IREN Ltd (IREN) 2025 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the IREN Q3 FY25 results conference call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的支持。歡迎參加 IREN Q3 FY25 業績電話會議。此時，所有參與者都處於只聽模式。請注意，今天的會議正在錄音。（操作員指示）

I would now like to hand the conference over to your speaker today, Mike Power, Director of Investor Relations.

現在，我想將會議交給今天的發言人、投資者關係總監 Mike Power。

Thank you, Josh. Good afternoon and welcome to IREN's third-quarter FY25 results presentation. My name is Mike Power, Director of Investor Relations, and with me on the call today are Daniel Roberts, Co-Founder and Co-CEO; Belinda Nucifora, CFO; and Kent Draper, Chief Commercial Officer.

謝謝你，喬希。下午好，歡迎參加 IREN 25 財年第三季業績報告。我叫 Mike Power，是投資者關係總監，今天與我一起參加電話會議的還有聯合創始人兼聯合首席執行官 Daniel Roberts； Belinda Nucifora，首席財務官；以及首席商務官肯特·德雷珀 (Kent Draper)。

Before we begin, please note this call is being webcast live with an accompanying presentation. For those that have dialed in via phone, you can like to ask a question via the moderator after our presentation. I would like to remind you that certain statements that we make during the conference call may constitute forward-looking statements, and IREN cautions listeners that forward-looking information and statements are based on certain assumptions and risk factors that could cause actual results to differ materially from the expectations of the company. Listeners should not place undue reliance on forward-looking information or statements. Please refer to the disclaimer on slide 2 of the accompanying presentation for more information.

在我們開始之前，請注意，本次通話將透過網路直播，並附帶簡報。對於那些透過電話撥入的人，您可以在我們演示之後透過主持人提出問題。我想提醒您，我們在電話會議中做出的某些陳述可能構成前瞻性陳述，IREN 提醒聽眾，前瞻​​性資訊和陳述基於某些假設和風險因素，這些假設和風險因素可能導致實際結果與公司預期存在重大差異。聽眾不應過度依賴前瞻性資訊或聲明。請參閱隨附簡報第 2 張投影片上的免責聲明以了解更多資訊。

Thank you and I will turn the call over to Dan Roberts.

謝謝，我將把電話轉給丹羅伯茲。

Thanks, Mike. Good afternoon, everyone, and thank you for joining IREN's third quarter FY25 earnings call. I'm Daniel Roberts, Co-Founder, Co-CEO of IREN and today we will provide an update on our financial results for the quarter end of March 31, 2025, along with some operational highlights and some strategic updates from both our Bitcoin Mining business and our AI Infrastructure vertical. We'll then end the call with Q&A.

謝謝，麥克。大家下午好，感謝大家參加 IREN 2025 財年第三季財報電話會議。我是 IREN 聯合創始人兼聯合執行長 Daniel Roberts，今天我們將提供截至 2025 年 3 月 31 日的季度財務業績更新，以及比特幣挖礦業務和人工智慧基礎設施垂直領域的一些營運亮點和策略更新。然後我們將以問答形式結束通話。

So starting with the highlights. Q3 was another strong quarter, operationally and financially. We delivered our second consecutive quarter of profits after tax, where we posted $24 million in net profit. This reflects a 28% growth quarter on quarter. Revenue then hit a record $148 million for the quarter, driven by growth in both our Bitcoin Mining and our AI Cloud segments.

因此，先從亮點開始。從營運和財務角度來看，第三季又是一個強勁的季度。我們連續第二季實現稅後獲利，淨利達 2,400 萬美元。這反映出季度環比增長了 28%。本季營收達到創紀錄的 1.48 億美元，這得益於我們的比特幣挖礦和 AI 雲端部門的成長。

EBITDA came in at just under $83 million also a record for us. Operationally, we continued our cadence of delivering 50 megawatts every month of data centers with the energization of Childress phase four. And during the quarter, we averaged 29.4 exa hash of operating mining capacity, which represents a nearly 5x uplift year on year.

EBITDA 略低於 8300 萬美元，這對我們來說也創下了紀錄。在營運方面，隨著 Childress 四期工程的通電，我們繼續保持每月向資料中心交付 50 兆瓦電力的節奏。本季度，我們的營運挖礦能力平均為 29.4 exa 哈希，年增近 5 倍。

So these results reinforce both the earnings power of our growing data center platform, along with the strength of our procurement, engineering, construction, mining, and AI teams who simply continue to execute. We anticipate this earnings momentum to continue into fiscal Q4 as we further progress on our key growth initiatives, which I'll now come on to.

因此，這些結果既增強了我們不斷成長的資料中心平台的獲利能力，也增強了我們採購、工程、建築、採礦和人工智慧團隊的實力。我們預計，隨著我們的關鍵成長計畫取得進一步進展，這種獲利動能將持續到第四財季，我現在就來談談這些計畫。

So looking forward, our strategy is anchored across value-accretive investments in both Bitcoin Mining and AI Infrastructure. On Bitcoin Mining, we're on track to reach 50x a hash of installed capacity by June 30. That milestone represents a 4x increase from only 10x a hash in June last year and cements us as one of the world's largest and importantly, lowest cost Bitcoin producers globally. But we're pausing further mining expansion at that point. That decision is deliberate, while mining remains highly profitable, we see more compelling shareholder value creation in AI Infrastructure, and we want to be disciplined in capital allocation.

因此展望未來，我們的策略將以比特幣挖礦和人工智慧基礎設施的價值增值投資為基礎。在比特幣挖礦方面，我們預計在 6 月 30 日之前達到安裝容量的 50 倍哈希值。這一里程碑代表著從去年 6 月的 10 倍哈希值增長了 4 倍，並鞏固了我們作為全球最大、成本最低的比特幣生產商之一的地位。但我們暫時暫停進一步的採礦擴張。這項決定是經過深思熟慮的，雖然採礦業仍然利潤豐厚，但我們看到人工智慧基礎設施為股東創造的價值更具吸引力，我們希望在資本配置方面保持紀律。

In AI Cloud, momentum continues, revenues are increasing, underpinned by new contracts and customer attention. Our GPU fleet has been running at or near full utilization with hardware level margins north of 95%. Kent will speak to this more shortly.

在人工智慧雲端領域，發展勢頭持續強勁，收入不斷增加，這得益於新合約和客戶關注。我們的 GPU 叢集已達到或接近滿載運行，硬體級利潤率超過 95%。肯特稍後將會就此發表更多言論。

In our AI Data Centers vertical, we're advancing two significant buildouts Horizon 1. A 50-megawatt liquid-cooled data center targeting Q4 2025 delivery. It's been designed and built for next generation AI workloads, supporting 200-kilowatt racks, which is around 20 times the rack density of traditional data centers. Again, we'll talk a little bit more to rack density later in the presentation.

在我們的 AI 資料中心垂直領域，我們正在推進兩個重要的建設項目 Horizo​​n 1。50 兆瓦液冷資料中心，計畫於 2025 年第四季交付。它是為下一代 AI 工作負載而設計和建造的，支援 200 千瓦的機架，約為傳統資料中心機架密度的 20 倍。再次，我們將在演示的後面進一步討論機架密度。

The second significant build out is Sweetwater, our 2-gigawatt flagship data center hub in West Texas. 1,400 megawatts at Sweetwater 1 is on track for energization in less than a year now, April 2026. The power is contracted, long-lead equipment is secured, and site preparation and construction is underway.

第二個重要的建設項目是 Sweetwater，這是我們位於西德克薩斯州的 2 千兆瓦旗艦資料中心樞紐。 Sweetwater 1 號核電廠的 1,400 兆瓦發電量將在不到一年的時間內，即 2026 年 4 月投入使用。電力已簽訂合同，長週期設備已固定，場地準備和施工正在進行中。

Finally, a few notes on funding and structure. So first, we continue to practice disciplined capital allocation, particularly in the face of broader market volatility like we've seen over the past few months. Our decision to pause on further Mining CapEx is a good example of this discipline inaction. We've also engaged advisors across multiple debt financing work streams. Discussions are active and we expect execution in the coming months as markets continue to stabilize. And finally, as previously noted, we will be transitioning to a US-domestic-issuer status from July 1 this year that will align our reporting with US GAAP and reflect our increased US asset footprint along with the increased US investor base.

最後，關於資金和結構有幾點說明。因此，首先，我們繼續實行嚴格的資本配置，特別是面對過去幾個月我們所看到的更廣泛的市場波動。我們決定暫停進一步的採礦資本支出就是這種紀律不作為的一個很好的例子。我們也聘請了多個債務融資工作流程的顧問。討論正在積極進行，隨著市場持續穩定，我們預計未來幾個月內將會實施。最後，如前所述，我們將從今年 7 月 1 日起過渡到美國國內發行人身份，這將使我們的報告與美國公認會計準則保持一致，並反映我們增加的美國資產足跡以及增加的美國投資者基礎。

So in summary, record performance this quarter, consecutive profitability, near-term milestones all on track, and clearly a capital discipline lens as we focus on high-return-infrastructure growth and value creation for shareholders in the AI space going forward.

總而言之，本季度業績創紀錄，連續盈利，近期里程碑均按計劃進行，並且顯然具有資本紀律性，因為我們將重點關注高回報基礎設施增長和未來人工智能領域為股東創造價值。

So to talk a little bit about Bitcoin Mining. This slide speaks to the performance both in absolute financial terms and inefficiency, especially in our Mining segment. What we're showing here is not just growth, but how we're executing well across many multiple key operating and financial metrics. Despite macro headwinds, we're maintaining margins, we're scaling, and we're using operating cash flow to help fund our growth in the AI vertical.

那麼，來談談比特幣挖礦吧。這張投影片從絕對財務角度和效率角度說明了我們公司的表現，特別是在採礦領域。我們在這裡展示的不僅僅是成長，還有我們如何在多個關鍵營運和財務指標上表現良好。儘管面臨宏觀不利因素，我們仍保持利潤率，不斷擴大規模，並利用營運現金流來資助我們在人工智慧垂直領域的成長。

So let's start with the headline figures. We averaged 29.4 exa hash in operating hash rate this quarter. That's up 30% from the second quarter and is driven by the continued build out at our Childress site and the deployment of new generation hardware. What we've also seen is 326% year-on-year hash rate growth against only a 40% increase in network difficulty. Reinforcing that we're not just growing, we're outpacing the industry, and we're growing our market share. All of this feeds directly into revenue and earnings growth.

那麼就讓我們從總體數據開始吧。本季我們的運行哈希率平均為 29.4 exa hash。這比第二季度增長了 30%，這得益於我們 Childress 工廠的持續建設和新一代硬體的部署。我們也看到，哈希率年增 326%，而網路難度僅增加了 40%。強調我們不僅在成長，而且正在超越行業，並且正在擴大我們的市場份額。所有這些都直接促進收入和利潤的成長。

We continue to lead the sector on efficiency. Our fleet level efficiency remains best-in-class at 15 joules per tera hash. Our power costs average $0.033 per kilowatt hour at Childress last quarter and are among the lowest of any scaled miner globally. They're assisted by our energy market intelligence and software-driven optimization during price spikes or curtailment events. So all of this translates to strong operational leverage. And as you can see, as we continue to add scale, our unit economics hold up and even improve in some cases.

我們在效率方面繼續處於行業領先地位。我們的全線效率仍處於同類最佳水平，為每太拉哈希 15 焦耳。上個季度，Childress 的電力成本平均為每千瓦時 0.033 美元，是全球所有規模礦商中最低的。在價格飆升或限電事件發生時，我們利用能源市場情報和軟體驅動的最佳化為他們提供幫助。因此，所有這些都轉化為強大的營運槓桿。正如您所看到的，隨著我們不斷擴大規模，我們的單位經濟效益在某些情況下甚至會維持甚至改善。

But perhaps just as important as this margin is how we fund growth from this point. So as many of you will know on this call, we've made a deliberate choice to support our growth, including the growth in AI, using cash flows from daily Bitcoin liquidation, rather than raising dilutive equity unnecessarily.

但也許與這個利潤率同樣重要的是我們如何從這一點為成長提供資金。因此，正如你們許多人在這次電話會議上所了解到的，我們做出了慎重的選擇，使用來自每日比特幣清算的現金流來支持我們的成長，包括人工智慧的成長，而不是不必要地增加稀釋性股權。

On the top right you can see what all of this efficiency, all of this profitability looks like in different metrics. So our all-in hash cost was $23 per peta hash per day versus an average cash price or a revenue of 54%, representing over a 50% gross margin, even on a fully loaded cost basis, which includes all indirect, direct OpEx, all in.

在右上角，你可以看到所有這些效率、所有這些獲利能力在不同的指標下是如何的。因此，我們的全哈希成本為每天每 peta 哈希 23 美元，而平均現金價格或收入為 54%，即使在滿載成本基礎上，也代表著超過 50% 的毛利率，其中包括所有間接、直接營運支出。

To look at it a different way on a per Bitcoin basis, our all in cash cost, direct, indirect costs all in was $41,000. As compared to $93,000 in realized revenue per Bitcoin mined this quarter, and again realized, we liquidated, we achieved an actual price of $93,000 against an actual all-in cost of $41,000. So that's gross profit per Bitcoin of roughly $52,000 for the quarter locked in cash.

從每個比特幣的不同角度來看，我們的全部現金成本、直接成本和間接成本總計為 41,000 美元。與本季開採的每枚比特幣實現的收入 93,000 美元相比，我們再次實現了清算，實際價格為 93,000 美元，而實際總成本為 41,000 美元。因此，本季每個比特幣的毛利約為 52,000 美元（以現金形式鎖定）。

These margins are top tier clearly in the industry and also include all the cash costs for our AI business vertical. So they give us a strong buffer in the face of network or price volatility and give us a great platform to scale further from this point onwards, particularly noting that we had an average of 29.4 exa hash last quarter, and we are within weeks of hitting 50 exa hash. So exciting times.

這些利潤率顯然是行業頂級的，並且還包括了我們人工智慧業務垂直領域的所有現金成本。因此，它們為我們在網路或價格波動時提供了強大的緩衝，並為我們提供了一個很好的平台，以便從現在開始進一步擴展，特別要注意的是，上個季度我們的平均哈希值為 29.4 exa，而我們即將在幾週內達到 50 exa 哈希。多麼激動人心的時刻。

So if we turn our mind to the financials along the bottom, revenue grew from roughly $120 million in Q2 to $148 million in Q3, up 24%. Adjusted EBITDA from $62 million to $83 million. And on a statutory basis, EBITDA also rose 32% to $82.7 million. Finally, profit after tax, we saw an increase of 28% from a profit after tax last quarter of $18.9 million to a profit after tax this quarter of $24.2 million.

因此，如果我們關注底部的財務數據，營收從第二季的約 1.2 億美元成長到第三季的 1.48 億美元，成長了 24%。調整後的 EBITDA 從 6,200 萬美元增至 8,300 萬美元。根據法定標準，EBITDA 也成長了 32%，達到 8,270 萬美元。最後，稅後利潤，我們看到從上一季的稅後利潤 1890 萬美元增長了 28% 至本季的稅後利潤 2420 萬美元。

So these results, they're not just about growth, they're about quality of earnings. We're expanding while keeping costs maintained and margins pretty resilient. So we're excited about the expansion ahead as we round out from what you've seen here as an average of 29.4 exa hash has to hitting 50 exa hash in the next few weeks. So in summary, we're operating efficiently, profitably, we're utilizing operating cash flows to support funding our next phase of growth as we scale AI infrastructure on the 50 exa hash.

因此，這些結果不僅關乎成長，也關乎獲利品質。我們在擴大規模的同時，保持成本穩定，利潤率也相當有彈性。因此，我們對未來的擴展感到興奮，因為我們將從您在這裡看到的平均 29.4 exa 哈希值在接下來的幾週內達到 50 exa 哈希值。總而言之，我們營運效率高、獲利良好，我們正在利用營運現金流來支持我們下一階段的成長，因為我們在 50 exa 哈希上擴展了 AI 基礎設施。

So now to talk about our progress towards that key near-term milestone, which I've mentioned a couple of times, achieving 50 exa hash of installed Bitcoin mining capacity by the end of June. It also highlights how this sets us up, again, as I mentioned earlier, it's one of the largest- and lowest-cost miners globally, with substantial free cash flow available to support our AI strategy going forward.

現在來談談我們在實現這一關鍵的近期里程碑方面取得的進展，我已經提到過幾次了，到 6 月底實現 50 exa 哈希值的比特幣挖礦安裝容量。這也凸顯了這對我們有何幫助，正如我之前提到的，它是全球最大、成本最低的礦業公司之一，擁有大量自由現金流來支持我們未來的人工智慧策略。

So as of April 16, 2025, we reached 40 exa hash of installed capacity. What's really interesting is that's up from just 1 exa hash in December 2022, representing a 40x growth in less than 2.5 years. So the right-hand chart shows this visually with our installed hash rate tracking a 361% cumulative average growth rate since December 2022. Simply a testament to our team's execution capabilities.

因此，截至 2025 年 4 月 16 日，我們的安裝容量已達到 40 exa 哈希。真正有趣的是，這一數字比 2022 年 12 月的 1 exa 哈希值有所上升，這意味著在不到 2.5 年的時間裡增長了 40 倍。因此，右側圖表直觀地顯示了這一點，自 2022 年 12 月以來，我們安裝的哈希率累積平均增長率為 361%。這只是對我們團隊執行能力的證明。

So we're now on the final leg towards this 50 exa hash has target. The data center's phase five of our Childress campus, an additional 150 megawatts of capacity is nearing completion. The primary substation is already on site and nearing energization, so that's the 138 kV to 34.5 kV transformation. And then the bulk substation we've completed the key upgrades and the second 345 kV to 138 kV, so this is the high-voltage substation, is scheduled for delivery imminently. So this is important because not only does it support the full 750-megawatt deployment. But it also creates and provides some additional redundancy as we head into alternate applications for this site, which we'll come on to later in the presentation.

因此，我們現在正處於實現 50 exa 哈希目標的最後一步。我們的奇爾德雷斯園區資料中心的第五期工程，新增的 150 兆瓦容量即將完工。一次變電站已到位並即將通電，因此這是 138 kV 到 34.5 kV 的轉換。然後，我們已經完成了大型變電站的關鍵升級，第二個 345 kV 到 138 kV，所以這是高壓變電站，計劃即將交付。這很重要，因為它不僅支援完整的 750 兆瓦部署。但當我們進入該網站的替代應用程式時，它也創建並提供了一些額外的冗餘，我們將在稍後的演示中討論這一點。

In terms of miners, all the hardware is procured, it's been secured for a little while. It's now scheduled for shipping from Southeast Asia and is scheduled to land well within the 90-day tariff pause for reciprocal duties. So that's a bit of a win.

就礦工而言，所有硬體都已採購完畢，並且已經得到保障一段時間了。該批貨物目前計劃從東南亞發貨，預計將在 90 天的互惠關稅暫停期內抵達。所以這算是一次小小的勝利。

At full 50 exa hash deployment, The current market conditions, as you can see in that table, based on a $95,000 Bitcoin price at least, supports $588 million in illustrative adjusted EBITDA. The table at the bottom right walks through this. So at 40 exa hash is where we are today, we estimate adjusted EBITDA of around $450 million already delivering a 60% margin. At 50 exa hash, given the unit economics driven by scale efficiencies that fixed cost leverage, that rises to $588 million and a 62% margin.

在完全部署 50 exa 哈希值的情況下，正如您在該表中所看到的，當前的市場條件（基於至少 95,000 美元的比特幣價格）支援 5.88 億美元的說明性調整後 EBITDA。右下角的表格介紹了這一點。因此，按照我們目前的 40 exa 哈希值，我們估計調整後的 EBITDA 約為 4.5 億美元，已經實現了 60% 的利潤率。在 50 exa 哈希值下，考慮到固定成本槓桿的規模效率所驅動的單位經濟效益，這一數字將上升至 5.88 億美元，利潤率為 62%。

So these aren't projections, clearly we don't know where Bitcoin price will be, but they do illustrate the underlying profitability of our mining business and some of the resilience going forward. So at this point, yes, we have made a deliberate decision, despite all this, to pause expansion beyond 50 exa hash even though we had originally contemplated the 52 exa hash.

所以這些不是預測，顯然我們不知道比特幣的價格會是多少，但它們確實說明了我們採礦業務的潛在盈利能力以及未來的一些彈性。因此，在這一點上，是的，儘管如此，我們還是做出了慎重的決定，暫停超過 50 exa 哈希的擴展，儘管我們最初考慮的是 52 exa 哈希。

The reason for this decision, firstly, it saves us around $43 million of near-term hardware CapEx. Secondly, it allows us to reallocate capital and internal resources, importantly, towards liquid-cool AI Data Centers. And finally, we still preserve that strategic flexibility depending on the Bitcoin price, depending on network difficulty, depending on unit economics to resume this growth in the future. But for right now, we've built out scale and we're now switching our focus to maximizing return on invested capital and we see the best opportunity to do that in the AI vertical in the near term.

做出這項決定的原因是，首先，它為我們節省了約 4,300 萬美元的近期硬體資本支出。其次，它使我們能夠重新分配資本和內部資源，重要的是，將其用於液冷 AI 資料中心。最後，我們仍然保留戰略靈活性，取決於比特幣價格、網路難度和單位經濟狀況，以便在未來恢復成長。但就目前而言，我們已經擴大了規模，現在我們將重點轉向最大化投資資本回報率，我們認為短期內在人工智慧垂直領域實現這一目標的最佳機會。

So we're now one of the largest- and lowest-cost Bitcoin miners globally that positions us with meaningful and consistent cash flows, which is particularly valuable in capital intensive sectors like AI Infrastructure. So our ability to generate that cash allows us to self-fund some of the high-margin, high-growth verticals, such as AI Cloud, such as AI liquid-cool data centers, and allow us to minimize dilution for shareholders going forward. So we're delivering scale, we're controlling costs, and we're using this platform to drive the next phase of our growth in AI Infrastructure. So this is what makes 50 exa hash clearly not a stopping point or an end point, but a great place for us to pause and really drive growth in a new vertical.

因此，我們現在是全球最大、成本最低的比特幣礦工之一，這為我們帶來了有意義且持續的現金流，這在人工智慧基礎設施等資本密集型行業中尤其有價值。因此，我們產生現金的能力使我們能夠為一些高利潤、高成長的垂直領域（例如 AI 雲、AI 液冷資料中心）提供資金，並使我們能夠最大限度地減少未來股東的稀釋。因此，我們正在實現規模化，控製成本，並利用這個平台推動人工智慧基礎設施下一階段的成長。因此，50 exa 哈希顯然不是一個停止點或終點，而是我們暫停並真正推動新垂直領域成長的絕佳地點。

Now over to Kent to talk about one of those verticals.

現在請肯特來談談其中一個垂直領域。

Thanks, Dan. As Dan alluded to, our AI Cloud Service is one of two AI verticals that we're scaling today and demonstrates our ability to develop and scale AI Infrastructure quickly, which is critical to our success in such an agile market. For context, we launched our AI Cloud Service or IREN Cloud as it's now known as a proof of concept back in August 2023, to support our broader AI Infrastructure ambitions.

謝謝，丹。正如 Dan 所提到的，我們的 AI 雲端服務是我們目前正在擴展的兩個 AI 垂直領域之一，它展示了我們快速開發和擴展 AI 基礎設施的能力，這對於我們在如此敏捷的市場中取得成功至關重要。具體來說，我們在 2023 年 8 月推出了 AI 雲端服務或 IREN Cloud，現在稱為概念驗證，以支援我們更廣泛的 AI 基礎設施目標。

Our initial deployment began with 248 NVIDIA H100 GPUs in early 2024 and scaled to 1,896 H100 and H200 GPUs all within less than 12 months. Today the platform is supporting both training and inference workloads for a range of AI-native customers on both a reserved and on-demand basis. All of this was enabled by the versatility of our proprietary data center design and delivery capabilities.

我們的初始部署始於 2024 年初的 248 個 NVIDIA H100 GPU，並在不到 12 個月的時間內擴展到 1,896 個 H100 和 H200 GPU。目前，該平台以預留和按需的方式為一系列人工智慧原生客戶提供訓練和推理工作負載支援。這一切都得益於我們專有資料中心設計和交付能力的多功能性。

The GPUs for IREN Cloud were installed in our 50-megawatt data center in Prince George, British Columbia, which had solely been operating Bitcoin mining workloads up to that point. The transition from ASICs to GPUs took just 6 to 8 weeks with minimal incremental CapEx. This flexibility to easily pivot between Bitcoin and AI workloads with speed is one of the major factors giving us a competitive edge in the industry. We're able to respond extremely rapidly to shifts in market demand and rapid GPU cycles.

IREN Cloud 的 GPU 安裝在我們位於不列顛哥倫比亞省喬治王子城的 50 兆瓦資料中心，該中心此前一直僅運行比特幣挖礦工作負載。從 ASIC 到 GPU 的轉變僅需 6 到 8 週，且增量資本支出極少。這種能夠在比特幣和人工智慧工作負載之間快速切換的靈活性是我們在產業中佔據競爭優勢的主要因素之一。我們能夠對市場需求的變化和快速的 GPU 週期做出極其迅速的反應。

Importantly, while the Prince George site is supporting AI-cooled GPUs today, it also has flexibility to accommodate liquid-cooled configurations in the future, giving us versatility for both current-gen and next-gen GPUs should we ex expand deployments further. In terms of our expertise, scaling infrastructure is one thing, doing it reliably and repeatedly is another. And that's why we've invested and continuing to invest in a growing in-house AI Infrastructure team across North America.

重要的是，雖然喬治王子城工廠目前支援 AI 冷卻 GPU，但它未來也具有適應液冷配置的靈活性，如果我們進一步擴展部署，它將為當前一代和下一代 GPU 提供多功能性。就我們的專業知識而言，擴展基礎設施是一回事，可靠且重複地執行擴展基礎設施又是另一回事。這就是為什麼我們已經投資並將繼續投資於北美不斷成長的內部人工智慧基礎設施團隊。

From network architects, InfiniBand engineers, cybersecurity specialists, dev ops and cloud go-to-market teams, we've assembled a team with significant depth and range. These aren't third-party contractors; this is all internal talent that we're scaling along with the platform. Additionally, we built strong direct relationships with key ecosystem partners. NVIDIA for GPUs and networking, Dell, Lenovo, and Supermicro for servers and hardware, Intel for CPUs, and WEKA for high-performance storage solutions. These relationships are foundational to how we scale, not just through procurement, but through roadmap alignment and co-design.

我們組建了一支具有深厚專業知識和廣度的團隊，其中包括網路架構師、InfiniBand 工程師、網路安全專家、開發營運和雲端上市團隊。這些不是第三方承包商；這些都是我們隨著平台擴展的內部人才。此外，我們與主要生態系統合作夥伴建立了牢固的直接關係。NVIDIA 負責 GPU 和網絡，戴爾、聯想和 Supermicro 負責伺服器和硬件，英特爾負責 CPU，WEKA 負責高效能儲存解決方案。這些關係是我們擴展規模的基礎，不僅透過採購，還透過路線圖協調和共同設計。

The image that you can see on the right here shows our Prince George facility in action. It's one of the few real-world deployments where Bitcoin and AI workloads are operating side by side, connected using shared infrastructure, but independently optimized. So IREN Cloud gives us a unique edge. It gives us a proven ability to deliver real AI Infrastructure, not just plan it. It provides internal expertise for deploying, operating and optimizing this infrastructure. And it's these capabilities that we're now scaling up at Horizon 1 and Sweetwater.

您可以在右側看到的圖片展示了我們喬治王子城工廠的運作。這是現實世界中為數不多的比特幣和人工智慧工作負載並行運行、使用共享基礎設施連接但獨立優化的部署之一。因此，IREN Cloud 為我們提供了獨特的優勢。它證明了我們有能力提供真正的人工智慧基礎設施，而不僅僅是規劃它。它為部署、操作和優化該基礎設施提供內部專業知識。我們現在正在 Horizo​​​​n 1 和 Sweetwater 擴大這些能力。

Moving to the next slide. We saw increased customer engagement during the quarter within our AI Cloud Services business, and today our GPU fleet is running out on year full utilization with new contract wins post quarter end. We're seeing a mix of on-demand and multi-year terms ranging from short-term flexibility up to three-year commitments. Perhaps most exciting for us, we're now supplying white label compute to leading US AI-cloud providers, supporting both training and inference workloads. This validates both the technical quality of our infrastructure and the depth of our engineering and operations team's experience and is also proving to help strengthen our AI co-location pipeline.

移至下一張投影片。本季度，我們的 AI 雲端服務業務的客戶參與度有所提高，目前，隨著季度末新合約的簽訂，我們的 GPU 資源已達到全年充分利用狀態。我們看到按需和多年期合約的混合，範圍從短期靈活性到三年承諾。也許對我們來說最令人興奮的是，我們現在正在向美國領先的 AI 雲端供應商提供白標運算，支援訓練和推理工作負載。這不僅驗證了我們基礎設施的技術品質以及我們工程和營運團隊的經驗深度，而且還有助於加強我們的人工智慧共置管道。

At Prince George, we still have an additional 47 megawatts of air-cooled capacity. That's enough to support over 20,000 NVIDIA B200s, which are currently in high demand for infrared-scale workloads. We're in active dialogue with customers around these deployments and continue to evaluate opportunities, including by deploying small clusters of latest generation GPUs for internal and customer testing. All of this activity sits within an investment framework focused on risk adjusted returns. We're optimizing the sources and uses of capital and view debt and GPU financing as a very realistic path to scale.

在喬治王子城，我們仍然擁有額外的 47 兆瓦風冷容量。這足以支援超過 20,000 台 NVIDIA B200，目前這些裝置對紅外線規模工作負載的需求很高。我們正在就這些部署與客戶進行積極對話，並繼續評估機會，包括部署最新一代 GPU 的小型叢集進行內部和客戶測試。所有這些活動都屬於以風險調整回報為重點的投資框架。我們正在優化資本來源和用途，並將債務和 GPU 融資視為實現規模化的非常現實的途徑。

On the right-hand side here you can see 33% quarter-on-quarter revenue growth in our AI Cloud segment, building on the foundation that we established with IREN Cloud last year. Our 97% hardware profit margins, which reflects revenue less electricity costs, highlight the strong margins that we're able to achieve via our vertical integration and ownership of our data centers. The photo below from Prince George, where our GPU and ASIC halls operate side by side, shows the modularity and flexibility of our infrastructure model.

在右側，您可以看到我們的 AI Cloud 部門營收季增 33%，這是基於我們去年透過 IREN Cloud 建立的基礎。我們的硬體利潤率為 97%，這反映了收入減去電力成本，凸顯了我們透過垂直整合和資料中心所有權實現的強勁利潤率。下面的照片來自喬治王子城，我們的 GPU 和 ASIC 大廳並排運行，展示了我們基礎設施模型的模組化和靈活性。

So we're not just building this infrastructure, we're actively monetizing it, and we're doing it efficiently with our own data centers and reinvestment of cash flows from Bitcoin mining. This is what sets us apart in the current market and provides a solid foundation for our entry into the AI Data Center market, and I'll pass back to Dan for more detail.

因此，我們不僅要建立這個基礎設施，還要積極地將其貨幣化，並且透過我們自己的資料中心和對比特幣挖礦現金流的再投資來高效地實現這一目標。這就是我們在當前市場中脫穎而出的原因，為我們進入人工智慧資料中心市場奠定了堅實的基礎，我將向 Dan 詳細介紹。

Thanks, Kent. So that talks about AI Cloud. Now I'm going to talk a little bit about the Infrastructure and the co-location opportunities specifically behind that. So what we're showing on this slide is the fundamental, I guess, why behind. Our pursuit and our focus of AI Infrastructure. So I think it's clear that the demand profile for AI compute is unlike anything that we've seen before across broader infrastructure.

謝謝，肯特。這就是關於 AI Cloud 的討論。現在我將稍微談談基礎設施以及背後的共置機會。所以我想我們在這張投影片上展示的就是背後的根本原因。我們對人工智慧基礎設施的追求和關注。因此，我認為很明顯，人工智慧運算的需求概況與我們以前在更廣泛的基礎設施中看到的任何情況都不一樣。

And I don't think it's exactly speculative anymore, particularly given what we're seeing in the market. And what we're seeing is this shift is happening fast, and it's really becoming at scale. And what we're seeing is the markets are simply not ready to serve it. So I'll come on to that a little bit more, but if we look at the left-hand side, forecast global AI users.

我認為這不再只是推測，特別是考慮到我們在市場上看到的情況。我們看到這種轉變正在迅速發生，並且正在形成規模。而我們看到的是市場還沒有做好準備來應對這項挑戰。所以我會進一步討論這一點，但如果我們看左邊，預測全球人工智慧用戶。

Starting with the demand side, it's projected to triple from 346 million to over 950 million in the next five years. And this growth is not driven just by consumers, like it's all on chat GPT, but also by enterprises embedding LLMs and other AI tools into everyday use. And everything from medical imaging to call centers to software developments, the expansion of this user base ultimately leads directly to compute growth. And as we see inference workloads scale in production environments, they require persistent infrastructure, not just burst compute for trading, which brings us to what's on the right-hand side of the slide.

從需求面來看，預計未來五年內這一數字將成長兩倍，從 3.46 億增至 9.5 億以上。這種成長不僅僅是由消費者推動的，就像聊天 GPT 一樣，也受到企業將 LLM 和其他 AI 工具嵌入日常使用中的推動。從醫學影像到呼叫中心到軟體開發，用戶群的擴大最終直接導致計算成長。如我們所見，推理工作負載在生產環境中不斷擴展，它們需要持久的基礎設施，而不僅僅是交易的突發計算，這就引出了幻燈片右側的內容。

So here we show that user growth translates to global AI Data Center demand. Expected to grow 3.5 times in the next 5 years. So that sounds like a big number, but what's even bigger if you understand the energy market and the scale of what this really represents in terms of real-world infrastructure, 44 gigawatts today to 156 gigawatts in 2030. So that's more than 100 gigawatts of new infrastructure required globally. And today's traditional data center players simply aren't set up to deliver that at the required scale, speed, or density.

因此，我們在這裡表明用戶成長轉化為全球人工智慧資料中心的需求。預計未來5年將成長3.5倍。這聽起來像是一個很大的數字，但如果你了解能源市場以及它在現實世界基礎設施方面所代表的規模，那麼這個數字會更大，從今天的 44 千兆瓦到 2030 年的 156 千兆瓦。因此，全球需要超過 100 千兆瓦的新基礎設施。而現今的傳統資料中心參與者根本無法滿足所需的規模、速度或密度。

So our 2.9 gigawatts that we've secured that we've worked really hard over the last six years to secure, it's a big number. We all know it's a really, really big number, but in the context of 100 gigawatts, it's still small. So it sets us up for a really interesting few years ahead. So meeting this demand requires a fundamentally new class of infrastructure, so new designs, rack densities for AI have jumped 225% year on year. And continue to look like they're going to climb.

因此，我們在過去六年中付出了巨大的努力才獲得了 2.9 千兆瓦的電力，這是一個很大的數字。我們都知道這是一個非常非常大的數字，但與 100 千兆瓦的規模相比，它仍然很小。因此，這為我們未來幾年的真正有趣做好了準備。因此，滿足這項需求需要一種全新的基礎設施，因此新的設計和 AI 機架密度年增了 225%。並且繼續保持著要繼續攀爬的樣子。

Traditional data center designs simply do not work anymore. They're faster construction cycles, so customers want sites built in 9 to 12 months, not 2 to 3 years. So that's really forcing a rethink of how infrastructure is designed and delivered in this sector. And we're seeing scale. The industry is now talking about 50 to 11,000 megawatt clusters. With customers asking for 250 megawatts or more across multi-year rollouts.

傳統的資料中心設計已經不再適用。它們的建設週期更快，因此客戶希望在 9 到 12 個月內建造場地，而不是 2 到 3 年。所以這確實迫使我們重新思考這個領域的基礎設施的設計和交付方式。我們正在看到規模。業界目前正在討論 50 至 11,000 兆瓦的集群。客戶要求在多年推廣期內獲得 250 兆瓦或更多的電力。

All of this is happening live time and the scale and the intensity just continues to climb month on month. So grid connectivity, this is really a gating factor. A greenfield hyperscale site can take up to five to seven years just to secure that transmission access and energization. So that is the critical bottleneck, and it's where we clearly believe IREN has a competitive advantage along with a few other points which we'll get to.

所有這些都是即時發生的，其規模和強度逐月不斷攀升。因此，電網連接確實是一個限制因素。一個新建的超大規模場址可能需要長達五到七年的時間才能確保傳輸存取和供電。這就是關鍵的瓶頸，我們堅信 IREN 在這方面具有競爭優勢，我們也會討論其他一些問題。

So we are clearly well-positioned to meet this demand. We've got 2.9 megawatts of secured power capacity already contracted, including those large-scale grid connections at Childress and Sweetwater. We own our own land, which means we're not reliant on M&A. We're not reliant on third-party developers, and we can move quickly when customer demand materializes and is contracted. And importantly retain the upside on the infrastructure development.

因此，我們顯然有能力滿足這項需求。我們已經簽訂了 2.9 兆瓦的安全電力容量合同，其中包括 Childress 和 Sweetwater 的大規模電網連接。我們擁有自己的土地，這意味著我們不依賴併購。我們不依賴第三方開發商，當客戶需求出現並簽訂合約時，我們可以迅速採取行動。重要的是保留基礎設施建設的優勢。

So I guess my message here is the demand is real. It's growing more and more real week by week, and it's infrastructure constrained. We've got the land, we've got the power, and importantly, we've got the engineering and the execution capabilities to capture a good share of this growth. And we're making it happen right now. So if we zoom out briefly and look at how we are positioned to address one of the biggest barriers to adoption. So it's not just about the GPUs, it's about the ability to deploy those GPUs with power, cooling, permitting, and speed, and that's where most of the market is getting stuck today. So we've spent years assembling the fundamental and foundational ingredients for this.

所以我想我在這裡要傳達的訊息是，需求是真實的。它每週都在變得越來越真實，並且受到基礎設施的限制。我們擁有土地，擁有電力，更重要的是，我們擁有工程和執行能力，可以抓住這一增長的很大份額。我們現在就正在實現它。因此，如果我們簡要地縮小範圍並看看我們如何解決採用的最大障礙之一。因此，這不僅與 GPU 有關，還與部署具有電源、冷卻、許可和速度的 GPU 的能力有關，而這正是當今大多數市場陷入困境的地方。因此，我們花了數年時間來收集實現這一目標的基本要素。

We've secured those large-scale sites that I mentioned. They're very quickly becoming strategic emerging AI hubs, particularly in West Texas. We've got a track record in high density data center delivery going back to 2018. This is not our first rodeo. We have been doing power dense data centers for seven years.

我們已經確保了我提到的那些大型場地的安全。它們正迅速成為戰略性的新興人工智慧中心，尤其是在西德克薩斯州。我們在高密度資料中心交付方面擁有良好的記錄，可以追溯到 2018 年。這不是我們第一次參加牛仔競技表演。我們從事功率密集型資料中心已有七年了。

Those of you who have followed us for that time understand that yes, we had oranges and our roots in Bitcoin mining, but we never went down the path of sea cans, old abandoned warehouses, shipping containers. We built multifunctional data centers from day one. And a testament to that, again, I'll repeat it, in Prince George, in the same data center we originally built, we have Bitcoin mining racks operating right next to latest-generation NVIDIA GPU's servicing AI customers, the exact same data centers.

那些一直關注我們的人都知道，是的，我們有橘子，我們的根基在比特幣挖礦，但我們從未走上海運罐、廢棄的舊倉庫、貨櫃的道路。我們從第一天起就建立了多功能資料中心。為了證明這一點，我再重複一遍，在喬治王子城，在我們最初建造的同一個資料中心，我們的比特幣挖礦機架就在為 AI 客戶提供服務的最新一代 NVIDIA GPU 旁邊運行，這兩個資料中心完全相同。

So this experience in engineering, designing, deploying, and then operating power dense data centers is what our business was set up to do and it's part of our foundation and we're continuing to do it. The only difference is we're continuing to iterate on that power dense designed to service these future workloads. So that in-house development and procurement team is critical. It gives us a direct control over the project pacing. It reduces reliance on third parties, we don't need to sign big contracts with third parties and outsource all of this. It de-risks those execution timelines, but critically we still work with tier one engineering, tier one OEM, tier one EPCM partners where it makes sense, and they're already engaged on horizon and the Sweetwater projects.

因此，在工程、設計、部署和營運高功率密度資料中心方面的經驗正是我們業務的初衷，也是我們的基礎的一部分，我們將繼續這樣做。唯一的區別是，我們將繼續迭代旨在滿足未來工作負載需求的功率密度。因此內部開發和採購團隊至關重要。它使我們能夠直接控制專案進度。它減少了對第三方的依賴，我們不需要與第三方簽訂大合約並將所有這些外包。它降低了執行時間表的風險，但至關重要的是，我們仍然與一級工程、一級 OEM、一級 EPCM 合作夥伴進行有意義的合作，而且他們已經參與了 Horizo​​​​n 和 Sweetwater 項目。

So all of this is what allows us to move with certainty, compress timelines, and meet the most demanding specs, whether it's 200-kilowatt racks, whether it's liquid-cooling or multi-100-megawatt campuses, and today we've got 2.9 gigawatts of aggregate power capacity across those sites to service it.

因此，所有這些都使我們能夠確定性地行動、壓縮時間表並滿足最苛刻的規格，無論是 200 千瓦的機架、液體冷卻還是數十萬瓦的園區，今天我們在這些站點擁有 2.9 千兆瓦的總電力容量來為其提供服務。

So I guess my message here is simple. We're not just a site developer. We haven't just signed simply options on land and gotten lucky around this power. We're a builder, we're an operator, we've been doing this for seven years. We've structured the company to scale infrastructure in the power-dense HPC space, simply as fast as customers can commit. So while the demand is clearly global supply is constrained and we've got the power, we've got the partners, we've got the execution track record to meet that demand at scale.

所以我想我在這裡要傳達的訊息很簡單。我們不僅僅是網站開發商。我們不只是簽署了簡單的土地選擇權並在這種權力方面碰運氣。我們是建造者，我們是運營商，我們已經做這個七年了。我們已經對公司進行了結構調整，以便在高功率密度的 HPC 領域擴展基礎設施，速度與客戶承諾的速度一樣快。因此，雖然需求顯然是全球供應受限的，但我們擁有實力，擁有合作夥伴，擁有執行記錄來大規模滿足這一需求。

So the next major milestone in our infrastructure rollout is Horizon 1, 50 megawatts of liquid-cooled AI data centers in Childress, which is currently under development and due for delivery in quarter four this year. So as we've mentioned, there's a growing scarcity of sites capable of supporting liquid called GPUs at scale. So this is specifically designed to cater to NVIDIA's Blackwell platform, but also beyond, with rack density of 200 kilowatts per rack. So this aligns with the next generation of model training.

因此，我們基礎設施部署的下一個重要里程碑是 Horizo​​​​n 1，位於 Childress 的 50 兆瓦液冷 AI 資料中心，目前正在開發中，預計將於今年第四季交付。正如我們所提到的，能夠大規模支援液體 GPU 的網站越來越少。因此，這是專門為滿足 NVIDIA 的 Blackwell 平台而設計的，但其機架密度更高，為每機架 200 千瓦。所以這與下一代模型訓練一致。

And customer interest has well exceeded the initial 50-megawatt data center. We've got multiple customers actively engaged in due diligence, actively engaged in commercial negotiations. So it is clear that there is a clear gap in the market, and we're looking to fill it.

客戶的興趣已經遠遠超出了最初的 50 兆瓦資料中心。我們有多位客戶積極參與盡職調查，並積極參與商業談判。因此很明顯，市場存在明顯的空白，我們正在尋求填補它。

So in terms of the specs, just to recap, it's 50 megawatts approximately of IT load for phase one. We're designing it for 200 kilowatts of rack density and to put that in perspective, that's compared to only 130 kilowatt for the new generation Blackwells that have been released over the course of this year. We've got 4 UPS and diesel backup systems, sub-6 millisecond round trip latency to Dallas, which supports both AI training along with latency-sensitive inference workloads. And finally, forecast CapEx unchanged $6 million to $7 million per megawatt of IT load, which we continue to gain conviction is very competitive for liquid-cooled data center deployments in the current market.

因此，就規格而言，簡單回顧一下，第一階段的 IT 負載約為 50 兆瓦。我們設計的機架密度為 200 千瓦，相比之下，今年發布的新一代 Blackwell 的機架密度僅為 130 千瓦。我們有 4 個 UPS 和柴油備用系統，到達拉斯的往返延遲低於 6 毫秒，支援 AI 訓練以及延遲敏感的推理工作負載。最後，預測資本支出保持不變，為每兆瓦 IT 負載 600 萬至 700 萬美元，我們繼續確信，這對於當前市場上的液冷資料中心部署來說非常有競爭力。

So clearly securing an anchor customer for Horizon 1 is a top priority. It catalyzes our formal entry into the AI Data Center co-location market and importantly builds confidence for the broader site development opportunity across the full 750 megawatts available at Childress. It also further differentiates us in the market as we prepare to bring Sweetwater online in April 2026, and the 1.4 gigawatts immediately available at that point.

因此，顯然確保 Horizo​​​​n 1 擁有一個主要客戶是當務之急。它促進了我們正式進入人工智慧資料中心託管市場，更重要的是，為利用 Childress 全部 750 兆瓦電力進行更廣泛的站點開發機會建立了信心。當我們準備在 2026 年 4 月將 Sweetwater 投入使用時，這也進一步使我們在市場上脫穎而出，屆時 1.4 千兆瓦的電力將立即可用。

In terms of financing, we're actively exploring pathways that optimize for capital efficiency. So that includes customer prepayments, project level debt, corporate level debt, equipment leasing, and convertibles. So we're also open to joint ventures, particularly with infrastructure capital providers, as long as they're aligned with our long-term control strategy.

在融資方面，我們正積極探索優化資本效率的途徑。其中包括客戶預付款、項目級債務、公司級債務、設備租賃和可轉換債券。因此，我們也對合資企業持開放態度，特別是與基礎設施資本提供者的合資企業，只要它們符合我們的長期控制策略。

So in terms of milestones, the project's progressing along a well-defined delivery schedule, it's on track. So we're looking to start earthworks and grading in the coming weeks. In the third quarter, we'll start preparing structure, cooling, and the electrical system, and then in Q4, we expect final delivery and readiness for occupancy. So long-lead items already ordered, procurement teams very active, we remain on track to deliver Horizon 1, on the original schedule that we outlined. So Horizon 1's our first at-scale AI Data Center, and it's also the model for how we can potentially develop and scale across our broader platform, including Sweetwater. So we've locked it all in, now it's a matter of executing over the coming months.

因此，從里程碑來看，該專案正在按照明確的交付時間表進行，一切進展順利。因此，我們希望在未來幾週內開始土方工程和平整工作。在第三季度，我們將開始準備結構、冷卻和電氣系統，然後在第四季度，我們預計最終交付並準備入住。因此，我們已經訂購了長週期項目，採購團隊非常活躍，我們仍將按照我們制定的原計劃交付 Horizo​​​​n 1。因此，Horizo​​n 1 是我們第一個大規模的 AI 資料中心，也是我們如何在包括 Sweetwater 在內的更廣泛平台上進行開發和擴展的模型。所以我們已經把一切都確定下來了，現在的問題是在接下來的幾個月執行。

So this slide brings the focus back to the 750 megawatts at Childress and our roadmap for potentially transforming this entire site into a world-class liquid-cooled AI campus. So there are three main things to take away. Firstly, customer interest, as I mentioned, already exceeds the Horizon 1's initial 50-megawatt capacity. This just validates and reinforces our decision to invest ahead of the curve and make the commitment to build out this capacity. And also reinforces why we've already begun work on expanding capacity across the broader campus.

因此，這張投影片將焦點重新集中到 Childress 的 750 兆瓦以及我們將整個場地改造成世界一流的液冷 AI 園區的路線圖上。因此，有三件主要的事情需要注意。首先，正如我所提到的，客戶的興趣已經超過了 Horizo​​​​n 1 最初的 50 兆瓦容量。這恰恰證實並強化了我們提前投資並致力於建立這項能力的決定。這也進一步證明了為什麼我們已經開始著手擴大整個校園的容量。

Site design is now underway for a full 750-megawatt transformation. So this is not just additional racks, it's a complete reconfiguration of the site for liquid-cooled AI workloads. Associated upgrades to power redundancy, cooling infrastructure, network architecture. Thirdly, we're futureproofing, as I mentioned before, 200-kilowatt rack densities as compared to the 130 kilowatts required for Blackwells. Well above what we're expected to require for the next generation, setting this apart from traditional data centers even further that are really struggling to handle this basic level of density.

目前正在進行場地設計，以進行全面的 750 兆瓦改造。因此，這不僅僅是額外的機架，而是針對液冷 AI 工作負載的站點的完全重新配置。對電源冗餘、冷卻基礎架構、網路架構進行相關升級。第三，正如我之前提到的，我們正在為未來做準備，我們將採用 200 千瓦的機架密度，而 Blackwells 所需的機架密度為 130 千瓦。遠遠超出了我們對下一代的預期要求，這與那些難以處理這種基本密度水平的傳統資料中心有了更大的區別。

So I think the quote here captures the design philosophy. So the project's not being engineered just for what we need now and what we need over the next 6 to 12 months, both based on the roadmap we're seeing on the GPU side, but what we think AI will demand next. So we're not just catching up, we're building ahead of the curve, and this is a real step change in capability and what we're offering the market.

所以我認為這裡的引言抓住了設計理念。因此，該專案的設計不僅針對我們現在的需求和未來 6 到 12 個月的需求（這兩者都基於我們在 GPU 方面看到的路線圖），還考慮了我們認為 AI 下一步的需求。因此，我們不僅僅是在追趕，我們還在走在時代的前列，這是我們能力和我們向市場提供的產品的真正進步。

Top right you can see a real photo of the Childress site as of April, clearly very active, nearing completion of multiple new-build buildings, and below that is a rendering of the 750-megawatt Horizon concept, illustrating how the site might be evolved to accommodate 750 megawatts of liquid-cooling, high-rack density, and AI specific workloads. So in context, we own the land, we own the substation, the infrastructure, we're built into rack-level specifications required by future workloads, not just what fits today, and it positions us, Horizon, and Childress to be one of the few potential large-scale liquid-cooled AI campuses in North America.

右上角您可以看到截至 4 月份 Childress 資料中心的真實照片，該資料中心顯然非常活躍，多個新建建築即將完工，下方是 750 兆瓦 Horizo​​n 概念的效果圖，說明了該資料中心如何發展以適應 750 兆瓦的液體冷卻、高機架密度和 AI 特定工作負載。因此，從上下文來看，我們擁有土地、變電站和基礎設施，我們按照未來工作負載所需的機架級規格構建，而不僅僅是滿足今天的要求，這使我們、Horizo​​​​n 和 Childress 成為北美為數不多的潛在大型液冷 AI 園區之一。

So this is a blueprint, not just for Childress, but also for Sweetwater and how we can potentially scale our broader platform to meet this rise in demand. So Sweetwater is our flagship AI site, which we've mentioned for the last year or so now, and it's a very rare combination of secured land, grid scale power and site readiness that is well in motion. So to recap some of the fundamentals. 1800 acres with up to 2 gigawatts of high-voltage-power capacity already secured through binding contractual agreements. That's enough capacity to support over 700,000 next-generation GPUs, including those liquid-cooled Blackwell GB 200s.

所以這是一個藍圖，不僅適用於 Childress，也適用於 Sweetwater，以及我們如何擴展我們更廣泛的平台以滿足日益增長的需求。Sweetwater 是我們旗艦 AI 站點，我們在過去一年左右的時間裡一直在提到它，它是安全土地、電網規模電力和站點準備就緒的非常罕見的組合，並且進展順利。現在回顧一下一些基本原理。已通過具有約束力的合約協議確保了 1800 英畝土地和高達 2 千兆瓦的高壓電力容量。該容量足以支援超過 70 萬個下一代 GPU，包括那些液冷的 Blackwell GB 200。

Substation, site level civil works are already well underway, so we're not waiting on paperwork, we're not waiting on anything else. We're actively building this at the moment and preparing the site for construction.

變電站、場地級土木工程已在順利進行中，因此我們無需等待文書工作，也無需等待任何其他事情。我們目前正在積極建造並為施工現場做準備。

So it does feel like we might be entering a super cycle of AI Infrastructure build out, particularly when you look at these forecasts of 125 gigawatts, not megawatts, of AI Data Center capacity over the next five years, over $5 trillion of capital, compute, energy, land, cooling, networking, and this is where Sweetwater stands out. Most of that demand is bottlenecked by land use, zoning, grid connection, politics, and at Sweetwater, we've solved those constraints.

因此，我們確實感覺到我們可能正在進入人工智慧基礎設施建設的超級週期，特別是當你看到未來五年人工智慧資料中心容量為 125 千兆瓦（而不是兆瓦）的預測，超過 5 兆美元的資本、運算、能源、土地、冷卻、網絡，而這正是 Sweetwater 脫穎而出的地方。大部分需求受到土地使用、分區、電網連接、政治等因素的限制，而在 Sweetwater，我們解決了這些限制。

So the site has the potential to support up to $70 billion in end-user AI Infrastructure investment. $70 billion. That's the development site that we've been actively incubating and are preparing. So the initial energization is targeted for April next year. All long lead substation equipment is on order. The looped fiber connection between Sweetwater 1 of 1.4 gigawatts and Sweetwater 2 of 600 megawatts is already designed, and the flexibility to scale in 1 to 500 megawatt increments gives us a lot of agility to align CapEx with customer commitments and the discussions that we're having.

因此該網站有可能支援高達 700 億美元的終端用戶 AI 基礎設施投資。 700億美元。這就是我們一直在積極孵化和準備的開發地點。因此，首次通電預計在明年四月進行。所有長引線變電站設備均已訂購。Sweetwater 1 的 1.4 千兆瓦和 Sweetwater 2 的 600 兆瓦之間的環形光纖連接已經設計完成，並且可以靈活地以 1 到 500 兆瓦的增量進行擴展，這使我們能夠靈活地將資本支出與客戶承諾和我們正在進行的討論相結合。

So there are very few sites in North America or even globally, with this unique combination of scale, power, land, control, and readiness. We own the land, we've secured the interconnect, and we've started the site Readiness. We believe Sweetwater is one of the most-advanced and actionable AI clampers in development today. So with Horizon leading our first delivery. And Sweetwater anchoring our medium-term growth pipeline, we really believe we're well-positioned to meet this market momentum in AI.

因此，在北美乃至全球，很少有場址能夠具備這種規模、電力、土地、控制和準備的獨特組合。我們擁有土地，我們已經確保了互連，並且我們已經開始了場地準備工作。我們相信 Sweetwater 是當今開發的最先進、最具可操作性的 AI 夾具之一。因此，我們的第一次交付將由 Horizo​​​​n 主導。Sweetwater 鞏固了我們的中期成長管道，我們堅信我們已做好準備，滿足人工智慧領域的這一市場動能。

Over to Kent now to touch on CapEx and funding.

現在請肯特談談資本支出和資金問題。

Thanks. This next slide outlines how we're funding growth, and in particular how our business model provides a unique combination of the internal cash flow and external funding flexibility. As of April 30, we had $160 million in cash on the balance sheet. This, combined with strong cash flows from Bitcoin Mining and our AI Cloud, provides significant funding support for our next phase of growth.

謝謝。下一張投影片概述了我們如何為成長提供資金，特別是我們的商業模式如何提供內部現金流和外部資金靈活性的獨特組合。截至 4 月 30 日，我們的資產負債表上有 1.6 億美元現金。再加上比特幣挖礦和我們的人工智慧雲端的強勁現金流，為我們下一階段的成長提供了重要的資金支持。

We estimate a net funding requirement of up to $250 million over the remainder of 2025, primarily to support the expansion to 50 exa hash, which is already nearly complete. The delivery of Horizon 1, our first liquid-cooled AI Data Center, targeting energization in Q4 2025. And substation development and site preparation at Sweetwater, to prepare for energization in April 2026.

我們估計，2025 年剩餘時間內的淨資金需求高達 2.5 億美元，主要用於支援已接近完成的 50 exa 雜湊值的擴展。我們的第一個液冷 AI 資料中心 Horizo​​n 1 的交付，目標是在 2025 年第四季投入使用。並在 Sweetwater 進行變電站開發和場地準備，為 2026 年 4 月通電做好準備。

In terms of capital markets, we've engaged advisors across multiple debt financing work streams, and we expect execution in the coming months as markets continue to stabilize. The important point here is we're not reliant on equity issuance to grow. We have a strong balance sheet, significant tangible assets, cash-generating operations, and access to diversified capital channels. This capital strategy gives us flexibility to continue scaling AI Infrastructure and maximize returns from the platform that we've built.

在資本市場方面，我們已經聘請了多個債務融資工作流程的顧問，隨著市場持續穩定，我們預計未來幾個月內將執行這些措施。這裡的重點是，我們並不依賴股票發行來成長。我們擁有強大的資產負債表、大量有形資產、現金產生業務以及多元化的資本管道。這項資本策略使我們能夠靈活地繼續擴展人工智慧基礎設施，並最大限度地提高我們所建立平台的回報。

In terms of illustrative cash flows, the table below shows illustrative annualized adjusted EBITDA outputs under various Bitcoin price assumptions, holding other inputs constant. At the current total network hash rate and the $95,000 Bitcoin price, we show $942 million in Mining revenue. After subtracting power, OpEx, Rex, and layering in our AI Cloud contribution of $28 million, we arrive at a $616 million adjusted EBITDA figure. You can also see that even at lower prices, for example, $60,000 Bitcoin, we still deliver nearly $270 million in adjusted EBTIDA. This is thanks to our low-cost power, lean cost structure, and best-in-class hardware efficiency to help smooth that exposure.

就現金流量而言，下表顯示了在其他輸入保持不變的情況下，各種比特幣價格假設下的年度調整後 EBITDA 輸出。以目前網路總哈希率和 95,000 美元的比特幣價格計算，我們的挖礦收入為 9.42 億美元。在扣除電力、營運支出、Rex 以及我們 AI Cloud 貢獻的 2,800 萬美元後，我們得出的調整後 EBITDA 為 6.16 億美元。您還可以看到，即使在較低的價格下，例如 60,000 美元的比特幣，我們仍然可以實現近 2.7 億美元的調整後 EBTIDA。這要歸功於我們的低成本電力、精益的成本結構以及一流的硬體效率，以幫助平滑這種曝光。

I'll now pass over to Belinda to walk through the financial results.

現在我將請貝琳達介紹財務結果。

Good morning to those in Sydney and good afternoon to those in North America. Thank you for joining us for our Q3 FY25 earnings update.

雪梨的朋友們早安，北美的朋友們下午好。感謝您參加我們的 2025 財年第三季財報更新。

As Dan mentioned at the start of the presentation, during the quarter, we reported consecutive quarters of profit after tax of $24.2 million for Q3 and $18.9 million for Q2. We delivered record mining revenue of $141.2 million and recorded record adjusted EBITDA of $83.3 million and EBITDA of $82.7 million. The average operating hash rate increased by 30% from 22.6 exa hash to 29.4 exa hash, and we mined 1,514 Bitcoin at an average realized price of $93 k. During the quarter, the total net electricity cost increased by 30% from $28.9 million to $36.5 million in line with the increased megawatt usage at Childress.

正如丹在演講開始時提到的那樣，在本季度，我們報告連續幾季的稅後利潤，第三季為 2,420 萬美元，第二季為 1,890 萬美元。我們實現了創紀錄的 1.412 億美元的採礦收入，創紀錄的調整後 EBITDA 為 8,330 萬美元，EBITDA 為 8,270 萬美元。平均運行哈希率從 22.6 exa 哈希增加到 29.4 exa 哈希，增加了 30%，我們開採了 1,514 個比特幣，平均實現價格為 93,000 美元。本季度，隨著 Childress 兆瓦使用量的增加，總淨電力成本增加了 30%，從 2,890 萬美元增加到 3,650 萬美元。

During the quarter, the power prices remained relatively flat at $0.036 cents per kilowatt hour. The average net electricity cost per bitcoin mine was $24 k. Other costs of $25.3 million remained relatively flat despite a business today that continues to deliver significant growth and continues to support the projected continued expansion across our AI vertical, as well as the costs associated with regulatory and compliance obligations.

本季度，電價保持相對平穩，為每千瓦時 0.036 美分。每個比特幣礦場的平均淨電力成本為 2.4 萬美元。儘管今天的業務繼續實現顯著增長，並繼續支持我們人工智慧垂直領域的預期持續擴張，以及與監管和合規義務相關的成本，但 2530 萬美元的其他成本仍然保持相對穩定。

Moving to our cash flows, I wanted to note that our consolidated cash flow statements are now presented in line with IFRS. Requiring the proceeds from the sale of Bitcoin mines to be classified as cash flow from investing activities. As such, IREN filed a 20-F(a) on March 20 of this year for the period ended June 30, 2024, along with a 6-K(a) for the previous two quarters of this financial year, resting its cash flows to reflect this.

談到我們的現金流，我想指出的是，我們的合併現金流量表現符合國際財務報告準則。要求將出售比特幣礦場的收益歸類為投資活動產生的現金流。因此，IREN 於今年 3 月 20 日提交了截至 2024 年 6 月 30 日期間的 20-F(a) 報表，以及本財政年度前兩個季度的 6-K(a) 報表，以反映其現金流。

The closing cash at bank on March 31, 2025, was $184.3 million with receipts from Bitcoin mining activities of $141.2 million and AI Cloud Services of $3.8 million. We had a decrease in cash flow used in operating activities of $11.6 million, which was primarily due to a decrease in our annual ins insurance payments of $9 million that was made in Q2. We had an increase in net cash used in investing activities of $234.8 million, primarily due to significant milestone payments made on mining hardware.

2025 年 3 月 31 日銀行期末現金為 1.843 億美元，其中比特幣挖​​礦活動收入 1.412 億美元，AI 雲端服務收入 380 萬美元。我們的營運活動現金流減少了 1,160 萬美元，這主要是由於我們第二季的年度保險支出減少了 900 萬美元。我們的投資活動所用淨現金增加了 2.348 億美元，這主要是由於在採礦硬體上支付了重大里程碑付款。

We had a decrease in net cash from financing activities of $349.9 million, primarily due to the net proceeds from the convertible notes that received in Q2. During the second quarter, by the ATM, the company issued 10 million shares for gross proceeds of $110.9 million. And since the balance sheet, we've issued a further $17.4 million for gross proceeds of $107.6 million.

我們的融資活動淨現金減少了 3.499 億美元，主要原因是第二季收到的可轉換票據的淨收益。第二季度，該公司透過 ATM 發行了 1,000 萬股股票，總收益為 1.109 億美元。自資產負債表以來，我們又發行了 1,740 萬美元，總收益為 1.076 億美元。

Moving to the balance sheet. As of March 31, 2025, the total assets recognized the $2 billion including property, plant and equipment of $1.6 billion, which provides a strong balance sheet to support future growth. In relation to the $440 million convertible note issued on December 6, 2024, in accordance with IFRS, we reported a current liability of $346.2 million, including in an embedded derivative of $23.7 million and a current asset of $11.7 million for the Capped Call and a non-current asset of $34.7 million in relation to the Prepaid Forward that would entered into concurrently with the convertible note.

轉到資產負債表。截至 2025 年 3 月 31 日，已確認的總資產為 20 億美元，其中包括 16 億美元的財產、廠房和設備，這為支持未來成長提供了強勁的資產負債表。對於 2024 年 12 月 6 日發行的 4.4 億美元可轉換票據，根據國際財務報告準則，我們報告的流動負債為 3.462 億美元，其中包括 2,370 萬美元的嵌入式衍生品和 1,170 萬美元的封頂看漲期權流動資產以及 3,470 萬美元的非流動資產，可同時與非流動性資產簽訂的非流動資產，該資產可同時簽訂該資產遠付

As IREN transitions to US GAAP reporting from July 1, 2025, the accounting for the convertible notes, Capped Call, And Prepaid Forward will be reassessed in line with applicable accounting standards. Total equity increased to $1.4 billion with 10 million shares sold under the ATM during the quarter.

隨著 IREN 從 2025 年 7 月 1 日起過渡到美國 GAAP 報告，可轉換票據、封頂贖回權和預付遠期票據的會計處理將根據適用的會計準則重新評估。本季透過 ATM 出售了 1,000 萬股股票，總股本增至 14 億美元。

So I'll now hand back over to Mike to commence the Q&A.

現在我將把時間交還給麥克，開始問答環節。

(Operator Instructions)

（操作員指示）

Nick Giles, B. R Riley Securities.

尼克吉爾斯 (Nick Giles)，B. R Riley 證券。

Thanks, operator and good afternoon, everyone. Thanks for the comprehensive presentation today.

謝謝接線員，大家下午好。感謝您今天的全面演講。

My first question, Dan, you used the words ahead of the curve and it made me think of Dennis and his team were really ahead of the curve on building out an ecosystem required in AI Cloud Services. So my question is, ultimately, how should we think about your appetite to fill out the available capacity of Prince George and growth beyond that. When I look at slide 16 on the CapEx site, I see the 50 exa hash, Horizon 1 and Sweetwater, but I don't see anything, explicit on the GPU side. So thank you very much.

我的第一個問題是，丹，你使用了「領先一步」這個詞，這讓我想到丹尼斯和他的團隊在建立人工智慧雲端服務所需的生態系統方面確實走在了前列。所以我的問題是，最終，我們應該如何看待您對填補喬治王子城可用容量以及超出容量範圍的增長的需求。當我查看 CapEx 網站上的第 16 張幻燈片時，我看到了 50 exa 哈希、Horizo​​​​n 1 和 Sweetwater，但在 GPU 方面我沒有看到任何明確的內容。非常感謝。

No, thanks, Nick. Yes, you're right, those facilities were designed from day one to accommodate rack densities of 70-to-80-kilowatt air cool and have been successfully operating NVIDIA H100s and H200s there over the last 12, 15 months. The opportunity to scale there is clear. In terms of scaling our AI Cloud, we're very focused on Capital and risk adjusted returns. So it's all about matching sources and uses, quite frankly. The demand is there on a spot basis.

不，謝謝，尼克。是的，您說得對，這些設施從第一天起就被設計用於容納 70 至 80 千瓦風冷的機架密度，並且在過去 12 到 15 個月內一直在那裡成功運行 NVIDIA H100 和 H200。擴大規模的機會顯而易見。在擴展我們的 AI 雲端方面，我們非常關注資本和風險調整後的回報。因此，坦白說，這一切都是為了匹配來源和用途。需求是現場存在的。

Do we want to incur GPU financing to finance revenues that are short-term? You know that there's a risk profile attached to that. Do we want to use equity to finance further growth in our AI Cloud? Never say never, but given the tools we've got, given the scale, given the access to GPU financing, I think our strong preference is to try and match debt with customer contracts as a way of growing that AI Cloud vertical out. And we're looking at that, in parallel, both the GPU financing, as well as multiple contract conversations with customers, particularly around Blackwell's, in the 100,000 GPU-plus clusters. So we're looking at all that in parallel with customer conversations on Horizon and Sweetwater.

我們是否想透過 GPU 融資來為短期收入提供資金？您知道這與風險狀況有關。我們是否想利用股權來資助我們的 AI 雲端的進一步成長？永遠不要說永遠，但考慮到我們擁有的工具、規模、獲得 GPU 融資的管道，我認為我們強烈傾向於嘗試將債務與客戶合約相匹配，以此作為發展 AI 雲端垂直業務的一種方式。我們正在同時研究 GPU 融資以及與客戶（特別是圍繞 Blackwell 的 100,000 多個 GPU 叢集）的多份合約對話。因此，我們會同時考慮 Horizo​​n 和 Sweetwater 上的客戶對話以及所有這些問題。

Great, I appreciate that. My second question is, you noted being open to JVs, and so I was curious at what stage it could make sense to bring a partner in. Is this something that could accelerate a definitive agreement at Horizon 1, for instance, or would it be more related to additional scaling later on?

太好了，我很感激。我的第二個問題是，您提到對合資企業持開放態度，所以我很好奇在什麼階段引入合作夥伴才是合理的。例如，這是否可以加速 Horizo​​​​n 1 的最終協議，或者是否與以後的額外擴展更相關？

It could be anything, but clearly when you've got a $70 billion-development project at Sweetwater, we can't deliver all that capital in our current state and with our current market capitalization. So we would need to bring in further partners, absolutely on the project financing and debt side, but also potentially on the equity side. And like all of this, it's all about options and running through the scenarios in front of you.

這可能是任何事情，但顯然，當你在 Sweetwater 有一個價值 700 億美元的開發項目時，我們無法以我們目前的狀態和當前的市值提供所有這些資金。因此，我們需要引入更多合作夥伴，當然在專案融資和債務方面，但也可能在股權方面。就像所有這一切一樣，這一切都與選擇以及在你面前的場景有關。

So how do you finance this? We've got equity in IREN, given our current market cap and cost of equity. Clearly there's a cost to that, which we've got to be very sensitive to. When you're dealing with private infrastructure players, the cost of capital if you can get the risk profile right, is substantially lower. I mean that's a lot of our backgrounds in private infrastructure. So being able to bring that in where it may make sense to complement what we've built in a listed environment may deliver a better value accretion to shareholders.

那你要如何籌措資金呢？考慮到我們目前的市值和股權成本，我們擁有 IREN 的股權。顯然這是有代價的，我們必須對此非常敏感。當你與私人基礎設施參與者打交道時，如果你能正確掌握風險狀況，那麼資本成本就會大大降低。我的意思是，我們在私人基礎設施方面有很多背景。因此，能夠將其引入到可能有意義的地方來補充我們在上市環境中所建立的業務，可能會為股東帶來更好的價值增值。

There's also a control aspect, so we just need to be careful around whether we want to engage with third-party equity and enter into those joint ventures. But given where we're at with those customer conversations, given the prospects we're seeing in debt financing instruments and multiple different types, we're pretty optimistic about financing the capital associated with these developments, and really it's about the customer side, in the short term.

這也涉及控制方面，因此我們只需要謹慎考慮是否要與第三方股權合作並建立合資企業。但考慮到我們與客戶對話的現狀，考慮到我們在債務融資工具和多種不同類型的前景中看到的前景，我們對與這些發展相關的資本融資非常樂觀，而且從短期來看，這實際上與客戶方面有關。

Good to hear and appreciate all the details, so keep up the good work.

很高興聽到並欣賞所有細節，所以繼續努力。

Thanks, Nick.

謝謝，尼克。

Reggie Smith, JP Morgan.

摩根大通的雷吉史密斯。

Reggie, your line is now open.

雷吉，你的線路現已開通。

Sorry, I was on mute. Congrats on the quarter. It's pretty remarkable that you guys have been able to scale your Bitcoin hash rate while still pursuing HBC, so I wanted to give you guys kudos for that.

抱歉，我靜音了。恭喜本季取得佳績。你們在追求 HBC 的同時也能夠擴大比特幣哈希率，這真是太了不起了，所以我想為此向你們表示敬意。

And two quick questions. One, I noticed that I thought you guys called out the growth in your AI Cloud business I was curious if you could provide some details on how you guys are performing there from an up time and a utilization perspective like what APIs do you track and how that performance kind of benchmarks against, I guess industry norms and expectations. I think that's probably a very important selling point as you as you engage the customer.

還有兩個簡單的問題。首先，我注意到你們提到了 AI 雲端業務的成長，我很好奇你們能否從正常運行時間和利用率的角度提供一些關於你們在那裡的表現的細節，例如你們追蹤哪些 API，以及這些效能如何與行業規範和期望進行對比。我認為這可能是您吸引顧客的一個非常重要的賣點。

Yeah, I'm happy to take that one. Yeah, we track a full range of metrics across the operations of that AI Cloud Services business. We have focused a lot within the operations on automation as well as telemetry and being able to record a huge amount of data that we're continually feeding back into the way we operate and maintain these systems to make sure that we're improving and maintaining performance levels over time.

是的，我很高興接受這個。是的，我們追蹤了 AI 雲端服務業務營運的全方位指標。我們在營運中非常注重自動化和遙測，能夠記錄大量數據，並不斷將這些數據回饋到我們操作和維護這些系統的方式中，以確保我們隨著時間的推移不斷改進和維持效能水準。

In terms of how we've been performing, we get continual feedback from our customers that we are among the best of their cloud providers. And in some instances there's very clear feedback that both the up time and our response to any issues that they have is extremely favorable compared to other providers that they're using and ultimately, the proof is in the pudding, with these operations and as I mentioned, while I was presenting earlier, we are seeing in particular this uptake of white labeling our GPUs for other cloud service providers.

就我們的表現而言，我們不斷收到客戶的回饋，並表示我們是他們最好的雲端供應商之一。在某些情況下，有非常明確的反饋表明，與他們正在使用的其他提供者相比，他們的正常運行時間和我們對任何問題的回應都非常有利，最終，這些操作都是有據可查的，正如我之前提到的，我們特別看到了其他雲端服務提供者對我們的 GPU 進行白色標記的現象。

Now, they obviously have extremely good insight into technical capabilities and performance levels, and the fact that they are contracting with us for capacity I think provides a very good sign that our performance and operating levels are extremely good.

現在，他們顯然對技術能力和性能水平有著非常好的了解，而且他們與我們簽訂產能合約這一事實，我認為是一個很好的信號，表明我們的性能和運營水平非常好。

No that's good to hear. If I could sneak one more in.

不，聽到這個消息真好。如果我能再偷偷溜進去一個。

Obviously you guys are having discussions with potential tenants at Horizon 1. What milestones or signals are you looking for in the coming months to indicate that you're moving closer to a formal agreement, and then maybe talk a little bit about how the conversations have changed, more recently versus which you may have been discussing a few months ago.

顯然你們正在與 Horizo​​​​n 1 的潛在租戶進行討論。在接下來的幾個月裡，您希望看到哪些里程碑或訊號來表明您正在接近正式協議，然後也許可以稍微談談最近的對話與幾個月前討論的對話有何變化。

How the texture of the conversations or whatever, any insights you could provide there to give us a sense of how things are progressing and what that looks like as you as you move through the discussions. Thank you.

對話的性質如何，或其他什麼，您能否提供一些見解，讓我們了解事情的進展情況，以及在討論過程中進展如何。謝謝。

Yeah, I'm happy to handle this, Kent, and then you can add in anything in.

是的，我很樂意處理這個問題，肯特，然後你可以添加任何內容。

So there's conversations with multiple customers on ongoing, and I appreciate that's a bit of a hand wavy statement. So to add a little bit more detail, there's been multiple site visits, like several, lots of detailed due diligence, contractual negotiations, discussions of exclusivities and [roafers], etc.

因此，我們正在與多位客戶就正在進行的事情進行對話，我知道這只是一個手勢。因此，為了增加更多細節，我們進行了多次現場訪問，例如幾次、大量詳細的盡職調查、合約談判、排他性和[roafers]討論等。

We're in the advanced stage of negotiation with several at the moment, and we're just working through it. So we're highly confident of contracting ahead of commissioning in Q4. Clearly, we're not going to earn revenue before then anyway. So a lot of it is just making sure that we do the right deal with the right counter party on the right terms. We get all the technical detail right. We get the contracting structure right. And importantly, there's a lot of conversation with these customers around pathway to scale. So most of these customers, if not all, are not interested in 50 megawatts. They're interested in the fact that this site can scale.

目前我們正與幾家公司進行後期談判，我們正在努力解決這個問題。因此，我們對在第四季度投入使用之前簽訂合約充滿信心。顯然，無論如何，在此之前我們都不會賺取收入。因此，我們所做的許多工作只是為了確保我們能夠按照正確的條款與正確的交易對手達成正確的交易。我們掌握了所有正確的技術細節。我們的承包結構正確。重要的是，我們與這些客戶就擴大規模的途徑進行了大量討論。因此，大多數（如果不是全部）客戶對 50 兆瓦不感興趣。他們對這個網站的可擴展性很感興趣。

Generally around to that 200- to 250-megawatt mark, over the coming period. But equally, some of them, are looking beyond that. So that's where we spoke about the 750 megawatts, potentially all becoming liquid-cooled AI Data Center capacity, looking at what we're hearing from the customers. I mean, there's a bookend, we might be sitting here two years and there's no more Bitcoin. But that's just the reality of what we're doing. We're not religious, we're not wedded to anything other than driving the highest creation of value for ourselves and shareholders, and that's driving the decision making. So if we can track the full 750 megawatts on better risk adjusted terms, then Bitcoin mining will do it.

未來一段時間內，整體將達到 200 至 250 兆瓦左右。但同樣，他們中的一些人也正在著眼於更廣闊的領域。這就是我們談論的 750 兆瓦，可能全部成為液冷 AI 資料中心容量，看看我們從客戶那裡聽到的情況。我的意思是，有一個書擋，我們可能在這裡坐了兩年，比特幣就不再存在了。但這只是我們正在做的事情的現實。我們不信教，我們不執著於任何其他事物，我們只致力於為自己和股東創造最高的價值，這就是我們做出決策的動力。因此，如果我們能夠以更好的風險調整條件追蹤全部 750 兆瓦，那麼比特幣挖礦就可以做到這一點。

Yeah, the one thing I'd add to that, is in addition to those ongoing conversations that Dan mentioned and site visits and technical D-Day, we continue to see good levels of demand from new, potential customers. So we continue to see a lot of, inquiries from customers that we haven't previously interacted with, so it does seem clear to us that that the level of demand, particularly in the near term for liquid called data centers, is driving a lot of those interactions.

是的，我想補充一點，除了丹提到的那些正在進行的對話、現場訪問和技術 D-Day 之外，我們繼續看到來自新潛在客戶的良好需求。因此，我們繼續看到很多來自我們以前沒有互動過的客戶的詢問，所以對我們來說，很明顯的是，需求水平，特別是短期內對資料中心的需求，正在推動很多這樣的互動。

Got it, that makes sense. If you decided to transform, would you be able to kind of continue to run Bitcoin mining until a full cutover occurred or like how would that work?

明白了，很有道理。如果您決定轉型，您是否能夠繼續進行比特幣挖礦，直到完全轉換完成，或者如何運作？

Yeah, so it's a bit of a combination. So at the Childress site, Dan had the rendering up earlier as to what a potential full-site build out for liquid-cooled capacity could look like, and there is ample space at that site to be able to build, additional phases of horizon. On areas that currently haven't been built out as well as in the future then retrofitting the existing buildings for further development.

是的，所以這有點像是組合。因此，在 Childress 工廠，Dan 早些時候就對液冷容量的全廠建設進行了效果圖展示，並且該工廠有足夠的空間來建造額外階段的設施。在目前尚未建造的區域以及未來，改造現有建築以供進一步開發。

So obviously the approach that you're taking there, if it is new build phases, from the ground up, obviously there's no interruption to your Bitcoin mining activities until -- right near the end, when you switch the power across and power up the new liquid cooled data centers, where you are undertaking retrofits of existing capacity, then yes, you do need to take that capacity offline at some point prior to the new liquid-cooled capacity coming online.

因此，顯然，如果是從頭開始的新構建階段，那麼您所採取的方法顯然不會中斷您的比特幣挖礦活動，直到接近尾聲時，當您切換電源並啟動新的液冷數據中心時，您正在對現有容量進行改造，那麼是的，您確實需要在新的液冷容量上線之前的某個時間點將該容量下線。

Understood. Thank you so much.

明白了。太感謝了。

Darren Aftahi, ROTH.

達倫‧阿夫塔希 (Darren Aftahi)，羅斯。

Hi, guys. Thanks for the questions and congrats on the progress.

嗨，大家好。感謝您的提問，並祝賀您的進展。

Just kind of a clarification on the CapEx spend per megawatt. You mentioned it includes UPS and diesel gen. I guess, how are you able to kind of reach that CapEx span when it seems like it's kind of below market? And then I guess, in the conversation you're having with potential parties at Horizon 1 and maybe beyond, can you characterize kind of maybe what those clients might look like? Is it hyperscalers, neo clouds, large enterprise, all of the above, any color would be great. Thanks.

只是對每兆瓦的資本支出進行一些澄清。您提到它包括 UPS 和柴油發電機。我想，當資本支出似乎低於市場水準時，您該如何達到這一水準？然後我想，在您與 Horizo​​​​n 1 甚至更遠的地方的潛在當事人進行的對話中，您能否描述一下這些客戶可能是什麼樣的？無論是超大規模、新雲端、大型企業，或是以上所有，任何顏色都可以。謝謝。

Yeah, happy to touch on the cost element there. So in terms of the buildout, as Dan mentioned, we've been doing power dense data centers for over seven years now. So we are extremely experienced in building out these facilities. We've spent a lot of time optimizing our data center design. And importantly, in the build out for Horizon 1, we're doing it in a way that utilizes a lot of the existing data center design, so the same building shells, a lot of the electrical infrastructure is very similar, and then we're just layering in the redundancies that these AI customers ultimately are looking for in terms of what you mentioned around gensets, UPS, etc.

是的，很高興談成本因素。因此，就建造而言，正如丹所提到的，我們已經建造高功率密度資料中心七年多了。因此我們在建設這些設施方面非常有經驗。我們花了大量時間來優化我們的資料中心設計。重要的是，在 Horizo​​​​n 1 的建設中，我們利用了許多現有的資料中心設計，因此相同的建築外殼、許多電氣基礎設施非常相似，然後我們只是分層了這些 AI 客戶最終在發電機組、UPS 等方面尋找的冗餘。

So what that enables is that we're able to do it in an extremely cost-efficient manner versus a traditional new AI Data Center build out where people may be using, for example, concrete building shells. Which require a significant amount of additional CapEx versus our design. So everything that we're delivering is consistent with, what customers expect, and we know that because we've been going through these detailed, technical due diligence conversations with them over the past number of months. So that's really the key elements as to how we're able to achieve better cost.

因此，與人們可能使用混凝土建築外殼等傳統新 AI 資料中心建設相比，我們能夠以極具成本效益的方式完成這項任務。與我們的設計相比，這需要大量的額外資本支出。因此，我們所提供的一切都符合客戶的期望，我們知道這一點，因為在過去的幾個月裡，我們一直在與他們進行這些詳細的技術盡職調查對話。所以這確實是我們如何實現更佳成本的關鍵因素。

I think just to add to that, like this isn't a small team of finance guys just trying to sign a contract and then outsource everything on the technical side. Like as Kent said, we've been doing this for seven years. It's a founder-led business where every single element of every data center and everything we do goes back to first principles. But whether people want to acknowledge it or not, this is an entirely new asset class, power dense computing.

我想補充一點，這不是一個由財務人員組成的小團隊，只是想簽一份合同，然後將技術方面的一切外包出去。正如肯特所說，我們已經這樣做了七年。這是一家由創辦人領導的企業，其中每個資料中心的每個元素以及我們所做的一切都回歸到最初的原則。但無論人們是否願意承認，這都是一個全新的資產類別，即功率密集型運算。

Legacy data centers are fundamentally different in terms of how they've developed, how they've been engineered, how they've been operated, and we've had the benefit of seven years from the ground up optimizing everything. Like no one believed that we could build air cool data centers for $650,000 a megawatt that run next-generation AI workloads, H100s, H200s, we've been doing it for 15 months.

傳統資料中心在開發方式、設計和營運方式方面有著根本的不同，我們從頭開始優化了一切，歷時七年。好像沒有人相信我們可以以每兆瓦 65 萬美元的價格建造運行下一代 AI 工作負載、H100、H200 的空氣冷卻資料中心，我們已經這樣做了 15 個月。

And it's the same thing with all this. It's just a bottom-up analysis, how much does the raw materials cost? What's the most efficient way to assemble everything, not signing layers upon layers of contractors, designers, builders, etc. It's all controlled in-house. And I think you're right, like it's going to be a competitive advantage, the ability to deliver cost at this level.

這一切都是同樣的事情。這只是由下而上的分析，原料成本是多少？組裝所有東西最有效的方法是什麼，而不是簽約一層又一層的承包商、設計師、建築商等。一切都在內部控制。我認為你是對的，這將是一個競爭優勢，能夠以這樣的水平提供成​​本。

Thank you.

謝謝。

Thank you. I would now like to turn the call back over to Dan Roberts for any closing remarks.

謝謝。現在我想將電話轉回給丹·羅伯茨 (Dan Roberts)，請他做最後發言。

Thank you. Thanks again to everyone for the questions and also for joining us today. As you've heard throughout this call, IREN continues to deliver consecutive quarters of profitability, substantial free cash flow, and really strong execution across both Bitcoin and AI. So we've built a business that performs through the cycle. You can see those scenarios all the way down to a $33,000 Bitcoin price all the way up to wherever your minds would like to imagine.

謝謝。再次感謝大家的提問以及今天的參與。正如大家在整個電話會議中所聽到的，IREN 繼續連續幾季實現盈利，擁有大量的自由現金流，並且在比特幣和人工智慧方面擁有非常強勁的執行力。因此，我們建立了一個能夠在整個週期中運作的企業。您可以看到這些場景一直到比特幣價格跌至 33,000 美元，甚至達到您能想像到的任​​何價格。

So not just when Bitcoin is running, but through disciplined operations, efficient infrastructure, and capital allocation that stacks up in any market. So we lead on fundamentals and that's what sets us apart. It's what allows us to fund growth from cash flows that we're generating, while still scaling into one of simply the most exciting infrastructure opportunities of our time. So we're incredibly excited about what lies ahead in AI, and really confident in our ability to capture that upside but capture it in the right way.

因此，這不僅發生在比特幣運作時，還發生在任何市場中，透過規範的運作、高效的基礎設施和資本配置。因此，我們在基本面上處於領先地位，這就是我們的與眾不同之處。它使我們能夠利用產生的現金流為成長提供資金，同時也能擴展到我們這個時代最令人興奮的基礎設施機會之一。因此，我們對人工智慧的未來感到無比興奮，並且對我們以正確的方式抓住這一優勢的能力充滿信心。

So thanks again. We look forward to updating you all next quarter. Thank you.

再次感謝。我們期待下個季度向大家更新最新情況。謝謝。