CoreWeave, Iren positioned as next AI multibaggers

The article identifies CoreWeave and Iren as two AI infrastructure stocks with multibagger potential over the next decade, a timeframe when many obvious large-cap AI names have already grown into market caps in the hundreds of billions or trillions. CoreWeave has emerged as a leading pure-play neocloud company with a $99 billion（約16兆円） backlog reflecting what the article describes as "insatiable demand" for infrastructure. The company benefits from a partnership with Nvidia that gives it a competitive advantage over peers. However, CoreWeave faces significant financial headwinds: over the trailing 12 months, capital expenditure expenses reached about $17 billion（約2.7兆円）, and the company continues to incur considerable net losses. Its nearly $25 billion（約4兆円） debt burden is substantial, though the article notes it is necessary as the company addresses its massive backlog. That debt does pose a financial stability risk should forecasts not materialize. Still, the demand outlook appears strong—Mordor Intelligence forecasts a compound annual growth rate of 46% for the neocloud space through 2031, and analysts are even more bullish on CoreWeave specifically, forecasting 147% revenue growth for 2026 and a 98% increase the following year. At a $42 billion（約6.7兆円） market cap and a price-to-sales ratio of 6, the stock is positioned as an opportune buy point relative to other major AI players. Iren takes a different approach: it is a Bitcoin miner in transition to the neocloud space, leveraging its ownership of numerous data centers and their placement near clean energy sources. Unlike CoreWeave, Iren lacks a direct Nvidia partnership and still earns most of its revenue from Bitcoin mining, making it a less pure-play neocloud bet. However, Iren carries significantly less debt at around $4 billion（約6400億円）, giving it greater financial flexibility. The transition has been uneven—revenue fell 22% in fiscal Q3 (ended March 31)—but analysts forecast a 44% revenue increase for the fiscal year and a dramatic 302% increase in fiscal 2027, suggesting the company is entering a new growth phase. At a $14 billion（約2.2兆円） market cap with a current price-to-sales ratio of 26 expected to fall to a forward multiple of 5, Iren is small enough to benefit from "outsize gains" should its neocloud transition accelerate, according to the article.

CoreWeave and Iren represent two different entry points into the neocloud infrastructure opportunity. CoreWeave entered the space with significant advantages—a Nvidia partnership and an enormous $99 billion（約16兆円） backlog—but carries the financial burden of scaling rapidly, with nearly $25 billion（約4兆円） in debt and $17 billion（約2.7兆円） in annual capex expenses. Iren is smaller and less leveraged, holding roughly $4 billion（約6400億円） in debt, but is further back in its transition from Bitcoin mining into neocloud services and lacks the same strategic partnership advantage. The industry backdrop supports both: Mordor Intelligence's 46% compound annual growth rate forecast through 2031 exceeds the current analyst revenue growth expectations for both companies, suggesting room for acceleration. CoreWeave's 6 price-to-sales ratio and Iren's forward multiple of 5 are presented as attractive entry points relative to the scale of their respective backlogs and growth trajectories. The key differentiator is risk tolerance: CoreWeave offers faster, backlog-driven growth but with higher financial leverage; Iren offers a cleaner balance sheet and energy-advantage facilities but is at an earlier stage of its neocloud pivot.

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