Neocloud profile
IREN
IREN is an Australian-founded, Sydney-headquartered, Nasdaq-listed neocloud and bitcoin miner, with operating data centres in the United States and Canada, a planned 800MW campus in South Australia, and development sites in Texas, Oklahoma and Spain.
Founded: 2018. Headquarters: Sydney. Co-CEOs: Daniel Roberts and William Roberts. Ticker: NASDAQ:IREN.
Key figures
- Microsoft AI cloud services contract about US$9.7bn over five years
- About 5GW global pipeline targeted by 2028
- About 300MW AI cloud delivery target for 2026, measured at the computing equipment, company target
Profile summary
| Field | Value |
|---|---|
| Listing | NASDAQ:IREN |
| Type | AI cloud, GPU-as-a-service and bitcoin miner |
| Data centres | Operating at Childress, Texas and in British Columbia, Canada, with development at Sweetwater in Texas, Kiowa in Oklahoma, Bundey in South Australia and Badajoz in Spain |
| Power | Childress has 750MW of secured transmission; about 5GW of global data centre pipeline targeted by 2028, by the company's account |
| AI cloud target | Cumulative delivery of about 300MW in 2026 and about 800MW in 2027, by the company's account. Both figures are measured as IT load, which is the power drawn by the computing equipment itself, a smaller figure than the whole building's draw |
| Anchor contract | Microsoft AI cloud services contract of about US$9.7bn over five years |
| Disclosed customers | Microsoft, NVIDIA, Cohere, Prometheus, Perplexity, Figure AI, Together AI, Fluidstack, Fireworks AI, Fal AI, Hume AI and Higgsfield AI, together with an AI research lab the company describes only as a leading frontier lab |
| Contracted revenue run-rate | US$4bn of contracted annualised run-rate revenue for 2026 capacity, and US$1bn of annualised run-rate revenue operating at 26 Aug 2026. Annualised run-rate revenue is the company's own forward measure, arrived at by scaling current contracted pricing up to a full year. It sits outside the statutory accounts, and the company states that the revenue it eventually reports may be materially lower |
| FY26 revenue | US$707.0m for the year ended 30 June 2026, of which US$128.8m was AI Cloud Services revenue and US$578.2m was bitcoin mining revenue |
Facilities and capacity
IREN's operating data centres are in the United States and Canada. Its Australian campus at Bundey in South Australia is planned, and development is also progressing at Sweetwater in Texas, Kiowa in Oklahoma and Badajoz in Spain. Source: IREN FY26 results, 27 August 2026.
| Deployment | Location | Scale or scope | Status |
|---|---|---|---|
| Bundey | IREN campus, South Australia | Planned 800MW campus, with an 800MW grid connection secured through four 330kV feeder exits | Planned, energisation expected from 2028 |
| Childress | Texas, United States | 750MW secured transmission; Horizon 1, the first of four 50MW liquid-cooled deployments planned at the campus, was delivered to and accepted by Microsoft in August 2026, by the company's account | Operational and build-out |
| Sweetwater | West Texas, United States | 2GW hub across Sweetwater 1 (1,400MW) and Sweetwater 2 (600MW), conditionally classed as base load by ERCOT in September 2026; 300MW gross under construction for delivery targeted in Q4 2027, by the company's account | Under construction and planned |
| Kiowa | IREN campus under development, Oklahoma, United States | Capacity not disclosed | Planned |
| Badajoz | IREN campus under development, Spain | Capacity not disclosed | Planned |
| British Columbia sites | Canada | Renewable-powered AI cloud and bitcoin-mining footprint | Operational |
| Global pipeline | United States and Canada | About 5GW of global data centre pipeline targeted by 2028 | Target |
Funding, contracts and investors
| Date | Round or agreement | Amount or scope | Counterparty |
|---|---|---|---|
| 3 Nov 2025 | AI cloud services contract | About US$9.7bn | Microsoft |
| 2026 | Associated financing | About US$3.65bn | Financing counterparties |
| 2026 | NVIDIA arrangement | About US$3.4bn AI cloud contract plus about US$2.1bn equity warrant | Disclosed terms |
Technology and platform
IREN combines GPU-as-a-service AI cloud operations with bitcoin mining.
The company locates capacity around large power campuses and renewable-powered North American sites by its account.
IREN completed the acquisitions of cloud software provider Mirantis in August 2026 and of Nostrum Group, adding software and services capability and extending the platform into Europe. The company says NVIDIA awarded it Exemplar Cloud status, a designation NVIDIA gives cloud providers whose deployments pass its own testing, on the GB300 NVL72 platform following testing of the Horizon 1 deployment at Childress.
Leadership
| Name | Role |
|---|---|
| Daniel Roberts | Co-founder and co-CEO |
| William Roberts | Co-founder and co-CEO |
How IREN compares
| Company | Status or presence | Capacity or commitment | Model or program |
|---|---|---|---|
| Sharon AI | NASDAQ:SHAZ | Hosted in NEXTDC Melbourne and Sydney; 212MW secured group-wide, company figure | GPU cloud hosted in NEXTDC facilities |
| Firmus | Private; ASX listing due 23 October 2026 | Project Southgate across three Tasmanian sites: Launceston 90MW consented, Bell Bay 288MW approved, Wesley Vale ~52MW lodged; ~1.6GW national plan by 2028 | Own immersion-cooled AI factories |
| IREN | NASDAQ:IREN | Planned 800MW campus at Bundey, SA; operating data centres in the US and Canada | Own North American data centres; Microsoft AI cloud |
Latest coverage
Frequently Asked Questions
What is IREN?
IREN is an Australian-founded, Sydney-headquartered AI cloud and bitcoin-mining company listed on Nasdaq.
Where are IREN's data centres?
IREN's disclosed data centres are in Childress, Texas and British Columbia, Canada, with Sweetwater in West Texas under development.
What is IREN's Microsoft deal?
IREN announced a five-year AI cloud services contract with Microsoft valued at about US$9.7bn by the company's account.
Does IREN still mine bitcoin?
Yes. In the year ended 30 June 2026 IREN reported US$578.2 million of bitcoin mining revenue and US$128.8 million of AI Cloud Services revenue, and describes itself as transitioning sites from mining to AI Cloud.
What is IREN's stock ticker?
IREN trades on Nasdaq under the ticker IREN.
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