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IREN Abandons Bitcoin Mining for AI-Focused Computing Ambitions

Guavy AI Editorial Team
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IREN's business model is undergoing a significant transformation, shifting its focus from Bitcoin mining to high-performance computing for artificial intelligence.

The company has moved past the proof-of-concept phase and signed substantial AI cloud agreements with Microsoft and Nvidia. Its ambition is to generate USD 4 billion in recurring annual revenue from the AI cloud division by the end of 2026, an increase from its previous target of USD 3.7 billion.

To fund this trajectory, IREN secured a USD 3.65 billion investment-grade GPU financing facility in June and plans to scale capacity to 1.2 gigawatts by 2027.

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