IREN: Riding Two Waves At Once

Summary

• IREN combines massive renewable-powered Bitcoin mining with a fast-growing AI cloud business, leveraging low-cost hydro and wind energy for industry-leading margins.
• The company’s strategic shift to AI compute, capped Bitcoin expansion, and disciplined capital allocation create a dual-engine growth profile with significant upside potential.
• Strong financials—high EBITDA margins, no debt, and robust cash flow—support continued expansion and highlight a valuation discount versus peers despite superior fundamentals.
• At current multiples, IREN is mispriced; patient investors gain exposure to both crypto and AI tailwinds, with asymmetric upside as the business evolves beyond mining.

lerbank

Intro

Iris Energy (NASDAQ:IREN), now listed simply as IREN, is no longer the small renewable-powered miner that floated in late-2021. Over the last two years, it has quietly stitched together one of the largest clean-energy data-center footprints on the planet, parlaying

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.