Despite IREN's massive AI expansion and reported $9.7 billion Microsoft contract, these deals are fundamentally "uneconomic," with FY 2027 and 2028 Adjusted EPS estimates plummeting 90% and 60% respectively. This aggressive capital raise, including a $6 billion equity program, appears disconnected from any near-term financial outlook. Are these 'AI plays' just a house of cards built on investor dilution?
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