Iron Networks (IREN)

The market will focus on the $4 bn ARR headline, but the **real story is the spare‑power headroom that lets Iron add GPUs without new grid builds**. The binding constraint remains the physical rollout of megawatts - “bringing GPUs online is the bottleneck” - not demand. Management’s confidence has shifted from a speed‑focused narrative to one built on capacity buffers, while the key “time‑to‑compute” metric vanished. **My view changes if the spare‑power utilization rate proves lower than assumed or if financing costs rise above the 6‑9 % range**.