Key Facts
Iris Energy (NASDAQ: IREN), formerly a Bitcoin miner, rebranded in late 2024 to focus on AI infrastructure, leading to a stock increase of over 270%. The company is now leveraging its logistics and power for AI and high-performance computing, providing over 800 MW of capacity through four North American data centers.
IREN signed a significant $9.7 billion AI cloud services contract with Microsoft (NASDAQ: MSFT) in November and a $3.4 billion contract with Nvidia in May. Additionally, a series of contracts in July totaled $2.8 billion, enabling the company to anticipate an annualized revenue run rate exceeding $4 billion by 2026.
Analysts project IREN’s revenue could soar from $510 million in 2025 to $6.20 billion by 2028, with adjusted EBITDA increasing from $270 million to $4.95 billion during the same period. The company’s enterprise value stands at $17.59 billion, suggesting it remains reasonably valued in the growing AI data center market.
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