Bernstein models IREN scaling to ~5.8 GW with ~$17B cloud revenue and ~$13B adjusted EBITDA by 2030

Bernstein models IREN scaling to roughly 5.8 GW longer term, with cloud revenue reaching about $17B and adjusted EBITDA about $13B by 2030. The note assumes Childress stays flat at 750 MW, so most of the upside depends on repeating the Sweetwater design.

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