Iren的AI Pivot：从比特币采矿到华尔街亲爱的

Iren骑得很高，从比特币矿工过渡到AI Cloud Player，但是集会能持续吗？

IREN (NASDAQ: IREN) is making waves on Wall Street, pivoting from Bitcoin mining to AI cloud services. But can it maintain its momentum?

Iren（NASDAQ：IREN）正在华尔街波浪，从比特币采矿到AI Cloud Services。但是它可以维持其动力吗？

IREN: From Bitcoin to AI

Iren：从比特币到AI

IREN, formerly known as Iris Energy, has seen a meteoric rise, fueled by its strategic shift towards AI. The company's stock has exploded, driven by massive GPU procurement and optimistic analyst calls. But it's not abandoning Bitcoin just yet.

爱尔（Iren）以前称为艾里斯（Iris）能源（Iris Energy），其战略转向AI的推动力推动了迅速崛起。该公司的股票在大规模的GPU采购和乐观的分析师电话驱动下爆炸了。但这还没有放弃比特币。

The Numbers Don't Lie

数字不撒谎

IREN's stock has surged over 530% in the last six months. This jump reflects investor enthusiasm for the company's AI pivot, underscored by a ~$674 million purchase of 12,400 GPUs, including NVIDIA B300s and B200s plus AMD MI350Xs. These additions doubled IREN's AI Cloud capacity to roughly 23,000 GPUs.

在过去的六个月中，Iren的股票飙升了530％以上。这次跳跃反映了投资者对该公司AI Pivot的热情，该枢纽强调了约6.74亿美元的12,400 GPU，其中包括NVIDIA B300和B200s Plus AMD MI350XS。这些添加使Iren的AI云容量翻了一番，达到了大约23,000 GPU。

The company is guiding the segment toward more than $500 million in annualized run-rate revenue by Q1 2026. Wall Street analysts are taking notice, with Bernstein more than tripling its target to $75, framing it as a "breakout" driven by exponential AI cloud scaling. Arete Research initiated coverage with a Buy rating and a $78 target, echoing the view that IREN's combined data-center and mining footprint gives it a unique claim in the market.

该公司正在指导该细分市场，到第1季度2026年，年度运行率收入超过5亿美元。华尔街分析师正在引起注意，伯恩斯坦的目标超过了75美元，将其作为“突破性”构建为“突破性”。 Arete Research通过买入评级和78美元的目标开始了覆盖范围，这与Iren组合数据中心和采矿占地面积的观点相呼应，这在市场上赋予了它独特的主张。

Vertical Integration: IREN's Secret Weapon

垂直整合：Iren的秘密武器

Unlike competitors, IREN owns its land, power, and data centers. This vertical integration allows IREN to capture a larger slice of per-megawatt economics. Its Canadian hydro-powered campuses deliver power as cheap as 3.5 cents/kWh, enabling competitive operating margins across both Bitcoin and AI workloads.

与竞争对手不同，Iren拥有其土地，权力和数据中心。这种垂直整合使Iren能够捕获更大的人均经济学。它的加拿大水力发电校园提供的动力低至3.5美分/千瓦时，可以在比特币和AI工作量上竞争性运营利润率。

Bitcoin Mining: Still in the Picture

比特币采矿：仍在图片中

While AI is the headline grabber, IREN still operates one of the largest self-run mining fleets in the U.S. Analysts point to the miner's sizable Bitcoin cash flow as a funding source for the AI capex. This optionality is central to investors’ willingness to assign a premium multiple to IREN’s new AI assets.

尽管AI是头条新闻，但Iren仍然经营着美国分析师最大的自我运行舰队之一，指出该矿工的可观比特币现金流量是AI Capex的资金来源。这种选择性对于投资者愿意为Iren的新AI资产分配溢价倍数至关重要。

The Risks

风险

Despite the optimism, risks remain. Bitcoin volatility could erode mining cash flows. GPU allocation is heavily dependent on Nvidia, leaving IREN exposed to supply bottlenecks. Competition from hyperscalers like Amazon and Microsoft may compress margins.

尽管很乐观，但仍有风险。比特币的波动可能会侵蚀采矿现金流。 GPU分配在很大程度上取决于NVIDIA，使Iren暴露于供应瓶颈。来自亚马逊和微软等高级标准的竞争可能会压缩利润。

Final Thoughts

最后的想法

IREN is no longer just a Bitcoin miner; it's an AI infrastructure play. The market is pricing IREN more like a hypergrowth cloud infrastructure company than a crypto miner. However, investors should proceed with caution. Keep an eye on Bitcoin prices, GPU supply chains, and the competitive landscape. But for now, buckle up and enjoy the ride. It's gonna be a wild one!

Iren不再只是比特币矿工。这是AI基础架构。与加密货币矿工相比，市场的定价更像是一家超大云基础设施公司。但是，投资者应谨慎行事。密切关注比特币价格，GPU供应链和竞争格局。但是现在，搭扣并享受旅程。这将是一个疯狂的人！