A new industrial cycle is quietly forming.

Artificial intelligence is driving the fastest power buildout in history.

Defense systems are becoming fully electrified.

Semiconductor plants are spreading across the U.S. and Europe.

Electric grids are being rebuilt from the ground up.

Every one of these systems runs on copper.

And the supply side is breaking.

Global copper grades have fallen more than 40% in three decades.

New discoveries are at multi-decade lows. It takes more than 15 years to bring a new copper mine online.

At the same time, demand is accelerating. The U.S. now classifies copper as strategic and essential.

China controls a large share of global refining capacity.

In the middle of this shift, A small copper explorer has quietly positioned itself in Chile.

Its projects sit in the heart of the Atacama – the world’s most productive copper belt.

So far, the early data stands out:

1. High-grade copper and gold samples already confirmed at surface
2. Two large land packages with permanent mining rights
3. Geological signatures consistent with major regional deposits
4. Proximity to producing mines, power, and transport infrastructure
5. One of the few remaining large land positions in Chile’s core copper corridor

This is an early-stage copper story developing as the industry confronts long-term supply limits.

With demand accelerating and new supply scarce, the focus is turning toward emerging producers.

We’ve prepared a short briefing on the metal powering the next industrial era – and a company working at its source.

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Tomorrow Investor

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More Reading from MarketBeat Media

IREN Earnings Were Ugly—Is a Beautiful Future Already Funded?

Written by Jeffrey Neal Johnson. Originally Published: 2/6/2026. 

Key Points

• The company successfully secured a massive credit facility to fully fund its transition to becoming a high-performance computing infrastructure provider.
• IREN has established a competitive moat by securing vast amounts of power capacity and developing new data center campuses across North America.
• Management reaffirmed ambitious annualized recurring revenue targets, driven by the aggressive deployment of new graphics processing units.

Shares of IREN Limited (NASDAQ: IREN) fell sharply on Feb. 5, 2026, closing down more than 11% after the company released its second-quarter financial results. The sell-off deepened in after-hours trading after a revenue miss and a wider net loss surprised investors. On the surface, the numbers reflected the realities of the cryptocurrency market, where lower Bitcoin prices and rising mining difficulty weighed on the company’s revenue.

But focusing only on the quarterly print misses a pivotal development that changes the company’s trajectory. Management announced a $3.6 billion delayed-draw term loan designed to support IREN’s transition from a pure-play Bitcoin miner to a high-performance computing (HPC) infrastructure provider.

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That creates a disconnect in the market: sentiment is centered on short-term crypto headwinds and messy accounting, while the company has just secured near-term funding to execute a multi-billion-dollar build-out in the artificial intelligence(AI) space. For investors the question is simple: trade the last three months’ earnings miss, or the funded infrastructure expansion over the next three years?

The $3.6 Billion Game Changer

The most important takeaway is not the earnings miss but the secured $3.6 billion credit facility specifically allocated to purchase the GPUs needed to fulfill IREN’s large contracts.

This financing stands out for several reasons:

• Low cost of capital: The facility carries an interest rate below 6%, signaling institutional confidence in IREN’s creditworthiness and business plan.
• Tied to Microsoft: Management confirmed the financing is directly linked to the previously announced $9.7 billion AI Cloud contract with Microsoft (NASDAQ: MSFT).
• Limits dilution: Combined with a $1.9 billion prepayment from Microsoft, the new debt facility covers roughly 95% of the capital expenditure required for the hardware expansion, reducing the need to issue equity.

With this funding, IREN has converted a theoretical growth plan into a funded project. The primary risk for investors shifts from “Can they afford it?” to “Can they execute it on time?”

Scale and Scarcity: The Infrastructure Advantage

High-end chips for AI are purchasable by any well-capitalized buyer; the scarcer resource is reliable, large-scale power. Data centers need vast amounts of electricity to run and cool processors, and securing access to the grid is increasingly difficult. That is where IREN holds an advantage.

The company has grown its secured power capacity to more than 4.5 gigawatts (GW). To put that into perspective, one gigawatt is roughly enough energy to power 750,000 homes — a scale that creates a meaningful moat against smaller competitors.

Recent infrastructure milestones include:

• New Oklahoma campus: IREN announced a 1.6 GW data center campus in Oklahoma located within the Southwest Power Pool (SPP), diversifying operations beyond the Texas grid (ERCOT) and reducing single-jurisdiction policy risk.
• Sweetwater milestone: The Sweetwater 1 substation in Texas, capable of handling 1.4 GW, is on track to be energized in April 2026.

While many competitors remain in multi-year queues for power, IREN is months away from activating gigawatt-scale capacity — enabling it to deploy hardware faster than peers without ready-to-use infrastructure.

Bitcoin Headwinds and Accounting Noise

Still, the second-quarter results created immediate headwinds. IREN reported total revenue of $184.7 million, missing analyst expectations near $229.6 million. The shortfall was driven primarily by the Bitcoin-mining segment: lower average Bitcoin prices during the quarter and higher mining difficulty reduced production revenue.

The company reported a net loss of $155.4 million. Much of that headline loss reflected non-cash items: IREN recorded $219.4 million in charges related to:

• Derivative revaluations: Accounting adjustments for hedging instruments that can swing with market prices but often don’t represent cash outflows.
• Impairments: Write-downs on older mining hardware as IREN retires legacy rigs to make room for modern AI processors.

Despite the reported loss, IREN’s balance sheetremains solid. The company held about $2.8 billion in cash as of Jan. 31, 2026, indicating liquidity sufficient to fund near-term operations. The earnings volatility underscores the rationale for the pivot: by moving power capacity toward fixed-rate AI contracts, IREN is insulating itself from the type of crypto-market swings that hurt this quarter’s results.

The Path to Re-Rating

Management reiterated ambitious targets: IREN aims to reach $3.4 billion in Annualized Recurring Revenue (ARR) by the end of 2026, assuming successful deployment of roughly 140,000 GPUs across its expanding footprint.

At today’s market capitalization of about $11 billion, that $3.4 billion target implies the stock would trade at roughly 3.2 times forward revenue if achieved. Pure-play AI infrastructure companies often trade at double-digit revenue multiples. Today the market prices IREN more like a volatile Bitcoin miner than an AI-cloud infrastructure provider.

If IREN executes its construction plans, brings the Microsoft contract online, and shifts its revenue mix toward stable, higher-margin AI services, a re-rating to peer-like multiples could produce meaningful upside.

Navigating the Transition

IREN is in the most challenging phase of a major corporate transformation. The volatility in the recent earnings report is, in part, the short-term cost of pivoting a large industrial operation to a new business model. The simultaneous securing of $3.6 billion in low-cost financing removes the biggest barrier to execution. With funding in place, power capacity secured, and a premier customer under contract, the investment thesis now rests on operational execution.

For investors willing to look past quarterly crypto noise, the 2026 growth story remains intact — provided IREN can build and deploy at the pace its financing and contracts assume.

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Further Reading: Trump’s new vision for America (From Porter & Company)