IREN Limited offers better risk/reward than Nebius after Q3 with strong AI cloud deals and power capacity.

IREN Limited now presents a superior risk/reward profile compared to Nebius Group following Q3 results, driven by strong execution and valuation differences. IREN secured 5GW of power capacity and a $3.4 billion AI cloud contract with Nvidia, expecting $3.7 billion in annual recurring revenue by 2026, with all AI capacity fully contracted. Nvidia's partnership, including a $2.1 billion investment right and direct infrastructure use, validates IREN's AI growth potential. IREN trades at a lower ARR multiple (~5.2x) than Nebius (~7x), supported by technicals and operational control, indicating further upside potential.