IREN

The company that became Iris Energy was incorporated under the laws of New South Wales, Australia, on November 6, 2018. The brothers Daniel Roberts and William (Will) Roberts are its co-founders; both were appointed directors on that date and serve as co-chief executive officers.⁠[1][2][3]

Daniel Roberts previously worked at Macquarie Group in London and PricewaterhouseCoopers in Sydney; William Roberts worked at Macquarie Group, Westpac and Brookfield Multiplex, and co-founded the Digital Assets team at Macquarie.⁠[2]

In January 2020 the company acquired its first site in British Columbia, Canada, its flagship data center at Canal Flats, used for bitcoin mining; it later obtained rights to further sites in the province such as Mackenzie and Prince George.⁠[1]

In October 2021 the company converted into a public company named Iris Energy Limited; its prospectus listed its principal executive offices in Sydney. On November 17, 2021, it priced an initial public offering of 8,269,231 ordinary shares at US$28.00 each and listed on the Nasdaq Global Select Market under the ticker IREN, describing itself at the time as a bitcoin mining company that builds and operates its own data centers in regions with abundant renewable energy.⁠[1][4]

On December 21, 2023, the company announced that delivery and installation of 248 NVIDIA H100 GPUs for the generative AI market had begun; at the same time, commissioning of its data centers at Childress, Texas, planned as five 20MW facilities totaling 100MW, was running ahead of schedule.⁠[5]

On February 8, 2024, the company announced a cloud services agreement for 248 H100 GPUs with poolside, an AI company building software-development tools; the service had begun on February 5, with an initial three-month term and a customer option to extend by three months. As of July 31, 2024, Childress was the company’s fourth operating site, with 100MW of installed capacity.⁠[6][2]

At the annual general meeting on November 20, 2024, shareholders approved a special resolution changing the company’s name from Iris Energy Limited to IREN Limited, with about 99.77% of votes in favor; the new name took effect on November 28, and the ticker remained IREN.⁠[7]

On November 3, 2025, the company announced a five-year AI cloud services contract with Microsoft with a total contract value of about $9.7 billion, including a 20% prepayment; it would provide access to NVIDIA GB300 GPUs at its Childress campus (planned at 750MW), with the facilities supporting 200MW of critical IT load in total. It also agreed to buy the GPUs and ancillary equipment from Dell Technologies for about $5.8 billion.⁠[8]

In May 2026 the company’s 1.4GW Sweetwater 1 site in Texas was connected to the ERCOT grid, bringing its high-voltage substation online.⁠[9][10]

On July 8, 2026, independent chair David Bartholomew wrote to shareholders explaining the 2025 retention award and 2026 equity award the board granted to the two founder-CEOs: restricted stock units vesting over four years followed by a further two-year lock-up, with no further equity grants until fiscal year 2031.⁠[3]

On July 20, the company announced multi-year cloud services contracts worth $2.8 billion in total with AI developers, saying its customers included Microsoft, NVIDIA, PerplexityPerplexityPerplexity is a San Francisco–based artificial intelligence company founded in 2022, known for its “answer engine” that gives answers with cited sources, and it has also launched products such as the Comet browser.Open the full entry, Figure AIFigureFigure is a US AI robotics company founded by Brett Adcock in 2022. It develops general-purpose humanoid robots and the Helix control system for industrial logistics and household tasks. Its robot generations include Figure 01, Figure 02 and Figure 03, with production pilots at BMW.Open the full entry, Together AI and Fluidstack, with a weighted average term of about four years; it raised its year-end 2026 AI cloud annualized run-rate revenue target from $3.7 billion to more than $4 billion.⁠[11]

On August 4, 2026, the company completed its acquisition of Mirantis, a cloud software and services provider, for about 12.6 million ordinary shares fixed at signing plus other consideration of about $40 million as of closing; the company said the deal adds software capabilities in AI workload orchestration, monitoring and customer support to its data center and compute business.⁠[12]

On August 13, 2026, the company announced that Horizon 1 at Childress, the first of four 50MW (IT) liquid-cooled deployments there, had been delivered to and accepted by Microsoft; after NVIDIA tested its GB300 NVL72 deployment, the company achieved NVIDIA “Exemplar Cloud” status.⁠[13][14]

FY26 results (fiscal year ended June 2026), published on August 27, showed total revenue of $707.0 million, including $128.8 million from AI cloud services, about eight times the prior year, and $578.2 million from bitcoin mining; non-cash impairments of $638.8 million, mainly from decommissioning mining hardware as sites are converted to AI cloud, contributed to a net loss of $702.6 million. The company said the results reflected its ongoing transition from bitcoin mining to AI cloud services.⁠[14]

On September 8, 2026, the company announced that its 2GW hub of Sweetwater 1 (1,400MW) and Sweetwater 2 (600MW) had been conditionally included as base load in ERCOT’s “Batch Zero” process, a classification still subject to further approvals; delivery of the first 300MW (gross) of data center capacity at Sweetwater 1 is targeted for the fourth quarter of 2027.⁠[10]

On October 21, 2026, at NVIDIA GTC in Berlin, the company announced a planned AI data center of about 300MW in Badajoz, Extremadura, Spain, designed for compatibility with the NVIDIA DSX AI Factory platform, with initial operations targeted for 2028.⁠[15]

As of October 2026, the company describes itself as a vertically integrated AI cloud platform delivering data centers, compute and software for AI training and inference, led by chief executives Daniel Roberts and William Roberts. Its website lists eight sites, including Childress, Texas (750MW), Sweetwater (2,000MW, under construction), Mackenzie, Canal Flats and Prince George in Canada, a site in Oklahoma in development (1,600MW), and planned sites at Bundey in South Australia (800MW) and Badajoz in Spain (300MW), with more than 5GW of secured power. It plans to report its first-quarter FY27 results on November 5, 2026.⁠[14][3][16][17]

IREN: Official website: https://iren.com/ (opens in a new window)⁠[16]

X: Official account: https://x.com/IREN_Ltd (opens in a new window)⁠[16]

LinkedInLinkedInLinkedIn is a social networking platform for professionals. It was founded in 2002 by Reid Hoffman and others, launched in 2003, and listed on the New York Stock Exchange in 2011; after Microsoft acquired it for approximately $26.2 billion in 2016, it became a wholly owned Microsoft subsidiary. Its revenue comes from membership subscriptions, advertising, and recruitment solutions.Open the full entry: Official account: https://www.linkedin.com/company/iren (opens in a new window)⁠[16]

YouTubeYouTubeYouTube is Google’s video-sharing and creator platform, founded in 2005 by Steve Chen, Chad Hurley, and Jawed Karim and acquired by Google in 2006. Built around video uploading, viewing, and creator earnings, the platform has developed Shorts, YouTube Music, Premium, YouTube TV, and products for children, and is headquartered in San Bruno, California, United States.Open the full entry: Official account: https://www.youtube.com/@iren_co (opens in a new window)⁠[16]