---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39428171.md"
description: "🔥🚨 Why do I hold $IREN(IREN.US) in my growth portfolio? The key isn't "mining," but the mispricing of "power + computing power"Many people still view $IREN(IREN.US) with the old label—A Bitcoin mining company.But I now tend to see it as something completely different:A "power-driven computing power platform" that is being repriced.My core logic for holding it is actually just four points.First, demand validation has already occurred.The nearly $100 billion collaboration related to $Microsoft(MSFT.US) is essentially not a single order, but a signal:Hyperscale customers have already started outsourcing their AI computing power needs to this type of platform.What does this mean?It's not "whether there is demand," but "demand is already looking for supply."Second, the power reserve far exceeds current demand.$IREN(IREN.US) has already secured about 4.5 gigawatts of power capacity,while achieving the year-end ARR target of about $37 billion requires only about 500 megawatts.In other words:The resources are already prepared, but revenue only needs to utilize a small portion.This structure is essentially "supply first."Once demand is released, expansion doesn't require rebuilding infrastructure.Third, it's the leap in computing power scale.By 2028, the plan for 50,000 $NVIDIA(NVDA.US) B300 GPUscorresponds to an operating profit potential exceeding $10 billion.More importantly, this will push the total GPU scale to about 150,000 units.This isn't linear growth, but platform-level amplification.Once computing power reaches scale, marginal returns will significantly improve.Fourth, the cost structure advantage is beginning to materialize.Sweetwater 1 is expected to go online in Q2 2026,the key isn't the project itself, but the validation of the "10:1 power advantage."In AI computing power competition, power is the cost foundation.Whoever can obtain cheaper, more stable powerwill have long-term pricing power.Putting these four points together, it's actually a very clear structure:Demand (AI computing power) is confirmedSupply (power + infrastructure) is already pre-positionedCost advantage (energy) is formingYet the market is still pricing it using the old framework of a "mining company."This is why I'm willing to hold it.Of course, the premise for this logic to hold is also clear:AI computing power demand must persist,GPU deployment must proceed as planned,The power advantage must truly translate into profits.If any link fails, the valuation will be compressed again.So this isn't "certainty," but a "structural opportunity."Do you tend to see $IREN(IREN.US) as an extension of a traditional mining company,or as a platform that is transforming into AI infrastructure?"
datetime: "2026-03-22T08:37:57.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39428171.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39428171.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39428171.md)
author: "[辰逸](https://longbridge.com/en/profiles/16318663.md)"
---

# 🔥🚨 Why do I hold $IREN(IREN.US) in my growth por…


### Related Stocks

- [IREN.US](https://longbridge.com/en/quote/IREN.US.md)
- [NVDA.US](https://longbridge.com/en/quote/NVDA.US.md)
- [MSFT.US](https://longbridge.com/en/quote/MSFT.US.md)