Why IREN Could Outperform Nebius Now

IREN Limited (IREN) now offers a superior risk/reward profile versus Nebius Group after Q3, driven by execution and valuation disconnect. IREN secured 5GW power capacity, a $3.4B AI cloud contract with Nvidia, and expects $3.7B ARR by 2026, with all AI capacity fully contracted. Nvidia's partnership, including a $2.1B investment right and direct infrastructure usage, validates IREN's AI positioning and growth trajectory.