Is It Too Late to Buy IREN Stock After Its Monster Run?

IREN has locked in a $9.7 billion five-year contract with MSFT and sits on $4 billion in contracted annual recurring revenue after pivoting from Bitcoin mining to AI cloud services. The stock has surged 414% over two years on the strength of the shift.

But the rally has reversed hard. Shares now trade 40% below their 52-week high as investors digest the company's $25 billion to $30 billion capital expenditure plan and mounting debt load. The infrastructure buildout needed to deliver on the MSFT contract and support GPU cloud services is testing investor conviction in the business model.

The Motley Fool flags the stock as appropriate only for aggressive investors willing to bet that GPU pricing holds and that IREN can translate its contracted backlog into sustained profitability. The spread between contracted revenue and actual margin delivery remains the central risk.