This is a research update report from ROTH, with a core focus on the company IREN Limited.

I. Core Content Translation (Key Sections)

IREN: More Power Coming Soon?

Core View

IREN appears to have completed the delivery of the fourth and final substation transformer for the Sweetwater 1 project.
This means one of the key steps—1.4GW power connection is nearing completion (possibly within days or weeks).

👉 If confirmed, this could become a significant catalyst for the stock price, as it implies:

• Increased available power
• Enhanced ability to lease out computing power/power capacity

About Sweetwater 1

If the project is officially energized (timing uncertain, but analysts believe it's "imminent"):

• It will add 1.4GW of total power capacity to IREN
• Equivalent to approximately 933MW of IT load capacity
• Significantly expands the company's computing infrastructure

📌 This means:

• The ability to support more customers (especially AI / HPC tenants)
• Expansion of the business model from "own mining" to "computing power leasing"

Impact on Stock Price

Once officially announced:

• Completion + Energization
• Infrastructure availability

👉 Could become a stock price catalyst

II. Financial Data

Revenue

• 2025E: $501M
• 2026E: $943M
• 2027E: $3.036B 🚀 (Explosive growth)

👉 Indicates: Market expectations of exponential growth driven by AI computing demand

EBITDA (Profit)

• 2025E: $270M
• 2026E: $440M
• 2027E: $2.3B 🚀

👉 Extremely strong profit elasticity (typical computing infrastructure model)

Asset Status

• Market Cap: $13.3B
• Cash: $3.26B
• Debt: $3.68B

👉 Financial structure: High investment + high leverage expansion phase

III. What This Report Really Wants to Say

1️⃣ Core Catalyst: Power Coming Online

Summary in one sentence:
👉 It's not about having already exploded, but about "imminent explosion."

Key variable:

• Whether Sweetwater 1 is officially energized

2️⃣ IREN's Essential Transformation

The company is shifting from:
👉 Bitcoin miner
➡️ Transforming into
👉 AI computing / data center infrastructure company

This is the core logic behind the valuation uplift.

3️⃣ Why the Market Will Speculate?

Because once energized:

• Power = Computing Power = Revenue Potential
• Ability to sign up AI customers (similar to CoreWeave, AWS type demand)

👉 Directly opens the valuation ceiling

4️⃣ Risk Points

• ⚠️ Potential delays in energization
• ⚠️ Whether AI customers materialize
• ⚠️ Power costs & interest rates
• ⚠️ Bitcoin price volatility

IV. Summary

👉 The essence of this report is:

IREN isn't making a lot of money now, but "the money will come as soon as the power is on."$IREN(IREN.US) $Defiance Daily Target 2X Long IREN ETF(IRE.US) 

The video is an aerial shot of the IREN factory by an overseas stock enthusiast.