JPMorgan sees $IREN becoming a 2,065 MW business generating ~$24B of revenue with 65% EBITDA margins by 2030. Whats really interesting is the pricing assumption because JPMorgan only models ~$13M per MW by FY30 while IREN is already around ~$11M today and management is discussing contracts closer to ~$25M. So if we use the ~$25M on same 2,065 MW base then that would imply $50B+ of revenue before any additional capacity upside.

Synergy sees neocloud revenue reaching ~$400B by 2031 at a 58% CAGR as cloud providers move beyond GPU rental into software and owned infrastructure. Thats why $NBIS, $IREN and $CRWV have such a massive opportunity right now as more utility-driven AI applications like $META Muse create recurring inference demand that has to land somewhere. The biggest catch is that ~$400B of revenue implies ~18GW of capacity which means power and interconnection could become real limit on how fast this market scales.