IREN runs renewable-powered data centers for Bitcoin and AI, monetizing self-mining and GPU cloud services. In FY25, revenue hit $501 million and net income was $86.9 million as capacity reached 810 MW and 50 EH/s. globenewswire.com Now in scaling mode, revenue grew 168 percent year over year, and NVIDIA Preferred Partner status improves supply access. Cheap power and scale compound advantages here. Moat centers on 2,910 MW contracted power, vertical integration, and financed GPUs that raise switching costs versus less integrated peers. globenewswire.com Catalysts include Q4 2025 50 MW Childress AI launch, 10.9k GPUs targeting $200–250 million annualized revenue by December 2025, and April 2026 Sweetwater energization. globenewswire.com Risk is bitcoin cyclicality and uncertain AI demand, which can disrupt returns.
