IREN
$IREN is monetizing AI infrastructure at roughly $40M per MW. The next closest player isn’t even at $30M.
~$14B contracted with Microsoft + NVIDIA on only ~350 MW
~5.8 GW secured power with ~5.45 GW still available
Less than 10% of the power platform is currently monetized
Full stack GPU cloud captures significantly more value per MW than powered shell colo.
Best monetization in the group + massive unsold power runway.
The real $IREN story is what happens when the remaining gigawatts get monetized. 📈
