IREN: owning the power, renting out the compute

The scarce thing in AI infrastructure is no longer the chip. It is a grid connection that is already energised, and IREN has one at scale. The company spent its bitcoin-mining years assembling power sites; it is now turning them into an AI cloud and renting GPU capacity to the companies that cannot get power fast enough themselves. In the June 2026 quarter AI Cloud revenue passed mining for the first time, $70.5M against $66.7M, after growing every quarter of the year: $7.3M, $17.3M, $33.6M, $70.5M. The contract book behind it is named and large: Microsoft at $9.7B, whose first 50 MW tranche was accepted on schedule in August, and NVIDIA at $3.4B. The bull case is that power owned beats silicon bought, and that IREN's sites are worth more as compute than they ever were as hashing. The case for LOW conviction is everything between the contract and the cash. About 40 MW was operating at the end of June against a plan of roughly 300 MW by the end of 2026, with the Microsoft tranches due through Q4 and grace periods into Q2 2027. The funding stack is heavy: $6.75B of convertibles, commitments of $13.8B against $5.9B of cash, and newer debt priced at 9% against about 6% for the investment-grade GPU financing. The June quarter carried a $450M impairment and adjusted EBITDA of $19.2M. A company can be right about the asset and still be diluted out of the return. BULLISH, conviction LOW, three years. The figures above are taken from the company's FY26 release and its filings as read in MenFem's dossier; they are checked again against the September-quarter report.