IREN, Six Months Later

50 EH/s Banked, AI Cloud Gets Real

Back in Feb, I argued IREN was a disciplined, renewable-first miner with a pragmatic “sell-BTC, fund growth” playbook. Since then the company has delivered 50 EH/s, secured NVIDIA Preferred Partner status, and is scaling an AI Cloud that could reach a $200–$250m annualised run-rate by year-end without leaning hard on equity. The stock has rerated, so the debate shifts from “can they execute?” to “what’s the payoff if BTC and AI both work and what’s my downside if either leg stalls?”

it is part of our US Live Folio

TL;DR (since Feb 23, 2025)

• Scale: IREN actually hit its 50 EH/s mid-year target anchored by its 750MW Childress, TX campus.

• Mix shift: The AI Cloud side went from ~1.9k GPUs in Q1 to a plan for ~10.9k GPUs (majority Blackwell) and earned NVIDIA “Preferred Partner” status; financing is largely non-dilutive (leases/vendor)

• Financials: FY25 reported record revenue ~$501m and net income ~$87m; August update shows mining output of 668 BTC and AI Cloud revenue ~$2.4m for the month

• Pipeline: Power/capacity keeps expanding—Sweetwater 2 (600MW) grid connection signed; BC (Prince George) being prepped for liquid-cooled GB300 NVL72

• Stock moved a lot: Big run since spring on the dual Bitcoin + AI story.

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