IREN Ltd (IREN) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the IREN FY 2025 results conference call. At. Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 IREN 2025 財政年度業績電話會議。在。請注意，今天的會議正在錄製。

(Operator Instructions) I would now like to hand the conference over to your speaker today, Mike Power, VP, Investor Relations.

（操作員指示）現在，我想將會議交給今天的發言人、投資者關係副總裁 Mike Power。

Thank you, operator. Good afternoon, and welcome to IREN's FY 2025 results presentation. My name is Mike Power, VP of Investor Relations. And with me on the call today are Daniel Roberts, Co-Founder and Co-CEO; Belinda Nucifora, CFO; Anthony Lewis, Chief Capital Officer; and Kent Draper, Chief Commercial Officer.

謝謝您，接線生。下午好，歡迎參加 IREN 2025 財政年度業績報告。我叫 Mike Power，投資人關係副總裁。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丹尼爾·羅伯茨 (Daniel Roberts)、首席財務官貝琳達·努西福拉 (Belinda Nucifora)、首席資本官安東尼·劉易斯 (Anthony Lewis) 和首席商務官肯特·德雷珀 (Kent Draper)。

Before we begin, please note that this call is being webcast live with a presentation. For those that have dialed in via phone, you can elect to ask a question via the moderator after our presentation.

在我們開始之前，請注意，本次通話將透過演示進行網路直播。對於那些透過電話撥入的人，您可以選擇在我們演示之後透過主持人提問。

Before we begin, 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.

在我們開始之前，我想提醒您，我們在電話會議期間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，可能導致實際結果與公司預期存在重大差異。

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.

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取得更多資訊。

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

謝謝，現在我將把電話轉給丹羅伯茲。

Thanks, Mike. Good afternoon, everyone, and thank you for joining our FY 2025 earnings call. So today, we will provide an update on our financial results for the fiscal year ended June 30, along with some operational highlights and strategic updates across our business verticals, we'll then end the call with Q&A.

謝謝，麥克。大家下午好，感謝大家參加我們的 2025 財年財報電話會議。因此，今天，我們將提供截至 6 月 30 日的財政年度的財務業績更新，以及我們業務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電話會議。

So FY25 was a breakout year for us, both operationally and financially. We delivered record results across the board, including 10 times EBITDA growth year-on-year and strong net income, which Linda will discuss shortly.

因此，25 財年對我們來說是突破性的一年，無論從營運或財務角度而言。我們全面取得了創紀錄的業績，包括 EBITDA 同比增長 10 倍以及強勁的淨收入，Linda 將很快對此進行討論。

Operationally, we scaled at an unprecedented pace. We increased our contracted grid-connected power by over 1/3 to nearly 3 gigawatts and more than tripled our operating data center capacity to 810 megawatts, all at a time when power, land and data center shortages continue to persist across the industry.

在營運方面，我們以前所未有的速度擴大規模。我們將合約併網電力增加了三分之一以上，達到近 3 千兆瓦，並將營運資料中心容量增加了兩倍多，達到 810 兆瓦，而目前整個產業仍面臨電力、土地和資料中心短缺的問題。

We expanded our Bitcoin mining capacity 400% to 50 exahash and in the process, cemented our position as the most profitable large-scale public Bitcoin miner. At the same time, we made huge strides in AI, scaling GPU deployments to support a growing roster of customers across both training and inference workloads.

我們將比特幣挖礦能力擴大了 400%，達到 50 exahash，在此過程中鞏固了我們作為最賺錢的大型公共比特幣礦工的地位。同時，我們在人工智慧領域取得了巨大進步，擴大了 GPU 部署，以支援越來越多的客戶進行訓練和推理工作負載。

We also commenced construction of Horizon 1, our first directed chip liquid cooling AI data center and Sweetwater, our 2 gigawatt data center Harvey in West Texas, one of the largest data center developments in the world and a cornerstone of our future growth plans.

我們也開始建造 Horizo​​​​n 1（我們的第一個定向晶片液體冷卻 AI 資料中心）和 Sweetwater（我們位於西德克薩斯州哈維的 2 千兆瓦資料中心），這是世界上最大的資料中心開發項目之一，也是我們未來成長計畫的基石。

These achievements underscore the strength of our execution and the earnings potential of our expanding data center and compute platform. We expect this momentum to carry into FY26 and beyond as we realize the revenue potential of our 50 exahash platform and advance our four AI growth initiatives.

這些成就凸顯了我們的執行力以及不斷擴大的資料中心和運算平台的獲利潛力。隨著我們實現 50 exahash 平台的收入潛力並推進我們的四項 AI 成長計劃，我們預計這種勢頭將持續到 26 財年及以後。

So reflecting on current operations. Our AI cloud business is scaling rapidly with more than 10,000 GPUs online or being commissioned in the coming months backed by multiple tranches of non-dilutive single-digit GPU financing, this rollout will feature next-generation liquid-cooled Nvidia GB300-NVL72 systems at our Prince George campus.

因此反思當前的營運。我們的 AI 雲端業務正在迅速擴展，目前有超過 10,000 個 GPU 在線或在未來幾個月內投入使用，並得到多批非稀釋性個位數 GPU 融資的支持，此次推出將在我們的喬治王子城園區採用下一代液冷 Nvidia GB300-NVL72 系統。

This strengthens our position as a leading AI cloud provider and a newly designated NVIDIA preferred partner.

這鞏固了我們作為領先的 AI 雲端供應商和新指定的 NVIDIA 首選合作夥伴的地位。

In parallel, while we have paused meaningful mining expansion, our 50 exahash platform continues to generate meaningful cash flow, over $1 billion a year in annualized revenue at the current economics, supporting our continued growth in AI.

同時，雖然我們暫停了有意義的挖礦擴張，但我們的 50 exahash 平台繼續產生有意義的現金流，按當前經濟形勢計算，每年的年收入超過 10 億美元，支持我們在人工智慧領域的持續成長。

Together, these operations are approaching annualized revenue of $1.25 billion. That's the scale we're delivering today.

這些業務的年收入總計接近 12.5 億美元。這就是我們今天提供的規模。

However, the clear visibility to continued growth ahead is something we're quite excited about on that note. Our strategy is focused on scaling across the full AI infrastructure stack from grid connected transmission line all the way down to the digital well compute.

然而，我們對未來持續成長的清晰前景感到非常興奮。我們的策略重點是擴展整個 AI 基礎設施堆疊，從電網連接的輸電線路一直到數位井計算。

With a strong track record building power dense data centers and operating GPU workloads, we are uniquely positioned to serve AI customers end-to-end from cloud services to turnkey location, capturing a broad and growing addressable market.

憑藉在建立高功率密度資料中心和運行 GPU 工作負載方面的豐富經驗，我們擁有獨特的優勢，能夠為 AI 客戶提供從雲端服務到交鑰匙位置的端到端服務，從而佔領廣闊且不斷增長的潛在市場。

Beyond the current expansion to 10,000 GPUs, our 160 megawatts of operating capacity in BC provides a path to deploy more than 60,000 NVIDIA GB-300s with Horizon 1, then offering the potential to scale that further to nearly 80,000.

除了目前擴展到 10,000 個 GPU 之外，我們在 BC 的 160 兆瓦營運容量還提供了使用 Horizo​​​​n 1 部署超過 60,000 個 NVIDIA GB-300 的途徑，然後有可能進一步擴展到近 80,000 個。

As we continue to assess market demand, this gives line of sight to billions in annualized revenue from our AI cloud business alone. In terms of AI data centers, we're progressing three major data center projects to drive this revenue growth as well as provide scope for future expansion.

隨著我們繼續評估市場需求，這將使我們僅從人工智慧雲端業務就有望獲得數十億美元的年收入。在人工智慧資料中心方面，我們正在推進三個主要資料中心項目，以推動收入成長並為未來的擴展提供空間。

At Prince George in BC, we're continuing to transition existing capacity from Bitcoin to AI workloads with retrofits for air cooled GPUs and the construction of a newly announced liquid cooled data center underway to support our GB-300 deployment.

在不列顛哥倫比亞省的喬治王子城，我們正在繼續將現有容量從比特幣轉變為人工智慧工作負載，並對風冷 GPU 進行改造，並建造新宣布的液冷資料中心，以支援我們的 GB-300 部署。

At Childress, Horizon 1 continues to remain on schedule for Q4 2025. Given strong demand signals, we have also begun site works and long lead procurement for Horizon 2, a secured liquid cooled facility.

在奇爾德里斯，Horizo​​​​n 1 將繼續按計劃於 2025 年第四季度投入使用。鑑於強勁的需求訊號，我們也開始了 Horizo​​n 2（安全的液冷設施）的現場工作和長期採購。

Together, these projects can support over 38,000 NVIDIA GB-300s. At Sweetwater, our flagship 2 gigawatt data center Harbes West Texas, SweetWater One remains on track for energization in April 2026.

這些項目合計可支援超過 38,000 個 NVIDIA GB-300。在 Sweetwater，我們位於德州西部哈貝斯的旗艦 2 千兆瓦資料中心 SweetWater One 仍有望於 2026 年 4 月通電。

Construction is progressing well with key long-lead equipment, either on-site already or on order. Upgrades to the utility substation have now commenced. So in summary, we've delivered record performance this year.

施工進展順利，關鍵的長週期設備已在現場或已訂購。公用變電站的升級工作現已開始。總而言之，我們今年取得了創紀錄的業績。

We've got a clear AI growth path with near-term milestones. And most excitingly, we continue to position our platform ahead of the curve to monetize substantial opportunities in the AI infrastructure and compute markets.

我們有清晰的人工智慧成長路徑和近期里程碑。最令人興奮的是，我們繼續將我們的平台定位於領先地位，以將人工智慧基礎設施和運算市場中的大量機會貨幣化。

I'll now hand over to Belinda, who will walk through the FY25 results in more detail.

現在我將把時間交給 Belinda，她將更詳細地介紹 FY25 的表現。

Thank you, Dan. Good morning to those in Sydney, and good afternoon to those in North America. As noted in our recent disclosures, we've completed our transition to a US domestic issuer status from the first of July of this year.

謝謝你，丹。雪梨的朋友們早安，北美的朋友們下午好。正如我們最近披露的資訊中所述，我們已於今年 7 月 1 日起完成向美國國內發行人地位的轉型。

And as such, we've reported our full year results for the period ended June 30, 2025 under US GAAP and the required SEC regulations.

因此，我們根據美國公認會計準則和美國證券交易委員會的規定報告了截至 2025 年 6 月 30 日的全年業績。

For the fourth quarter of FY25, we delivered a record revenue of $187 million being an increase of $42 million from the previous quarter, primarily due to the record mining bitcoin of $180 million as we operate at 50 exahash.

在 2025 財年第四季度，我們實現了創紀錄的 1.87 億美元收入，比上一季度增加了 4,200 萬美元，這主要歸功於我們在 50 exahash 的算力下開採比特幣，創下了 1.8 億美元的紀錄。

During the quarter, we also delivered AI cloud revenue of $7 million. Our Bitcoin mining business continues to perform strongly, supported by best-in-class fleet efficiency at 15 joules per terahash and low net power costs being $0.035 per kilowatt hour in Q4.

本季度，我們也實現了 700 萬美元的 AI 雲端收入。我們的比特幣挖礦業務持續表現強勁，得益於第四季度每太赫茲 15 焦耳的一流礦機效率和每千瓦時 0.035 美元的低淨電力成本。

Whilst our operating expenses increased to $114 million, primarily due to overhead and depreciation costs associated with our expanded data center platform and increased Bitcoin mining and GPU hardware, we've delivered a strong bottom line of $177 million.

雖然我們的營運費用增加到 1.14 億美元，主要是因為擴大資料中心平台以及增加比特幣挖礦和 GPU 硬體相關的管理費用和折舊成本，但我們仍實現了 1.77 億美元的強勁利潤。

High-margin revenues from our Bitcoin mining operations were a key driver of this profitability with an all-in cash cost of $36,000 per Bitcoin mined versus an average realized price of $99,000.

高利潤我們的比特幣挖礦業務的收入是這項獲利能力的主要驅動力，每開採一個比特幣的全現金成本為 36,000 美元，而平均實現價格為 99,000 美元。

Noting that these all-in costs incorporate expenses across our entire business, including the AI verticals, underscoring the strength of our platform. We closed the financial year with approximately $565 million of cash and $2.9 billion in total assets, giving us a strong balance sheet to support the next stage of growth.

值得注意的是，這些總成本涵蓋了我們整個業務的費用，包括人工智慧垂直領域，這凸顯了我們平台的實力。我們在本財年結束時擁有約 5.65 億美元的現金和 29 億美元的總資產，這為我們提供了強勁的資產負債表，可以支持下一階段的成長。

I'll now hand back to Dan to discuss the exciting growth opportunities that continue for IREN.

現在我將把話題交還給丹，讓他來討論 IREN 持續的令人興奮的成長機會。

Thanks, Melinda. So I think it's fair to say that the market backdrop for our AI cloud business is pretty compelling.

謝謝，梅琳達。因此我認為可以公平地說，我們的人工智慧雲端業務的市場背景非常引人注目。

Industry reports to demonstrate accelerating enterprise adoption of AI solutions and services with the percentage of organizations leveraging AI in more than 1 business function growing from 55% to 78% in the last 12 months alone.

產業報告顯示，企業採用人工智慧解決方案和服務的速度正在加快，僅在過去 12 個月中，在多個業務功能中利用人工智慧的企業比例就從 55% 成長到 78%。

As almost all of us would know demand is accelerating faster than supply. New model development sovereign AI programs and enterprise adoption are driving a step-up in GPU needs and the constraint is infrastructure and compute, not customer interest.

幾乎我們所有人都知道，需求的成長速度比供應的速度還要快。新模型開發主權 AI 程式和企業採用正在推動 GPU 需求的提升，而限制因素是基礎設施和運算，而不是客戶興趣。

Power availability, GPU ready high-density data center capacity remains scarce with customers prioritizing speed to deploy and the ability to scale. IREN is uniquely positioned to meet this demand.

由於客戶優先考慮部署速度和擴展能力，因此電力可用性和 GPU 就緒的高密度資料中心容量仍然稀缺。IREN 具有獨特的優勢來滿足這一需求。

Our vertical integration gives us control over the key bottlenecks, significant near-term grid-connected power with data centers engineered for next-generation power dense compute. This enables accelerated delivery time lines and rapid low-risk scaling.

我們的垂直整​​合使我們能夠控制關鍵瓶頸、重要的近期併網電力以及為下一代功率密集型運算而設計的資料中心。這使得交付時間加快和快速低風險擴展成為可能。

Because we own and operate the full end-to-end stack, we are able to deliver superior customer service, tighter control over efficiency, uptime and service quality translating directly into a better customer experience for our customers.

由於我們擁有並經營完整的端到端堆疊，我們能夠提供卓越的客戶服務，更嚴格地控制效率、正常運行時間和服務質量，從而直接為客戶提供更好的客戶體驗。

We are leading our service with a bare metal service because it gives sophisticated developers, cloud providers and hyperscale is what they want most, direct access to compute and the flexibility to bring their own orchestration.

我們以裸機服務為主導，因為它為成熟的開發人員、雲端供應商和超大規模提供了他們最想要的直接存取運算的能力以及靈活地進行自己的編排的能力。

As and when customer needs evolve, we have the flexibility to layer in software solutions to provide additional options to the customer. Our new status as an NVIDIA preferred partner is helpful in that regard.

隨著客戶需求的變化，我們可以靈活地分層添加軟體解決方案，為客戶提供更多選擇。我們作為 NVIDIA 首選合作夥伴的新地位在這方面很有幫助。

It enhances supply access and helps broaden our customer pipeline, supporting expansion across both existing relationships and new end users, platforms and demand partners. So the market is large. It's accelerating.

它增強了供應管道，有助於拓寬我們的客戶管道，並支援現有關係和新最終用戶、平台和需求合作夥伴的擴張。所以市場很大。它正在加速。

Supply is constrained, and we have the platform to meet market demand for AI cloud and meet that reasonably quickly. That is why we're immediately scaling to more than 10,000 GPUs, but also now importantly, focusing on what comes next.

供應受到限制，我們有平台來滿足市場對 AI 雲端的需求，並且能夠相當快速地滿足這項需求。這就是為什麼我們要立即擴展到超過 10,000 個 GPU，但現在同樣重要的是，專注於下一步。

So our 10,000 GPU expansions underway. With it, we will be positioned at the front of the Blackwell demand curve, delivering first-to-market benefits.

因此我們的 10,000 GPU 擴充功能正在進行中。有了它，我們將處於 Blackwell 需求曲線的前沿，提供先發優勢。

We saw this with our initial B200 deployment several weeks ago. Upon commissioning, it was immediately contracted on a multiyear basis. Importantly, we are funding growth in a CapEx-efficient way.

幾週前，我們在首次部署 B200 時就看到了這一點。該專案一經投入使用，就立即簽訂了多年期合約。重要的是，我們正在以資本支出高效的方式為成長提供資金。

In the past week alone, we have secured two new tranches of financing which have funded 100% of the purchase price of new GPUs at single-digit rates. Anthony will touch on this shortly as well as what's next.

僅在過去一周，我們就獲得了兩筆新的融資，以個位數的利率為新 GPU 的購買價格提供了 100% 的資金。安東尼很快就會談到這一點以及下一步的計劃。

In terms of revenue, these GPUs will be delivered and progressively commissioned over the coming months, targeting $200 million to $250 million of annualized revenue by December this year.

在收入方面，這些 GPU 將在未來幾個月內交付並逐步投入使用，目標是今年 12 月實現 2 億至 2.5 億美元的年化收入。

Approximately 1 exahash of ASICs will be displaced as a result, which we plan to reallocate to sites with available capacity, minimizing any impact to the overall 50 exahash installed hash rate.

因此，大約有 1 exahash 的 ASIC 將被取代，我們計劃將其重新分配到具有可用容量的站點，從而最大限度地減少對整體 50 exahash 安裝哈希率的影響。

Finally, we also expect the strong margin profile of our AI cloud business to continue, underpinned by low power costs, but importantly, full ownership of our AI data centers. eliminating any third-party co-location fees from our cost base. Our Prince George Campus will anchor this next phase of our AI cloud growth.

最後，我們也預計，我們的人工智慧雲端業務的強勁利潤率狀況將持續下去，這得益於低廉的電力成本，但更重要的是，我們對人工智慧資料中心擁有完全的所有權，從而從我們的成本基礎中消除任何第三方託管費用。我們的喬治王子城園區將成為我們人工智慧雲端成長下一階段的支柱。

So as I alluded to earlier, we are pleased to announce today that construction is well underway on a new 10 megawatt liquid cooled data center at Prince George, designed to support more than 4,500 Blackwell GB-300 GBUs. Following this buildout, half of Prince George's capacity will now be dedicated to AI cloud services.

正如我之前提到的，我們今天很高興地宣布，位於喬治王子城的一個新的 10 兆瓦液冷資料中心的建設正在順利進行，該中心旨在支援超過 4,500 個 Blackwell GB-300 GBU。此次擴建後，喬治王子城一半的容量將用於人工智慧雲端服務。

There has been clear runway to double capacity to more than 20,000 GPUs at this site alone. Procurement is also in progress to equip every GPU deployment at Prince George with backup generators and UPS systems.

僅此網站就已具備將容量翻倍至 20,000 多個 GPU 的明確條件。目前採購工作正在進行中，為喬治王子城的每個 GPU 部署配備備用發電機和 UPS 系統。

Beyond Prince George, Mackenzie and Canal Flats. Our data center campuses business in each of these locations create an even larger opportunity with powered shells, existing and designed to the same architecture as Prince George, these sites offer a straightforward and replicable pathway to more than 60,000 GB-300s.

超越喬治王子城、麥肯齊和運河平原。我們在每個地點的資料中心園區業務都透過動力外殼創造了更大的機會，這些站點現有並按照與喬治王子城相同的架構設計，為超過 60,000 個 GB-300 提供了直接且可複製的途徑。

Horizon 1 and our broader portfolio of data center sites in Texas opens up a further path to continued AI cloud growth. It's fair to say we're incredibly excited by the AI cloud opportunity.

Horizo​​n 1 和我們在德克薩斯州的更廣泛的資料中心站點組合為 AI 雲端的持續增長開闢了另一條道路。可以說，我們對人工智慧雲端機會感到非常興奮。

It's a business line that many are simply unable to pursue due to the significant technical expertise and requirements involved with two to three year payback periods and the low-cost GPU financing structures we are securing, we see this as a highly attractive pathway to continue compounding shareholder value.

這是一條許多人根本無法從事的業務線，因為涉及大量技術專業知識和要求，需要兩到三年的投資回收期，而且我們正在確保低成本的 GPU 融資結構，我們認為這是一條繼續增加股東價值的極具吸引力的途徑。

Our ability to build and operate world-class AI services, all the way down from the transmission line down to the compute layer uniquely positions IREN at the forefront of this digital AI transformation.

我們能夠建構和營運世界一流的人工智慧服務，從傳輸線到運算層，使 IREN 處於數位人工智慧轉型的前沿。

Now on to the major projects driving our AI expansion. Childress continues to show strong on-the-ground momentum with Horizon 1 construction, progressing according to schedule and remaining on track for this year.

現在來談談推動我們人工智慧擴展的主要項目。奇爾德雷斯的 Horizo​​​​n 1 建設繼續展現出強勁的實地勢頭，今年的進展一切順利，一切按照計劃順利進行。

As you can see in the progress photos, the data center buildings are nearing completion and the installation of the liquid cooling plant on the south side of the hall is underway.

正如您在進度照片中看到的，資料中心大樓已接近完工，大廳南側的液體冷卻裝置的安裝正在進行中。

Based on customer feedback, we have also upgraded certain specifications, including introducing full Tier 3 equivalent redundancy across all critical power and cooling systems.

根據客戶回饋，我們還升級了某些規格，包括在所有關鍵電力和冷卻系統中引入完整的 Tier 3 等效冗餘。

Due to the expected timing gap before NVIDIA's Ruben GPUs are available, we have also reconfigured the design to be able to accommodate a wider range of [rack entities] while preserving the flexibility to accommodate next-generation systems when they are available.

由於 NVIDIA Ruben GPU 上市之前預計存在時間差距，我們也重新配置了設計，以便能夠容納更廣泛的 [機架實體]，同時保留靈活性，以便在下一代系統上市時適應它們。

Even with these adjustments, we expect to remain a very competitive build cost target, reflecting the efficiencies of our in-house design, procurement and construction model. Finally, we are also moving ahead with certain tenant scope work to derisk delivery time lines and provide additional flexibility, including the potential to monetize the capacity via our own AI cloud service.

即使做出這些調整，我們仍預期仍將保持極具競爭力的建造成本目標，這反映了我們內部設計、採購和施工模式的效率。最後，我們還將推進某些租戶範圍的工作，以降低交付時間風險並提供額外的靈活性，包括透過我們自己的 AI 雲端服務將容量貨幣化的潛力。

In that regard, engagement remains active with both hyperscaler and non-hyperscale customers across both cloud and colocation opportunities, site visits, diligence, commercial discussions, documentation ongoing.

在這方面，我們與超大規模和非超大規模客戶的合作仍在持續進行，涉及雲端和主機託管機會、現場訪問、盡職調查、商業討論和文件編制。

Building on this strong customer traction at Horizon 1 and general overall market momentum, we are pleased to announce that we've commenced early works and long lead procurement for Horizon 2, a potential second 50-megawatt IT load liquid-cooled facility at Childress.

基於 Horizo​​n 1 強大的客戶吸引力和整體市場勢頭，我們很高興地宣布，我們已經開始為 Horizo​​​​n 2 進行前期工作和長期採購，Horizo​​​​n 2 可能是位於 Childress 的第二個 50 兆瓦 IT 負載液冷設施。

Together, Horizons 1 and 2 will have capacity to support over 38,000 liquid cooled GB-300 creating one of the largest clusters in the US market. In saying that, it's still modest compared to the capacity of our Sweetwater hub, which could support over 600,000 GB-300s, which is a good segue, Sweetwater.

Horizo​​ns 1 和 2 加起來將有能力支援超過 38,000 個液冷 GB-300，從而打造美國市場上最大的集群之一。話雖如此，但與我們的 Sweetwater 樞紐的容量相比，它仍然是適中的，它可以支援超過 600,000 個 GB-300，這是一個很好的過渡，Sweetwater。

So both construction and commercial momentum continues to build at the 1.4 gigawatt Sweetwater 1 site, still scheduled for energization in April 2026. As you can see in the progress photo, construction of the high-voltage bulk substation is underway and key long lead equipment continues to arrive at site.

因此，1.4 千兆瓦 Sweetwater 1 電廠的建設和商業發展勢頭持續增強，該電廠仍計劃於 2026 年 4 月投入營運。正如您在進度照片中看到的，高壓大型變電站的建設正在進行中，關鍵的長引線設備正在陸續抵達現場。

On the commercial front, we're advancing discussions with prospective customers for different structures. The campus is inherently flexible by design so we can meet demand across the entire AI infrastructure stack, powered shells with partners who want to self-operate, turnkey colocation for customers seeking speed and cloud services for those who would like us to run it end to end.

在商業方面，我們正在與潛在客戶就不同的結構進行討論。園區的設計本身就具有靈活性，因此我們可以滿足整個人工智慧基礎設施堆疊的需求，為想要自行營運的合作夥伴提供動力外殼，為尋求速度的客戶提供交鑰匙主機託管，為希望我們端到端運行的客戶提供雲端服務。

While we have a multitude of other exciting growth opportunities preceding this, Sweetwater's combination of scale, certainty and flexibility positions it as yet another growth engine for IREN in the accelerating wave of AI compute. So where do we sit today?

雖然我們在此之前還有許多其他令人興奮的成長機會，但 Sweetwater 的規模、確定性和靈活性的結合使其成為 IREN 在人工智慧運算加速浪潮中的另一個成長引擎。那我們今天坐在哪裡呢？

Industry estimates call for more than 125 gigawatts of new AI data center capacity over the next five years with hyperscale CapEx forecast supporting the credibility of that trajectory. Yet, as most of us know, existing green capacity is well documented, has been far from sufficient to meet this demand.

業界估計，未來五年內新的 AI 資料中心容量將超過 125 千兆瓦，超大規模資本支出預測支持該軌跡的可信度。然而，正如我們大多數人所知，現有的綠色產能已得到充分證明，遠遠不足以滿足這一需求。

Against that backdrop, we have expanded our secured power capacity more than 100x since IPO. We've built over 810 megawatts of operational next-generation data centers.

在此背景下，自首次公開募股以來，我們已將安全電力容量擴大了 100 倍以上。我們已經建造了超過 810 兆瓦的下一代資料中心。

In the process, demonstrating our ability to not only secure our valuable powered land, but also deliver next-generation data centers and compute at scale in some of the most demanding markets. It's a really exciting time for the industry, and it's a really exciting time for us.

在此過程中，我們不僅展示了保護寶貴電力土地的能力，還展示了在一些最苛刻的市場中提供下一代資料中心和大規模運算的能力。對業界來說這是一個令人興奮的時刻，對我們來說也是一個令人興奮的時刻。

With that, hopefully providing a reasonably comprehensive overview of the opportunity in front of us, I'll hand over to our newly appointed Chief Capital Officer, Anthony Lewis, to discuss financing.

希望以上內容能夠對我們面臨的機會提供合理全面的概述，我將把時間交給我們新任命的首席資本官安東尼·劉易斯 (Anthony Lewis) 來討論融資問題。

Thanks, Dan, and good morning or good evening, everyone, as the case may be. This slide highlights how we are funding growth across our verticals through a combination of strategic financings and strong cash flows from existing operations.

謝謝，丹，大家早安或晚上好，視情況而定。這張投影片重點介紹了我們如何透過策略性融資和現有業務的強勁現金流來為各個垂直領域的成長提供資金。

To the right -- the table to the right, which many of you will be familiar with shows the illustrative cash flows from our existing Bitcoin mining operations. At the current network hash rate and 115,000 Bitcoin price, we show over $1 billion in mining revenue.

右邊的表格，你們中的許多人都會熟悉，它顯示了我們現有的比特幣挖礦業務的現金流。以目前網路哈希率和 115,000 比特幣的價格，我們顯示採礦收入超過 10 億美元。

And after subtracting all costs and overheads of our entire business, we arrive at close to $650 million of adjusted EBITDA.

在扣除我們整個業務的所有成本和管理費用後，我們得出的調整後 EBITDA 接近 6.5 億美元。

There is then a further $200 million to $250 million of annualized revenue on top of this expected to come from the AI cloud business expansion with an increasing contribution from that business over time.

除此之外，預計人工智慧雲端業務擴展還將帶來 2 億至 2.5 億美元的年化收入，隨著時間的推移，該業務的貢獻將不斷增加。

There is clearly some sensitivity to the relevant assumptions here, but the key message is we expect significant operating cash flow to invest in our growth initiatives over a range of operating conditions with our position enhanced by low-cost power and best-in-class hardware forwards.

這裡的相關假設顯然存在一些敏感性，但關鍵訊息是，我們預計在一系列營運條件下，大量的營運現金流將投資於我們的成長計劃，而低成本電力和一流的硬體將增強我們的地位。

These cash flows, together with existing cash and recent financing initiatives, which I'll touch on shortly, fully fund our near-term CapEx including the cloud expansion discussed with liquid cooling and power redundancy at Prince George taking GPUs to 10,900 completing Horizon 1 and energizing Sweetwater 1 substations.

這些現金流，加上現有現金和近期的融資計劃（我很快就會談到），將為我們的近期資本支出提供充足的資金，包括討論過的雲擴展，在喬治王子城進行液體冷卻和電源冗餘，將 GPU 數量增加到 10,900 個，完成 Horizo​​​​n 1 並為 Sweetwater 1 變電站供電。

Let me now turn to our funding strategy more generally. As a capital-intensive business growing quickly, we are clearly focused on diversifying our sources of capital so that we maintain a resilient and efficient balance sheet. The $200 million of GPU financings we announced this week are a recent example of that.

現在讓我更全面地談談我們的融資策略。作為一家快速發展的資本密集型企業，我們顯然專注於實現資本來源多元化，以保持有彈性且高效的資產負債表。我們本周宣布的 2 億美元 GPU 融資就是最近的一個例子。

These transactions had 100% of the upfront GPU CapEx financed allowing us to accelerate the growth flywheel for our AI cloud business and an attractive cost of capital, and they pay down over two to three years, matching well against the accelerated paybacks on the underlying hardware.

這些交易獲得了 100% 的前期 GPU 資本支出融資，使我們能夠加速 AI 雲端業務的成長飛輪，並獲得具有吸引力的資本成本，並且它們會在兩到三年內償還，與底層硬體的加速回報相匹配。

End of lease term options, instructions like these also give us added operational flexibility. We're also seeing strong institutional demand for asset-backed and infrastructure lending in the AI sector.

租賃期結束選項等指示也為我們增加了營運靈活性。我們也看到機構對人工智慧領域資產支援和基礎設施貸款的強勁需求。

And with our existing portfolio of assets and the growth opportunities in front of us, we think IREN is well placed to access that capital. We are currently advancing a range of financing work streams, which could support further growth.

憑藉我們現有的資產組合和擺在我們面前的成長機會，我們認為 IREN 完全有能力獲得這些資本。我們目前正在推動一系列融資工作流程，以支持進一步的成長。

This could include further asset-backed financing, project level and corporate level debt. We've also proven good access to the convertible bond market with two well-supported transactions over the course of the financial year and that remains a further sort of funding potential for us.

這可能包括進一步的資產支持融資、專案層面和公司層面的債務。我們也透過本財政年度內兩筆得到大力支持的交易證明了我們能夠順利進入可轉換債券市場，這對我們來說仍然是另一種融資潛力。

Of course, we'll also be focused on maintaining a prudent level of equity capital as we continue to scale, ensuring continued balance sheet resilience. So in closing, with the foundation in strong operating cash flow from existing operations and a broad range of capital sources available to us.

當然，隨著我們不斷擴大規模，我們也將致力於維持審慎的股本水平，確保資產負債表持續保持彈性。總而言之，我們以現有營運產生的強勁營運現金流和廣泛的可用資本來源為基礎。

We feel we are well placed to fund the next stage of growth. With that, I'll turn the call over to Q&A.

我們覺得我們已經做好了為下一階段的成長提供資金的準備。說完這些，我會把電話轉入問答環節。

(Operator Instructions)

（操作員指示）

Paul Golding, Macquarie.

麥格理銀行的保羅‧戈爾丁。

I wanted to ask on efficiency at these sites. I noticed that PUE in the British Columbia sites is down at 1.1, which is a very impressive efficiency ratio versus Sweetwater being about 1.4. Those may be peak numbers as opposed to average.

我想問這些站點的效率。我注意到不列顛哥倫比亞省資料中心的PUE值下降到了1.1，這是一個非常令人印象深刻的效率比，而Sweetwater資料中心的PUE值約為1.4。這兩個值可能是峰值，而不是平均值。

But I was wondering if you could give some color around how that might influence the thought process around rollout or concentration of sites receiving GPUs initially versus others as you think about the efficiency?

但我想知道，當您考慮效率時，您是否可以解釋一下這會如何影響最初接收 GPU 的網站與其他網站的推出或集中的思考過程？

And then also just along the lines of this infrastructure being developed with PUE at low being cited, how are you thinking about the backup generation for the existing pods that you have outstanding. I only asked that question in relation to the on-demand versus contracted customer dynamic and how you're seeing that evolve.

然後，同樣按照正在開發的這種基礎設施的思路，PUE 處於低水平，您如何考慮為現有的未完成的 pod 提供備用發電。我只是問了有關按需與合約客戶動態的問題，以及您如何看待這種演變。

Paul, happy to jump in and take that one. So as you mentioned, across the BC sites, we're operating at a PUE 1.1. That's on an air cooled basis.

保羅，很高興能加入並接受這一點。正如您所說，在 BC 資料中心，我們的運行 PUE 為 1.1，這是基於風冷的。

Once we install the liquid-cooled facilities there, we expect that to be operating on an average slightly higher than that, but still well under 1.2 across the year.

一旦我們在那裡安裝液冷設施，我們預計其平均運行速度將略高於這個水平，但全年仍遠低於 1.2。

At Childress, the Horizon 1 liquid cooled installation, the number that you mentioned is much closer to a peak PUE number, although we actually expect it to be less than 1.4 and the average PUE over the year to be around 1.2.

在 Childress 的 Horizo​​n 1 液冷裝置中，您提到的數字更接近峰值 PUE 數字，儘管我們實際上預計它會小於 1.4，並且全年平均 PUE 約為 1.2。

In all cases, I think those are extremely competitive numbers across the industry. We are more led in terms of our deployments across the different sites by what our customers are ultimately demanding within British Columbia, the ability to scale extremely quickly on an air cooled basis has been a significant driver of demand for us.

無論如何，我認為這些數字在整個行業中都是極具競爭力的。我們在不同站點的部署更取決於不列顛哥倫比亞省的客戶最終需求，在風冷基礎上極快擴展的能力一直是我們需求的重要驅動力。

And again, that level is extremely competitive regardless. And so that is where we are seeing some of the primary interest from our customer base. At Horizon 1, that liquid cooled capacity, in particular, is extremely scarce in the industry at the moment and the ability to locate a single cluster of up to 19,000 or just over 19,000 GB-300s is significantly attractive and driving high levels of customer interest.

無論如何，這個級別的競爭都非常激烈。這就是我們看到的客戶群主要感興趣的地方。在 Horizo​​n 1，液體冷卻能力目前在業界極為稀缺，並且能夠定位多達 19,000 個或略多於 19,000 個 GB-300 的單一集群非常有吸引力，並引起了客戶的極大興趣。

So I think less driven by PUE overall in terms of deployments and more driven by the customer side of the equation.

因此我認為，就部署而言，總體而言，PUE 的驅動力較小，而客戶端的驅動力較大。

To your question on redundancy, as Dan mentioned in his remarks, we're introducing redundancy across the entire fleet of GPUs that we have in our existing operating business as well as for the new GPUs that we purchased.

對於您關於冗餘的問題，正如 Dan 在演講中提到的那樣，我們正在為現有營運業務中的整個 GPU 以及我們購買的新 GPU 引入冗餘。

While we believe that for many of the applications that these customers are used for, it's not necessarily the case that it's required to have redundancy.

雖然我們相信對於這些客戶所使用的許多應用程式來說，並不一定需要冗餘。

We have seen some of our customers wanting that redundancy. And for us, we ultimately want to be driven by providing the best customer service, and that's really what's driving us to install that redundancy across the fleet.

我們發現有些客戶希望裁員。對我們來說，我們最終希望透過提供最好的客戶服務來推動發展，這也是我們在整個機隊中安裝冗餘系統的真正動力。

And if I could ask one quick follow-up on the GB-300 NVL72 capability that has been incorporated or retrofitted into the original plan for Horizon 1, I believe.

我想問一下關於 GB-300 NVL72 功能的快速後續問題，我相信該功能已被納入或改造到 Horizo​​​​n 1 的原始計劃中。

If you could just give us any incremental color around what that may have entailed and any impact that may have had on how financing availability or future financing plans may be impacted as you think about incremental cost for that density and in particular, maybe as you plan for Ruben given this preferred partner status now?

如果您能為我們提供一些關於這可能帶來的增量影響以及這可能對融資可用性或未來融資計劃產生的影響，當您考慮這種密度的增量成本時，特別是當您為 Ruben 制定優先合作夥伴地位的計劃時？

Yes. So I think what you're referring to with Dan's comments around introducing flexibility for a wider range of densities. And for us, that actually comes more towards lower densities, so being able to operate at densities that are under what the [vera] rubins would require.

是的。所以我認為你所指的是 Dan 的評論，即為更大範圍的密度引入靈活性。對我們來說，這實際上更意味著更低的密度，因此能夠在低於 [vera] rubins 所需的密度下運行。

So the base design, as we had it, could handle up to 200 kilowatts of rack easily able to accommodate the next iteration of GPUs.

因此，我們的基礎設計可以處理高達 200 千瓦的機架，輕鬆容納下一代 GPU。

But what we're seeing in the market today is that many customers actually want flexibility to be able to operate not only at the right densities for GB-300s, which are around 135 kilowatts a rack, but actually even lower densities to accommodate additional types of compute within the data center infrastructure.

但我們今天在市場上看到的是，許多客戶實際上希望能夠靈活地運行，不僅能夠以適合 GB-300 的密度（每機架約 135 千瓦）運行，而且實際上能夠以更低的密度運行，以容納數據中心基礎設施內的其他類型的計算。

And so what we've done is gone back and reworked some of the electrical and mechanical equipment to be able to actually accommodate lower rack densities. So as it relates to accommodating Rubens in the future, no change from our perspective.

因此，我們所做的就是回過頭來重新設計一些電氣和機械設備，以便能夠真正適應較低的機架密度。因此，就未來如何容納魯本斯而言，從我們的角度來看，沒有任何改變。

John Todaro, Needham.

約翰·托達羅，尼德姆。

Congrats on a very strong quarter. First question on the cloud business. And apologies if I missed this, but just the average duration of the contract, kind of trying to determine with the three year payback with the GPUs plus infrastructure, the overlap there with the customer contract division?

恭喜本季業績表現強勁。第一個問題是關於雲端業務的。如果我遺漏了這一點，請原諒，但這只是合約的平均期限，試圖確定 GPU 加上基礎設施的三年回報，與客戶合約部門的重疊？

And then I also follow up on the HPC side of things.

然後我也會跟進 HPC 方面的事情。

We've got a range of contract length across our existing asset base today, all the way from one month rolling contracts out to three year contracts.

目前，我們現有的資產基礎擁有一系列期限的合同，從一個月的滾動合約到三年的合約。

For the newer gen equipment, including the Blackwell purchases that we've made, we've typically seen demand in slightly longer contract lends whilst those Blackwells are new equipment on the market, and so a good indication of that is the initial portion of our B200 that, as Dan mentioned, as soon IREN were installed, we were able to contract them on a multiyear basis.

對於較新的一代設備，包括我們購買的 Blackwell 設備，我們通常看到對稍長合約期限的需求，而這些 Blackwell 設備是市場上的新設備，因此，一個很好的跡象就是我們的 B200 的初始部分，正如 Dan 提到的，一旦 IREN 安裝完畢，我們就可以與它們簽訂多年期合約。

So we do have contracts across the spectrum, but we are seeing fewer gen equipment often longer-term contracts being available.

因此，我們確實擁有各種各樣的合同，但我們發現可用的發電設備越來越少，而且往往是長期合約。

Got it. That's great. And then just with the success you're having so far in the cloud business, you could take a step back and think, do we need to sign HPC colo capacity? Would you be more comfortable kind of continuing at this at even a bigger scale?

知道了。那太棒了。然後，鑑於您迄今為止在雲端業務上的成功，您可以退一步思考一下，我們是否需要簽署 HPC 託管容量？您是否更願意繼續以更大規模地進行這項工作？

And then as it relates to just kind of thoughts on the CapEx to get you there? Any targeted leverage ratio or a threshold on debt, too.

那麼，這是否與您對資本支出的想法有關？任何目標槓桿率或債務門檻也是如此。

Yeah. We're constantly evaluating the opportunities as it relates to both colocation and cloud. I think we're uniquely positioned in the sense that we are able to take advantage of both opportunities which we think is quite differentiated to a number of others in the industry.

是的。我們不斷評估與主機託管和雲端相關的機會。我認為我們具有獨特的優勢，因為我們能夠利用這兩個機會，我們認為這與業內許多其他公司有很大不同。

They obviously have very different profiles in terms of the risk-adjusted returns. So co-location longer-dated contracts, typically in the range of 5 to 20 years, but lower payback periods often higher than seven years before you can get your capital back.

從風險調整後的報酬來看，它們顯然有著非常不同的特徵。因此，主機託管合約的期限較長，通常在 5 至 20 年之間，但投資回收期較短，通常需要 7 年以上才能收回資本。

And in many cases, because of the nature of the debt financing associated with those, there's very little actual cash flow coming out of the business during that finance period whereas cloud shorter-dated contracts, but much stronger margins and shorter overall payback period.

在許多情況下，由於與之相關的債務融資的性質，在融資期間，企業產生的實際現金流非常少，而雲端運算合約的期限較短，但利潤率更高，總體回報期更短。

So we typically see around two year payback periods on the GPUs alone and three to four years on the GPUs plus data center infrastructure. So it is something that we're constantly evaluating.

因此，我們通常看到 GPU 本身的投資回收期約為兩年，而 GPU 加上資料中心基礎設施的投資回收期約為三到四年。因此，我們正在不斷評估這一點。

And overall, we're looking to maximize risk-adjusted returns across both models. I think you can tell from the comments today, as it stands, we do find the cloud opportunity extremely compelling. Anthony, did you want to touch on the comments around financing?

總體而言，我們希望在兩種模型中實現風險調整後收益最大化。我想您可以從今天的評論中看出，就目前情況而言，我們確實發現雲端電腦會極具吸引力。安東尼，你想談談融資的評論嗎？

Thanks, Kent. Yeah, obviously, we have a very modest debt servicing requirements today.

謝謝，肯特。是的，顯然，我們今天的債務償還要求非常低。

And I guess as we scale the business, obviously, where those opportunities have developed and the nature of the cash flows and the security of those cash flows will ultimately drive what an appropriate level of leverage is for the business.

我想，隨著我們業務規模的擴大，顯然，這些機會的發展、現金流的性質以及這些現金流的安全性最終將決定企業的適當槓桿水平。

So the capital structure will continue to evolve as we continue to grow, but we'll obviously be focused on maintaining a strong and resilient balance sheet as well as an efficient cost of capital.

因此，隨著我們的持續成長，資本結構將繼續發展，但我們顯然將專注於維持強勁而有彈性的資產負債表以及高效的資本成本。

Darren Aftahi, Roth.

達倫·阿夫塔希，羅斯。

Congrats on all the progress. A couple if I may. So on Horizon 1 and 2. I guess there's commentary in the press release about what theoretically Horizon 1 could support in terms of GPUs, but you kind of left the door open that there may be other uses.

祝賀你取得的所有進展。如果可以的話，我會給你一對。因此在 Horizo​​​​n 1 和 2 上。我猜新聞稿中對 Horizo​​​​n 1 在理論上可以支援哪些 GPU 進行了評論，但你似乎沒有透露它還有其他用途。

So I'm kind of curious on strategic thinking there. And then on Horizon 2, I think if my math is right, you guys only have 25 megawatts left at Childress and you're talking about, I guess, 50 megawatts of critical load, will you be borrowing from your Bitcoin business to kind of get there?

所以我對那裡的戰略思維有點好奇。然後關於 Horizo​​​​n 2，我想如果我的計算正確的話，你們在 Childress 只剩下 25 兆瓦的電力，而你們談論的是 50 兆瓦的臨界負載，你們會從比特幣業務中藉錢來實現這個目標嗎？

And are there expansion opportunities beyond that? Second question, I guess, on slide 9, you have one of your demand partners is Fluidstack.

除此之外還有其他擴展機會嗎？第二個問題，我想，在第 9 張投影片上，您的一個需求合作夥伴是 Fluidstack。

I'm more curious on the neo cloud side and maybe that entity in particular, given one of your peers signed a deal with them and another partner there, just kind of what the demand drivers are with Fluidstack in particular?

我對 Neo Cloud 以及該實體更感興趣，考慮到您的一位同行與他們和那裡的另一個合作夥伴簽署了協議，那麼 Fluidstack 的需求驅動因素具體是什麼？

Thanks, Darren. Appreciate that. So three questions I hear in there. Horizon, we mentioned 19,000. It's just takeover based on the NVL 72 configuration, GB-300s.

謝謝，達倫。非常感謝。我聽到了三個問題。Horizo​​n，我們提到了 19,000。這只是基於 NVL 72 配置 GB-300s 的接管。

The project has been engineered specifically for liquid cooled GPU. So there is no other use case as an end market other than that in saying that there's a couple of different ways we might monetize that capacity. A is through different types of GPUs.

此專案專為液冷 GPU 而設計。因此，除了說我們可以透過幾種不同的方式將該容量貨幣化之外，沒有其他作為終端市場的用例。A是透過不同類型的GPU。

So as we mentioned during the presentation and Kent reiterated, we've now introduced the flexibility to accommodate a wider range of rack entities. We actually discovered building this, that the issue is we're building rack entities that are too dense for where the industry is today.

正如我們在演示過程中提到的以及肯特重申的那樣，我們現在引入了靈活性來適應更廣泛的機架實體。我們實際上發現，在建構這個系統時，問題在於我們建構的機架實體對於當今的產業來說過於密集。

So we've had to dial it back a little bit. So accommodating lower rack density gives us the ability to accommodate a wider range of different GPUs whilst preserving the ability to service the Virarubins as and when they're released and potentially beyond that.

因此我們必須稍微放慢速度。因此，降低機架密度使我們能夠容納更廣泛的不同 GPU，同時保留在 Virarubins 發佈時以及之後為其提供服務的能力。

So that's exciting. In terms of monetizing the capacity, there's been co-location versus cloud. So we may buy on operate the 19,000 GPUs, and we're having conversations with a variety of potential partners for that, including hyperscale customers.

這很令人興奮。在容量貨幣化方面，有共置與雲端兩種選擇。因此，我們可能會購買並運行 19,000 個 GPU，並且我們正在與各種潛在合作夥伴進行對話，其中包括超大規模客戶。

We're progressing financing work streams in parallel. That's a real option. If the risk return balance is right, as Kent mentioned, then absolutely, we're in a unique position where not many people can build on and operate a cloud service.

我們正在同步推進融資工作流程。這是一個真正的選擇。如果風險回報平衡是正確的，正如肯特所提到的，那麼我們絕對處於一個獨特的位置，沒有多少人可以建立和營運雲端服務。

So we're pursuing that, and we're excited about that. But equally, we're seeing a lot of demand for colocation and that would deliver more of an infrastructure return on capital, and we'll remain open to that structure, but we want to see a risk-return framework that is compelling.

所以我們正在追求這個目標，並且對此感到興奮。但同樣，我們看到對主機託管的需求很大，這將帶來更多的基礎設施資本回報，我們將對這種結構保持開放態度，但我們希望看到一個引人注目的風險回報框架。

And to date, I guess, we haven't yet seen that. In terms of potentially displacing additional mining capacity. You referenced 25 megawatts potentially being displaced from Childress. Look, that's a cost of business.

我想，到目前為止，我們還沒有看到這種情況。就潛在取代額外採礦能力而言。您提到有 25 兆瓦的電力可能會從 Childress 轉移。瞧，這就是商業成本。

As we said seven years ago when we started this business, Bitcoin mining will help bootstrap the business, help us build out the data center capacity as and when higher, better value use cases coming along, then we have the ability and the flexibility to swap those in and monetize our data center capacity differently.

正如我們七年前開始這項業務時所說的那樣，比特幣挖礦將有助於啟動業務，幫助我們建立資料中心容量，當更高、更有價值的用例出現時，我們就有能力和靈活性來交換這些用例，並以不同的方式將我們的資料中心容量貨幣化。

In saying that we don't envisage stopping building new data centers. We've got 2 gigawatts of Sweetwater.

話雖如此，我們並不打算停止建造新的資料中心。我們有 2 千兆瓦的 Sweetwater。

So it may simply be the case where we just reallocate capacity across different sites. And perhaps there's some relocated action of mining capacity to sweet water at some point, but that's something we're working through.

因此，這可能只是我們在不同的站點之間重新分配容量的情況。也許在某個時候會有一些將採礦能力遷移到淡水的行動，但這是我們正在努力解決的事情。

Finally, Fluidstack. Yes, we've known the Fluidstack guys for quite some time. We've got a good relationship there. We speak to them. We speak to Google.

最後，Fluidstack。是的，我們認識 Fluidstack 的人已經有一段時間了。我們在那裡關係很好。我們和他們交談。我們與谷歌進行了交談。

We know what deals have been done. We look at the deals. As of today, we find a three year payback on data center and GPU infrastructure pretty compelling, particularly when Anthony is lining up 100% GPU financing at single-digit interest rates.

我們知道已經達成了哪些交易。我們看看這些交易。截至今天，我們發現資料中心和 GPU 基礎設施的三年回報非常引人注目，特別是當安東尼以個位數利率提供 100% GPU 融資時。

So look, we'll remain open to colocation opportunities, but the devil is in the detail. And the high level is not always what you end up carrying over a longer period of time, so I might leave that there.

所以，我們將繼續對主機託管機會持開放態度，但細節決定成敗。而且高水準並不總是能夠長期保持的，所以我可能會把這一點留在那裡。

Joseph Vafi, Canaccord Genuity.

Canaccord Genuity 的 Joseph Vafi。

Everyone and congrats on all the progress here in fiscal Q4 and quarter-to-date, really great progress. Just really one question for me, maybe just a two part but a single question.

大家好，恭喜你們在第四財季和本季迄今為止的所有進展，真的取得了巨大的進步。對我來說這其實只是一個問題，也許只是兩個部分，但只是一個問題。

I just want to drill down a little bit more on the financing on the black wells I know that you mentioned there's some optionality at the end of the lease financing period. I thought maybe we could kind of go into what you're thinking at the end of those.

我只是想更深入地了解黑井的融資情況，我知道您提到租賃融資期結束時有一些選擇權。我想也許我們可以進一步探討你最後的想法。

At the end of the lease financing period, what may just what may be a factor in how do you decide what to do next with those?

在租賃融資期結束時，什麼可能是決定您下一步如何處理這些問題的因素？

And then just as a follow-up, it does seem like at least initially, building your own clusters with this financing does look attractive on a payback and time value of money basis.

然後作為後續，至少在最初階段，利用這種融資來建立自己的集群在回報和貨幣時間價值方面確實看起來很有吸引力。

Just wondering how much financing do you think is available in this market versus the kind of project financing that maybe yourself and others have discussed for a broader colocation type project.

我只是想知道，與您和其他人討論過的針對更廣泛的主機託管類型專案的專案融資相比，您認為這個市場有多少融資可用。

Thanks for the question. In terms of the -- you're probably familiar with the various types of leasing structures you can see in the market, some of them are structured as more classic full payout finance leases.

謝謝你的提問。就此而言——您可能熟悉市場上可以看到的各種類型的租賃結構，其中一些結構為更經典的全額支付融資租賃。

Others are sort of more sort of tech rotation style where you have fixed committed lease payments and then you have an FMV option to acquire at the end of -- often capped at a percentage of the day one price.

其他方式則更像是一種技術輪換方式，即您有固定的承諾租賃付款，然後在租賃期結束時可以選擇購買公平市場價值 (FMV) 選項 - 通常上限為第一天價格的一定百分比。

So that obviously allows you the flexibility to potentially return the equipment if we wanted to reinvest in, for example, the next generation of GPUs at that time or obviously continue to own and operate the equipment depending on the conditions that we see.

因此，如果我們想重新投資，例如，當時的下一代 GPU，或者顯然根據我們看到的情況繼續擁有和操作設備，這顯然可以讓您靈活地退回設備。

Sorry, could you just remind me of the second part of your question?

抱歉，您能提醒我問題的第二部分嗎？

Just the amount of financing capacity you see out there on the GPU side versus co-location.

您所看到的 GPU 方面的融資能力與主機託管的融資能力相比如何。

Yeah, I think they are obviously quite different asset profiles and the amount of, obviously, leverage and the cost of that leverage depends greatly on the specific situations on the cloud side, it's obviously focused on the underlying portfolio of customers, the diversity in the customer mix, the credit quality, the duration of the contracts that will all drive both the sort of pricing and leverage that you can secure.

是的，我認為它們顯然是完全不同的資產配置，而且槓桿的數量和成本顯然很大程度上取決於雲端的具體情況，它顯然側重於客戶的基礎投資組合、客戶組合的多樣性、信用品質、合約期限，這些都將決定你能獲得的定價和槓桿類型。

And I guess, similarly on the colocation side, obviously, you can obtain very attractive cost of funds and very meaningful leverage against high-quality offtake such as high-scale offtakes. And as you come down the credit spectrum or the duration of the contract, that will obviously flow through into the cost of the finance and the leverage that you can obtain.

我想，同樣在主機託管方面，顯然，你可以獲得非常有吸引力的資金成本，以及針對高品質承購（例如大規模承購）的非常有意義的槓桿作用。隨著信用範圍或合約期限的縮短，這顯然會影響融資成本和您可以獲得的槓桿。

And maybe just to add to that, Anthony. Joe, the two are not mutually exclusive cloud and colocation in the sense that we are arranging these 100% financing lease structures, as Anthony mentioned, over the GPUs, but that doesn't preclude us then financing the asset base and the infrastructure base at a data center level similar to how you would finance the colocation.

也許只是想補充一下，安東尼。喬，這兩者並不是互斥的雲端和主機託管，因為正如安東尼所提到的，我們正在為 GPU 安排這些 100% 的融資租賃結構，但這並不妨礙我們在資料中心層級為資產基礎和基礎設施基礎提供融資，類似於為主機託管提供融資的方式。

It just happens to be the case that the colocation partner is an internalized IREN entity. So that market is open. We're talking to a number of a -- vast number of potential providers of capital for that.

碰巧的是，主機託管合作夥伴是一個內部化的 IREN 實體。所以那個市場是開放的。我們正在與大量潛在的資金提供者進行洽談。

But as Anthony mentioned, we're looking up and down the entire capital stack to optimize cost of capital at a group level. So you've got these asset level options, but then you've got corporate options as well.

但正如安東尼所提到的，我們正在從上到下審視整個資本結構，以在集團層級優化資本成本。因此，您擁有這些資產等級的選擇，但同時您也擁有公司選擇。

We mentioned the buoyant convertible note market that continues to look quite prospective. We've been prosecuting bond type structures at a corporate level as well.

我們提到了活躍的可轉換票據市場，其前景仍然十分廣闊。我們也在公司層級起訴債券類型的結構。

So there's a whole different array and every week, depending on level of demand, our revenue profile, how we're building out different elements of the business, the jigsaw puzzle from a financing perspective kind of falls into place and help support that.

因此，每週都會有完全不同的排列，根據需求水平、我們的收入狀況、我們如何建立業務的不同要素，從融資角度來看，拼圖遊戲就會逐漸拼湊起來並幫助支持這一點。

So it's that reflective wheel of sources and uses of capital, and that's the benefit of now having Antonio and dedicated full time to optimizing cost of capital while Kent runs around North America looking to deploy it.

因此，這是資本來源和用途的反射輪，這就是現在擁有安東尼奧並全心投入優化資本成本的好處，而肯特則在北美各地尋找部署資本的方法。

Reggie Smith, JPMorgan.

摩根大通的雷吉史密斯。

This is Charlie on for Reggie. Can you talk a bit more about some of the key hires you've made in building out the cloud and colocation businesses and where, if anywhere, there is still some room to go.

這是查理 (Charlie) 代替雷吉 (Reggie)。您能否進一步談談您在建立雲端運算和主機託管業務過程中聘用的一些關鍵人員，以及哪些方面還有發展空間？

And then as a follow-up, digging in a bit more on the sales side, can you provide a bit more on how you're getting in front of and winning some of the AI clients that you called out in the slides.

然後作為後續問題，深入挖掘銷售方面的內容，您能否提供更多關於如何獲得併贏得幻燈片中提到的一些 AI 客戶的資訊。

Happy to jump in there on the resourcing question. So we've been hiring across the stack as Dan made clear at a level of vertical integration that we have, we continue to need resources across all areas, including data center operations, networking, InfiniBand experts, developers on the software side.

很高興參與討論資源問題。因此，正如 Dan 明確指出的那樣，我們一直在招募各個領域的人才，在垂直整合層面，我們仍然需要各個領域的資源，包括資料中心營運、網路、InfiniBand 專家、軟體方面的開發人員。

We also continue to build out our go-to-market function. So that consists of hiring additional sales executives as well as solutions architects, and we're also expanding the marketing team in parallel with that.

我們也將繼續拓展我們的行銷功能。因此，這包括僱用更多的銷售主管和解決方案架構師，同時我們也正在擴大行銷團隊。

So there is an ongoing level of hiring across the business to support the additional customer-facing work that we're doing. And sorry, there was a last part to your question that I missed, it was breaking up a little.

因此，我們正在不斷招募人才，以支持我們正在進行的面向客戶的額外工作。抱歉，我錯過了您問題的最後一部分，它有點混亂。

Yeah. Just more on the sales side, like how you're getting in front of the clients, what are you competing on? Why are they choosing IREN, things like that?

是的。更專注於銷售方面，例如您如何面對客戶，您在哪些方面競爭？他們為什麼選擇 IREN 之類的？

Yeah. So we get a mix of inbound and outbound customer demand drivers. We have been active recently in the conference space. So we have been getting out telling our story showing why we are differentiated.

是的。因此，我們得到了入站和出站客戶需求驅動因素的混合。我們最近在會議領域很活躍。因此，我們一直在講述我們的故事，並展示我們為何與眾不同。

As I mentioned, we've been expanding the marketing team and our efforts there to help drive inbound particularly our activities across all social platforms have been ramping over the past 12 months, in particular. And we're seeing a high degree of interest there.

正如我所提到的，我們一直在擴大行銷團隊，並且我們在那裡所做的努力有助於推動入站行銷，特別是我們在所有社交平台上的活動在過去 12 個月中一直在增加。我們看到那裡的人們有很高的興趣。

And as that gets out into the public sphere as well as our ongoing provision of cloud services and customer word of mouth, we are starting to see more inbound inquiries as well around both our cloud services platform and the potential co-location platform. So it is a bit of a mix there in terms of what we're seeing.

隨著這一消息進入公眾視野，以及我們持續提供雲端服務和客戶口耳相傳，我們開始看到更多關於我們的雲端服務平台和潛在的主機託管平台的諮詢。所以就我們所看到的情況而言，情況有點複雜。

And I think maybe just to add to that as well. Like this is exactly the point, the whole demand-supply equation in this industry is imbalanced, but there is little supply.

我認為也許只是補充一下這一點。就像這正是重點，這個產業的整個供需平衡是不平衡的，但供應卻很少。

So the demand when they need something -- when people need something, they tend to find it particularly when it's cars word-of-mouth through these demand brokers, conferences, existing customers word does get out.

因此，當人們需要某些東西時，他們往往會透過這些需求經紀人、會議、現有客戶的口耳相傳來尋找它，尤其是汽車。

And we do have three pretty unique competitive advantages compared to other competition around Neo clouds like a scale, we control the infrastructure end-to-end. We can scale up capacity up and down across our existing data center footprint let alone the new footprint and building into that growth.

與 Neo 雲端的其他競爭對手相比，我們確實擁有三個非常獨特的競爭優勢，例如規模，我們可以端到端地控制基礎設施。我們可以在現有的資料中心範圍內擴大或縮小容量，更不用說新的資料中心範圍和建設規模了。

Performance. Vertical integration is really important because it gives us direct oversight of every single layer in the stack.

表現。垂直整合非常重要，因為它使我們能夠直接監督堆疊中的每一層。

So we've got tighter control of performance, reliability, service and they get higher uptime as a result because there's no colocation partners, there's no SLAs with data centers that restrain and constrain your ability to update GPUs and get your hands on them.

因此，我們對效能、可靠性和服務有了更嚴格的控制，並且它們獲得了更高的正常運行時間，因為沒有主機託管合作夥伴，也沒有資料中心的 SLA 來限制和約束您更新 GPU 並獲得它們的能力。

And then finally, from a cost perspective, we've got no colocation fees and greater operational efficiency as a result. So we're in a really good spot.

最後，從成本角度來看，我們無需支付託管費用，從而提高了營運效率。所以我們現在的處境非常好。

And this also translates to sales force and marketing support and general cloud support because we are in the industry, we are doing stuff.

這也意味著銷售團隊和行銷支援以及一般雲端支援，因為我們身處這個行業，我們正在做事情。

We've got available capacity. There's significant interest in joining IREN because we have capacity to sell as distinct from other providers who have no capacity and salespeople are sitting there with not a lot to do.

我們有可用容量。人們對加入 IREN 有著濃厚的興趣，因為我們擁有銷售能力，而其他供應商則沒有銷售能力，銷售人員也無事可做。

Brett Knoblauch, Cantor Fitzgerald.

布雷特·諾布勞赫，坎托·菲茨杰拉德。

Maybe on the cloud services front. Is the strategy to go out and order or purchase GPUs with a customer already in mind? Or are you buying those GPUs and then trying to find a customer.

也許在雲端服務方面。該策略是否已經考慮到了客戶，並制定了出去訂購或購買 GPU 的策略？或者您正在購買這些 GPU 然後嘗試尋找客戶。

And then could you maybe just elaborate on the power dynamics per GPU? I think the 19,000 GB-300s for Horizon 1 implies it can be 380 of them per megawatts of critical ICU load so you have like maybe a similar metric or GB-300s or GB-200s if you can provide any color there, that would be helpful as well.

那麼，您能否詳細說明每個 GPU 的功率動態？我認為 Horizo​​​​n 1 的 19,000 GB-300 意味著每兆瓦關鍵 ICU 負載可以有 380 個 GB-300，因此您可能有一個類似的指標或 GB-300 或 GB-200，如果您可以提供任何顏色，那也會有所幫助。

So I might take the first half. Kent, if you in the second half. The prospect of ordering GPUs before or after a contract, this is the nature of the industry where companies want compute, they want it now, but they don't want to wait two to three months.

所以我可能會選擇前半部。肯特，如果你在下半場。在簽訂合約之前或之後訂購 GPU 的前景，這是行業的本質，公司需要計算，他們現在就想要，但他們不想等待兩到三個月。

Do you think about an enterprise that's made the decision. You think about an AI scale-up or start-up that's raised a bunch of capital. Very few companies are in a position where they can plan out and map out a two to three year time line of GPU needs.

您是否考慮過做出該決定的企業？您可以想像一家已經籌集了大量資金的 AI 擴大公司或新創公司。很少有公司能夠規劃並繪製兩到三年的 GPU 需求時間表。

Often it's we need GPUs, we need them for a project, we need them for today. So the world wants on-demand compute and we've almost used this as a universal motherhood statement to guide what we do.

我們經常需要 GPU，我們需要它們來完成某個項目，我們需要它們來應對當前的情況。因此，世界需要按需計算，我們幾乎已經將其作為指導我們工作的通用母語。

The world doesn't really want data infrastructure. The world is call wants compute and it wants it now and when it needs it. That's the first element.

世界其實並不需要數據基礎設施。世界正在呼喚計算，它現在就想要計算，當它需要計算時就想要計算。這是第一個要素。

The second element is I feel like it's groundhog day. We're back in this world, and it takes me back to bitcoin mining where every man and their dog promises certain amounts of capacity online by a certain date, and no one does it.

第二個因素是，我感覺就像土撥鼠日。我們回到了這個世界，它讓我回想起比特幣挖礦，每個人和他們的狗都承諾在某個日期之前在線提供一定數量的容量，但沒有人這樣做。

No one hits the schedules, everyone revises them downwards, stretches them out, cost blowouts, et cetera, because the real world is hard dealing with large-scale infrastructure projects, large-scale workforces, complex project delivery, safety, like it takes a lot of work and systems and structures to deliver that.

沒有人能按時完成任務，每個人都向下修改任務，延長任務期限，造成成本超支等等，因為現實世界很難處理大型基礎設施項目、大規模勞動力、複雜的項目交付、安全等問題，因為要完成這些需要大量的工作、系統和結構。

This is why we're in such a good position. We never missed a milestone of Bitcoin mining, where the most profitable if only profitable Bitcoin miner because we did things properly from the start. And we're now sitting here.

這就是我們處於如此有利地位的原因。我們從未錯過比特幣挖礦的里程碑，因為我們從一開始就做對了事情，所以我們是最賺錢的，甚至是唯一賺錢的比特幣礦工。我們現在就坐在這裡。

And as I said, it's groundhog day with the cloud business, where again, all these companies, neo clouds and otherwise promise capacity online by a certain date, and they really hit it. And as a result, customers got a bit gun shy.

正如我所說，這是雲端運算業務的土撥鼠日，所有這些公司，新雲端和其他公司都承諾在某個日期之前實現線上容量，並且他們真的做到了。結果，顧客們就有點不敢買槍了。

So the best thing you can do is to continue ordering the hardware. If it's snapped up as soon as it's commissioned, that's a pretty good sign that you're doing the right thing.

因此，您能做的最好的事情就是繼續訂購硬體。如果一經投入使用就被搶購一空，那麼這是一個很好的跡象，表明你正在做正確的事情。

And as and when we install hardware and the sales cycle starts slowing down, then you know, okay, well, maybe we've just got to slow down on the orders. But each incremental order from here is a relatively small portion of our overall risk so we can afford to take it.

當我們安裝硬體並且銷售週期開始放緩時，你知道，好吧，也許我們必須放慢訂單速度。但從現在開始的每個增量訂單都只占我們整體風險的一小部分，因此我們可以承受。

And with respect to the power question, yes, we do continue to see the overall power usage per GPU ticking up with each incremental release from NVIDIA and the other manufacturers.

關於功耗問題，是的，我們確實看到隨著 NVIDIA 和其他製造商的每次增量發布，每個 GPU 的整體功耗都在上升。

I think using some of the examples of the numbers that were presented earlier in the presentation on an air cooled basis for B200s, we can fit over 20,000 GPUs into the Prince George site, which is 50 megawatts. At Horizon 1, 50 megawatts of IT load, you're looking at around 19,000 GB-300s.

我認為，使用先前在演示文稿中提供的 B200 風冷基礎上的一些數字示例，我們可以在喬治王子城站點安裝超過 20,000 個 GPU，即 50 兆瓦。在 Horizo​​n 1 中，50 兆瓦的 IT 負載，您將看到大約 19,000 GB-300。

So yes, it's not exact math there, but it does give you an idea of what we're seeing in terms of the amount of power per GPU going up over time.

所以是的，這不是精確的數學，但它確實讓你了解我們所看到的每塊 GPU 的功率隨時間推移而增加的情況。

Nick Giles, B. Riley.

尼克吉爾斯、B萊利。

I wanted to go back to how the Horizon 1 capacity will be utilized and you're closing in on that 4Q completion. At what point would you make the decision to fill Horizon 1 with your own GPUs versus pursue or colocation dealer.

我想回顧一下 Horizo​​n 1 的容量將如何被利用，以及你們即將在第四季度完成。在什麼時候您會決定使用自己的 GPU 來填充 Horizo​​n 1，而不是追求或託管經銷商。

Maybe said differently, and I think Dan alluded to this from a financing perspective, but if you were to fill it with GPU, should we expect that to be the case for the entire capacity? Or could we see you co-locate between your own GPUs and a third party?

也許說法不同，我認為 Dan 是從融資角度提到這一點的，但如果您要用 GPU 填充它，我們是否應該期望整個容量都是這種情況？或者我們可以看到您將自己的 GPU 與第三方的 GPU 放在一起？

I think that's one of the advantages of where we're at is they're not mutually exclusive options for us. So as we mentioned earlier, we are in a unique position that we can monetize that data center capacity in a number of ways, and it doesn't have to be 1s or 0s.

我認為這是我們目前所處位置的優勢之一，因為它們對我們來說並不是互相排斥的選擇。因此，正如我們之前提到的，我們處於一個獨特的位置，我們可以透過多種方式將資料中心容量貨幣化，而不一定必須是 1 或 0。

We don't need to do all of it as cloud or all of it is colocation. It could be a combination within Horizon 1.

我們不需要把所有事情都做成雲，或是全部都做成主機託管。它可能是 Horizo​​​​n 1 內的組合。

As Dan mentioned, we've started building out Horizon Again, that gives us significant optionality where we could potentially do Horizon 1 under 1 methodology and 1 type of monetization, Horizon 2 under another, but what we will continue to do over time is try and maximize the risk-adjusted returns for how we monetize the assets.

正如丹所提到的，我們已經開始構建 Horizo​​​​n Again，這給了我們很大的選擇性，我們可以在 1 種方法和 1 種貨幣化類型下進行 Horizo​​​​n 1，在另一種方法和 1 種貨幣化類型下進行 Horizo​​​​n 2，但隨著時間的推移，我們將繼續嘗試最大化我們如何將資產化的風險回報。

And that may fluctuate over time. We're in an obviously incredibly dynamic industry here. And at different points in time, we may see a very different risk/reward proposition in co-location versus cloud, but we do have significant flexibility as to how we utilize the capacity.

並且這可能會隨著時間的推移而波動。顯然，我們所處的產業非常有活力。在不同的時間點，我們可能會看到主機託管和雲端運算的風險/回報主張截然不同，但我們在如何利用容量方面確實具有很大的靈活性。

Thanks for that, Kent. Just on the cloud services, you're focused on bare metals today, but I think you did make some comments that you could expand your software offerings or integrate, if needed.

謝謝你，肯特。僅在雲端服務方面，您今天專注於裸機，但我認為您確實發表了一些評論，如果需要，您可以擴展軟體產品或進行整合。

What should we be looking for there? Or what would the incremental revenue opportunities be if you were to integrate?

我們應該在那裡尋找什麼？或者，如果您進行整合，那麼增量收入機會是什麼？

Today, as Dan mentioned, the vast majority of the customers that we are dealing with, which make up the majority of the compute market. These are highly experienced AI players, hyperscalers, developers.

今天，正如丹所提到的，我們打交道的絕大多數客戶構成了計算市場的大多數。這些都是經驗豐富的人工智慧玩家、超大規模者和開發人員。

They are, for the most part, demanding bare metal because it actually suits them better to be able to bring their own orchestration layer where we see benefits over time from adding incrementally to the software layer is being able to serve a slightly different customer class, which might be smaller AI start-ups or enterprise customers who are looking for a simple single click spin up, spin down type service.

他們大多要求使用裸機，​​因為實際上能夠自帶編排層更適合他們，隨著時間的推移，我們看到逐步添加到軟體層的好處是能夠服務於略有不同的客戶類別，這些客戶可能是規模較小的人工智慧新創公司或企業客戶，他們正在尋找簡單的點擊啟動、關閉類型服務。

But today, where we see the demand supply imbalance, that bare metal offering that we have has a significant level of demand for it. And so we feel like we're well positioned where we're at today.

但今天，我們看到了供需失衡，我們對裸機產品的需求很大。因此，我們覺得我們目前所處的位置很有利。

I think, again, look, just to reiterate, this notion that software is required and these large sophisticated end users of GPUs want a third-party provider to staple their own software and make them use it like these guys are sophisticated.

我認為，再次重申一下，軟體是必需的，而這些大型複雜的 GPU 終端用戶希望第三方供應商能夠整合自己的軟體，並讓他們像這些人一樣使用它。

They just walk compute. They want to run their own stuff. And at the end of the day, software is eating the world. We know that. Software is not difficult to overlay. The large customers don't want your software.

他們只是步行計算。他們想經營自己的事業。最終，軟體正在吞噬世界。我們知道這一點。軟體疊加起來並不困難。大客戶不要你的軟體。

They want their own software. And we are hearing it also firsthand from executives and employees at some of these companies that offer their own software, that it's a nightmare because every time the GPUs change, they need to update the software and rewrite it.

他們想要自己的軟體。我們也從一些提供自有軟體的公司的高階主管和員工那裡直接聽說，這是一場噩夢，因為每次 GPU 發生變化時，他們都需要更新軟體並重寫它。

And it's this constant evolution of code bugs, rewriting, updating, et cetera, or for an area of the market that, yes, it might seem good as a narrative, but fundamentally and substantially in terms of revenue opportunity is quite small today.

程式碼錯誤、重寫、更新等等的不斷演變，或者對於市場中的某個領域來說，是的，這聽起來不錯，但從根本上和實質上就收入機會而言，今天的規模相當小。

Stephen Glagola, Jones Trading.

史蒂芬‧格拉戈拉 (Stephen Glagola)，瓊斯貿易公司。

As IREN is now recognized as the preferred cloud partner on NVIDIA's website. I was hoping, Dan and Kent, maybe you could provide more detail on your participation in the DGX cloud [leptin] marketplace.

由於 IREN 現已被 NVIDIA 網站上認可為首選雲端合作夥伴。我希望，丹和肯特，也許你們可以提供更多關於你們參與 DGX 雲 [瘦素] 市場的詳細資訊。

And specifically, how do the economics of working through the [leptin] marketplace compared to maybe operating your own independent cloud offering?

具體來說，與經營自己的獨立雲端產品相比，透過 [leptin] 市場開展業務的經濟效益如何？

What advantages does IREN get from being on that platform? And any insights into sort of NVIDIA's fee structure or take rate for participants there.

IREN 透過該平台獲得了哪些優勢？您對 NVIDIA 的費用結構或參與者的收費標準有何見解？

Happy to give some more color there. So we're not currently participating in the Lepton marketplace. But as an NVIDIA preferred partner, we continue to evaluate platforms like that that could expand how we're able to get customers access to our infrastructure.

很高興能在這裡增添一些色彩。所以我們目前沒有參與 Lepton 市場。但作為 NVIDIA 的首選合作夥伴，我們會繼續評估這樣的平台，以擴展我們讓客戶存取基礎設施的方式。

So it may offer us broader reach into developer communities, simple onboarding. So again, to come back to the previous comments that I made on software may open up some of the smaller areas of the market, with smaller AI start-ups and the enterprise customers who are looking for a simpler solution.

因此，它可以讓我們更廣泛地接觸開發者社區，並簡化入職流程。所以，再次回到我之前對軟體的評論，它可能會打開一些較小的市場領域，包括規模較小的人工智慧新創公司和尋求更簡單解決方案的企業客戶。

So we continue to monitor this. We are seeing an increasing number of these type of offerings coming to market. And for us, we think it will be an additional demand driver for the underlying compute layer that we are providing.

因此我們會繼續監控此事。我們看到越來越多的這類產品進入市場。對我們來說，我們認為這將成為我們提供的底層運算層的額外需求驅動因素。

And I could just ask one more on Horizon 1. Is the growth of your cloud services business, is that influenced which partners you're willing to consider for colocation potentially at Horizon 1, given arguably they can be competitors?

我還可以就 Horizo​​​​n 1 再問一個問題。鑑於他們可能是競爭對手，您的雲端服務業務的成長是否影響了您願意考慮在 Horizo​​​​n 1 上與哪些合作夥伴進行主機託管？

It's something that we continue to evaluate in terms of the mix. And I think what you're probably referring to are Neo Cloud customers on the colocation side.

我們會繼續對混合情況進行評估。我認為您可能指的是主機代管方面的 Neo Cloud 客戶。

Now the majority of Neo clouds have a very different profile to hyperscalers in terms of colocation. So even within the broader colocation market, there is a significant degree of differentiation.

現在，大多數 Neo 雲端在主機託管方面與超大規模雲端有著很大的不同。因此，即使在更廣泛的主機託管市場中，也存在著相當大的差異化。

If you think of hyperscalers, they're typically looking for longer-term contracts, often 10 to 20 years, extremely creditworthy but drive a hard bargain in terms of the financials and the economic returns that you're able to achieve with Neo clouds, we often see shorter-term requirement.

如果您考慮超大規模企業，他們通常會尋找長期合同，通常為 10 到 20 年，信譽極佳，但在財務和使用 Neo 雲能夠實現的經濟回報方面會進行艱難的討價還價，我們經常看到短期要求。

So typically, it might be 5 to 15 years, less creditworthy than the hyperscalers. So it's all something that we factor in in terms of that risk-reward element that we discussed earlier. But in terms of -- because we have heard from a number of people whether the fact that we're offering a cloud service limits our ability to do co-location, I would actually say quite the opposite.

因此，通常來說，可能需要 5 到 15 年的時間，信用度比超大規模企業要低。所以，這些都是我們在考慮之前討論過的風險報酬因素時要考慮的因素。但就這一點而言——因為我們聽到很多人問我們是否提供雲端服務這一事實限制了我們進行主機託管的能力，我實際上會說恰恰相反。

Most of the colocation customers that we're talking to significantly value the fact that we understand how to operate these clusters at scale, that we have the data center knowledge.

與我們交談的大多數主機託管客戶都非常看重我們了解如何大規模地運作這些集群，以及我們擁有資料中心知識。

We know how to design data centers to operate these clusters, and we proved out through our own cloud service that we can operate them at a very efficient level. So I don't see any kind of conflict there, and it hasn't been a particular issue for us over time.

我們知道如何設計資料中心來運作這些集群，我們透過自己的雲端服務證明我們可以以非常高效的水平運作它們。因此，我沒有看到任何形式的衝突，而且長期以來這對我們來說不是一個特別的問題。

Sorry, just to jump in on the Lepton cloud as well. It hasn't really been live functionally. So NVIDIA has been working through a number of items in relation to making that available.

抱歉，我只是想加入 Lepton 雲端。它實際上還沒有真正發揮功能。因此，NVIDIA 一直在努力實現這一目標。

I think some of it is now live early access, and we're in direct conversation with them about integration at the moment. So it is a demand partner that we can absolutely envisage using.

我認為其中一些現在是實時早期訪問，我們目前正在與他們直接討論整合問題。因此，我們完全可以設想使用它作為需求合作夥伴。

Ben Sommers, BTIG.

Ben Sommers，BTIG。

So kind of more on the colocation side, just curious what went into the decision to start developing Horizon 2. And if that was a lot of potential customers were thinking about potentially scaling beyond the initial 50 megawatts of Horizon 1.

所以更多地關注主機託管方面，只是好奇是什麼促使您決定開始開發 Horizo​​​​n 2。如果有很多潛在客戶正在考慮擴大 Horizo​​​​n 1 最初的 50 兆瓦以上的規模。

And then I think kind of more broader picture, as we progress towards getting Sweetwater online. What's the different customer profile, if any, for more larger scale sites versus potentially just wanting 50 megawatts or 100 megawatts and just kind of any color on the counterparties that you're having conversations with.

然後，我認為隨著 Sweetwater 上線的進程不斷推進，前景將會更加廣闊。對於更大規模的站點，客戶資料有何不同（如果有的話），而對於可能只想要 50 兆瓦或 100 兆瓦的站點，客戶資料又有何不同，以及與您交談的交易對手的任何顏色如何。

So we haven't committed the full CapEx to build in our Horizon 2. So importantly, over the last seven years, our whole business model has been around cheap optionality.

因此，我們尚未投入全部資本支出來建造 Horizo​​​​n 2。因此，重要的是，在過去的七年裡，我們的整個商業模式都圍繞著廉價的選擇。

And sitting here right now today looking at the bigger picture, and I can drill into that, it just makes sense to order long lead items and start moving the ball ahead on a potential commissioning of facility.

今天坐在這裡，放眼大局，我可以深入研究這一點，訂購長週期產品並開始推動設施的潛在調試是有意義的。

So a lot of the way the S curve works for CapEx in respect to these facilities is you've got long time and small cash outlays that build up over time before the larger CapEx commitments come in.

因此，對於這些設施而言，S 曲線對資本支出的作用很大程度上在於，在更大的資本支出承諾到來之前，你會有長期的小額現金支出，這些支出會隨著時間的推移而累積。

So it makes sense to put down deposits on long lead items, get the ball rolling, so that we can maintain a really competitive fast time to power for Horizon 2. Now sitting here today relative to three, six months ago, we're seeing further validation of a decision to spec a relatively small amount of capital.

因此，對長交付週期產品支付定金、推動進度是有意義的，這樣我們才能在 Horizo​​​​n 2 中保持真正具有競爭力的快速上電時間。與三、六個月前相比，我們現在看到，指定相對較少資本的決定得到了進一步驗證。

We are seeing demand take up for AI cloud. We're seeing the number of inbounds for colocation. We're seeing better visibility on the overall demand supply imbalance for liquid cooled chips.

我們看到對人工智慧雲端的需求正在成長。我們正在查看主機託管的入站數量。我們看到液冷晶片的整體需求供應不平衡現象更加明顯。

So it's a bit of a no-brainer to be honest. And in terms of committing full CapEx to that, we've got time, and we'll just continue to monitor the market life because things are changing week-to-week in this industry.

所以說實話，這有點不費腦筋。至於為此投入全部資本支出，我們有時間，我們會繼續關注市場動態，因為這個行業的情況每週都在變化。

And that flexibility, having a governance structure of its founder led the ability to make quick decisions, work with the Board and adapt to where the market is going is really important because it is super dynamic.

這種靈活性，也就是由創辦人領導的治理結構，能夠快速做出決策，與董事會合作並適應市場走向，這一點非常重要，因為它具有超強的動態性。

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

謝謝。現在我想將電話轉回給丹尼爾·羅伯茨，請他做最後發言。

Thank you very much. Thanks, everyone, for dialing in. It's obviously been an exciting quarter and exciting year. We're thrilled about expanding to 10,900 GPUs in the coming months and really putting our AI cloud service further on the map.

非常感謝。謝謝大家的撥入。顯然，這是一個令人興奮的季度和令人興奮的一年。我們很高興能在未來幾個月內擴展到 10,900 個 GPU，並真正讓我們的 AI 雲端服務更上一層樓。

But for us, most of our time is now focused on what lies beyond that. So expanding our 3 gigawatt power portfolio we're working hard on. That's exciting.

但對我們來說，現在我們大部分的時間都集中在這之外的事情上。因此，我們正在努力擴大我們的 3 千兆瓦電力產品組合。這太令人興奮了。

That's many years away, but it was many years away the 3 gigawatts where we started seven years ago. So continuing to position ourselves ahead of the curve in every respect is just critical.

這還需要很多年的時間，但距離我們七年前開始的 3 千兆瓦目標還差很多年。因此，繼續在各方面保持領先地位至關重要。

And it's really important when you're fighting this real-world digital world imbalance where digital demand increases overnight, it goes exponential. Your ability to service that demand with real-world infrastructure and compute works in a linear fashion.

當你對抗現實世界的數位世界不平衡時，這一點非常重要，因為數位需求一夜之間就會呈指數級增長。您利用現實世界的基礎架構和運算能力以線性方式滿足該需求。

It's harder, it takes longer. So the ability to pre-empt those digital demands and build for tomorrow, position for tomorrow rather than where we are today is a key competitive advantage and something we will maintain.

這更困難，需要更長的時間。因此，搶佔這些數位化需求、為明天而建立、為明天而定位而不是停留在今天的能力是一項關鍵的競爭優勢，也是我們將繼續保持的。

And it manifests itself in us building 200-kilowatt racks, but the industry can't support 200-kilowatt racks. So Horizon 1, we're having to reconfigure to make it smaller.

表現在我們建造了200千瓦的機架，但業界無法支援200千瓦的機架。因此，我們必須重新配置 Horizo​​n 1，使其變得更小。

So we'll continue to keep that in mind. We're excited about the future. We appreciate all of your support and can't wait for the next quarterly earnings. Thanks, everyone.

因此我們會繼續牢記這一點。我們對未來充滿期待。我們感謝您的所有支持，並迫不及待地等待下一季的收益。謝謝大家。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。