En el centro de la estrategia de IA de High Growth, su perspectiva de Bernstein de mercado es positiva

In the rapidly evolving landscape of digital infrastructure, IREN Limited (NASDAQ: IREN) has emerged as a standout story. Once a speculative Bitcoin miner, the company has executed a strategic pivot to become a vertically integrated AI cloud compute provider, positioning itself at the intersection of two transformative megatrends: the AI infrastructure revolution and the anticipated 2026 crypto "tokenization supercycle." With a landmark $9.7 billion, five-year AI cloud agreement with Microsoft (NASDAQ: MSFT) and a robust expansion plan, IREN is redefining its value proposition and capturing investor attention.

Strategic Pivot: From Bitcoin to AI Cloud

IREN's transformation began with a recognition of the limitations of Bitcoin mining-a volatile, capital-intensive business model. By late 2025, the company had secured a pivotal partnership with Microsoft, deploying 76,000 NVIDIA GB300 GPUs across 200MW of capacity at its Childress, Texas campus. This agreement, which includes a 20% upfront prepayment, not only validates IREN's shift but also provides a stable, high-margin revenue stream according to Long Yield. The move leverages IREN's existing industrial-scale infrastructure, including low-cost renewable energy pipelines and large-scale data center facilities, to scale its AI cloud fleet from 23,000 GPUs in late 2025 to 140,000 GPUs by 2026 as reported.

The financial results speak volumes. In Q1 FY26, IREN reported record revenue of $240.3 million and net income of $384.6 million, driven by the Microsoft contract and its dual business model, which combines Bitcoin mining for stable cash flow with AI cloud services for high-growth potential according to The Globe and Mail. This diversification has decoupled IREN's valuation from crypto market volatility, offering a more predictable path to profitability.

AI Cloud Expansion: Renewable-Powered Scalability

IREN's vertically integrated model is a key differentiator. By owning its sites, power contracts, and data centers, the company achieves superior cost control and operational efficiency. Its expansion includes liquid-cooled systems, such as the NVIDIA GB300 NVL72, to meet high-density computing demands, aligning with industry trends toward energy efficiency according to IREN's blog. The company's British Columbia campuses, capable of supporting over 60,000 Blackwell GPUs, are being converted from ASIC-based systems to GPU-rich data centers, further solidifying its role in next-generation AI workloads as detailed.

IREN's renewable energy strategy is equally compelling. With 100% renewable-powered data centers and a 2,910 MW secured power and land portfolio across North America, the company is well-positioned to meet surging AI compute demand while adhering to sustainability goals according to Yahoo Finance. This infrastructure enables rapid scaling, as evidenced by its recent deployment of 4,200 NVIDIA B200 GPUs in Prince George, British Columbia, and multi-year contracts with Together AI, Fireworks AI, and Fluidstack as reported.

Tokenization and the 2026 Supercycle

IREN's strategic positioning extends beyond AI infrastructure. Analysts, including Bernstein, highlight its potential to benefit from the 2026 crypto "tokenization supercycle," a period expected to see renewed interest in digital assets and blockchain-based innovations according to Crypto News. IREN's dual business model-combining AI cloud services with Bitcoin mining-provides a unique hedge against macroeconomic uncertainties. As tokenization gains traction, IREN's existing crypto infrastructure could serve as a foundation for new revenue streams, such as tokenized asset custody or blockchain-based compute markets.

Bernstein's bullish outlook underscores this potential. The firm has raised its price target for IREN to $75, citing the company's AI-driven transformation and its alignment with the tokenization supercycle according to Bitget. This optimism is reflected in IREN's recent equity offering, which raised $1.63 billion to fund expansion and secure its position in the AI cloud supercycle according to Yahoo Finance.

Risks and Challenges

Despite its momentum, IREN faces execution risks. Scaling to 140,000 GPUs by 2026 requires significant capital and operational precision, with potential delays in GPU procurement or data center construction. Regulatory uncertainties, particularly in British Columbia, could also impact expansion timelines according to Yahoo Finance. Additionally, while the Microsoft contract provides stability, over-reliance on a single client could expose IREN to revenue volatility if the partnership falters.

Conclusion: A Compelling Long-Term Play

IREN's strategic pivot from Bitcoin mining to AI infrastructure has positioned it as a critical player in the digital economy. With a vertically integrated model, renewable-powered scalability, and a dual business model that balances stability and growth, the company is well-equipped to capitalize on the AI cloud supercycle and the 2026 tokenization wave. Bernstein's elevated price target and IREN's strong financial performance further reinforce its investment potential. For investors seeking exposure to the AI revolution and crypto's next phase, IREN offers a compelling, high-conviction opportunity.