When a caller inquired about IREN Limited (NASDAQ:IREN) during the lightning round on September 3, Mad Money host Jim Cramer said:
If you’re going to do neocloud, you got to do, the only one I like is CoreWeave with Michael Intrator. The others I think are too speculative for me.
CoreWeave vs. IREN AI Revenue and Backlog
The two companies are at different stages of building their AI businesses. CoreWeave, Inc. (NASDAQ:CRWV) reported $2.575 billion of second-quarter revenue, up approximately 112% from a year earlier. Its revenue backlog stood at approximately $104 billion as of June 30, excluding more than $25 billion of additional customer commitments secured in early July. Furthermore, active power reached 1.5 gigawatts, while contracted power rose to approximately 3.7 gigawatts. CEO Michael Intrator said on the company’s second-quarter earnings call that “our near-term capacity remains effectively sold out.” He also described broadening customer demand and rapidly expanding enterprise adoption.
Meanwhile, IREN Limited’s AI Cloud Services revenue reached $128.8 million in fiscal 2026, compared with $16.4 million a year earlier. Total fiscal 2026 revenue was $707 million, including $578.2 million from Bitcoin mining. The company reported $4 billion of contracted AI annualized run rate revenue for 2026 capacity, with $1 billion of operating ARR as of August 26. CEO Daniel Roberts said on August 27 that its 2026 capacity was “largely sold out.” Roberts said recent three-year contracts represented more than $20 million of revenue per megawatt and that customer prepayments represented 45%-55% of associated GPU capital expenditures.
CoreWeave and IREN Bear Case
CoreWeave, Inc.’s capital requirements remain substantial. The company spent $9.4 billion on capital expenditures in the second quarter and raised its 2026 CapEx forecast to $35 billion-$39 billion. It also reported $640 million of net interest expense and a $626 million net loss for the quarter. Total debt stood at $35.6 billion as of June 30.
IREN Limited has a different financial profile but is also committing substantial capital to its AI expansion. The company recorded a $638.8 million impairment charge in fiscal 2026, primarily related to the decommissioning of Bitcoin-mining hardware as sites are converted for AI Cloud Services. It had approximately $5.9 billion of cash and cash equivalents, plus $1.7 billion of restricted cash, against approximately $7.7 billion of debt principal as of June 30. IREN’s filing says its $4 billion ARR figure is an operating metric rather than GAAP revenue. Recognized revenue may be materially lower, and the targeted $4 billion of operating ARR is subject to commissioning, testing, and customer acceptance. Additionally, the company is guiding to approximately $25 billion-$30 billion of fiscal 2027 capital expenditures, according to CFO Anthony Lewis.
IREN and CoreWeave Hedge Fund Ownership
Insider Monkey’s tracking of more than 1,000 hedge funds showed 69 funds held IREN at the end of the second quarter, up from 53 in the first quarter. CoreWeave had 71 hedge fund holders, up from 63. IREN’s short interest stood at approximately 25%-27% of its public float while CoreWeave’s was approximately 17%-19% of its float.
For investors comparing the two names, Cramer’s preference for CoreWeave, Inc. comes against a backdrop of much larger revenue, backlog, and customer commitments, while IREN Limited is still scaling its AI Cloud business from a smaller base. Both companies are committing substantial capital to that expansion, making execution and financing important parts of the investment case.
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