IREN Ltd (IREN)

IREN is a vertically integrated AI Cloud Services platform that delivers data centers, compute and software for AI training and inference, owning and operating 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). It offers bare metal compute and managed cloud services, primarily under multi-year reserved capacity arrangements that it expects to complement with on-demand offerings, to hyperscalers, enterprises, AI developers and frontier labs, and channel partners that resell its capacity. As of June 30, 2026, operating AI Cloud Services capacity was approximately 40MW, and the company had executed grid connection agreements, letters of agreement or equivalents for about 5GW of power across the United States, Canada, Spain and Australia, plus a further development pipeline.

Announced data center 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). The facilities are purpose-built for power-dense computing, use modular designs with liquid-to-chip and free-air cooling, rely on grid-connected power in renewable-rich regions, and have been 100% powered by renewable energy (including through RECs). The compute portfolio includes AMD MI350X and NVIDIA H100, H200, B200, B300, GB300 and VR200 systems with InfiniBand networking and high-performance storage.

IREN is an NVIDIA Cloud Partner with Preferred Partner and Exemplar Cloud status, and in 2026 agreed a strategic partnership with NVIDIA to support up to 5GW of DSX-aligned AI infrastructure. It works with suppliers such as NVIDIA, AMD, Dell, Lenovo and Supermicro. On August 4, 2026 it acquired Mirantis, a cloud software provider with more than 1,500 enterprise customers whose k0rdent AI platform manages GPU provisioning, orchestration, monitoring and multi-cluster operations.

IREN also still runs Bitcoin mining, with about 23.2 EH/s installed (approximately 380MW), earning block rewards and transaction fees and liquidating mined Bitcoin daily, while decommissioning miners and shifting capacity to AI Cloud Services, targeting substantial completion by December 31, 2026. It competes with hyperscalers such as AWS, Google Cloud, Microsoft Azure and Oracle, and with specialized providers such as CoreWeave, Nebius, Crusoe, Lambda and Nscale. It had 685 employees as of June 30, 2026, and roughly 580 more joined through Mirantis.

Financing sources have included customer prepayments, equity, convertible notes and about $3.6 billion of investment-grade GPU financing.