Jensen may need to update the bottle. Last year, Jensen Huang famously gave Nscale CEO Josh Payne a bottle of Johnnie Walker inscribed “$0 to $50 billion in 18 months.” With Nscale now reportedly targeting a ~$30-35B IPO valuation, we went through the new $NSCL S-1 to update our $IREN comp. At that valuation, IREN doesn't look as obviously cheap. On headline backlog multiples, Nscale is actually cheaper. >Nscale: $30-35B / $103.4B TCV (Total Contract Value) = 0.29-0.34x >IREN today: ~$20B EV / ~$16B TCV = ~1.25x >IREN at its YE27 target of 800MW leased / ~$48B TCV = ~0.42x >At Jensen's $50B marker, IREN looked a bit cheaper on forward TCV: ~0.42x vs ~0.48x. At $30-35B for Nscale, it's the other way around: ~0.29-0.34x vs ~0.42x for IREN. But there are some pretty big differences in wha
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