$IREN’s 50MW liquid-cooled block could be worth: • $1.9B as colo (@ $2.5M EBITDA/MW × 15x) • $6.4B as CSP (@ $8.5M EBITDA/MW × 15x) Same power, radically different outcomes. This is why $IREN wants to own the stack — not just rent it.
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