Daniel and Will Roberts, co-founders and co-CEOs of IREN Limited (IREN), have positioned the company at the center of the artificial intelligence infrastructure boom by transforming its Bitcoin mining assets into high-performance data centers for artificial intelligence.
Founded in Canada in 2018 as a Bitcoin miner powered by renewable energy, IREN foresees the real opportunity lies in providing affordable, reliable computing for artificial intelligence. This vision is now taking shape.
In fiscal year 2025 (FY25), IREN tripled its operating capacity to 810MW, revenue increased 168% to $501 million, and Bitcoin output reached a record 50 EH/s.
IREN has gained momentum in its entry into artificial intelligence cloud services, signing a five-year contract with Microsoft worth US$9.7 billion, which includes an upfront payment of 20% of the GPU capacity of IREN’s Horizon 1 data center in Texas (approximately US$1.9 billion). The company’s current goal is to achieve an AI cloud annual operating revenue (ARR) of US$3.4 billion by the end of 2026, with plans to build 140,000 GPUs and a 2GW Sweetwater AI Park planned to be built in 2027.
IREN shares are up more than 500% in 2025, reflecting its evolution from Bitcoin miner to artificial intelligence giant.