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Cantor’s report hiking its price target for $IREN today actually underscores the problem with its business model. They have average capital employed in FY 2027 of over $10B, with Adjusted EBITDA reaching $2B. Using 10-yr life(!)for its GPU’s/DC’s gets you to a 10% ROIC. 16% WACC. https://t.co/nAFd9AWeSW