CRWV vs IREN Stock Comparison: AI Score, Valuation, Performance and Upside
CoreWeave is a scaled, pure-play AI cloud infrastructure leader with a large contracted backlog, while IREN is a smaller, faster-transitioning company converting bitcoin mining infrastructure into AI cloud capacity. The comparison generally weighs CoreWeave's established scale and backlog against IREN's earlier-stage but rapidly accelerating AI pivot and residual crypto exposure.
This comparison is best used to weigh an established, large-scale AI cloud infrastructure leader against a smaller, higher-beta company transitioning from bitcoin mining into AI hosting with faster percentage growth but more volatility.
IREN holds the edge across 3 of 5 key metrics in this comparison. IREN leads on both 1-year return (+53.86%) and forward P/E quality (-35.33x vs -43.23x for CRWV), a relatively favorable combination of momentum and valuation. CRWV leads on both revenue growth (112.50%) and operating margin (-1.90%), suggesting a stronger fundamental setup on both dimensions. Analyst consensus implies meaningfully more upside for IREN (+126.20%) than for CRWV (+71.50%).
- Want exposure to the largest, most established dedicated AI cloud provider
- Are comfortable with high leverage tied to data center expansion
- Believe contracted AI backlogs will keep converting into revenue
- Prefer a pure AI infrastructure story without crypto exposure
- Want exposure to a fast-growing bitcoin-to-AI infrastructure pivot
- Are comfortable with residual bitcoin mining volatility
- Believe the company's power and site advantages will keep attracting AI hosting deals
- Accept higher earnings volatility for potentially higher percentage upside
| Metric | CRWV | IREN |
|---|---|---|
| AI score | 48.4 | 34.4 |
| AI rank | #547 | #1714 |
| Latest close | $84.23 | $35.45 |
| 1M return | +38.49% | +20.95% |
| 6M return | -13.73% | -19.87% |
| 1Y return | -18.06% | +53.86% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | CRWV | IREN |
|---|---|---|
| 1Y ago | $8.19K (-18.1%) started 2025-08-28 | $15.39K (+53.9%) started 2025-08-28 |
| 5Y ago | $21.06K (+110.6%) started 2025-03-28 | $14.5K (+45.0%) started 2021-11-17 |
| 10Y ago | $21.06K (+110.6%) started 2025-03-28 | $14.5K (+45.0%) started 2021-11-17 |
Hypothetical — past performance does not guarantee future results.
| Metric | CRWV | IREN |
|---|---|---|
| Market cap | $46.46B | $12.67B |
| Trailing P/E | N/A | N/A |
| Forward P/E | -43.23 | -35.33 |
| Price/Sales | 6.12 | 17.92 |
| EV/Revenue | 12.19 | N/A |
| Analyst target | $144.46 | $80.19 |
| Target upside | +71.50% | +126.20% |
| Metric | CRWV | IREN |
|---|---|---|
| Revenue growth | 112.50% | -24.00% |
| Earnings growth | N/A | N/A |
| EPS growth | N/A | N/A |
| FCF margin | -119.74% | -599.42% |
| Operating margin | -1.90% | -105.61% |
| Profit margin | -25.40% | -99.38% |
| ROIC proxy | -43.60% | -23.41% |
| Return on equity | -43.60% | -23.41% |
| Dividend yield | 0.00% | 0.00% |
| Beta | 3.31 | 4.29 |
| Debt/equity | 1027.33 | 187.30 |
| Current ratio | 0.46 | 3.55 |
| Quick ratio | 0.39 | 2.75 |
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | CRWV | IREN |
|---|---|---|---|
| 1Y | Growth | -18.06% | +53.86% |
| CAGR | -18.07% | +53.91% | |
| Sharpe ratio | 0.22 | 0.90 | |
| Max drawdown | 57.49% | 61.64% | |
| Max daily drop | 18.51% | 17.37% | |
| Max wkly drop | 28.67% | 33.51% | |
| 5Y | Growth | +110.58% | +44.99% |
| CAGR | +69.06% | +8.09% | |
| Sharpe ratio | 0.97 | 0.60 | |
| Max drawdown | 66.87% | 95.73% | |
| Max daily drop | 20.83% | 36.45% | |
| Max wkly drop | 37.55% | 42.49% | |
| 10Y | Growth | +110.58% | +44.99% |
| CAGR | +69.06% | +8.09% | |
| Sharpe ratio | 0.97 | 0.60 | |
| Max drawdown | 66.87% | 95.73% | |
| Max daily drop | 20.83% | 36.45% | |
| Max wkly drop | 37.55% | 42.49% |
| Category | CRWV | IREN |
|---|---|---|
| Company | CoreWeave | IREN Limited |
| Sector | Cloud Infrastructure | Cloud Infrastructure |
| Industry | N/A | N/A |
| Core business | CoreWeave operates GPU-focused cloud infrastructure and data centers that provide compute capacity for AI training and inference workloads. | IREN operates data centers originally built for bitcoin mining that it is rapidly converting into AI cloud compute capacity, while continuing to run a bitcoin mining segment. |
| Investor focus | Investors focus on CoreWeave's contracted revenue backlog, capital spending intensity, debt load, and reliance on Nvidia hardware allocation. | Investors track how quickly IREN converts mining capacity to AI cloud contracts, its growing customer roster of AI labs and hyperscalers, and remaining bitcoin mining exposure and its associated volatility. |
- Massive, multi-year contracted AI compute backlog
- Deep strategic and equity relationship with Nvidia
- Established scale as one of the largest dedicated AI cloud providers
- Access to substantial low-cost power and existing data center infrastructure
- Rapidly growing AI cloud contract bookings with recognizable customers
- Optionality between bitcoin mining and AI hosting depending on returns
- High leverage tied to aggressive data center expansion
- Revenue concentration among a small number of AI lab customers
- Valuation sensitive to any pullback in AI infrastructure spending
- Residual bitcoin mining exposure adds crypto-price-driven volatility
- History of large impairments during its AI infrastructure transition
- Execution risk in converting mining sites to AI-grade data centers on schedule
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