$IREN is getting crushed by the market for no reason.
Lambda just raised $4B at an $18.5B valuation.
$IREN is now worth just $15B.
Yet IREN has a MUCH larger contracted power pipeline and owns its infrastructure, while Lambda relies heavily on colocation.
That gives IREN structurally better margins.
Lambda’s biggest advantage is its ~$50B backlog vs. ~$15B for IREN.
But here’s the catch:
AI infrastructure revenue per MW keeps exploding.
Locking up years of capacity today means sacrificing the optionality to sell that same capacity at much higher prices tomorrow.
A smaller backlog isn’t necessarily a weakness.
$IREN is ridiculously cheap at $15B.
Lambda just raised $4B at an $18.5B valuation.
$IREN is now worth just $15B.
Yet IREN has a MUCH larger contracted power pipeline and owns its infrastructure, while Lambda relies heavily on colocation.
That gives IREN structurally better margins.
Lambda’s biggest advantage is its ~$50B backlog vs. ~$15B for IREN.
But here’s the catch:
AI infrastructure revenue per MW keeps exploding.
Locking up years of capacity today means sacrificing the optionality to sell that same capacity at much higher prices tomorrow.
A smaller backlog isn’t necessarily a weakness.
$IREN is ridiculously cheap at $15B.