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?