Market cap per dollar of next-year capex
Everything you need is in this table. It just needs one division -> Market cap per dollar of next-year capex: $NBIS $2.50, $CRWV $1.25, $IREN $0.48. The market is charging five times more for $NBIS buildout dollars than $IREN’s.
$IREN “nearly 100% secured” is true for the GPUs specifically. $6.5B of financing plus customer prepayments covers over 100% of GPU capex. The data center slice is the open item, backed by $7.6B of unencumbered property waiting to be levered. Call it ~$19B secured against $25-30B total.
Why the ratio matters: recent $IREN contracts pay back in roughly 2 years. Deploying twice your market cap into 2-year payback assets is how small companies stop being small.
Same buildout. Five different prices.
Long $IREN
