IREN: Priced Like a Miner, Contracted Like a Utility
$IREN just reported $1B of ARR operating today, $4B contracted for year-end, and 2026 capacity sold out. New contracts are signing above $20M per MW with discussions at $25M, roughly double what the street models.
The bear case died on page one: $3.6B of investment grade GPU financing at 6%, another $2.8B from Blue Owl and PIMCO, $7.6B of cash, and $1.8B of customer prepayments already collected. Customers are paying years in advance for capacity that doesn’t exist yet.
The headline “miss”? Bitcoin mining shrinking on schedule while AI Cloud grew 110% in a single quarter. The old business is being dismantled faster than the new one gets recognized. The contract book says which one wins.
Priced like a miner. Contracted like a utility. Growing like a hyperscaler.
Their words: the structural shortage of compute is deepening.
Long $IREN
DYOR
