IREN fell 6.7% to $18.17: $20.3B backlog is 2.8x its $7.2B value, but the $6B unfunded build is about 84% of that value
IREN ($IREN), the bitcoin miner turning itself into an AI cloud provider, fell 6.7% to $18.17 on Friday on worries that Nvidia will slow its AI financing after Jensen Huang's resignation.
Its $20.3 billion backlog is about 2.8x its $7.2 billion market value. The catch is the $6 billion of this year's build that is still unfunded, which is about 84% of what the whole company is worth. That funding gap is the stock now. Not financial advice
Sources: MarketBeat via The Cerbat Gem: IREN down 6.7% to $18.17 from $19.48; market cap $7.17B · VolumeBrief: IREN session close $18.17, -6.72% · @alexanderbittan: bought 60,000 shares of $IREN at $18.72; $7.7B market cap, $20.3B backlog
Not financial advice. For informational and educational purposes only.