Core Thesis - IREN Limited is positioned as a compelling investment opportunity due to its strong presence in the crypto infrastructure and cloud service provider markets, with a current share price of $47.81 and trailing and forward P/E ratios of 27.48 and 40.82 respectively [1][2] Business Model and Market Position - IREN operates a vertically integrated data center business in Australia and Canada, focusing on co-location deals priced at $1.75 million per MW, with potential to achieve $7 million+ per MW as a neocloud operator [2] - The company's superior land portfolio and integrated model position it to potentially surpass competitors like CRWV in market capitalization, suggesting a possible 5x upside to reach parity [3] Financial Projections - By 2026, IREN is projected to generate significant EBITDA across various segments: $1 billion from BTC mining, $800 million from 200 MW of co-location deals at $4 million per MW, $1 billion from 60,000 GPUs in Canada, and $1.7 billion from 100,000 GPUs in Texas [4] - These projections indicate an enterprise value of approximately $68 billion to $75 billion, derived from $6 billion from BTC mining, $8 billion from co-location, and $54 billion from CSP operations [4] Price Target and Investment Potential - Depending on CAPEX financing and deployment strategy, the price target for IREN in 2026 ranges from $150 to $300 per share, with a long-term outlook exceeding $550, reflecting the company's operational scale and favorable monetization of its infrastructure [5] - IREN represents a unique investment opportunity where strategic positioning, vertical integration, and multiple high-margin revenue streams create a highly asymmetric risk/reward profile for investors [5] Historical Performance - The stock price of IREN has appreciated approximately 424.23% since previous coverage, driven by the successful expansion of its compute capacity [6][7]