Welcome to our dedicated page for IREN news (Ticker: IREN), a resource for investors and traders seeking the latest updates and insights on IREN stock.
IREN Ltd (IREN) operates sustainable data centers powering Bitcoin mining operations and AI cloud services through renewable energy solutions. This dedicated news hub provides investors and industry professionals with essential updates on strategic developments, technology deployments, and operational milestones.
Access timely announcements covering earnings reports, infrastructure expansions, and renewable energy initiatives. Our curated collection includes press releases on new computing partnerships, hardware upgrades, and sustainability achievements that define IREN's position in high-performance computing.
Key updates feature developments in cryptocurrency mining efficiency, AI service offerings, and low-carbon data center operations. Track IREN's progress in balancing computational demands with environmental responsibility through their innovative energy management strategies.
Bookmark this page for centralized access to verified information about IREN's operational performance and market positioning. Regularly updated content ensures stakeholders maintain current awareness of this renewable-powered computing infrastructure provider.
IREN has announced a significant milestone in its Bitcoin mining expansion, reaching 40 EH/s of installed self-mining capacity, up from 37 EH/s. The increase comes from commissioning additional mining hardware within its Childress Phase 4 (150MW) data centers, achieving 15 J/TH efficiency.
The company remains on track to achieve its target of 50 EH/s in H1 2025. This expansion positions IREN as one of the largest scale, lowest-cost Bitcoin producers, leveraging best-in-class fleet efficiency and low electricity costs.
IREN has released its March 2025 monthly update, highlighting significant operational growth. The company's Bitcoin mining capacity increased to 37 EH/s from 31 EH/s, with plans to reach 50 EH/s in H1 2025. IREN mined 533 BTC in March, generating revenue of $45.3m with a hardware profit margin of 76%.
Key developments include:
- Operating data center capacity increased to 660MW
- New 600MW grid connection agreement secured
- Total secured power capacity in West Texas reached 2.75GW
- AI Cloud Services revenue grew 33% month-on-month, reaching $1.6m
The company announced plans to pause mining expansion at 52 EH/s to focus on AI/HPC initiatives. IREN is progressing with debt financing workstreams and exploring various financing options, including customer prepayments, corporate and project-level debt, convertible notes, and asset-backed financing.
IREN (NASDAQ: IREN) announced a strategic shift in its business operations, pausing Bitcoin mining expansion at 52 EH/s to focus on AI and HPC infrastructure development. The company operates across three verticals:
1. Bitcoin Mining: Current capacity increased from 31 EH/s to 35 EH/s, with expected annualized illustrative net cashflow of $528 million.
2. AI Cloud Services: Operating 1,896 GPUs, generating $26 million annualized run-rate revenue as of March 31, 2025.
3. AI Data Centers: Developing Horizon 1 (50MW IT load) with $300-350 million capex, and Sweetwater Data Center Hub (2GW power capacity).
The company's financing strategy includes customer prepayments, debt instruments, convertible notes, and asset-backed financing. IREN has raised $111 million through its ATM facility at an average share price of $11.07.
IREN (NASDAQ: IREN) has announced the restatement of its financial statements for fiscal years 2022-2024 and recent quarterly reports. The restatement is specifically related to the reclassification of Bitcoin mining revenue proceeds from 'operating activities' to 'investing activities' in cash flow statements, following SEC review and in accordance with IAS 7.16(b).
The company emphasizes that these changes are purely classificatory and do not impact their operational performance, profit/loss statements, financial position, or cash equivalents. IREN plans to transition to U.S. GAAP reporting in 2025 as it changes to U.S. domestic filer status, where Bitcoin mining proceeds will be classified as operating activities.
IREN's current operations include Bitcoin mining operations targeting 52 EH/s by 2025, AI Cloud Services with 1,896 NVIDIA H100 & H200 GPUs, and data centers with 510MW capacity expanding to 910MW in 2025. The company operates with 100% renewable energy across its facilities.
IREN has announced signing a 600MW grid connection agreement for Sweetwater 2, enhancing its 2GW Sweetwater data center hub in West Texas. This addition brings IREN's total West Texas capacity to 2.75GW of fully contracted power.
The Sweetwater 2 facility features:
- Strategic location across 500+ acres near existing 1.4GW Sweetwater 1
- Connection costs of $4.1M non-refundable and $26.9M in refundable deposits over 12 months
- Expected energization by late 2027
The West Texas location offers advantages including access to renewable energy, multiple fiber connections with ~6ms latency to Dallas, and efficient water usage through closed-loop liquid cooling. IREN is actively engaging with AI and cloud computing firms, with Sweetwater 1 scheduled for energization in April 2026.
IREN (NASDAQ: IREN) has released its February 2025 monthly update, highlighting strong operational performance. The company maintains a 70% mining hardware profit margin and is expanding to 50 EH/s over the next four months, expected to generate approximately $600M in annualized operating cashflows at current market conditions.
The company's AI Cloud Service is approaching full utilization, driven by demand for NVIDIA H100/H200s and next-generation Blackwells. The Horizon 1 data center development is progressing with strong customer interest exceeding its initial 75MW capacity.
Key infrastructure developments include:
- Commencement of site-works at 1.4GW Sweetwater 1 project, targeting April 2026 energization
- Finalizing 600MW Sweetwater 2 connection agreement
- AI Cloud Services revenue increased by 39% with new contract wins in February
IREN reported strong Q2 FY25 results with record revenue and operating cashflow. Key highlights include:
- Bitcoin mining revenue increased 129% to $113.5 million
- 1,347 Bitcoin mined (up from 813 in Q1)
- Net profit of $18.9 million (vs $51.7M loss in Q1)
- Operating cash inflow of $53.7 million
- Cash position of $427.3 million
The company announced two major growth initiatives:
1. Horizon 1: A new 75MW liquid-cooled data center at Childress for AI/HPC, targeting completion in H2 2025
2. Sweetwater 2: Development of a new 600MW site to create a 2GW data center hub
IREN plans to expand Bitcoin mining from 31 EH/s to 52 EH/s, with fleet efficiency at 15 J/TH and power costs at 3c/kWh at Childress. The company will transition to US domestic issuer status in H2 2025.
IREN has released its January 2025 monthly update, highlighting strong performance in Bitcoin mining operations. The company achieved an average operating hashrate of 29.0 EH/s, mining 1,521 BTC with revenue per Bitcoin of $99,789. Total revenue reached $52.0m with electricity costs of $12.9m, maintaining a robust hardware profit margin of 75%.
The company's AI Cloud Services generated revenue of $0.8m with a 96% hardware profit margin. IREN is progressing with significant infrastructure projects, including the 750MW Childress Project expansion and the 1.4GW Sweetwater Project, where construction of the substation is set to commence in early 2025. The company is on track to achieve 50 EH/s in 5 months and is implementing direct-to-chip liquid cooling for AI/HPC operations.
IREN (NASDAQ: IREN) has announced it will release its Q2 FY25 financial results on Wednesday, February 12, 2025. The company will host a conference call at 5:00 p.m. New York time (9:00 a.m. Sydney time, Thursday, February 13, 2025).
The event will include a Q&A session following the financial results presentation. Participants can join via phone dial-in or live webcast, with options to submit questions either during pre-registration or during the live session. The webcast will be recorded and available for replay on IREN's investor relations website.
IREN announced significant business updates, including a $1bn at-the-market facility to support expansion plans. The company aims to increase capacity to 57 EH/s by H2 2025, with 50 EH/s targeted for H1 2025. At a $100k Bitcoin price, this expansion could support run-rate Illustrative Adjusted EBITDA of $716m at 50 EH/s and $826m at 57 EH/s.
The company is implementing direct-to-chip liquid cooling systems in existing data centers to accommodate liquid-cooled NVIDIA Blackwell GPUs and meet growing demand for liquid-cooled data center capacity. IREN is also advancing its 1,400MW Sweetwater project, scheduled for energization in April 2026, with ongoing substation procurement and construction activities.
Additionally, IREN is developing a multi-gigawatt data center pipeline, focusing on securing land and negotiating new grid-interconnection agreements. The company maintains low power costs of 2.8c/kWh at Childress and a leading fleet efficiency of <15 J/TH.
