IREN Ltd

Overview

IREN Ltd is a vertically integrated data-center and computing company focused on AI Cloud services, including infrastructure for AI training and inference. Its offerings include GPU compute, storage, networking and managed cloud services. The company also operates Bitcoin-mining infrastructure and has been redirecting capacity toward AI Cloud.[1]+2

IREN’s data-center footprint spans North America, Europe and Asia Pacific, with projects and power arrangements in the United States, Canada, Spain and Australia.[4][5] As of June 30, 2026, it reported 685 employees globally and revenue of $707.0 million for fiscal 2026.[6]

The company does not state a formal mission in the cited annual report; its official community-grants materials describe a purpose of supporting human progress responsibly, sustainably and positively.[7] [1]+6

Products & services

IREN AI Cloud Services provides bare-metal compute and managed cloud services for AI training and inference, including access to computing capacity, storage, and support services. IREN reported approximately 40 MW of operating AI Cloud capacity at June 30, 2026, and describes its service as NVIDIA GPU infrastructure for AI workloads.[8]+2 The company reported NVIDIA Cloud Partner and Preferred Partner status, with NVIDIA Exemplar Cloud status for its HGX B300 and GB300 NVL72 platforms.[11]

IREN also operates Bitcoin mining, supplying hashrate to the Bitcoin network in return for block rewards and transaction fees. At June 30, 2026, it reported approximately 23.2 EH/s of installed mining capacity, associated with approximately 380 MW of data-center capacity.[12] FY2026 revenue was $707.007 million: $128.795 million from AI Cloud Services (approximately 18.2%) and $578.212 million from Bitcoin mining (approximately 81.8%).[13]

Following its August 4, 2026 acquisition of Mirantis’ k0rdent AI, IREN also owns software for managing AI infrastructure across distributed environments. Its stated capabilities include GPU provisioning and lifecycle management, workload orchestration and scheduling, cluster deployment, monitoring, and cost visibility.[14] [8]+7

Geographic presence

IREN’s geographic footprint spans Australia, Canada, the United States and Spain, following its acquisition of Nostrum Group in June 2026 [15]. Its announced data-center projects include sites in British Columbia, Canada (Canal Flats, Prince George and Mackenzie); Texas (Childress and Sweetwater 1 and 2) and Oklahoma (Kiowa) in the United States; Bundey in South Australia; and Badajoz in Extremadura, Spain [16]. The listed projects total 5,610 MW of capacity; these are announced project capacities and do not indicate that every site is operational [16].

The company’s principal executive office is at Level 5, 55 Market Street, Sydney, New South Wales, Australia [17]. At June 30, 2026, IREN reported 23.2 EH/s, or 380 MW, of installed Bitcoin-mining capacity, but did not geographically allocate that capacity [12]. Its revenue disclosures are by business line rather than country or region [18][19]. [15]+5

Business segments

IREN’s FY2026 reporting identifies two reportable segments: **Bitcoin mining** and **AI Cloud Services**. Bitcoin mining generates revenue from contributing hashrate to the Bitcoin network in return for block rewards and transaction fees. AI Cloud Services provides customers with access to cloud-computing infrastructure, computational power, storage and support.[20]+2

For FY2026, Bitcoin mining contributed $578.2 million, or approximately 81.8% of the $707.0 million total segment revenue; AI Cloud Services contributed $128.8 million, or approximately 18.2%.[18] By revenue less segment cost of revenue, the respective contributions were approximately $375.4 million (77%) and $111.9 million (23%). These calculated figures are before depreciation and amortization and other reconciling or central expenses, and are not segment operating income.[18] [20]+3

Company history

IREN Ltd was incorporated in New South Wales, Australia, as Iris Energy Pty Ltd on November 6, 2018. Co-founders Daniel and William (“Will”) Roberts led the company, which began Bitcoin mining in 2019.[21]+2 In January 2020, it acquired the operating Canal Flats site in British Columbia.[24]

The company converted to a public company as Iris Energy Limited in October 2021 and completed its U.S. IPO the following month.[21][25] It expanded its Canadian operations with Mackenzie and Prince George sites entering service in 2022, then opened its Childress site in Texas in April 2023.[24][26] In February 2024, it began doing business as IREN; in November, it legally changed its name to IREN Limited.[27][21]

In April 2025, IREN announced a pause in Bitcoin expansion as it shifted its focus toward AI data-center development, and it began reallocating capacity from Bitcoin mining to AI Cloud during fiscal 2026.[24][3] In June 2026, it acquired Spanish data-center developer Ingenostrum, marking an expansion into Europe; in August, it completed its acquisition of Mirantis, adding enterprise cloud-software capabilities.[28]+2 [21]+10

Sources

• IREN Ltd — Full financial report (2026 Y)
  21 citations

  [1][2][3][4][5][8][9][11][12][13][14][15][16][17][18][19][20][21][22][28][29]
• www.sec.gov[6]
• iren.com[7]
• iren.com[10]
• IREN Ltd — Full financial report (2025 Y)
  4 citations

  [23][24][26][27]
• IREN Ltd — Full financial report (2022 Y)[25]