I've followed IREN closely since December. It's perfectly positioned for unleveraged entries at a consolidation range with 30% of the float shorted. Citadel redistrubuted Leopolds port and it looks to have absorbed that supply well.
Think this is a great price for accumulation and when shorts fail to find forced liquidations this has very little room to go anywhere but up.
It's a business really set to explode in AI revenue by Q1 2027 with H1 being handed off to Microsoft and H2-4 set to come by EOY. Q4 revenue should really start to ramp due to Horizon1-2 and finish its nearterm ramp by end of Q1. After that contracts should start being seriously considered for 2027 capacity coming online. They may do the contracts prior if they determine they're unlikely to get better rates. The managements preference appears to be sell closer to capacity
2027 capacity is set to double for contract availability from their secured and with de-risked energy grid for that same capacity - this could represent a 2-3x inncrease in projected ARR from $4b to $8-$12B which represents almost the entirety of todays MC
Disclosure on my position:
I have 2 $40 2028 leaps and 800 shares with an average of $39.75 thanks to some option plays i did this week allowing me to accumulate more