Iris Energy
IREN is a vertically integrated owner and operator of next-generation data centers powered by 100% renewable energy. The company leverages its proprietary electrical infrastructure to support high-performance computing applications, primarily focusing on Bitcoin mining and AI cloud services. Its value proposition centers on securing low-cost, sustainable energy and maintaining full operational control over its physical assets and hardware.
Financials
Based on Q3 2026 filing
Revenue
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Bitcoin Mining
primaryThe company operates specialized ASIC computers to secure the Bitcoin network, earning block rewards and transaction fees. These digital assets are typically liquidated daily for fiat currency to minimize price volatility exposure.
ASIC Bitcoin Miners
Bitcoin Network, Mining Pools
HPC and AI Services
moderateThis segment provides remote access to high-performance GPU computing power for artificial intelligence training and inference workloads. Services are delivered through purpose-built data centers featuring advanced cooling technologies.
AI Cloud Services, Colocation Services, NVIDIA H100 GPUs, NVIDIA H200 GPUs, NVIDIA B200 GPUs, NVIDIA B300 GPUs, NVIDIA GB300 GPUs
AI Developers, Enterprise AI Users, US AI Cloud Providers
Segment Financials
Bitcoin mining — Total Revenue
View metricBitcoin mining — Electricity
View metricBitcoin Mining — Concentration of revenue, percentage
View metricAI Cloud Services — Total Revenue
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View metricAI Cloud Services — Employee benefits
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Competitive Position
A vertically integrated operator that differentiates through ownership of freehold land and grid-connected renewable energy infrastructure.
Geographies
United States, Canada
Customer Segments
AI technology companies, Digital asset networks, Enterprise cloud users
Upstream Dependencies
Renewable energy providers, ASIC hardware manufacturers, GPU manufacturers, Electrical infrastructure components
Downstream Customers
AI model developers, Cryptocurrency exchanges, Institutional cloud buyers
Competitors & Partners
Competitors
Partners
Kraken
Primary digital asset trading platform for liquidating Bitcoin
Coinbase Global, Inc.
COIN
Backup digital asset trading platform
Antpool
Mining pool service provider
Foundry
Mining pool service provider
Etana Custody
Third-party custodian for fiat currency transfers
British Columbia Hydro and Power Authority
Electricity transmission and renewable energy provider
Nvidia
NVDA
GPU hardware supplier
Subsidiaries
PodTech Innovation Inc.
Acquired entity for the Canal Flats data center site
Iris Energy FAQ
Common questions about Iris Energy
IREN is a vertically integrated owner and operator of next-generation data centers powered by 100% renewable energy. The company leverages its proprietary electrical infrastructure to support high-performance computing applications, primarily focusing on Bitcoin mining and AI cloud services. Its value proposition centers on securing low-cost, sustainable energy and maintaining full operational control over its physical assets and hardware.
Iris Energy (IREN) has a market capitalization of $22.9B and trades on NASDAQ.
Iris Energy generated $757.1M in trailing twelve-month revenue with net income of $158.1M, representing a net margin of 20.9%. Gross margin stands at 68.4%, with free cash flow of -$1.5B. These figures are based on the Q1 2026 filing.
Iris Energy's key competitors include Riot Platforms, Marathon Digital Holdings, CoreWeave, Inc. Class A Common Stock, and others. These companies compete in similar markets and product categories.
Iris Energy has approximately 100 employees.