Iren(NASDAQ) IREN

IREN Limited builds and runs specialized data centers to power artificial intelligence. It helps tech companies and researchers process the massive amounts of data needed for modern AI. The company also uses its powerful computers to mine Bitcoin.

What Does IREN Build?

• AI Cloud Services: Bare metal and managed computing services used for training and running artificial intelligence models; generated $128.8 million in revenue during fiscal year 2026.
• Data Center Infrastructure: Physical facilities including land, power substations, and proprietary cooling systems designed for high-performance computing.
• Compute Layer: Specialized hardware such as Graphics Processing Units (GPUs) and Central Processing Units (CPUs) configured for complex AI tasks.
• Software Layer: Management tools that allow customers to deploy and monitor AI workloads, expanded through the August 2026 acquisition of Mirantis.
• Bitcoin Mining: High-power computing contributed to the Bitcoin network to earn digital rewards; generated $578.2 million in revenue in fiscal year 2026.

Major Deals and Growth

• Completed the acquisition of Mirantis in August 2026, adding cloud software infrastructure and enterprise support for more than 1,500 global customers.
• Entered the European market in June 2026 by acquiring Nostrum Group, which added data center development sites in Spain.
• Established a strategic partnership with NVIDIA in May 2026 to support the deployment of up to 5GW of specialized AI infrastructure.
• Signed a five-year contract with Microsoft in November 2025 worth approximately $9.7 billion to provide dedicated computing services.

Standing Out in the Cloud

IREN owns the complete technology stack, from the physical land and power substations to the software used by customers. This vertical integration allows the company to deploy new capacity quickly and maintain direct control over its hardware performance and reliability.

Measuring Financial Health

• Total revenue rose to $707.0 million in fiscal year 2026, up from $501.0 million in fiscal year 2025.
• AI Cloud Services revenue increased to $128.8 million in fiscal year 2026 from $16.4 million the previous year.
• The company reported a net loss of $702.6 million for fiscal year 2026, compared to a net income of $86.9 million in fiscal year 2025.
• Cash and cash equivalents totaled $5,895.6 million as of June 30, 2026.

Bottom Line

IREN is evolving from a Bitcoin miner into a vertically integrated infrastructure provider for artificial intelligence. By controlling power, facilities, and hardware, the company is positioned to serve the growing global demand for high-performance computing.