Iren Stock: A Buying Opportunity After 70% Drop

Iren, an AI data center stock, has fallen over 70% from its all-time high despite improving fundamentals, creating a potential buying opportunity before the next leg higher. The company's AI cloud revenue nearly tripled sequentially to $200 million, with operating annual recurring revenue crossing $1 billion. Iren secured a five-year deal at $22 million per megawatt and a short-term deal at $40 million per megawatt, far exceeding its $9.7 million Microsoft deal last year. Financing concerns have eased as prepayments covered 90% of GPU capital expenditures. Iren's 35-gigawatt development pipeline could generate over $300 billion in annual recurring revenue if 10 gigawatts are added, though leadership notes many projects may not secure power.