{
  "generatedAt": "2026-10-26T04:10:47Z",
  "disclaimer": "Analysis and opinion, not investment advice.",
  "kind": "company",
  "slug": "iren",
  "name": "IREN",
  "ticker": "IREN",
  "url": "https://deepstack.ltd/companies/iren/",
  "api": "https://deepstack.ltd/api/v1/entities/companies/iren.json",
  "summary": "IREN is named in 1 Part of The Buildout, most recently Part 19: The Interest Bill Comes First.",
  "parts": [
    {
      "part": 19,
      "headline": "The Interest Bill Comes First",
      "url": "https://deepstack.ltd/stories/the-interest-bill-comes-first/"
    }
  ],
  "numbers": [],
  "mentions": [
    {
      "part": 19,
      "section": "The contracts pay the debt",
      "excerpt": "IREN's results of August 27 put recent customer prepayments at 45% to 55% of GPU capital spending.",
      "url": "https://deepstack.ltd/stories/the-interest-bill-comes-first/"
    },
    {
      "part": 19,
      "section": "The contracts pay the debt",
      "excerpt": "Daniel Romero of HyperTech Invest wrote on August 29 that IREN had sold out its 2026 capacity and pre-sold about a quarter of what it plans to bring online in the first half of 2027.",
      "url": "https://deepstack.ltd/stories/the-interest-bill-comes-first/"
    },
    {
      "part": 19,
      "section": "The customer is Oracle's bridge",
      "excerpt": "IREN's results of August 27 add that prepayment terms vary and that there is no assurance future contracts will include them.",
      "url": "https://deepstack.ltd/stories/the-interest-bill-comes-first/"
    }
  ],
  "sides": [
    {
      "part": 16,
      "question": null,
      "side": "two-labs-carry-the-chain",
      "sideLabel": "Two labs carry the chain",
      "claim": "IREN is the cheapest neocloud in the market at 2.9 million dollars per MW across 5,800 secured MW, which is about one-quarter of Nebius' valuation per MW and one-seventh of CoreWeave's, despite IREN holding the largest secured power position of any…",
      "date": "2026-08-28",
      "url": null,
      "linkVerified": false,
      "storyUrl": "https://deepstack.ltd/stories/the-seller-holds-the-paper/",
      "sidesUrl": "https://deepstack.ltd/sides/the-seller-holds-the-paper/"
    },
    {
      "part": 19,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "IREN has sold out its 2026 capacity and pre-sold around one-quarter of the capacity it plans to bring online in H1 2027, with demand, power, and land no longer being constraints.",
      "date": "2026-08-29",
      "url": "https://hypertechinvest.com/p/am-i-buying-iren-q4-earnings-thoughts",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-interest-bill-comes-first/",
      "sidesUrl": "https://deepstack.ltd/sides/the-interest-bill-comes-first/"
    },
    {
      "part": 19,
      "question": null,
      "side": "crossing",
      "sideLabel": "Voices that cross sides",
      "claim": "IREN has pursued vertical integration from day one and has the most impressive power portfolio of the three companies at a fraction of the market cap, whereas Nebius and CoreWeave have encountered problems with leasing.",
      "date": "2026-08-29",
      "url": "https://hypertechinvest.com/p/am-i-buying-iren-q4-earnings-thoughts",
      "linkVerified": true,
      "storyUrl": "https://deepstack.ltd/stories/the-interest-bill-comes-first/",
      "sidesUrl": "https://deepstack.ltd/sides/the-interest-bill-comes-first/"
    }
  ],
  "coverage": {
    "creators": 8,
    "claims": 90,
    "texts": 24,
    "asOf": "2026-10-13"
  },
  "lastUpdated": "2026-10-13",
  "market": null
}