r/irenstocks

Crypto is usually a leading indicator of risk on and overall market bullishness. Time to go to the moon? 🚀

I have 746 shares at 43.05 PPS

I have the means to add $10k more in shares.

Whats would you do? Let it rock or add?

What are your expectations for the upcoming earnings? Do you think the company will beat estimates? Please share any sources or research you have.

Nice to pick up some

Losing all the gains from today in after hours and then some .... this is getting old

Currently, I’m roughly at break-even with IREN.
Earnings are next week. Do you guys think it will drop initially, or is it more likely to shoot up?
I’m considering selling now and buying back in immediately after a dip. But if the opposite happens, that would be pretty frustrating.
What do you guys think will happen next week?

LFG boys and girls

$IREN stock has done very little in 2026 while most other AI stocks had a strong rrun. I believe the main reason is that IREN hadn’t yet secured major hyper scaler contracts.

In Q1, IREN generated just $34M in AI revenue, so the company was still being viewed primarily as a Bitcoin miner. And with Bitcoin down 27% YTD, that hasn’t exactly helped the story.

But I think this is about to change.

IREN has now started servicing its $2B-per-year Microsoft contract, which means AI revenues are about to ramp significantly. As the Microsoft cash starts flowing in, IREN will have much more financial flexibility to accelerate its AI infrastructure buildout.

As for the lack of another major hyperscaler announcement, I believe IREN is simply holding out for better pricing and terms rather than rushing to sign a deal.

The setup is becoming increasingly attractive: AI revenues are about to explode, cash flow is coming in, and the company has more options to accelerate execution.

From here, I expect execution to accelerate significantly.

Ahead of IREN’s FY26 results, which are expected by the end of next week, I wanted to share my thoughts on where the company stands right now.

IREN is targeting 150K GPUs across 480MW and ~$3.7B of AI Cloud ARR, with more than $3B already contracted, roughly 5GW of secured power, and major contracts with Microsoft and NVIDIA. There’s also an interesting signal from Stanley Druckenmiller, whose family office opened a new 87,100-share IREN position worth roughly $4M in Q2, while also adding exposure to other digital infrastructure names.

But the other side of the equation is capital. The Microsoft deployment alone involves roughly $5.8B of GPU-related capex, while IREN has around $12B of contractual commitments. At roughly $45/share, the market is already pricing in a successful AI transition. My question is whether the returns will justify the capital required. If IREN can reach 30%+ EBITDA margins and meaningful FCF, I think the current valuation can work. If utilization, pricing or FCF disappoint, the downside looks very different.

I looked into the contracts, current economics, capital requirements, dilution and valuation to see what could take the stock toward $90+, what numbers would make me change my mind and written a bit longer post here: Company analysis: IREN Limited (IREN)

TL;DR: At around $45, I think the market is already giving IREN credit for a lot of the AI buildout. The next move higher needs to be earned through strong margins, high returns on the capital being deployed, and real FCF. Until we see that, I see IREN as fairly valued rather than cheap.

And that assumes a more or less rational market. If the broader AI trade eventually gets hit by a meaningful correction, IREN could get hit hard even if the underlying business keeps executing. Valuation matters, and in a sector this hot, the multiple can move faster than the fundamentals.

Bear in mind this is not financial advice. It’s simply my current take on IREN’s situation and the possible scenarios from here. I’m sharing the numbers and assumptions I’m looking at, and what would make me more or less bullish on the company.

How high are your expectations going into next week’s report?

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

Do we see any major catalyst for IREN next earnings or mostly the same for all the prior earnings?

Knowing that SpaceX first pumped and then dumped the space industry for a while with its massive IPO, then what could you see potentially the effect on these expectedly larger IPO's among IREN competitors? Should we be afraid as well of bearish market by the time these IPO's happen or not?