Bernstein projects IREN’s AI cloud business could generate $17 billion in annual revenue by 2030 as the company expands cloud capacity to about 2 gigawatts. The forecast highlights a major shift in IREN’s business mix toward AI infrastructure. The firm also expects IREN to wind down its Bitcoin mining operations by the end of 2026. Bernstein said pricing for three-year AI cloud contracts has climbed about 125% since last November, underscoring rising demand in the sector.