years. Rising competition and Bitcoin prices that lagged

10) Risks Every investment carries risks, and $IREN is no exception. However, I believe its risks are relatively modest in relation to its potential upside. That said, here are the key risks associated with $IREN: BTC Mining Economics Worsening Although Iren has recently

11) Valuation & Price Target I fully acknowledge that valuing a company like Iren is a challenging task, involving significant nuance and ambiguity. BTC miners, in general, are difficult to value, as much of their revenue and subsequent earnings depend on factors outside their

12) Closing remarks I want to give a huge S/O to the following individuals who have helped me tremendously over the past few months by providing valuable insights and assisting with my research on this company through private discussions: Frans Bakker Kamahsutra

Two $IREN takeaways: 1. Time-to-market matters more than ever. The combination of vertical integration and an established execution track record provides a credible foundation for delivering power-to-compute at scale. 2. Grid access. With total grid-connected capacity now

Another quarterly update completed for $IREN. We published our Q2 update earlier today, and interest was strong enough to briefly overwhelm the site at release. If you missed the deck, it’s available here: 👉 iren.gcs-web.com/static-files/0… The past few months have seen continued

1/ Capital We secured $3.6bn of committed GPU financing for the Microsoft contract at <6% p.a. Combined with the $1.9bn Microsoft prepayment, that covers ~95% of GPU-related capex at an average interest cost just over 3%.

2/ Expansion Deployment of 140k GPUs remains on track, supporting our $3.4bn ARR target by the end of 2026. Demand across hyperscale and enterprise customers continues to build.

3/ Execution Construction across Horizon 1–4 remains aligned with Microsoft deployment timelines. Ongoing sequencing of data center delivery and GPU installs continues to be a focus.

4/ British Columbia Fit-outs for NVIDIA B200/B300 deployments at Prince George are complete and awaiting remaining GPU deliveries. The ASIC-to-GPU transition at Mackenzie and Canal Flats is progressing alongside active customer discussions.

5/ Power portfolio We added a new 1.6GW site in Oklahoma, taking total secured power to 4.5GW. Fully secured power remains scarce, and this scale supports ongoing customer engagement.

6/ Consistency What’s been consistent for us is execution. We’ve delivered data center capacity on time and at scale over multiple cycles, and customers continue to value reliability as much as performance.

$IREN earnings: *How's Demand? Strongest to-date. All the hypers raised capex guidance beyond expectations. *How's Price Action? Brutal. Market wanted deal, market didn't get deal, price got cracked. Bought more after hours last night. *How Are The Fundamentals? Better than

My views on this quarter’s $IREN earnings Many friends have already provided very good analysis, so I won’t repeat it. I’ll just list the points I believe are the most important. First: everything IREN can control is in good shape; what it cannot fully control is also being

🚀 $IREN is where JPMorgan dove headfirst, like sharks 🦈catching a scent. They added around 688k more shares, which basically X2 their position. They’re sitting on roughly 1.35 million now. That filing is not small potatoes. JPM doesn’t just wake up on a random Tuesday and go

IREN’s positive-feedback flywheel has already been put in place. The just-released IREN FY2026 Q3 earnings report and conference call marked a milestone in the company’s development and are worth reading carefully multiple times. Frans Bakker identified the clause regarding

🚨 $IREN - quick summary update For those of you who don’t already know, $IREN is straight-up dominating the AI infra game with a massive 4.5GW locked-in power pipeline – it’s currently shitting on ALL its rivals! ✅ Now they’ve levelled up in-house smarts by snagging John

$IREN at $45: The setup everyone's missing while waiting for "The next deal". Seeing so much impatience in $IREN replies lately. Stock went from $70 ATH to $30, recovered to $45, and now everyone's sitting around waiting for "the next Microsoft deal." Meanwhile, they're

Vertical integration sets $IREN’s AI Cloud platform apart. Construction discipline is what makes it possible. In British Columbia, Texas, and soon Oklahoma, we’re building the future of AI infrastructure end-to-end: from grid-connected power to data centers to compute.