The market still treats $IREN like a miner that got lucky. The reality is completely different. This is one of the few companies in the US that can turn POWER into COMPUTE at hyperscaler scale and the pieces are already in place: ✅ 3 GW secured renewable power ✅ Full vertical integration (power, land, construction, data centers, ops) ✅ Liquid-cooled AI facilities built for high-density GB300 racks ✅ A $9.7B / 5-year deal with Microsoft, with 20% prepayment upfront ✅ Sites energizing in April 2026 (Sweetwater 1), already locked and scheduled At $1.94B annual revenue for 200MW capacity, that’s $9.7M ARR per MW. This isn’t miner economics. This is hyperscaler economics. The moat isn’t GPUs. It’s the power + land + build + operate stack. Fast execution, low-cost energy, efficient infrastructure (1.1 PUE), and a pipeline competitors can’t replicate overnight. The AI era is entering a phase where energy becomes the real bottleneck, not silicon. $IREN is already positioned where everyone else is trying to go. People can debate the stock, but the infrastructure and execution aren’t up for debate. They’re already built. $IREN is going to surprise a lot of people.