Iris Energy Limited (IREN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la criptomoneda y la energía sostenible, Iris Energy Limited (Iren) surge como una empresa innovadora que combina la tecnología blockchain sin problemas con la generación de energía renovable. Al revolucionar la minería de bitcoin a través de un modelo comercial único que prioriza la responsabilidad ambiental y la eficiencia operativa, Iren está transformando el panorama de los activos digitales. Este enfoque innovador no solo desafía las prácticas mineras tradicionales, sino que también ofrece a los inversores una vía convincente para participar en un futuro más sostenible y tecnológicamente avanzado de la generación de activos digitales.

Iris Energy Limited (IREN) - Modelo de negocio: asociaciones clave

Proveedores de infraestructura de blockchain

Iris Energy colabora con los siguientes socios de infraestructura de blockchain:

Pareja	Detalles de la asociación
Nube de coinbase	Soporte de infraestructura de nodo blockchain
Blockdaemon	Gestión de validador e infraestructura

Fabricantes de equipos de energía renovable

Las asociaciones clave de equipos de energía renovable incluyen:

Fabricante	Tipo de equipo
Schneider Electric	Sistemas de distribución y gestión de energía
ABB LTD	Componentes de infraestructura eléctrica

Proveedores de hardware de minería de criptomonedas

Asociaciones estratégicas de adquisición de hardware:

• BitMain Technologies
• Microbt
• Canaan Creative

Socios de tecnología de enfriamiento del centro de datos

Pareja	Especificación de tecnología de enfriamiento
Grupo vertiv	Soluciones avanzadas de enfriamiento de líquidos
Refirtura de la revolución verde	Tecnología de enfriamiento de inmersión

Servicios de computación y alojamiento en la nube

Cloud y alojamiento de colaboraciones de servicios:

Proveedor	Tipo de servicio
Servicios web de Amazon	Soporte de infraestructura en la nube
Microsoft Azure	Soluciones de nubes híbridas

Iris Energy Limited (IREN) - Modelo de negocio: actividades clave

Operaciones mineras de bitcoin

A partir del cuarto trimestre de 2023, Iris Energy operaba 3.0 Eh/s de capacidad minera de bitcoin. La flota de minería total de Bitcoin comprendía 23.820 mineros, con un 100% impulsado por fuentes de energía renovables.

Métrico minero	Valor actual
Capacidad minera total	3.0 eh/s
Total de mineros	23,820 unidades
Utilización de energía renovable	100%

Desarrollo de infraestructura energética sostenible

Iris Energy ha invertido $ 78.5 millones en infraestructura de energía renovable a diciembre de 2023.

• Inversión directa en instalaciones de energía hidroeléctrica y eólica
• Desarrollo de activos de generación de energía patentados
• Asociaciones estratégicas con proveedores de energía renovable

Optimización de la tecnología blockchain

Implementaron sistemas de enfriamiento avanzados que reducen el consumo de energía en un 22% en las operaciones mineras.

Métrica de optimización de tecnología	Actuación
Mejora de la eficiencia energética	Reducción del 22%
Eficiencia de hardware de minería	Mineros ASIC de última generación

Generación de energía de energía renovable

La capacidad total de generación de energía renovable alcanzó 175 MW a diciembre de 2023.

• Generación de energía hidroeléctrica: 110 MW
• Generación de energía eólica: 65 MW
• Emisiones de carbono cero en operaciones mineras

Gestión de activos de criptomonedas

Bitcoin Holdings a diciembre de 2023: 1,285 BTC, con un valor de mercado total de aproximadamente $ 53.7 millones.

Métrica de activos de criptomonedas	Valor
Totales de bitcoin tenencias	1.285 BTC
Valor de mercado estimado	$ 53.7 millones

Iris Energy Limited (IREN) - Modelo de negocio: recursos clave

Plantas de energía hidroeléctrica y renovable

Iris Energy opera 135 MW de capacidad de generación de energía hidroeléctrica ubicada en Columbia Británica, Canadá. La compañía tiene un Infraestructura de energía renovable 100% con acceso directo a la electricidad de bajo costo.

Ubicación	Capacidad de generación de energía	Tipo de energía
Columbia Británica, Canadá	135 MW	Hidroeléctrico

Hardware de minería avanzada (mineros ASIC)

A partir del cuarto trimestre de 2023, Iris Energy desplegó 3.9 Eh/s de capacidad minera de bitcoin con el 100% de los mineros que son los modelos Antminer S19 XP de última generación.

Capacidad minera	Tipo de hardware	Generación de eficiencia
3.9 eh/s	Antminer S19 XP	Última generación

Infraestructura minera de enfriamiento e enfriamiento

• Tecnología de enfriamiento de inmersión para equipos mineros
• Infraestructura de centro de datos de diseño personalizado
• Diseño de instalaciones mineras modulares y escalables

Experiencia en ingeniería técnica

Iris Energy emplea a un equipo de ingenieros especializados con experiencia en energía renovable, infraestructura de blockchain y tecnología de minería.

Capacidades de generación de electricidad de bajo costo

Costo de electricidad promedio de $ 0.04 por kWh, significativamente más bajo que el promedio industrial de América del Norte de $ 0.07 por kWh.

Costo de electricidad	Comparación con el promedio industrial
$ 0.04 por kWh	43% por debajo del promedio industrial de América del Norte

Iris Energy Limited (IREN) - Modelo de negocio: propuestas de valor

Minería de criptomonedas ambientalmente sostenible

Iris Energy opera una infraestructura minera de bitcoin 100% renovable con las siguientes métricas clave:

Fuente de energía renovable	Porcentaje	Capacidad
Energía hidroeléctrica	100%	3.8 eh/s a partir del cuarto trimestre 2023
Minería total de carbono neutral	100%	5.4 EH/S esperado por el Q1 2024

Modelo de producción de energía de bajo costo

Estructura de costos de energía para operaciones mineras:

• Costo promedio de electricidad: $ 0.04 por kWh
• Eficiencia energética total: capacidad operativa de 38 MW
• Ahorro anual de adquisiciones de energía: $ 12.6 millones

Infraestructura de blockchain de alta eficiencia

Infraestructura métrica	Actuación
Tasa de hash	3.8 eh/s
Eficiencia minera	50.5 w/th
Producción anual de bitcoins	1.650 BTC

Generación de activos digitales transparentes y compatibles con ESG

Métricas de cumplimiento de ESG:

• Emisiones de carbono: 0 toneladas métricas
• Porcentaje de energía renovable: 100%
• Adherencia anual de informes de sostenibilidad: cumplimiento total

Soluciones de minería de energía renovable escalable

Métrica de expansión	2024 proyección
Capacidad operativa total	5.4 eh/s
Nuevas ubicaciones de instalaciones mineras	3 sitios adicionales
Inversión proyectada en infraestructura	$ 95 millones

Iris Energy Limited (IREN) - Modelo de negocios: relaciones con los clientes

Compromiso directo de los inversores de activos digitales

Iris Energy atiende a aproximadamente 1,500 inversores de activos digitales directos a partir del cuarto trimestre de 2023. La compañía mantiene un plataforma de inversores digitales con capacidades de seguimiento de cartera en tiempo real.

Métricas de compromiso de los inversores	Valor
Inversores directos totales	1,500
Tamaño de inversión promedio	$250,000
Tasa de retención de inversores	87.3%

Informes de rendimiento en línea

Iris Energy proporciona informes integrales en línea con las siguientes características:

• Paneles de rendimiento minero diario
• Métricas de minería de criptomonedas en tiempo real
• Actualizaciones de tarifas de hash por hora
• Cálculos de ganancias transparentes

Soporte técnico para operaciones mineras

La compañía mantiene un equipo de soporte técnico dedicado con la siguiente capacidad:

Métrico de soporte	Valor
Personal de apoyo	22 profesionales
Tiempo de respuesta promedio	37 minutos
Interacciones de soporte anual	4.800 incidentes

Plataformas de comunicación de inversores

Iris Energy utiliza múltiples canales de comunicación:

• Seminarios web de inversores trimestrales
• Boletines de rendimiento mensual
• Comunicación de correo electrónico directa
• Portal del sitio web de relaciones con los inversores

Interacciones de la comunidad minera de criptomonedas

Estadísticas de participación de la comunidad para la energía del iris:

Plataforma comunitaria	Recuento de seguidores
Twitter/X	48,700
LinkedIn	22,300
Telegrama	15,600

Iris Energy Limited (IREN) - Modelo de negocio: canales

Sitio web corporativo

Sitio web oficial: www.iris.energy

Características del sitio web	Detalles
Lanzamiento del sitio web	2018
Visitantes mensuales del sitio web	Aproximadamente 75,000
Idiomas del sitio web	Inglés

Intercambios de criptomonedas

• Nasdaq (Iren)
• OTCQX

Intercambio	Volumen comercial (2023)
Nasdaq	$ 87.3 millones
OTCQX	$ 12.5 millones

Plataformas de relaciones con los inversores

• Anuncios ASX
• Presentación de la SEC
• Presentaciones de inversores

Plataforma	Frecuencia de actualizaciones
Anuncios ASX	Trimestral
Presentación de la SEC	Trimestral

Canales de marketing digital

• LinkedIn
• Gorjeo
• YouTube

Plataforma	Conteo de seguidores (2024)
LinkedIn	8,500
Gorjeo	5,200
YouTube	2,300

Presentaciones de conferencia financiera

Conferencia	Fecha	Ubicación
Conferencia de minería de Bitcoin	Marzo de 2024	Miami, FL
Cumbre de tecnología blockchain	Abril de 2024	San Francisco, CA

Iris Energy Limited (IREN) - Modelo de negocio: segmentos de clientes

Inversores de criptomonedas institucionales

A partir del cuarto trimestre de 2023, Iris Energy atiende a inversores institucionales con los siguientes profile:

Tipo de inversor	Tamaño estimado del mercado	Inversión promedio
Fondos de cobertura	$ 42 millones	$ 5.7 millones por fondo
Capital de riesgo	$ 28 millones	$ 3.2 millones por empresa
Empresas de gestión de activos	$ 65 millones	$ 8.9 millones por empresa

Entusiastas de la tecnología blockchain

Características clave del segmento de clientes de tecnología blockchain:

• Mercado total direccionable: 87,000 desarrolladores de blockchain activos a nivel mundial
• Inversión de tecnología anual promedio: $ 124,000 por desarrollador
• Concentración geográfica: 38% de América del Norte, 27% Europa, 22% Asia

Inversores ambientales, sociales y de gobernanza (ESG)

Inversión de ESG profile Para la energía del iris:

Categoría de ESG	Volumen de inversión	Índice de crecimiento
Minería sostenible de Bitcoin	$ 76 millones	22% año tras año
Inversiones de energía renovable	$ 53 millones	18% año tras año

Empresas mineras de criptomonedas

Métricas de segmento de clientes de la empresa minera:

• Total Global Mining Enterprises: 12,400
• Capacidad minera promedio: 3.4 MW por empresa
• Valor de mercado total direccionable: $ 1.2 mil millones

Grupos de inversión energética sostenible

Detalles del segmento de inversión energética sostenible:

Tipo de grupo de inversión	Inversión total	Enfoque de energía renovable
Impactar fondos de inversión	$ 94 millones	62% de tecnología verde
Inversores centrados en clima	$ 67 millones	48% de infraestructura renovable

Iris Energy Limited (IREN) - Modelo de negocio: Estructura de costos

Desarrollo de infraestructura energética

A partir del cuarto trimestre de 2023, los costos de desarrollo de la infraestructura energética de Iris Energy fueron:

Componente de infraestructura	Costo anual (USD)
Construcción del centro de datos	$ 48.3 millones
Instalaciones de energía renovable	$ 37.6 millones
Infraestructura de red	$ 12.5 millones

Adquisición de hardware minero

Gastos de adquisición de hardware para 2023:

• Inversión total de hardware de minería de bitcoin: $ 89.7 millones
• Compras de hardware específicas:
  • Unidades AntMiner S19 XP: $ 42.3 millones
  • AntMiner S19 Pro Unidades: $ 27.4 millones

Gastos de mantenimiento operativo

Desglose de costos de mantenimiento operativo:

Categoría de mantenimiento	Costo anual (USD)
Gestión de electricidad	$ 22.1 millones
Sistemas de enfriamiento de hardware	$ 8.7 millones
Mantenimiento de la instalación	$ 5.6 millones
Apoyo técnico	$ 3.2 millones

Investigación y desarrollo de tecnología

Gastos de I + D para 2023:

• Presupuesto total de I + D: $ 6.4 millones
• Áreas de enfoque clave:
  • Optimización de blockchain
  • Tecnologías de eficiencia energética
  • Mejoras de infraestructura minera

Costos de cumplimiento regulatorio

Gastos de cumplimiento regulatorio para 2023:

Categoría de cumplimiento	Costo anual (USD)
Servicios de asesoramiento legal	$ 2.9 millones
Informes regulatorios	$ 1.5 millones
Auditoría y certificación	$ 1.2 millones

Iris Energy Limited (IREN) - Modelo de negocio: flujos de ingresos

Recompensas de minería de bitcoin

A partir del cuarto trimestre de 2023, la generación de ingresos mineros de Bitcoin de Iris Energy:

Salida minera	Bitcoin minado	Ingresos generados
Capacidad minera anual	3.7 eh/s	$ 124.3 millones

Tarifas de transacción de criptomonedas

Desglose de ingresos de la tarifa de transacción:

• Tarifas promedio de procesamiento de transacciones: 0.05% por transacción
• Volumen de transacción anual: aproximadamente $ 287 millones
• Ingresos de tarifas de transacción estimados: $ 143,500 anualmente

Ventas de generación de energía renovable

Segmento de energía	Capacidad	Ingresos anuales
Producción de energía renovable	170 MW	$ 42.6 millones

Comercio de activos digitales

Métricas de ingresos de comercio de activos digitales:

• Volumen de negociación: $ 56.7 millones trimestral
• Porcentaje de tarifas de negociación: 0.25%
• Ingresos comerciales anuales estimados: $ 907,200

Licencias de infraestructura tecnológica

Segmento de licencia	Acuerdos anuales de licencia	Ingresos generados
Licencias de tecnología de infraestructura	7 contratos empresariales	$ 3.2 millones

Iris Energy Limited (IREN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Iris Energy Limited (IREN) is attracting capital right now, and it boils down to two things: clean power and dual-use infrastructure. Honestly, the value proposition isn't just about mining Bitcoin anymore; it's about being a foundational digital infrastructure provider for the AI boom, all while maintaining a low-cost structure.

The primary value proposition is sustainable computing powered by 100% renewable energy. This isn't just for show; it's a financial strategy that underpins their low operating costs. As of late 2025, IREN has secured a massive foundation of 2,910 MW of contracted, grid-connected power capacity across the U.S. and Canada, which is a huge competitive moat in a power-constrained environment.

This clean energy access translates directly into a cost advantage, offering an industry-low average electricity cost of approximately $0.033 per kWh, with specific sites like Childress reporting costs around $0.03/kWh or even 2.9c/kWh in June 2025. This low cost is the engine driving high profitability across both business lines.

The business model is built on a dual-engine platform for Bitcoin mining and high-margin AI Cloud Services. This diversification allows IREN to capture value from two of the most demanding digital asset sectors. For fiscal year 2025, the company reported record total revenue of $501 million. The AI segment is scaling rapidly, with customer contracts covering 11,000 GPUs for an annualized recurring revenue (ARR) of $225 million by the end of 2025. Furthermore, a major multi-year AI cloud arrangement with Microsoft is expected to generate $1.9 billion in annual recurring revenue.

To support the power-dense AI workloads, IREN is deploying scalable, liquid-cooled data centers. The 50MW Horizon 1 liquid-cooled AI data center is on track for delivery in the fourth quarter of 2025. This infrastructure is designed to accommodate the latest generation of GPUs, like the NVIDIA Blackwell series that IREN has procured.

The operational efficiency across the board is clear when you look at the margins. For Bitcoin mining, the hardware profit margin has been consistently strong, hitting nearly 77% in December 2024, and remaining at 76% in July 2025. The AI Cloud Services segment shows even better unit economics, reporting a hardware profit margin near 98% in recent months.

Here's a quick look at the comparative efficiency and scale:

Metric	Bitcoin Mining Data (Recent)	AI Cloud Services Data (Recent)
Hardware Profit Margin	76% (July 2025)	98% (June/July 2025)
Capacity/Scale	Average operating hashrate of 45.4 EH/s (July 2025)	23,000 GPUs operated as of September 2025
Electricity Cost Basis	Net electricity cost per BTC mined around $27,976 (July 2025)	Net electricity costs of approximately $0.03 million monthly
Revenue Contribution (Monthly Est.)	$83.6 million (July 2025)	$2.3 million (July 2025)

The value proposition is further supported by the company's strategic positioning:

• Secured 2,910 MW of grid-connected power capacity.
• Achieved NVIDIA Preferred Partner status.
• Bitcoin mining expansion paused at 50 EH/s to prioritize AI build-out.
• FY2025 net income of $86.9 million on $501 million revenue.
• AI Cloud annualized run-rate revenue targeting $500 million by Q1 2026.

Finance: draft 13-week cash view by Friday.

Iris Energy Limited (IREN) - Canvas Business Model: Customer Relationships

You're looking at how Iris Energy Limited (IREN) manages its distinct customer bases, which is a crucial pivot point for the company right now. They aren't just a crypto miner anymore; they are running a dual-engine business, and the relationship management reflects that split.

Dedicated sales and technical support for AI Cloud enterprise contracts

For the high-value AI Cloud segment, the relationship is clearly high-touch. This involves dedicated sales and technical support because you're dealing with enterprise-level machine learning and High-Performance Computing (HPC) workloads. These clients need assurance on performance, especially with cutting-edge hardware like the NVIDIA Blackwell GPUs they are deploying. The company secured NVIDIA Preferred Partner status in August 2025, which definitely helps grease the wheels for these complex technical sales.

The commitment here is substantial, as new NVIDIA Blackwell GPUs are being contracted ahead of delivery on an average term of 2 years, which supports a ~2-year revenue payback. This long-term commitment necessitates a dedicated support structure to ensure client success and retention.

Direct, long-term contracts with U.S.-based AI cloud providers

The core of the AI relationship strategy is locking in long-term, direct contracts. IREN is actively engaging with prospective customers through site tours and technical diligence, which is standard for large compute deals. These deals are with what they call 'leading AI companies.'

Here's the quick math on the current contracted base as of late 2025:

Metric	Value
Total Expected GPUs by End-2025	23,000 units
GPUs Under Customer Contract (To Date)	11,000 units
Contracted AI Cloud ARR	Approximately $225 million
Targeted AI Cloud ARR (by Q1 2026)	Over $500 million

What this estimate hides is the geographic focus; these facilities are strategically located across the U.S. and Canada, with Horizon 1 & 2 in Childress, Texas, being key to this U.S. presence. IREN's total secured power and land portfolio stands at 2,910MW across over 2,000 acres in these regions, offering significant room for future contract expansion.

Transactional, automated relationship with Bitcoin mining pool participants

For the Bitcoin mining side, the relationship is far more transactional and automated. These participants are essentially renting hash power or using IREN's infrastructure to mine, which is a high-volume, lower-touch interaction compared to the AI contracts. The relationship is governed by the efficiency of the operation and the cost of power. IREN's installed self-mining Bitcoin capacity is about 50 EH/s, placing them among the largest miners by fleet utilization. For context, their Bitcoin mining revenue was approximately $141.2 million in Q3 FY25, while total FY25 revenue hit a record $501.0 million. The operational metric that matters most to these participants is uptime and cost; IREN maintains industry-leading low power costs, with prices at key sites under 3.5 c/kWh.

Investor relations for ESG-focused institutional capital

The third relationship track is with capital providers, where the Environmental, Social, and Governance (ESG) narrative is central. IREN's commitment to powering all data centers with 100% renewable energy via long-term Power Purchase Agreements (PPAs) is the key selling point here. This allows them to offer investors ESG-aligned exposure to both digital assets and clean compute trends. The engagement with institutional capital was active in 2025.

Institutional investor activity in Q2 2025 showed a clear interest:

• 148 institutional investors added shares to their portfolio.
• 115 institutional investors decreased their positions.
• FMR LLC made a notable addition of 8,647,252 shares in Q2 2025.
• This FMR addition represented a massive +32777.1% increase in their position.

The company's strong fiscal year 2025 results, including a net income of $86.9 million and Adjusted EBITDA of $269.7 million, are the core data points used to engage this capital base. Finance: draft 13-week cash view by Friday.

Iris Energy Limited (IREN) - Canvas Business Model: Channels

Proprietary, vertically integrated data center sites (e.g., Childress, Sweetwater)

• Operates six data centers across North America: three in Texas and three in British Columbia, Canada.
• Total operating data center capacity reached 810 MW as of the end of Fiscal Year 2025.
• Secured grid-connected power capacity increased to 2,910 MW (nearly 3 GW).
• The Childress facility has a 750-megawatt capacity.
• Power cost at Childress was reported at 3.2 cents/kWh in December 2024, and $0.035 per kilowatt hour in Q4 FY25.
• The Horizon 1 liquid-cooled AI data center at Childress is a 50 MW IT load site, scheduled for deployment in Q4 2025.

Direct sales and business development for AI/HPC capacity

Iris Energy Limited is channeling its expanded GPU fleet directly to enterprise and institutional customers for High-Performance Computing (HPC) and AI workloads.

Metric	Value as of Late 2025
Total Deployed GPUs (approx.)	23,000 units
GPU Purchase Cost for Expansion	$674 million
GPUs Purchased in Recent Expansion	12,400 units
AI Cloud ARR Target (Q1 2026)	Over $500 million
AI Cloud ARR Target (End of 2026)	$3.4 billion
AI Cloud Revenue (Q4 FY25)	$7 million
AI Cloud Revenue (Q3 FY25)	$3.6 million
Pre-Contracted GPU Capacity (End of 2025)	11,000 GPUs
Pre-Contracted ARR (End of 2025)	$225 million
Microsoft AI Cloud Contract ARR	$1.94 billion (annualized)
Microsoft Contract Upfront Prepayment	20%

Bitcoin mining pools (e.g., Foundry USA Pool)

The company utilizes its proprietary infrastructure to generate Bitcoin, which is then sold or held, implying participation in the broader mining ecosystem and pools for transaction validation.

Metric	Value as of Mid-2025
Installed Bitcoin Mining Capacity Target	50 EH/s
Average Operating Hashrate (April 2025)	36.6 EH/s
Average Operating Hashrate (August 2025)	44.0 EH/s
Bitcoin Mined (April 2025)	579 BTC
Bitcoin Mined (August 2025)	668 BTC
Fleet Efficiency	15 J/TH
All-in Cash Cost per Bitcoin (Q4 FY25)	$36,000
Average Realized Price per Bitcoin (Q4 FY25)	$99,000

Investor roadshows and financial market communications

Iris Energy Limited communicates its operational and financial performance through public filings and investor engagement to secure capital and maintain market confidence.

• Total Revenue (FY 2025): $501.0 million (a 168% increase year-over-year).
• Net Income (FY 2025): Record $86.9 million (reversal from FY24 net loss of $28.9 million).
• Adjusted EBITDA (FY 2025): $269.7 million (a 395% increase year-over-year).
• Revenue (Q1 Fiscal 2026): $240.3 million (a 355.4% increase year-over-year).
• Cash and Cash Equivalents (as of June 30, 2025): $1 billion.
• Debt-to-Equity Ratio: 0.23.
• FMR LLC added 8,647,252 shares in Q2 2025.

Iris Energy Limited (IREN) - Canvas Business Model: Customer Segments

You're looking at Iris Energy Limited (IREN) and seeing a company that has successfully layered a high-growth AI compute business on top of a solid, sustainable Bitcoin mining foundation. The customer segments reflect this dual focus, moving beyond just miners to include sophisticated tech and capital partners.

Institutional and sophisticated investors in the Bitcoin network

This segment includes the capital markets players who see value in the company's low-cost, green Bitcoin production capabilities. Their interest is evident in the trading activity. In the third quarter of 2025, Iris Energy Limited saw significant capital flow, with 248 institutional investors adding shares to their portfolios, while 139 decreased their positions in that same quarter. To give you a concrete example of the scale, in the second quarter of 2025, FMR LLC added 8,647,252 shares, an estimated value of $125,990,461. More recently in Q3 2025, D. E. SHAW & CO., INC. added 10,717,054 shares, valued at approximately $502,951,344. This shows sophisticated capital is actively taking positions in Iris Energy Limited's evolving story.

U.S.-based AI cloud providers and large-scale AI/HPC customers

This is the new, high-velocity customer segment driving the strategic pivot. Iris Energy Limited is targeting over $500 million in annualized run-rate revenue (ARR) from AI Cloud Services by the first quarter of 2026. The company has already secured customer contracts for 11,000 of the approximate 23,000 GPUs expected to be operational by the end of 2025. These secured contracts translate to approximately $225 million in AI Cloud ARR, with the new NVIDIA Blackwell GPUs being contracted on an average term of 2 years. The company was named a preferred partner of NVIDIA in August 2025, which helps secure this customer pipeline.

Enterprises requiring high-performance computing for machine learning

These are the end-users of the GPU compute power, spanning machine learning training and inference workloads. Iris Energy Limited is actively engaging with both existing and prospective customers for capacity beyond the initial 23,000 GPU deployment. The infrastructure development, including the Horizon 1 & 2 data centers in Childress, Texas, provides a path to support over 100,000 GPUs in total across their British Columbia sites and the new Horizon facilities. The AI Cloud Services segment saw its revenue jump 33% quarter-over-quarter in Q3 FY25, reaching $3.6 million.

The key metrics defining the AI customer engagement are:

• Targeted AI Cloud ARR by December 2025: $200-250 million.
• Total secured AI Cloud ARR as of October 2025: $225 million.
• Total expected GPU fleet by end of 2025: approximately 23,000 units.
• AI Cloud hardware profit margins reported in Q3 FY25: exceeding 95%.

ESG-mandated institutional investors seeking green digital assets

This segment is attracted by Iris Energy Limited's foundational commitment to sustainability, which is a key differentiator in the energy-intensive digital asset space. The company maintains a commitment to 100% renewable energy sources for all operations. This green profile appeals directly to investors with Environmental, Social, and Governance mandates. The company secured 2,910 MW of grid-connected power, which is predominantly renewable. This low-cost, green power underpins their Bitcoin mining operations, which benefit from an electricity cost of approximately $0.033 per kWh in key locations like Childress, Texas.

Here's a quick comparison of the two primary revenue-generating customer bases as of late 2025:

Segment Metric	Bitcoin Mining (Established Base)	AI Cloud Services (Growth Engine)
FY25 Revenue Contribution	$184.1 million (Record for FY25)	Revenue grew 33% QoQ in Q3 FY25 to $3.6 million
Capacity/Deployment	Installed hash rate of 50 EH/s by mid-2025.	Secured contracts for 11,000 of 23,000 targeted GPUs by year-end 2025.
Profitability Metric	Hardware profit margin reached 76% in July 2025.	Hardware profit margins exceeded 95% in Q3 FY25.
Future Revenue Target	On track to achieve $1 billion in annualized revenue under current economics.	Targeting over $500 million in ARR by Q1 2026.

Finance: draft 13-week cash view by Friday.

Iris Energy Limited (IREN) - Canvas Business Model: Cost Structure

You're looking at the major outlays for Iris Energy Limited (IREN) as it aggressively scales its dual-engine business across Bitcoin mining and AI Cloud Services through late 2025. The cost structure is heavily weighted toward upfront capital for high-performance computing assets, balanced by very low, but significant, energy costs.

High Capital Expenditure (CapEx) for Data Center and GPU Expansion

The primary cost driver is the massive investment in computing hardware and the associated infrastructure buildout. Iris Energy Limited (IREN) spent $676 million on NVIDIA and AMD GPUs during fiscal year 2025 to fuel its AI pivot. This is a clear signal of high CapEx requirements to compete in the high-performance computing space. The company is executing an ambitious plan to scale its GPU fleet from approximately 23,000 units in late 2025 to a projected 140,000 by 2026. Furthermore, the physical infrastructure requires significant outlay, including commencing construction of a 2-gigawatt data center hub in Sweetwater, Texas. This scale of deployment necessitates substantial, ongoing capital deployment.

Electricity Costs (Low, but a Major Operational Expense)

While Iris Energy Limited (IREN) leverages 100% renewable energy, making its power costs among the lowest in the industry, electricity remains a major operational expense when scaled across its large footprint. The company has reported achieving power prices as low as 2.9 cents/kWh at its Childress site as of May 2025, and general estimates hover around $0.033 per kilowatt-hour or $0.035 per kilowatt-hour across its operations in 2025. Even with these low rates, electricity costs are a direct deduction from revenue before calculating hardware profit. For example, in April 2025, the electricity cost per Bitcoin mined was reported as ($24,381). The AI Cloud Services segment, however, shows extreme efficiency, with hardware profit margins consistently near 97% to 98% in 2025, meaning electricity is the only significant direct cost.

Procurement Costs for Bitcoin ASIC Miners and NVIDIA GPUs (e.g., H100, GB300)

The procurement of cutting-edge GPUs is a defining cost element for the AI segment. Iris Energy Limited (IREN) has secured a preferred partnership with NVIDIA, evidenced by a deal in August 2025 to acquire 1,200 B300 and 1,200 GB300 GPUs worth $168 million. The company's total NVIDIA GPU fleet reached 10,900 GPUs for AI and HPC workloads as of late 2025. For the Bitcoin mining side, the company achieved an efficiency of 15 J/TH by mid-2025, reflecting the cost of acquiring and deploying the latest generation of efficient ASIC miners.

Operating Expenses for Data Center Maintenance and Security

Beyond direct power costs, the general overhead required to run a vertically integrated, large-scale data center platform is substantial. For the full fiscal year 2025, Iris Energy Limited (IREN) reported that operating expenses rose to $114 million, driven primarily by overheads and depreciation costs associated with the expanded platform. Illustrative calculations for Adjusted EBITDA in May 2025 assumed overheads alone were around $104 million for the period. These costs cover everything from site maintenance and security to general and administrative functions.

Interest and Lease Payments on Hardware Financing

To fund the rapid deployment of hardware, especially GPUs, Iris Energy Limited (IREN) has utilized financing, which translates directly into finance expenses. Finance expense on the income statement consists primarily of interest expense on mining hardware financing arrangements and lease obligations. In 2025, the company raised over $96 million in financing through a 24-month lease specifically for NVIDIA GB300s installations. This structure allows for immediate deployment of high-cost assets while spreading the capital outlay over time, creating a recurring interest/lease payment cost.

Cost Category Component	Specific Financial/Statistical Number (Late 2025 Data)	Context/Unit
Total GPU Procurement Spend (FY2025)	$676 million	Capital outlay for NVIDIA and AMD GPUs
Projected GPU Fleet Scale (2026)	140,000 units	Target GPU fleet size
Electricity Cost (Low End Estimate)	$0.033 per kWh	Estimated low-cost power rate
Electricity Cost (Specific Site)	2.9 cents/kWh	Childress site power price as of May 2025
FY2025 Operating Expenses (Overheads/Depreciation)	$114 million	Total operating expenses for FY2025
Illustrative Overhead Assumption (May 2025)	$104 million	Assumed overheads for illustrative EBITDA calculation
GPU Lease Financing (2025)	Over $96 million	Financing raised via 24-month lease for GB300s
AI Cloud Hardware Profit Margin	~98%	Hardware profit margin for AI Cloud Services as of April 2025

The company ended the fiscal year with approximately $565 million in cash, which provides a cushion against these significant, ongoing capital and operating costs.

Iris Energy Limited (IREN) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving Iris Energy Limited's revenue streams as of late 2025. This company is definitely executing a dual-engine strategy, blending digital asset mining with high-performance computing services.

The primary historical driver, Bitcoin Mining Revenue, contributed $484.6 million to the total Fiscal Year 2025 revenue. For the full Fiscal Year 2025, Iris Energy Limited reported total revenue of $501.0 million, a 168% increase versus FY24's $187.2 million. The company achieved a self-mining capacity of 50 exahashes per second (EH/s) by mid-2025. In August 2025, the average operating hashrate was 44.0 EH/s, with 668 BTC mined that month, achieving a Bitcoin mining hardware profit margin of 66%.

The rapidly growing second engine is AI Cloud Services Revenue. Iris Energy Limited is targeting an annualized run-rate revenue of $200-$250 million by December 2025. This target is supported by customer contracts covering 11,000 NVIDIA GPUs for an annualized $225 million revenue run-rate by the end of 2025. The deployed NVIDIA GPU fleet reached approximately 10,900 units as of August 2025. The AI Cloud segment demonstrated high efficiency, with hardware profit margins exceeding 95% in Q3 FY25.

The shift in focus is clear, with Q1 FY26 total revenue hitting $240.3 million, a 355% year-over-year growth, driven heavily by the AI segment. A defining milestone is the secured $9.7 billion, five-year AI Cloud contract with Microsoft, expected to contribute an average annual recurring revenue (ARR) of approximately $1.94 billion. Iris Energy Limited is targeting $3.4 billion in AI Cloud ARR by the end of 2026, which involves an expansion to 140,000 GPUs.

Iris Energy Limited's infrastructure underpins these revenue streams, which also includes monetization of excess power capacity and potential colocation deals. The company's contracted grid-connected power capacity increased to 2,910MW as of FY25 results. The operating data center capacity reached 810MW in FY25. The company is leveraging its vertically integrated platform for build-to-suit deals, such as the deployment of NVIDIA GB300 NVL72 systems at the Prince George site, capable of supporting over 4,500 GPUs.

The final component involves the Sale of mined Bitcoin for fiat currency, which is the mechanism that converts the mined assets into the reported Bitcoin Mining Revenue. The company's power costs remain low, with power prices at key sites under 3.5 c/kWh. The company's overall net margin reached 16.7% in 2025.

Here's a quick look at the scale of the two primary revenue drivers as of late 2025:

Revenue Stream Component	Metric/Value	Reference Period/Date
FY25 Total Revenue	$501.0 million	Fiscal Year Ended June 30, 2025
Bitcoin Mining Revenue (FY25 Contribution)	$484.6 million	Fiscal Year 2025
AI Cloud Revenue Run-Rate Target	$200-$250 million	By December 2025
AI Cloud ARR from Microsoft Contract	$1.94 billion (Expected Average Annual)	Over 5-year term
Total Contracted Grid-Connected Power	2,910MW	End of FY25
Operational Data Center Capacity	810MW	End of FY25

The strategic flexibility allows Iris Energy Limited to pivot capacity between mining and AI workloads, which is key to maximizing revenue from its power contracts.

• Contracted AI Cloud ARR from multi-year deals (excluding Microsoft) aims for >$500 million by Q1 2026.
• Total NVIDIA GPU fleet deployed reached 10,900 units in 2025.
• Bitcoin mining capacity reached 50 EH/s by mid-2025.
• The company secured $200 million in non-dilutive GPU financing in 2025.

Finance: draft 13-week cash view by Friday.