May. 20 at 6:41 PM
$IREX $IREN $CWVX $CRWV IREN is in a capital scramble disguised as growth — issuing
$5.6B in 1% convertibles in just 5 weeks plus a
$6B shelf for more dilution, while Q1 revenue missed estimates by a catastrophic 35% (
$144.8M vs
$219.7M expected), showing demand isn't materializing as the Bitcoin business deteriorates faster than the AI cloud business can replace it. JPMorgan stays Underweight with a
$46 PT and Goldman sits Neutral at
$44 — both at or below today's price, signaling sell-side never bought the Nvidia narrative the retail crowd celebrated. The scale problem is existential: IREN operates just 1,896 H100s versus CRWV's hundreds of thousands, making it a secondary backup partner while hyperscalers like OpenAI, Microsoft, and Meta consistently choose CoreWeave first. With technical support at
$51.15 and
$47.22, the next stop is
$40-43, then the
$28-32 zone where the Nvidia deal originally got priced in