IREN Ltd (IREN)

IREN is a vertically integrated AI Cloud Services platform that delivers data centers, compute and software for AI training and inference. The company owns and operates all three layers of the stack: the data center layer (land, power, substations, buildings and cooling), the compute layer (GPUs, CPUs, storage, servers and networking), and the software layer (managed services and enterprise support for deploying, operating and managing AI workloads). It also continues to run Bitcoin mining operations, which it began decommissioning during the year ended June 30, 2026 as it reallocates power and data center capacity to AI Cloud Services, aiming to substantially complete the transition by December 31, 2026.

The company offers bare metal compute and managed cloud services, primarily under multi-year reserved capacity arrangements that it expects to complement with on-demand offerings. As of June 30, 2026, operating AI Cloud Services capacity was about 40MW. GPUs installed and on order included AMD MI350X and NVIDIA H100, H200, B200, B300, GB300 and VR200 systems, with NVIDIA InfiniBand interconnects and a range of storage options. On August 4, 2026, it acquired Mirantis, a cloud software and services provider with more than 1,500 enterprise customers, whose k0rdent AI platform handles GPU provisioning, workload orchestration, monitoring and multi-cluster operations. Bitcoin mining capacity was about 23.2 EH/s, or roughly 380MW, and mined Bitcoin is typically liquidated daily. IREN is an NVIDIA Cloud Partner and Preferred Partner with Exemplar Cloud status, and has a strategic partnership with NVIDIA for up to 5GW of DSX-aligned AI infrastructure.

Customers include hyperscalers, enterprises, AI developers and frontier labs, and channel partners that resell IREN capacity. The company seeks to diversify its customer base across segments, industries, geographies and workload types, and evaluates customers on credit quality, contract structure, prepayments and returns. Its footprint spans North America, Europe and Asia Pacific, with executed grid connection agreements or equivalents for about 5GW in the United States, Canada, Spain and Australia. Announced projects include sites in British Columbia (Canal Flats, Prince George, Mackenzie), Texas (Childress, Sweetwater 1 and 2), Oklahoma (Kiowa), South Australia (Bundey) and Spain (Badajoz). All operating sites have been 100% powered by renewable energy, including through REC purchases.

IREN develops, owns and operates its data centers and focuses on grid-connected power in renewable-rich regions. Its facilities use liquid-to-chip, free-air and chilled coil cooling. Power comes from BC Hydro in British Columbia, Public Service Company of Oklahoma in Oklahoma, and ERCOT market-based arrangements in Texas. Equipment suppliers include NVIDIA, AMD, Dell Technologies, Lenovo, Supermicro, Gigabyte and storage and networking providers. Financing has come from customer prepayments, common equity, convertible notes and equipment financing, including about $3.6 billion of GPU financing in May 2026. It competes with hyperscalers such as AWS, Google Cloud, Microsoft Azure and Oracle Cloud, and specialized providers such as CoreWeave, Nebius, Crusoe, Lambda, Nscale and SpaceX. As of June 30, 2026, it had 685 employees, plus about 580 personnel added through Mirantis in August 2026.