IREN
 | |
| Type | Public company |
|---|---|
| Nasdaq: IREN | |
| Industry | Data centers, cloud computing, Bitcoin mining |
| Founded | November 6, 2018 |
| Headquarters | , Australia |
Key people | Daniel Roberts and Will Roberts, co-CEOs Belinda Nucifora, CFO |
| Revenue |  US$501 million (2025) |
| US$86 million (2025) | |
| Total assets | US$2.940 billion (2025) |
| Total equity | US$1.817 billion (2025) |
| Owner | Daniel Roberts (2.3%, 21.8% voting) William Roberts (2.3%, 21.8% voting) |
Number of employees | 257 (2025) |
| Website | iren |
| Footnotes [1][2] | |
IREN Ltd (formerly Iris Energy Ltd), headquartered in Sydney, New South Wales, Australia, operates data centers, supplied entirely with renewable energy, for use in Bitcoin mining as well as for lease for uses in cloud-computing and artificial intelligence.[1] The company owns three data centres in Texas with a total capacity of 650MW, including sites at Sweetwater and Childress, and three data centres in British Columbia, Canada, with a total capacity of 160MW.[1] The company has an additional 2,100MW of data centre capacity under construction and 1,600MW of data centre capacity under development.[1] The company immediately sells any Bitcoin that it mines.[1]
History
[edit]The company was founded in Sydney on 6 November 2018 by Daniel and William Roberts as Iris Energy Limited. The company originated from the brothers' interest in Bitcoin and the idea of making energy-intensive Bitcoin mining more sustainable. The company then acquired a data centre complex in Canal Flats, British Columbia, Canada, which was connected to a former pulp mill.[3]
In March 2021, the company raised A$40 million.[4]
In November 2021, the company became a public company via an initial public offering on the Nasdaq, raising approximately US$232 million.[5]
In November 2024, the company changed its name from Iris Energy Ltd to IREN Ltd.[6]
In November 2025, the company received a US$9.7 billion contract from Microsoft to provide computing power.[7][8]
In March 2026, IREN ordered more than 50,000 Nvidia GPUs, increasing its total capacity to 150,000 GPUs.[9]
In May 2026, the company entered into an agreement with Nvidia under which IREN will provide Nvidia with access to managed GPU cloud services for its internal AI and research workloads via its data centre in Childress, Texas, drawing on 60 MW of existing capacity. Nvidia received a five-year right to purchase up to 30 million shares of IREN at $70 per share.[10]
In August 2026, the company acquired Mirantis for 12.6 million shares of IREN and about $40 million in cash.[11]
Sponsorships
[edit]In 2026, the company became the jersey patch sponsor for the Golden State Warriors.[12]
Legal issues
[edit]In October 2024, an investor filed a lawsuit against the company in New York alleging that IREN made misleading statements to investors regarding its high-performance computing capabilities, in particular that its data centre in Childress, Texas, was not suitable for demanding HPC applications despite being marketed as such. The complaint alleged that key infrastructure, including backup power lines and cooling systems, was lacking and described statements by management as misleading.[13]
A class action was filed after the IPO by shareholders who alleged that the company failed to disclose material risks, including risks related to debt. In September 2024, a United States court dismissed the lawsuit, finding that there was no sufficient evidence of intentional misrepresentation.[14]
References
[edit]- 1 2 3 4 5 "IREN Ltd.2025 Form 10-K Annual Report". United States Securities and Exchange Commission. 28 August 2025.
- ↑ "14A Proxy". United States Securities and Exchange Commission. 6 October 2025.
- ↑ Whittaker, Mark (25 April 2024). "IREN: Meet the brothers cleaning up by cleaning up Bitcoin mining". Forbes.
- ↑ Brumpton, Harry (3 March 2021). "Australian Bitcoin Firm Iris Energy Upsizes Pre-IPO Round". Bloomberg News.
- ↑ "Iris Energy Limited Announces Monthly Investor Update for November 2021" (Press release). 9 December 2021 – via Nasdaq.
- ↑ "Iris Energy Limited has Changed its Name to IREN Limited" (Press release). S&P Global. 28 November 2024.
- ↑ Sophia, Deborah; Soni, Aditya (3 November 2025). Koyyur, Arun; Ganguli, Shinjini (eds.). "Microsoft signs $9.7 billion cloud deal with IREN as AI demand swells". Reuters.
- ↑ Hiller, Jennifer (18 November 2025). "AI Data Centers Are Banging on Crypto's Door". The Wall Street Journal.
- ↑ "IREN Expands AI Cloud Capacity to 150000 GPUs" (Press release). GlobeNewswire. 4 March 2026.
- ↑ "NVIDIA and IREN Announce Strategic Partnership to Accelerate Deployment of up to 5 Gigawatts of AI Infrastructure" (Press release). Nvidia. 7 May 2026.
- ↑ "IREN Completes Acquisition of Mirantis" (Press release). GlobeNewswire. 4 August 2026.
- ↑ Leuty, Ron (25 June 2026). "Warriors, Valkyries add new jersey patch sponsor to roster. Of course, it's connected to AI". American City Business Journals.
- ↑ "Iris Energy Stock Can't Take the Heat- Lawsuit Follows". Levi & Korsinsky. 15 November 2024.
- ↑ "Complete dismissal for Iris Energy in securities class action". Davis Polk. 30 September 2024.