Nebius Vs. IREN: Same Price Tag, But Only One Has Already Paid For Its Slippage

IREN Limited offers a more attractive risk-reward than Nebius Group N.V. due to asset backing and revenue certainty. Pair trade: Buy IREN, Sell NBIS ahead of NBIS Q3, as IREN's correction overshoots while NBIS risks are yet to materialize. IREN's leverage is offset by long-dated maturities and $6B+ in unencumbered data center assets, while NBIS depends on future builds and contracting.