Neoclouds / Company profile

IREN

Company overview

What IREN does

IREN Limited (NASDAQ: IREN) is a vertically integrated AI cloud services platform focused on delivering high-performance compute for AI training and inference. The company owns and operates the “AI Cloud Services stack” across (1) data center infrastructure (land, grid-connected power, substations, buildings, cooling), (2) compute (GPUs/CPUs, storage, servers, networking), and (3) software/managed services (managed cloud services, orchestration, enterprise support). IREN states that this stack ownership improves speed to bring compute online, performance/reliability control, and customer flexibility compared with platforms relying on third parties for one or more stack layers. It serves hyperscalers, frontier labs, AI developers, and enterprises, offering both bare-metal compute and managed cloud services for AI workloads. In parallel, IREN historically generated revenue through Bitcoin mining and, per its SEC filings, is transitioning that capacity toward AI cloud services with a stated target to substantially complete the transition by December 31, 2026.

Company monitoring

News

Company record

Aug 13, 2026 · Official · IREN Investor News page (listing)IREN Delivers Horizon 1 to Microsoft and Achieves NVIDIA Exemplar Cloud Status on GB300 NVL72

IREN announced delivery progress for Horizon 1 to Microsoft and an NVIDIA Exemplar Cloud status achievement on GB300 NVL72, as reflected on IREN’s investor news listing for August 13, 2026.

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Jul 20, 2026 · Official · IREN (GLOBE NEWSWIRE distribution via IR site)IREN Signs $2.8bn in New Customer Contracts with Leading AI Developers, Raises 2026 ARR Target to over $4bn

IREN announced increased year-end AI Cloud annualized run-rate revenue (ARR) target to more than $4bn, describing that approximately 85% is under contract following new multi-year cloud services contracts totaling $2.8bn contract value, and naming several customers it says are included in its customer base.

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May 14, 2026 · Official · IREN (GLOBE NEWSWIRE distribution via IR site)IREN Closes $3.0 Billion Convertible Notes Offering

IREN announced closing of a $3.0 billion aggregate principal amount offering of 1.00% convertible senior notes due 2033 in a private offering, with net proceeds and key transaction terms described.

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Date not disclosed · Official · IREN (press release via IR site)NVIDIA and IREN Announce Strategic Partnership to Accelerate Deployment of up to 5GW of AI Infrastructure

IREN and NVIDIA announced a strategic partnership intended to accelerate deployment of large-scale AI infrastructure, with deployments expected to focus on IREN’s 2GW Sweetwater campus in Texas as a flagship site for NVIDIA’s DSX architecture.

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Date not disclosed · Official · IREN (press release via IR site)IREN Closes $3.65bn Investment-Grade GPU Financing

IREN announced closing of a $3.65 billion investment-grade GPU financing facility secured against GPUs and associated contracted cash flows, describing the facility’s funding role relative to GPU capex under the Microsoft contract and naming joint lead managers/arrangers.

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Source map · 2 recurring channels · 17 references

Still resolving: Newsroom · Official X

Capital

Funding

Latest disclosed valuationNot disclosed

Tracked capital$24B13 sourced rounds

DateRoundRaisedValuationLead / investorsEvidence

Jun 01, 2026Senior secured debt financing (GPU financing)$3.7B—

Not attributed

Official ↗

May 14, 2026Convertible notes (private offering)$3B—

Not attributed

Official ↗

Dec 08, 2025Convertible notes (private offering) + repurchase of existing convertibles$2.3B—

Not attributed

Official ↗

Jun 13, 2025Convertible notes (private offering)$550M—

Not attributed

Filing ↗

Dec 13, 2024Convertible notes (private offering)$440M—

Not attributed

Official ↗

Dec 04, 2024Convertible notes (private offering)$440M—

Not attributed

Filing ↗

Nov 19, 2021IPO$232M—

Not attributed

Report ↗

UndatedConvertible senior notes offering (private offering; 1.00% due 2033)$3B—

Not attributed

+7 investors

Cantor Fitzgerald & Co.Citigroup Global Markets Inc.Goldman Sachs & Co. LLC J.P. Morgan Securities LLC Jefferies LLC MUFG Securities Americas Inc.Wells Fargo Securities, LLC

Official ↗

UndatedConvertible senior notes offering (private offering; $2.6 billion priced upsized with greenshoe)$2.6B—

Not attributed

+4 investors

Citigroup Global Markets Inc.Goldman Sachs & Co. LLC J.P. Morgan Securities LLC Jefferies LLC

Official ↗

UndatedConvertible senior notes offering (private offering; $1.0 billion due 2031)$1B—

Not attributed

Official ↗

UndatedConvertible senior notes offering (private offering; $875 million due 2031)$875M—

Not attributed

Official ↗

UndatedConvertible notes offering and related repurchase (private offering; $2.3 billion)$2.3B—

Not attributed

Official ↗

UndatedInvestment-grade GPU financing facility$3.7B—

Not attributed

+2 investors

Goldman Sachs J.P. Morgan

Official ↗

Products & focus

What it builds

IREN Cloud™ (GPU Cloud / Managed GPU clusters)

IREN Cloud™ is a purpose-built, owned-and-operated GPU cloud offering delivered from IREN’s data centers for AI training and inference. IREN states it uses NVIDIA reference architecture and high-bandwidth NVIDIA InfiniBand (3.2TB/s) for distributed AI training, and supports a range of AI model fine-tuning and inference workloads, including managed services, monitoring/track performance, and tenant separation/security controls.

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Colocation data centers

IREN provides move-in-ready colocation solutions, describing rack-ready space, pre-installed networking hardware, and high-density power configurations, with ongoing support for customers bringing their own infrastructure to operate at IREN facilities.

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Build-to-suit data center development

IREN offers build-to-suit development of AI-ready facilities, positioning its approach around purpose-built infrastructure for next-generation AI workloads.

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AI cloud platform software/managed services (including orchestration and support)

IREN describes a software layer that includes managed services and enterprise support enabling customers to deploy, operate, and manage AI workloads. It also describes collaboration/integration with Mirantis as part of the NVIDIA AI Cloud contract and its broader managed services delivery approach.

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People

Leadership

Anthony LewisChief Financial Officer David ShawChief Operating Officer Kent DraperChief Commercial Officer Denis SkrinnikoffChief Technology Officer Cesilia KimChief Legal Officer John GrossChief Innovation Officer

Operating signals

Key metrics

Operating AI Cloud Services capacity (as of June 30, 2026)~40MWJun 30, 2026 Grid-connection agreements / letters of agreement representing total power capacity (as of June 30, 2026)~5GW (plus multi-GW development pipeline)Jun 30, 2026 Operating sites powered by renewable energy since commencement (as described)100% renewable energyInstalled Bitcoin mining capacity (as of June 30, 2026)~23.2 EH/s (~380MW data center capacity)Jun 30, 2026

Company history

Milestones & partnerships

Jul 20, 2026

Raised 2026 AI Cloud ARR target to over $4bn

IREN raised its year-end AI Cloud annualized run-rate revenue target to more than $4bn after new multi-year contracts totaling $2.8bn.

Perplexity · Figure AI · Fal AI · Hume AI · Microsoft · NVIDIA

↗May 14, 2026

Convertible notes financing closed ($3.0bn)

IREN closed a $3.0bn convertible senior notes offering due 2033 as part of its capital formation activities.

↗Nov 06, 2018

Original incorporation as Iris Energy Pty Ltd

IREN states it was originally incorporated in New South Wales, Australia on November 6, 2018 as Iris Energy Pty Ltd.

↗Date not disclosed

Investment-grade GPU financing facility closed ($3.65bn)

Closed an investment-grade GPU financing facility with stated coverage against GPU-related contracted cash flows and described funding of Microsoft-contract GPU capex alongside customer prepayments.

Microsoft

↗Date not disclosed

Strategic partnership with NVIDIA targeting up to 5GW AI infrastructure deployment

Partnership intended to accelerate large-scale AI deployments, with expected focus on IREN’s 2GW Sweetwater campus as a flagship deployment site for NVIDIA’s DSX architecture.

NVIDIA

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