IREN 是我持有的一只股票，主要因为它拥有最有保障的电力：超过 5 吉瓦。Nvidia 和 Microsoft 签有多年合同。其 40 亿美元的目标已有合同保障，而它仅使用了已锁定能源的 10%，因此一旦建成可支撑 10 倍于此的规模。建设需要 IREN 所缺乏的资本，这使其波动较大。
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但任何人想要订购Vertiv的系统，首先都需要并网电力，而这正是IREN的用武之地。IREN在美国、加拿大、西班牙和澳大利亚拥有超过5吉瓦的保障电力，用于其AI数据中心。
But before anyone can order Vertiv systems, they need grid-connected power in the first place, and that's where IREN comes in. IREN has over 5 gigawatts of guaranteed power across the United States, Canada, Spain and Australia, which it uses for AI data centers .
Nvidia本身与IREN签有一份价值34亿美元、为期5年的云服务合同，并且还获得了以每股70美元购买3000万股IREN股票的期权。
Nvidia itself has a $ 3.4 billion, 5-year cloud contract with IREN, and has also acquired an option to purchase 30 million shares of IREN stock at $70 per share.
IREN股票目前交易价格为每股35美元，这意味着上涨了Microsoft还签署了一份为期5年、价值97亿美元的协议，以获取IREN的算力容量，并预付了其中的20%。7月，IREN又签下了28亿美元的合同，其客户如今包括Perplexity和Figure AI。
IREN stock is currently trading at $35 per share, which means an increase of Microsoft also signed a 5-year, $9.7 billion agreement to acquire IREN capacity and paid 20% of it upfront.
In July, IREN signed another $2.8 billion in contracts, and its clients now include Perplexity and Figure AI.
事实上，IREN今年40亿美元的运营规模目标已被合同完全覆盖，而它目前仍只使用了已锁定能源的约10%。这意味着，一旦他们建成并全面运营其AI基础设施，将能够支撑约10倍于当前的规模。
In fact, IREN’s $ 4 billion operating rate target for this year is fully covered by contracts, and it is still only using about 10% of the energy it has already secured. This means they will be able to support about 10 times that number once they have built and fully operationalized their AI infrastructure.
这是该股票波动如此之大的一个主要原因。建设数据中心需要IREN目前还没有的资金，因此他们必须持续融资来填补这一缺口。
This is a major reason why this stock is so volatile. Building data centers requires money that IREN does not yet have, so they have to continue raising capital to bridge that gap.
但IREN的特别之处在于，相对于其规模，它拥有最多的保障电力，这也是我持有它的主要原因。
But what makes IREN special is that it has the most guaranteed power relative to its size, and that is the main reason I own it.