91% of IREN's revenue still comes from Bitcoin mining, but management targets $3.7 billion in ARR from AI infrastructure by late 2026, hinging on rapid project execution. Its key advantages include priority power access in Texas (Batch 0), a 7-year head start in data center construction, and strong EPC/supply chain relationships. Valuation is challenging due to volatile fundamentals; dilution, cash burn, project delays, and GPU obsolescence are major risks that could sharply impact the stock.