Outlier Capital(@outliercapx):Bullish — Bernstein on $IREN: 5.8 GW long-term power. ~2 GW cloud by ’28. ~$17B rev / ~$13B EBITDA by 2030. The entire upside comes from repeating Sweetwater across Oklahoma, Australia and Europe. Pricing on 3-yr contracts already +125%. CapEx is ~$65B before the ramp — financed, not wished. Market is still pricing the campus, not the whole platform. Bullish! PS: I am long $IREN. NFA.

2026.09.20 16:26

Bullish — Bernstein on $IREN: 5.8 GW long-term power. ~2 GW cloud by ’28. ~$17B rev / ~$13B EBITDA by 2030. The entire upside comes from repeating Sweetwater across Oklahoma, Australia and Europe. Pricing on 3-yr contracts already +125%. CapEx is ~$65B before the ramp — financed, not wished. Market is still pricing the campus, not the whole platform. Bullish! PS: I am long $IREN. NFA.

Shay Boloor@StockSavvyShay

2026.09.20 14:52

Bernstein models $IREN scaling to ~5.8 GW longer term with cloud revenue reaching ~$17B and adjusted EBITDA ~$13B by 2030. Interesting that they assume Childress stays flat at 750 MW so almost all of that upside comes from proving Sweetwater design can be repeated across Oklahoma, Australia and Europe. Thats where the opportunity gets really large if IREN can execute with three-year contract pricing already up 125% even as the note also models ~$65B of incremental CapEx before the full revenue ramp.