Core Thesis - IREN Limited is positioned as a unique hybrid company at the intersection of Bitcoin mining and AI compute, leveraging renewable energy for competitive advantage [2][4]. Company Overview - IREN Limited, founded in 2019, has evolved from a hydro-powered Bitcoin miner to a datacenter platform with over 500 MW of operating capacity across Canada and Texas [2]. - The company benefits from low-cost renewable power, with rates around $0.033/kWh, supporting mining margins exceeding 70% [2]. Financial Performance - For FY25, IREN is projected to generate revenue of $501 million and net income of $87 million, driven by low operational costs [3]. - The company aims to scale its AI infrastructure, IRENcloud, from under 2,000 GPUs to approximately 11,000 GPUs by the end of 2025, targeting $200–$250 million in AI revenue with gross margins over 95% [3]. Growth Potential - IREN's long-term strategy includes expanding its power rights to 2.9 GW, potentially growing its GPU fleet to around 100,000 by 2030, with AI revenues expected to dominate by 2027–2028 [3]. - Valuation scenarios suggest significant upside potential, with projected revenues of $4–7 billion by 2030 and share prices possibly exceeding $200 under various market conditions [4]. Market Position - IREN's combination of affordable renewable energy, modular infrastructure, and dual exposure to Bitcoin and AI positions it favorably against competitors, despite risks related to GPU scaling and capital intensity [4][6].