IREN Is Quietly Outpacing CoreWeave on One AI Metric that Matters
Key takeaways
- IREN’s higher revenue per megawatt signals a more efficient use of its power assets, potentially positioning it for stronger future contracts despite its current weak stock performance.
- IREN revenue per megawatt: $40 million
- CoreWeave revenue per megawatt: $28 million
- Galaxy Digital revenue per megawatt: $29 million
What happened
IREN Limited (NASDAQ: IREN) topped a new ranking by The Futurum Group that measures contracted revenue per megawatt of AI capacity, earning an estimated $40 million per megawatt—higher than CoreWeave’s $28 million and Galaxy Digital’s $29 million. The ranking highlights IREN’s large secured power footprint (≈5 GW total, 350 MW contracted for AI) and a $14 billion contracted revenue backlog that includes Microsoft and NVIDIA. IREN’s stock has been among the weakest performers today, but the…
Why it matters
Revenue per megawatt is a new efficiency metric that shifts focus from sheer scale (backlogs, GPU counts) to how well a company turns scarce power into long‑term contracts. Power is becoming the limiting resource for AI infrastructure, so a higher revenue‑per‑MW indicates better utilization and potential for future…
Short-term and longer-term
Short-term. Short‑term traders should watch IREN’s price reaction to the Futurum ranking, as the efficiency metric may prompt a rally if the market interprets it as a sign of future contract growth.
Longer-term. Longer‑term investors should consider IREN’s ability to monetize its 5 GW power base.