IREN’s $25 billion-$30 billion AI buildout may have ‘spooked’ investors, Bernstein says

Crypto Insight Summary: IREN has $4 billion in contracted cloud ARR for 2026 capacity and has secured over $20M in annual revenue per IT megawatt on recent deals. Crypto Insight Analysis: Direction: Bearish IREN Impact: Minor Impact Horizon: Short-term (1-3 days) Reasoning: Large AI investment plan raises investor concerns about financial risks.