由于每兆瓦估值低且增长潜力高，IRN 是首选的 Neocloud 股票；转型风险被认为已计入价格。

And second, this category includes the Neoclouds, specialized AI infrastructure providers like Cororeweave, Nebius, and Iron, which are the focus of this video. One of them is the pretty clear winner, and I'll show you which one when we compare them.

There are three big reasons to focus on Neoclouds above other kinds of companies, at least for the near- term. First, they have deals with every kind of AI buyer, from startups like Perplexity and Figure AI all the way to the hyperscalers themselves. That means that even their direct competitors are their customers.

Second, Nvidia itself is directly partnered with all three of these companies. Over the next 5 years, Nvidia is on the hook to buy any unused compute capacity from Cororeweave and use Iron's infrastructure for their own internal workloads under a $3.4 billion contract. On top of that, Nvidia can buy up to $2.1 billion worth of iron stock as they deliver GPUs, and they've already invested $2 billion each into Corewave and Nebus.

All right, so Cororeweave, Nebius, and Iron are worth covering first because they're expected to triple their capacity over the next year. They're all directly partnered with Nvidia, and even their competitors are their customers.

And that leaves us with Iron, ticker symbol IRN, the former Bitcoin miner, becoming an AI cloud. Last quarter, IN's AI cloud revenue hit $70.5 million and passed their revenues from Bitcoin mining for the first time. That AI number is up from $33.6 $6 million just one quarter ago, meaning it more than doubled in the last 90 days.

What separates IN from the other Neoclouds is they already did the hard part. They spent years buying land and power contracts to mine Bitcoin, which means they already have a pipeline of more than 5 gawatt lined up for their AI data centers.

And that's already won them two enormous contracts, a 5-year, $9.7 billion deal with Microsoft and a separate $3.4 4 billion deal with Nvidia.

Iron currently has about $7.8 billion of debt and 5.9 billion in cash, so about $1.9 billion of net debt. They paid $25 million in interest last quarter, or about 18% of their revenues.

They also have a $16.6 billion backlog, and they're targeting a $4 billion annualized run rate from this year's capacity. About a billion of that is already online today, which means they expect to quadruple it in the next 4 months. Although their management did point out that the revenue they'll actually recognize could come in lower than that.

And as usual, Iron posted a huge loss of $684 million last quarter, most of which was a non-cash impairment for writing off more of their Bitcoin hardware as they convert their sites to AI. That's the ongoing cost of pivoting from mining to training and inference. And their total revenue actually shrank from $145 million down to $137 million for the same reason. It's faster to take Bitcoin servers down than it is to stand AI servers up.

Now, let's compare Coreweave, Nebius, and Iron Stock. Here's a table summarizing everything I've covered. Keep in mind that I built it myself by pulling numbers from each company's latest earnings, and I tried to make every row as fair as I could, but all three companies have different fiscal calendars, different contract lengths, and they're scaling from very different starting points from the beginning of the year. So, take this table as a good way to compare these companies, but not as official audited numbers.

Iron is the smallest and cheapest company at a $16 billion enterprise value. But they also have the lowest revenue run rate, 500 million total and 280 million if you only include AI and not Bitcoin. That's partially why they have the largest AI revenue growth of more than 10x but from a much smaller base.

But if you go by total contracted power, Iron costs around $3 million per megawatt. Nebus costs 12 million and Cororeweave costs 22 million. That makes Iron 7 times cheaper than Coreeave by contracted power.

But if you're looking for the most upside, IN is the smallest company with the most contracted power per dollar, the lowest interest payments relative to their revenues, and they're the cheapest based on their size and their target revenue run rate. The biggest risk for Iron is whether they can actually turn their contracted power into real revenues, or if their pivot from Bitcoin mining will cost them too much too soon. I think this risk is already priced in. So iron is the one I'd go with if I could only pick one of these companies.