Any bike that fits you properly with a power meter…
Define “extra cash”.
If you haven’t already, get a bike fit! Make sure you have a saddle that really works well for you, too.
Otherwise, if you’re more interested in new shiny bits, go for wheels - FLO 60s, 90s, maybe a disc, maybe Zipp 404s ,808s, etc. Something aero.
Having some extra cash is a poor reason to upgrade. What’s wrong with the Ora?
If you want to upgrade then just do it but get a bike that fits. Do you have to upgrade, well only you can answer that.
For your first Ironman, I would personally just stick it out with the Orbea as long as it fits you. You do not need a power meter. Inexpensive race wheels if you do not already have them, aero helmet, good fitting clothing and a hydration system that works for you. I would assume that most people racing have some of this already.
I would spend your money on masters swimming, proper bike fit, some additional races that fit into your schedule and use the extra money to offset some additional days off from work to train a bit more or recover a bit more.
I had the same “upgrade” bug a few weeks ago. I analyzed all the areas in which I could buy speed and the frame was at the bottom of the list when I finished. What I decided to do instead of a new bike:
- getting a professional fit for my current bike
- new aero helmet to replace road helmet
- new aero wheels to replace the training wheels I have been racing on
- more aero tri top
- $5 for a good razor to shave my legs

Plus, the one thing that should help my time the most…finding a coach.
YMMV
I currently ride a 2009 orbea Ora, it is a very nice bike, but I just signed up for my first IM and have some extra cash and have been considering upgrading. I had a couple questions, should I upgrade and what would be a good choice?
Yep, sort of hard to answer (but some good answers already) without more info. How much “extra cash”…$2K - $5K - 10K? Are you selling the Ora and using the money towards the purchase or keeping it? How is it equipped now…good race wheels on it? A lot of answers about bike fit…but with the adjustability of today’s new bikes, unless you have some sort of unusual body proportions, there are a lot of good choices out there. To get some ideas…look at the top finishers at Kona to see what the top riders are using. Need more info.
I think you would have an easier time selling a complete bike instead of a frame, so upgrading the entire bike may be a good idea. I understand, as it sometimes adds fuel to the training fire to have a new toy. I would not necessarily follow pro bikes, as they ride whatever they get the most $$ for basically. Look for people who have a stake in it…excellent age groupers, etc. If you find something intriguing, be sure to ride it, as I have often been told “one will talk to you”. So true. Get the new ride, and save some for a good coach…