IREN vs WULF Stock Comparison: AI Score, Valuation, Performance and Upside
IREN and WULF are pursuing the same pivot from bitcoin mining to AI compute, but with different commercial models. IREN is building and operating its own GPU cloud, keeping more of the margin and more of the capital risk. TeraWulf is leasing shells and power to large AI tenants under long-term contracts, which is lower margin per megawatt but shifts GPU capital onto the customer and produces contracted revenue. IREN has more scale and land; TeraWulf has cleaner contracted visibility.
Use this IREN vs WULF comparison to weigh owning the compute against renting out the building. Operating a GPU cloud earns more per megawatt but requires continuous capital reinvestment as hardware cycles. Hosting earns less but produces contracted, financeable cash flow with far less technology obsolescence risk.
WULF holds the edge across 4 of 5 key metrics in this comparison. WULF leads on both 1-year return (+43.48%) and forward P/E quality (-61.75x vs -149.43x for IREN), a relatively favorable combination of momentum and valuation. On fundamentals, WULF is growing revenue faster (-6.00%), while IREN maintains the higher operating margin (-102.47%) — a classic growth-versus-profitability split. Analyst consensus implies meaningfully more upside for WULF (+145.22%) than for IREN (+96.58%).
Human Wall Street analysts' price targets, typically implying a ~12-month view — a separate signal from this site's own AI Prediction Signal further down the page, which is a 5-/30-day machine-learning forecast based on price history alone.
- Want the larger land and secured power pipeline of the two
- Prefer capturing GPU cloud margin rather than just leasing capacity
- Accept the capital intensity and hardware refresh cycle that comes with owning compute
- Are comfortable with continued bitcoin exposure during the transition
- Prefer contracted, long-duration hosting revenue over merchant compute pricing
- Value low-carbon power as a competitive advantage with hyperscale tenants
- Want GPU capital costs carried by the tenant rather than the company
- Accept counterparty and single-site concentration in exchange for revenue visibility
| Metric | IREN | WULF |
|---|---|---|
| AI scorei | 32.9 | 37.3 |
| AI ranki | #1985 | #1394 |
| Latest closei | $44.13 | $15.74 |
| 1M returni | +11.48% | -1.44% |
| 6M returni | +25.75% | +5.71% |
| 1Y returni | -4.68% | +43.48% |
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | IREN | WULF |
|---|---|---|
| 1Y ago | $9.53K (-4.7%) started 2025-09-25 | $14.35K (+43.5%) started 2025-09-25 |
| 5Y ago | $18.05K (+80.5%) started 2021-11-17 | $8.35K (-16.5%) started 2021-09-27 |
| 10Y ago | $18.05K (+80.5%) started 2021-11-17 | $21.39K (+113.9%) started 2016-09-26 |
Hypothetical — past performance does not guarantee future results.
| Metric | IREN | WULF |
|---|---|---|
| Market capi | $15.6B | $7.39B |
| Trailing P/Ei | N/A | N/A |
| Forward P/Ei | -149.43 | -61.75 |
| Price/Salesi | N/A | N/A |
| EV/Revenuei | 24.82 | 60.10 |
| Analyst targeti | $77.84 | $36.34 |
| Target upsidei | +96.58% | +145.22% |
| Metric | IREN | WULF |
|---|---|---|
| Revenue growthi | -26.70% | -6.00% |
| Earnings growthi | N/A | N/A |
| EPS growthi | N/A | N/A |
| FCF margini | -596.78% | -141.72% |
| Operating margini | -102.47% | -307.04% |
| Profit margini | -99.38% | 0.00% |
| ROIC proxyi | -23.41% | -1211.81% |
| Return on equityi | -23.41% | -1211.81% |
| Dividend yieldi | N/A | N/A |
| Payout ratioi | 0.00% | 0.00% |
| Dividend growth streaki | N/A | No increase yet |
| Betai | 4.30 | 4.29 |
| Debt/equityi | 187.30 | 3549.65 |
| Current ratioi | 3.55 | 0.75 |
| Quick ratioi | 2.66 | 0.70 |
Over the past year, IREN and WULF have moved strongly in the same direction (correlation of 0.71), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | IREN | WULF |
|---|---|---|---|
| 1Y | Growthi | -4.68% | +43.48% |
| CAGRi | -4.68% | +43.52% | |
| Volatilityi | 108.68% | 92.28% | |
| Sharpe ratioi | 0.45 | 0.80 | |
| Sortino ratioi | 0.70 | 1.23 | |
| Max drawdowni | 61.64% | 50.00% | |
| Current drawdowni | 42.25% | 45.69% | |
| Avg drawdowni | 35.88% | 17.26% | |
| Ulcer Indexi | 38.76% | 22.81% | |
| Max daily dropi | 17.37% | 14.12% | |
| Max wkly dropi | 33.51% | 26.59% | |
| 5Y | Growthi | +80.47% | -33.03% |
| CAGRi | +12.93% | -7.72% | |
| Volatilityi | 117.92% | 124.08% | |
| Sharpe ratioi | 0.63 | 0.51 | |
| Sortino ratioi | 1.03 | 0.79 | |
| Max drawdowni | 95.73% | 98.50% | |
| Current drawdowni | 42.25% | 56.36% | |
| Avg drawdowni | 61.41% | 78.58% | |
| Ulcer Indexi | 65.81% | 81.97% | |
| Max daily dropi | 36.45% | 34.95% | |
| Max wkly dropi | 42.49% | 57.45% | |
| 10Y | Growthi | +80.47% | +71.59% |
| CAGRi | +12.93% | +5.55% | |
| Volatilityi | 117.92% | 102.36% | |
| Sharpe ratioi | 0.63 | 0.51 | |
| Sortino ratioi | 1.03 | 0.80 | |
| Max drawdowni | 95.73% | 98.50% | |
| Current drawdowni | 42.25% | 56.36% | |
| Avg drawdowni | 61.41% | 56.77% | |
| Ulcer Indexi | 65.81% | 64.73% | |
| Max daily dropi | 36.45% | 34.95% | |
| Max wkly dropi | 42.49% | 57.45% |
| Category | IREN | WULF |
|---|---|---|
| Company | IREN Limited | TeraWulf Inc. |
| Sector | Financial Services | Financial Services |
| Industry | Capital Markets | Capital Markets |
| Core business | Owner and operator of purpose-built data centre sites with secured grid power, currently used for bitcoin mining and progressively converted to AI cloud and high-performance computing capacity for third-party customers. | Operates bitcoin mining and high-performance computing capacity, anchored on its Lake Mariner site in New York with access to predominantly zero-carbon power, and has signed long-term AI hosting agreements with data centre customers. |
| Investor focus | AI cloud revenue ramp, secured power and land pipeline, mining efficiency, and capital intensity of GPU deployments. | Contracted HPC hosting revenue and lease terms, construction progress and delivery schedule, cost of financing the buildout, and dilution. |
- Large owned land and secured power pipeline provides room to expand without new interconnect queues
- Operates its own GPU cloud, capturing more margin than pure hosting
- Efficient modern mining fleet keeps cost per coin competitive during the transition
- Long-term AI hosting contracts convert speculative capacity into contracted, creditworthy revenue
- Access to largely zero-carbon power appeals to hyperscale customers with emissions targets
- Hosting model shifts GPU capital costs onto the tenant rather than the company
- GPU cloud is capital hungry and competes with much larger, better-funded providers
- Bitcoin remains a meaningful revenue share, so crypto weakness still hurts
- Rapid expansion raises execution and financing risk simultaneously
- Revenue is concentrated in a small number of very large hosting counterparties
- Buildout is financed with debt and equity, making delivery schedules financially critical
- Site concentration means construction or power problems at one campus affect most of the company
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