IREN Ltd
F:F8P
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IREN Ltd
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IREN Ltd
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. The company is headquartered in Sydney, New South Wales and currently employs 144 full-time employees. The company went IPO on 2021-11-17. Its facilities are optimized for Bitcoin mining, artificial intelligence (AI) cloud services, and other power-dense compute. Its data center mining facilities are in Canal Flats, Mackenzie, Prince George and Childress. Bitcoin Mining provides security to the Bitcoin network. Al Cloud Services provides cloud compute to Al customers, approximately 1,896 NVIDIA H100 and H200 GPUs. Its Canal Flats facility is in the Canadian Rockies, 100 kilometers (km) from Cranbrook regional airport and 500km east of Vancouver. Its facility is in Prince George, the city in northern British Columbia, located 500 km north of Vancouver. Its facility is located in Childress County, Texas, over 250 miles northwest of Dallas and in close proximity to multiple wind and solar generating facilities in the region. Its Childress operations comprise 200 Mega Watt of operating data centers.
IREN Ltd. is a vertically integrated data center business powering the future of Bitcoin, AI and beyond with renewable energy. The company is headquartered in Sydney, New South Wales and currently employs 144 full-time employees. The company went IPO on 2021-11-17. Its facilities are optimized for Bitcoin mining, artificial intelligence (AI) cloud services, and other power-dense compute. Its data center mining facilities are in Canal Flats, Mackenzie, Prince George and Childress. Bitcoin Mining provides security to the Bitcoin network. Al Cloud Services provides cloud compute to Al customers, approximately 1,896 NVIDIA H100 and H200 GPUs. Its Canal Flats facility is in the Canadian Rockies, 100 kilometers (km) from Cranbrook regional airport and 500km east of Vancouver. Its facility is in Prince George, the city in northern British Columbia, located 500 km north of Vancouver. Its facility is located in Childress County, Texas, over 250 miles northwest of Dallas and in close proximity to multiple wind and solar generating facilities in the region. Its Childress operations comprise 200 Mega Watt of operating data centers.
AI Cloud Transition: IREN continued to shift away from Bitcoin mining toward AI cloud services, which is now driving revenue growth and contract wins.
Major Financing Secured: The company secured $3.6 billion in GPU financing at under 6% interest, covering 95% of GPU CapEx for its $9.7 billion Microsoft contract when combined with prepayments.
Strong Contracted Revenue: IREN now has $2.3 billion in annualized run-rate revenue under contract, including $0.4 billion at Prince George, with a clear path to $3.4 billion ARR by end of 2026.
Capacity Expansion: New 1.6 GW Oklahoma site increases secured power to 4.5 GW, giving IREN significant headroom for future growth.
Q2 Revenue Drop: Q2 revenue was $184.7 million, down 23% from last quarter, mainly due to lower Bitcoin mining activity as resources shift to AI cloud.
Execution on Track: All major construction milestones and GPU deployments are progressing to plan, with no major supply chain or labor constraints.
Robust Customer Demand: Demand for both new and older generation GPUs remains strong, and IREN is prioritizing long-term, high-value cloud contracts over colocation deals.
