IREN's AI cloud started to scale following its delivery of 50 MW Horizon 1 to Microsoft. First-quarter AI revenue grew 182% sequentially to $200 million. It also expanded contracts with a frontier AI lab. Revenue backlog is now over $20 billion, with two-thirds at or above investment grade.
IREN’s access to cheap renewable energy and outstanding data center efficiency allows the company to undercut competitors with low prices to capture more demand.
The long-term demand for AI cloud infrastructure is highly uncertain. If IREN is unable to ramp up revenue rapidly, the large amount of convertible notes on its balance sheet will significantly dilute existing shareholder interest.
Metric | IREN | CRWV | ORCL |
|---|---|---|---|
Price/Earnings (Normalized) | 63.65 | — | 14.60 |
Price/Book Value | 1.57 | 6.68 | 5.77 |
Price/Sales | 9.88 | 2.64 | 4.83 |
Price/Cash Flow | 16.50 | 5.53 | 11.36 |
Metric | IREN | CRWV | ORCL |
|---|---|---|---|
Quick Ratio | 0.98 | 0.39 | 1.02 |
Current Ratio | 1.60 | 0.46 | 1.17 |
Interest Coverage | −12.58 | −0.03 | 5.07 |
Metric | IREN | CRWV | ORCL |
|---|---|---|---|
Return on Assets (Normalized) | −2.15% | −3.07% | 9.91% |
Return on Equity (Normalized) | −6.81% | −35.57% | 63.39% |
Return on Invested Capital (Normalized) | −2.69% | −0.25% | 15.17% |
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