Iren 2031 Valuation: Is it a BUY at $22?

The largest valuation model I have done so far:

- Competitor Analysis
- Cost per MW
- Revenue per MW
- Capex
- Depreciation
- Margins
- 2031 Share Price

globalequitybriefing.com/p/iren-2031-va…

$MU and $AMD are now worth about the same, ~$900B.

- $AMD at 118x earnings
- $MU at 11x earnings

Same size. 10x the price.

Which would you rather buy?

$SOFI stock vs revenue

2022: 🔴 -70.8%
Revenue: +52%

2023: 🟢 +115.8%
Revenue: +35%

2024: 🟢 +54.8%
Revenue: +26%

2025: 🟢 +70.0%
Revenue: +38%

2026: 🔴 -38.1% YTD
Revenue: +40% guided

Follow the fundamentals, not the stock price.

$GRAB is down 31% in 2026!

Yet, I am still bullish!

Here are 5️⃣ simple reasons why:🧵

4/ Fintech could be huge.

The loan book grew 200% to $2.7B, or 115% without Superbank. NPLs sit at 2.6%.

Management targets $500M of ADJ EBITDA here in 2028. It just made $12M in a quarter.

5/ The stock is cheap and Grab is buying it.

$400M bought in 2 months, $500M left to go, all to be cancelled.

Grab is worth $14B with $5B of net cash, at about 6x 2028 ADJ EBITDA.

I present, the World's Worst Ad Company, $APP

- 55% Revenue Growth
- 72% Net Income Growth
- 66% Net Margin
- $3.2B Added to the Buyback
- Still -35% YTD

What a terrible company.

$IREN ARR:

September: $1B
February target: $4B+

That's 4x in 5 months.

Market cap: $8.3B.

The market's response? Cut the stock in half.

$SOFI at 18x 2027 earnings.

EPS growing +48% next year.

How won't it make money from here?

This is because of Dudum buying low margin international growth instead of focusing on executing in the US.

$NVDA now trades at a lower P/E than $UBER.

- $NVDA 23x
- $UBER 42x

The king of AI is cheaper than a taxi app.

$NU, 2 years ago:

- Stock: $15.89
- Quarterly profit: $487M

$NU today:

- Stock: $12
- Quarterly profit: $1.1B

Clearly a broken business.

$NU reports Q3 Thursday.

Only question: does Lula change the outlook?

Here are analyst estimates:

- Revenue: $5.9B vs $4.17B, +41% Y/Y
- Net Income: $1.08B vs $783M, +38% Y/Y
- EPS: $0.23 vs $0.17, +35% Y/Y

$GRAB bought $400M of its own stock in just 2 months, with $500M more to come by next September.

That's 6%+ of today's market cap. I love seeing a company buy this aggressively at $3.44.

$SOFI is down 38% this year!

Yet, I am still bullish!

Here are 5️⃣ simple reasons why:🧵

4/ The dilution story is over

The 2027 guide needs no capital raise and implies about 3% more shares.

EPS is guided +48%.

5/ The stock is priced for failure

18x 2027 EPS after 12 straight revenue beats.

Analysts see $20.97. My fair value is $40+