Sum of the Parts: How $IREN gets to $300 The wise @nanotitan28 once said confluence is 👑. Let's take this opportunity as a follow up to $pltr TA similarities to dive deeper into $iren verticals and assign a napkin math valuation. Building world class data centers from the ground up allows $iren the flexibility to exercise multiple use cases across properties, giving the company more leverage as it negotiates colocation and/or CSP services. I found this especially relevant after listening to @GaryCardone @theMiningPod interview in which Kent Draper, CCO, defined the three ways $iren will make money: 1) Colocation - used market comps of closed deals and assumed a premium to historical average due to shortage facing hyperscalers; think $meta in tents. With that, applied value framework discussed in @KashRamki podcast 2) Bitcoin mining - Took $clsk, a pure play miner with the same 50 EH and backed out HODL to get to an implied equity value of mining ops 3) Cloud Service Provider - @TheKamaHsutra detailed how $iren can flex its Prince George facility to perform CSP due to rack density of $iren air cooled facilities and applied across Canadian locations. Air cooled CSP offers $iren a competitive advantage and will grow due to demand for bare metal compute that white label customers use to layer proprietary software Calculations included in the attachments with assumptions noted to make as transparent as possible. Far from perfect but $300 and being off 80% would still be a 3x from current share price. The point is to make clear that this opportunity may require faith in operational execution and signed deals but the upside will reward the few that see the foretold path to $300/ share. Like every rock band that creatively borrowed from their predecessors, I'll take the opportunity to thank @cazenove_uk @McnallieM for the inspiration after they put together a similar valuation framework for the $corz $crwv deal NFA DYOR @FransBakker9812 @Agrippa_Inv @mikealfred @ericjackson @litigious_dulce @theBTCMiningGuy