Comparative Analysis of IREN, RIOT, and CIFR - May 2025 Outlook
| Metric | IREN | RIOT | CIFR |
|---|---|---|---|
| Current Price | $5.59 | $6.29 | $3.93 |
| Market Cap | $1.25B | $2.26B | $958.05M |
| Current Hashrate | 31 EH/s | 33.5 EH/s | 13.5 EH/s |
| 2025 Target Hashrate | 57 EH/s | 38.4 EH/s | 35.0 EH/s |
| Hashrate Growth | 83.9% | 14.6% | 159.3% |
| Revenue (TTM) | $285.77M | $376.66M | $151M |
| EPS | -$0.31 | $0.34 | -$0.14 |
| P/E Ratio | -25.60 | 18.5 | -23.02 |
| EV/EBITDA | 14.56 | 8.09 | N/A |
| EV/Sales | 4.31 | 6.01 | 6.58 |
| Bitcoin Holdings | 18,221 | 18,221 | 1,032 |
| Mining Margin | 70% | 65% | N/A |
| Analyst Target | $19.30 | $16.90 | N/A |
| Renewable Energy | 100% | Partial | Partial |
Both IREN (-25.60) and CIFR (-23.02) currently have negative P/E ratios, indicating they are operating at a loss. However, in the Bitcoin mining industry, negative P/E ratios during expansion phases are common and don't necessarily indicate poor investment potential. These companies are investing heavily in growth, with IREN planning an 83.9% hashrate expansion and CIFR planning a 159.3% expansion. As these expansions materialize and Bitcoin price appreciates post-halving, profitability is expected to improve significantly.
Based on our comprehensive analysis of IREN's financials, expansion plans, and technical indicators, we've developed the following price scenarios for the end of May 2025:
92% upside
213% upside
472% upside
Methodology: These projections are based on a comprehensive model incorporating hashrate expansion milestones, historical post-halving performance patterns, technical price levels, and valuation metrics relative to peers. The base case assumes Bitcoin price reaching $110,000 by December, successful execution of expansion plans to 50 EH/s by October, and continued growth in AI cloud services revenue.
After conducting a comprehensive analysis of IREN's financial position, expansion plans, and technical indicators, we believe a price target of $17.50 by the end of May 2025 is realistic and supported by the data. This represents a 213% increase from the current price of $5.59.