u/OtherwisePain3911

We all have to admit it. It's the truth that IREN is still in storytelling mode. While there can be big potential, there're also lots of risks.

Secured power, land, etc don't matter. What really matters is AI revenue. The company only has $33M AI revenue in Q1 2026 but with $18B market cap. That's why NBIS runs very well this year but IREN doesn't. It's easy for IREN bulls to lose their mind just because they bought the stock, so they think they're right and they try to find all excuses to prove it even though lots of times, they're wrong. That's why we see so many "idiots" on X and reddit says the execution is good, on track, the ATM is good, no need to rush for a deal, etc.

Folks, there's only 1 MU, 1 SNDK which can go 10x+ out of hundreds and thousands of tickers. It's extremely hard to predict tickers which can go 10x in the near future and 99% of time, people are wrong. We just need to admit it.

I'm a IREN shareholder and I'm very disappointed as well. People always talk about how much power IREN secured and how good their financing terms is. But that doesn't matter. What matters most is execution!!!

NBIS delivers $400M AI revenue in Q1 2026 while IREN only delivers $30M AI (expectation is $80M) revenue. Moreover, with good execution, NBIS is able to get more contracts from MAGA7 and more prepayment from MAGA7 so that they don't have to do lots of ATM to dilute shareholders. But on the other side, as IREN is still ramping up, they have to constantly tap ATM to dilute shareholders while their execution to ramp up AI revenue is still a question mark