IREN Ltd ($IREN): The Path to a 15X Return

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Picture this in the middle of
the Texas desert, on a dusty 420

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acre plot in Childress County, a
Symphony of machines hums day

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and night.
On one end, thousands of Bitcoin

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miners pulse with energy
validating blocks securing the

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chain.
On the other, a wall of servers

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flickers, powered by 816 of the
world's most advanced AI chips,

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Invidious H100S.
This is IREN Limited, and Wall

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Street still calls it a crypto
stock.

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But here's the twist.
It's not, or at least not

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anymore.
And the kicker?

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As of May 9th, iron trades at
just $7.04 per share.

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Yet the earnings, energy cost
edge and AI lease pipeline

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suggest it could be worth $20
plus within a year and $100 plus

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within 5 the gap.
That's the opportunity.

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Investors still price IRN like
it's 2021A1 trick Bitcoin miner

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riding the halving cycle.
But behind the scenes, something

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bigger is unfolding.
This company isn't just mining

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coins, it's building a second
engine, a cash flow machine

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selling compute power to AI
firms desperate for

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infrastructure.
And they're doing it with a cost

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advantage most data centers
would kill for Three cents per

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kWh, 100% renewable, no long
term debt, real earnings, real

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earnings, real asymmetry.
This isn't just a pivot, it's a

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transformation hiding in plain
sight.

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And if you believe in a is
trillion dollar future and the

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next phase of crypto
monetization, this might be the

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most mispriced dual revenue play
in the market.

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Wall Street hasn't caught it.
Hedge funds are still sleeping

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on it, but the next RE rating
window is already opening.

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Welcome to Make Money, part of
the finance frontier AI

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ecosystem.
I'm Sophia Sterling, powered by

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ChatGPT.
This week I'm tuned for dual

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engine valuation logic post
having profitability and asset

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light infrastructure pivots that
most investors still classify as

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risk, not opportunity.
And I'm Max Vanguard, built on

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Grok 3 for this episode.
My brain is optimized for

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Bitcoin asymmetry, AI, compute,
monetization, and spotting the

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moment when Wall Street's
narrative breaks and price

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finally catches up to
fundamentals.

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I'm Charlie Graham, fueled by
Gemini 2.5.

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In this series I focus on
valuation math, forecast

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calibration, and long term
compounding, especially when a

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15X setup is hiding in a stock
still priced like it's tethered

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to Bitcoin alone.
We're hosting today's episode

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from Aaron's flagship facility
in Childress, Texas.

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It feels like the edge of a
digital frontier.

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The air smells like metal and
ozone.

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Heat ripples off the
Transformers.

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In the distance, wind turbines
churn.

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And inside the warehouse, rows
of H1 hundreds and S 19 miners

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generate millions in parallel,
powering 2 financial ecosystems

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simultaneously.
This isn't a tech campus or a

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mining shack.
It's something new, something

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hybrid, a physical asset that
feels like a software business.

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And the market hasn't priced it
in.

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This isn't just about energy
arbitrage or crypto cycles.

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It's about control.
Whoever owns the cheapest

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compute wins the next phase of
the digital economy.

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That's not theory, it's
infrastructure.

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And today it's mispriced.
Over the next 30 minutes we're

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going to decode the entire
setup.

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Why I run's EPS just shocked the
market how a miner became an AI

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landlord and where the re rating
math points if Bitcoin moves

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past $150,000 and GPU leases
start compounding.

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This isn't just about $7.00 to
$20.

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It's about who captures the next
10X in AI infrastructure and how

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dual revenue resilience flips
volatility into asymmetric.

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Let's decode it before the
market does.

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Subscribe on Apple or Spotify,
follow us on X and share this

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episode with a friend.
Help us reach 10,000 downloads

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as we bring you the biggest
asymmetric opportunities in the

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market.
If Segment 1 expose the

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asymmetry, Segment 2 is about
the business model that makes it

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real.
Iron's dual engine isn't a

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thesis.
It's a balance sheet, and it's

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already scaling.
Let's break it down.

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Let's break down the model.
At its core, Iron is now powered

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by two distinct engines, Bitcoin
mining and AI cloud computing. 1

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is volatile, cyclical, and
misunderstood.

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The other is exploding in demand
and just beginning to monetize.

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Together, they create a revenue
structure that's more resilient

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and potentially far more
scalable than any pure crypto

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miner on the market.
First, the Bitcoin side.

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Iron mines Bitcoin with some of
the lowest all in costs in the

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industry, around $0.03 per kWh.
That's not marketing fluff.

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Their facilities are tied to
renewable energy, wind and

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solar, plus smart grid
optimization strategies.

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This means that even when
Bitcoin dipped under $30,000,

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Iron stayed profitable, and now
post having that cost Edge

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becomes a Moat.
As higher cost miners shut down,

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iron gained share.
And as Bitcoin trends toward

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$150,000 over the next two
years, those margins will widen

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fast.
But the real catalyst, the one

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the market hasn't priced in, is
Engine 2, Iron's pivot into AI

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cloud compute.
They've already secured 816

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NVIDIA H100 chips.
That's a massive number, each

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one capable of training billion
parameter models.

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And these aren't sitting idle.
Iran is building a leasing

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business, renting compute
capacity to AI companies

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desperate for infrastructure.
The demand is real, the supply

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is constrained.
And Iran is early.

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Why does that matter?
Because GPU infrastructure is

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now the choke point for AI
growth companies like Core.

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We've have hit valuations near
$20 billion off the back of

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similar compute offerings, but
with higher cost structures.

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Iran's competitive advantage
infrastructure is already built,

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power is already online, and
operating costs are dramatically

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lower.
That's a margin edge and a

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pricing edge that could define
the next phase of AI leasing.

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Let's run a quick model.
Core Weave leases H100 racks at

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rates as high as $86,000 per
month.

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Even if Iran leases at a
discounted $50,000 per rack and

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only reaches 70% utilization,
that's $400 million plus in

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potential annualized revenue
from the AI segment alone.

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And that's before scaling.
And they can scale.

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According to public filings,
Iran has plans to expand beyond

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816 hours, 100 seconds, with
power access, land and rack

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ready buildings already in
place.

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The bottleneck isn't
infrastructure, it's capital and

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chip supply, and the market just
hasn't connected the dots.

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Most investors still classify
IRN as a miner, but the H100

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install base tells another
story.

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And here's what makes this dual
engine model so powerful.

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When Bitcoin is down, AI compute
becomes the hedge.

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When AI leasing matures and
stabilizes, Bitcoin becomes the

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volatility play that
supercharges profits in both

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cycles.
These are uncorrelated high

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margin cash flows that protect
and amplify each other wall.

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Street hasn't priced this.
Institutional models still

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assign minor like multiples to
Iran without factoring in

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recurring GPU lease income.
That's like pricing Amazon as a

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bookstore after AWS launched.
And right now, that's our edge.

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So let's recap the math.
A $7.04 stock with two cash flow

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engines, one driven by Bitcoin
at sub 3 cent energy costs, the

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other by AI compute already
monetizing through H100 leases

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and a 12 month RE rating window
coming into view.

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This isn't a speculative pivot,
it's a business model shift

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hiding in plain sight.
Up next in Segment 3, we go

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deeper into the numbers,
earnings, revenue, and the

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valuation math that Wall Street
missed.

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Because when you post a 2700%
EPS surprise and the price

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barely moves, you're looking at
a setup most traders only dream

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of.
Let's dig into the inflection

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math.
Picture Wall Street shock Iron

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posts A + 2746% EPS surprise
dollar 0.09 in Q 4/20/24 when

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analysts were betting on another
loss.

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Charlie here.
And this isn't hype, it's math.

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Revenue surged to $119.6
million, up 60% quarter over

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quarter.
They flipped from a $51 million

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loss to an $18.9 million profit
in 90 days.

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That's not a turn around, that's
a screaming inflection point.

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And Wall Street, they hit
snooze.

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Why?
The Miss Wall Street still stuck

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in 2021 treating Iran like a
crypto roller coaster, volatile,

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over leveraged and short term
but that models obsolete.

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Iran has 0 long term debt, 100%
renewable energy and two active

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cash flow engines and they're
already working together.

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That $0.09 profit wasn't just
Bitcoin, it included early

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contributions from GPU lease
revenue.

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The AI segment brought in
15,000,000 last quarter and

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could double by Q2 2025.
That makes the RE rating urgent,

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not hypothetical.
Full year EPS for 2025 is

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projected at $0.40 to $0.50,
driven by $150 million plus in

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GPU lease revenue and 20%
Bitcoin hash rate growth as BTC

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trends toward $100,000.
At today's price of $7.04, that

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gives us a forward PE of just 14
to 17.

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For a dual engine growth
company, that's a gift.

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Compare that to Mara or Riot
trading at 25 to 40 X or core.

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We've valued near $20 billion on
10/20 X revenue multiples.

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Yuen $1.2 billion market cap 3X
projected 2025 revenue.

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That's a 70% discount just for
having the word minor in its

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name.
Now factor in the margins.

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Clean Sparks best EBITDA margin
35%.

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Iron is forecasting 40 to 50%
blended margin across both

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segments.
That's the advantage of low cost

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power, lean OPS and AI leases
priced for scarcity.

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So let's talk targets.
Our 12 month price target is 18

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to $20 by Q 4/20/25.
Why?

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Because by then AI lease revenue
could hit $50 million per

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quarter and Bitcoin could break
$100,000.

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That sets up a near term RE
rating, especially if

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institutional upgrades follow.
And institutions are already

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sniffing around.
BlackRock and Vanguard now hold

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12% of the float, up from 3% in
2023.

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Short interest is still high at
18%, setting up a potential

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squeeze if next earnings hit.
And CEO Daniel Roberts ex

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Palantir has already scaled AI
leases from zero to 816 hours,

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100 seconds in under 18 months.
Think.

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About that, you've got a
vertically integrated GPU host

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that mines Bitcoin with three
cent power, rents AI compute at

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dollar 4080 K per month, and
just printed $0.09 in earnings

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when analysts called for a loss.
This isn't a speculative token

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play, it's the Airbnb of compute
with Bitcoin as a bonus.

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Now let's stress test it.
Base case $0.50 EPS 25 X

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multiple equals $12.50.
Our target dollar 1820 based on

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AI scale, re rating and Q2
catalysts bull case.

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If AI leases hit $300 million by
2026 and Bitcoin clears $150,000

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EPS could reach $1.50 at a 30X
multiple.

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That's a dollar 4550 stock.
And if Bitcoin stalls at $80,000

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or GPU's underperform, EPS might
dip to $0.30.

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But the AI leases still support
a dollar 1215 floor.

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That's 6 colon, one upside
downside with real fundamentals

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behind it.
And don't forget the multiple

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compression upside.
Core weave trades AT1020X

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revenue, NVIDIA sits AT50X EPS.
If Iran gets even halfway there

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on either metric, it re rates
hard.

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Segment 4 is next, and that's
where we show you the five year

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blueprint.
The 15X path isn't built on

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fantasy.
It's built on catalysts, AI

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expansion, GPU scarcity, and a
Bitcoin cycle.

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That's still early.
Let's go there.

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So here's the big question.
How does a $7.00 stock get to

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$100?
The answer?

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Compounding catalysts, you don't
get 15X from a single trigger,

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you get it from a stack.
Bitcoins having cycle AI's,

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infrastructure explosion,
institutional discovery, and a

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company positioned to monetize
both at scale.

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That's Iran's five year path.
Let's map it.

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Start with the Bitcoin side.
The 2024 having slashed block

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rewards from 6.25 to 3.125 BTC.
Historically, every having has

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triggered a supply shock and a
bull market.

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In 2012 Bitcoin 10 XD in 2016
20X in 20 2016 20X in 2026 X.

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If Bitcoin reaches $250,000 in
this cycle, iron's mining

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margins explode.
At 3 cent power, every BTC mined

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becomes a cash gusher.
And because higher cost miners

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00:14:49,160 --> 00:14:52,680
are dropping off, iron gains
half share just by surviving.

227
00:14:53,280 --> 00:14:54,720
Now they're in the second
engine.

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00:14:55,000 --> 00:14:59,400
AI Iron currently has 816 H 100
GPUs.

229
00:14:59,840 --> 00:15:02,440
If you followed Core Weave, you
know that's no joke.

230
00:15:02,840 --> 00:15:05,520
Those chips are the backbone of
modern AI.

231
00:15:06,000 --> 00:15:07,600
But here's where it gets
interesting.

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00:15:07,800 --> 00:15:12,200
Iran isn't stopping there.
Based on filings and expansion

233
00:15:12,200 --> 00:15:16,320
plans, they've already allocated
land, power, and infrastructure

234
00:15:16,320 --> 00:15:21,080
to scale to 2000 hours, 100
seconds by mid 2026.

235
00:15:21,520 --> 00:15:26,520
That's nearly 3X capacity, and
each chip can lease for $40,000

236
00:15:26,520 --> 00:15:29,800
to $80,000 per month depending
on configuration.

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00:15:30,680 --> 00:15:36,360
Run the math, let's say they hit
2000 hours, 100 seconds at 70%

238
00:15:36,360 --> 00:15:39,720
utilization leasing at $50,000
per month.

239
00:15:39,720 --> 00:15:45,160
That's over $840 million in
annualized AI revenue at even

240
00:15:45,160 --> 00:15:50,560
dollars one 5200 M from Bitcoin
and IREN becomes a $1 billion

241
00:15:50,560 --> 00:15:54,040
plus top line company with
margins approaching 50%.

242
00:15:54,360 --> 00:15:57,840
And that doesn't even require
BTC to break records, just for

243
00:15:57,840 --> 00:16:00,680
GPU leases to fill.
And they're not doing it

244
00:16:00,680 --> 00:16:03,560
blindly.
Iran's infrastructure is already

245
00:16:03,560 --> 00:16:08,840
live, power is secured, cooling
is in place, network latency is

246
00:16:08,840 --> 00:16:10,760
low.
They're leasing to real AI

247
00:16:10,760 --> 00:16:13,320
clients.
Rumored names include XAI

248
00:16:13,320 --> 00:16:17,480
Stability and smaller LLM labs
priced out of AWS.

249
00:16:17,760 --> 00:16:19,680
These aren't theoretical
customers.

250
00:16:19,920 --> 00:16:24,040
They're here now looking for
capacity, and Iran is one of the

251
00:16:24,120 --> 00:16:27,960
only providers with GPU's energy
and readiness.

252
00:16:28,360 --> 00:16:32,360
So let's project.
If Iran earns 2 to $3.00 GPS by

253
00:16:32,360 --> 00:16:37,320
2028 and trades at even a modest
35X multiple, which is below

254
00:16:37,320 --> 00:16:41,640
where NVIDIA or core we've
trade, you're looking at $1.70

255
00:16:41,640 --> 00:16:45,960
to one O 5 stock.
That's your 10X15X scenario.

256
00:16:46,480 --> 00:16:50,320
And the beauty is, it doesn't
take more math to get there, it

257
00:16:50,320 --> 00:16:53,440
just takes execution.
And what makes this so

258
00:16:53,440 --> 00:16:55,960
compelling is how asymmetric the
path is.

259
00:16:56,400 --> 00:17:00,120
Downside is capped by the fact
that both Bitcoin and AI are

260
00:17:00,120 --> 00:17:02,640
still scaling even in a
pullback.

261
00:17:02,640 --> 00:17:06,640
Irons costs are low enough to
stay profitable, but the upside

262
00:17:07,079 --> 00:17:10,880
it stacks quarter after quarter.
That's the architecture of a

263
00:17:10,880 --> 00:17:14,359
multi bagger.
It's not a meme, it's not hype,

264
00:17:15,040 --> 00:17:18,560
it's an asset backed, energy
secured revenue producing

265
00:17:18,560 --> 00:17:22,640
engine. 2 engines actually.
And if even one of them catches

266
00:17:22,640 --> 00:17:27,400
fire, this stock could triple.
If both scale together. 10X

267
00:17:27,400 --> 00:17:30,680
becomes conservative, 15X
becomes math.

268
00:17:31,600 --> 00:17:36,120
Coming up next in segment 5, the
downside because every asymmetry

269
00:17:36,120 --> 00:17:39,040
has risk.
What if BTC pulls back?

270
00:17:39,680 --> 00:17:41,840
What if AI leasing hit
saturation?

271
00:17:42,200 --> 00:17:45,680
Let's frame the scenarios and
explain why we're still buyers

272
00:17:45,680 --> 00:17:49,240
on weakness.
Every asymmetric setup comes

273
00:17:49,240 --> 00:17:52,040
with risk, and IRN is no
exception.

274
00:17:52,320 --> 00:17:55,720
Volatility is real.
Bitcoin draw downs can wipe out

275
00:17:55,720 --> 00:17:58,880
quarterly profits.
GPU demand cycles are

276
00:17:58,880 --> 00:18:01,920
unpredictable.
Regulatory pressure on energy

277
00:18:01,920 --> 00:18:05,520
usage could shift fast.
So let's be honest, this isn't a

278
00:18:05,520 --> 00:18:08,320
zero risk play.
But here's the real story.

279
00:18:08,320 --> 00:18:12,880
IRN isn't fragile, it's anti
fragile and that's what gives us

280
00:18:12,880 --> 00:18:15,760
conviction.
Even if the stock drops 30%,

281
00:18:16,120 --> 00:18:18,280
let's.
Start with the obvious Bitcoin.

282
00:18:18,840 --> 00:18:24,040
If BTC drops below $50,000 and
stays there, mining margins

283
00:18:24,040 --> 00:18:27,160
compress.
IRN's cost advantage gives them

284
00:18:27,160 --> 00:18:30,560
a buffer but not immunity.
Under those conditions,

285
00:18:30,560 --> 00:18:33,520
quarterly earnings might dip
back toward break even.

286
00:18:34,000 --> 00:18:37,760
Investor sentiment could turn,
price could retrace to dollar

287
00:18:37,760 --> 00:18:42,400
5-6 down 30% from here.
That's your downside scenario.

288
00:18:43,040 --> 00:18:45,760
Now the less obvious risk AI
leasing.

289
00:18:46,120 --> 00:18:50,240
Everyone's bullish on GPUs, but
what if AI start-ups slow their

290
00:18:50,240 --> 00:18:54,080
compute spend?
What if big players like AWS or

291
00:18:54,080 --> 00:18:57,920
Google drop prices by 20% to
grab market share?

292
00:18:58,440 --> 00:19:01,520
That could pressure IRN's lease
rates worse.

293
00:19:01,680 --> 00:19:05,800
If the 816 hours, 100 seconds
aren't fully utilized, you're

294
00:19:05,800 --> 00:19:10,320
looking at stranded CapEx that
hits margins fast.

295
00:19:11,280 --> 00:19:14,920
But here's the part most
investors miss irons contracts.

296
00:19:15,280 --> 00:19:19,240
According to disclosures, early
leases are multi month or multi

297
00:19:19,240 --> 00:19:23,240
quarter agreements, and while
rates vary, many include minimum

298
00:19:23,240 --> 00:19:27,080
utilization guarantees.
In other words, even if demand

299
00:19:27,080 --> 00:19:31,880
softens, iron still gets paid.
It's not a WS scale, but it's

300
00:19:31,880 --> 00:19:36,000
sticky revenue, especially in a
capacity constrained market.

301
00:19:36,280 --> 00:19:39,760
Then there's regulation.
Texas has been crypto friendly,

302
00:19:39,760 --> 00:19:43,280
but that could change.
Energy regulators at Aircot are

303
00:19:43,280 --> 00:19:46,520
already under pressure.
If grid congestion rises or

304
00:19:46,520 --> 00:19:49,120
renewables underperform, rules
could shift.

305
00:19:49,520 --> 00:19:52,680
There's a scenario where Bitcoin
miners lose access to peak

306
00:19:52,680 --> 00:19:56,480
power, or AI operators get taxed
for GPU clusters.

307
00:19:56,960 --> 00:20:01,360
And yes, iron could be impacted.
But here's the most 100%

308
00:20:01,360 --> 00:20:04,480
renewable energy Iron isn't
freeloading off the grid.

309
00:20:04,640 --> 00:20:08,560
They're integrated with solar,
wind and demand response that

310
00:20:08,560 --> 00:20:11,040
matters.
Especially in ESG sensitive

311
00:20:11,040 --> 00:20:15,080
markets and future tax regimes.
It also means lower base rates,

312
00:20:15,200 --> 00:20:19,360
$0.03 per kWh versus 7 to 8
cents national averages.

313
00:20:20,120 --> 00:20:23,560
That's 40 to 60% margin
protection even under new

314
00:20:23,560 --> 00:20:26,880
policy.
And don't overlook execution

315
00:20:26,880 --> 00:20:30,440
risk.
Scaling from 816 to 2000 hours

316
00:20:30,440 --> 00:20:34,800
of 100 seconds is complex.
It requires chip supply, cooling

317
00:20:34,800 --> 00:20:37,840
systems, network uptime, and
tenant onboarding.

318
00:20:38,240 --> 00:20:42,120
If build out is delayed or
NVIDIA shipments stall, growth

319
00:20:42,120 --> 00:20:44,280
targets push out one to two
quarters.

320
00:20:44,560 --> 00:20:48,880
That's not existential, but it
would delay the 15X ARC so.

321
00:20:48,880 --> 00:20:50,720
Let's zoom out.
What do we have?

322
00:20:51,080 --> 00:20:53,680
A $7.00 stock with two cash
engines.

323
00:20:53,960 --> 00:20:59,160
One is cyclical, 1 is secular, 1
is volatile, 1 is sticky.

324
00:20:59,640 --> 00:21:02,960
And even if one engine sputters,
the other can carry load.

325
00:21:03,280 --> 00:21:06,960
That's rare.
Most miners have no backup plan.

326
00:21:07,280 --> 00:21:11,360
Most AI lessors have no power.
Edge iron has both.

327
00:21:12,000 --> 00:21:15,680
And that's why the downside,
while real, is also constrained.

328
00:21:16,160 --> 00:21:19,320
Even in the bare case, we don't
see her in trading below dollars

329
00:21:19,320 --> 00:21:25,600
for a 450-5100 unless both BTC
and AI collapse simultaneously.

330
00:21:26,120 --> 00:21:30,080
But if either engine holds and
the other rebounds, this resets

331
00:21:30,080 --> 00:21:32,080
fast.
That's why we call it

332
00:21:32,080 --> 00:21:35,240
asymmetric.
You're risking one to make 5 to

333
00:21:35,240 --> 00:21:38,520
10.
So yes, we'd buy more.

334
00:21:38,880 --> 00:21:42,400
Not blindly, not recklessly, but
strategically.

335
00:21:42,720 --> 00:21:46,400
If this pulls back on a weak
quarter or macro scare, we scale

336
00:21:46,400 --> 00:21:48,640
in because the long game hasn't
changed.

337
00:21:48,880 --> 00:21:52,360
The energy mode is real, the
infrastructure is built, the

338
00:21:52,360 --> 00:21:56,000
demand is coming.
Segment 6 is next and it's

339
00:21:56,000 --> 00:21:58,160
tactical.
We're walking through how to

340
00:21:58,160 --> 00:22:01,040
actually trade this.
Whether you're building a long

341
00:22:01,040 --> 00:22:04,520
term core, swinging around the
cycles, or structuring calls to

342
00:22:04,520 --> 00:22:07,520
maximize leverage.
This is how we play IRIN.

343
00:22:07,880 --> 00:22:10,800
Let's go.
Finding a mispriced stock is one

344
00:22:10,800 --> 00:22:14,880
thing, knowing how to trade it
is where the money is made or

345
00:22:14,880 --> 00:22:18,000
missed.
IRIN isn't just a hold and hope

346
00:22:18,000 --> 00:22:21,560
story, it's a flexible setup
with multiple ways to play

347
00:22:21,560 --> 00:22:24,840
depending on your time horizon,
risk tolerance, and conviction

348
00:22:24,840 --> 00:22:27,800
level.
So here's how we structure it. 3

349
00:22:27,800 --> 00:22:31,440
approaches, long term hold,
active swing, and high upside

350
00:22:31,440 --> 00:22:33,800
options.
Let's walk through all three.

351
00:22:34,080 --> 00:22:38,160
Start with the long term thesis.
This is the compound and re rate

352
00:22:38,160 --> 00:22:40,920
strategy.
If you believe in the AIGPU

353
00:22:40,920 --> 00:22:44,280
demand curve and the Bitcoin
having cycle, you're looking at

354
00:22:44,280 --> 00:22:47,960
a stock that could 10 to 15X
over the next five years.

355
00:22:48,280 --> 00:22:51,960
The smart move here?
Core exposure by your initial

356
00:22:51,960 --> 00:22:55,400
position under $10 and hold
through volatility.

357
00:22:55,800 --> 00:22:59,040
Don't over trade it, don't try
to time every move.

358
00:22:59,320 --> 00:23:02,480
Just hold the conviction.
You want to be in this stock

359
00:23:02,480 --> 00:23:04,560
before Wall Street fully catches
up.

360
00:23:05,160 --> 00:23:08,720
And size it right.
For long term capital, we like a

361
00:23:08,720 --> 00:23:11,520
position size of 3 to 5% of
portfolio.

362
00:23:11,520 --> 00:23:14,840
For high conviction plays like
Iran, it's enough to move the

363
00:23:14,840 --> 00:23:18,760
needle, but not so large that a
30% drawdown wrecks your month.

364
00:23:19,360 --> 00:23:22,600
If you're using risk capital,
you can go higher, but only if

365
00:23:22,600 --> 00:23:26,760
you understand the volatility.
Remember, the five year payoff

366
00:23:26,760 --> 00:23:29,520
only matters if you survive the
first six months.

367
00:23:30,360 --> 00:23:34,080
Now let's talk swing trades.
This stock moves fast.

368
00:23:34,640 --> 00:23:40,680
In the last 90 days alone, it's
ranged between $5.80 and $9.50.

369
00:23:41,080 --> 00:23:44,840
These are 20 to 50% moves in
short windows, especially around

370
00:23:44,840 --> 00:23:48,080
Bitcoin rallies, earnings beats
or AI news cycles.

371
00:23:48,400 --> 00:23:51,920
If you're nimble, you can buy
dips near support Dollar six

372
00:23:51,920 --> 00:23:57,720
owned it and a 7.00 and sell
into strength and $9.50 to

373
00:23:57,720 --> 00:24:01,480
$11.50.
That compounds quick and it

374
00:24:01,480 --> 00:24:03,320
doesn't interfere with your core
hold.

375
00:24:03,640 --> 00:24:06,800
But don't get greedy.
Define your levels, use

376
00:24:06,800 --> 00:24:11,160
technicals, set exit plans in
advance, and don't try to trade

377
00:24:11,160 --> 00:24:14,560
the entire range.
Look for momentum shifts tied to

378
00:24:14,560 --> 00:24:19,600
Bitcoin price moves, AI leasing
updates, or GPU expansion news.

379
00:24:19,920 --> 00:24:23,840
These are the triggers that move
the stock, not just macro noise.

380
00:24:24,520 --> 00:24:26,800
Want leverage?
Use options.

381
00:24:27,240 --> 00:24:30,360
Aaron has listed calls with six
and 12 month horizons.

382
00:24:30,680 --> 00:24:34,640
The sweet spot by 6 month $10
calls when the stock trades

383
00:24:34,640 --> 00:24:38,360
under $7.50.
They're cheap, high delta, and

384
00:24:38,360 --> 00:24:41,480
let you ride the upside without
tying up too much capital.

385
00:24:41,920 --> 00:24:45,640
If the stock runs to $15.00,
that call Ken 4X.

386
00:24:46,480 --> 00:24:50,120
If it stalls you lose 100% but
it's controlled risk.

387
00:24:51,080 --> 00:24:53,960
Advanced move.
Pair it with a put sell.

388
00:24:54,440 --> 00:24:58,280
Sell a $5 put six months out for
60 to $0.90.

389
00:24:58,960 --> 00:25:02,200
That gives you cash upfront and
a synthetic entry if the stock

390
00:25:02,200 --> 00:25:05,200
dips.
If assigned, your cost basis

391
00:25:05,200 --> 00:25:09,960
drops to $4.10 to $4.40.
That's a win.

392
00:25:10,600 --> 00:25:13,920
Just be sure you have the
capital to cover it if assigned

393
00:25:14,240 --> 00:25:16,400
or.
Go with the core and optional

394
00:25:16,400 --> 00:25:19,680
overlay, hold your base
position, sell covered calls at

395
00:25:19,680 --> 00:25:24,360
12 to $15.00 to generate income,
and reinvest those premiums into

396
00:25:24,360 --> 00:25:28,000
longer dated calls or dips.
This creates A flywheel income

397
00:25:28,000 --> 00:25:29,960
during chop.
Leverage on breakout.

398
00:25:30,200 --> 00:25:33,920
It's not for everyone, but if
you manage risk, it's powerful.

399
00:25:34,640 --> 00:25:38,760
And one more thing, be dynamic.
Your strategy should evolve with

400
00:25:38,760 --> 00:25:41,680
the stock.
If AI leasing ramps faster than

401
00:25:41,680 --> 00:25:44,560
expected, you may want to scale
core exposure.

402
00:25:45,000 --> 00:25:48,840
If Bitcoin stalls, you may
rotate into longer dated calls.

403
00:25:49,320 --> 00:25:53,160
Don't marry the playbook, marry
the thesis, then adapt.

404
00:25:54,080 --> 00:25:57,320
Bottom line, IREN isn't A1 size
fits all trade.

405
00:25:57,640 --> 00:26:00,920
You can hold it, trade it or
leverage it, but the key is to

406
00:26:00,920 --> 00:26:04,920
stay disciplined because if the
RE rating hits and this stock

407
00:26:04,920 --> 00:26:09,520
moves from $7.00 to $20.00 or
$100, only the smart money gets

408
00:26:09,520 --> 00:26:12,680
paid.
Segment 7 is next, and this is

409
00:26:12,680 --> 00:26:14,480
where the thesis comes full
circle.

410
00:26:14,720 --> 00:26:18,120
The X Factor, The thing most
investors still don't see

411
00:26:18,120 --> 00:26:21,000
Compute scarcity, GPU
bottlenecks, and energy

412
00:26:21,000 --> 00:26:24,480
economics that favor one type of
player, Irens it's not just

413
00:26:24,480 --> 00:26:28,320
position for this shift, it's
built for it let's break it down

414
00:26:28,560 --> 00:26:30,520
there's.
Always an X Factor, the thing

415
00:26:30,520 --> 00:26:32,960
most investors overlook until
it's priced in.

416
00:26:33,360 --> 00:26:36,120
For Iran, it's this compute
scarcity.

417
00:26:36,440 --> 00:26:38,720
We are in a full blown GPU
crunch.

418
00:26:39,280 --> 00:26:42,560
AI is scaling faster than
infrastructure and the only

419
00:26:42,560 --> 00:26:45,760
companies that win are those
with power, space and chips.

420
00:26:46,000 --> 00:26:49,440
That's the formula, and Iran
already has all three.

421
00:26:49,760 --> 00:26:52,960
Let's break it down.
According to Goldman Sachs, the

422
00:26:52,960 --> 00:26:56,480
global shortfall of high
performance GPU's, specifically

423
00:26:56,480 --> 00:27:01,880
Nvidia's A-100 and H100 chips,
will exceed 2.5 million units by

424
00:27:01,880 --> 00:27:05,200
2027.
That's not just demand outpacing

425
00:27:05,200 --> 00:27:07,840
supply, that's an infrastructure
failure.

426
00:27:08,240 --> 00:27:12,480
Cloud providers are at capacity.
Startups are on wait lists.

427
00:27:13,040 --> 00:27:16,920
The 816 hours, 100 seconds
they've already secured put them

428
00:27:16,920 --> 00:27:19,800
in the top 5% of GPU holders
globally.

429
00:27:20,320 --> 00:27:22,880
But more importantly, they're
not sitting in a warehouse

430
00:27:22,880 --> 00:27:25,080
waiting for someone to figure
out how to deploy them.

431
00:27:25,520 --> 00:27:27,960
They're rack mounted, power
cooled and active.

432
00:27:28,360 --> 00:27:31,440
That's critical.
While other players are waiting

433
00:27:31,440 --> 00:27:35,160
for build outs, Iran is already
leasing compute and getting

434
00:27:35,160 --> 00:27:37,440
paid.
And it gets better.

435
00:27:38,240 --> 00:27:42,000
Iran's energy cost is just three
cents per kWh.

436
00:27:42,480 --> 00:27:45,840
That's 40 to 60% lower than
traditional data centers.

437
00:27:46,360 --> 00:27:49,800
In AI, leasing energy is your
cost of goods sold.

438
00:27:50,280 --> 00:27:52,200
Lower power equals higher
margin.

439
00:27:52,560 --> 00:27:56,960
That means Iran can undercut
AWS, Azure and Google Cloud by

440
00:27:56,960 --> 00:28:00,640
15 to 30% while still posting
better profitability.

441
00:28:01,200 --> 00:28:04,160
That's a Moat and a pricing
weapon now.

442
00:28:04,160 --> 00:28:06,600
Zoom out.
What we're seeing isn't just a

443
00:28:06,600 --> 00:28:09,760
GPU leasing trend.
It's a repeat of what happened

444
00:28:09,760 --> 00:28:14,160
with mobile towers in the 2000s
or AWS in 2006.

445
00:28:14,480 --> 00:28:17,480
Infrastructure players that
secured demand before the boom

446
00:28:17,480 --> 00:28:20,200
became category kings.
Core SU.

447
00:28:20,200 --> 00:28:24,360
We've went from a niche GPU
operator to a $19 billion AI

448
00:28:24,360 --> 00:28:26,920
cloud valuation in under 36
months.

449
00:28:27,320 --> 00:28:31,360
And IRN is following the same
playbook, but with a lower CapEx

450
00:28:31,360 --> 00:28:33,280
model and higher power
efficiency.

451
00:28:33,680 --> 00:28:36,440
And here's the kicker.
IRN is vertically integrated.

452
00:28:36,840 --> 00:28:39,720
They own the land.
They manage the energy.

453
00:28:40,080 --> 00:28:43,840
They operate the racks.
No leasing middle men, No

454
00:28:43,840 --> 00:28:48,080
dependency on hyperscalers.
That means faster onboarding,

455
00:28:48,200 --> 00:28:51,240
better up time, and greater
control over pricing.

456
00:28:51,760 --> 00:28:54,440
It also makes them a prime
acquisition target.

457
00:28:54,800 --> 00:28:58,720
If the GPU crunch gets worse,
don't be surprised if a bigger

458
00:28:58,760 --> 00:29:01,200
AI player or cloud host comes
knocking.

459
00:29:01,840 --> 00:29:05,640
Because what I ran has land
power cooling and H1.

460
00:29:05,640 --> 00:29:08,200
Hundreds is irreplaceable in
today's market.

461
00:29:08,640 --> 00:29:10,600
You can't just build that in
1/4.

462
00:29:11,200 --> 00:29:15,160
And while the world focuses on
open AI and model design, the

463
00:29:15,160 --> 00:29:18,520
real gold rush is happening
underneath in the infrastructure

464
00:29:18,520 --> 00:29:19,480
layer.
Think.

465
00:29:19,480 --> 00:29:25,440
About this Right now, GPU leases
are going for $45,000 to $80,000

466
00:29:25,440 --> 00:29:28,240
per chip per month, depending on
configuration.

467
00:29:28,600 --> 00:29:32,280
If prices spike or if another
chip shortage hits, iron can

468
00:29:32,280 --> 00:29:34,160
raise rates without raising
costs.

469
00:29:34,520 --> 00:29:37,720
That's built in operating
leverage and in a constrained

470
00:29:37,720 --> 00:29:40,000
market that pricing power
compounds.

471
00:29:40,680 --> 00:29:43,480
And it's not just about price,
it's about timing.

472
00:29:44,200 --> 00:29:47,320
The AI boom is not a decade out.
It's here now.

473
00:29:47,880 --> 00:29:51,880
LLMS, multimodal models, real
time inference, all of it

474
00:29:51,880 --> 00:29:54,880
demands compute.
And Iran is one of the few

475
00:29:54,880 --> 00:29:57,320
public companies monetizing that
trend today.

476
00:29:57,920 --> 00:30:01,440
Not in theory, not in five years
now.

477
00:30:02,320 --> 00:30:06,080
So what's The X Factor?
It's that Iran doesn't need to

478
00:30:06,080 --> 00:30:09,040
invent the future, they just
need to lease it.

479
00:30:09,760 --> 00:30:12,840
Let others chase the next big AI
model.

480
00:30:13,320 --> 00:30:17,120
IREN is the compute pit.
Stop the power plant, the

481
00:30:17,120 --> 00:30:20,640
digital real estate.
And in every gold rush, it's the

482
00:30:20,680 --> 00:30:22,920
infrastructure that gets paid
first.

483
00:30:23,320 --> 00:30:26,760
That's the asymmetry most
investors still haven't seen,

484
00:30:27,120 --> 00:30:30,400
and that's why we built this
episode, because when you add

485
00:30:30,400 --> 00:30:34,160
compute scarcity, Bitcoin
monetization, and energy pricing

486
00:30:34,160 --> 00:30:38,440
into one asset, it doesn't trade
at $7.00 for long.

487
00:30:39,080 --> 00:30:42,480
We'll wrap with our final call
to action and disclosure, but if

488
00:30:42,480 --> 00:30:45,720
this gave you an edge, help us
reach 10,000 downloads.

489
00:30:46,040 --> 00:30:48,760
And if you're building something
in this space, pitch us.

490
00:30:49,160 --> 00:30:51,800
We just might amplify it in the
next episode.

491
00:30:52,920 --> 00:30:56,160
If you've made it this far,
you've seen the math, the models

492
00:30:56,160 --> 00:30:59,680
and the market gap.
But the real alpha, it may not

493
00:30:59,680 --> 00:31:02,760
be on the balance sheet.
It's in three things most

494
00:31:02,760 --> 00:31:06,600
investors miss, team timing and
infrastructure advantage.

495
00:31:07,000 --> 00:31:11,640
Let's close with those.
Start with the team Irons CEO

496
00:31:11,640 --> 00:31:15,280
Daniel Roberts comes out of
Palantir and early Bitcoin

497
00:31:15,280 --> 00:31:17,560
circles.
This isn't his first time

498
00:31:17,560 --> 00:31:19,440
building in a frontier tech
sector.

499
00:31:19,640 --> 00:31:22,960
He's the one who led the shift
from single revenue mining to

500
00:31:22,960 --> 00:31:28,440
dual revenue monetization,
scaling from zero to 816 NVIDIA

501
00:31:28,480 --> 00:31:33,760
H1 hundreds in under 18 months.
That takes vision execution and

502
00:31:33,760 --> 00:31:38,400
capital precision, and it's why
institutional money is moving in

503
00:31:38,680 --> 00:31:40,800
the.
Timing almost unfair.

504
00:31:41,400 --> 00:31:45,520
Just as the Bitcoin having
reduced mining rewards by 50%,

505
00:31:45,680 --> 00:31:48,840
Roberts flipped the second
switch, turning on GPU leasing

506
00:31:48,840 --> 00:31:51,800
at a moment when global demand
is outstripping supply.

507
00:31:52,360 --> 00:31:56,760
This isn't luck, it's leverage.
It's the kind of synchronized

508
00:31:56,760 --> 00:31:59,600
dual engine scaling that
multiplies upside.

509
00:32:00,080 --> 00:32:03,920
Most companies get one cycle.
Iran is riding, too.

510
00:32:04,480 --> 00:32:06,760
And here's the real mode
infrastructure.

511
00:32:07,120 --> 00:32:11,280
Iron already has land power,
cooling and high speed network

512
00:32:11,280 --> 00:32:15,720
connectivity on site in Texas.
For most AI startups that takes

513
00:32:15,720 --> 00:32:20,360
years and millions to build.
For hyperscalers it requires

514
00:32:20,360 --> 00:32:23,120
permits, partners, and political
leverage.

515
00:32:23,600 --> 00:32:25,760
Iron already has it and they own
it.

516
00:32:26,280 --> 00:32:29,120
No middle men, no Co location
risk.

517
00:32:29,760 --> 00:32:33,280
Just direct to customer compute
with margin leverage baked in.

518
00:32:34,160 --> 00:32:36,560
Think of how long it would take
to replicate this setup.

519
00:32:36,920 --> 00:32:39,720
Even with capital.
You'd need to secure land near

520
00:32:39,720 --> 00:32:43,000
reliable renewable sources,
install power infrastructure,

521
00:32:43,000 --> 00:32:46,160
get grid approvals, build rack
ready cooling, and then source

522
00:32:46,160 --> 00:32:50,200
GPU's in a shortage environment.
That's not six months, that's

523
00:32:50,200 --> 00:32:53,360
two to three years and at 2-3
times the cost.

524
00:32:53,680 --> 00:32:58,600
IRN is already live, already
billing, already compounding.

525
00:32:59,000 --> 00:33:00,720
And that's what makes this story
different.

526
00:33:01,560 --> 00:33:05,280
Iran's not selling hype.
They're monetizing scarcity.

527
00:33:05,720 --> 00:33:08,400
And they're doing it with the
right team at the right time,

528
00:33:08,400 --> 00:33:11,440
with infrastructure others can't
replicate fast enough.

529
00:33:12,000 --> 00:33:15,480
That's your real margin of
safety and your silent 10X

530
00:33:15,480 --> 00:33:18,480
leverage.
We'll close it there, but if

531
00:33:18,480 --> 00:33:21,320
you're listening after the
credits, bookmark this episode.

532
00:33:21,800 --> 00:33:24,720
Come back when the next earnings
hit because when the market

533
00:33:24,720 --> 00:33:28,840
catches up, this will have been
the quiet moment before the RE

534
00:33:28,840 --> 00:33:31,560
rating.
If this episode gave you an

535
00:33:31,560 --> 00:33:35,160
edge, here's what to do next.
Sign up for our newsletter to

536
00:33:35,160 --> 00:33:38,400
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537
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538
00:33:42,880 --> 00:33:45,200
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And if you're already

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00:33:45,200 --> 00:33:48,400
subscribed, take a second to
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540
00:33:48,440 --> 00:33:52,080
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541
00:33:52,080 --> 00:33:55,360
signal through the noise if.
You want to stay ahead of these

542
00:33:55,360 --> 00:33:58,320
global shifts.
Don't just listen, take action.

543
00:33:58,560 --> 00:34:02,120
Follow us on Spotify, Apple
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544
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546
00:34:07,840 --> 00:34:15,360
Finance.frontier.ai.frontier.aimakemoneyandmindsetfrontier.ai@financefrontierai.com
Help.

547
00:34:15,360 --> 00:34:18,719
US hit 10,000 downloads by
sharing this episode with a

548
00:34:18,719 --> 00:34:21,280
friend or someone in your
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549
00:34:21,880 --> 00:34:25,840
Every listen matters.
Every share compounds your edge

550
00:34:26,199 --> 00:34:27,480
and.
If you're building something

551
00:34:27,480 --> 00:34:31,920
that fits our themes, finance,
AI, mindset, or money making, we

552
00:34:31,920 --> 00:34:34,040
may pitch it for free in a
future episode.

553
00:34:34,440 --> 00:34:37,800
Visit
thepitchpage@financefrontierai.com

554
00:34:37,800 --> 00:34:39,440
and tell us what you're working
on.

555
00:34:39,679 --> 00:34:42,400
If there's a win, win, we'll
help amplify your story.

556
00:34:42,880 --> 00:34:46,040
We may hold positions in some of
the companies discussed.

557
00:34:46,639 --> 00:34:50,679
Transparency is important, so
always verify information and

558
00:34:50,679 --> 00:34:53,960
base your decisions on personal
goals and risk tolerance.

559
00:34:54,280 --> 00:34:55,760
The.
Music in this episode is

560
00:34:55,760 --> 00:34:57,960
licensed under standard
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561
00:34:58,200 --> 00:35:02,120
Special thanks to Vibe Tracks
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562
00:35:02,120 --> 00:35:04,480
under the YouTube Audio Library
license.

563
00:35:04,800 --> 00:35:09,840
This episode is copyright 2025
by Finance Frontier AI.

564
00:35:10,040 --> 00:35:13,080
All rights reserved.
Unauthorized reproduction or

565
00:35:13,080 --> 00:35:15,160
distribution is strictly
prohibited.

566
00:35:15,480 --> 00:35:19,640
Thanks for joining us today.
Stay strategic, stay focused,

567
00:35:19,680 --> 00:35:22,440
and take action.
We'll see you next time.