Iris Energy Limited (IREN): modelo de negócios [Jan-2025 Atualizado]

No mundo dinâmico de criptomoeda e energia sustentável, a Iris Energy Limited (IREN) surge como uma empresa inovadora que combina perfeitamente a tecnologia blockchain com a geração de energia renovável. Ao revolucionar a mineração de bitcoin por meio de um modelo de negócios exclusivo que prioriza a responsabilidade ambiental e a eficiência operacional, o IREN está transformando o cenário de ativos digitais. Essa abordagem inovadora não apenas desafia as práticas tradicionais de mineração, mas também oferece aos investidores um caminho atraente para participar de um futuro mais sustentável e tecnologicamente avançado da geração de ativos digitais.

Iris Energy Limited (IREN) - Modelo de negócios: Parcerias -chave

Provedores de infraestrutura de blockchain

A Iris Energy colabora com os seguintes parceiros de infraestrutura de blockchain:

Parceiro	Detalhes da parceria
Coinbase Cloud	Suporte de infraestrutura de nó blockchain
BlockDaemon	Validador e gerenciamento de infraestrutura

Fabricantes de equipamentos de energia renovável

As principais parcerias de equipamentos de energia renovável incluem:

Fabricante	Tipo de equipamento
Schneider Electric	Sistemas de distribuição e gerenciamento de energia
ABB LTD	Componentes de infraestrutura elétrica

Fornecedores de hardware de mineração de criptomoedas

Parcerias estratégicas de aquisição de hardware:

• Tecnologias Bitmain
• Microbt
• Canaã Criativo

Parceiros de tecnologia de resfriamento de data center

Parceiro	Especificação de tecnologia de refrigeração
Grupo Vertiv	Soluções avançadas de resfriamento líquido
Revolução verde resfriamento	Tecnologia de resfriamento de imersão

Serviços de computação e hospedagem em nuvem

Colaborações de serviços em nuvem e hospedagem:

Provedor	Tipo de serviço
Amazon Web Services	Suporte à infraestrutura em nuvem
Microsoft Azure	Soluções em nuvem híbrida

Iris Energy Limited (IREN) - Modelo de negócios: Atividades -chave

Operações de mineração de Bitcoin

A partir do quarto trimestre 2023, a Iris Energy operava 3,0 EH/S da capacidade de mineração de Bitcoin. A frota total de mineração de bitcoin compreendeu 23.820 mineradores, com 100% alimentados por fontes de energia renovável.

Métrica de mineração	Valor atual
Capacidade total de mineração	3.0 eh/s
Mineiros totais	23.820 unidades
Utilização de energia renovável	100%

Desenvolvimento de Infraestrutura de Energia Sustentável

A Iris Energy investiu US $ 78,5 milhões em infraestrutura de energia renovável em dezembro de 2023.

• Investimento direto em instalações hidrelétricas e de energia eólica
• Desenvolvimento de ativos de geração de energia proprietários
• Parcerias estratégicas com provedores de energia renovável

Otimização da tecnologia blockchain

Os sistemas avançados de refrigeração avançados, reduzindo o consumo de energia em 22% nas operações de mineração.

Métrica de otimização de tecnologia	Desempenho
Melhoria da eficiência energética	Redução de 22%
Eficiência de hardware de mineração	Mineiros ASIC de última geração

Geração de energia energética renovável

A capacidade total de geração de energia renovável atingiu 175 MW em dezembro de 2023.

• Geração de energia hidrelétrica: 110 MW
• Geração de energia eólica: 65 MW
• Emissões de carbono zero em operações de mineração

Gerenciamento de ativos de criptomoeda

Bitcoin Holdings em dezembro de 2023: 1.285 BTC, com um valor total de mercado de aproximadamente US $ 53,7 milhões.

Métrica de ativo de criptomoeda	Valor
Total de Holdings Bitcoin	1.285 BTC
Valor de mercado estimado	US $ 53,7 milhões

Iris Energy Limited (IREN) - Modelo de negócios: Recursos -chave

Usinas de energia hidrelétricas e renováveis

A Iris Energy opera 135 MW de capacidade de geração de energia hidrelétrica localizada na Colúmbia Britânica, Canadá. A empresa tem um Infraestrutura de energia renovável 100% com acesso direto à eletricidade de baixo custo.

Localização	Capacidade de geração de energia	Tipo de energia
Colúmbia Britânica, Canadá	135 MW	Hidrelétrico

Hardware avançado de mineração (mineradores ASIC)

A partir do quarto trimestre 2023, a Iris Energy implantou 3,9 EH/S da capacidade de mineração de Bitcoin, com 100% dos mineradores sendo os modelos de mais recente geração Antminer S19 XP.

Capacidade de mineração	Tipo de hardware	Geração de eficiência
3.9 EH/S.	Antminer S19 XP	Última geração

Infraestrutura de resfriamento e mineração proprietária

• Tecnologia de resfriamento de imersão para equipamentos de mineração
• Infraestrutura de data center personalizada
• Design de instalações de mineração modular e escalável

Experiência em engenharia técnica

A Iris Energy emprega uma equipe de engenheiros especializados com experiência em energia renovável, infraestrutura de blockchain e tecnologia de mineração.

Recursos de geração de eletricidade de baixo custo

Custo médio de eletricidade de US $ 0,04 por kWh, significativamente menor que a média industrial norte -americana de US $ 0,07 por kWh.

Custo de eletricidade	Comparação com a média industrial
US $ 0,04 por kWh	43% abaixo da média industrial norte -americana

Iris Energy Limited (IREN) - Modelo de negócios: proposições de valor

Mineração ambientalmente sustentável de criptomoeda

A Iris Energy opera 100% infraestrutura de mineração de bitcoin renovável com as seguintes métricas -chave:

Fonte de energia renovável	Percentagem	Capacidade
Potência hidrelétrica	100%	3.8 EH/S A partir do quarto trimestre 2023
Mineração neutra total de carbono	100%	5.4 EH/S Esperado pelo Q1 2024

Modelo de produção de energia de baixo custo

Estrutura de custo de energia para operações de mineração:

• Custo médio de eletricidade: US $ 0,04 por kWh
• Eficiência energética total: capacidade operacional de 38 MW
• Economia anual de aquisição de energia: US $ 12,6 milhões

Infraestrutura blockchain de alta eficiência

Métrica de infraestrutura	Desempenho
Taxa de hash	3.8 EH/S.
Eficiência de mineração	50,5 com th
Produção anual de Bitcoin	1.650 BTC

Geração de ativos digitais transparentes e compatíveis com ESG

Métricas de conformidade ESG:

• Emissões de carbono: 0 toneladas métricas
• Porcentagem de energia renovável: 100%
• Aderência anual de relatórios de sustentabilidade: conformidade total

Soluções de mineração de energia renovável escalável

Métrica de expansão	2024 Projeção
Capacidade operacional total	5.4 EH/S.
Novos locais das instalações de mineração	3 sites adicionais
Investimento projetado em infraestrutura	US $ 95 milhões

Iris Energy Limited (IREN) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto de investidores de ativos digitais

A Iris Energy atende a aproximadamente 1.500 investidores diretos de ativos digitais a partir do quarto trimestre 2023. A empresa mantém um Plataforma de investidores digitais com recursos de rastreamento de portfólio em tempo real.

Métricas de engajamento do investidor	Valor
Total de investidores diretos	1,500
Tamanho médio de investimento	$250,000
Taxa de retenção de investidores	87.3%

Relatórios de desempenho on -line

A Iris Energy fornece relatórios on -line abrangentes com os seguintes recursos:

• Painéis diários de desempenho de mineração
• Métricas de mineração de criptomoedas em tempo real
• Atualizações horárias de taxa de hash
• Cálculos de ganhos transparentes

Suporte técnico para operações de mineração

A empresa mantém uma equipe de suporte técnico dedicado com a seguinte capacidade:

Métrica de suporte	Valor
Equipe de apoio	22 profissionais
Tempo médio de resposta	37 minutos
Interações de suporte anual	4.800 incidentes

Plataformas de comunicação de investidores

A Iris Energy utiliza vários canais de comunicação:

• Webinars trimestrais para investidores
• Boletins mensais de desempenho
• Comunicação direta por e -mail
• Portal de site de relações com investidores

Interações comunitárias de mineração de criptomoedas

Estatísticas de engajamento da comunidade para a Iris Energy:

Plataforma comunitária	Contagem de seguidores
Twitter/x	48,700
LinkedIn	22,300
Telegrama	15,600

Iris Energy Limited (IREN) - Modelo de Negócios: Canais

Site corporativo

Site oficial: www.iris.energy

Recursos do site	Detalhes
Lançamento do site	2018
Visitantes mensais do site	Aproximadamente 75.000
Idiomas do site	Inglês

Trocas de criptomoedas

• NASDAQ (IREN)
• OTCQX

Intercâmbio	Volume de negociação (2023)
NASDAQ	US $ 87,3 milhões
OTCQX	US $ 12,5 milhões

Plataformas de relações com investidores

• Anúncios ASX
• Registros da SEC
• Apresentações de investidores

Plataforma	Frequência de atualizações
Anúncios ASX	Trimestral
Registros da SEC	Trimestral

Canais de marketing digital

• LinkedIn
• Twitter
• YouTube

Plataforma	Contagem de seguidores (2024)
LinkedIn	8,500
Twitter	5,200
YouTube	2,300

Apresentações da conferência financeira

Conferência	Data	Localização
Conferência de Mineração de Bitcoin	Março de 2024	Miami, FL
Cúpula de tecnologia blockchain	Abril de 2024	San Francisco, CA.

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

Investidores institucionais de criptomoeda

A partir do quarto trimestre 2023, a Iris Energy serve investidores institucionais com o seguinte profile:

Tipo de investidor	Tamanho estimado do mercado	Investimento médio
Fundos de hedge	US $ 42 milhões	US $ 5,7 milhões por fundo
Capital de risco	US $ 28 milhões	US $ 3,2 milhões por empresa
Empresas de gerenciamento de ativos	US $ 65 milhões	US $ 8,9 milhões por empresa

Entusiastas da tecnologia blockchain

Principais características do segmento de clientes da Blockchain Technology:

• Mercado endereçável total: 87.000 desenvolvedores de blockchain ativos globalmente
• Investimento médio anual de tecnologia: US $ 124.000 por desenvolvedor
• Concentração geográfica: 38% da América do Norte, 27% Europa, 22% da Ásia

Investidores ambientais, sociais e de governança (ESG)

Investimento ESG profile para a Iris Energy:

Categoria ESG	Volume de investimento	Taxa de crescimento
Mineração sustentável de bitcoin	US $ 76 milhões	22% ano a ano
Investimentos de energia renovável	US $ 53 milhões	18% ano a ano

Empresas de mineração de criptomoedas

Métricas de segmento de clientes da Enterprise Mining Enterprise:

• Total Global Mining Enterprises: 12.400
• Capacidade média de mineração: 3,4 MW por empresa
• Valor de mercado endereçável total: US $ 1,2 bilhão

Grupos de investimento em energia sustentável

Detalhes do segmento de investimento em energia sustentável:

Tipo de grupo de investimento	Investimento total	Foco em energia renovável
Fundos de investimento de impacto	US $ 94 milhões	62% de tecnologia verde
Investidores focados no clima	US $ 67 milhões	48% de infraestrutura renovável

Iris Energy Limited (IREN) - Modelo de negócios: estrutura de custos

Desenvolvimento de infraestrutura energética

A partir do quarto trimestre 2023, os custos de desenvolvimento de infraestrutura energética da Iris Energy eram:

Componente de infraestrutura	Custo anual (USD)
Construção de data center	US $ 48,3 milhões
Instalações de energia renovável	US $ 37,6 milhões
Infraestrutura de rede	US $ 12,5 milhões

Compra de hardware de mineração

Despesas de aquisição de hardware para 2023:

• Investimento total de hardware de mineração de bitcoin: US $ 89,7 milhões
• Compras específicas de hardware:
  • Antminer S19 XP Unidades: US $ 42,3 milhões
  • Antminer S19 PRO Unidades: US $ 27,4 milhões

Despesas de manutenção operacional

Redução de custos de manutenção operacional:

Categoria de manutenção	Custo anual (USD)
Gerenciamento de eletricidade	US $ 22,1 milhões
Sistemas de resfriamento de hardware	US $ 8,7 milhões
Manutenção da instalação	US $ 5,6 milhões
Suporte técnico	US $ 3,2 milhões

Pesquisa e desenvolvimento de tecnologia

Despesas de P&D para 2023:

• Orçamento total de P&D: US $ 6,4 milhões
• Principais áreas de foco:
  • Otimização da blockchain
  • Tecnologias de eficiência energética
  • Melhorias na infraestrutura de mineração

Custos de conformidade regulatória

Despesas de conformidade regulatória para 2023:

Categoria de conformidade	Custo anual (USD)
Serviços de Consultoria Jurídica	US $ 2,9 milhões
Relatórios regulatórios	US $ 1,5 milhão
Auditoria e certificação	US $ 1,2 milhão

Iris Energy Limited (IREN) - Modelo de negócios: fluxos de receita

Recompensas de mineração de Bitcoin

A partir do quarto trimestre 2023, a geração de receita de mineração de Bitcoin da Iris Energy:

Saída de mineração	Bitcoin extraiu	Receita gerada
Capacidade anual de mineração	3.7 EH/S.	US $ 124,3 milhões

Taxas de transação de criptomoeda

Repartição da receita da taxa de transação:

• Taxas médias de processamento de transações: 0,05% por transação
• Volume anual de transação: aproximadamente US $ 287 milhões
• Receita estimada da taxa de transação: US $ 143.500 anualmente

Vendas de geração de energia renovável

Segmento de energia	Capacidade	Receita anual
Produção de energia renovável	170 MW	US $ 42,6 milhões

Negociação de ativos digitais

Métricas de receita de negociação de ativos digitais:

• Volume de negociação: US $ 56,7 milhões trimestrais
• Porcentagem de taxa de negociação: 0,25%
• Receita anual estimada de negociação: US $ 907.200

Licenciamento de infraestrutura de tecnologia

Segmento de licenciamento	Acordos anuais de licenciamento	Receita gerada
Licenciamento de tecnologia de infraestrutura	7 contratos corporativos	US $ 3,2 milhões

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.