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$IREN remains one of the most undervalued AI data center company on Wall Street.
Look at what is happening across the sector.
In the UK, around 140 proposed data center projects have requested approximately 50 GW of electricity. That is more than Britain’s current peak electricity demand. Developers are now facing grid connection delays that can stretch for years.
In the US, data center projects are being delayed by local opposition, electricity costs, water concerns, permitting issues and environmental reviews. Around $64 billion of proposed developments have already been blocked or delayed.
Nebius is facing a lawsuit from residents over its proposed 300 MW data center in Birmingham, Alabama.
Nebius has also agreed to pay Bloom Energy up to $2.6 billion for behind-the-meter fuel cells. The first phase will provide 328 MW of power.
Why would Nebius commit that much capital?
Because getting power faster means bringing compute online faster.
Now look at IREN.
IREN already has a power and data center pipeline of approximately 5.8 GW across Texas, Oklahoma, Canada and Australia.
It has major sites in Childress and Sweetwater in Texas, Kiowa in Oklahoma and several operating locations in British Columbia.
It has also secured a transmission connection agreement for an 800 MW campus in South Australia. The project has received public support from the South Australian government and is expected to begin energisation in 2028.
This is what the market continues to overlook.
IREN has spent years securing sites, power agreements, grid connections and access to transmission infrastructure while many other companies are only now trying to solve those problems.
Yet IREN is still valued at $13.75 billion compared with Coreweave at around $43 billion and Nebius at around $51 billion.
CoreWeave and Nebius are ahead in cloud services and software. IREN addressed part of that gap through the acquisition of Mirantis, which gives the company a stronger enterprise software layer and a presence in Silicon Valley.
IREN now has the power portfolio, the data center pipeline, the financing capability and the software platform needed to sell more than basic infrastructure.
Given the value being placed on powered land and available compute, I am genuinely surprised a hyperscaler has not already tried to acquire the company. Maybe they have and IREN rejected it.
The largest technology companies are spending billions to secure the exact assets IREN already controls.
I believe the market is valuing IREN based largely on current revenue.
I am looking at what nearly 6 GW of power capacity could generate once more of that pipeline is energized and converted into AI compute.
I am very much looking forward to Horizon 1 delivery in the coming weeks.
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Bought a new stock yesterday.
$SKHY
For me, this was a no-brainer.
I still prefer $DRAM. I like the diversification it provides while still giving you concentrated exposure to the memory sector. I think it's the safer way to invest in a sector that has already grown +500%. In some cases over +1,000%.
A full write-up is coming later today. I'll explain why I bought $SKHY, why I still prefer $DRAM overall, and how I'm thinking about the memory opportunity over the next few years.
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Just had a tiny win—finished my morning run even when I felt lazy. Little progress feels like a big mood boost today.
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[Got a pothos Perfect! Keep its soil slightly moist, place it in bright indirect light, and wipe its leaves monthly to dust. No green thumb needed—just tiny, consistent care! ]
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Just spent 10 minutes wiping down the kitchen counter u0026 sipping iced tea – small wins hit different!
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Try a silly sentence game today with your kid! Take turns making the silliest sentences together—perfect giggles guaranteed! ，
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