Iren's AI Cloud Business Surges 700%, Shares Rise 23%

Iren Ltd., once known mainly for its Bitcoin mining operations, has seen its shares surge by nearly 23% in the past five days. The company's AI cloud division is gaining attention from investors as it reports a significant increase in revenue.

The AI cloud business saw its sales jump to $128.8 million in fiscal 2026, representing a massive rise of over 700%. This growth has overshadowed other aspects of the company's performance, including a 27% decline in overall revenue and an adjusted loss of 41 cents per share.

Iren's control over electrical infrastructure is becoming increasingly valuable as corporations scramble for electricity and data-center capacity to support their AI operations. The company aims to expand its electricity capacity to around 2 gigawatts by 2029, with the potential for future growth in the AI sector.