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About Iris Energy
IREN (NASDAQ: IREN), formerly Iris Energy, is an AI cloud infrastructure company that also operates Bitcoin mining. It builds and operates large-scale data centers, purchases NVIDIA GPUs, and sells dedicated computing power to clients like Microsoft, while its mining business converts electricity into Bitcoin for sale.
Its core advantage lies in assets inherited from the mining era: large-scale grid-connected power capacity and data center land, which are scarce and hard to replicate in the AI infrastructure market. The company's narrative centers on "time-to-compute"—delivering power, facilities, and GPUs into operational clusters faster than competitors to secure long-term contracts.
Market pain points addressed: AI computing demand is surging, but GPU supply, power capacity, and data center space remain constrained. IREN provides vertically integrated infrastructure—data centers, compute, and software—to meet this demand.
In the past six months (March–September 2026): In March, IREN ordered over 50,000 NVIDIA B300 GPUs. In May, NVIDIA became a major customer with a five-year, $3.4 billion AI Cloud contract, plus collaboration on up to 5GW of AI infrastructure; NVIDIA also received rights to purchase up to 30 million IREN shares at $70 over five years. In June, IREN acquired Spanish data center developer Nostrum for ~$148 million. In August, it completed the ~$544 million acquisition of Mirantis, adding Kubernetes and cloud management software capabilities.
Financially, FY2026 Q4 (ended June 30) saw AI Cloud revenue of $70.5 million, surpassing Bitcoin mining revenue of $66.7 million for the first time—a quarterly milestone. However, the quarter posted a $684 million net loss, including $450.4 million in impairments from retiring mining hardware as sites convert to AI. Full-year revenue grew 41% to $707 million, but net loss was $702.6 million due to $638.8 million in impairments. Contracted annual recurring revenue stood at $4 billion, with $1 billion operational. The first 50MW deployment (Horizon 1) under Microsoft's $9.7 billion contract was delivered; Horizon 2 was in commissioning, with Horizons 3–4 targeted for Q4 2026. Risks include GPU technology obsolescence, delivery delays, and potential dilution from NVIDIA's share purchase rights.
Iris Energy (IREN), in its transformation from a Bitcoin mining company to an AI/HPC infrastructure platform, has several long-term significant milestones:
First, the company raised approximately $714 million in the first half of 2025, providing critical capital for large-scale GPU deployment and AI data center expansion, supporting its shift from pure Bitcoin mining to high-value compute services.
Second, Wall Street trading giant Jane Street acquired a 6% stake, signaling that traditional financial institutions recognize its AI transformation thesis, enhancing the company's credibility and liquidity in capital markets.
Additionally, the company faces a class-action lawsuit alleging it exaggerated its high-performance computing business, adding uncertainty to its transformation narrative and constituting an important risk factor for future disclosure and valuation.
Co-founders: Will Roberts and Daniel Roberts, both serving as Co-CEOs. Will was formerly VP at Macquarie Group; Daniel held roles at Macquarie and Palisade Investment Partners. Key executives: David Shaw (COO), Belinda Nucifora (CFO), Cesilia Kim (CLO), Denis Skrinnikoff (CTO), Glenn Harrison (VP Operations), Aaron Hawkins (VP US Project Development), Giles Walsh (VP US Operations), Mike Power (Director of Investor Relations).