Welcome to our dedicated page for IREN news (Ticker: IREN), a resource for investors and traders seeking the latest updates and insights on IREN stock.
IREN Ltd (IREN) operates sustainable data centers powering Bitcoin mining operations and AI cloud services through renewable energy solutions. This dedicated news hub provides investors and industry professionals with essential updates on strategic developments, technology deployments, and operational milestones.
Access timely announcements covering earnings reports, infrastructure expansions, and renewable energy initiatives. Our curated collection includes press releases on new computing partnerships, hardware upgrades, and sustainability achievements that define IREN's position in high-performance computing.
Key updates feature developments in cryptocurrency mining efficiency, AI service offerings, and low-carbon data center operations. Track IREN's progress in balancing computational demands with environmental responsibility through their innovative energy management strategies.
Bookmark this page for centralized access to verified information about IREN's operational performance and market positioning. Regularly updated content ensures stakeholders maintain current awareness of this renewable-powered computing infrastructure provider.
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.
Iris Energy (NASDAQ: IREN) has announced it will release its financial results for Q1 FY25 (three months ended September 30, 2024) on Tuesday, November 26, 2024, followed by a conference call at 5:00 p.m. New York time. The company, a leading data center business focused on Bitcoin mining and AI cloud services, operates with 100% renewable energy. IREN currently operates 360MW of data centers, with plans to expand to 510MW in 2024. Their Bitcoin mining capacity is expanding to 31 EH/s in 2024, and they provide AI cloud services with 1,896 NVIDIA H100 & H200 GPUs.
IREN released its October 2024 investor update highlighting significant operational progress. The company's Bitcoin mining revenue increased 32% to $28.2m, with 439 BTC mined at an average operating hashrate of 19.9 EH/s. AI Cloud Services generated $1.0m in revenue with a 197% hardware profit margin. The company is expanding its infrastructure with 1,080 NVIDIA H200 GPUs being commissioned and preparations for Blackwell GPUs. The Childress data center expansion continues with a 1.4GW site target energization moved to April 2026. IREN maintains ongoing discussions with hyperscalers regarding various monetization structures.
Iris Energy (NASDAQ: IREN) has provided a business update highlighting the growth of its AI Cloud Services division and progress on its 1.4GW data center project. The AI operations are expected to generate approximately $32 million in annualized hardware profit by the end of December 2024, contributing about 10% to overall earnings. IREN's current fleet of 816 NVIDIA H100 GPUs is nearing full utilization, with plans to commission an additional 1,080 NVIDIA H200 GPUs in Q4 2024.
The company has accelerated the target energization date for its 1.4GW substation in West Texas to April 2026, earlier than the original October 2026 date. IREN has engaged an EPC contractor for substation infrastructure development and is procuring key electrical items. The company has also expanded its landholding to over 1,300 acres and is planning for both Bitcoin mining and HPC/AI pathways.
IREN (NASDAQ: IREN) released its September 2024 investor update, highlighting significant progress in Bitcoin mining and AI Cloud Services. Key achievements include:
1. Bitcoin Mining: 347 Bitcoin mined at $23.6k electricity cost per Bitcoin, with 21 EH/s installed capacity and plans for 31 EH/s by Q4 2024.
2. AI Cloud Services: 1,896 NVIDIA H100 & H200 GPUs deployed, expected to contribute ~10% to run-rate earnings by year-end.
3. Data Centers: 360MW operating, with plans for 510MW by end of 2024.
4. Financial Performance: Bitcoin mining revenue increased 42% to $21.4m, with a 21% reduction in electricity cost per Bitcoin to $23.6k.
5. Expansion: Additional 1,080 NVIDIA H200 GPUs purchased for Q4 2024 delivery, supporting $32m illustrative annualized hardware profit.
Iris Energy (NASDAQ: IREN) has announced reaching a significant milestone of 20 EH/s installed capacity ahead of schedule. The company expects to further increase this to 21 EH/s in the coming days through optimization of existing data center infrastructure. IREN is on track to achieve 31 EH/s in Q4 2024, with construction of Childress Phase 3 (150MW) well underway and approximately 430 people mobilized on site.
Previously purchased Bitmain S21 XP miners (13.5 J/TH) are scheduled for shipping over the next two months as part of the expansion. At 31 EH/s (15 J/TH efficiency), IREN projects $20k electricity cost and $30k all-in cash cost per Bitcoin mined. The company is progressing towards industry leadership with ongoing construction at Childress Phase 2 and 3.
Iris Energy (NASDAQ: IREN) has announced the purchase of 1,080 NVIDIA H200 GPUs for $43.9 million to expand its AI Cloud Services business. This acquisition is expected to increase the AI Cloud Services proportion of IREN's earnings to approximately 10% by year-end, with further growth anticipated through 2025.
Key points:
- IREN's GPU fleet will increase to 1,896 NVIDIA H100 & H200 GPUs
- Estimated annualized hardware profit of $32 million
- Bitcoin mining capacity to expand to 30 EH/s by Q4 2024
- AI Cloud Services expected to contribute ~10% to run-rate earnings by end of 2024
- Illustrative economics show $33m revenue and $32m hardware profit for AI Cloud Services, compared to $460m revenue and $304m hardware profit for Bitcoin Mining
FAQ
What is the current stock price of IREN (IREN)?
What is the market cap of IREN (IREN)?
