# IREN (IREN)
> 채굴에서 AI 클라우드로 전환한 데이터센터 기업. 2025년 11월 마이크로소프트와 5년 $97억 AI 클라우드 계약(NVIDIA GB300)을 맺고, 델에서 GPU·장비를 $58억에 사들였다. 텍사스 칠드레스 750MW 캠퍼스에 액냉 데이터센터를 단계 가동하며, 완공 시 연 환산 매출 약 $19.4억. 코어위브·네비우스와 같은 GPU 임대 수요 노드다.
Canonical: https://valuechain.wiki/iren · Updated: 2026-07-11T10:04:26.856+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 IREN의 직접 연결 기업은 3곳(관계 기준 공급 2·매출 1)이고, 사슬을 2차까지 넓히면 12곳에 닿는다. 링크의 근거 출처는 4건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-11 기준).

## Financials & segments
- 총매출: MS 계약 $9.7B, 연환산 ~$1.94B
- 고객 집중도: MS GB300 5년. 칠드레스 750MW.
- 사업부문: AI 클라우드(GPU 임대), 비트코인 채굴

## Annual stock return (as of 2026-07-10)
- 2022: -92.3%
- 2023: +472%
- 2024: +37.3%
- 2025: +284.6%
- 2026 YTD: +8.9%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Nestlé | lead3 | +22.1% | -4.2% | -9.3% | -18.8% | -1.8% | +17.9% |
| 이마트 | lead3 | -18.4% | -19.5% | -25.3% | -14.6% | +44.7% | -7.8% |
| Starbucks Corp | lead2 | +11.1% | -13.2% | -1.2% | -2.5% | -5.3% | +27.4% |
| 존슨 컨트롤스 | lead2 | +77.4% | -19.3% | -7.6% | +39.8% | +53% | +20% |
| Snowflake | lead2 | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| Costco Wholesale | lead2 | +51.8% | -19% | +49% | +39.6% | -5.4% | +6.6% |
| Walmart Inc | lead2 | +2% | -0.5% | +12.9% | +74% | +24.5% | +2.6% |
| ServiceNow | lead2 | +17.9% | -40.2% | +82% | +50.1% | -27.7% | -29.7% |
| 마이크로소프트 | lead1 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| IREN | node | · | -92.3% | +472% | +37.3% | +284.6% | +8.9% |
| Dell | benef1 | +51.2% | -26.6% | +95.9% | +53% | +11.2% | +248.1% |
| Intel | benef2 | +6.1% | -46.6% | +94.6% | -59.6% | +84% | +197.7% |
| Amphenol | benef2 | +34.9% | -12% | +31.5% | +41.3% | +96.1% | +18.1% |
| NVIDIA | benef2 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| 삼성전기 | benef3 | -11.8% | -18.5% | -1.4% | -2.5% | +110% | +467.7% |
| AT&S | benef3 | +57.5% | -22% | -27.6% | -41.3% | +188.9% | +390.3% |
| 키옥시아 | benef3 | · | · | · | · | +1082.1% | +260.5% |
| Micron Technology | benef3 | +24.2% | -45.9% | +71.9% | -1% | +240.2% | +243.3% |
| 섬코 | benef3 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| Murata | benef3 | -14% | -11.7% | +24.7% | -16.5% | +29.9% | +217.4% |
| 난야PCB | benef3 | +110.6% | -46.7% | -0.5% | -38.3% | +188.2% | +213.4% |
| 피에스케이 | benef3 | +22.7% | -19.6% | +14.2% | -2.6% | +228.2% | +208% |
| LG이노텍 | benef3 | +78.2% | -22% | -28.8% | -22.1% | +66.8% | +204.6% |
| Arm Holdings | benef3 | · | · | · | +64.2% | -11.4% | +195.8% |
| GlobalWafers | benef3 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| ASE테크놀로지 | benef3 | +38.3% | -12.8% | +60.9% | +10.1% | +65.6% | +167.6% |
| Nebius | benef3 | · | · | · | · | +202.2% | +162.4% |
| Astera Labs | benef3 | · | · | · | · | +25.6% | +148.2% |
| Ibiden | benef3 | +30.4% | -19.6% | +51.6% | -38.6% | +261% | +147.1% |
| SK하이닉스 | benef3 | -0.4% | -25.6% | +53.9% | +48.6% | +361.1% | +140.3% |
| 어플라이드 머티어리얼즈 | benef3 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 유니마이크론 | benef3 | +133.5% | -30.2% | +35.2% | -19.7% | +175.7% | +131.6% |
| 미디어텍 | benef3 | +27.8% | -26.6% | +52.9% | +58.3% | +24.9% | +124.3% |
| Corning | benef3 | +5.9% | -11.6% | -1.2% | +60.6% | +87.8% | +118.8% |
| Lumentum | benef3 | +11.6% | -50.7% | +0.5% | +60.1% | +339.1% | +117.6% |
| 심텍 | benef3 | +119.6% | -34.6% | +12.4% | -63.3% | +392.9% | +94.9% |
| KLA | benef3 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| SCREEN Holdings | benef3 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +86.3% |
| Teradyne | benef3 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| 도쿄일렉트론 | benef3 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 삼성전자 | benef3 | -9% | -14.2% | +20.9% | -26.4% | +212.9% | +77.9% |
| onsemi | benef3 | +107.5% | -8.2% | +33.9% | -24.5% | -14.1% | +77.2% |
| Coherent | benef3 | -10% | -48.6% | +24% | +117.6% | +94.8% | +75.8% |
| Eoptolink | benef3 | -10.1% | -27.7% | +136.6% | +197% | +368.8% | +74.9% |
| Entegris | benef3 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +72.8% |
| InnoLight | benef3 | -30.7% | -18.3% | +253.7% | +12% | +468.1% | +68.8% |
| ASML | benef3 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| Keysight | benef3 | +56.3% | -17.2% | -7% | +1% | +26.5% | +58.5% |
| BESI | benef3 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Delta Electronics | benef3 | -3.4% | +10.4% | -0.3% | +59.2% | +183.8% | +54.9% |
| Monolithic Power | benef3 | +35.5% | -27.8% | +79.8% | -5.6% | +54.5% | +49.8% |
| Analog Devices | benef3 | +21% | -4.9% | +23.4% | +8.8% | +29.8% | +46.7% |
| 신에쓰화학 | benef3 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| TSMC | benef3 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| Tokyo Ohka Kogyo | benef3 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| ASM International | benef3 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| ABB | benef3 | +23.9% | +7.3% | +18.9% | +39% | +36.1% | +27.2% |
| Linde | benef3 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| CoreWeave | benef3 | · | · | · | · | · | +24.1% |
| 페가트론 | benef3 | -5.9% | +0.6% | +35.3% | +21.2% | -23.8% | +24% |
| Cadence Design Systems | benef3 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Lasertec | benef3 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +22.4% |
| Luxshare | benef3 | -11.9% | -30.2% | -21.2% | +58.8% | +29.3% | +20.6% |
| Digital Realty | benef3 | +30.7% | -41% | +39.9% | +35.9% | -10.1% | +18.2% |
| Advantest | benef3 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| 니콘 | benef3 | +46.2% | +10.9% | +23.1% | +13.7% | +19.7% | +15.9% |
| 위스트론 | benef3 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| Merck KGaA | benef3 | +42.2% | -0.4% | -19.1% | -2.5% | -12.7% | +13.5% |
| KYEC | benef3 | +26.7% | -7.7% | +132.4% | +38.6% | +171% | +4.2% |
| Fabrinet | benef3 | +52.7% | +8.2% | +48.4% | +15.5% | +107.1% | +3.5% |
| BlackRock | benef3 | +29.4% | -20.4% | +17.9% | +29.3% | +6.6% | -2.1% |
| HPSP | benef3 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Synopsys | benef3 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| Photronics | benef3 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | -6.6% |
| Mobileye | benef3 | · | · | +23.6% | -54% | -47.6% | -8.5% |
| TE Connectivity | benef3 | +35.1% | -27.7% | +24.6% | +3.5% | +61.1% | -11.3% |
| Recursion Pharmaceuticals | benef3 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| BYD일렉트로닉스 | benef3 | -56.1% | +16% | -0.4% | +60.6% | -19.4% | -34.4% |

AI 클라우드(전환형 데이터센터) 기업. 2023년 +472% 급등 뒤 2025년 +284.6%, 2026년 +8.9%로 상승폭이 둔화됐다. 공급단(평균 +130.7%)이 본주(+8.9%)보다 세게 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 as of 2026-07-10)

## Money in · revenue from (2)
### 마이크로소프트 (high)  → /microsoft.md
- metric: contract $9.7B · 5년 · GB300 GPU 클라우드, 선급 20%, 연 환산 $1.9B
- note: MS와 5년 $9.7B AI 클라우드 계약(GB300).
- [confirms] CNBC (EN, news, published 2026-05-07) https://www.cnbc.com/2026/05/07/iren-stock-ai-infrastructure-nvidia.html: "MS와 5년 $9.7B AI 클라우드 계약(GB300)."
- [confirms] GlobeNewswire (EN, filing, published 2025-11-03) https://www.globenewswire.com/news-release/2025/11/03/3178993/0/en/IREN-Secures-9-7bn-AI-Cloud-Contract-with-Microsoft.html: "MS와 5년 $9.7B AI 클라우드 계약(GB300)."
- [confirms] GlobeNewswire (IREN PR) (EN, ir, published 2025-11-03) https://www.globenewswire.com/news-release/2025/11/03/3178993/0/en/iren-secures-9-7bn-ai-cloud-contract-with-microsoft.html: "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."

### 기업·클라우드 (GPU 임대) (mid)
- note: 기업·클라우드에 GPU 컴퓨트 임대(연환산 ~$1.94B).
- [confirms] SEC EDGAR (EN, filing, published 2025-09-01) https://www.sec.gov/Archives/edgar/data/0001878848/000114036125040072/ef20058139_ex99-1.htm: "기업·클라우드에 GPU 컴퓨트 임대(연환산 ~$1.94B)."

## Money out · pays to (3)
### Dell (high)  → /dell.md
- metric: contract $5.8B · GPU·장비 구매 · MS 계약 이행용 GB300 조달
- note: GPU·장비를 델에서 $5.8B에 매입.
- [confirms] GlobeNewswire (EN, filing, published 2025-11-03) https://www.globenewswire.com/news-release/2025/11/03/3178993/0/en/IREN-Secures-9-7bn-AI-Cloud-Contract-with-Microsoft.html: "GPU·장비를 델에서 $5.8B에 매입."
- [confirms] GlobeNewswire (IREN PR) (EN, ir, published 2025-11-03) https://www.globenewswire.com/news-release/2025/11/03/3178993/0/en/iren-secures-9-7bn-ai-cloud-contract-with-microsoft.html: "IREN entered an agreement with Dell Technologies to purchase the GPUs and ancillary equipment for approximately $5.8 billion."

### NVIDIA (high)  → /nvidia.md
- note: NVIDIA GB300 GPU로 AI 클라우드 구축.
- [confirms] CNBC (EN, news, published 2026-05-07) https://www.cnbc.com/2026/05/07/iren-stock-ai-infrastructure-nvidia.html: "NVIDIA GB300 GPU로 AI 클라우드 구축."
- [confirms] GlobeNewswire (EN, filing, published 2025-11-03) https://www.globenewswire.com/news-release/2025/11/03/3178993/0/en/IREN-Secures-9-7bn-AI-Cloud-Contract-with-Microsoft.html: "NVIDIA GB300 GPU로 AI 클라우드 구축."

### 전력·액냉 데이터센터 (비공개) (low)
- note: 칠드레스 750MW·액냉 데이터센터 전력.
- [confirms] GlobeNewswire (EN, filing, published 2025-11-03) https://www.globenewswire.com/news-release/2025/11/03/3178993/0/en/IREN-Secures-9-7bn-AI-Cloud-Contract-with-Microsoft.html: "칠드레스 750MW·액냉 데이터센터 전력."

## 질문별 엔드포인트
- 누가 아이렌의 고객인가? 아이렌의 매출은 어디서 오는가? → https://valuechain.wiki/iren/customers.md
- 아이렌의 주요 공급사는 어디인가? 아이렌의 비용은 누구에게 가는가? → https://valuechain.wiki/iren/suppliers.md
- 아이렌 주가가 움직이면 누가 수혜를 보는가? 아이렌의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/iren/ripple.md
- 증권가가 보는 아이렌: 목표주가와 투자의견은? → https://valuechain.wiki/iren/consensus.md

## 이 노드를 다룬 분석 (2)
- [자산을 AI 인프라로 돌리면 시계가 바뀐다: 채굴장과 통신사의 전환](https://valuechain.wiki/analysis/assets-turned-ai-infrastructure.md) (2026-07-09)
- [아직 안 온 시계와 가장 세게 돈 시계: 사실로 본 지금의 위치](https://valuechain.wiki/analysis/clocks-not-run-clocks-that-ran.md) (2026-07-05)

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_Generated for LLM/agent consumption. Each edge lists stance (confirms/mentions/contradicts), source publisher, language, date, and excerpt for verification._