$IREN Ltd(IREN)$ 5GW fully energized and running should conservatively bring in $72-90 billion in top-line revenue, mostly from renewable energy.
Deals are currently being closed at $25 million per MW. Using $20 million per MW on 3.6GW — assuming only part of the full power portfolio is being billed — gets you $72 billion. At $25 million per MW, that number is $90 billion.
Prices have already doubled since the MSFT deal. If they eventually reach $50-100 million per MW, the earnings picture changes substantially. That’s also assuming IREN hasn’t locked up more land and power by then, which seems likely.
This looks like a cash juggernaut in the making, currently trading at under $15 billion market cap.
I think this could be a $500 billion company within the next 5 years.
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