$IREN is about to enter a completely different scale. Just look at the numbers: → $33.6M AI Cloud revenue last quarter. → That's roughly $134M annualized. → IREN is targeting >$4B ARR by YE 2026. → That's nearly a 30x increase. Around 85% of that $4B+ ARR target is already under contract. The remaining 15% is still to be contracted. I expect IREN to raise its 2026 ARR guidance again as that remaining portion gets contracted. The business is scaling incredibly fast, yet the share price continues to lag the other major neoclouds. Honestly, it's only a matter of time.
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