Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul>
<li>IREN Limited has moved deeper into its AI cloud expansion phase, and its May 18, 2026 acquisition of Awaken adds a brand and media capability at a time when the company is trying to translate infrastructure scale into global customer relevance.</li>
<li>The deal follows a busy stretch for IREN, including its Q3 FY2026 update, where management highlighted 5 gigawatts of secured power, $3.1 billion of ARR under contract, a target of $3.7 billion of ARR exiting calendar 2026, and major AI infrastructure partnerships involving NVIDIA, Microsoft, Mirantis, and Nostrum.</li>
<li>Awaken had already been IREN’s external marketing partner, particularly around AI Cloud growth initiatives, and its senior team, including founder Chris Parker, is now moving in-house.</li>
</ul>


IREN Limited has moved deeper into its AI cloud expansion phase, and its May 18, 2026 acquisition of Awaken adds a brand and media capability at a time when the company is trying to translate infrastructure scale into global customer relevance.
The deal follows a busy stretch for IREN, including its Q3 FY2026 update, where management highlighted 5 gigawatts of secured power, $3.1 billion of ARR under contract, a target of $3.7 billion of ARR exiting calendar 2026, and major AI infrastructure partnerships involving NVIDIA, Microsoft, Mirantis, and Nostrum.
Awaken had already been IREN’s external marketing partner, particularly around AI Cloud growth initiatives, and its senior team, including founder Chris Parker, is now moving in-house.


IREN Acquisition Of Awaken Could Rewrite Its AI Cloud Story!

<ul>
<li>IREN Limited is moving deeper into the AI infrastructure stack at a time when its platform is already scaling rapidly across power, data centers, GPUs, customers, and capital.</li>
<li>The company recently highlighted $3.6 billion of GPU financing commitments at an expected interest rate below 6%, Microsoft customer prepayments, a $9.7 billion AI contract, a target of 140,000 GPUs by the end of 2026, and a path toward $3.4 billion in annualized run-rate revenue.</li>
<li>It also expanded its secured power footprint beyond 4.5 gigawatts with a new 1.6 gigawatt Oklahoma site, reinforcing management’s view that secured power and time-to-data-center are scarce strategic assets.</li>
</ul>


IREN Limited is moving deeper into the AI infrastructure stack at a time when its platform is already scaling rapidly across power, data centers, GPUs, customers, and capital.
The company recently highlighted $3.6 billion of GPU financing commitments at an expected interest rate below 6%, Microsoft customer prepayments, a $9.7 billion AI contract, a target of 140,000 GPUs by the end of 2026, and a path toward $3.4 billion in annualized run-rate revenue.
It also expanded its secured power footprint beyond 4.5 gigawatts with a new 1.6 gigawatt Oklahoma site, reinforcing management’s view that secured power and time-to-data-center are scarce strategic assets.


IREN Takeover Angle: How Mirantis Could Strengthen Its AI Platform!

Equity Long-Short, Semiconductors, Fabricated Knowledge

Douglas O'Laughlin

Equity Long-Short, Semiconductors

Fabricated Knowledge

Learn more about the world's most important manufactured product. Meaningful insight, timely analysis, and an occasional investment idea.

Thematic (Sector/Industry)

<ul><li>There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.</li><li>Imagine this, you just bought 100,000 GPUs from Nvidia and you don’t have a place to put them or the power to feed them.</li><li>Not being first to market is a huge cost, as the GPU pay back times are very quick right now even for the H100.</li></ul>

There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.Imagine this, you just bought 100,000 GPUs from Nvidia and you don’t have a place to put them or the power to feed them.Not being first to market is a huge cost, as the GPU pay back times are very quick right now even for the H100.

<ul>
<li>Iris Energy Limited, referred to in the text as IREN, delivered several noteworthy developments during its second fiscal quarter of 2026, which warrant cautious optimism from investors while recognizing existing challenges.</li>
<li>Positives from the results include IREN’s successful shift towards becoming a vertically integrated AI cloud platform, emphasizing its dedication to developing its infrastructure.</li>
<li>The company secured significant financing commitments of $3.6 billion at an interest rate of less than 6% to fund its GPU-related capital expenditures.</li>
</ul>


Iris Energy Limited, referred to in the text as IREN, delivered several noteworthy developments during its second fiscal quarter of 2026, which warrant cautious optimism from investors while recognizing existing challenges.
Positives from the results include IREN’s successful shift towards becoming a vertically integrated AI cloud platform, emphasizing its dedication to developing its infrastructure.
The company secured significant financing commitments of $3.6 billion at an interest rate of less than 6% to fund its GPU-related capital expenditures.


Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

<ul>
<li>Bubble fears and a broad market selloff have dragged down the stocks of neocloud companies and bitcoin miners pivoting to AI.</li>
<li>These firms have their challenges: supply chain issues, growing debt loads, uncertainty about Nvidia chip lifespans, and the rapid drop in bitcoin prices.</li>
<li>Power’s still a prized asset – so, if investor sentiment improves, miners with strong energy assets and Nebius, with its loaded contract pipeline, could be the first to benef</li>
</ul>


Bubble fears and a broad market selloff have dragged down the stocks of neocloud companies and bitcoin miners pivoting to AI.
These firms have their challenges: supply chain issues, growing debt loads, uncertainty about Nvidia chip lifespans, and the rapid drop in bitcoin prices.
Power’s still a prized asset – so, if investor sentiment improves, miners with strong energy assets and Nebius, with its loaded contract pipeline, could be the first to benef


The Shine’s Come Off The Neocloud Trade, But That Could Be An Opportunity

Australia

IREN Limited operates as a renewable energy company. The Company owns and manages next-generation data centers powered by renewable energy optimized for bitcoin mining, AI cloud services, and other power-dense compute. IREN serves clients in Australia.

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IREN (IREN US)

IREN Acquisition Of Awaken Could Rewrite Its AI Cloud Story!

The deal follows a busy stretch for IREN, including its Q3 FY2026 update, where management highlighted 5 gigawatts of secured power, $3.1 billion...

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IREN Limited is moving deeper into the AI infrastructure stack at a time when its platform is already scaling rapidly across power, data centers,...

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Crypto Datacenters NAV

There’s a gold rush in the world of AI for not just GPUs, but for datacenters and the power connections that supply them.

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Iris Energy Limited, referred to in the text as IREN, delivered several noteworthy developments during its second fiscal quarter of 2026, which...

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The Shine’s Come Off The Neocloud Trade, But That Could Be An Opportunity

Neocloud companies and bitcoin miners pivoting to AI are struggling. Power’s still in short supply, so stocks should rebound when sentiment improves.

Finimize Research

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