Is IRENs valuation out of control?

Have to look at market cap.

IREN 19.4B
NBIS 33B

I bought a couple thousand shares at $6 and sold between $15-17 and never in my wildest dreams would have expected a few months later it hits $70. Still kicking myself for that one

I bought 20 11/28 $68 calls for $9.60/share 2 days ago on a dip. I'm gonna sell them today., hopefully for above $15.

I'm not sold on them, but I'll take a profit when the opportunity is there.

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Not your fault. They recently PR’d the acquisition of GPU’s. Not that they had contracts for them, but that they merely bought them. The stock popped

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You've mentioned this criticism more than once and I don't quite understand. On September 8, they gave their monthly update, noting that they had begun the deployment of HPC and initially consisted of 9000 GPUs. They noted based off that they were hoping for 220 million ARR by the end of the year. Two weeks later, they noted the purchase of 23,000 more GPUs based upon customer demand and raised their AR projection to 500 million by Q12026. That is the press release you seem to be challenged by. Why would a company when doubling guidance based upon expansion not do a press release? if the press release effectively said we bought GPUs to meet our previously stated guidance I could get the point you're making, but the press release more than doubled guidance - so i think it is a relevant news point.

In terms of the broader question - they just oversubscribed a convertible note, offering at 0% interest with a conversion premium of 42.5% - which is effectively an unprecedented borrowing rate - led by two of the biggest banks in the world. To me, similar to NBIS raise in September, those terms are extremely bullish to the suggestion of price appreciation.

But my primary thesis of why they're undervalued is based off the concept that contracted power is going to be the biggest bottleneck. They have 2.9 gigawatts locked up. The 500 million ARR is at a 50 MW site which they are just getting started with. Effectively 500 million ARR off 2% of their contracted power. and never mind 1.4 GB of that available power is effectively at Ground Zero West Texas and contiguous sites.

To each their own on what multiple you apply or what you think the driver of value is - that is what makes a market. I am heavy long Nbis, Iren and Cifr.

Duly noted on Mike Alfred.

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They are at the same price NBiS was before the MSFT deal.

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Why not both?

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I am heavy long Nbis, Iren and Cifr.

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I’m with you plus Bitf.