Model Update Post FY3Q26 Earnings

Research evidence excerpt

Model Update Post FY3Q26 Earnings

Investment Thesis

IREN is emerging as one of the largest AI cloud companies in North America (NAM) as they expand their GPU capacity and power

portfolio. The company operates in both Canada and Texas with a large pipeline of power infrastructure capacity in its pipeline,

which recently expanded into Europe. IREN had been one of the largest BTC mining companies in North America, but is in the

process of winding down that business as they continue to pursue AI cloud growth. IREN has multi-year AI cloud contracts with

some of the major global hyperscalers, underwriting significant value for their business.

Upcoming Catalysts Price PerformanceINFRASTRUCTURE ■ Scaling up of GPU deployments and customer contracting $80

■ Potential monetization of the Sweetwater Texas site $70

■ Increase in spot pricing for GPU services $60

■ Energy arbitrage agreements and opportunities to bring mining unit costs lower $50EQUITY $40

$30

Base Case Assumptions: $80 Price Target $20

$10

Our base case is IREN continues to scale its GPU fleet and grow its AI cloud to generate $0

significant revenue alongside IREN's established BTC mining fleet. We expect the Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26RESEARCH company to continue contracting its GPU fleet for both long-term and spot work to IREN

generate revenue in the AI cloud business. Additionally, we expect the company to S&P 500 (rebased)

continue progressing with its Sweetwater (Texas) buildout to start bringing capacity Source: FactSet

online next year.

Company Description

Upside Scenario IREN was founded in 2018 and is a

Our upside scenario assumes the company scales its GPU fleet at a quicker scale than public BTC mining company focused on