IREN Limited (IREN): A Bull Case Theory 

We came across a bullish thesis on IREN Limited on X.com by EvolamTrades. In this article, we will summarize the bulls’ thesis on IREN. IREN Limited’s share was trading at $47.81 as of November 28th. IREN’s trailing and forward P/E were 27.48 and 40.82 respectively according to Yahoo Finance.

IREN Limited operates in the vertically integrated data center business in Australia and Canada. IREN presents a compelling investment opportunity due to its uniquely strong position in the crypto infrastructure and CSP (cloud service provider) markets. Despite its CSP business performing exceptionally well, the company is pursuing co-location deals at $1.75M per MW, which appears highly attractive given the potential to achieve $7M+ per MW as a neocloud operator.

Its vertically integrated model, combined with a superior land portfolio, positions $IREN to eventually surpass peers like $CRWV in market capitalization, suggesting a potential 5x upside simply to reach parity. Unlike competitors such as $WULF and $CORZ, which contracted capacity too early, $IREN’s strategic positioning allows it to command $4M+ per MW in co-location agreements, reflecting the scarcity and value of its assets.

Looking ahead to 2026, $IREN is projected to generate significant EBITDA across multiple segments: $1B from BTC mining, $800M from 200 MW of co-location deals at $4M per MW, $1B from 60k GPUs in Canada operating at 90% margins and 95% utilization, and $1.7B from 100k GPUs in Texas under similar efficiency assumptions. These projections translate into an enterprise value of approximately $68B–$75B, derived from $6B from BTC mining (6x multiple), $8B from co-location (10x), and $54B from CSP operations (20x).

Depending on CAPEX financing and deployment strategy, the company’s price target for 2026 ranges from $150–$300 per share, with a longer-term outlook exceeding $550, reflecting both the company’s operational scale and its ability to monetize its infrastructure at highly favorable economics. $IREN represents a rare opportunity where strategic positioning, vertical integration, and multiple high-margin revenue streams converge, creating a highly asymmetric risk/reward profile for investors.

Previously we covered a bullish thesis on IREN Limited (IREN) by Anxious-Criticism652 on Reddit in May 2025, which highlighted the company’s transition from Bitcoin mining to a vertically integrated AI and crypto infrastructure platform with high-margin GPU deployments. The company’s stock price has appreciated approximately by 424.23% since our coverage. This is because the thesis played out as IREN expanded its compute capacity. The thesis still stands. EvolamTrades shares a similar bullish perspective but emphasizes co-location economics and multi-segment EBITDA potential.

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Disclosure: None.