IREN은 급속한 확장 속에서 자본 지출 계획을 가속화하고 있어, 현재 자금 조달 메커니즘이 이러한 속도를 감당할 수 있을지에 대한 의문이 제기되고 있습니다.
IREN Limited (IREN) is entering fiscal year 2027 with capital expenditure plans that significantly outpace its current revenue base. Management has guided to between $25 billion and $30 billion in CapEx, which will fund 2026 deployments, 2027 air-cooled capacity, a portion of the next liquid-cooled buildout, and early-stage work for 2028 projects. This aggressive spending scale underscores IREN’s strategic pivot from Bitcoin mining toward an AI cloud infrastructure model.
The company’s funding foundation is substantial yet incomplete. IREN reported approximately $14 billion in existing cash, committed GPU financing, and customer prepayments. As of June 30, the firm held $7.6 billion in cash, of which $1.7 billion remains restricted primarily for Microsoft-related GPU expenditures. To bridge the remaining gap, management is targeting roughly $8 billion in additional GPU financing and prepayments. Recent transactions highlight the importance of this approach: IREN secured $3.6 billion for its Microsoft contract at a weighted average interest rate of approximately 6%, while an additional $2.8 billion in equipment financing supports non-investment-grade deployments across several distinct customer credit profiles.
Customer advance payments are increasingly serving as a critical funding lever. Current prepayments cover 45% to 55% of GPU capital expenditures, and when combined with approximately 90% GPU financing on select deals, they generate excess capital available for broader data center development. Furthermore, IREN has maintained an unencumbered data center portfolio, preserving greater flexibility for asset-based financing.
This expansion strategy aligns with a rapidly scaling operational footprint. IREN targets approximately 0.3 gigawatts of IT capacity in 2026 and 0.8 gigawatts in 2027, supported by an announced pipeline exceeding 5 gigawatts. On the revenue side, $4 billion in annualized run-rate revenues have been contracted for 2026 capacity, with $1 billion currently operational.
Competitors are simultaneously accelerating their own funding efforts to support AI-driven growth. CoreWeave, Inc. (CRWV) continues to expand through debt-backed infrastructure investments, recently adding a $2.6 billion delayed-draw term loan on August 7, 2026, to finance GPUs and related infrastructure tied to customer contracts. This facility follows prior borrowings of $8.5 billion and $3.1 billion, illustrating CoreWeave’s ongoing reliance on structured debt to meet rapid capacity demands. Meanwhile, Applied Digital Corporation (APLD) is pairing large-scale project financings with enhanced corporate liquidity. The company closed $1.59 billion in 7% secured notes to fund 150 megawatts at Polaris Forge 1, while increasing its revolving credit facility to $430 million. Additionally, Applied Digital completed $2.15 billion in secured financing for 200 megawatts at Polaris Forge 2.
From a market perspective, IREN shares have declined 1.7% year-to-date, underperforming the S&P 500 composite but outpacing the broader industry. Trading at a forward 12-month price-to-sales ratio of 3.69x, the stock commands a premium over the industry average of 2.58x. Over the past 30 days, analysts have revised earnings estimates for fiscal years 2027 and 2028 downward, though the company is still projected to report profitability in the upcoming fiscal year. IREN currently holds a Zacks Rank of #3 (Hold). A complete list of today’s Zacks #1 Rank (Strong Buy) stocks is available through the platform.
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Investors may access complimentary stock analysis reports for IREN Limited (IREN), Applied Digital Corporation (APLD), and CoreWeave Inc. (CRWV), alongside the latest Zacks Investment Research recommendations, including the “7 Best Stocks for the Next 30 Days” report. This analysis was originally published by Zacks Investment Research (zacks.com).