IREN Limited Overview
Pro stress-test →IREN Limited (formerly Iris Energy) is a sustainable Bitcoin mining and AI cloud infrastructure provider headquartered in Sydney, Australia and listed on NASDAQ under ticker IREN. The company operates large-scale, renewable-powered data centers and is rapidly scaling its mining capacity while diversifying into AI cloud services and high-performance computing (HPC). As of mid-2026, the stock trades at approximately $59.19 per share, reflecting volatility driven by the company's aggressive transition from traditional Bitcoin mining toward high-performance artificial intelligence infrastructure.
Strategic Profile
Pro stress-test →The company aims to generate $3.4 billion in annualized run-rate revenues by the end of 2026 and has already secured $2.3 billion in ARR under contract, including a large agreement with Microsoft. IREN has expanded its data center power capacity to over 4.5 gigawatts, including a new 1.6 gigawatt campus in Oklahoma, and plans to install approximately 140,000 GPUs by the end of 2026. As one of the largest and most efficient 100% renewable Bitcoin miners with low-cost power contracts, the company maintains significant competitive advantages in a capital-intensive industry.
Competitive Landscape
Pro stress-test →IREN competes in a market where bitcoin miners are increasingly redirecting capital into AI infrastructure as traditional mining returns decline, positioning itself within a broader trillion-dollar AI infrastructure build cycle. Primary competitors include other renewable-powered bitcoin miners transitioning to AI infrastructure, as well as standalone AI infrastructure providers like Lambda Labs and other cloud GPU providers. IREN's differentiation rests on dual-revenue streams, existing renewable power contracts, and major hyperscaler relationships.
Industry Context
IREN Limited operates in AI cloud infrastructure and high-performance computing.
Key facts
Founded: 2018 · Headquarters: Sydney, Australia · Employees: Not disclosed · Revenue: $1.01B (projected FY2026) · Market cap: ~$15.5B (estimated at $59.19/share mid-2026)