IREN: The Aggressive Bet on AI Power Demand
The stock has plummeted – but the story remains under high tension!
Up to half of the data center costs are electricity – and that’s exactly what IREN secured early and cheaply from renewable sources!
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IREN is, for me, the pure AI power bet: an operator of specially designed AI data centers with around 2.9 GW of secured energy – exactly at the bottleneck where the AI boom could hit a standstill. The $10 billion deal with Microsoft over five years is a strong signal and, with 200 MW per year, only utilizes a fraction of the potential capacity. If the expansion plans go even halfway according to plan, the market is not currently pricing in a "dream of perfection" like it does for the classic AI heroes.
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