James Chanos(@RealJimChanos):Neocloud Math: JP Morgan seems to believe that $5B of D&A in FY 2030 on $80 to $100B of capital employed (2.1 GW) is proper. $IREN

2026.09.26 18:41

Neocloud Math: JP Morgan seems to believe that $5B of D&A in FY 2030 on $80 to $100B of capital employed (2.1 GW) is proper. $IREN

Shay Boloor@StockSavvyShay

2026.09.26 13:52

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.