IREN Ltd (IREN) — K Robot Matrix

Category: AI Power
Posted: Oct 11, 2025
Stock Price: $50.5 (After Market on 10/10)

Overview

IREN Ltd (IREN) is pivoting from pure Bitcoin mining toward an AI/HPC power-first operator. The company targets conversion of mining campuses into GPU-ready facilities, leveraging low-cost energy contracts, high-voltage interconnects, and cooling retrofits.

Lowest-Cost Mining & Monthly Production

Public disclosures position IREN among the industry’s lowest-cost Bitcoin miners on a per‑BTC basis, supported by power‑purchase agreements and renewable-heavy sites. Monthly BTC output varies with network difficulty and fleet mix; historically, IREN has produced several hundred BTC per month while maintaining sector-leading unit costs. Exact figures fluctuate and should be read alongside the company’s latest operating updates.

Role of Power in AI/HPC

Energy as Capacity Governor: Available MW and interconnection timing determine cluster scale, TCO, and time‑to‑service.
Cost & Stability: Long‑term, low‑volatility power underpins competitive pricing for tenants and improves financing terms.
Cooling & Efficiency: Liquid cooling (CDUs, warm‑water loops) and PUE optimization enable >150kW/rack GPU pods.

Competitive Advantages

Power Portfolio: Access to hydro/wind‑rich regions and grid nodes sized for campus‑scale deployments.
Campus Conversion: Modular halls and optical‑first white space enabling rapid BTC‑to‑GPU reconfiguration.
Operational Discipline: Mining‑hardened operations (uptime, thermal, electrical) transferable to AI tenants.
ESG Alignment: Renewable mix and demand‑response practices align with enterprise procurement.

Potential Development

AI Campus Phasing: 50–200MW stages integrating liquid cooling and optical fabrics.
Commercial Models: Mix of colocation, build‑to‑suit, and power‑as‑a‑service for GPU clouds and sovereign AI.
Grid Strategy: Onsite generation, storage, and hedging to manage interconnect delays and price risk.
Partnerships: Integrators, GPU vendors, and cloud/colo operators for rapid tenant onboarding.
Risk: Power price shocks, capex intensity, permitting, and network‑difficulty swings.

Texas and GPU Expansion Highlights (2025)

Texas Childress Data Center

0.75 GW
The Childress data center in Texas has expanded to 750 MW (0.75 GW) of available power capacity.

West Texas Cluster (Sweetwater)

2 GW
Sweetwater 1 has reached 1.4 GW, and the company has signed an interconnection agreement for an additional 600 MW for Sweetwater 2 — a total of 2.75 GW of fully contracted, secured capacity.
Sweetwater 1 is expected to be energized in April 2026, while Sweetwater 2 is projected to go online by late 2027.

Rapid GPU Deployment Growth

During 2025, IREN has significantly expanded its AI compute capacity, installing 1,900 Nvidia H100 and H200 GPUs, and committing an additional $168 million USD to acquire 2,400 Nvidia B300 GPUs, bringing the total GPU count to 10,900 units.

Shift Away from Bitcoin Toward AI & Cloud Services

After reaching 52 EH/s in Bitcoin mining hashrate, IREN paused further expansion of mining operations to fully pivot toward AI cloud and data-center services.

Data Center Construction and Expansion

IREN is currently building a 75 MW liquid-cooled AI/HPC data center (Horizon 1) in Childress, Texas, expected to be completed in the second half of 2025, supporting high-efficiency GPU operations.
It also plans a 1.4 GW data center in West Texas, targeted to launch ahead of schedule in April 2026.

Revenue and AI Segment Targets

AI cloud services represented about 10% of total revenue in 2024.
Annual hardware revenue is projected around $32 million USD, and IREN aims to increase its annualized AI cloud revenue to $200–250 million USD by year-end.

Updated: Oct 12, 2025

Future Development — 12–24 Month Outlook

Liquid‑Cooled Buildouts: Campus‑level warm‑water loops and CDUs to support dense GPU racks.
Power‑Market Integration: Capacity contracts, DR programs, and carbon credit interfaces.
Tenant Pipeline: Hyperscalers, GPU cloud, national labs, and defense seeking renewable‑heavy capacity.
Optical‑Ready Designs: Preparing for co‑packaged optics and optical I/O fabrics in AI clusters.
Structured Finance: Green bonds and infra funds to fund campus phasing.

This outlook is an analytical forecast based on AI/HPC power‑infrastructure trends; it is not company guidance.