Skip to contentHome page Seeking Alpha - Power to InvestorsAustraliaJan. 02, 2026 3:21 PM ETIREN Limited (IREN) StockNBIS, CRWV, MSFT, MSFT:CA, ZMSF:CADanil SeredaInvesting Group LeaderCommentsSummaryIREN Limited rallied on its Microsoft deal, then fell over 50% from highs; I'm upgrading to Buy because risk is better priced now for 2026 upside.Microsoft signed a $9.7B, five-year contract, with 20% prepayment; GPUs deploy through 2026 at Childress, targeting 200MW IT capacity, and support hyperscale power to compute.Financing is the crux: IREN borrowed against contracted cash flows, issuing $2.3B in convertibles, repurchasing $544M in notes, and adding capped calls near $82 to limit dilution.I project 64-65% upside over 1-2 years, though execution and dilution risks remain material for growth-focused investors.I can't call IREN the best pick in its niche, still, but it started to look like a Buy to me.Looking for a helping hand in the market? Members of Beyond the Wall Investing get exclusive ideas and guidance to navigate any climate.