IREN and GRRR - More AI Infrastructure Companies

Both are at inflection points.

IREN: They recently delivered Horizon 1 to Microsoft, which is a major proof point for IREN’s execution. With Horizons 2–4 targeted for delivery later this year, continued execution could be the catalyst that gives investors greater confidence in IREN reaching its >$4B year-end CY26 AI Cloud ARR target—and potentially drives a meaningful rerating as contracted backlog converts into live revenue.

GRRR: This one could be next NBIS. They are targeting $500m in revenue next year. The current market cap is $400m. With $5B+ of signed backlog, another $5B+ pipeline, contracted AI capacity beginning to deploy in 2H26, and management explicitly targeting $500M next year, FY27 is shaping up as the year GRRR’s enormous backlog starts converting into reported revenue.

This is NFA