IREN: Software Capabilities Expands, But Financial Strains Loom Large

IREN is undergoing a period of transformation, and as much as we might wish otherwise, this process will clearly be delayed until at least early 2027. In this article, I analyze not only the drivers of strategic growth but also identify the main risks to IREN's growth. At the same time, a brief comparison with another player—Nebius—reveals the companies' differing growth trajectories.