IREN's Bold Moves in Sustainable Bitcoin Mining & AI Data Centers

BL

BlackGoat

Invested

Community Contributor

Published

23 Sep 24

Updated

21 Nov 25

Views

12.2k

n/a

n/a

BlackGoat's Fair Value

n/a

1Y

178.5%

7D

-23.1%

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1Y

178.5%

7D

-23.1%

You can edit this narrative until Nov 22 6:10 AM. Then, changes will post as Updates.

Author's Valuation

US$94.8464.4% undervalued

BlackGoat's Fair Value

Shared on 21 Nov 25

Fair value Decreased 3.43%

The "Reset" Before the Ramp

If you’ve been watching the ticker lately, IREN’s recent correction from its highs is undeniably painful. However, for those willing to look past the daily volatility, the Q1 FY26 results reveal a company that is fundamentally stronger today than it was at its peak.

Shared on 03 Nov 25

Fair value Increased 10%

The Hyperscaler Catalyst Arrives: $9.7B Microsoft Deal It’s happened. The hyperscaler deal we’ve been anticipating since my last update has finally materialized - and it’s a big one.

Shared on 15 Oct 25

Fair value Increased 23%

IREN Update: Fair Value Touched and a Brilliantly Structured Raise What a morning. If you’ve been following the markets, we’ve seen sharp drops, liquidations, and rebounds over tariff concerns in just the past 48 hours.

Shared on 25 Sep 25

Fair value Increased 173%

IREN Investment Thesis Update: The Institutional Awakening and the Path to $70 For those following the IREN story, the transformation from a Bitcoin miner into a premier AI infrastructure provider is no longer a forecast: it’s a reality. The recent market activity is not a random surge but a structured, multi-phase evolution.

Shared on 06 Aug 25

August 2025 Update: Relentless Execution, Mounting Optionality Since my last update, Iris Energy has continued to execute with precision. July’s operational update confirms the company remains firmly on track, scaling both its Bitcoin and AI infrastructure with discipline and speed.

Shared on 03 Jul 25

Fair value Increased 64%

Since publishing my initial thesis on Iris Energy, the company has exceeded expectations across all key dimensions. As a result, I am raising my fair value estimate from $16 to $26 per share , reflecting stronger conviction in the company’s emerging AI infrastructure business and its scalable data center blueprint.

Shared on 22 Nov 24

BlackGoat made no meaningful changes to valuation assumptions.

BlackGoat'sFair Value

US$94.84

64.4% undervalued

Future estimation in

Growth p.a.

Growth p.a.

%

Decrease

Increase

Current revenue growth rate

37.99%

Software revenue growth rate

1.20%

Risk Level (Discount Rate)

Our default considers factors like the company's size, volatility, profitablity and country of operation.

%

0

Decrease

Increase

Current discount rate

8.16%

Calculation

US$813.59m

Earnings '30

x

65.00x

PE Ratio '30

=

US$52.88b

Market Cap '30

US$52.88b

Market Cap '30

/

397.58m

No. shares '30

=

US$133.01

Share Price '30

US$133.01 Share Price '30

Discounted to 2025 @ 7.00% p.a.

=

US$94.84

Fair Value '25