For those that don’t follow him, I think he’s the best voice in our IREN community with very good takes on the company and has a long and rational point of view. When he posts deep dives, they offer many different angles to consider along with fair criticisms as well.

He just posted a deep dive on the RSU package free on substack. Highly recommend reading it as it gives many good perspectives on the package. I’ve been very critical of it, but his perspective helped me become less bitter at least from a balance sheet POV.

For anyone with a meaningful stake in IREN, I think you should give it a read.

My $IREN Investment Thesis

(used ChatGPT to translate to English as it is not my first language)

I've spent the past few months researching IREN, reading every filing, announcement, interview and industry development I could find. Based on that research, I've arrived at a hypothesis that I think is worth sharing.

This is not a statement of fact. It's simply my interpretation of the evidence currently available.

My hypothesis

IREN is positioning itself to become NVIDIA's strategic AI infrastructure partner, helping enterprises and governments deploy end-to-end AI Factories.

I believe the relationship between the two companies is evolving beyond a traditional customer-vendor relationship.

Why I think that

These are the facts that led me to this conclusion:

• NVIDIA signed a 5-year AI Cloud agreement (~$3.4B) with IREN.
• NVIDIA received warrants allowing it to acquire up to ~30 million IREN shares at approximately $70/share.
• IREN achieved NVIDIA Exemplar Cloud status, requiring close engineering collaboration and validation against NVIDIA's reference architecture.
• NVIDIA and IREN will present together at RAISE Summit on "Building for What's Next: Sovereign-Ready AI Infrastructure."
• IREN acquired Mirantis, adding Kubernetes, OpenStack and cloud orchestration capabilities.
• IREN hired senior executives from Oracle Cloud and Google/CyrusOne, strengthening its cloud platform and hyperscale expertise.
• Microsoft is expected to become IREN's first large AI Cloud customer as Horizon 1 comes online.

Individually, none of these facts proves anything. Collectively, however, they suggest to me that IREN is building something larger than a traditional GPU rental business.

Why the industry seems to be moving in this direction

Over the last few months we've also seen several broader industry developments:

• Jensen Huang has shifted NVIDIA's narrative from selling GPUs to building AI Factories.
• NVIDIA continues expanding its software ecosystem through CUDA, AI Enterprise, NIM and Nemotron.
• NVIDIA has introduced financing and revenue-sharing initiatives for selected AI infrastructure partners.
• Palantir has emphasized that enterprise and government customers increasingly want control over their own compute, models and infrastructure.
• Meta plans to commercialize excess AI compute.
• Leaked documents suggest Anthropic is seeking approximately 1.4GW of AI capacity in Australia.

Taken together, these developments reinforce my belief that AI infrastructure is evolving from individual hardware sales toward complete AI Factory deployments.

Where I think IREN fits

IREN combines several assets that I believe complement NVIDIA's ecosystem:

• 5.8GW of secured power.
• Vertically integrated data centers.
• AI Cloud infrastructure.
• Mirantis software capabilities.
• Cloud engineering talent.
• Proven operational performance validated by NVIDIA.

In my view, this creates the foundation for a company capable of delivering much more than compute capacity alone.

My hypothesis is that NVIDIA provides:

• GPUs
• Networking
• AI software
• AI models

while IREN provides:

• Power
• Data centers
• Cloud infrastructure
• Deployment
• Operations
• Software orchestration

Together, that could enable complete AI Factory deployments for enterprises and sovereign AI customers.

What I'm watching next

This thesis still requires validation.

The milestones I'm following most closely are:

• Horizon 1 successfully entering production for Microsoft.
• Growth in recurring AI revenue.
• Commercialization of the remaining 2027 AI capacity.
• Any further expansion of the relationship between NVIDIA and IREN.

Until then, this remains an investment hypothesis—not a conclusion.

I'd be interested to hear where people agree or disagree. Constructive criticism is always welcome.

I made this copium blogpost but I genuinely believe IREN still has massive edge. I’m buying here and it just feels bad… 😰

Already 6k down now from the recent drops but I’m already in too deep,
I guess it’s time to get more and try and average down.
Who’s with me !?

Seems to be occurring to a lot of stocks across tech.

Formerly Iris Energy: a vertically integrated, renewables-powered data center operator converting Bitcoin mining capacity into multi-billion-dollar AI Cloud infrastructure — with Microsoft and NVIDIA contracts, Russell 1000 inclusion, and one of the most volatile tickers in the neocloud space.

Why I believe Mike Alfred should step down from IREN’s board — a governance case, not a bear attack
Disclosure first: I’m long 703,000 shares of IREN. I want this company to win, and I think it will. This post is about protecting that outcome, not tearing it down. Nothing here accuses Mike of anything illegal or dishonest — SEC filings show no IREN insider sales by him in the past 18 months, and he has real skin in the game through Alpine Fox. My argument is narrower and, I think, harder to dismiss: the role he plays publicly is incompatible with the role he holds legally.

1. Independent directors exist to be skeptics, not cheerleaders
   Alfred is classified as an independent non-executive director and sits on the two committees where independence matters most: Audit & Risk and Compensation. Those seats exist to challenge management, probe assumptions, and represent shareholders when the news is bad — not just when it’s good.
   Meanwhile, his public posture to 340K+ followers on X is that of IREN’s most prominent promoter — “watching up close as IREN positions itself to make a run at being one of the largest companies on the planet,” etc. Every board has enthusiasts. But when the person tweeting the hype is the same person supposed to be stress-testing the audit and the risk register, the oversight function is compromised in appearance, and appearance is most of what “independence” means under Nasdaq rules.
2. The Reg FD ambiguity is a liability shareholders carry, not him
   A director has boardroom access to material non-public information. When that director posts bullish commentary framed around his insider vantage point (“watching up close”), the market cannot distinguish opinion from informed signal. That’s precisely the ambiguity selective-disclosure rules exist to prevent.
   Even if every single post is technically compliant, the risk lands on us. In the next serious drawdown, plaintiff’s attorneys will screenshot those posts as Exhibit A in a securities suit. The company — meaning shareholders — pays to defend it. A director who generates standing litigation optics for free is expensive.
3. The company literally pays him to promote
   Per the proxy, Alfred receives an additional $50,000 retainer specifically for representing IREN at investor and industry conferences and providing market and capital-markets insights. Think about what that means: the “independent” director is partially compensated for shareholder-facing promotion. The board itself has institutionalized the blurring of the line. That’s a structural problem, not a personality one.
4. Director hype anchors expectations management must then beat
   IREN’s register is heavily retail. When a fiduciary with boardroom access sets “largest company on the planet” expectations, management inherits an impossible benchmark, volatility increases, and short sellers get a credibility target. The operational story — the NVIDIA partnership, the AI cloud buildout, the power portfolio — is genuinely exceptional and doesn’t need a hype man in the boardroom. It needs adults guarding the downside.
   The steelman, addressed
   Yes, he’s aligned via a large personal position. Yes, retail communication has value. Yes, the proxy shows no related-party transactions. None of that answers the core problem: alignment is not oversight. A shareholder-influencer and an independent fiduciary are both legitimate roles. Holding both at once neuters each.
   The ask
   Pick a lane. If Mike wants to keep posting — and honestly, his voice as a shareholder is where he adds most value — he should resign from the board and speak freely. If he wants the board seat, the posting stops. What shouldn’t continue is the current arrangement, where the independence label, the committee assignments, and the promotional retainer coexist as if there’s no tension between them.
   I’d welcome pushback. But “he’s been right so far” isn’t a governance argument — every eventual governance failure was preceded by a period of being right.

We all are aware of Meta’s statement yesterday, saying that they would go hard into the cloud business. This means that Meta sees a greater ROI in adopting the neocloud business with their excess infrastructure rather than using it internally for their own frontier models. This is critical to our buddies at Iren because their pricing power could be diminished, creating hesitation around its future returns as competition increases. The main threat that I see is this conversion of high-quality clients into competitors. If Meta becamos a direct competitor, who is going to pay for IREN's DC?

I am holding still right now. I want to see what happens.

I am redddit shareholder last December it was 280 then dropped to 130 in March. They were so many shit posts on Reddit subreddit. People shitting on ceo and the board when fundamentally nothing had changed. Look at Reddit today it’s 190 and all those bearish posts are gone.

Same with Iren when stock goes down people emotions get the better of them and I get it. It sucks watching your money goes down. I am not going to tell you whether you should sell or buy.

What I will say is why did you invest in Iren? Is that thesis still intact. If no then you should sell. For me personally I am holding its just short term noise for me what’s happening right now

And yes if this time next year we are still trading at current levels and I don’t see any progress in terms of where business is heading then I will sell.

Lot of new investors end up panic selling when they constant shit posts, so reevaluate your thesis before you sell.

I still think people don’t realise how big mirantis acquisitions is. They will sell cloud services themselves instead of being bare metal and their cloud got Nvidia approval few days ago

These San Francisco-based appointments bring additional depth to IREN’s development and product
teams as the Company continues to expand its AI Cloud offering across new markets and services.
As Chief Product Officer, Mr. Aghili will lead IREN’s product strategy and roadmap for its AI Cloud
platform, including its bare metal GPU offering, managed services and broader product capabilities.

Hejoins from Oracle Cloud Infrastructure, where he served as Vice President of Products, spearheading
strategy and development of its native multi-cloud platform across Amazon Web Services, Microsoft
Azure and Google Cloud.
As Chief Development Officer, Mr. Nudelman will lead IREN’s global data center development strategy
and the expansion of its 5GW secured grid-connected power portfolio across existing and new markets,
including advancing site planning, permitting and economic development incentives. He brings more
than two decades of experience in data center development, energy, finance and management, having
held senior roles at Google, CyrusOne and Beale Infrastructure.
Together, the appointments strengthen all three layers of IREN’s vertically integrated AI Cloud
platform: data centers (power, land, substations, buildings and cooling), compute (chips, storage, servers
and networking) and software (managed services and enterprise support).
Daniel Roberts, Co-Founder and Co-CEO of IREN, said:
“IREN’s growth comes down to securing large-scale land and power in the right markets and building
the full AI stack on top of it.
Kambiz brings deep product leadership from one of the world’s leading cloud platforms, and Michael
brings a proven track record in hyperscale data center development. We’re excited to have both of them
join IREN at an important stage of our growth.”