智通财经APP获悉，微软公司(MSFT.US)已与澳大利亚企业IREN Ltd.(IREN.US)签署一项价值约97亿美 元的协议，将向后者采购人工智能(AI)云算力，成为这家澳大利亚公司的最大客户。受此消息刺激， IREN盘前暴涨，截至发稿，该股盘前涨超21%。 根据IREN周一发布的声明，这份为期五年的协议将为微软提供位于得克萨斯州、基于英伟达 (NVDA.US)GB300架构的加速器系统，用于处理AI工作负载。协议还包括20%的预付款。总部位于悉尼 的IREN同时宣布，已同意以58亿美元从戴尔科技(DELL.US)采购所需的GPU及相关设备。 IREN首席执行官丹尼尔·罗伯茨(Daniel Roberts)在邮件中表示，协议全面实施后，预计将带来约19.4亿 美元的年化收入，仅占IREN总产能的10%，这为这家基础设施提供商预留了签署更多合同、创造额外 收入的空间。 他指出："我们一直将大型超大规模云服务商视为天然合作伙伴。随着他们的算力需求和我们的AI云能 力同步增长，我们与多家头部企业的谈判已明显提速。" 包括IREN在内的许多新云公司最初以比特币挖矿业务起家，目前已将计算集群扩展至AI领域。受AI ...

Contract Overview - IREN secured a $9.7 billion AI cloud contract [1,9,14] - The contract includes $5.8 billion in GPU capex, including ancillaries [14] - The contract term is 5 years, with phased starts targeted in 2026 [9,14] - A 20% prepayment is included, credited to years 3-5 [9,14] Financial Projections - The estimated project EBITDA margin is approximately 85% [11] - The annualized run-rate revenue (ARR) is $1.94 billion [11] - The company projects $2.5 billion ARR, including other customers [25] Data Center Infrastructure - IREN is building 200MW of data centers for AI cloud services [9,16] - The estimated all-in capex is $14-16 million per MW (IT load) [19] - The company has 750MW of available power in Childress, Texas [20,22]

Microsoft (MSFT) today said it had signed a $9.7 billion purchase agreement for AI cloud capacity from bitcoin miner-turned-neocloud company IREN (IREN). The move marked one of the biggest commercial validations yet for the upcoming neocloud sector — referring to a group of data center firms that evolved from bitcoin mining into artificial intelligence infrastructure. Under the five-year contract, Microsoft will gain access to Nvidia GB300-based AI systems hosted in Texas. IREN, formerly known for its l ...

（文章来源：每日经济新闻） 每经AI快讯，11月3日，IREN美股盘前直线拉升涨21%。 ...

格隆汇11月3日｜IREN美股盘前直线拉升涨超14%，消息面上，公司与微软签署97亿美元协议，将在德 克萨斯州提供云计算服务。 ...

Core Insights - IREN Limited has signed a multi-year GPU cloud services contract with Microsoft valued at approximately $9.7 billion, which includes a 20% prepayment [1] - The company will provide NVIDIA GB300 GPUs over a five-year term, with an additional agreement with Dell Technologies for GPU and ancillary equipment purchases totaling around $5.8 billion [1][2] - The deployment of GPUs will occur in phases through 2026 at IREN's 750MW Childress, Texas campus, supporting new liquid-cooled data centers with a total critical IT load of 200MW [1] Financial Aspects - The total contract value for the agreement with Microsoft is approximately $9.7 billion, which includes a 20% prepayment [1] - IREN plans to fund the capital expenditures related to the contract through existing cash, customer prepayments, operating cash flows, and additional financing initiatives [2] Strategic Partnerships - The partnership with Microsoft is seen as a milestone for IREN, showcasing the strength and scalability of its vertically integrated AI Cloud platform [3] - IREN's collaboration with Microsoft is expected to unlock new growth opportunities for both companies and their customers [5] Market Position - IREN is positioned as a leading AI Cloud Service Provider, focusing on large-scale GPU clusters for AI training and inference [5] - The company is expanding its GPU deployments across a 3GW secured power portfolio in North America, reinforcing its market leadership [4]

Group 1 - Bitcoin is nearing an all-time high, leading to increased enthusiasm among investors for cryptocurrencies, although crypto stocks may provide a better investment opportunity [1] - Crypto stocks have been performing well, with many surpassing the S&P 500, offering exposure to rising crypto prices while generating significant revenue growth through their business models [1][2] - IREN is well-positioned to benefit from the AI boom, transitioning from a crypto miner to an AI data center, securing major deals with tech giants [4][5] Group 2 - IREN has 810 megawatts of data center capacity and nearly 3 gigawatts of contracted power, which could translate into billions in revenue based on previous deals, with most power available by the end of 2027 [5] - Nebius has secured a 5-year, $17.4 billion deal with Microsoft, which can increase to $19.4 billion, providing Microsoft access to a 300 megawatt data center [6] - IREN expects significant growth in its cloud segment, projecting annual recurring cloud revenue between $200 million and $250 million by the end of the year, and over $500 million by Q1 2026 [7] Group 3 - Crypto stocks like IREN and Coinbase have outperformed Bitcoin year-to-date and are expected to benefit from long-term growth trends, as they have business models that extend beyond merely holding cryptocurrencies [8]

Core Insights - IREN Limited is rapidly expanding its AI cloud business, doubling its GPU capacity to 23,000 through a $674 million investment in additional GPUs [1][8] - The company anticipates achieving an annualized run-rate revenue of $500 million in AI Cloud by Q1 of fiscal 2026, with current contracts for 11,000 GPUs supporting $225 million in ARR [2][8] - IREN raised $979 million through a convertible note offering, indicating strong investor interest, and is projected to reach $1.25 billion in annualized revenues by December 2025, with significant contributions from both bitcoin mining and AI Cloud [3] Company Performance - IREN shares have surged 502.7% year-to-date, significantly outperforming the broader Zacks Finance sector and the Zacks Financial Miscellaneous Services industry [6][8] - The stock is currently trading at a price/cash flow multiple of 63.42X, which is considerably higher than the industry average of 19.22X [12] Competitive Landscape - IREN faces strong competition from Applied Digital and TeraWulf in the AI infrastructure sector, with Applied Digital benefiting from high demand for data center infrastructure and energy efficiency [4] - TeraWulf is expected to grow its revenue through its joint venture with Fluidstack, focusing on high-performance computing, with preliminary Q3 2025 revenues projected to show 84% year-over-year growth [5]

Core Insights - Applied Digital (APLD) and IREN Limited (IREN) are focusing on next-generation data center infrastructure for high-performance computing (HPC) and artificial intelligence (AI) workloads, addressing the growing demand for scalable computing solutions [1][2] - The global AI market is projected to reach $500 billion by 2027, driven by increased adoption across various sectors such as healthcare, finance, transportation, and manufacturing, which is favorable for both companies [1] Applied Digital (APLD) Highlights - APLD's HPC Hosting business is designed to support high-power density applications, with the Polaris Forge 1 facility set to scale up to 1 gigawatt (GW), with the first 100-MW facility operational by Q4 2025 [3] - APLD has secured a 15-year lease agreement with CoreWeave for 400 MW of critical IT load at Polaris Forge 1, with anticipated lease revenues of approximately $11 billion, indicating a strategic shift from cryptocurrency mining to AI-focused infrastructure [4] - The Zacks Consensus Estimate for APLD's fiscal 2026 revenues is $280.9 million, reflecting a growth of 30.4% from fiscal 2025 [5] - APLD's fiscal 2026 loss is estimated at 31 cents per share, an improvement from the previous estimate of 34 cents [11] IREN Limited Highlights - IREN is on track to achieve $1.25 billion in annualized revenues, with $200-$250 million expected from AI Cloud by December 2025, and plans to scale GPU installations significantly [6][7] - IREN has installed over 60,000 NVIDIA Blackwell GPUs and is transitioning from bitcoin mining to AI, with a new liquid-cooled data center planned [7] - IREN anticipates $500 million in AI Cloud annualized run-rate revenue by Q1 fiscal 2026 [7] - The Zacks Consensus Estimate for IREN's fiscal 2026 earnings is 70 cents per share, down 39.1% over the past 60 days [10] Stock Performance and Valuation - APLD shares have surged 49.7% in the past month, outperforming IREN's 33% gain, indicating stronger investor momentum for APLD [8][11] - Both APLD and IREN are considered overvalued, as indicated by a Value Score of F [14] Conclusion - APLD is expected to benefit from the CoreWeave partnership and the increasing demand for AI infrastructure, while IREN's growth is tempered by bitcoin price volatility and modest revenue growth prospects [15]

IREN Limited ( IREN ) failed to break through a psychological level of $70 per share a couple of weeks ago and it currently trades at $62. The current 13% short interest is quite high, but I think that the stockComing from an IT background, I have dived into the U.S. stock market seven years ago by managing portfolio of my family. Starting managing real money has been challenging for the first time, but long hours of mastering fundamental analysis of public companies paid off and now I feel very confident i ...