IREN Ltd

IREN Limited

Company at a Glance

IREN Limited operates 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 AI Cloud stack: data center (land, power, buildings, cooling), compute (GPUs, CPUs, storage, servers, networking), and software (managed services and enterprise support). As of June 30, 2026, IREN’s AI Cloud Services operating capacity was approximately 40 MW. The company also maintains a Bitcoin mining business, which it is transitioning away from as part of its AI Cloud Services expansion.

What We Do — Three Layers of the AI Cloud Stack

• Data center layer

  • Owns and operates data centers including land, grid connections, substations, and cooling.
  • Uses modular designs and advanced cooling (direct liquid-to-chip, free-air cooling, chilled coil as needed) to support high-density AI compute.
  • Focused on grid-connected power with renewable energy sourcing and power reliability.

• Compute layer

  • Deploys GPUs, CPUs, storage, servers, and networking to support large-scale AI training and inference.
  • Maintains multi-generation compute portfolios (e.g., AMD MI350X; NVIDIA H100/H200/B200/B300; GB300) and offers bare metal and managed cloud options.
  • Partnerships include NVIDIA, with strategic alignment around DSX AI infrastructure.

• Software layer

  • Provides orchestration, workload management, monitoring, and enterprise support to provision and operate AI workloads.
  • Acquired Mirantis (completed August 4, 2026) to strengthen software capabilities; Mirantis brings the k0rdent AI platform for cluster provisioning, workload orchestration, monitoring, and cost visibility. Mirantis reportedly serves more than 1,500 enterprise customers globally.

AI Cloud Services: Scale and Partnerships

• Capacity and pipeline

  • Operating capacity as of June 30, 2026: ~40 MW.
  • Global data center footprint across North America, Europe, and Asia Pacific.
  • Announced projects with planned gross capacity by site:
    • Canada: Canal Flats 30 MW, Prince George 50 MW, Mackenzie 80 MW
    • United States (Texas): Childress 750 MW, Sweetwater 1 1,400 MW, Sweetwater 2 600 MW
    • United States (Oklahoma): Kiowa 1,600 MW
    • Australia: Bundey 800 MW
    • Spain: Badajoz 300 MW
  • The announced pipeline totals multiple gigawatts, with a consolidated plan to support multi-GW power capacity in the U.S., Canada, Spain, and Australia.

• Key relationships and capabilities

  • NVIDIA partnership to support up to 5 GW of NVIDIA DSX-aligned AI infrastructure across the global data center pipeline.
  • NVIDIA granted a right to invest up to $2.1 billion in IREN Ordinary shares, subject to delivery of up to 600,000 GPUs.
  • NVIDIA Exemplar Cloud status for Horizon 1 deployments (Horizon 1 at Childress) and DSX OS integration with Mirantis’ k0rdent AI platform.
  • Mirantis acquisition completed in 2026 to enhance deployment capability, operational visibility, and enterprise support for AI workloads.

• Customer model and revenue structure

  • AI Cloud Services are offered primarily under multi-year reserved capacity agreements, with on-demand options also available.
  • Target customers include hyperscalers, enterprises, AI developers, frontier labs, and channel partners.
  • Specific multi-year contract visibility:
    • Microsoft: five-year agreement announced November 2025, with Horizon data centers representing approximately $9.7 billion of total contract value.
    • NVIDIA: five-year cloud services contract in May 2026 to support NVIDIA internal AI workloads, representing approximately $3.4 billion of total contract value.

• Technology and procurement

  • GPU and hardware procurement from a limited number of suppliers (NVIDIA, AMD, Dell, Lenovo, Supermicro, etc.) with long lead times.
  • Software orchestration, monitoring, and workload management rely on Mirantis and its open-source components, integrated with NVIDIA DSX OS and the k0rdent AI platform.

Bitcoin Mining and Transition

• Historically operated Bitcoin miners and allocated data center capacity to mining; transition to AI Cloud Services targeted for completion by December 31, 2026.
• As of June 30, 2026:
  • Installed Bitcoin mining capacity: approximately 23.2 EH/s, representing about 380 MW of data center capacity.
  • No Bitcoin on the balance sheet as of 2026-06-30.
• Bitcoin revenue and market exposure are tied to Bitcoin price, hashrate dynamics, and mining-related costs during the transition period.

Geographic and Operational Footprint

• Data centers across North America, Europe, and Asia Pacific with an objective to diversify geographically to reduce regulatory, energy, and climate risk.
• Emphasis on energy efficiency, renewable energy sourcing, and water-conscious cooling. Each operating site to date is powered by 100% renewable energy via clean energy sources or RECs.

Employees and Resources

• 685 employees globally as of June 30, 2026, including more than 60 employees added via the Nostrum Group acquisition.
• In August 2026, approximately 580 personnel were added through the Mirantis acquisition, increasing total headcount beyond the June 30, 2026 figure.

Financial Snapshot (selected GAAP figures)

• Net income (loss)

  • Fiscal year 2026 ended June 30: net loss of $702.6 million.
  • Fiscal year 2025 ended June 30: net income of $86.9 million.

• Indebtedness and liabilities (as of 2026-06-30, excluding intercompany)

  • Outstanding indebtedness: $7,976.0 million principal (comprising $7,705.6 million debt and $270.4 million in finance leases).
  • Trade and other payables: approximately $1,825.4 million.

• Financing arrangements

  • May 2026: about $3.6 billion of secured GPU financing arrangements, secured by GPUs, other assets, and related customer contract cash flows; these facilities include covenants and may require restricted cash and cross-default protections.
  • Equipment loans and leases for GPUs and related equipment, often guaranteed by the company; potential for cross-default if covenants are breached.

• Contracted revenue visibility

  • Microsoft five-year agreement: approximately $9.7 billion total contract value (Horizon 1–4 data centers).
  • NVIDIA five-year cloud services contract: approximately $3.4 billion total contract value.

• Capital intensity

  • The company plans substantial capital expenditures for GPUs, data center construction, and interconnection to grids. Financing terms may affect liquidity and the ability to execute expansion plans.

Summary of Core Activities

• Own and operate the full AI Cloud Services stack (data centers, compute hardware, and software management) to serve AI training and inference workloads.
• Build and operate renewable-energy-powered data centers across multiple regions with significant planned capacity.
• Transition away from Bitcoin mining toward AI Cloud Services while using historical mining revenue and related capital to support the transition.
• Strengthen software and enterprise support capabilities through the Mirantis acquisition to improve orchestration, deployment, monitoring, and cost visibility.
• Maintain ecosystem partnerships (NVIDIA, Mirantis, and others) to scale AI compute and infrastructure.

Key data points

• AI Cloud Services operating capacity: ~40 MW (as of 2026-06-30).
• Announced project capacities (gross MW): Canal Flats 30, Prince George 50, Mackenzie 80; Childress 750, Sweetwater 1 1,400, Sweetwater 2 600; Kiowa 1,600; Bundey 800; Badajoz 300.
• Global pipeline: multi-GW development beyond current operating capacity; 5 GW of total power capacity represented by grid connection agreements in the U.S., Canada, Spain, and Australia.
• Major customer contract values: Microsoft ~ $9.7B (five years), NVIDIA ~ $3.4B (five years).
• Employees: 685 at 2026-06-30; >60 added via Nostrum Group; ~580 added via Mirantis in August 2026.