$IREN could exit 2027 at around $15B ARR. But what about 2028 and beyond? IREN has 5GW+ of secured power, yet its 2027 roadmap only accounts for ~800MW of IT capacity. At $23M ARR/MW: 1GW = $23B ARR 1.5GW = $34.5B ARR 2GW = $46B ARR And that assumes pricing stays at $23M/MW. If Jevons paradox plays out and cheaper, more powerful compute drives even greater demand, the value of power and ready-to-use capacity could continue rising. The numbers beyond 2027 start getting ridiculous very quickly.
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