Iren’s Transition to AI Infrastructure
Iren Limited (NASDAQ: IREN) has secured a $9.7 billion multi-year contract with Microsoft to provide AI cloud infrastructure, transitioning its operations from cryptocurrency mining to high-performance AI compute services. For the fiscal first quarter ending September 30, 2025, Iren reported revenues of $240 million, a 355% increase year-over-year, and aims for a $3.4 billion annual run rate in AI cloud revenue by the end of 2026.
The company is investing heavily in building new data centers and adapting its infrastructure, previously used for Bitcoin mining, into AI operations. Despite experiencing a 21% drop in share prices in December 2025, Iren’s stock has nearly surged 30% at the start of 2026. As of the most recent quarter, Iren holds $1.8 billion in cash, supported by a recent $2.3 billion convertible notes offering.
