Core Insights - IREN Limited's vertically integrated AI cloud platform is designed to achieve higher margins compared to traditional colocation models by controlling power procurement, substation development, data center construction, and GPU deployment, which reduces costs and counterparty risks [1][10] Financial Performance - In Q1 of fiscal 2026, IREN reported $92 million in adjusted EBITDA on $240 million in revenues, indicating improving profitability as AI cloud services contribute more significantly to revenue [5] - The Zacks Consensus Estimate predicts over 100% revenue growth for IREN in both fiscal 2026 and 2027 [5] Competitive Landscape - TeraWulf (WULF) is a close competitor, focusing on HPC leasing with 520 MW of long-term, credit-backed capacity, but IREN maintains more balance-sheet flexibility and potential for growth as AI demand evolves [6] - CleanSpark (CLSK) is seen as a long-term challenger with a strong power and land base, but its AI strategy is still developing, allowing IREN to lead in the short term [7] Operational Advantages - Vertical integration enables faster commissioning and tighter operational controls, reducing idle capacity and accelerating revenue recognition [3] - IREN controls approximately 3 GW of secured grid-connected power, with only 16% utilized for its planned 140,000-GPU expansion, supporting lower costs and long-term cash flow visibility [4][10] Market Performance - IREN's shares have increased by 189.3% over the past six months, significantly outperforming the broader Zacks Finance sector's return of 7.2% and the Zacks Financial Miscellaneous Services industry's decline of 18.1% [8]