IREN owns the scarcest asset in the AI buildout: gigawatts of grid-connected, permitted power, and it has converted that land into contracted hyperscaler revenue with investment-grade paper behind it. Revenue grew 104% over the trailing year at a 68% gross margin, and the June financing closed with Fitch A and DBRS A-low ratings. The physical moat is not the question. The stock is in an eight-month distribution phase, the build is burning $2.3B a year, and it trades 29% below its 200-day line. So the question is when, not whether.