AI Index / Iris Energy Limited
Iris Energy Limited (IREN)
Main revenue sources: (1) AI cloud/GPU-as-a-Service (bare metal) to hyperscalers and AI enterprises, anchored by a 5-year $9.7B Microsoft deal (~$1.94B ARR; ~85% project EBITDA margin) and existing 23k GPUs (~$500M ARR). AI contributes directly. (2) Data center services/colocation potential (Sweetwater, Childress), currently secondary; would largely support AI workloads. (3) Legacy crypto mining (ASICs) being swapped out for GPUs; diminishing and non-AI. Overall, revenue is predominantly and directly tied to AI compute infrastructure.
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Earlier this week, we announced a $9.7 billion AI cloud contract with Microsoft, which was a defining milestone for our business that underscores the strength and scalability of our vertically integrated AI cloud platform.
- Daniel Roberts
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Quotes from iris-energy Executives About Artificial Intelligence and Generative AI
Looking ahead, we're executing now on a plan that will see our GPU fleet scale from 23,000 GPUs today up to 140,000 GPUs by the end of 2026.
- Daniel Roberts
As enterprises and other hyperscalers accelerate their AI build-out, we expect that our combination of power, AI cloud experience and execution capability will continue to position us as a partner of choice.
- Daniel Roberts
For our customers, this translates into scalability, cost efficiency and a superior customer service with tighter control over performance, reliability and delivery milestones, driving tangible value and certainty.
- Daniel Roberts
Our customers, including Microsoft, view IREN as a strategic partner in delivering cutting-edge AI compute, recognizing our deep expertise in designing, building and operating a fully integrated AI cloud platform.
- Daniel Roberts
When fully deployed, this expansion is expected to support in the order of $3.4 billion in annualized run rate revenue.
- Daniel Roberts
We're seeing strong demand for air-cooled variants of NVIDIA's Blackwell GPUs, including both the B200 and the B300.
- Daniel Roberts
This full expansion to 140,000 GPUs will only require about 460 megawatts of power, representing roughly 16% of our total secured power portfolio.
- Daniel Roberts
We've significantly enhanced our original design specifications to meet hyperscale requirements and also further ensure durable long-term returns from our data center assets.
- Daniel Roberts
In terms of the strategic value, I think undoubtedly, proving that we can service one of the largest technology companies on the planet has a little bit of strategic value.
- Daniel Roberts