EquityResearch

In July 2025, $IREN reported record monthly revenue of $86M and hardware profits of $66M, driven by Bitcoin mining and growing AI cloud activity. They mined 728 BTC at an average hashrate of 45.4 EH/s, achieving a ~76% hardware profit margin. AI cloud revenue, though smaller (~$2.3M), delivered a staggering 98% hardware profit margin, signaling highly efficient GPU utilization. Stock Titan 🧠 Infrastructure & AI Expansion The company is scaling its AI footprint with 2.4K NVIDIA B200/B300 GPUs, and key data center builds underway: a 50 MW Horizon 1 AI facility (Q4‑25 completion) and 1,400 MW Sweetwater 1. Fiber and AI infrastructure upgrades are in progress. 🔁 Rapid Growth Story Revenue is up 172% YoY and analysts forecast triple‑digit growth over the next few quarters, with EPS projected at $0.91 in fiscal 2026 (versus a small loss in fiscal 2025). The stock has soared ~51% this year, hitting 52-week highs, and trading volume and demand are sky high with strong institutional accumulation. 💳 Capital & Analyst Confidence IREN recently closed a $550M convertible note offering, boosting balance sheet strength. Analysts like B. Riley lifted their price target to $22, citing strong execution and upside in crypto and AI segments. 🧠 What's in it for $IREN Investors? 1. Explosive Growth Potential Revenue up 172% YoY and forecast to grow triple digits over the next year. Transitioning from a small net loss in FY25 to projected $0.91 EPS in FY26. 2. Bitcoin Tailwinds + AI Optionality Mined 728 BTC in July alone—high exposure to Bitcoin upside. AI cloud business is small but ultra-profitable: 98% hardware margins and growing. Deploying 2.4K NVIDIA GPUs → giving $IREN an edge in both compute infrastructure and AI cloud hosting. 3. Infrastructure Moat Building massive-scale AI data centers: 50MW Horizon 1 (Q4 completion) 1,400MW Sweetwater in development Investing in fiber, networking, and cooling → real infrastructure advantage over most crypto-native miners. 4. Clean Energy Narrative 100% renewable energy-powered operations = attractive for ESG-conscious funds and long-term capital. 5. Strong Capital Position + Analyst Support Just raised $550M via convertible notes, bolstering cash for expansion. Analysts are bullish: B. Riley → $22 target Momentum, institutional accumulation, and rising volume suggest strong conviction.

Declaring world-first polymetallic nodule reserves: $TMC released two economic studies showing a combined project Net Present Value (NPV) of $23.6 billion, including a Pre‑Feasibility Study for its NORI-D project (NPV ~ $5.5B, IRR ~ 27%) plus a broader study with NPV of $18.1B and IRR ~ 36%... 🔎 Early investors are betting on a “once-in-a-generation” mineral reserve play that could become wildly profitable if commercial production takes off. Retail frenzy ahead of PFS release: The stock jumped over 15% pre-market, driven by speculation around the upcoming PFS report. Chat volume on StockTwits surged ~464% as traders tagged it a “buy now or regret” moment... 🔎 TMC may benefit from early regulatory licenses, strategic partnerships (like with Allseas), and favorable ESG narratives (vs. land-based mining). Macro tailwinds on seabed mining: U.S. policy backing deep-sea mineral sourcing, including executive orders to speed commercial recovery permits, reinforces TMC's strategic upside... 🔎each of these stages could unlock re-ratings of the stock. Weakness came after a ~25% drop tied to geopolitical developments: the U.S. eased export controls on chips to China, which might reduce incentives for domestic mineral sourcing. Investors recalibrated based on the possibility of easier access to Chinese rare-earths... TMC is a high-risk, high-reward bet. It’s not a “cash flow now” play...it’s a moonshot on deep-sea mineral extraction disrupting global supply chains. If you believe the EV + clean energy boom will create long-term demand for battery metals and traditional supply is constrained, TMC offers an asymmetric upside...with significant volatility baked in.

In July 2025, $IREN reported record monthly revenue of $86M and hardware profits of $66M, driven by Bitcoin mining and growing AI cloud activity. They mined 728 BTC at an average hashrate of 45.4 EH/s, achieving a ~76% hardware profit margin. AI cloud revenue, though smaller (~$2.3M), delivered a staggering 98% hardware profit margin, signaling highly efficient GPU utilization. Stock Titan 🧠 Infrastructure & AI Expansion The company is scaling its AI footprint with 2.4K NVIDIA B200/B300 GPUs, and key data center builds underway: a 50 MW Horizon 1 AI facility (Q4‑25 completion) and 1,400 MW Sweetwater 1. Fiber and AI infrastructure upgrades are in progress. 🔁 Rapid Growth Story Revenue is up 172% YoY and analysts forecast triple‑digit growth over the next few quarters, with EPS projected at $0.91 in fiscal 2026 (versus a small loss in fiscal 2025). The stock has soared ~51% this year, hitting 52-week highs, and trading volume and demand are sky high with strong institutional accumulation. 💳 Capital & Analyst Confidence IREN recently closed a $550M convertible note offering, boosting balance sheet strength. Analysts like B. Riley lifted their price target to $22, citing strong execution and upside in crypto and AI segments. 🧠 What's in it for $IREN Investors? 1. Explosive Growth Potential Revenue up 172% YoY and forecast to grow triple digits over the next year. Transitioning from a small net loss in FY25 to projected $0.91 EPS in FY26. 2. Bitcoin Tailwinds + AI Optionality Mined 728 BTC in July alone—high exposure to Bitcoin upside. AI cloud business is small but ultra-profitable: 98% hardware margins and growing. Deploying 2.4K NVIDIA GPUs → giving $IREN an edge in both compute infrastructure and AI cloud hosting. 3. Infrastructure Moat Building massive-scale AI data centers: 50MW Horizon 1 (Q4 completion) 1,400MW Sweetwater in development Investing in fiber, networking, and cooling → real infrastructure advantage over most crypto-native miners. 4. Clean Energy Narrative 100% renewable energy-powered operations = attractive for ESG-conscious funds and long-term capital. 5. Strong Capital Position + Analyst Support Just raised $550M via convertible notes, bolstering cash for expansion. Analysts are bullish: B. Riley → $22 target Momentum, institutional accumulation, and rising volume suggest strong conviction.