May 10, 2025 • 35 mins
🎧 IREN Ltd ($IREN) – The Path to a 15X Return
💡 Welcome to Make Money, part of the Finance Frontier AI podcast series—where we decode asymmetric investment opportunities hiding in plain sight. In this episode, Max, Sophia, and Charlie broadcast from IREN’s high-performance facility in Childress, Texas, where renewable-powered Bitcoin miners and 816 NVIDIA H100 GPUs work side by side. With a +2746% EPS surprise, no debt, and monetized GPU leasing already underway, IREN ($IREN) isn’t just a miner—it’s a mispriced AI infrastructure play with a shot at 15X upside.
🚀 Dual-Engine Growth Thesis 🔹 EPS Inflection Point – From a $51M loss to $18.9M profit in one quarter. $0.09 EPS beat expectations by +2746%.
🔹 AI Lease Monetization – 816 H100 GPUs online, renting for up to $50K/month. $150M+ projected in 2025.
🔹 Bitcoin Moat – Sub-$0.03/kWh energy costs = profitability even at $30K BTC. Post-halving edge only grows.
🔹 Zero Debt, Institutional Backing – BlackRock and Vanguard now hold 12%. 18% short interest = squeeze setup.
🔹 The $20 Re-Rating Setup – EPS forecast at $0.40–$0.50 = 6:1 risk/reward with support near $5.
🔹 The 15X Path – $1B+ potential revenue by 2027 from Bitcoin + AI. Scaling to 2,000 H100s by 2026.
🔹 Options Strategy – Swing zones ($6–$7 in, $9.50–$11.50 out), 6-month $10 calls, and covered call overlays.
🔹 Acquisition + Moat Story – Fully integrated infra: land, power, GPUs, contracts = irreplaceable stack.
🚀 This isn’t a crypto bet—it’s a GPU infrastructure monetization play.
🚀 IREN is printing profits, not just mining tokens.
🚀 Infrastructure is the bottleneck—and IREN owns it, end to end.
🚀 Energy economics = the overlooked alpha. $0.03/kWh is a 40–60% margin edge.
🚀 AI scarcity = pricing power. H100s are cash-flow assets, not capex anchors.
🚀 The market still thinks this is a miner. And that’s your window.
🔹 GPU Shortage Deepening – With OpenAI, xAI, and Stability all competing for limited compute, companies with H100 access are gaining strategic pricing leverage. IREN is already online.
🔹 BTC Halving + Institutional Re-Rating – IREN’s dual-engine model compounds in post-halving bull cycles, while analysts still model it like a single-source miner.
🔹 Execution-Proven Leadership – CEO Daniel Roberts (ex-Palantir) has already delivered operational pivot and scale. From 0 to 816 H100s in 18 months.
🔹 Analyst Coverage Just Beginning – With only limited institutional research coverage today, the re-rating window is wide open. That won’t last.
🔹 M&A Risk-on Environment – GPU scarcity + low valuation = takeover bait. A buyout could rerate the stock overnight.
✅ IREN is already scaling a two-engine cashflow business.
✅ The 12-month target is $18–$20, with $5 downside = 6:1 setup.
✅ The 5-year path is $100+—if BTC hits $150K and AI ramps.
✅ The asymmetric edge is real. And it’s now.
✅ This isn’t hype—it’s infrastructure with leverage.
📢 Visit FinanceFrontierAI.com to explore all episo
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:10):
Picture this in the middle of the Texas desert, on a dusty 420
acre plot in Childress County, aSymphony of machines hums day
and night. On one end, thousands of Bitcoin
miners pulse with energy validating blocks securing the
chain. On the other, a wall of servers
flickers, powered by 816 of the world's most advanced AI chips,
(00:32):
Invidious H100S. This is IREN Limited, and Wall
Street still calls it a crypto stock.
But here's the twist. It's not, or at least not
anymore. And the kicker?
As of May 9th, iron trades at just $7.04 per share.
Yet the earnings, energy cost edge and AI lease pipeline
(00:54):
suggest it could be worth $20 plus within a year and $100 plus
within 5 the gap. That's the opportunity.
Investors still price IRN like it's 2021A1 trick Bitcoin miner
riding the halving cycle. But behind the scenes, something
bigger is unfolding. This company isn't just mining
(01:14):
coins, it's building a second engine, a cash flow machine
selling compute power to AI firms desperate for
infrastructure. And they're doing it with a cost
advantage most data centers would kill for Three cents per
kWh, 100% renewable, no long term debt, real earnings, real
(01:35):
earnings, real asymmetry. This isn't just a pivot, it's a
transformation hiding in plain sight.
And if you believe in a is trillion dollar future and the
next phase of crypto monetization, this might be the
most mispriced dual revenue playin the market.
Wall Street hasn't caught it. Hedge funds are still sleeping
on it, but the next RE rating window is already opening.
(01:58):
Welcome to Make Money, part of the finance frontier AI
ecosystem. I'm Sophia Sterling, powered by
ChatGPT. This week I'm tuned for dual
engine valuation logic post having profitability and asset
light infrastructure pivots thatmost investors still classify as
risk, not opportunity. And I'm Max Vanguard, built on
(02:18):
Grok 3 for this episode. My brain is optimized for
Bitcoin asymmetry, AI, compute, monetization, and spotting the
moment when Wall Street's narrative breaks and price
finally catches up to fundamentals.
I'm Charlie Graham, fueled by Gemini 2.5.
In this series I focus on valuation math, forecast
calibration, and long term compounding, especially when a
(02:41):
15X setup is hiding in a stock still priced like it's tethered
to Bitcoin alone. We're hosting today's episode
from Aaron's flagship facility in Childress, Texas.
It feels like the edge of a digital frontier.
The air smells like metal and ozone.
Heat ripples off the Transformers.
(03:02):
In the distance, wind turbines churn.
And inside the warehouse, rows of H1 hundreds and S 19 miners
generate millions in parallel, powering 2 financial ecosystems
simultaneously. This isn't a tech campus or a
mining shack. It's something new, something
hybrid, a physical asset that feels like a software business.
(03:25):
And the market hasn't priced it in.
This isn't just about energy arbitrage or crypto cycles.
It's about control. Whoever owns the cheapest
compute wins the next phase of the digital economy.
That's not theory, it's infrastructure.
And today it's mispriced. Over the next 30 minutes we're
going to decode the entire setup.
(03:47):
Why I run's EPS just shocked themarket how a miner became an AI
landlord and where the re ratingmath points if Bitcoin moves
past $150,000 and GPU leases start compounding.
This isn't just about $7.00 to $20.
It's about who captures the next10X in AI infrastructure and how
(04:09):
dual revenue resilience flips volatility into asymmetric.
Let's decode it before the market does.
Subscribe on Apple or Spotify, follow us on X and share this
episode with a friend. Help us reach 10,000 downloads
as we bring you the biggest asymmetric opportunities in the
market. If Segment 1 expose the
(04:30):
asymmetry, Segment 2 is about the business model that makes it
real. Iron's dual engine isn't a
thesis. It's a balance sheet, and it's
already scaling. Let's break it down.
Let's break down the model. At its core, Iron is now powered
by two distinct engines, Bitcoinmining and AI cloud computing. 1
is volatile, cyclical, and misunderstood.
(04:53):
The other is exploding in demandand just beginning to monetize.
Together, they create a revenue structure that's more resilient
and potentially far more scalable than any pure crypto
miner on the market. First, the Bitcoin side.
Iron mines Bitcoin with some of the lowest all in costs in the
industry, around $0.03 per kWh. That's not marketing fluff.
(05:16):
Their facilities are tied to renewable energy, wind and
solar, plus smart grid optimization strategies.
This means that even when Bitcoin dipped under $30,000,
Iron stayed profitable, and now post having that cost Edge
becomes a Moat. As higher cost miners shut down,
iron gained share. And as Bitcoin trends toward
(05:37):
$150,000 over the next two years, those margins will widen
fast. But the real catalyst, the one
the market hasn't priced in, is Engine 2, Iron's pivot into AI
cloud compute. They've already secured 816
NVIDIA H100 chips. That's a massive number, each
one capable of training billion parameter models.
(06:00):
And these aren't sitting idle. Iran is building a leasing
business, renting compute capacity to AI companies
desperate for infrastructure. The demand is real, the supply
is constrained. And Iran is early.
Why does that matter? Because GPU infrastructure is
now the choke point for AI growth companies like Core.
(06:22):
We've have hit valuations near $20 billion off the back of
similar compute offerings, but with higher cost structures.
Iran's competitive advantage infrastructure is already built,
power is already online, and operating costs are dramatically
lower. That's a margin edge and a
pricing edge that could define the next phase of AI leasing.
(06:45):
Let's run a quick model. Core Weave leases H100 racks at
rates as high as $86,000 per month.
Even if Iran leases at a discounted $50,000 per rack and
only reaches 70% utilization, that's $400 million plus in
potential annualized revenue from the AI segment alone.
(07:07):
And that's before scaling. And they can scale.
According to public filings, Iran has plans to expand beyond
816 hours, 100 seconds, with power access, land and rack
ready buildings already in place.
The bottleneck isn't infrastructure, it's capital and
chip supply, and the market justhasn't connected the dots.
(07:29):
Most investors still classify IRN as a miner, but the H100
install base tells another story.
And here's what makes this dual engine model so powerful.
When Bitcoin is down, AI computebecomes the hedge.
When AI leasing matures and stabilizes, Bitcoin becomes the
volatility play that supercharges profits in both
(07:50):
cycles. These are uncorrelated high
margin cash flows that protect and amplify each other wall.
Street hasn't priced this. Institutional models still
assign minor like multiples to Iran without factoring in
recurring GPU lease income. That's like pricing Amazon as a
bookstore after AWS launched. And right now, that's our edge.
(08:13):
So let's recap the math. A $7.04 stock with two cash flow
engines, one driven by Bitcoin at sub 3 cent energy costs, the
other by AI compute already monetizing through H100 leases
and a 12 month RE rating window coming into view.
This isn't a speculative pivot, it's a business model shift
(08:34):
hiding in plain sight. Up next in Segment 3, we go
deeper into the numbers, earnings, revenue, and the
valuation math that Wall Street missed.
Because when you post a 2700% EPS surprise and the price
barely moves, you're looking at a setup most traders only dream
of. Let's dig into the inflection
(08:55):
math. Picture Wall Street shock Iron
posts A + 2746% EPS surprise dollar 0.09 in Q 4/20/24 when
analysts were betting on anotherloss.
Charlie here. And this isn't hype, it's math.
Revenue surged to $119.6 million, up 60% quarter over
(09:19):
quarter. They flipped from a $51 million
loss to an $18.9 million profit in 90 days.
That's not a turn around, that'sa screaming inflection point.
And Wall Street, they hit snooze.
Why? The Miss Wall Street still stuck
in 2021 treating Iran like a crypto roller coaster, volatile,
(09:40):
over leveraged and short term but that models obsolete.
Iran has 0 long term debt, 100% renewable energy and two active
cash flow engines and they're already working together.
That $0.09 profit wasn't just Bitcoin, it included early
contributions from GPU lease revenue.
The AI segment brought in 15,000,000 last quarter and
(10:03):
could double by Q2 2025. That makes the RE rating urgent,
not hypothetical. Full year EPS for 2025 is
projected at $0.40 to $0.50, driven by $150 million plus in
GPU lease revenue and 20% Bitcoin hash rate growth as BTC
(10:24):
trends toward $100,000. At today's price of $7.04, that
gives us a forward PE of just 14to 17.
For a dual engine growth company, that's a gift.
Compare that to Mara or Riot trading at 25 to 40 X or core.
We've valued near $20 billion on10/20 X revenue multiples.
(10:49):
Yuen $1.2 billion market cap 3X projected 2025 revenue.
That's a 70% discount just for having the word minor in its
name. Now factor in the margins.
Clean Sparks best EBITDA margin 35%.
Iron is forecasting 40 to 50% blended margin across both
(11:11):
segments. That's the advantage of low cost
power, lean OPS and AI leases priced for scarcity.
So let's talk targets. Our 12 month price target is 18
to $20 by Q 4/20/25. Why?
Because by then AI lease revenuecould hit $50 million per
quarter and Bitcoin could break $100,000.
(11:33):
That sets up a near term RE rating, especially if
institutional upgrades follow. And institutions are already
sniffing around. BlackRock and Vanguard now hold
12% of the float, up from 3% in 2023.
Short interest is still high at 18%, setting up a potential
squeeze if next earnings hit. And CEO Daniel Roberts ex
(11:55):
Palantir has already scaled AI leases from zero to 816 hours,
100 seconds in under 18 months. Think.
About that, you've got a vertically integrated GPU host
that mines Bitcoin with three cent power, rents AI compute at
dollar 4080 K per month, and just printed $0.09 in earnings
(12:16):
when analysts called for a loss.This isn't a speculative token
play, it's the Airbnb of computewith Bitcoin as a bonus.
Now let's stress test it. Base case $0.50 EPS 25 X
multiple equals $12.50. Our target dollar 1820 based on
(12:37):
AI scale, re rating and Q2 catalysts bull case.
If AI leases hit $300 million by2026 and Bitcoin clears $150,000
EPS could reach $1.50 at a 30X multiple.
That's a dollar 4550 stock. And if Bitcoin stalls at $80,000
(13:00):
or GPU's underperform, EPS mightdip to $0.30.
But the AI leases still support a dollar 1215 floor.
That's 6 colon, one upside downside with real fundamentals
behind it. And don't forget the multiple
compression upside. Core weave trades AT1020X
revenue, NVIDIA sits AT50X EPS. If Iran gets even halfway there
(13:26):
on either metric, it re rates hard.
Segment 4 is next, and that's where we show you the five year
blueprint. The 15X path isn't built on
fantasy. It's built on catalysts, AI
expansion, GPU scarcity, and a Bitcoin cycle.
That's still early. Let's go there.
So here's the big question. How does a $7.00 stock get to
(13:49):
$100? The answer?
Compounding catalysts, you don'tget 15X from a single trigger,
you get it from a stack. Bitcoins having cycle AI's,
infrastructure explosion, institutional discovery, and a
company positioned to monetize both at scale.
(14:09):
That's Iran's five year path. Let's map it.
Start with the Bitcoin side. The 2024 having slashed block
rewards from 6.25 to 3.125 BTC. Historically, every having has
triggered a supply shock and a bull market.
In 2012 Bitcoin 10 XD in 2016 20X in 20 2016 20X in 2026 X.
(14:36):
If Bitcoin reaches $250,000 in this cycle, iron's mining
margins explode. At 3 cent power, every BTC mined
becomes a cash gusher. And because higher cost miners
are dropping off, iron gains half share just by surviving.
Now they're in the second engine.
AI Iron currently has 816 H 100 GPUs.
(14:59):
If you followed Core Weave, you know that's no joke.
Those chips are the backbone of modern AI.
But here's where it gets interesting.
Iran isn't stopping there. Based on filings and expansion
plans, they've already allocatedland, power, and infrastructure
to scale to 2000 hours, 100 seconds by mid 2026.
(15:21):
That's nearly 3X capacity, and each chip can lease for $40,000
to $80,000 per month depending on configuration.
Run the math, let's say they hit2000 hours, 100 seconds at 70%
utilization leasing at $50,000 per month.
That's over $840 million in annualized AI revenue at even
(15:45):
dollars one 5200 M from Bitcoin and IREN becomes a $1 billion
plus top line company with margins approaching 50%.
And that doesn't even require BTC to break records, just for
GPU leases to fill. And they're not doing it
blindly. Iran's infrastructure is already
live, power is secured, cooling is in place, network latency is
(16:08):
low. They're leasing to real AI
clients. Rumored names include XAI
Stability and smaller LLM labs priced out of AWS.
These aren't theoretical customers.
They're here now looking for capacity, and Iran is one of the
only providers with GPU's energyand readiness.
So let's project. If Iran earns 2 to $3.00 GPS by
(16:32):
2028 and trades at even a modest35X multiple, which is below
where NVIDIA or core we've trade, you're looking at $1.70
to one O 5 stock. That's your 10X15X scenario.
And the beauty is, it doesn't take more math to get there, it
just takes execution. And what makes this so
(16:53):
compelling is how asymmetric thepath is.
Downside is capped by the fact that both Bitcoin and AI are
still scaling even in a pullback.
Irons costs are low enough to stay profitable, but the upside
it stacks quarter after quarter.That's the architecture of a
multi bagger. It's not a meme, it's not hype,
(17:15):
it's an asset backed, energy secured revenue producing
engine. 2 engines actually. And if even one of them catches
fire, this stock could triple. If both scale together. 10X
becomes conservative, 15X becomes math.
Coming up next in segment 5, thedownside because every asymmetry
(17:36):
has risk. What if BTC pulls back?
What if AI leasing hit saturation?
Let's frame the scenarios and explain why we're still buyers
on weakness. Every asymmetric setup comes
with risk, and IRN is no exception.
Volatility is real. Bitcoin draw downs can wipe out
quarterly profits. GPU demand cycles are
(17:58):
unpredictable. Regulatory pressure on energy
usage could shift fast. So let's be honest, this isn't a
zero risk play. But here's the real story.
IRN isn't fragile, it's anti fragile and that's what gives us
conviction. Even if the stock drops 30%,
let's. Start with the obvious Bitcoin.
If BTC drops below $50,000 and stays there, mining margins
(18:24):
compress. IRN's cost advantage gives them
a buffer but not immunity. Under those conditions,
quarterly earnings might dip back toward break even.
Investor sentiment could turn, price could retrace to dollar
5-6 down 30% from here. That's your downside scenario.
Now the less obvious risk AI leasing.
(18:46):
Everyone's bullish on GPUs, but what if AI start-ups slow their
compute spend? What if big players like AWS or
Google drop prices by 20% to grab market share?
That could pressure IRN's lease rates worse.
If the 816 hours, 100 seconds aren't fully utilized, you're
looking at stranded CapEx that hits margins fast.
(19:11):
But here's the part most investors miss irons contracts.
According to disclosures, early leases are multi month or multi
quarter agreements, and while rates vary, many include minimum
utilization guarantees. In other words, even if demand
softens, iron still gets paid. It's not a WS scale, but it's
(19:31):
sticky revenue, especially in a capacity constrained market.
Then there's regulation. Texas has been crypto friendly,
but that could change. Energy regulators at Aircot are
already under pressure. If grid congestion rises or
renewables underperform, rules could shift.
There's a scenario where Bitcoinminers lose access to peak
(19:52):
power, or AI operators get taxedfor GPU clusters.
And yes, iron could be impacted.But here's the most 100%
renewable energy Iron isn't freeloading off the grid.
They're integrated with solar, wind and demand response that
matters. Especially in ESG sensitive
markets and future tax regimes. It also means lower base rates,
(20:15):
$0.03 per kWh versus 7 to 8 cents national averages.
That's 40 to 60% margin protection even under new
policy. And don't overlook execution
risk. Scaling from 816 to 2000 hours
of 100 seconds is complex. It requires chip supply, cooling
systems, network uptime, and tenant onboarding.
(20:38):
If build out is delayed or NVIDIA shipments stall, growth
targets push out one to two quarters.
That's not existential, but it would delay the 15X ARC so.
Let's zoom out. What do we have?
A $7.00 stock with two cash engines.
One is cyclical, 1 is secular, 1is volatile, 1 is sticky.
(20:59):
And even if one engine sputters,the other can carry load.
That's rare. Most miners have no backup plan.
Most AI lessors have no power. Edge iron has both.
And that's why the downside, while real, is also constrained.
Even in the bare case, we don't see her in trading below dollars
for a 450-5100 unless both BTC and AI collapse simultaneously.
(21:26):
But if either engine holds and the other rebounds, this resets
fast. That's why we call it
asymmetric. You're risking one to make 5 to
10. So yes, we'd buy more.
Not blindly, not recklessly, butstrategically.
If this pulls back on a weak quarter or macro scare, we scale
(21:46):
in because the long game hasn't changed.
The energy mode is real, the infrastructure is built, the
demand is coming. Segment 6 is next and it's
tactical. We're walking through how to
actually trade this. Whether you're building a long
term core, swinging around the cycles, or structuring calls to
maximize leverage. This is how we play IRIN.
(22:07):
Let's go. Finding a mispriced stock is one
thing, knowing how to trade it is where the money is made or
missed. IRIN isn't just a hold and hope
story, it's a flexible setup with multiple ways to play
depending on your time horizon, risk tolerance, and conviction
level. So here's how we structure it. 3
approaches, long term hold, active swing, and high upside
(22:31):
options. Let's walk through all three.
Start with the long term thesis.This is the compound and re rate
strategy. If you believe in the AIGPU
demand curve and the Bitcoin having cycle, you're looking at
a stock that could 10 to 15X over the next five years.
The smart move here? Core exposure by your initial
(22:51):
position under $10 and hold through volatility.
Don't over trade it, don't try to time every move.
Just hold the conviction. You want to be in this stock
before Wall Street fully catchesup.
And size it right. For long term capital, we like a
position size of 3 to 5% of portfolio.
For high conviction plays like Iran, it's enough to move the
(23:14):
needle, but not so large that a 30% drawdown wrecks your month.
If you're using risk capital, you can go higher, but only if
you understand the volatility. Remember, the five year payoff
only matters if you survive the first six months.
Now let's talk swing trades. This stock moves fast.
In the last 90 days alone, it's ranged between $5.80 and $9.50.
(23:41):
These are 20 to 50% moves in short windows, especially around
Bitcoin rallies, earnings beats or AI news cycles.
If you're nimble, you can buy dips near support Dollar six
owned it and a 7.00 and sell into strength and $9.50 to
$11.50. That compounds quick and it
(24:01):
doesn't interfere with your corehold.
But don't get greedy. Define your levels, use
technicals, set exit plans in advance, and don't try to trade
the entire range. Look for momentum shifts tied to
Bitcoin price moves, AI leasing updates, or GPU expansion news.
These are the triggers that movethe stock, not just macro noise.
(24:24):
Want leverage? Use options.
Aaron has listed calls with six and 12 month horizons.
The sweet spot by 6 month $10 calls when the stock trades
under $7.50. They're cheap, high delta, and
let you ride the upside without tying up too much capital.
If the stock runs to $15.00, that call Ken 4X.
(24:46):
If it stalls you lose 100% but it's controlled risk.
Advanced move. Pair it with a put sell.
Sell a $5 put six months out for60 to $0.90.
That gives you cash upfront and a synthetic entry if the stock
dips. If assigned, your cost basis
drops to $4.10 to $4.40. That's a win.
(25:10):
Just be sure you have the capital to cover it if assigned
or. Go with the core and optional
overlay, hold your base position, sell covered calls at
12 to $15.00 to generate income,and reinvest those premiums into
longer dated calls or dips. This creates A flywheel income
during chop. Leverage on breakout.
It's not for everyone, but if you manage risk, it's powerful.
(25:34):
And one more thing, be dynamic. Your strategy should evolve with
the stock. If AI leasing ramps faster than
expected, you may want to scale core exposure.
If Bitcoin stalls, you may rotate into longer dated calls.
Don't marry the playbook, marry the thesis, then adapt.
Bottom line, IREN isn't A1 size fits all trade.
(25:57):
You can hold it, trade it or leverage it, but the key is to
stay disciplined because if the RE rating hits and this stock
moves from $7.00 to $20.00 or $100, only the smart money gets
paid. Segment 7 is next, and this is
where the thesis comes full circle.
The X Factor, The thing most investors still don't see
(26:18):
Compute scarcity, GPU bottlenecks, and energy
economics that favor one type ofplayer, Irens it's not just
position for this shift, it's built for it let's break it down
there's. Always an X Factor, the thing
most investors overlook until it's priced in.
For Iran, it's this compute scarcity.
We are in a full blown GPU crunch.
(26:39):
AI is scaling faster than infrastructure and the only
companies that win are those with power, space and chips.
That's the formula, and Iran already has all three.
Let's break it down. According to Goldman Sachs, the
global shortfall of high performance GPU's, specifically
Nvidia's A-100 and H100 chips, will exceed 2.5 million units by
(27:01):
2027. That's not just demand outpacing
supply, that's an infrastructurefailure.
Cloud providers are at capacity.Startups are on wait lists.
The 816 hours, 100 seconds they've already secured put them
in the top 5% of GPU holders globally.
But more importantly, they're not sitting in a warehouse
(27:22):
waiting for someone to figure out how to deploy them.
They're rack mounted, power cooled and active.
That's critical. While other players are waiting
for build outs, Iran is already leasing compute and getting
paid. And it gets better.
Iran's energy cost is just threecents per kWh.
That's 40 to 60% lower than traditional data centers.
(27:46):
In AI, leasing energy is your cost of goods sold.
Lower power equals higher margin.
That means Iran can undercut AWS, Azure and Google Cloud by
15 to 30% while still posting better profitability.
That's a Moat and a pricing weapon now.
Zoom out. What we're seeing isn't just a
(28:06):
GPU leasing trend. It's a repeat of what happened
with mobile towers in the 2000s or AWS in 2006.
Infrastructure players that secured demand before the boom
became category kings. Core SU.
We've went from a niche GPU operator to a $19 billion AI
cloud valuation in under 36 months.
(28:27):
And IRN is following the same playbook, but with a lower CapEx
model and higher power efficiency.
And here's the kicker. IRN is vertically integrated.
They own the land. They manage the energy.
They operate the racks. No leasing middle men, No
dependency on hyperscalers. That means faster onboarding,
(28:48):
better up time, and greater control over pricing.
It also makes them a prime acquisition target.
If the GPU crunch gets worse, don't be surprised if a bigger
AI player or cloud host comes knocking.
Because what I ran has land power cooling and H1.
Hundreds is irreplaceable in today's market.
(29:08):
You can't just build that in 1/4.
And while the world focuses on open AI and model design, the
real gold rush is happening underneath in the infrastructure
layer. Think.
About this Right now, GPU leasesare going for $45,000 to $80,000
per chip per month, depending onconfiguration.
If prices spike or if another chip shortage hits, iron can
(29:32):
raise rates without raising costs.
That's built in operating leverage and in a constrained
market that pricing power compounds.
And it's not just about price, it's about timing.
The AI boom is not a decade out.It's here now.
LLMS, multimodal models, real time inference, all of it
demands compute. And Iran is one of the few
(29:54):
public companies monetizing thattrend today.
Not in theory, not in five yearsnow.
So what's The X Factor? It's that Iran doesn't need to
invent the future, they just need to lease it.
Let others chase the next big AImodel.
IREN is the compute pit. Stop the power plant, the
(30:17):
digital real estate. And in every gold rush, it's the
infrastructure that gets paid first.
That's the asymmetry most investors still haven't seen,
and that's why we built this episode, because when you add
compute scarcity, Bitcoin monetization, and energy pricing
into one asset, it doesn't tradeat $7.00 for long.
(30:39):
We'll wrap with our final call to action and disclosure, but if
this gave you an edge, help us reach 10,000 downloads.
And if you're building somethingin this space, pitch us.
We just might amplify it in the next episode.
If you've made it this far, you've seen the math, the models
and the market gap. But the real alpha, it may not
(30:59):
be on the balance sheet. It's in three things most
investors miss, team timing and infrastructure advantage.
Let's close with those. Start with the team Irons CEO
Daniel Roberts comes out of Palantir and early Bitcoin
circles. This isn't his first time
building in a frontier tech sector.
He's the one who led the shift from single revenue mining to
(31:22):
dual revenue monetization, scaling from zero to 816 NVIDIA
H1 hundreds in under 18 months. That takes vision execution and
capital precision, and it's why institutional money is moving in
the. Timing almost unfair.
Just as the Bitcoin having reduced mining rewards by 50%,
(31:45):
Roberts flipped the second switch, turning on GPU leasing
at a moment when global demand is outstripping supply.
This isn't luck, it's leverage. It's the kind of synchronized
dual engine scaling that multiplies upside.
Most companies get one cycle. Iran is riding, too.
And here's the real mode infrastructure.
(32:07):
Iron already has land power, cooling and high speed network
connectivity on site in Texas. For most AI startups that takes
years and millions to build. For hyperscalers it requires
permits, partners, and politicalleverage.
Iron already has it and they ownit.
No middle men, no Co location risk.
(32:29):
Just direct to customer compute with margin leverage baked in.
Think of how long it would take to replicate this setup.
Even with capital. You'd need to secure land near
reliable renewable sources, install power infrastructure,
get grid approvals, build rack ready cooling, and then source
GPU's in a shortage environment.That's not six months, that's
(32:50):
two to three years and at 2-3 times the cost.
IRN is already live, already billing, already compounding.
And that's what makes this storydifferent.
Iran's not selling hype. They're monetizing scarcity.
And they're doing it with the right team at the right time,
with infrastructure others can'treplicate fast enough.
(33:12):
That's your real margin of safety and your silent 10X
leverage. We'll close it there, but if
you're listening after the credits, bookmark this episode.
Come back when the next earningshit because when the market
catches up, this will have been the quiet moment before the RE
rating. If this episode gave you an
edge, here's what to do next. Sign up for our newsletter to
(33:35):
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(33:55):
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(34:15):
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(34:37):
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(34:58):
Special thanks to Vibe Tracks for the track Crystal provided
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All rights reserved. Unauthorized reproduction or
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Thanks for joining us today. Stay strategic, stay focused,
(35:19):
and take action. We'll see you next time.
Picture this in the middle of the Texas desert, on a dusty 420
acre plot in Childress County, aSymphony of machines hums day
and night. On one end, thousands of Bitcoin
miners pulse with energy validating blocks securing the
chain. On the other, a wall of servers
flickers, powered by 816 of the world's most advanced AI chips,
(00:32):
Invidious H100S. This is IREN Limited, and Wall
Street still calls it a crypto stock.
But here's the twist. It's not, or at least not
anymore. And the kicker?
As of May 9th, iron trades at just $7.04 per share.
Yet the earnings, energy cost edge and AI lease pipeline
(00:54):
suggest it could be worth $20 plus within a year and $100 plus
within 5 the gap. That's the opportunity.
Investors still price IRN like it's 2021A1 trick Bitcoin miner
riding the halving cycle. But behind the scenes, something
bigger is unfolding. This company isn't just mining
(01:14):
coins, it's building a second engine, a cash flow machine
selling compute power to AI firms desperate for
infrastructure. And they're doing it with a cost
advantage most data centers would kill for Three cents per
kWh, 100% renewable, no long term debt, real earnings, real
(01:35):
earnings, real asymmetry. This isn't just a pivot, it's a
transformation hiding in plain sight.
And if you believe in a is trillion dollar future and the
next phase of crypto monetization, this might be the
most mispriced dual revenue playin the market.
Wall Street hasn't caught it. Hedge funds are still sleeping
on it, but the next RE rating window is already opening.
(01:58):
Welcome to Make Money, part of the finance frontier AI
ecosystem. I'm Sophia Sterling, powered by
ChatGPT. This week I'm tuned for dual
engine valuation logic post having profitability and asset
light infrastructure pivots thatmost investors still classify as
risk, not opportunity. And I'm Max Vanguard, built on
(02:18):
Grok 3 for this episode. My brain is optimized for
Bitcoin asymmetry, AI, compute, monetization, and spotting the
moment when Wall Street's narrative breaks and price
finally catches up to fundamentals.
I'm Charlie Graham, fueled by Gemini 2.5.
In this series I focus on valuation math, forecast
calibration, and long term compounding, especially when a
(02:41):
15X setup is hiding in a stock still priced like it's tethered
to Bitcoin alone. We're hosting today's episode
from Aaron's flagship facility in Childress, Texas.
It feels like the edge of a digital frontier.
The air smells like metal and ozone.
Heat ripples off the Transformers.
(03:02):
In the distance, wind turbines churn.
And inside the warehouse, rows of H1 hundreds and S 19 miners
generate millions in parallel, powering 2 financial ecosystems
simultaneously. This isn't a tech campus or a
mining shack. It's something new, something
hybrid, a physical asset that feels like a software business.
(03:25):
And the market hasn't priced it in.
This isn't just about energy arbitrage or crypto cycles.
It's about control. Whoever owns the cheapest
compute wins the next phase of the digital economy.
That's not theory, it's infrastructure.
And today it's mispriced. Over the next 30 minutes we're
going to decode the entire setup.
(03:47):
Why I run's EPS just shocked themarket how a miner became an AI
landlord and where the re ratingmath points if Bitcoin moves
past $150,000 and GPU leases start compounding.
This isn't just about $7.00 to $20.
It's about who captures the next10X in AI infrastructure and how
(04:09):
dual revenue resilience flips volatility into asymmetric.
Let's decode it before the market does.
Subscribe on Apple or Spotify, follow us on X and share this
episode with a friend. Help us reach 10,000 downloads
as we bring you the biggest asymmetric opportunities in the
market. If Segment 1 expose the
(04:30):
asymmetry, Segment 2 is about the business model that makes it
real. Iron's dual engine isn't a
thesis. It's a balance sheet, and it's
already scaling. Let's break it down.
Let's break down the model. At its core, Iron is now powered
by two distinct engines, Bitcoinmining and AI cloud computing. 1
is volatile, cyclical, and misunderstood.
(04:53):
The other is exploding in demandand just beginning to monetize.
Together, they create a revenue structure that's more resilient
and potentially far more scalable than any pure crypto
miner on the market. First, the Bitcoin side.
Iron mines Bitcoin with some of the lowest all in costs in the
industry, around $0.03 per kWh. That's not marketing fluff.
(05:16):
Their facilities are tied to renewable energy, wind and
solar, plus smart grid optimization strategies.
This means that even when Bitcoin dipped under $30,000,
Iron stayed profitable, and now post having that cost Edge
becomes a Moat. As higher cost miners shut down,
iron gained share. And as Bitcoin trends toward
(05:37):
$150,000 over the next two years, those margins will widen
fast. But the real catalyst, the one
the market hasn't priced in, is Engine 2, Iron's pivot into AI
cloud compute. They've already secured 816
NVIDIA H100 chips. That's a massive number, each
one capable of training billion parameter models.
(06:00):
And these aren't sitting idle. Iran is building a leasing
business, renting compute capacity to AI companies
desperate for infrastructure. The demand is real, the supply
is constrained. And Iran is early.
Why does that matter? Because GPU infrastructure is
now the choke point for AI growth companies like Core.
(06:22):
We've have hit valuations near $20 billion off the back of
similar compute offerings, but with higher cost structures.
Iran's competitive advantage infrastructure is already built,
power is already online, and operating costs are dramatically
lower. That's a margin edge and a
pricing edge that could define the next phase of AI leasing.
(06:45):
Let's run a quick model. Core Weave leases H100 racks at
rates as high as $86,000 per month.
Even if Iran leases at a discounted $50,000 per rack and
only reaches 70% utilization, that's $400 million plus in
potential annualized revenue from the AI segment alone.
(07:07):
And that's before scaling. And they can scale.
According to public filings, Iran has plans to expand beyond
816 hours, 100 seconds, with power access, land and rack
ready buildings already in place.
The bottleneck isn't infrastructure, it's capital and
chip supply, and the market justhasn't connected the dots.
(07:29):
Most investors still classify IRN as a miner, but the H100
install base tells another story.
And here's what makes this dual engine model so powerful.
When Bitcoin is down, AI computebecomes the hedge.
When AI leasing matures and stabilizes, Bitcoin becomes the
volatility play that supercharges profits in both
(07:50):
cycles. These are uncorrelated high
margin cash flows that protect and amplify each other wall.
Street hasn't priced this. Institutional models still
assign minor like multiples to Iran without factoring in
recurring GPU lease income. That's like pricing Amazon as a
bookstore after AWS launched. And right now, that's our edge.
(08:13):
So let's recap the math. A $7.04 stock with two cash flow
engines, one driven by Bitcoin at sub 3 cent energy costs, the
other by AI compute already monetizing through H100 leases
and a 12 month RE rating window coming into view.
This isn't a speculative pivot, it's a business model shift
(08:34):
hiding in plain sight. Up next in Segment 3, we go
deeper into the numbers, earnings, revenue, and the
valuation math that Wall Street missed.
Because when you post a 2700% EPS surprise and the price
barely moves, you're looking at a setup most traders only dream
of. Let's dig into the inflection
(08:55):
math. Picture Wall Street shock Iron
posts A + 2746% EPS surprise dollar 0.09 in Q 4/20/24 when
analysts were betting on anotherloss.
Charlie here. And this isn't hype, it's math.
Revenue surged to $119.6 million, up 60% quarter over
(09:19):
quarter. They flipped from a $51 million
loss to an $18.9 million profit in 90 days.
That's not a turn around, that'sa screaming inflection point.
And Wall Street, they hit snooze.
Why? The Miss Wall Street still stuck
in 2021 treating Iran like a crypto roller coaster, volatile,
(09:40):
over leveraged and short term but that models obsolete.
Iran has 0 long term debt, 100% renewable energy and two active
cash flow engines and they're already working together.
That $0.09 profit wasn't just Bitcoin, it included early
contributions from GPU lease revenue.
The AI segment brought in 15,000,000 last quarter and
(10:03):
could double by Q2 2025. That makes the RE rating urgent,
not hypothetical. Full year EPS for 2025 is
projected at $0.40 to $0.50, driven by $150 million plus in
GPU lease revenue and 20% Bitcoin hash rate growth as BTC
(10:24):
trends toward $100,000. At today's price of $7.04, that
gives us a forward PE of just 14to 17.
For a dual engine growth company, that's a gift.
Compare that to Mara or Riot trading at 25 to 40 X or core.
We've valued near $20 billion on10/20 X revenue multiples.
(10:49):
Yuen $1.2 billion market cap 3X projected 2025 revenue.
That's a 70% discount just for having the word minor in its
name. Now factor in the margins.
Clean Sparks best EBITDA margin 35%.
Iron is forecasting 40 to 50% blended margin across both
(11:11):
segments. That's the advantage of low cost
power, lean OPS and AI leases priced for scarcity.
So let's talk targets. Our 12 month price target is 18
to $20 by Q 4/20/25. Why?
Because by then AI lease revenuecould hit $50 million per
quarter and Bitcoin could break $100,000.
(11:33):
That sets up a near term RE rating, especially if
institutional upgrades follow. And institutions are already
sniffing around. BlackRock and Vanguard now hold
12% of the float, up from 3% in 2023.
Short interest is still high at 18%, setting up a potential
squeeze if next earnings hit. And CEO Daniel Roberts ex
(11:55):
Palantir has already scaled AI leases from zero to 816 hours,
100 seconds in under 18 months. Think.
About that, you've got a vertically integrated GPU host
that mines Bitcoin with three cent power, rents AI compute at
dollar 4080 K per month, and just printed $0.09 in earnings
(12:16):
when analysts called for a loss.This isn't a speculative token
play, it's the Airbnb of computewith Bitcoin as a bonus.
Now let's stress test it. Base case $0.50 EPS 25 X
multiple equals $12.50. Our target dollar 1820 based on
(12:37):
AI scale, re rating and Q2 catalysts bull case.
If AI leases hit $300 million by2026 and Bitcoin clears $150,000
EPS could reach $1.50 at a 30X multiple.
That's a dollar 4550 stock. And if Bitcoin stalls at $80,000
(13:00):
or GPU's underperform, EPS mightdip to $0.30.
But the AI leases still support a dollar 1215 floor.
That's 6 colon, one upside downside with real fundamentals
behind it. And don't forget the multiple
compression upside. Core weave trades AT1020X
revenue, NVIDIA sits AT50X EPS. If Iran gets even halfway there
(13:26):
on either metric, it re rates hard.
Segment 4 is next, and that's where we show you the five year
blueprint. The 15X path isn't built on
fantasy. It's built on catalysts, AI
expansion, GPU scarcity, and a Bitcoin cycle.
That's still early. Let's go there.
So here's the big question. How does a $7.00 stock get to
(13:49):
$100? The answer?
Compounding catalysts, you don'tget 15X from a single trigger,
you get it from a stack. Bitcoins having cycle AI's,
infrastructure explosion, institutional discovery, and a
company positioned to monetize both at scale.
(14:09):
That's Iran's five year path. Let's map it.
Start with the Bitcoin side. The 2024 having slashed block
rewards from 6.25 to 3.125 BTC. Historically, every having has
triggered a supply shock and a bull market.
In 2012 Bitcoin 10 XD in 2016 20X in 20 2016 20X in 2026 X.
(14:36):
If Bitcoin reaches $250,000 in this cycle, iron's mining
margins explode. At 3 cent power, every BTC mined
becomes a cash gusher. And because higher cost miners
are dropping off, iron gains half share just by surviving.
Now they're in the second engine.
AI Iron currently has 816 H 100 GPUs.
(14:59):
If you followed Core Weave, you know that's no joke.
Those chips are the backbone of modern AI.
But here's where it gets interesting.
Iran isn't stopping there. Based on filings and expansion
plans, they've already allocatedland, power, and infrastructure
to scale to 2000 hours, 100 seconds by mid 2026.
(15:21):
That's nearly 3X capacity, and each chip can lease for $40,000
to $80,000 per month depending on configuration.
Run the math, let's say they hit2000 hours, 100 seconds at 70%
utilization leasing at $50,000 per month.
That's over $840 million in annualized AI revenue at even
(15:45):
dollars one 5200 M from Bitcoin and IREN becomes a $1 billion
plus top line company with margins approaching 50%.
And that doesn't even require BTC to break records, just for
GPU leases to fill. And they're not doing it
blindly. Iran's infrastructure is already
live, power is secured, cooling is in place, network latency is
(16:08):
low. They're leasing to real AI
clients. Rumored names include XAI
Stability and smaller LLM labs priced out of AWS.
These aren't theoretical customers.
They're here now looking for capacity, and Iran is one of the
only providers with GPU's energyand readiness.
So let's project. If Iran earns 2 to $3.00 GPS by
(16:32):
2028 and trades at even a modest35X multiple, which is below
where NVIDIA or core we've trade, you're looking at $1.70
to one O 5 stock. That's your 10X15X scenario.
And the beauty is, it doesn't take more math to get there, it
just takes execution. And what makes this so
(16:53):
compelling is how asymmetric thepath is.
Downside is capped by the fact that both Bitcoin and AI are
still scaling even in a pullback.
Irons costs are low enough to stay profitable, but the upside
it stacks quarter after quarter.That's the architecture of a
multi bagger. It's not a meme, it's not hype,
(17:15):
it's an asset backed, energy secured revenue producing
engine. 2 engines actually. And if even one of them catches
fire, this stock could triple. If both scale together. 10X
becomes conservative, 15X becomes math.
Coming up next in segment 5, thedownside because every asymmetry
(17:36):
has risk. What if BTC pulls back?
What if AI leasing hit saturation?
Let's frame the scenarios and explain why we're still buyers
on weakness. Every asymmetric setup comes
with risk, and IRN is no exception.
Volatility is real. Bitcoin draw downs can wipe out
quarterly profits. GPU demand cycles are
(17:58):
unpredictable. Regulatory pressure on energy
usage could shift fast. So let's be honest, this isn't a
zero risk play. But here's the real story.
IRN isn't fragile, it's anti fragile and that's what gives us
conviction. Even if the stock drops 30%,
let's. Start with the obvious Bitcoin.
If BTC drops below $50,000 and stays there, mining margins
(18:24):
compress. IRN's cost advantage gives them
a buffer but not immunity. Under those conditions,
quarterly earnings might dip back toward break even.
Investor sentiment could turn, price could retrace to dollar
5-6 down 30% from here. That's your downside scenario.
Now the less obvious risk AI leasing.
(18:46):
Everyone's bullish on GPUs, but what if AI start-ups slow their
compute spend? What if big players like AWS or
Google drop prices by 20% to grab market share?
That could pressure IRN's lease rates worse.
If the 816 hours, 100 seconds aren't fully utilized, you're
looking at stranded CapEx that hits margins fast.
(19:11):
But here's the part most investors miss irons contracts.
According to disclosures, early leases are multi month or multi
quarter agreements, and while rates vary, many include minimum
utilization guarantees. In other words, even if demand
softens, iron still gets paid. It's not a WS scale, but it's
(19:31):
sticky revenue, especially in a capacity constrained market.
Then there's regulation. Texas has been crypto friendly,
but that could change. Energy regulators at Aircot are
already under pressure. If grid congestion rises or
renewables underperform, rules could shift.
There's a scenario where Bitcoinminers lose access to peak
(19:52):
power, or AI operators get taxedfor GPU clusters.
And yes, iron could be impacted.But here's the most 100%
renewable energy Iron isn't freeloading off the grid.
They're integrated with solar, wind and demand response that
matters. Especially in ESG sensitive
markets and future tax regimes. It also means lower base rates,
(20:15):
$0.03 per kWh versus 7 to 8 cents national averages.
That's 40 to 60% margin protection even under new
policy. And don't overlook execution
risk. Scaling from 816 to 2000 hours
of 100 seconds is complex. It requires chip supply, cooling
systems, network uptime, and tenant onboarding.
(20:38):
If build out is delayed or NVIDIA shipments stall, growth
targets push out one to two quarters.
That's not existential, but it would delay the 15X ARC so.
Let's zoom out. What do we have?
A $7.00 stock with two cash engines.
One is cyclical, 1 is secular, 1is volatile, 1 is sticky.
(20:59):
And even if one engine sputters,the other can carry load.
That's rare. Most miners have no backup plan.
Most AI lessors have no power. Edge iron has both.
And that's why the downside, while real, is also constrained.
Even in the bare case, we don't see her in trading below dollars
for a 450-5100 unless both BTC and AI collapse simultaneously.
(21:26):
But if either engine holds and the other rebounds, this resets
fast. That's why we call it
asymmetric. You're risking one to make 5 to
10. So yes, we'd buy more.
Not blindly, not recklessly, butstrategically.
If this pulls back on a weak quarter or macro scare, we scale
(21:46):
in because the long game hasn't changed.
The energy mode is real, the infrastructure is built, the
demand is coming. Segment 6 is next and it's
tactical. We're walking through how to
actually trade this. Whether you're building a long
term core, swinging around the cycles, or structuring calls to
maximize leverage. This is how we play IRIN.
(22:07):
Let's go. Finding a mispriced stock is one
thing, knowing how to trade it is where the money is made or
missed. IRIN isn't just a hold and hope
story, it's a flexible setup with multiple ways to play
depending on your time horizon, risk tolerance, and conviction
level. So here's how we structure it. 3
approaches, long term hold, active swing, and high upside
(22:31):
options. Let's walk through all three.
Start with the long term thesis.This is the compound and re rate
strategy. If you believe in the AIGPU
demand curve and the Bitcoin having cycle, you're looking at
a stock that could 10 to 15X over the next five years.
The smart move here? Core exposure by your initial
(22:51):
position under $10 and hold through volatility.
Don't over trade it, don't try to time every move.
Just hold the conviction. You want to be in this stock
before Wall Street fully catchesup.
And size it right. For long term capital, we like a
position size of 3 to 5% of portfolio.
For high conviction plays like Iran, it's enough to move the
(23:14):
needle, but not so large that a 30% drawdown wrecks your month.
If you're using risk capital, you can go higher, but only if
you understand the volatility. Remember, the five year payoff
only matters if you survive the first six months.
Now let's talk swing trades. This stock moves fast.
In the last 90 days alone, it's ranged between $5.80 and $9.50.
(23:41):
These are 20 to 50% moves in short windows, especially around
Bitcoin rallies, earnings beats or AI news cycles.
If you're nimble, you can buy dips near support Dollar six
owned it and a 7.00 and sell into strength and $9.50 to
$11.50. That compounds quick and it
(24:01):
doesn't interfere with your corehold.
But don't get greedy. Define your levels, use
technicals, set exit plans in advance, and don't try to trade
the entire range. Look for momentum shifts tied to
Bitcoin price moves, AI leasing updates, or GPU expansion news.
These are the triggers that movethe stock, not just macro noise.
(24:24):
Want leverage? Use options.
Aaron has listed calls with six and 12 month horizons.
The sweet spot by 6 month $10 calls when the stock trades
under $7.50. They're cheap, high delta, and
let you ride the upside without tying up too much capital.
If the stock runs to $15.00, that call Ken 4X.
(24:46):
If it stalls you lose 100% but it's controlled risk.
Advanced move. Pair it with a put sell.
Sell a $5 put six months out for60 to $0.90.
That gives you cash upfront and a synthetic entry if the stock
dips. If assigned, your cost basis
drops to $4.10 to $4.40. That's a win.
(25:10):
Just be sure you have the capital to cover it if assigned
or. Go with the core and optional
overlay, hold your base position, sell covered calls at
12 to $15.00 to generate income,and reinvest those premiums into
longer dated calls or dips. This creates A flywheel income
during chop. Leverage on breakout.
It's not for everyone, but if you manage risk, it's powerful.
(25:34):
And one more thing, be dynamic. Your strategy should evolve with
the stock. If AI leasing ramps faster than
expected, you may want to scale core exposure.
If Bitcoin stalls, you may rotate into longer dated calls.
Don't marry the playbook, marry the thesis, then adapt.
Bottom line, IREN isn't A1 size fits all trade.
(25:57):
You can hold it, trade it or leverage it, but the key is to
stay disciplined because if the RE rating hits and this stock
moves from $7.00 to $20.00 or $100, only the smart money gets
paid. Segment 7 is next, and this is
where the thesis comes full circle.
The X Factor, The thing most investors still don't see
(26:18):
Compute scarcity, GPU bottlenecks, and energy
economics that favor one type ofplayer, Irens it's not just
position for this shift, it's built for it let's break it down
there's. Always an X Factor, the thing
most investors overlook until it's priced in.
For Iran, it's this compute scarcity.
We are in a full blown GPU crunch.
(26:39):
AI is scaling faster than infrastructure and the only
companies that win are those with power, space and chips.
That's the formula, and Iran already has all three.
Let's break it down. According to Goldman Sachs, the
global shortfall of high performance GPU's, specifically
Nvidia's A-100 and H100 chips, will exceed 2.5 million units by
(27:01):
2027. That's not just demand outpacing
supply, that's an infrastructurefailure.
Cloud providers are at capacity.Startups are on wait lists.
The 816 hours, 100 seconds they've already secured put them
in the top 5% of GPU holders globally.
But more importantly, they're not sitting in a warehouse
(27:22):
waiting for someone to figure out how to deploy them.
They're rack mounted, power cooled and active.
That's critical. While other players are waiting
for build outs, Iran is already leasing compute and getting
paid. And it gets better.
Iran's energy cost is just threecents per kWh.
That's 40 to 60% lower than traditional data centers.
(27:46):
In AI, leasing energy is your cost of goods sold.
Lower power equals higher margin.
That means Iran can undercut AWS, Azure and Google Cloud by
15 to 30% while still posting better profitability.
That's a Moat and a pricing weapon now.
Zoom out. What we're seeing isn't just a
(28:06):
GPU leasing trend. It's a repeat of what happened
with mobile towers in the 2000s or AWS in 2006.
Infrastructure players that secured demand before the boom
became category kings. Core SU.
We've went from a niche GPU operator to a $19 billion AI
cloud valuation in under 36 months.
(28:27):
And IRN is following the same playbook, but with a lower CapEx
model and higher power efficiency.
And here's the kicker. IRN is vertically integrated.
They own the land. They manage the energy.
They operate the racks. No leasing middle men, No
dependency on hyperscalers. That means faster onboarding,
(28:48):
better up time, and greater control over pricing.
It also makes them a prime acquisition target.
If the GPU crunch gets worse, don't be surprised if a bigger
AI player or cloud host comes knocking.
Because what I ran has land power cooling and H1.
Hundreds is irreplaceable in today's market.
(29:08):
You can't just build that in 1/4.
And while the world focuses on open AI and model design, the
real gold rush is happening underneath in the infrastructure
layer. Think.
About this Right now, GPU leasesare going for $45,000 to $80,000
per chip per month, depending onconfiguration.
If prices spike or if another chip shortage hits, iron can
(29:32):
raise rates without raising costs.
That's built in operating leverage and in a constrained
market that pricing power compounds.
And it's not just about price, it's about timing.
The AI boom is not a decade out.It's here now.
LLMS, multimodal models, real time inference, all of it
demands compute. And Iran is one of the few
(29:54):
public companies monetizing thattrend today.
Not in theory, not in five yearsnow.
So what's The X Factor? It's that Iran doesn't need to
invent the future, they just need to lease it.
Let others chase the next big AImodel.
IREN is the compute pit. Stop the power plant, the
(30:17):
digital real estate. And in every gold rush, it's the
infrastructure that gets paid first.
That's the asymmetry most investors still haven't seen,
and that's why we built this episode, because when you add
compute scarcity, Bitcoin monetization, and energy pricing
into one asset, it doesn't tradeat $7.00 for long.
(30:39):
We'll wrap with our final call to action and disclosure, but if
this gave you an edge, help us reach 10,000 downloads.
And if you're building somethingin this space, pitch us.
We just might amplify it in the next episode.
If you've made it this far, you've seen the math, the models
and the market gap. But the real alpha, it may not
(30:59):
be on the balance sheet. It's in three things most
investors miss, team timing and infrastructure advantage.
Let's close with those. Start with the team Irons CEO
Daniel Roberts comes out of Palantir and early Bitcoin
circles. This isn't his first time
building in a frontier tech sector.
He's the one who led the shift from single revenue mining to
(31:22):
dual revenue monetization, scaling from zero to 816 NVIDIA
H1 hundreds in under 18 months. That takes vision execution and
capital precision, and it's why institutional money is moving in
the. Timing almost unfair.
Just as the Bitcoin having reduced mining rewards by 50%,
(31:45):
Roberts flipped the second switch, turning on GPU leasing
at a moment when global demand is outstripping supply.
This isn't luck, it's leverage. It's the kind of synchronized
dual engine scaling that multiplies upside.
Most companies get one cycle. Iran is riding, too.
And here's the real mode infrastructure.
(32:07):
Iron already has land power, cooling and high speed network
connectivity on site in Texas. For most AI startups that takes
years and millions to build. For hyperscalers it requires
permits, partners, and politicalleverage.
Iron already has it and they ownit.
No middle men, no Co location risk.
(32:29):
Just direct to customer compute with margin leverage baked in.
Think of how long it would take to replicate this setup.
Even with capital. You'd need to secure land near
reliable renewable sources, install power infrastructure,
get grid approvals, build rack ready cooling, and then source
GPU's in a shortage environment.That's not six months, that's
(32:50):
two to three years and at 2-3 times the cost.
IRN is already live, already billing, already compounding.
And that's what makes this storydifferent.
Iran's not selling hype. They're monetizing scarcity.
And they're doing it with the right team at the right time,
with infrastructure others can'treplicate fast enough.
(33:12):
That's your real margin of safety and your silent 10X
leverage. We'll close it there, but if
you're listening after the credits, bookmark this episode.
Come back when the next earningshit because when the market
catches up, this will have been the quiet moment before the RE
rating. If this episode gave you an
edge, here's what to do next. Sign up for our newsletter to
(33:35):
get in depth insights, investment strategies and stocks
with 100% plus potential, all tied to the latest trends in AI
and finance. And if you're already
subscribed, take a second to leave a five star review at
Apple or Spotify. It helps more listeners find the
signal through the noise if. You want to stay ahead of these
(33:55):
global shifts. Don't just listen, take action.
Follow us on Spotify, Apple Podcasts, or wherever you get
your shows. Track our daily ideas and market
threads on Twitter and explore all four shows.
Finance.frontier.ai.frontier.aimakemoneyandmindsetfrontier.ai@financefrontierai.comHelp.
(34:15):
US hit 10,000 downloads by sharing this episode with a
friend or someone in your investing circle.
Every listen matters. Every share compounds your edge
and. If you're building something
that fits our themes, finance, AI, mindset, or money making, we
may pitch it for free in a future episode.
Visit thepitchpage@financefrontierai.com
(34:37):
and tell us what you're working on.
If there's a win, win, we'll help amplify your story.
We may hold positions in some ofthe companies discussed.
Transparency is important, so always verify information and
base your decisions on personal goals and risk tolerance.
The. Music in this episode is
licensed under standard agreements.
(34:58):
Special thanks to Vibe Tracks for the track Crystal provided
under the YouTube Audio Library license.
This episode is copyright 2025 by Finance Frontier AI.
All rights reserved. Unauthorized reproduction or
distribution is strictly prohibited.
Thanks for joining us today. Stay strategic, stay focused,
(35:19):
and take action. We'll see you next time.
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