IREN Ltd
- Industry
- AI Data Center Infrastructure
- Exchange
- US
- Country
- USA
- IPO date
- Nov 17, 2021
- Employees
- 257
- Website
- iren.com
Composite valuation range · conservative $12–$20 / fair $22–$35 / optimistic $36–$50. At $36.29, Within the optimistic intrinsic-value range · much expectation priced in.
At publication $47.74 (May 20, 2026)
Data from EODHD, shown in the reporting currency; for reference only, not investment advice.
IREN Limited operates in the vertically integrated data center business in Australia and Canada. The company owns and operates computing hardware, as well as electrical infrastructure and data centers. It also mines Bitcoin, a scarce digital asset that is created and transmitted through the operation of a peer-to-peer network of computers running the Bitcoin software. The company was formerly known as Iris Energy Limited and changed its name to IREN Limited in November 2024. The company was incorporated in 2018 and is based in Sydney, Australia.
History
IREN Limited was incorporated in 2018 and is based in Sydney, Australia. Originally named Iris Energy Limited, the company went public on November 17, 2021, and renamed itself IREN Limited in November 2024. It began as a Bitcoin miner generating revenue from selling mined Bitcoin, then expanded into operating its own data centers that host GPU servers for AI training and inference customers; by March 31, 2026 it reported two segments, Bitcoin mining and AI Cloud Services, defining itself as a vertically integrated AI Cloud provider. Growth was rapid and capital-intensive: revenue rose from $75.5 million in FY23 to $187.2 million in FY24, $501.0 million in FY25, and $569.8 million for the first nine months of FY26, while shares outstanding expanded from 64.7 million (June 2023) to 186.4 million (June 2024), 257.2 million (June 2025), and 341.0 million (March 2026), with a further 15.88 million shares issued after quarter-end. The buildout was funded heavily through ATM offerings, convertible notes (including a $3.0 billion 2033 convertible note issued in May 2026), equipment financing, and acquisitions of Mirantis and Nostrum, alongside disclosed contracts of roughly $9.7 billion with Microsoft and $3.4 billion with Nvidia.
Industry position
IREN spans two industries: Bitcoin mining and AI data center / AI Cloud infrastructure. Within Bitcoin mining it is no longer a small player, operating 810MW of data center capacity with about 50 EH/s installed hashrate as of June 2025, reduced to about 38 EH/s by March 2026 as it shifted assets toward AI, where roughly 150,000 GPUs were installed or in transit. Its principal advantage is asset-based: secured grid power, land, and data center build-and-delivery capability rather than brand, network effects, or patents; secured electrical capacity rose from 2,910MW (about 95% in Texas) as of June 30, 2025 to 4,510MW (4.51GW) by March 31, 2026, and contracts with Microsoft and Nvidia indicate that major customers regard it as a platform with real delivery capacity. Among public companies transitioning from mining toward AI/HPC, comparable peers include Core Scientific, TeraWulf, Riot, Cipher, Marathon, and Cleanspark. At a market capitalization of about $15.93 billion, IREN trades well above peers such as Riot (~$7.87 billion), Cipher (~$7.62 billion), Core Scientific (~$7.40 billion), TeraWulf (~$9.03 billion), Marathon (~$4.73 billion), and Cleanspark (~$3.35 billion). Founder co-CEOs Daniel Roberts and Will Roberts together controlled 35.4% of voting power as of August 15, 2025 through Class B shares carrying 15 votes each, a structure lasting until November 17, 2033.