IREN

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.

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

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

• AI cloud infrastructure
• GPU cloud services
• Data center colocation
• Hyperscale computing
• Managed cloud services

Headquarters

HQ city

Sydney

HQ country

Australia

HQ region

Oceania

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Technology or R&D, Supply Chain, Operations, Marketing or Sales, Personnel

Revenue model

1. 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.
2. 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.
3. 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

Go-to-market motion3 records

Distribution channels3 records

Marketing channels5 records

Core 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

Named customers3 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered major, supporting and core.

• Golden State WarriorsmajorGTM or Marketing Partner · 2 July 2026$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)majorStrategic or Co-development Partner · 15 June 2026Acquisition 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 NetworkssupportingTechnology or Integration · 1 June 2026Partnership 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 TechnologiesmajorTechnology or Integration · 26 May 2026$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.
• NVIDIAcoreStrategic or Co-development Partner · 1 May 2026$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.
• MirantissupportingTechnology or Integration · 1 January 2026Acquisition 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 EcosystemsupportingTechnology or Integration · 1 January 2026IREN 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.
• MicrosoftcoreTechnology or Integration · 1 November 2024$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

Direct 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

• Xx.com/IREN_Ltd
• LinkedInlinkedin.com/company/iren

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds11 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about IREN