[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"content-doc-dcioa811d069":3},{"user":4,"document":8,"mainDocument":27,"columnUrl":29,"subscription":30,"footer":42,"text":80},{"isAuthenticated":5,"isAdmin":5,"displayName":6,"avatarUrl":6,"nid":6,"groupLevel":7},false,"",-10,{"id":9,"fullTitle":10,"subTitle":6,"url":11,"columnId":12,"columnName":13,"columnUrl":14,"summary":6,"contentHtml":15,"mainContentHtml":6,"posterUrl":16,"createDate":17,"displayDate":18,"displayDateSlash":19,"pageviews":20,"tags":21,"hidden":5,"isSubContent":5,"replyDocOrTargetId":6,"contentType":23,"videoId":6,"liveVideoUrl":6,"useContentVideo":5,"duration":24,"price":24,"priceText":25,"priceBadgeText":25,"priceBadgeClass":26,"freeForMinGroupLevel":24,"redirectUrl":6,"readyToStream":5},"dcioa811d069","新云股一周跌逾20%，IREN(IREN)CEO紧急安抚市场：数据中心零负债、微软合同下GPU成本96%获预付款与贷款覆盖","\u002Fdoc\u002Fdcioa811d069","col18178739ee","美股资讯","\u002Fcol\u002Fcol18178739ee","\u003Cp>\n\u003C\u002Fp>\u003Cp>\u003Cspan>美股投资网获悉，IREN Limited(IREN)联合首席执行官丹尼尔·罗伯茨表示，公司数据中心不背负任何债务。罗伯茨此番回应，是针对投资者对人工智能(AI)云服务商扩张融资的担忧。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>罗伯茨在X(原推特)上表示，IREN迄今一直以现金支付其数据中心建设费用。他补充称，一旦站点与签约客户一起上线，这些设施就能自行支撑其融资。罗伯茨一步步阐述了这一流程。客户必须首先签署多年期的“照付不议”合同——无论是否使用算力都必须付费。他指出，在近期的三年期交易中，预付款覆盖了图形处理器(GPU)成本的45%至55%。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>他补充说，其余部分大多由贷款方提供资金，GPU则作为抵押物。罗伯茨称，IREN与微软(MSFT)的合同由一笔评级为A、利率约6%的贷款支持。这笔贷款加上预付款，合计占GPU支出的96%。在不列颠哥伦比亚省IREN的McKenzie站点，一家没有投资级评级的客户以固定9%的利率借款。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>这位联合CEO补充说，贷款与预付款加起来，已超过GPU的全部成本。他坦言，未来债务将按市场开出的任何利率定价。但他表示，近期合同的回本周期约为2年，这意味着“利差走阔几乎撼动不了这笔生意的经济账。”\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>需求超出建设产能\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>据罗伯茨称，客户需求已超过IREN的产能。他补充说，公司2026年的产能基本售罄，近期三年期合同的定价是去年水平的两倍多。2027年到货的产能需求已超额认购数倍，关于2028年的谈判也已启动。他说，行业卡壳的环节并非签单，而是让GPU上线——因为整个行业宣布的产能都在“沉睡”。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>新云股压力持续\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>新云厂商过去一周持续承压。该股过去一周已下跌逾20%。在CoreWeave(CRWV)债务压力加剧、以及一家研究机构警告到2030年可能有逾80%的新云厂商无法再独立运营之后，投资者愈发担忧。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>分析师认为，这场风波的核心并非单一公司的资产负债表，而是“新云”商业模式的系统性拷问。罗伯茨描绘的图景——“客户先付、银行跟贷、GPU抵押、两年回本”——在合同层面逻辑自洽，但其前提是需求持续强劲、合同履约无忧。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>问题在于，当前行业卡壳的并非签单，而是GPU无法按期上线，“沉睡产能”一旦扩大，预付款覆盖率的漂亮数字便可能迅速失效。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>市场用脚投票的背后，是对“高收益时代+高杠杆扩张”叠加风险的再定价。罗伯茨承认未来债务将按市场利率定价，但坚称短期回本足以对冲利差压力。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>投资者显然不满足于口头保证当微软级别客户的融资成本已达6%，无投资级评级客户更是以9%的固定利率借款，利率环境的任何恶化都会被成倍放大。新云板块要重获信任，需要的不是CEO发帖，而是真金白银的现金流与按期交付的产能。\u003C\u002Fspan>\u003C\u002Fp>\n\u003Cp>\u003Cspan>最专业的美股资讯,推荐美股大数据 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buy@TradesMax.com 美国电话 626-378-3637","公司介绍","\u003Cp class=\"MsoNormal\">美股大数据 \u003Ca href=\"https:\u002F\u002Fstockwe.com\" rel=\"noopener\">StockWe.com\u003C\u002Fa> 是一个美国领先的金融和美股信息大数据提供商，紧盯华尔街金融市场和行情，2008年成立于美国硅谷，创始人是前纽约证券交易所资深分析师Ken，联合多位摩根斯坦利分析师，谷歌 Meta工程师利用AI和大数据，配合十多年美股实战经验和业内量化交易模型，每天处理海量股票数据：挖掘潜力大牛股，捕捉期权异动大单，实时主力资金流向、机构持仓变化、川普突发新闻，美股买卖信号第一时间发到您手机APP。\u003C\u002Fp>","专业美股投资者都在这里",{"loading":81,"search":82,"searchPlaceholder":82,"hotContent":83,"draft":84,"noData":85,"searchNoData":86,"courseContent":87,"more":88,"buyNow":89,"subscribeNow":90,"encoding":91,"paidContent":92},"Loading...","搜索","热门内容","草稿","目前没有任何内容公布","当前检索内容没有数据","课程内容","更多","立即购买后观看","- 立即订阅 -","视频编码中...","付费内容"]