I recently had an interesting discussion about $IREN (+13,06%) . I gained the following insights from it: IRENs should not be taken for more than they actually are. They have "assets" or 3 GW of energy potential.
And on these assets of 3 GW of potential and land, they can now build data centers quickly and scalably. This is because they have huge advantages given the power constraints that currently exist in the data center landscape.
Their main advantage is that they can increase operational uptime uptime.
There is currently an abundance of data and hyperscalers. The demand for hyperscalers is high, so companies like $IREN (+13,06%) Irish and $NBIS (-7,52%) are seeing an increase in sales. However, this would not be sustainable if GPUs became a commodity. In the case of Iren, there is also the fact that the company also supplies green energy and is therefore diversified.
But purely in terms of the cloud, it should not be overestimated. Because there is AWS from $AMZN (+4,42%) , $GOOGL (+1,87%) and Azure from $MSFT (+0,54%) which have much stronger competitive advantages. Infrastructure as a Service can give them a doubling if they win a major contract (e.g. with OpenAI) and also due to the momentum.
Based on everything I've read this week and especially today, I see IREN as a 2026 play. With a chance of doubling in the coming months. They have indeed already seen a big upswing.
But as long as the power constraint remains, I think it's interesting to invest here. As soon as GPUs become more of a commodity it is no longer interesting.
What do you think of this story?
