AI Index / IREN Limited
IREN Limited (IREN)
Main revenue sources: 1) AI Cloud (bare-metal GPU capacity to hyperscalers, notably a $9.7B/5-year Microsoft contract; Prince George BC plus upcoming Mackenzie/Canal Flats). AI contributes directly and is the core growth driver with ~$2.3B ARR under contract and a $3.4B ARR target by end-2026. 2) Legacy Bitcoin mining, now declining as capacity transitions to AI; no direct AI contribution. 3) Potential colocation/data center services under evaluation; limited today and not AI-specific. Overall, revenue is increasingly and materially driven by AI cloud workloads.
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Fiscal Quarter 2 was an important quarter for IREN as we made meaningful progress as a vertically integrated AI cloud platform.
- Daniel Roberts
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Quotes from iren Executives About Artificial Intelligence and Generative AI
We are continuing to sign and negotiate contracts for both new and prior generation GPUs.
- Daniel Roberts
With more than 4.5 gigawatts of power and only 10% required to support the $3.4 billion in ARR, we have a clear pathway for continued growth.
- Daniel Roberts
Vertical integration is 1 of IREN's most important competitive advantages. We design, build and operate our own data centers, supported by in-house engineering, procurement, construction, technology and operations teams.
- Kent Draper
As Dan mentioned, we're advancing multiple active negotiations with a range of hyperscale and non-hyperscale counterparties.
- Kent Draper
AI cloud revenues accelerating as deployments ramp.
- Anthony Lewis
Our focus is on selecting the right partners and structuring long-term relationship to create lasting value for IREN.
- Kent Draper
We're seeing hyperscalers and leading enterprises actively pursue both liquid and air cooled GPU deployments as they work to accelerate rollout.
- Kent Draper