Added to YB: 2026-09-25
Pitch date: 2026-09-22
IREN [bullish]
IREN Limited
-4.05%
current return
Author Info
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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
$19.1B
Pitch Price
$48.13
Price Target
243.00 (+426%)
Dividend
N/A
EV/EBITDA
549.60
P/E
-21.84
EV/Sales
29.81
Sector
Software
Category
growth
NeoCloud Thesis: The Best Players, How They Make Money, and Their Path to 5x - IREN Limited
IREN: IREN Limited is the most asymmetric listed AI-cloud operator in its cohort, owning the infrastructure stack from land and substations through GPUs and software while trading at roughly one-third the equity value of CRWV and NBIS. A $9.7B, five-year Microsoft contract underpins the case, and Bitcoin mining is being shut by year-end. The thesis gives a 5x outcome over five years, implying ~$90B of equity value, ~50% probability, with Horizons 2–4 facing a key December execution test.
Read full article (1 min)