Summary

• IREN no longer looks like a pure “AI demand is big” story; it is increasingly a story about whether scarce, energized, deployable infrastructure can command better economics in a market that still cannot clear.
• For IREN, not all existing contracts immediately reprice upward. They likely do not. The significance is that future negotiations may take place in a tighter market than the one in which the company signed its earliest anchor arrangements.
• The bullish argument is improving, but the risks remain real. The biggest one is that pricing power remains more inferred than proven.

There is a simple reason I remain constructive on IREN: the company no longer looks like a pure “AI demand is big” story; it is increasingly a story about whether scarce, energized, deployable infrastructure can command better economics in a

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