IREN

IREN has flipped from a money loser into a money maker. Revenue grew about 168% over the past year, and roughly 21 cents of every dollar of sales now lands as profit. For a company that spent years pouring cash into construction, that is the milestone that matters.

IREN controls 5 gigawatts of secured power and builds its own sites instead of renting from others. It has locked in multi-year AI deals worth 9.7 billion dollars and 3.4 billion dollars, pushing contracted recurring revenue toward roughly 3.7 billion dollars a year by the end of 2026. Every bit of its live AI capacity is already spoken for.

Building AI campuses is punishingly expensive. IREN is spending well over a billion dollars a quarter on construction and chips, and it raised another 2.6 billion dollars through convertible notes to keep the shovels moving. If financing gets tight, the growth plan gets tight with it.

This stock moves more than four times as hard as the overall market, so double digit daily drops are normal here. Funding growth also means printing shares, and the count has nearly doubled from about 190 million to roughly 357 million, shrinking each owner's slice. Bitcoin still drives a big chunk of revenue, so crypto slumps sting.