Website: [[[IREN|iren]].com](https://iren.com) ### Introduction Iris Energy Limited, now operating as [[IREN]], was founded in 2018 by brothers Daniel and Will Roberts in Sydney, Australia. Headquartered in Sydney, the company focuses on building and operating next-generation data centers powered by 100% renewable energy, primarily for Bitcoin mining and high-performance computing (HPC) workloads like AI cloud services. While exact employee numbers are not publicly disclosed in recent data, Iris Energy has grown significantly since its inception, expanding its infrastructure across multiple regions, including North America and Australia. Its mission is to provide sustainable, low-cost compute infrastructure for digital economies, leveraging renewable energy sources such as hydro, wind, and solar to minimize environmental impact. Iris Energy is a publicly traded company listed on the NASDAQ under the ticker symbol IREN since its initial public offering in November 2021. The company has pivoted strategically in recent years, balancing its original focus on Bitcoin mining with a growing emphasis on AI and HPC data center services, positioning itself as a dual-engine growth entity in the digital infrastructure space. This adaptability has been central to its rapid revenue growth and investor interest, as it addresses both cryptocurrency and artificial intelligence markets with a sustainability-first approach. [Source: dcfmodeling.com](https://dcfmodeling.com/blogs/history/iren-history-mission-ownership) ### Key Products and Technology Iris Energy's offerings center on data center infrastructure optimized for energy-intensive compute tasks. Below are its primary areas of focus: - **Bitcoin Mining Operations (ASIC-based Mining Infrastructure)** - **Type**: Specialized data centers using Application-Specific Integrated Circuits (ASICs) for Bitcoin mining. - **Technical Specifications**: As of late 2024, Iris Energy operates with an installed capacity of 28 EH/s (exahash per second), with plans to reach 50 EH/s by the first half of 2025, accelerated from an earlier H2 2025 target. Fleet efficiency stands at 15 J/TH (joules per terahash). [Source: IREN on X](https://x.com/IREN_Ltd) - **Energy Source**: 100% renewable energy, primarily hydroelectric power, with electricity costs as low as 2.96 cents per kWh at key sites like Childress, Texas. - **Key Differentiators**: Ultra-low power costs and a commitment to sustainability, distinguishing it from competitors reliant on fossil fuels. - **Development Stage**: Fully operational with ongoing expansions in capacity and efficiency. - **Target Customers**: Cryptocurrency markets and investors seeking exposure to Bitcoin mining with a sustainable footprint. - **AI Cloud Services and HPC Data Centers** - **Type**: GPU-based data centers for artificial intelligence and high-performance computing workloads. - **Technical Specifications**: Currently deploying NVIDIA H100 and H200 GPUs (1,896 units as of September 2024, with an additional 1,080 H200 GPUs commissioning in November 2024) and preparing for liquid-cooled Blackwell GPUs. Infrastructure includes 360 MW of data center capacity, expanding to 510 MW by year-end 2024. [Source: IREN on X](https://x.com/IREN_Ltd) - **Energy Source**: 100% renewable energy, aligning with the company’s sustainability ethos. - **Key Differentiators**: Scalable, build-to-suit infrastructure for AI workloads, with low-cost power providing a competitive edge in a high-demand market. - **Development Stage**: Operational with rapid scaling; AI Cloud Services are estimated to contribute ~10% to run-rate earnings by the end of 2024. - **Target Customers**: Hyperscalers, AI startups, and enterprises requiring GPU-intensive compute resources. ### Regulatory and Licensing Status As Iris Energy operates in the Bitcoin mining and data center sectors rather than nuclear energy, it does not fall under the purview of the Nuclear Regulatory Commission (NRC). Instead, its regulatory obligations relate to environmental compliance, energy usage permits, and securities regulations due to its status as a publicly traded company on NASDAQ. The company files regular reports with the U.S. Securities and Exchange Commission (SEC), including annual and quarterly disclosures that outline financial performance and operational risks. [Source: SEC.gov](https://www.sec.gov/Archives/edgar/data/1878848/000114036121035328/ny20000275x5_f1.htm) Key regulatory milestones include maintaining compliance with local energy regulations in regions where it operates, such as Texas and British Columbia, ensuring that its renewable energy claims are substantiated. There are no significant upcoming regulatory hurdles publicly disclosed that would impede its current operations or expansion plans. As a non-nuclear entity, timelines for commercial deployment are driven by market demand and infrastructure buildout rather than licensing processes, with recent updates indicating energization of a 1.4 GW site in Sweetwater, Texas, targeted for April 2026. [Source: IREN on X](https://x.com/IREN_Ltd) ### Team and Leadership - **Daniel Roberts**: Co-Founder and Co-CEO, with a background in finance and infrastructure investment. He drives strategic growth and operational efficiency at Iris Energy. - **Will Roberts**: Co-Founder and Co-CEO, focused on the company’s vision of sustainable compute infrastructure and expansion into new markets like AI. - **Belinda Nucifora**: Chief Financial Officer, overseeing financial strategy and investor relations, with extensive experience in corporate finance. (Note: X handles for leadership are not publicly verified or widely available in current data, so they are omitted. Information is sourced from the company’s official website and investor materials at [iren.com](https://iren.com).) ### Funding and Financial Position Iris Energy has demonstrated strong financial momentum, with a recent capital raise of $2.3 billion announced on December 19, 2025, through convertible notes and equity, marking one of the largest financings in the Bitcoin mining sector. This funding is intended to fuel growth in hash rate, AI infrastructure, and renewable energy projects. [Source: CoinGeek on X](https://x.com/RealCoinGeek) As a public company, Iris Energy’s market performance reflects investor confidence, though specific market cap and stock performance data for December 2025 are not fully detailed in available sources. Earlier in 2025, the company reported a record fiscal year with total revenue of $501.0 million (a 168% increase year-over-year) and net income of $86.9 million. Institutional ownership is significant, with entities like FMR LLC and Jane Street Group, LLC increasing their stakes in Q2 2025. [Source: dcfmodeling.com](https://dcfmodeling.com/blogs/history/iren-history-mission-ownership) The company is well past pre-revenue status, with diversified income streams from Bitcoin mining and emerging AI Cloud services, targeting up to $250 million in annualized revenue from AI by December 2025. ### Recent News and Developments | Date | Event | Details | |---------------|------------------------------------|---------------------------------------------------------------------------------------------------| | Dec 19, 2025 | Major Capital Raise | Raised $2.3 billion via convertible notes and equity to scale hash rate, AI, and renewables. | | Dec 6, 2024 | November Operational Update | Mined 379 BTC, installed 28 EH/s, accelerated 50 EH/s target to H1 2025, H200 GPUs under testing. | | Nov 6, 2024 | GPU Commissioning Update | Commissioned 1,080 NVIDIA H200 GPUs, preparing for Blackwell GPUs, mined 439 BTC. | | Oct 4, 2024 | September Operational Update | Mined 347 BTC, installed 21 EH/s, AI Cloud to contribute 10% to earnings by year-end. | | Aug 28, 2025 | Revenue Milestone | On track for $1 billion in annualized Bitcoin mining revenue, reported $187.3 million for period. | [Sources: IREN on X](https://x.com/IREN_Ltd), [The Block](https://www.theblock.co/post/368718/iren-on-track-to-1-billion-in-annualized-bitcoin-mining-revenue) ### Partnerships and Collaborations - **NVIDIA**: Technology partnership for GPU supply (H100, H200, and upcoming Blackwell GPUs), critical for AI Cloud services and HPC expansion. This collaboration enhances Iris Energy’s capability to serve hyperscalers and AI enterprises. - **Hyperscalers (Unnamed)**: Ongoing discussions with major cloud providers for data center capacity, indicating potential large-scale offtake agreements. Strategic value lies in diversifying revenue beyond Bitcoin mining. [Source: IREN on X](https://x.com/IREN_Ltd) - **Local Energy Providers**: Agreements in regions like Texas and British Columbia for access to low-cost, renewable hydroelectric power, underpinning the company’s cost advantage and sustainability commitment. ### New Hampshire Relevance Iris Energy’s focus on renewable-powered data centers could align with [[New Hampshire]]’s interest in sustainable energy solutions and economic development, though no direct connections to the state are evident in current data. Its proximity to existing infrastructure, such as the ISO-NE grid, could make it a potential partner for data center projects in the Northeast US, especially as demand for AI and HPC compute grows. However, the company’s current operations are concentrated in Texas, British Columbia, and Australia, with no expressed interest in New Hampshire or specific alignment with legislative initiatives like HB 710 or SMR provisions (which are more relevant to nuclear technologies). The technology readiness of Iris Energy’s data centers is high, with operational infrastructure that could theoretically be deployed in New Hampshire for applications like grid-adjacent data centers or industrial compute loads. Potential applications include powering local tech industries or supporting renewable energy integration into the ISO-NE grid. Without specific partnerships or projects announced for the region, any fit remains speculative. ### Competitive Position Iris Energy competes with other Bitcoin mining and data center companies like [[Riot Platforms]] and [[MARA|[[MARA|Marathon Digital Holdings]]]] in the cryptocurrency space, and with firms like [[Core Scientific]] in the emerging AI/HPC market. Its unique advantage lies in its 100% renewable energy model and ultra-low power costs (e.g., 2.96 cents/kWh at Childress), which provide a cost edge over competitors often reliant on mixed or fossil-based energy sources. Additionally, its dual focus on Bitcoin mining and AI Cloud services diversifies risk compared to pure-play miners. A key risk is the volatility of Bitcoin prices, which could impact mining revenue, though its pivot to AI mitigates this somewhat. Compared to Marathon Digital, which focuses heavily on mining scale, Iris Energy’s sustainability focus and AI expansion offer a differentiated growth path. ### Closing Note Iris Energy is at an advanced operational stage with a strong trajectory in both Bitcoin mining and AI infrastructure, bolstered by significant recent funding and a commitment to renewable energy. *Report generated December 24, 2025*