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![RHouseResearch Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1923064392289050624.png) Rittenhouse Research [@RHouseResearch](/creator/twitter/RHouseResearch) on x 1435 followers
Created: 2025-07-15 23:45:20 UTC

These $IREN and $CRWV comparisons are quite honestly one of the wildest, most insane things I've witnessed. 

A board member of a $3.8B public company stating that it's just a matter of time until his $3.8B company flips a $69B "competitor" in market cap. 

Some numbers, for context. $IREN, the $3.8B company, was at $20MM of cloud run-rate revenue as of Q1-25. 

$CRWV, the Company $IREN will supposedly eclipse and eventually acquire, was at $4B of cloud run-rate revenue as of Q1-25.

$IREN had 2K GPUs as of Q1-25. $CRWV had 250K GPUs as of Q1-25. 

$CRWV's customer list includes: OpenAI, Microsoft, Google, Databricks, Cloudflare, Cohere, Jane Street, Mistral, etc. 

$IREN's customer list includes: _____?

$CRWV was the only AI cloud provider rated Platinum by @SemiAnalysis_ in their ClusterMax rankings. $IREN was rated "non-performing" for having a "really bad security bug" on their cloud. 

While $IREN is going to need to put every penny they have towards GPUs in order to grow their cloud business 200x from *checks notes* $20MM to $4B, they should probably also invest in a compliance department..

![](https://pbs.twimg.com/media/Gv71cyVXQAAr0_R.jpg)

XXXXXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1945268475842453705/c:line.svg)

**Related Topics**
[market cap](/topic/market-cap)
[iren](/topic/iren)
[$20mm](/topic/$20mm)
[$69b](/topic/$69b)
[$38b](/topic/$38b)
[$iren](/topic/$iren)
[$crwv](/topic/$crwv)
[stocks technology](/topic/stocks-technology)

[Post Link](https://x.com/RHouseResearch/status/1945268475842453705)