TLDR
- Iren reported record $501M revenue (up 168%) and $86.9M profit vs $28.9M loss in prior year
- Secured Nvidia Preferred Partner status with 10,900 GPU deployment planned by December 2025
- AI cloud revenue jumped 429% to $16.4M with $200-250M annual projections
- Stock surged to $29.50 high, up 221% in six months on infrastructure transformation
- Company operates 810 megawatts of data center capacity with ultra-low $0.033/kWh power costs
Iren Limited has executed one of 2025’s most successful business transformations. The company pivoted from struggling Bitcoin mining operations to become a major AI infrastructure provider.
The results speak for themselves. Iren posted record fiscal 2025 revenue of $501 million, representing 168% year-over-year growth. The company swung from a $28.9 million loss to $86.9 million in net income.
Stock performance has been equally impressive. Shares hit a 52-week high of $29.50, capping a 221% rally over six months. The stock closed at $26.48 after surging 14.93% in Friday’s session.
Nvidia Partnership Drives Growth
Iren secured coveted Nvidia Preferred Partner status through a $168 million GPU purchase. The deal includes 1,200 B300 chips and 1,200 GB300s featuring cutting-edge Blackwell architecture.
This expands Iren’s GPU fleet to 10,900 units by December 2025. The current fleet of 1,900 GPUs already operates at near 100% utilization with profit margins in the high 90s.
AI cloud services revenue exploded 429% to $16.4 million. Management projects $200-250 million in annual AI cloud revenue once the full GPU deployment is complete.
The Preferred Partner designation guarantees GPU allocation in today’s supply-constrained market. This competitive advantage positions Iren perfectly for continued AI infrastructure demand.
Massive Infrastructure Expansion
Operating data center capacity tripled to 810 megawatts in fiscal 2025. Contracted grid-connected power reached 2,910 megawatts across all facilities.
Iren’s power costs average just $0.033 per kilowatt-hour, among the lowest globally. This cost structure provides substantial competitive advantages in power-intensive AI computing.
The Sweetwater 2 project in West Texas will create a 600-megawatt facility expandable to 2 gigawatts. Combined with the 75-megawatt Horizon 1 center launching late 2025, these facilities establish Iren as essential AI infrastructure.
Current facilities support over 60,000 Nvidia Blackwell GPUs through liquid-cooling technology. This scalable infrastructure meets growing enterprise AI deployment needs.
Despite trading at 31 times forward earnings, the valuation appears reasonable given triple-digit growth rates. Bitcoin mining still generates $484.6 million in revenue, providing stable cash flow during the AI transition.
Iren arranged non-dilutive financing covering 100% of GPU hardware costs through 36-month leases, enabling rapid expansion without shareholder dilution.
