JPMorgan Doubles Up on IREN Revenue Forecast to $24 Billion

JPMorgan has increased its forecast for IREN's annual revenue by 2030 to $24 billion. This is a significant upgrade from their previous estimate, and it reflects the company's rapid growth in its AI Cloud Services business.

IREN began as a Bitcoin miner but has since shifted its focus to providing AI cloud services. The company's largest customers include Microsoft and NVIDIA, both of which have signed multi-billion dollar contracts with IREN. In fact, IREN's largest customer is Microsoft, which has a $9.7 billion contract with the company.

The bank's model assumes that IREN will reach about 2,065 MW of capacity by the end of the decade and generate roughly $13M in revenue per MW, with EBITDA margins near 65%. While this is below recent three-year contracts that pay more than $20M revenue per MW, it still represents a significant increase from IREN's current revenue.

IREN has already made significant strides in its AI Cloud Services business, with revenue reaching $128.8 million for FY26, roughly 8x the prior year. In the June quarter, AI Cloud brought in $70.50 million, more than double the previous quarter, and passed Bitcoin mining's $66.70 million.

The company has a data center pipeline of more than 5GW across North America, Spain, and Australia, providing it with ample opportunity for growth. However, this growth comes at a cost, with FY27 capex guidance ranging from $25 to $30 billion.