Professional
Added to YB: 2024-07-12
Pitch date: 2024-07-11
IREN [bearish]
IREN Limited
-220.51%
current return
Author Info
Culper Research seeks to expose companies which have misrepresented their operations, failed to disclose significant risks, misused capital, possess accounting irregularities, or otherwise deceived investors. 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
$13.7B
Pitch Price
$11.07
Price Target
6.00 (-85%)
Dividend
N/A
EV/EBITDA
58.92
P/E
24.38
EV/Sales
19.87
Sector
Software
Category
N/A
Iris Energy: Questionable HPC Claims and Financial Health
IREN: Short thesis. Claims HPC pivot, but lacks critical features. Founders dumping shares. Burned $716M, 12x dilution since 2020. Underspending on infrastructure ($1M/MW vs $10-20M/MW for true HPC). Childress facility deficient: no power redundancy, air cooling issues, poor location. Misrepresented valuation metrics. 50-55% downside vs peers.
Read full article (2 min)