IREN Ltd

IREN Ltd is a vertically integrated AI Cloud Services platform that provides data centers, compute, and software for AI training and inference. The company owns and operates all three layers of the AI Cloud Services stack. The data center layer encompasses the land, power, substations, buildings, and cooling that form the physical infrastructure. The compute layer includes the GPUs, CPUs, storage, servers, and networking deployed within this infrastructure. The software layer provides managed services and enterprise support, enabling customers to deploy, operate, and manage AI workloads. IREN Ltd delivers both bare metal compute and managed cloud services to customers supporting AI training and inference workloads. Its customer base includes hyperscalers, frontier labs, AI developers, and enterprises. As of June 30, 2026, the company's operating AI Cloud Services capacity was approximately 40MW. The AI Cloud Services platform is supported by a portfolio of land and grid-connected power in renewable-rich regions across North America, Europe, and Asia Pacific. As of June 30, 2026, IREN Ltd had executed grid connection agreements, letters of agreement, or equivalents for approximately 5GW of total power capacity in the United States, Canada, Spain, and Australia, along with a multi-GW development pipeline. Each operating site has been 100% powered by renewable energy since operations began. The company also has Bitcoin mining operations, but during the year ended June 30, 2026, it began decommissioning Bitcoin mining hardware and reallocating power and data center capacity to AI Cloud Services, with a goal to substantially complete this transition by December 31, 2026.