Company:IREN
| Type | Public company |
|---|---|
| Industry | Data centers, cloud computing, Bitcoin mining |
| Founded | 2018 |
| Headquarters | , Australia |
Key people | Daniel Roberts and Will Roberts, co-CEOs |
| Revenue | US$321.12 million (2025)[1] |
Number of employees | 457 (2022) |
| Website | iren |
IREN Ltd (formerly Iris Energy Ltd) is an Australian company headquartered in Sydney, New South Wales. IREN operates data centers that are supplied entirely with renewable energy. Its infrastructure is optimized for both cryptocurrency mining and artificial intelligence (AI) cloud services. The company’s activities include the operation of its own Bitcoin proof-of-work mining facilities, the development of GPU cloud and colocation services, and customized data center projects for large customers. IREN has been listed on the Nasdaq since its initial public offering in November 2021.[2]
History
IREN was founded in Sydney in 2018 by the brothers Daniel and William Roberts as Iris Energy Limited. The company originated from an interest in Bitcoin and the idea of making energy-intensive mining more sustainable. In the same year, the founders acquired a data center complex in Canal Flats, British Columbia, Canada, which was connected to a former pulp mill.[3] Further projects in British Columbia and Texas followed.
In November 2021, the company completed its initial public offering on the Nasdaq. More than 8.2 million shares were placed, raising approximately US$232 million. The company listed under the ticker symbol “IREN”. After the IPO, IREN invested heavily in the expansion of additional sites. It gradually developed its data centers in Mackenzie and Prince George, with capacities of 50 to 85 MW. Overall, the company secured sites and options for more than 1 GW of total capacity in North America.[2]
In 2023, IREN began to focus more strongly on AI and high-performance computing (HPC) in response to the global AI boom. As part of this strategic shift, the company announced in November 2024 that it had changed its name from Iris Energy Ltd to IREN Ltd.[4] In parallel, IREN obtained major contracts in the AI sector. In November 2025, the company signed a US$9.7 billion agreement with Microsoft to provide GPU cloud infrastructure.[5] In March 2026, IREN ordered more than 50,000 Nvidia GPUs, increasing its total capacity to 150,000 GPUs. At the same time, the company announced an at-the-market equity offering of up to US$6 billion to finance its expansion.[6] In May 2026, a strategic partnership between Nvidia and IREN was announced.[7] The deal gives Nvidia the option to purchase up to 30 million shares of the company at a price of $70 per share.[8]
Operations
IREN develops and owns several data centers in North America and leases computing power for applications such as mining and AI, as well as entire server facilities through colocation services. Its sites include six main facilities: in Canada, Canal Flats in British Columbia with around 30 MW, Mackenzie with around 80 MW, and Prince George with around 50 MW; and in the United States, the Childress campus in Texas with 750 MW, the Sweetwater project in Texas under construction with 2,000 MW, and a development site in Oklahoma with 1,600 MW. In total, IREN secured sites and contracts for more than 4.5 GW of power capacity. At the beginning of 2026, around 810 MW of operating capacity had been energized, 2,100 MW were under construction, and a further 1,600 MW were under development. All sites are connected to the public electricity grid, but the company states that it sources 100% renewable energy through hydroelectric, wind or solar power, power purchase arrangements, or renewable energy certificates.[9]
Controversies
In October 2024, an investor filed a lawsuit against the company in a United States court in New York. The lawsuit alleged that IREN had made misleading statements to investors regarding its high-performance computing capabilities, in particular that its data center 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.[10]
A previous class action lawsuit had also been filed in connection with the company’s 2021 IPO. Shareholders accused Iris Energy of failing to disclose material risks, including risks related to debt. In September 2024, however, a United States court dismissed the lawsuit, finding that there was no sufficient evidence of intentional misrepresentation.[11]
References
- ↑ "Finanzen.net: IREN". https://www.finanzen.net/bilanz_guv/iren_1.
- ↑ 2.0 2.1 "Iris Energy Limited Announces Monthly Investor Update for November 2021". Nasdaq. https://www.nasdaq.com/press-release/iris-energy-limited-announces-monthly-investor-update-for-november-2021-2021-12-09.
- ↑ Whittaker, Mark (25 April 2024). "IREN: Meet the brothers cleaning up by cleaning up Bitcoin mining" (in en-US). Forbes Australia. https://www.forbes.com.au/covers/entrepreneurs/iren-meet-the-brothers-cleaning-up-by-cleaning-up-bitcoin-mining/.
- ↑ S&P Capital IQ (28 November 2024). "Iris Energy Limited has Changed its Name to IREN Limited" (in en). MarketScreener. https://www.marketscreener.com/quote/stock/IREN-LIMITED-129472358/news/Iris-Energy-Limited-has-Changed-its-Name-to-IREN-Limited-48492017/.
- ↑ "Microsoft signs $9.7 billion cloud deal with IREN as AI demand swells". Reuters. 3 November 2025. https://www.reuters.com/technology/microsoft-signs-97-billion-contract-with-iren-nvidia-chips-2025-11-03/.
- ↑ "IREN deepens AI push with 50,000 Nvidia GPU order; shares fall on at-the-market offering" (in en). CoinDesk. https://www.coindesk.com/markets/2026/03/05/iren-to-expand-processing-capacity-by-50-prepares-at-the-market-offering.
- ↑ "NVIDIA and IREN Announce Strategic Partnership to Accelerate Deployment of up to 5 Gigawatts of AI Infrastructure" (in en-us). https://nvidianews.nvidia.com/news/nvidia-and-iren-announce-strategic-partnership-to-accelerate-deployment-of-up-to-5-gigawatts-of-ai-infrastructure.
- ↑ Nvidia to invest up to $2.1 billion in IREN as part of AI data center deal Reuters
- ↑ "IREN: Next-Gen Data Centers for AI, HPC & Sustainable Compute" (in en). https://iren.com/.
- ↑ Decrypt / Vismaya V (10 October 2024). "Bitcoin Miner Iris Energy Accused of Overstating Data Center Capacity in Lawsuit" (in en-US). Decrypt. https://decrypt.co/285600/bitcoin-miner-iris-energy-lawsuit.
- ↑ "Judge axes class action claiming Iris Energy misled investors during IPO" (in en). Bitget News. https://www.bitget.com/news/detail/12560604241917.
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