Global investment bank Bernstein projected that IREN, a company transitioning its business from a Bitcoin miner to an AI infrastructure firm, could see its AI cloud annual revenue reach $17 billion by 2030. According to The Block, Bernstein analyzed, “IREN is currently in the process of converting its Bitcoin mining infrastructure into AI data centers and cloud businesses. It is expected to gradually phase out its Bitcoin mining operations by the end of this year and focus on its AI cloud business. Due to the recent surge in demand for AI computing, IREN's 3-year AI cloud contract unit price has increased by approximately 125% since November last year, and the expansion of cloud capacity and rising contract unit prices are expected to drive future revenue growth.”
