Overview
IREN Ltd, headquartered in Sydney, is converting bitcoin-mining capacity into AI cloud services and aims to substantially complete the transition by the end of 2026[28]. In the fiscal year to 30 June 2026, AI Cloud Services revenue rose to US$128.8 million from US$16.4 million, while bitcoin mining still provided US$578.2 million[28]. Only the AI cloud figure is used. Under a contract with Microsoft, IREN delivered its first tranche of capacity in August 2026, with later tranches targeted for the fourth quarter of 2026[28]. IREN had 685 employees at 30 June 2026 and added about 580 through the Mirantis acquisition in August 2026[28].
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