$IREN 2028 EBITDA estimates just printed $5.34B. This isn’t a smooth growth curve — it’s a series of step-function revisions. Street started the year around ~$1B and has been forced higher every time $IREN locked in another multi-year AI contract ($MSFT , $NVDA , latest frontier lab). The chart is the market slowly accepting that $IREN is no longer a $BTC miner with a side hustle. It’s becoming a contracted AI cloud platform with 5GW+ of power. The other side of this chart (the one @RealJimChanos just posted) is the $25B+ net debt estimate needed to get there. That’s the real debate now: how much dilution and leverage it takes to turn $4B contracted ARR into $5B+ EBITDA.
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