IREN Ltd Stock Price, News & Analysis

IREN announced significant business updates, including a $1bn at-the-market facility to support expansion plans. The company aims to increase capacity to 57 EH/s by H2 2025, with 50 EH/s targeted for H1 2025. At a $100k Bitcoin price, this expansion could support run-rate Illustrative Adjusted EBITDA of $716m at 50 EH/s and $826m at 57 EH/s.

The company is implementing direct-to-chip liquid cooling systems in existing data centers to accommodate liquid-cooled NVIDIA Blackwell GPUs and meet growing demand for liquid-cooled data center capacity. IREN is also advancing its 1,400MW Sweetwater project, scheduled for energization in April 2026, with ongoing substation procurement and construction activities.

Additionally, IREN is developing a multi-gigawatt data center pipeline, focusing on securing land and negotiating new grid-interconnection agreements. The company maintains low power costs of 2.8c/kWh at Childress and a leading fleet efficiency of <15 J/TH.

IREN has released its December 2024 monthly update, highlighting significant achievements in Bitcoin mining and AI/HPC operations. The company mined 529 Bitcoin in December, contributing to a total of 3,984 Bitcoin mined in 2024. December's operations generated record revenue of $52.1m and hardware profit of $40m with a 77% profit margin.

The company achieved its year-end target of 31 EH/s mining capacity, representing a 450% increase from 5.6 EH/s. Operating hashrate averaged 28.1 EH/s in December. Data center capacity reached 510MW at month-end, with plans to expand to 810MW by H1 2025.

In AI/HPC operations, IREN has deployed 1,896 NVIDIA H100 & H200 GPUs and is advancing negotiations for additional AI opportunities. The company's Childress facility expanded to 350MW operating capacity, with construction progressing on Phases 4-5 (+300MW) to support expansion to 50 EH/s in H1 2025.

IREN has achieved its year-end target of 31 EH/s installed self-mining capacity, surpassing its original goal of 20 EH/s. The company expanded its Childress operating data centers from 20MW to 350MW, representing a 17-fold increase. Operating with 510MW of data centers at 15 J/TH efficiency, IREN is progressing toward 50 EH/s in H1 2025.

The Childress facility now supports 350MW of operating capacity with an additional 400MW available for expansion in 2025. Construction is ongoing for Phases 4 & 5 (2 x 150MW), with electrical equipment secured and S21 Pro Miners pre-purchased at $18.9/TH. The company maintains a construction pace of ~50MW of data centers monthly.

IREN has successfully closed a $440 million convertible senior notes offering due 2030, which was oversubscribed and upsized from the initial $300 million. The notes carry a 3.25% coupon with a 30% conversion premium. The company received net proceeds of approximately $425.4 million after deducting costs.

The funds will be allocated as follows: $44.4 million for capped call transactions, $73.7 million for prepaid forward transactions, and the remainder for general corporate purposes. The capped call transactions, with an initial cap price of $25.86 per share (100% premium), are designed to reduce potential dilution and offset cash payments upon note conversion.

IREN has published its November 2024 monthly investor update, highlighting significant operational achievements. The company mined 379 Bitcoin with an average operating hashrate of 19.7 EH/s. Installed capacity reached 28 EH/s, a 33% increase from 21 EH/s, with plans to reach 50 EH/s by H1 2025.

Data center operations expanded to 460MW, up 28% from 360MW, with plans to reach 810MW by H1 2025. The company completed a $440 million convertible notes offering, upsized from $300 million. Mining revenue reached $32.6m with a hardware profit margin of 74%. AI Cloud Services generated $0.9m in revenue with a 97% hardware profit margin.

IREN has announced the pricing of its $400 million convertible senior notes offering, due 2030, with a 3.25% interest rate. The offering, upsized from the previously announced $300 million, includes notes convertible at an initial rate of 59.4919 ordinary shares per $1,000 principal amount, representing a conversion price of $16.81 per share.

The company expects net proceeds of approximately $386.5 million (or $425.4 million if additional options are exercised). These funds will be allocated as follows: $40.3 million for capped call transactions, $75.9 million for prepaid forward transactions, with the remainder for general corporate purposes and working capital.

The notes will mature on June 15, 2030, with interest payable semi-annually. IREN has implemented capped call transactions with a cap price of $25.86 per share to reduce potential dilution and offset potential cash payments upon conversion.

IREN announces its plan to offer $300 million in convertible senior notes due 2030, with an additional $45 million option for initial purchasers. The notes will be senior, unsecured obligations with semi-annual interest payments, convertible to cash, ordinary shares, or a combination. The company plans to use proceeds for capped call transactions, prepaid forward transaction, and general corporate purposes.

The company will enter into capped call transactions to reduce potential dilution and offset potential cash payments beyond principal amount. Additionally, IREN will enter a prepaid forward share purchase transaction for up to $100 million of its ordinary shares, settling near the notes' maturity date.

IREN has increased its installed self-mining capacity by 33% from 21 EH/s to 28 EH/s following the energization of its Childress Phase 3 substation. The company expects to reach 31 EH/s of installed capacity this month, with sufficient miner inventory on-site. Four data center buildings are complete and operational, with two remaining buildings expected to be completed this month. IREN is accelerating its expansion target to 50 EH/s and 810MW of data centers in H1 2025, ahead of the previous H2 2025 timeline. The company maintains an all-in cash cost per Bitcoin of approximately $29k.

IREN reported Q1 FY25 financial results with Bitcoin mining revenue of $49.6 million, down from $54.3 million in Q4 FY24, and AI Cloud Services revenue of $3.2 million, up 28% from Q4. The company mined 2,813 Bitcoin and reported a net loss of $51.7 million. IREN has accelerated its expansion plans to reach 50 EH/s in H1 2025, earlier than previously planned H2 2025. The company maintains $98.6 million in cash with no debt, increasing to $182.4 million by October 31, 2024. Operating with ~$29k all-in cash cost per Bitcoin, IREN is focusing on alternative funding instruments and potential investor distributions in 2025.