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$IREN is a $100B company for these reasons:
1. Power is the number one constraint in the AI revolution and not a single hyperscaler can scale without securing enough power.
2.
$IREN first hyperscaler partner was
$MSFT with rumors that the next deals will be with
$NVDA and
$META.
3. Power was a major theme in
$AMZN,
$MSFT, and
$GOOGL earnings calls.
4. The IEA projects that electricity deman from data centres worldwide is set to more than double by 2030 to around 945 TWh.
5.
$IREN secured 3GW.
6.
$IREN plans to add up to 100K GPUs by 2026.
7.
$IREN is expected to generate $3.4B to $3.5B to in revenue in 2026, per
$IREN CEO.
8. In October,
$IREN closed one of the best notes offerings with zero interest and capped calls at a 100% premium.
9. Wall Street raised its price target to triple digits for the next 12 months.
10.
$IREN started in 2018 not 2024 or 2025 like some of its competitors.
11. Scarcity law is
$IREN edge.
12. Institutions increased their ownership by over 100% in Q2 2025 compared to Q2 2024.
13.
$IREN had a record profit margin of 95% in Q3 and expected to reclaim that margin sooner than expected.
14.
$IREN is the best option for hyperscalers for building data centers and training AI models.
15. It turned profitable in 2025.
16.
$IREN has the data center expertise that could allow it to become one of the biggest providers of compute in the world per Cantor Fitzgerald.
17.
$IREN is expected to grow its 2026 revenue by over 100%; EBIT by over 366%; and operating cash flow by over 166%.
18. Institutional ownership reached its ATH in Q2.