Sell IREN by Nov 26, 2026.

What’s your take? Initially, I was really sold on Iren, but gradually I’m starting to think there might be quite a bit of downside after all. My concerns: 1. Even if the $4 billion ARR is realized, the company still needs to become profitable, and secondly, that would still imply a P/S ratio of \~4. 2. Chinese models are getting better and better, despite having less compute at their disposal. 3. Significant dilution. What do you think?