Bernstein: IREN's $25B-$30B AI Expansion Plan May Alarm Investors

Bernstein analysts noted that Bitcoin miner IREN's plan to invest $25 billion to $30 billion in AI cloud infrastructure by fiscal year 2027 could unsettle the market. Despite concerns over capital expenditure, analysts highlighted that the payback period for GPU investments has shortened to approximately two years. IREN's fiscal 2026 results showed AI cloud revenue grew nearly eightfold to $128.8 million, while Bitcoin mining revenue rose 19% to $578.2 million. The company reported a net loss of $702.6 million, largely due to $638.8 million in impairment ch