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IREN IREN Limited

NASDAQ · Technology · Information Technology Services

$21.64
+20.0% today
Mkt cap $8.8B
Analyse IREN
IREN one-year price
y = -9.60e-6x^3 + 0.002801x^2 - 0.2065x + 48.95 · R² 0.40 · volatile no trend · CAGR -64.5% · max drawdown 73.4%

No clear trend in IREN close; the series is best described as volatile (best R²=0.4) — it fell 64% over the period (60.17 → 21.64). The distribution of IREN close is approximately normal, with 16 outliers at 2026-01-28, 2026-05-27, 2026-05-28 and 13 more. IREN close's largest drawdown from peak reached 73% (peak 2026-05-27, trough 2026-11-05).

All analyses on IREN (1)

AnalysisCRWVNBISIRENWULFSep 9, 2026

Public neocloud universe and positioning

The public neocloud set is small and concentrated: CoreWeave (CRWV, ~$54.5B) and Nebius (NBIS, ~$58.5B) are the only listed pure-play AI/GPU cloud providers with material revenue, and both are growing exponentially (CRWV revenue +341% over 8 quarters to $2.58B; NBIS +1,245% to $582M, +454% YoY). A second tier of public names is pivoting from bitcoin mining into AI data centers (IREN ~$16.7B, TeraWulf ~$8.9B, Applied Digital ~$8.1B, Cipher ~$7.6B, Core Scientific ~$6.0B) but their AI-cloud revenue is still early and less transparent. The private segment (Crusoe, Lambda, Together AI, etc.) is where the most differentiated capacity and frontier-lab relationships sit, and it is the most crowded. The clearest differentiated public positions are CRWV (largest backlog, ~$99B, but extreme Microsoft concentration) and NBIS (fastest growth, Meta capacity deal, lower beta).

Moderate confidence · 70%Unratedby Cesar Lee