Daniel and Will Roberts, co-founders and co-CEOs of IREN Limited (IREN), have positioned the company at the center of the AI infrastructure boom by transforming its bitcoin mining assets into high-performance data centers for artificial intelligence.
Founded in 2018 as a renewable energy-powered bitcoin miner in Canada, IREN anticipated that the real opportunity would be in providing reliable and affordable computing for AI. That vision is now taking shape.
In all of fiscal year 2025 (FY25), IREN tripled its operating capacity to 810 MW, grew revenue 168% to $501 million, and hit a record 50 EH/s in bitcoin production.
IREN’s pivot into AI cloud services gained momentum with a five-year, $9.7 billion deal with Microsoft, which includes a 20% prepayment (about $1.9 billion) for GPU capacity at IREN’s Horizon 1 data center in Texas. The company is now targeting $3.4 billion in annualized run rate (ARR) revenue from AI Cloud by the end of 2026, supported by a planned buildout of 140,000 GPUs and a 2GW Sweetwater AI campus to be completed in 2027.
IREN stock had risen more than 500% by 2025, reflecting its evolution from bitcoin miner to artificial intelligence powerhouse.
