我先回答少帅的第二个问题，见内——

2. 估值来讲，像传统的 datacenter REIT DLR 估值在 P/FFO 20出头， SMCI / DELL PE都在 20 以下。 IREN Q1 季报中 说 “Adjusted EBITDA was $92 million， 对于一个 32 Billion 的公司来讲，margin of  safely is low.

 

My analysis: 

a) DLR valuation at P/FFO around 20--- assuming this is alright

b) SMCI/DELL PE --- it could be higher, but assuming it's ok

c) Adjusted EBITDA $92mil/quarter --- correct

d) Market cap --- $32B, here is the discrepancy! I found it’s actually $20B instead

e) Total debt--- $960mil (est.)

f) Cash & Equivalents-- $1B (est.)

g) EV = d)+e)-f) = ~$19B