Stock market information for IREN Ltd. (IREN)
- IREN Ltd. is an American company and also listed on most American stock exchanges.
- The price is $62.38 USD currently
- The latest intraday volume is 53,464,565.
What does IREN do?
IREN (formerly Iris Energy) operates high-power, renewables-sourced data centers across North America. It historically monetized capacity via Bitcoin mining but has been pivoting to “AI cloud” by deploying GPU clusters for third-party customers while continuing to run large-scale hash rate. As of mid-2025, IREN reported ~810 MW of operating capacity (TX + BC), ~50 EH/s installed Bitcoin hash rate, and an initial ~1.9k NVIDIA H100/H200 GPUs live for AI cloud services.
The pivot intensified with a new five-year, ~$9.7B cloud capacity agreement with Microsoft—paired with a ~$5.8B procurement arrangement with Dell for NVIDIA GB300-class systems—focused on IREN’s Childress, Texas campus (targeting ~200 MW of liquid-cooled IT within a 750 MW site). Management also discloses a much larger secured power roadmap (multi-GW) for staged expansion.
Recent results and momentum for IREN
- Profitability inflection: IREN’s FY25 update highlighted a sharp acceleration, citing triple-digit revenue growth and material positive net income/adjusted EBITDA as the firm scaled both mining and AI capacity. Subsequent quarterly headlines continued to show substantial revenue and net income.
- Strategic deals as catalysts: The Microsoft/Dell announcements (Nov. 2025) drove a step-change in investor expectations for the AI cloud business and powered a large move in the shares. Multiple outlets independently reported the contract size, prepayment structure, and deployment cadence through 2026.
Stock performance snapshot
- Trend & volatility: IREN has been one of the most volatile symbols in the AI/crypto-infrastructure cohort. The stock set an all-time high around mid-October 2025 (~$74), up dramatically from its late-2022 trough (~$1). As of the latest close, shares trade meaningfully below the recent peak.
- Drivers: Performance has tracked (1) Bitcoin price/transaction-fee regimes, (2) delivered vs. announced power/GPU milestones, and (3) the credibility and timing of hyperscaler /enterprise AI demand ramping onto IREN’s sites. (Drivers synthesized from company reporting and market coverage.)
IREN Investment thesis (my view)
Core idea: IREN is evolving into a vertically integrated, power-rich AI compute landlord/operator. The hyperscaler-backed (Microsoft) revenue line de-risks utilization at Childress, while Dell/NVIDIA supply pathways reduce procurement risk. If execution matches milestones, AI cloud could surpass mining as the primary value engine over the next 12–24 months.
Why this can work
- Power first: Scarce, scalable, affordable, and increasingly “clean” power is the gating factor for AI data centers; IREN has >2.9 GW of secured power across North America, with hundreds of MW already energized.
- Line of sight to demand: A multi-year Microsoft take-or-pay-like structure (with prepayments and delivery milestones) provides unusually strong demand visibility for a mid-cap operator.
- Option value from mining: Bitcoin mining remains a high-beta profit center and a flexible load that can be dialed relative to AI build-outs and power pricing. Company disclosures show large installed hash rate already in place.
Key risks
- Execution & timeline risk: The Microsoft contract is milestone-based; delays in liquid-cooled builds, grid upgrades, or supply chain (GB300 systems, facility fit-out) could push revenue right.
- Power & regulatory risk: Interconnection, transmission constraints, and local policy shifts (especially in Texas) could affect pace/cost of capacity additions.
- Commodity exposure: BTC price/fees still matter for consolidated earnings and sentiment; hash price drawdowns can compress cash flow and raise equity beta. (Based on company mix and industry dynamics.)
- Capital intensity: Even with customer prepayments, AI build-outs require substantial upfront capex and working capital; cost overruns could pressure returns.
Valuation framing (qualitative)
Given the mix shift, I’d think about IREN as two segments:
- AI cloud/colocation (contracted/contracting capacity with hyperscalers)—valued on forward EBITDA or MW-normalized returns as liquid-cooled halls energize through 2026; and
- Bitcoin mining—valued on normalized hash-price scenarios. Peers in AI infrastructure with contracted hyperscaler demand can trade at premium EV/EBITDA vs. pure miners; where IREN lands will hinge on the pace of Microsoft capacity coming online and the margin structure realized. (Synthesis of filings and sector comps.)
Projections (scenarios, next 12–24 months)
Base case:
- Build/energization: Childress liquid-cooled IT ramps in phases through 2026; IREN meets most Microsoft milestones with minor schedule variance.
- Mix: AI cloud contribution rises toward a plurality of revenue by late FY26, with improving unit economics as utilization and scale climb.
- Stock implication: Multiple expands toward AI infra comps if execution remains on track; volatility persists due to BTC sensitivity.
Bull case:
- Demand surprise: Microsoft expansion options exercise and/or a second hyperscaler/sovereign AI tenant signs early; GPU deliveries and facility readiness track ahead of plan.
- Mining tailwind: Higher BTC price/fees lift cash generation, funding capex with less dilution.
- Stock implication: Re-tests or exceeds prior highs on re-rating + earnings revisions. (Anchored on reported contract scale and secured power runway.)
Bear case:
- Delays/costs: Construction or interconnection bottlenecks slip energization into late-2026+, while supply costs run hot; milestone slippage reduces near-term cash inflow.
- Macro/crypto drag: BTC weakness reduces optionality and elevates equity risk premium.
- Stock implication: De-rates toward power-only or miner-like multiples until delivery credibility is re-established.
What I’m watching
- Quarterly disclosures on delivered AI MW and GPU counts;
- Any supplemental agreements or prepayments from Microsoft or other hyperscalers;
- Updates to total secured power and substation timelines;
- Hash-rate and cash-cost vs. network hash-price;
- Capex cadence and liquidity.
