IREN

IREN Limited (formerly Iris Energy) is a Nasdaq-listed operator that built one of the largest contracted power positions in the sector to mine Bitcoin, and is now converting that power and those sites into AI data-center capacity and a vertically integrated AI cloud (IREN Cloud).

Its footprint spans West Texas and British Columbia, with secured grid capacity now extending to Spain (Nostrum) and South Australia (Bundey). Power is largely owned and low-cost, secured through grid-connection agreements signed years before the AI build-out made them valuable. IREN became a domestic U.S. filer (10-K/10-Q) on July 1, 2025.

The scarce asset is firm, energized power near fiber — and IREN owns more of its megawatt than almost anyone in the coverage universe, giving it a low cost per megawatt and most of the upside on its own balance sheet. The market has noticed: the stock has re-rated well off its miner-era multiple.

The story from here is execution, not discovery. Value turns on converting 3.4 GW of contracted power into operational, energized capacity on schedule, and on delivering the Microsoft ($9.7B) and NVIDIA ($3.4B) compute contracts — against heavy convertible-note leverage and reliance on at-the-market equity issuance to fund the build.

IREN owns its grid substations and land, builds the data centers, and runs its own compute layer (IREN Cloud, hardened by the May 2026 Mirantis acquisition) — full vertical integration from power to platform. The ~15-point gap from a pure software neocloud reflects the capital intensity of owning physical real estate and power.