Investors should consider the valuation disparity between GLXY and FRMI, especially given FRMI's pre-revenue status and long development timeline. FRMI aims for 1 GW and first revenue by end-2026, reaching full 11 GW scale by Q4 2038, while GLXY already has significant contracted power and a rapidly growing crypto business. IREN also presents a more immediate revenue profile with ~$1B in Bitcoin mining revenue and projected AI cloud revenue by H1 2026.