$IREN is currently valued at roughly $10.9 billion. - Market cap: $10.87 billion - Cash and cash equivalents: $7.6 billion - 2026 AI Cloud ARR target: More than $4 billion - New customer contracts: $2.8 billion - Analyst consensus: Buy to Moderate Buy - Average analyst price target: Around $82 - Institutional Ownership: At an all time high. The cash balance alone represents around 70% of the company’s market cap, while the stock is valued at roughly 2.7 times its 2026 AI Cloud ARR target. The difference between its market cap and its cash balance is only around $3.3 billion. That valuation is ridiculous. Demand is exceeding capacity, contracts are being signed, ARR guidance is rising and institutions are buying more shares. IREN basically does not need everything to go perfectly fro
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