Mark Cuban Warns Nvidia Is 'Funding Everyone' in the AI Boom. IREN Stock Proves His Point.

Mark Cuban recently offered a warning about how the artificial intelligence (AI) boom is being paid for. In a recent post on X, Cuban called Nvidia (NVDA) the sector’s initial public offering (IPO), “funding everyone and anyone.” His point was that Nvidia is now bankrolling a long list of AI companies, working similarly to how stock listings once funded young internet firms during the dot-com era. Few companies fit that description better than IREN (IREN).

Nvidia is backing IREN in two ways. First, it holds a five-year right to buy up to 30 million IREN shares at $70 apiece. That would be an investment worth up to $2.1 billion if it goes ahead. Second, there is a separate $3.4 billion cloud deal, where IREN supplies Nvidia with GPU computing power over five years. That contract alone gives IREN a revenue floor of roughly $680 million a year.