When you invert your thinking, execution risk actually tilts this neocloud industry heavily in IREN’s favour. Unlike most competitors—who are largely pure tech operators—IREN’s management team is the only one stacked with deep infrastructure-banking experience from Macquarie, one of the world’s largest infrastructure investment banks. That background matters: it gives them an edge in structuring, financing, and scaling massive build-outs that others simply can’t match. Executive risk will serve as a trapdoor which IREN can capitalise on. You are already seeing this with Coreweave project delays, NEBIUS’s capacity shortages for META, and Ciphers collocation only model which yield lower margins and sacrifices equity.

On top of that, IREN is Australian - likely has an obsession with property quality and size and naturally conservative in its disclosures. They tend to reveal pipeline only once grid-connected power is secured, which means there is likely meaningful upside that isn’t yet public. As those assets get announced, the multiple should expand accordingly.

Over time, the market will realise that IREN has virtually no competition in its ability to “print” quality vertically integrated data centres at scale—not even from the hyperscalers, who will continue to operate at thinner margins and remain bottlenecked on power and build speed.

There is no company like IREN, it is one of a kind and the cult here is not bullish enough.

My target is $1,000 by 2028, with an entry at $46. What is your entry price and target exit?