Is It Too Late to Buy IREN Stock After Its Monster Run?

IREN has surged 414% over two years by pivoting from Bitcoin mining to AI cloud services. The company secured a $9.7 billion five-year contract with Microsoft and has $4 billion in contracted annual recurring revenue. However, the stock is down 40% from its 52-week high amid concerns about massive capital expenditures ($25-30 billion planned) and debt loads. The stock is recommended only for aggressive investors betting on sustained GPU pricing and profitability.