IREN Limited (IREN): A Bull Case Theory

We came crossed a bullish thesis connected IREN Limited connected X.com by EvolamTrades. In this article, we volition summarize the bulls’ thesis connected IREN. IREN Limited's stock was trading astatine $47.81 arsenic of November 28th. IREN’s trailing and guardant P/E were 27.48 and 40.82 respectively according to Yahoo Finance.

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IREN Limited operates successful the vertically integrated data center business successful Australia and Canada. IREN presents a compelling concern accidental owed to its uniquely beardown presumption successful the crypto infrastructure and CSP (cloud work provider) markets. Despite its CSP concern performing exceptionally well, the institution is pursuing co-location deals astatine $1.75M per MW, which appears highly charismatic fixed the imaginable to execute $7M+ per MW arsenic a neocloud operator.

Its vertically integrated model, combined with a superior onshore portfolio, positions $IREN to yet surpass peers similar $CRWV successful marketplace capitalization, suggesting a imaginable 5x upside simply to scope parity. Unlike competitors specified arsenic $WULF and $CORZ, which contracted capableness excessively early, $IREN’s strategical positioning allows it to bid $4M+ per MW successful co-location agreements, reflecting the scarcity and worth of its assets.

Looking up to 2026, $IREN is projected to make important EBITDA crossed aggregate segments: $1B from BTC mining, $800M from 200 MW of co-location deals astatine $4M per MW, $1B from 60k GPUs successful Canada operating astatine 90% margins and 95% utilization, and $1.7B from 100k GPUs successful Texas nether akin ratio assumptions. These projections construe into an endeavor worth of astir $68B–$75B, derived from $6B from BTC mining (6x multiple), $8B from co-location (10x), and $54B from CSP operations (20x).

Depending connected CAPEX financing and deployment strategy, the company’s terms people for 2026 ranges from $150–$300 per share, with a longer-term outlook exceeding $550, reflecting some the company’s operational standard and its quality to monetize its infrastructure astatine highly favorable economics. $IREN represents a uncommon accidental wherever strategical positioning, vertical integration, and aggregate high-margin gross streams converge, creating a highly asymmetric risk/reward illustration for investors.

Previously we covered a bullish thesis connected IREN Limited (IREN) by Anxious-Criticism652 connected Reddit successful May 2025, which highlighted the company’s modulation from Bitcoin mining to a vertically integrated AI and crypto infrastructure level with high-margin GPU deployments. The company's banal terms has appreciated astir by 424.23% since our coverage. This is due to the fact that the thesis played retired arsenic IREN expanded its compute capacity. The thesis inactive stands. EvolamTrades shares a akin bullish position but emphasizes co-location economics and multi-segment EBITDA potential.