![[IREN logo.svg|300]] Company website: https://iren.com/ ### Introduction **Iris Energy Limited**, operating as IREN, is a sustainable Bitcoin mining and high-performance computing company founded in 2019 by brothers Daniel Roberts and Will Roberts. Headquartered in Sydney, Australia, with operations primarily in North America, the company's mission is to build a leading sustainable Bitcoin mining business while powering the future of AI and beyond through 100% renewable energy-powered data centers. IREN's key focus areas include scaling Bitcoin mining to 50 EH/s by mid-2025, expanding AI cloud services for training and inference, and developing purpose-built data centers for HPC colocation and build-to-suit solutions in emerging AI hubs. As a vertically integrated player, IREN emphasizes innovation, sustainability, and operational efficiency to capitalize on the intersection of cryptocurrency and AI compute demands. ### Key Products and Technology - **Bitcoin Mining Operations**: Large-scale mining powered by 100% renewable energy, with installed hashrate reaching 50 EH/s in June 2025. Features include energy-efficient rigs, low-cost power sourcing, and high uptime; applications secure the Bitcoin network, generating revenue (e.g., mined 1,514 BTC in Q3 FY25 at $93K average price, producing $141.2 million revenue). - **AI Cloud Services**: Cloud platform for AI workloads, built on NVIDIA reference architecture, offering training and inference capabilities. Features scalable GPU clusters (e.g., expanded with 2.4k NVIDIA Blackwell GPUs in July 2025); applications support generative AI, model optimization, and high-performance compute for enterprises. - **Data Center Infrastructure**: Purpose-built, grid-connected facilities for colocation and build-to-suit, with expansions like the 600MW Sweetwater 2 site in Texas. Technologies emphasize power-dense compute, renewable energy integration, and rapid deployment; applications enable AI/HPC hosting, providing end-to-end control for reliability and efficiency. ### Team and Leadership - **Daniel Roberts, Co-Founder and Co-Chief Executive Officer**: Leads strategy and operations; experienced in finance and renewable energy, driving the company's sustainable mining and AI pivot. - **Will Roberts, Co-Founder and Co-Chief Executive Officer**: Oversees technical and growth initiatives; background in engineering, focusing on data center innovation and renewable integration. - **Anthony Lewis, Chief Capital Officer**: Appointed July 2025 to lead capital markets and funding strategies; expertise in finance for tech and energy sectors. ### Recent News and Developments (2025) | Date | Event | Details | |------------|--------------------------------|-------------------------------------------------------------------------| | July 3, 2025 | JPMorgan Downgrades to Neutral | Downgraded stock rating citing stretched valuation; shares appear overvalued amid rapid growth. | | July 1, 2025 | Appoints Anthony Lewis as CCO | Named new Chief Capital Officer to enhance capital markets strategy and funding for expansions. | | July 1, 2025 | Expands AI Cloud with Blackwell GPUs | Added 2.4k NVIDIA Blackwell GPUs to AI platform for advanced training/inference. | | June 30, 2025 | Reaches 50 EH/s Milestone | Achieved mid-year target for installed self-mining capacity, focusing on AI expansion. | | June 27, 2025 | Stock Hits New High | Shares reached $13.86 on tech enhancements and expansion news. | | June 23, 2025 | Commences Mining at Black Pearl | Launched operations at new Texas data center, boosting hashrate. | | June 11, 2025 | $500 Million Convertible Notes Offering | Raised funds for growth in renewable energy financing and AI infrastructure. | | May 22, 2025 | Surge in Option Activity | Noted significant increase in call options, indicating investor interest. | | May 15, 2025 | Participation in Conferences | Leadership discussed growth at Barclays Fintech Forum and Bitcoin 2025. | | May 14, 2025 | Q3 FY25 Results | Reported record $144.8 million revenue and $24 million net profit, up 28% QoQ. | | May 6, 2025 | April 2025 Update | Increased capacity to 40 EH/s, on track for 50 EH/s by June 30. | | April 4, 2025 | March 2025 Update | Mined 210 BTC, advancing Black Pearl expansion. | ### Partnerships and Collaborations - **WEKA**: Partnered to optimize generative AI workloads with storage and data management solutions. - **NVIDIA**: Utilizes NVIDIA reference architecture and Blackwell GPUs for AI cloud platform. - **Fortress Credit Advisors**: Signed term sheet for joint venture financing to support data center growth. - **ENGIE North America**: Preliminary agreement for up to 300 MW clean energy from wind facilities for Texas data centers. - **Canaccord Genuity**: Acted as co-agent for $1 billion at-the-market offering to fund expansions. ### Closing Note As a publicly traded company (NASDAQ: IREN) with $500 million raised via convertible notes in June 2025 and Q3 FY25 revenue of $144.8 million, IREN is in a mature growth stage, with a strong future outlook driven by 50 EH/s achievement, AI cloud scaling, and projected revenues from HPC diversification into 2026. *Report generated July 28, 2025*