IREN Ltd Stock Price, News & Analysis

IREN (NASDAQ: IREN) has announced a significant expansion of its AI Cloud capabilities with the purchase of 2,400 NVIDIA Blackwell GPUs for approximately $130 million. The order includes 1,300 B200 and 1,100 B300 GPUs, which will be installed at IREN's Prince George, BC campus.

This expansion increases IREN's total GPU fleet to 4,300 NVIDIA GPUs, combining the new Blackwell units with their existing 1,900 Hopper GPUs. The Prince George facility, with its 50MW of dedicated power, has the capacity to host over 20,000 Blackwell GPUs, providing significant room for future growth. The purchase is fully funded from existing cash, though IREN is exploring additional financing options to support AI Cloud Services growth.

IREN Limited (NASDAQ: IREN) has appointed Anthony Lewis as Chief Capital Officer, a newly created position focused on overseeing the company's capital markets strategy. Lewis, who brings over 20 years of experience from Macquarie Group where he served as Co-Treasurer, will lead IREN's capital structure and financing initiatives.

IREN operates as a vertically integrated data center business powered by 100% renewable energy, with operations spanning Bitcoin mining, AI Cloud Services, and AI Data Centers. The company's infrastructure includes 2,910MW of grid-connected power across more than 2,000 acres in the U.S. and Canada, 810MW of operating data centers, and 50 EH/s of installed Bitcoin self-mining capacity. Their AI capabilities include 1,896 NVIDIA H100 & H200 GPUs for cloud computing services, with plans to deliver up to 50MW (IT load) of liquid-cooled capacity for AI workloads in 2025.

IREN Limited (NASDAQ: IREN) has achieved its mid-year target of 50 EH/s installed self-mining capacity, marking a significant milestone in its Bitcoin mining operations. The company has scaled approximately 50x in just 30 months to become one of the world's largest and most efficient Bitcoin miners.

The achievement is anchored by IREN's 750MW Childress site, which currently supports 650MW of operating capacity. The company reported an all-in cash cost of $41,000 per Bitcoin in the last quarter, driven by 15 J/TH efficiency, scale, low-cost renewable energy, and vertical integration.

IREN is now pivoting towards AI infrastructure expansion, with Horizon 1, a 50MW liquid-cooled AI data center, scheduled for delivery in Q4 2025. The company maintains a flexible capital structure with convertible notes as the only non-equity financing, positioning itself for future growth in high-performance computing markets.

The company's business model features immediate revenue realization through daily Bitcoin sales, avoiding balance sheet exposure to price volatility. With its recent fleet refresh, IREN has minimized near-term mining hardware capital expenditure needs, maximizing free cash flow potential.

IREN has successfully closed an upsized convertible senior notes offering of $550 million, due 2029, with a 3.50% coupon rate and 30% conversion premium. The offering was oversubscribed and increased from the initial $450 million to $500 million, plus a $50 million greenshoe option. The company secured net proceeds of approximately $534.9 million after deducting costs. IREN will allocate $53.8 million for capped call transactions and $92.5 million for prepaid forward transactions, with the remainder for general corporate purposes. The capped call transactions, with an initial cap price of $20.98 per share (100% premium over the last sale price), are designed to reduce potential dilution and offset cash payments upon note conversion. The notes were offered privately to qualified institutional buyers under Rule 144A.

IREN has priced an upsized $500 million convertible senior notes offering due 2029, with a 3.50% coupon rate and 30% conversion premium. The offering, increased from the initially announced $450 million, includes capped call transactions with a cap price of $20.98 per share. The notes will convert at an initial rate of 73.3229 ordinary shares per $1,000 principal amount, representing a conversion price of $13.64 per share. IREN expects net proceeds of approximately $486.1 million, which will be used for capped call transactions ($48.9M), prepaid forward transaction ($92.5M), and general corporate purposes. The company also entered into a prepaid forward share purchase transaction worth $92.5M to facilitate hedging for note investors. The notes will mature on December 15, 2029, with settlement scheduled for June 13, 2025.

IREN announced plans to offer $450 million in convertible senior notes due 2029, with an additional $50 million option for initial purchasers. The notes will be senior, unsecured obligations with semi-annual interest payments, convertible to cash, ordinary shares, or a combination. The company plans to use proceeds for capped call transactions, a prepaid forward transaction, and general corporate purposes. The capped call transactions, covering approximately $100 million worth of shares, aim to reduce potential dilution and offset cash payments beyond principal amounts. IREN will also enter into a prepaid forward share repurchase transaction to facilitate derivative transactions for note investors. The notes will be offered privately to qualified institutional buyers under Rule 144A of the Securities Act.

IREN Limited reported strong performance in May 2025, achieving record monthly revenue and hardware profit with $1.6m daily hardware profit. The company's Bitcoin mining operations reached 38.4 EH/s average operating hashrate, mining 627 BTC with a 74% hardware profit margin. Revenue from Bitcoin mining reached $64.7m with $47.8m in hardware profit. AI Cloud Services generated $2.2m in revenue with a 98% profit margin. The company is on track to reach 50 EH/s by June 30, 2025, and their Horizon 1 AI Data Center remains scheduled for Q4 2025 delivery. IREN is progressing with customer engagement and financing workstreams while transitioning to US domestic issuer status from July 1. The company continues development at multiple sites, including Childress (750MW) and Sweetwater facilities, with various phases of construction and energization underway.

IREN reported strong Q3 FY25 results with record revenues of $148.1M, up from $119.6M in Q2. The company achieved a 24% increase in Bitcoin mining revenue to $141.2M and a 33% increase in AI Cloud services revenue to $3.6M. Key metrics include 1,514 Bitcoin mined, record Adjusted EBITDA of $83.3M, and profit after tax of $24.2M. IREN is pausing mining expansion at 50 EH/s to focus on AI infrastructure initiatives, including the Horizon 1 50MW liquid-cooled AI data center and Sweetwater 2GW flagship hub. The company maintains strong margins with $23 all-in hash cost versus $54 average hash price, and $41k all-in cash cost per Bitcoin versus $93k revenue per Bitcoin mined. Cash position stands at $184.3M as of March 31, 2025.

IREN reported strong operational progress in April 2025, with mining capacity increasing to 40 EH/s and on track to reach 50 EH/s by June 30. The company mined 579 BTC in April, generating revenue of $50.1M with a 72% hardware profit margin. Bitcoin mining operations maintained efficiency at 15 J/TH with low electricity costs of 2.9c/kWh at Childress. The AI Cloud Services segment showed promising growth, with revenue increasing 27% month-over-month to $2.0M and achieving a 98% hardware profit margin. The company's Horizon 1 AI Data Center project remains on schedule for H2 2025 delivery, with capex guidance maintained at $300-350M. Construction progress continues at multiple sites, including Childress Phase 5 and Sweetwater projects.