---
title: "The 1.4GW power coming online is the real trigger point for IREN."
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39958895.md"
description: "This is a research update report from ROTH, focusing on the company IREN Limited. 1. Translation of Core Content (Key Paragraphs) IREN: More Power Coming Soon? Core View IREN seems to have completed the delivery of the fourth and final substation transformer for the Sweetwater 1 project. This means one of the key steps—the 1.4GW power connection—is about to be completed (possibly within days or weeks). 👉 If confirmed, this will become an important catalyst for the stock price..."
datetime: "2026-04-16T07:25:48.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39958895.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39958895.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39958895.md)
author: "[ST欧阳昆汀(被困Hims版)](https://longbridge.com/en/profiles/4868421.md)"
---

# The 1.4GW power coming online is the real trigger point for IREN.

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.**

### Related Stocks

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