Will Canny is CoinDesk's finance reporter.
Iris can monetize the infrastructure it is building for bitcoin mining, cloud computing and AI colocation, the broker said.
“The company is building 510 megawatts of data centers in 2024, secured 2,160 MW of power capacity, and has a 1 gigawatt plus development pipeline,” analysts led by Joseph Vafi wrote. Given that Iris Energy is primarily an infrastructure company, “we think management will be opportunistic in expanding the use case for its data centers beyond bitcoin mining and is well-prepared from a power, cooling, and network perspective,” Canaccord wrote.
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