JPMorgan Sees IREN Reaching $24 Billion Revenue by 2030

JPMorgan has made a bold prediction about the future of IREN (NASDAQ:IREN), forecasting that the company will generate $24 billion in annual revenue by 2030. This projection is based on an analyst model that assumes IREN will reach about 2,065 MW of capacity by the end of the decade, with EBITDA margins near 65%. The bank's math suggests that IREN's new business as a vertically integrated AI cloud provider has significant growth potential.

IREN began as a Bitcoin miner but is now shifting its focus to AI cloud services, which already account for a significant portion of the company's revenue. In the June quarter, AI Cloud Services brought in $70.50 million, more than double the previous quarter, and passed Bitcoin mining's $66.70 million.

JPMorgan's forecast assumes that IREN will keep executing on its growth plans, including expanding its data center pipeline to over 5GW across North America, Spain, and Australia. The company has already secured grid connections for this expansion, with a ARR (annualized recurring revenue) of $4 billion coming from less than 10% of its portfolio.