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Demonstration profile for a vertically integrated digital-infrastructure operator with power, data-center, Bitcoin-mining, and AI-compute exposure.
Profile status
The source map now uses reviewed SEC filings, company materials, and folder-backed secondary research. Operating, capacity, contract, financing, and share-count values on this demonstration profile remain illustrative until the model is rebuilt from those sources.
Updated Aug 3, 2026
Gross power capacity
1,160 MW
Illustrative · current verification required
Contracted capacity
120 MW
Illustrative · current verification required
Development pipeline
2,200 MW
Illustrative · current verification required
Profile overview
Demonstration profile for a vertically integrated digital-infrastructure operator with power, data-center, Bitcoin-mining, and AI-compute exposure.
Illustrative mix of corporate liquidity, equipment financing, project debt, operating cash flow, and possible equity issuance.
Asset map
| Project | Location | Stage | Gross capacity | Contracted capacity | Description |
|---|---|---|---|---|---|
| Existing portfolio | Multiple regions | Operating / expansion | 810 MW | — | Illustrative aggregation for the sample model. |
| AI campus pipeline | Illustrative | Development | 750 MW | 120 MW | Demonstration phases used to show risk-adjusted buildout valuation. |
Capital structure
The demonstration history is included to make dilution visible beside enterprise-value growth. Replace it with current basic and fully diluted reconciliations before launch.
Latest material revision
Aug 3, 2026 · IREN
Replaced the IREN placeholder source map with reviewed primary filings, SEC-filed company materials, and secondary research from the project's private IREN research archive.
Previous
Three illustrative placeholder records
Revised
Four reviewed records with exact public originals and source-quality notes
Reason
The public source library should distinguish filed facts and company guidance from independent interpretation and community modeling.
Source
Private IREN research-archive review and public-original verification
Estimated effect
No direct change to the illustrative valuation outputs; materially improves auditability and identifies evidence that should be incorporated in a future model rebuild.
Public spreadsheets
IREN · AI infrastructure and digital assets
This model estimates the cash IREN could generate from operating and planned sites, subtracts construction and hardware-replacement costs, reduces the value of uncertain projects, subtracts net debt, and divides what remains among diluted shares.
Question this model answers
What could one IREN share be worth at different stages of its AI and Bitcoin-mining buildout?
Base estimate per share
US$38.96
Outcomes shown
3
Published analysis
IREN
A current preliminary cohort-cash DCF mapped to the live Google Drive workbook. The analysis distinguishes IREN's official capacity stages, cohort financing, five-year primary GPU life, non-core post-contract tail economics, residual support, revenue sharing, and public community-model reference outputs.
WULF · CIFR · IREN
A demonstration peer analysis that normalizes capacity definitions, contract structures, capex responsibility, financing, and dilution before comparing valuation.
Primary-source archive
IREN · May 7, 2026 · United States
Relevant finding
Reports IREN's quarter-end financial position and operating disclosures, including its AI Cloud, data-center power portfolio, GPU deployment, Bitcoin-mining operations, and capital commitments.
Review notes
Primary financial source for the March 2026 quarter. Use the filed statements and notes to reconcile cash, debt, commitments, segment results, share count, and risk disclosures before changing the illustrative model.
Relevant pages: Overview; unaudited financial statements and notes; commitments and contingencies; management discussion; risk factors.
IREN · May 7, 2026 · Global
Relevant finding
Describes a five-year AI Cloud contract and strategic partnership with NVIDIA, the staged AI-capacity buildout, secured-power pipeline, current financial results, and management's financing assumptions.
Review notes
Company-furnished material. Reconcile contracted ARR, customer terms, NVIDIA investment rights, delivery schedules, and funding requirements to executed agreements and financial statements. Forward-looking targets are guidance, not realized results.
Relevant pages: Pages 1-5 for the NVIDIA relationship and buildout plan; pages 8-12 for financial statements and reconciliations.
IREN · Jul 25, 2026 · Global
Relevant finding
Frames IREN as part of an NVIDIA-aligned independent cloud layer and discusses the strategic significance of NVIDIA's investment rights, GPU relationship, and use of IREN capacity.
Review notes
Secondary research reviewed from the project's private IREN research archive. Use it for strategic interpretation and question formation; verify contractual, financing, capacity, and valuation claims against primary filings and agreements.
Relevant pages: Saved-PDF sections discussing NVIDIA's independent-cloud strategy, IREN's NVIDIA relationship, and the neocloud competitive landscape; pagination varies by export.
IREN · Jul 20, 2026 · Online
Relevant finding
Provides a site-level buildout and valuation cross-check that helped identify capacity definitions, phase timing, and assumption differences requiring reconciliation.
Review notes
Secondary community model reviewed from the project's private IREN research archive. It is useful for site-level reconciliation and identifying missing questions, but every material capacity, timing, cost, financing, and valuation input must be checked against primary sources.
Relevant pages: Interactive site-level model and supporting methodology pages; accessed July 2026.
Version record
Aug 3, 2026 · IREN
Replaced the IREN placeholder source map with reviewed primary filings, SEC-filed company materials, and secondary research from the project's private IREN research archive.
Previous
Three illustrative placeholder records
Revised
Four reviewed records with exact public originals and source-quality notes
Reason
The public source library should distinguish filed facts and company guidance from independent interpretation and community modeling.
Source
Private IREN research-archive review and public-original verification
Estimated effect
No direct change to the illustrative valuation outputs; materially improves auditability and identifies evidence that should be incorporated in a future model rebuild.
Aug 2, 2026 · IREN
Moved illustrative AI Phase 2 energization six months later.
Previous
2028-H1
Revised
2028-H2
Reason
Demonstrates how schedule uncertainty should flow through discounting, revenue ramp, and financing needs.
Source
Sample methodology change; no company disclosure implied
Estimated effect
Reduced illustrative base-case value per share by approximately 6%.
Aug 2, 2026 · IREN
Raised illustrative AI construction and equipment capex.
Previous
$6.4 billion across sample AI phases
Revised
$7.4 billion across sample AI phases
Reason
Shows the effect of higher equipment, cooling, electrical, and construction costs.
Source
Illustrative stress test
Estimated effect
Reduced equity value and increased modeled financing dilution.
Aug 2, 2026 · IREN
Reduced the base terminal EBITDA multiple.
Previous
11.0x
Revised
10.0x
Reason
Demonstrates multiple-compression risk when required returns rise or durability is less certain.
Source
Illustrative terminal-value sensitivity
Estimated effect
Reduced base-case value and the share of value attributable to terminal cash flow.
Aug 4, 2026 · IREN
Replaced the website's IREN demonstration scaffold with the current Google Drive site-level cohort-cash DCF, official capacity milestones, probability-weighted buildout stages, source-backed contract and financing anchors, community-model reconciliation, and assumption-level evidence mapping.
Previous
0.9.0-sample illustrative placeholder model
Revised
1.0.0-preliminary current source-backed model mapping
Reason
The live workbook contains a current stage-level DCF, site and GPU inputs, official-pipeline classifications, capital-structure assumptions, source notes, 27 passing model checks, a revision log, and an assumption-evidence tab.
Source
IREN Q3 FY26 buildout update and live IREN Google Sheet
Estimated effect
Changes the public model status, stage estimates, assumptions, buildout schedule, sensitivities, source coverage, limitations, interactive controls, and article interpretation. Later-stage values remain conditional and probability-weighted.
Aug 7, 2026 · IREN
Made the workbook's hidden model dependencies visible on the public page, including unit capex, corporate costs, maintenance capital, taxes, power-cost treatment, working-capital omission, terminal-value dependence, mining runoff, dilution sensitivity, GPU capital recovery and peer project-yield checks.
Previous
The website exposed selected assumptions and linked the full workbook, but readers had to search separate spreadsheet tabs to understand several material operating and capital assumptions.
Revised
A plain-language IREN audit brief, expanded assumption table, capital-structure and GPU-residual sensitivities, clearer provenance, and stage-scoped interactive calculations.
Reason
External reader feedback correctly identified that the public page did not make the full calculation chain and model limitations easy to find, even though most of the detail existed in the live workbook.
Source
IREN live public workbook and assumption-evidence map
Estimated effect
Does not change the published $27.08, $38.96 or $66.57 stage estimates. It changes interpretation and custom-scenario mechanics by preventing phases outside the selected buildout stage from influencing that stage's interactive result.
Aug 12, 2026 · IREN
Added a public GPU-capital-duration and post-contract economics framework reflecting the revised live workbook, including cohort financing, non-core tail cash flows, NVIDIA support and revenue-share sensitivities, and a contribution-per-kW replacement gate.
Previous
The public model showed five-year GPU capital recovery and residual sensitivity but did not separately expose financing duration, explicit Years 6-8 monetization, NVIDIA support, revenue share or power opportunity cost.
Revised
Five-year core life and published stage values remain unchanged; the new sensitivities show how financing relief, residual support, revenue sharing and post-contract monetization interact without double counting.
Reason
The live model and private research ledger were revised after NVIDIA's financing-platform announcement and review of IREN's Microsoft and NVIDIA cohort structures.
Source
IREN live workbook v1.1 GPU Capital Duration update and approved evidence map
Estimated effect
No mechanical change to the $27.08, $38.96 or $66.57 probability-weighted Base stage estimates. The effect is improved interpretation, sensitivity analysis and evidence discipline.
Capacity, contract, financing, and share-count fields should be traceable to dated sources.