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IREN’s AI Cloud Buildout Boosts Forecast as Mining Revenue Declines

IREN (Iris Energy) logoIREN (Iris Energy)
Sig3.05Sen+2.30Env0.00Soc+0.70Gov0.00

IREN’s focus is shifting from contracted bitcoin mining to AI Cloud. Bitcoin mining revenue fell to $111.2M from $167.4M, while AI Cloud revenue nearly doubled to $33.6M from $17.3M. Management targets 480 MW of AI Cloud capacity, 150,000 GPUs, and $3.7B in annual recurring revenue by 2026. Construction involves about 3,000 workers and includes a five-year $3.4B NVIDIA contract.

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