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움직였다. 공급 병목 국면의 전형으로, 본주 마진보다 공급사 물량 레버리지가 먼저 반영되고 있다는 신호다. 연결 노드 중 가장 앞선 곳은 델(+248.1%), 가장 처진 곳은 마이크로소프트(-20%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다. MS GB300 5년. 칠드레스 750MW.","analysis_en":"IREN operates across AI cloud (converted datacenter). After a spike of +472% in 2023, gains cooled to +284.6% in 2025 and +8.9% in 2026. The supply side (avg +130.7%) has moved harder than the stock (+8.9%). That is the classic bottleneck pattern: supplier volume leverage is being priced before this layer's own margin. Among connected nodes the furthest ahead is Dell Technologies (+248.1%) and the furthest behind is Microsoft (-20%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. A GPU-rental demand node like CoreWeave and Nebius.","analysis_asof":"2026-07-10"},"edges":[{"direction":"revenue","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"high","metric":{"type":"contract","unit":"USD","as_of":"2025-11","basis":"GB300 GPU 클라우드, 선급 20%, 연 환산 $1.9B","value":9700000000,"period":"5년","basis_en":"GB300 GPU cloud; 20% prepayment; ~$1.9B annualized"},"note":"MS와 5년 $9.7B AI 클라우드 계약(GB300).","note_en":"5-year $9.7B AI-cloud contract with Microsoft (GB300).","sources":[{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2026-05-07","url":"https://www.cnbc.com/2026/05/07/iren-stock-ai-infrastructure-nvidia.html","title":"IREN, NVIDIA AI 인프라 계약","title_en":"IREN inks AI infrastructure deal with NVIDIA","excerpt":"MS와 5년 $9.7B AI 클라우드 계약(GB300).","excerpt_en":"5-year $9.7B AI-cloud contract with Microsoft (GB300)."},{"stance":"confirms","publisher":"GlobeNewswire","publisher_en":"GlobeNewswire","kind":"filing","lang":"en","published_at":"2025-11-03","url":"https://www.globenewswire.com/news-release/2025/11/03/3178993/0/en/IREN-Secures-9-7bn-AI-Cloud-Contract-with-Microsoft.html","title":"IREN, MS와 $9.7B AI 클라우드 계약","title_en":"IREN secures $9.7B AI cloud contract with Microsoft","excerpt":"MS와 5년 $9.7B AI 클라우드 계약(GB300).","excerpt_en":"5-year $9.7B AI-cloud contract with Microsoft (GB300)."},{"stance":"confirms","publisher":"GlobeNewswire (IREN PR)","publisher_en":"GlobeNewswire (IREN PR)","kind":"ir","lang":"en","published_at":"2025-11-03","url":"https://www.globenewswire.com/news-release/2025/11/03/3178993/0/en/iren-secures-9-7bn-ai-cloud-contract-with-microsoft.html","title":"IREN, MS와 $9.7B AI 클라우드 계약","title_en":"IREN secures $9.7bn AI cloud contract with Microsoft","excerpt":"Multi-year GPU cloud contract with Microsoft: NVIDIA GB300 access over five years, total value ~$9.7bn including a 20% prepayment; ~$1.9bn annualized run-rate revenue at Childress, Texas.","excerpt_en":"Five-year GB300 GPU cloud contract worth ~$9.7bn with 20% prepayment; ~$1.9bn annualized."}]},{"direction":"cost","counterparty":"Dell","counterparty_slug":"dell","confidence":"high","metric":{"type":"contract","unit":"USD","as_of":"2025-11","basis":"MS 계약 이행용 GB300 조달","value":5800000000,"period":"GPU·장비 구매","basis_en":"GB300 procurement for the Microsoft contract"},"note":"GPU·장비를 델에서 $5.8B에 매입.","note_en":"Buys GPUs and equipment from Dell for $5.8B.","sources":[{"stance":"confirms","publisher":"GlobeNewswire","publisher_en":"GlobeNewswire","kind":"filing","lang":"en","published_at":"2025-11-03","url":"https://www.globenewswire.com/news-release/2025/11/03/3178993/0/en/IREN-Secures-9-7bn-AI-Cloud-Contract-with-Microsoft.html","title":"IREN, MS와 $9.7B AI 클라우드 계약","title_en":"IREN secures $9.7B AI cloud contract with Microsoft","excerpt":"GPU·장비를 델에서 $5.8B에 매입.","excerpt_en":"Buys GPUs and equipment from Dell for $5.8B."},{"stance":"confirms","publisher":"GlobeNewswire (IREN PR)","publisher_en":"GlobeNewswire (IREN PR)","kind":"ir","lang":"en","published_at":"2025-11-03","url":"https://www.globenewswire.com/news-release/2025/11/03/3178993/0/en/iren-secures-9-7bn-ai-cloud-contract-with-microsoft.html","title":"IREN, MS와 $9.7B AI 클라우드 계약","title_en":"IREN secures $9.7bn AI cloud contract with Microsoft","excerpt":"IREN entered an agreement with Dell Technologies to purchase the GPUs and ancillary equipment for approximately $5.8 billion.","excerpt_en":"Agreement with Dell to purchase GPUs and ancillary equipment for ~$5.8bn."}]},{"direction":"cost","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":null,"note":"NVIDIA GB300 GPU로 AI 클라우드 구축.","note_en":"Builds AI cloud on NVIDIA GB300 GPUs.","sources":[{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2026-05-07","url":"https://www.cnbc.com/2026/05/07/iren-stock-ai-infrastructure-nvidia.html","title":"IREN, NVIDIA AI 인프라 계약","title_en":"IREN inks AI infrastructure deal with NVIDIA","excerpt":"NVIDIA GB300 GPU로 AI 클라우드 구축.","excerpt_en":"Builds AI cloud on NVIDIA GB300 GPUs."},{"stance":"confirms","publisher":"GlobeNewswire","publisher_en":"GlobeNewswire","kind":"filing","lang":"en","published_at":"2025-11-03","url":"https://www.globenewswire.com/news-release/2025/11/03/3178993/0/en/IREN-Secures-9-7bn-AI-Cloud-Contract-with-Microsoft.html","title":"IREN, MS와 $9.7B AI 클라우드 계약","title_en":"IREN secures $9.7B AI cloud contract with Microsoft","excerpt":"NVIDIA GB300 GPU로 AI 클라우드 구축.","excerpt_en":"Builds AI cloud on NVIDIA GB300 GPUs."}]},{"direction":"revenue","counterparty":"기업·클라우드 (GPU 임대)","counterparty_slug":null,"confidence":"mid","metric":null,"note":"기업·클라우드에 GPU 컴퓨트 임대(연환산 ~$1.94B).","note_en":"GPU compute rental to enterprises and cloud (~$1.94B run-rate).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-09-01","url":"https://www.sec.gov/Archives/edgar/data/0001878848/000114036125040072/ef20058139_ex99-1.htm","title":"IREN FY2025 실적(8-K)","title_en":"IREN FY2025 results (8-K)","excerpt":"기업·클라우드에 GPU 컴퓨트 임대(연환산 ~$1.94B).","excerpt_en":"GPU compute rental to enterprises and cloud (~$1.94B run-rate)."}]},{"direction":"cost","counterparty":"전력·액냉 데이터센터 (비공개)","counterparty_slug":null,"confidence":"low","metric":null,"note":"칠드레스 750MW·액냉 데이터센터 전력.","note_en":"Childress 750MW and liquid-cooled datacenter power.","sources":[{"stance":"confirms","publisher":"GlobeNewswire","publisher_en":"GlobeNewswire","kind":"filing","lang":"en","published_at":"2025-11-03","url":"https://www.globenewswire.com/news-release/2025/11/03/3178993/0/en/IREN-Secures-9-7bn-AI-Cloud-Contract-with-Microsoft.html","title":"IREN, MS와 $9.7B AI 클라우드 계약","title_en":"IREN secures $9.7B AI cloud contract with Microsoft","excerpt":"칠드레스 750MW·액냉 데이터센터 전력.","excerpt_en":"Childress 750MW and liquid-cooled datacenter power."}]}]}