Iron Mountain (IREN) — Neutral? IREN's $9.7B Microsoft Deal: Delay or Thesis Break?
Deep Values: Value Investing Deep Dives · Nov 5, 2026 · 22:38
Deep Values: Value Investing Deep Dives
Deep Values: Value Investing Deep Dives · Nov 5, 2026 · 22:38
Listen in the Podli app 🎧
Follow your favourite podcasts, listen offline and in the car with CarPlay and Android Auto, and always pick up where you left off. Free to try.
Neutral on Iron Mountain (IREN) as of 2026-11-09: $9.7B Microsoft contract. Microsoft's $4.8B capex shortfall, blamed on delayed third-party capacity, set off a panic in IREN stock. We use finance-lease accounting and aerial evidence from IREN's Texas campus to tell a timing slip apart from a broken thesis.
• Free DeepValues app, intrinsic value and margin of safety for any stock
• Is the market overvalued? Buffett Indicator & Buffett Indicator & Shiller PE
Android (Buffett Indicator & Shiller PE)
Chapters
(0:00) Deep Value Event-Driven Analysis
(4:07) Ground-Level Evidence on Delivery Risk
(5:11) Economic Stakes of Delay
(6:54) Contract Mechanics and Grace Periods
(8:15) Reliability Paradox and Validation
(8:53) NVIDIA Factor: Conditional Equity
(9:49) Legacy vs New IREN Infrastructure
(11:10) Macro Risk: Microsoft's Pivot
(12:32) Legacy vs New IREN Infrastructure
(15:10) NVIDIA Factor: Conditional Equity
(17:56) Scenario Mapping: Risk Evaluation
(21:13) Deep Value Takeaway
(21:52) Intelligent Value Investor Apps
(22:13) Get the apps
Full open-source research report
DeepValues toolkit
• Run the numbers on any stock yourself, free
• Free Margin of Safety Weekly, every Saturday (guru moves, market temperature, the week's research; no account needed)
Episodes: Deep Values: Value Investing Deep Dives
