IREN
IRENMarket price data through November 12, 2026.
Performance
Nov 2021 – Nov 2026
Track record
How this pick has done since Benson first called it.
- Benson Return
- -47%
- How much this stock is up since Benson first picked it — measured from the price at the time of that first pick, not from today.
- First pick price
- ~$37
- Roughly what one share cost when Benson first picked this stock. This is the starting line for the Benson Return.
- Tracking since
- March 2026
- The month this stock first became a Benson pick.
- Tracking duration
- 8 months
- How long Benson has been tracking this pick.
About IREN
IREN builds and runs giant data centers powered by cheap electricity in Texas, Canada, and Australia, then rents out the AI chips inside them. It started out mining Bitcoin, but today almost nine of every ten dollars it brings in comes from AI. Think of it as a landlord whose buildings hold the one thing the AI boom cannot get enough of, power that is ready to plug in.
The case for and against
Both sides of the story, in plain English.
- AI Takes Over
AI rentals brought in 200 million dollars this quarter, nearly triple the prior three months. Total sales hit 228 million dollars, up 66%, and AI now makes up almost 90% of the business. Bitcoin, the old core, shrank to just 28 million dollars.
- Billions Booked
IREN signed a 9.7 billion dollar, five year deal to run AI chips for Microsoft, and the first Texas building for it went live this quarter. The company is already on pace for about 1 billion dollars a year in AI rentals, with signed deals to push that past 4 billion dollars. It also controls more than 5 gigawatts of secured power, a rare prize when new power hookups can take years.
- Red Ink Returns
IREN lost 263 million dollars this quarter, even as sales jumped. Wear and tear on all that new equipment, interest on its debt, and stock paid to employees swallowed the gains. Its goal of more than 4 billion dollars a year in AI rentals also slipped from year end to January, and could stretch into February.
- Spending Spree
IREN spent about 4.8 billion dollars on buildings and chips in just three months, and still needs to line up roughly 6 billion dollars more for this year's plan. To help pay for it, the company keeps selling new shares. There are now more than 420 million, up from about 190 million a couple of years ago. The stock also swings more than four times as hard as the overall market, so big daily drops come with the territory.
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How to read this page
This automated research summary uses Financial Modeling Prep market data through 2026-11-12. Model signals, scores, and risk labels can change and may be incomplete or wrong.
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