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$IREN AI‑infra valuation math gets wild when you run it forward. Using today’s ARR baselines and the typical EV/ARR compression as scale kicks in (≈ 6.5× → 6× → 5.5×), the curve looks like this: 2026: • ARR: $4.3B • EV: ~$28B • Implied mcap: $25–32B • Share price math: ~$70–90 2027: • EV ramps to $72–90B • Implied mcap: $70–95B • Price math: ~$160–230 2028: • EV pushes $110–140B • Implied mcap: $105–145B • Price math: ~$230–350 This assumes moderate dilution, expansion funding, and net‑cash improvement — nothing heroic. The real swing factors: execution, GPU supply/pricing & capital‑market risk appetite.