IREN × Microsoft Institutional Deal Note (Flash)

IREN × Microsoft Institutional Deal Note (Flash) — a concise, model-backed breakdown of IREN’s newly announced multi-year GPU cloud contract with Microsoft. Built for PMs/analysts who need the economics, drivers, and valuation levers on one report.

What you get inside

1. Executive Summary — why the deal matters (market access to hyperscaler demand + validation of IREN’s vertically integrated model).
2. Transaction Terms — all disclosed numbers, mapped to modeling.
3. Operating Model — revenue/opex/D&A/maintenance capex/UFCF with clear drivers.
4. Valuation — unlevered DCF (NPV/IRR), plus quick SOTP framing.
5. Sensitivity Dashboard — site opex, discount rate, ramp, and cost-of-funds (earnings).
6. Risk & Watch-List — delivery schedule, utilization/SLA, power costs, financing terms..