IREN v Nebius
Anyone else think IREN looks extremely undervalued relative to Nebius?
IREN market cap: ~$15B
Nebius market cap: ~$70B
Obviously IREN still has to execute on the buildout, but I’m struggling to understand why the valuation gap should remain this large.
IREN already has:
5 GW of secured power
Microsoft as a major customer
NVIDIA as both a customer and strategic partner
$2.8B of additional AI cloud contracts
$4B year-end 2026 AI Cloud ARR target, ~85% contracted
1.2 GW of AI Cloud capacity targeted for 2027
Meanwhile, Nebius is showing just how valuable AI compute capacity can become when it is contracted and monetized.
I’m not saying IREN deserves a $70B valuation today, and obviously there are execution, financing and dilution risks. But if IREN continues converting its power portfolio into contracted AI infrastructure, is a 3–5x rerating over the next several years really that crazy?
Earnings should be fun