Yes, ITERATION is a Scrabble word!

Letter values in Scrabble US: I 1, T 1, E 1, R 1, A 1, T 1, I 1, O 1, N 1.

Is it a valid word?

ITERATION is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

(computer science) a single execution of a set of instructions that are to be repeated
(computer science) executing the same set of instructions a given number of times or until a specified result is obtained
doing or saying again; a repeated performance