IREN
IREN Limited is a NASDAQ-listed, vertically integrated AI cloud infrastructure provider that owns powered land, data centers, and NVIDIA GPU clusters across Australia, North America, and Europe to deliver long-term managed AI cloud services and data center capacity to hyperscalers and AI companies.
- Company typePublic
- Founded2018
- HeadquartersSydney, Australia
- Headcount251–500
- GTM typeB2B
- OfferingServices
What IREN does
IREN Limited (NASDAQ: IREN), formerly Iris Energy, is an Australian-domiciled, publicly traded AI cloud infrastructure provider that has pivoted from a Bitcoin mining origin (founded 2018) to vertically integrated GPU compute and data center services. The company controls approximately 5-6 GW of powered, grid-connected land across seven campuses in Texas, Oklahoma, Canada, South Australia, and Spain, on which it deploys NVIDIA H100, H200, GB300, and Blackwell Ultra GPU systems. Its technology stack spans land and power, owned data centers, GPU compute, and a software/platform layer (via the Mirantis acquisition), enabling it to deliver everything from powered shell facilities to fully managed AI cloud services.
IREN generates revenue primarily through long-duration managed services contracts (5-15 years) with hyperscalers and AI companies, anchored by a $9.7B Microsoft agreement for 200 MW at Childress, Texas (signed November 2024, with a 20% prepayment) and a $3.4B NVIDIA agreement for 60 MW (signed May 2025, paired with up to $2.1B of NVIDIA equity). Customer prepayments and a $3.65B investment-grade GPU financing facility at a blended ~6% cost of debt fund approximately 96% of GPU capex. Approximately $13.1B of contracted backlog, ~$3.1B of contracted ARR, and analyst projections of $6.44B FY2028 revenue underpin the growth case. Legacy Bitcoin mining revenue is being deliberately run down as facilities are converted to AI workloads.
The company sells exclusively through direct enterprise sales to Tier 1 counterparties — hyperscalers, AI labs (Microsoft, NVIDIA, Anthropic in late-stage consideration), and mid-market AI customers reached through sponsorships and the NVIDIA DSX ecosystem. Distribution is concentrated: a handful of anchor customers represent the vast majority of contracted revenue, and execution risk is concentrated in delivering 200 MW at Childress by Q3 2026 and integrating Dell's $1.6B Blackwell deployment by early 2027.
IREN firmographics
Firmographics- Name
- IREN
- Legal name
- IREN Limited
- Website
- https://iren.com
- Company type
- Public
- Founded year
- 2018
- Headcount range
- 251–500 employees
- Short description
- IREN Limited is a NASDAQ-listed, vertically integrated AI cloud infrastructure provider that owns powered land, data centers, and NVIDIA GPU clusters across Australia, North America, and Europe to deliver long-term managed AI cloud services and data center capacity to hyperscalers and AI companies.
- Ownership category
- akta.pro rank
IREN industry classification
Industry- Product category
- AI Cloud Infrastructure
- NAICS
- Computer Systems Design and Related Services (54151), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (5182)
- SIC
- Services-Computer Integrated Systems Design (7373), Services-Computer Programming, Data Processing, Etc. (7370)
- akta.pro primary industry
- AI Compute Cloud & GPU-as-a-Service (HDAAAAAK)
- akta.pro secondary industries
- AI Server Systems & HGX/Accelerator Platforms (HDAAAAAB), AI Datacenter Power, Cooling & Racks (liquid cooling, power delivery) (HDAAAAAH)
Keywords
Where IREN is headquartered
LocationHeadquarters
- HQ city
- Sydney
- HQ country
- Australia
- HQ region
- Oceania
Offices7 records
Markets served
IREN business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Infrastructure, Technology or R&D, Supply Chain, Operations, Marketing or Sales, Personnel
Revenue model
- AI Cloud Services / Managed Services: IREN generates recurring revenue through long-term managed services contracts with hyperscalers and AI companies, providing GPU compute infrastructure. Contracts typically span 5 years with customer prepayments. Revenue is recognized as AI cloud services grow, with IREN targeting $3.7B ARR by 2026 and $4.4B upon Dell deployment completion. AI cloud revenue reached $33.6M in Q3 FY2026, up 94% sequentially and 839% year-over-year.
- Bitcoin Mining: Traditional Bitcoin mining revenue has declined significantly as IREN pivots toward AI infrastructure. Mining revenue was $111.2M in Q3 FY2026, down 33% quarter-over-quarter, representing a shrinking portion of total revenue as the company retools facilities for AI workloads.
- Data Center Leasing: IREN offers data center infrastructure leasing options alongside its managed services, allowing customers to lease powered shell facilities with varying levels of service, targeting 13% IRR versus 21% for self-operated cloud model over 10-20 year horizon.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Multi-year contract | AI Cloud Managed Services (Hyperscaler/Enterprise) |
| Outcome Based/ Performance | Multi-year contract | GPU Infrastructure Financing (Customer-Backed) |
| Unit Pricing | Multi-year contract | Data Center Leasing (Powered Shell) |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels5 records
IREN product offering
Product offeringCore offering
IREN provides vertically integrated AI cloud infrastructure, owning and operating GPU compute capacity built on NVIDIA H100, H200, GB300, and Blackwell Ultra systems across company-owned data centers in Texas, Oklahoma, Canada, Australia, and Spain. The company delivers multi-year AI cloud managed services and data center colocation to hyperscalers (Microsoft, NVIDIA) and AI research labs, supported by approximately 5-6 GW of powered land bank. Legacy Bitcoin mining operations remain operational but are declining as facilities are retooled for AI workloads.
Product overview
IREN is a vertically integrated AI cloud infrastructure provider that has pivoted from Bitcoin mining to high-performance computing and AI data center services. The company operates AI cloud infrastructure platforms including GPU cloud services, data center colocation, and managed services. Key offerings include: (1) AI Cloud Infrastructure providing GPU computing for AI training/inference workloads with NVIDIA GB300 and Blackwell Ultra GPUs; (2) Microsoft AI Cloud Contract ($9.7B/5-year) for 200MW capacity at Texas facilities; (3) NVIDIA AI Cloud Services ($3.4B/5-year) for 60MW; (4) Mirantis cloud platform adding 650 engineers and 1,500 enterprise relationships; and (5) Data Center Colocation across multiple global campuses. The company maintains legacy Bitcoin Mining Operations while aggressively expanding AI infrastructure through acquisitions including Nostrum Group for European market entry. IREN's powered land bank spans approximately 5-6 GW globally across seven campuses.
Differentiator
Problem solved
Functional benefit
Products and services
- AI Cloud Infrastructure Vertically integrated GPU cloud platform providing dedicated NVIDIA H100, H200, GB300, and Blackwell Ultra compute for AI training and inference workloads, delivered as managed services to hyperscalers and AI companies.
- Data Center Colocation Large-scale colocation facilities across Texas, Oklahoma, Canada, Australia, and Spain providing powered shell and fully-built GPU solutions, with approximately 5-6 GW of total power capacity available globally.
- Bitcoin Mining Operations Original Bitcoin mining business using ASIC hardware; revenue is declining as the company pivots to AI infrastructure with facilities being retooled for AI workloads.
- Mirantis Cloud Platform Acquired cloud platform technology integrated into IREN's vertically integrated AI cloud platform, contributing 650 engineers and more than 1,500 enterprise relationships to support software layer capabilities.
- Nostrum (Ingenostrum) European Data Center Platform European AI data center development platform operated under the IREN brand following acquisition, providing approximately 490MW of grid-connected power capacity in Spain and a team of more than 50 specialists across engineering, construction, and operations.
Quantifiable outcome
- AI cloud revenue grew 839% year-over-year to $33.6M in Q3 FY2026
- +4 more outcomes
Companies that use IREN
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles2 records
IREN technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
IREN partnerships and signals
Strategic signalPartnerships
Eight partnerships are on record, tiered major, supporting and core.
- Golden State Warriorsmajor$50 million per year multi-year jersey sponsorship deal, richest in North American sports history. IREN logo on NBA team game jerseys starting 2026-27 season, including WNBA Valkyries warm-up gear. Intended to build brand visibility among Bay Area AI community.
- Nostrum Group (Ingenostrum)majorAcquisition completed June 15, 2026, marking IREN's entry into European market. Adds 490MW secured grid-connected power in Spain, development pipeline, and team of 50+ employees across development, engineering, construction, and operations. Projects in Extremadura, Castile-La-Mancha, Basque Country, and Galicia.
- BE NetworkssupportingPartnership using NVIDIA DSX Air to create digital twin of IREN's AI infrastructure environment, validating network architecture for 50,000+ Blackwell Ultra GPUs before physical deployment. BE Networks provides Verity automation platform for deployment workflows.
- Dell Technologiesmajor$1.6 billion purchase agreement for air-cooled Blackwell AI server systems for deployment at Childress, Texas data centers. Commissioning targeted for early 2027. Deal covers GPUs, servers, storage, networking, integration services, and warranties.
- NVIDIAcore$3.4 billion five-year managed services AI cloud contract for 60MW capacity at IREN's Texas campus, with NVIDIA committing up to $2.1 billion equity investment (option to purchase 30M shares at $70). NVIDIA named as IREN cloud customer while also supporting GPU deployment across IREN's up to 5GW data center portfolio.
- MirantissupportingAcquisition added 650 engineers and over 1,500 enterprise relationships to support IREN's vertically integrated AI cloud platform strategy across data centers, compute, and software layers.
- Nvidia DSX AI Factories EcosystemsupportingIREN listed as approved infrastructure partner in Nvidia's revenue-sharing DSX AI Factories platform, alongside CoreWeave, Lambda, Nebius, Nscale and others, allowing AI startups to access IREN's compute infrastructure in exchange for revenue share.
- Microsoftcore$9.7 billion five-year AI cloud services agreement signed November 2024 for 200MW capacity at Childress, Texas data center. Microsoft provides 20% prepayment and investment-grade credit support enabling IREN's GPU financing. Full capacity expected online Q3 2026, generating approximately $1.94 billion annualized revenue.
Scale indicators14 records
Recent moves9 records
Expansion highlights8 records
IREN competitors and assessment
Company assessmentDirect peers
- CoreWeave: Vertically integrated GPU cloud provider built on NVIDIA hardware, targeting hyperscalers and AI labs. Most directly comparable peer — also offers NVIDIA Blackwell systems, secured multi-billion dollar hyperscaler contracts, and is mentioned alongside IREN in NVIDIA's DSX AI Factories ecosystem.
- Nebius Group: AI-focused cloud infrastructure provider offering GPU compute services on NVIDIA hardware, also part of NVIDIA's DSX AI Factories ecosystem. Similar vertically integrated thesis and AI-first customer base; comparative pricing benchmark of $8.4M/MW (vs. IREN's $10.4M/MW).
- Lambda Labs: GPU cloud provider offering NVIDIA-based compute for AI training and inference, also listed as NVIDIA DSX AI Factories ecosystem partner. Direct competitor for hyperscaler and enterprise AI workloads with similar hardware stack.
- Crusoe Energy: Pivoted from energy-focused crypto mining to AI cloud infrastructure with deep NVIDIA partnership. Closest analog to IREN's bitcoin-mining-to-AI pivot story, with similar customer-funded scaling model and energy infrastructure thesis.
- Nscale: GPU cloud infrastructure provider listed alongside IREN in NVIDIA's DSX AI Factories ecosystem. Targets AI startups and enterprises with NVIDIA-based compute — closely comparable technology stack and go-to-market.
- Vantage Data Centers: Hyperscale data center operator expanding AI-ready capacity globally. Comparable to IREN's data center colocation and powered shell offering (targeting ~13% IRR); overlaps in customer base of AI labs and hyperscalers.
Emerging players
- Applied Digital: Crypto miner that has pivoted to AI cloud hosting with NVIDIA GPU deployments. Similar Bitcoin-mining-to-AI narrative, smaller scale, and competitive for similar hyperscaler/AI lab customers.
- Hut 8: Bitcoin mining company expanding into AI compute and high-performance computing infrastructure. Less mature AI pivot than IREN but follows the same crypto-miner-to-AI infrastructure template and competes for similar power infrastructure opportunities.
Broad incumbents
- Equinix: Global colocation and interconnection leader with growing AI-ready infrastructure footprint. Serves hyperscalers and enterprises with data center capacity but operates at much larger scale and broader portfolio than IREN's AI-focused stack.
- Microsoft Azure: Hyperscale cloud platform and IREN's largest customer ($9.7B/5-year contract). While Azure is a customer rather than competitor, it represents the broader incumbent landscape that could reduce reliance on third-party GPU clouds via proprietary silicon (Maia) and Azure's own AI infrastructure buildout.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks7 records
Key highlights7 records
Customer concentration
IREN social profiles
Digital presenceIREN financial estimates
Financial estimateRevenue estimate
Valuation estimate
IREN leadership team
Management profileNumber of profiles
Profiles4 records
IREN subsidiaries and ownership
Company hierarchySubsidiaries2 records
IREN funding detail
Funding detailFunding overview
Funding rounds11 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
IREN M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about IREN
What does IREN do?
IREN provides vertically integrated AI cloud infrastructure, owning and operating GPU compute capacity built on NVIDIA H100, H200, GB300, and Blackwell Ultra systems across company-owned data centers in Texas, Oklahoma, Canada, Australia, and Spain. The company delivers multi-year AI cloud managed services and data center colocation to hyperscalers (Microsoft, NVIDIA) and AI research labs, supported by approximately 5-6 GW of powered land bank. Legacy Bitcoin mining operations remain operational but are declining as facilities are retooled for AI workloads.
Is IREN a public or private company?
IREN is a public company. It is classified as public.
When was IREN founded?
IREN was founded in 2018. It employs 251 to 500 people.
Where is IREN based?
IREN is headquartered in Sydney, Australia, in the Oceania region.
How does IREN make money?
Three revenue lines are on record. AI Cloud Services / Managed Services are the primary driver. The others are bitcoin Mining and data Center Leasing.
Who are IREN's main competitors?
Direct peers on record are CoreWeave, Nebius Group, Lambda Labs, Crusoe Energy, Nscale and Vantage Data Centers. Emerging players are Applied Digital and Hut 8. Broad incumbents are Equinix and Microsoft Azure.
Does IREN have an API?
No public API is recorded for IREN.
What industry is IREN in?
IREN's product category is AI Cloud Infrastructure. Its primary akta.pro industry code is HDAAAAAK, AI Compute Cloud & GPU-as-a-Service, with a secondary code of HDAAAAAB, AI Server Systems & HGX/Accelerator Platforms. Its NAICS code is 54151 and its SIC code is 7373.