IREN Ltd

Our Company is a leading owner and operator of next-generation data centers powered by 100% renewable energy, either directly from clean sources or through renewable energy certificates. These data centers are designed for power-dense computing applications, supporting GPUs for High-Performance Computing (HPC) and Artificial Intelligence (AI) services, and ASICs for Bitcoin mining. The company has been mining Bitcoin since 2019, generating revenue by earning Bitcoin through block rewards and transaction fees from its specialized ASIC computers. It typically liquidates all mined Bitcoin daily, holding no Bitcoin on its balance sheet as of June 30, 2025. Bitcoin is transferred daily to Kraken, a U.S.-based digital asset trading platform, for exchange into fiat currencies like USD or CAD. Coinbase serves as a backup U.S.-based digital asset trading platform, though it had not been used as of June 30, 2025. The company is also expanding into HPC and AI services, including developing purpose-built AI data centers. Its AI Cloud Services, launched in 2024, provide customers with access to cloud-based GPU computing for AI training and inference workloads. As a vertically integrated business, Our Company owns and operates its computing hardware, including Bitcoin mining ASICs and AI Cloud Services GPUs, along with its electrical infrastructure and data centers. Over 80% of its operating data center capacity is located in the United States, targeting regions with low-cost, attractive renewable energy sources.