IREN

JPMorgan upgrades Iren Ltd. twice to "Overweight" and sets a $65 price target. The company is shifting from a Bitcoin miner to a provider of high-performance data centers (Neocloud) through a $3.4 billion partnership with Nvidia. Power supply bottlenecks strengthen Iren's market position, as it already has secured infrastructure. » Więcej na finanzen.net

Blue Owl is leading a $2.4 billion financing so IREN can buy Nvidia systems; the funds are structured as $1.2 billion each in a senior secured term loan and secured bonds, both collateralized by the equipment itself. The interest rate for this tranche is fixed at nine percent, covering roughly 90 percent of the device costs for the air‑cooled Blackwell systems in Mackenzie. For projects with Microsoft, IREN used cheaper financing backed by Microsoft lease contracts and prepayments ($3.6 billion at an average of six percent). Risks remain: rapid technological obsolescence of the collateral, a high share of external financing in the conversion from Bitcoin miner to AI data‑center operator, and large planned investments for 2027. » Więcej na deraktionaer.de

Microsoft formally accepted Horizon 1, the first 50‑megawatt AI deployment at IREN’s Childress, Texas campus, allowing IREN to begin invoicing under the five‑year, $9.7 billion cloud services agreement. Horizon 1 uses Nvidia GB300 systems and received Nvidia Exemplar Cloud status; three more 50‑megawatt Horizons are scheduled for 2026, targeting ~200 MW total and roughly $1.94 billion in annualized revenue when fully running. The milestone validates IREN’s pivot from Bitcoin mining toward AI infrastructure but leaves significant financing and execution risk as the company and partners complete the remaining tranches. » Więcej na finance.yahoo.com