JPMorgan analysts have provided an outlook on IREN, noting that the company's ambitious AI-cloud expansion initiatives are expected to drive long-term growth and upside. However, these substantial investments are also anticipated to put a near-term strain on IREN's balance sheet. The expansion plan involves spending more than $9 billion to significantly increase its GPU and AI data-center capacity. This comes even after receiving a prepayment from Microsoft, indicating the magnitude of the capital expenditure involved in the company's growth strategy.