Nebius Deal With Microsoft: Lessons for IREN and CoreWeave

Why Megawatts Don't Tell the Full Story

Across the market, investors are busy counting megawatts, trying to draw straight-line comparisons between companies like Nebius ($NBIS) and IREN ($IREN). On raw energy capacity, it’s easy to see why. With 2.91 GW of total contracted power and 810 MW of operational capacity, IREN has built one of the largest and lowest-cost energy footprints in the indu…