October 7, 2025 12:33 AM GMT Investor Presentation | Asia Pacific M Foundation Greater China Technology Hardware: AI Tech Hardware Upgrades Across the Board Morgan Stanley Taiwan Limited+ Sharon Shih Equity Analyst Sharon.Shih@morganstanley.com +886 2 2730-2865 Derrick Yang Equity Analyst Derrick.Yang@morganstanley.com +886 2 2730-2862 Howard Kao Equity Analyst Howard.Kao@morganstanley.com +886 2 2730-2989 Greater China Technology Hardware Asia Pacific Industry View In-Line Morgan Stanley does and seeks to ...

IREN在美股盘前一度上涨12%，截至发稿，该股上涨7%。 两周前，IREN宣布已斥资约6.7亿美元采购英伟达和AMD的GPU，以加速其人工智能云业务增长。 IREN在声明中表示，采购包括7100台英伟达B300GPU、4200台英伟达B200以及1100台AMD MI350X， 总价值约6.74亿美元。此举使其GPU总装机量提升至约23,000台。该消息曾引发股价大涨超10%。 数据中心运营商兼比特币矿企IREN Limited(IREN.US)于周二宣布，已与多家人工智能(AI)企业签署额外 的多年期云服务合同，内容涉及英伟达(NVDA.US)Blackwell系列GPU的部署。该消息推动该股在美股 盘前走高。 IREN近期已扩大其AI云服务产能，且目前仍按计划推进，截至2026年第一季度末，公司当前运营及已 订购的2.3万台GPU，有望实现年化运营收入超5亿美元。 截至目前，在2.3万台GPU中，已有1.1万台的客户合同落地，对应AI云服务年化经常性收入(ARR)约 2.25亿美元，这批GPU预计将于2025年底前投入运营。 ...

Core Viewpoint - IREN is transitioning from a Bitcoin mining company to an AI cloud infrastructure provider, significantly increasing its GPU capacity and aiming for substantial revenue growth in the AI sector [4][6][8]. Group 1: Company Developments - IREN has acquired 12,400 GPUs for approximately $674 million, including 7,100 Nvidia B300s, 4,200 Nvidia B200s, and 1,100 AMD MI350Xs, raising its total GPU capacity to around 23,000 [2][6]. - The company is diversifying its portfolio by integrating AMD's high-end GPUs with Nvidia's, enhancing its AI infrastructure capabilities [1][6]. - IREN's British Columbia campus can support over 60,000 Blackwell GPUs, with plans for further GPU purchases to meet rising demand [7]. Group 2: Financial Performance - IREN reported a 168% year-over-year revenue increase to a record $501 million for fiscal 2025, with Bitcoin mining revenue at $484.6 million, up 163% year-over-year [9][11]. - AI Cloud Service revenue surged 429% year-over-year to $16.4 million as the company scaled its capacity [9]. - The company achieved an adjusted EBITDA of $270 million, up 395% year-over-year, and net income of $87 million [9]. Group 3: Future Projections - IREN is targeting an annualized revenue run rate of over $500 million from its AI cloud services by the end of Q1 2026, doubling its previous target of $200–$250 million [8]. - Management projects over $1 billion in annualized revenue from Bitcoin mining, bringing total annualized revenue projections close to $1.5 billion [12]. - Wall Street estimates indicate a dramatic 108.99% year-over-year revenue growth to $1.07 billion in fiscal 2026, with earnings expected to surge 184.62% year-over-year [14]. Group 4: Market Position and Valuation - IREN's stock has more than tripled this year, reflecting strong market interest in its pivot to AI infrastructure [3][6]. - The forward price-to-sales ratio is 22.67, significantly above the sector median of 3.56, indicating a premium valuation due to the AI narrative [15]. - Analysts have a consensus rating of "Moderate Buy" for IREN stock, with nine out of thirteen recommending a "Strong Buy" [16].

Group 1 - Tesla's stock price reached an eight-month high, increasing nearly 3%, with Piper Sandler analyst Alexander Potter raising the price target to $500 from $400, citing artificial intelligence (AI) as a key factor [5] - Nvidia announced plans to invest up to $100 billion in OpenAI, marking its largest investment commitment to date, aimed at supporting large-scale AI data center construction as part of a strategic partnership [5][6] - Goldman Sachs raised the target price for SMIC, increasing the 12-month target for its H-shares from HKD 73.1 to HKD 83.5, driven by the growing demand for AI chips in China [6] Group 2 - IREN Limited announced a purchase of approximately $670 million worth of Nvidia and AMD GPUs to boost its AI cloud growth, including 7,100 Nvidia B300 GPUs and 4,200 Nvidia B200 GPUs [10][11] - IREN's CEO highlighted the rapid increase in GPU capacity to over 23,000 units, emphasizing the company's ability to meet urgent long-term demand and support its AI cloud revenue target of over $500 million by Q1 2026 [11]

这些设备将分阶段交付至IREN位于乔治王子城的园区，预计支持公司在2026年第一季度末实现超5亿美 元AI云业务年经常性收入的目标。 周一，IREN Limited(IREN.US)涨近7%，续创历史新高，今年累涨319%。消息面上，该公司宣布，已斥 资约6.7亿美元采购英伟达(NVDA.US)和AMD(AMD.US)的GPU，以加速其人工智能云业务增长。IREN 在声明中表示，此次采购包括7100台英伟达B300GPU、4200台英伟达B200以及1100台AMD MI350X， 总价值约6.74亿美元。此举使其GPU总装机量提升至约23,000台。 ...

这些设备将分阶段交付至IREN位于乔治王子城的园区，预计支持公司在2026年第一季度末实现超5亿美 元AI云业务年经常性收入的目标。 智通财经APP获悉，数据中心运营商兼比特币矿企IREN Limited(IREN.US)周一宣布，已斥资约6.7亿美 元采购英伟达(NVDA.US)和AMD(AMD.US)的GPU，以加速其人工智能云业务增长。 IREN在声明中表示，此次采购包括7100台英伟达B300 GPU、4200台英伟达B200以及1100台AMD MI350X，总价值约6.74亿美元。此举使其GPU总装机量提升至约23,000台。 "随着全球算力需求加速增长，客户日益寻求能快速实现规模化的合作伙伴，"IREN联合创始人兼首席 执行官丹尼尔·罗伯茨表示，"在数月内将设备总量倍增到23,000余台GPU，充分体现我们垂直整合平台 的优势及满足长期紧迫需求的能力。交付前预签约模式的转变，为AI云业务增长注入新动能。" 当日盘前交易中，IREN股价涨超10%。 ...

Group 1 - IREN has expanded its AI Cloud capacity to approximately 23,000 GPUs and raised its annualized run-rate revenue target for the service to $500 million by the end of Q1 2026 [1] - The company has placed orders for an additional 12,400 GPUs at a cost of about $674 million, including various models from NVIDIA and AMD, with deliveries staged over the coming months [2] - Upon full commissioning, IREN's AI Cloud fleet will consist of multiple GPU types, including 1,900 H100 and H200 GPUs, 19,100 B200 and B300 GPUs, 1,200 GB300 GPUs, and 1,100 MI350X GPUs [3] Group 2 - Financing arrangements are in place to support the GPU deployments without materially impacting the company's mining activities [4] - IREN controls 2.91 GW of grid-connected power across the U.S. and Canada, with 810 MW of operating data-center capacity and a pipeline for multi-gigawatt expansion [4] - Following an earnings beat in late August, IREN shares experienced a significant rally, making the company the largest publicly traded bitcoin miner with a market value of $10.5 billion [5]