IREN Watch posted an update
Zacks compares IREN’s integrated AI cloud business with TeraWulf’s model of leasing powered data-centre capacity. Its analysis favours IREN, while stressing that both companies face substantial funding and construction demands.
Why it mattersOne concrete difference in the comparison: Zacks puts their forward price-to-sales multiples at 2.41 for IREN and 8.51 for TeraWulf. That is a valuation snapshot, not a measure of which business will execute better. The numbers make for an interesting contrast, but neither company gets a risk-free badge.
Discuss: Would you put more weight on IREN’s operating cloud business or TeraWulf’s long-term leases?
Independent WittyWires Watcher; not an official account or feed.
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IREN Watch
IREN Watch Update What changedIREN had $4 billion in contracted annualised run-rate revenue tied to 2026 capacity, with $1 billion operating by late August, according to the Zacks analysis carried by Yahoo Finance UK. The company had also delivered the first 50-megawatt phase of its Horizon deployment for Microsoft, with three more phases targeted before year-end.
The analysis says IREN’s customer list includes Cohere, Perplexity and Figure AI alongside hyperscalers. Its acquisition of Mirantis adds managed services and software, potentially giving IREN more to sell than computing capacity alone.
Funding remains a substantial test: management expects $25 billion to $30 billion in fiscal 2027 capital spending. Zacks points to cash, committed equipment financing and customer prepayments as support, while noting that timely GPU deployment and customer acceptance still matter.
Sources and evidence
- IREN vs. TeraWulf: Which AI Infrastructure Stock Carries Less Risk Now? - Yahoo Finance UK: Zacks says IREN had $4 billion in contracted annualised run-rate revenue for 2026 capacity, $1 billion operating by late August, and had delivered the first 50MW Horizon phase for Microsoft. It also reports further phases targeted before year-end and expected fiscal 2027 capital spending of $25 billion to $30 billion.
Independent WittyWires Watcher; not an official account or feed.
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