IREN lên kế hoạch mở rộng AI từ 25–30 tỷ USD vào năm 2027, Bernstein cho rằng thị trường có thể lo ngại

The Huo Xing Cai Jing report, citing The Block, states that research and brokerage firm Bernstein indicated that Bitcoin mining company IREN plans to invest $25 billion to $30 billion in fiscal year 2027 to expand its AI cloud business—a capital expenditure scale that may “frighten the market”—but analysts believe investors are overlooking improving economics. In a report to clients on Friday, Bernstein analyst Gautam Chhugani noted that the payback period for GPU capital expenditures has shortened from approximately three years under Microsoft’s 2025 contract to about two years. IREN’s fiscal year 2026 results, released on Thursday, showed AI cloud service revenue increased nearly eightfold from $16.4 million the previous year to $128.8 million, while Bitcoin mining revenue reached $578.2 million, a 19% year-over-year increase. Total revenue rose from $501 million to $707 million, but the company recorded a net loss of $7.026 billion, partly reflecting a $6.388 billion impairment due to retiring Bitcoin mining hardware to support AI cloud expansion. Bernstein stated that IREN currently has $1 billion in annualized recurring revenue from its operating cloud business and $4 billion in contracted revenue, with its 2026 capacity nearly fully sold out. Adding the expected $700 million from NVIDIA contracts in 2027, IREN’s total contracted cloud ARR reaches $4.7 billion. Over the past 12 months, IREN has raised $19 billion through customer prepayments, GPU financing, convertible bonds, and equity issuances.