Iris Energy Limited (Iren): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de la crypto-monnaie et de l'énergie durable, Iris Energy Limited (Iren) apparaît comme une entreprise révolutionnaire qui mélange de manière transparente la technologie de la blockchain avec la production d'énergie renouvelable. En révolutionnant l'extraction du bitcoin via un modèle commercial unique qui priorise la responsabilité environnementale et l'efficacité opérationnelle, Iren transforme le paysage des actifs numériques. Cette approche innovante remet en question non seulement les pratiques minières traditionnelles, mais offre également aux investisseurs une voie convaincante pour participer à un avenir plus durable et technologiquement avancé de la génération d'actifs numériques.

Iris Energy Limited (Iren) - Modèle d'entreprise: partenariats clés

Fournisseurs d'infrastructures de blockchain

Iris Energy collabore avec les partenaires d'infrastructure de blockchain suivants:

Partenaire	Détails du partenariat
Nuage de Coinbase	Support d'infrastructure de nœuds de blockchain
Blocage	Gestion des validateurs et des infrastructures

Fabricants d'équipements d'énergie renouvelable

Les partenariats clés des équipements d'énergie renouvelable comprennent:

Fabricant	Type d'équipement
Schneider Electric	Systèmes de distribution et de gestion d'énergie
ABB LTD	Composants des infrastructures électriques

Fournisseurs de matériel d'exploitation de crypto-monnaie

Partenariats stratégiques en matière d'approvisionnement en matériel:

• Bitmain Technologies
• Microb
• Canaan créatif

Partners de la technologie de refroidissement du centre de données

Partenaire	Spécification de la technologie de refroidissement
Groupe vertiv	Solutions de refroidissement liquide avancées
Refroidissement de la révolution verte	Technologie de refroidissement à l'immersion

Services de cloud computing et d'hébergement

CLOUBLE ET HOSTING SERVICE COLBORMORATIONS:

Fournisseur	Type de service
Services Web Amazon	Support d'infrastructure cloud
Microsoft Azure	Solutions de nuages ​​hybrides

Iris Energy Limited (Iren) - Modèle d'entreprise: activités clés

Opérations d'exploration de bitcoin

Depuis le quatrième trimestre 2023, Iris Energy a fonctionné 3,0 EH / s de la capacité d'exploration de Bitcoin. La flotte totale de l'exploitation de Bitcoin comprenait 23 820 mineurs, avec 100% alimentés par des sources d'énergie renouvelables.

Métrique minière	Valeur actuelle
Capacité minière totale	3.0 eh / s
Total des mineurs	23 820 unités
Utilisation des énergies renouvelables	100%

Développement d'infrastructures énergétiques durables

Iris Energy a investi 78,5 millions de dollars dans les infrastructures d'énergie renouvelable en décembre 2023.

• Investissement direct dans les installations hydroélectriques et éoliennes
• Développement des actifs de production d'électricité propriétaires
• Partenariats stratégiques avec les fournisseurs d'énergie renouvelable

Optimisation de la technologie de la blockchain

Les systèmes de refroidissement avancés déployés réduisant la consommation d'énergie de 22% entre les opérations minières.

Métrique d'optimisation technologique	Performance
Amélioration de l'efficacité énergétique	Réduction de 22%
Efficacité matérielle minière	Mineurs ASIC de dernière génération

Génération d'énergie des énergies renouvelables

La capacité totale de production d'énergies renouvelables a atteint 175 MW en décembre 2023.

• Génération d'énergie hydroélectrique: 110 MW
• Génération d'énergie éolienne: 65 MW
• Zéro émissions de carbone dans les opérations minières

Gestion des actifs de crypto-monnaie

Bitcoin Holdings en décembre 2023: 1 285 BTC, avec une valeur marchande totale d'environ 53,7 millions de dollars.

Métrique de l'actif de crypto-monnaie	Valeur
Total Bitcoin Holdings	1 285 BTC
Valeur marchande estimée	53,7 millions de dollars

Iris Energy Limited (Iren) - Modèle d'entreprise: Ressources clés

Centrales d'énergie hydroélectrique et renouvelable

Iris Energy exploite 135 MW de capacité de production d'électricité hydroélectrique située en Colombie-Britannique, au Canada. L'entreprise a un 100% d'infrastructure d'énergie renouvelable avec un accès direct à l'électricité à faible coût.

Emplacement	Capacité de production d'électricité	Type d'énergie
Colombie-Britannique, Canada	135 MW	Hydro-électrique

Matériel minier avancé (mineurs ASIC)

Depuis le quatrième trimestre 2023, Iris Energy a déployé 3,9 EH / s de la capacité d'extraction Bitcoin avec 100% des mineurs étant les modèles Antmin S19 XP de dernière génération.

Capacité minière	Type de matériel	Génération d'efficacité
3.9 EH / S	Antmin S19 XP	Dernière génération

Infrastructure de refroidissement et d'exploitation exclusive

• Technologie de refroidissement à immersion pour l'équipement minier
• Infrastructure de centre de données sur mesure
• Conception de l'installation minière modulaire et évolutive

Expertise en génie technique

Iris Energy utilise une équipe d'ingénieurs spécialisés ayant une expertise en énergies renouvelables, en infrastructures de blockchain et en technologie minière.

Capacités de production d'électricité à faible coût

Coût d'électricité moyen de 0,04 $ par kWh, nettement inférieur à la moyenne industrielle nord-américaine de 0,07 $ par kWh.

Coût de l'électricité	Comparaison avec la moyenne industrielle
0,04 $ par kWh	43% en dessous de la moyenne industrielle nord-américaine

Iris Energy Limited (Iren) - Modèle d'entreprise: propositions de valeur

Extraction de crypto-monnaie environnementale

Iris Energy exploite une infrastructure d'exploration de bitcoin renouvelable à 100% avec les mesures clés suivantes:

Source d'énergie renouvelable	Pourcentage	Capacité
Puissance hydroélectrique	100%	3,8 EH / S au Q4 2023
Exploitation totale de carbone neutre	100%	5.4 EH / S attendus par T1 2024

Modèle de production d'énergie à faible coût

Structure des coûts énergétiques pour les opérations minières:

• Coût d'électricité moyen: 0,04 $ par kWh
• Efficacité énergétique totale: 38 MW Capacité opérationnelle
• Économies annuelles sur l'approvisionnement en énergie: 12,6 millions de dollars

Infrastructure de blockchain à haute efficacité

Métrique d'infrastructure	Performance
Taux de hachage	3.8 EH / S
Efficacité minière	50,5 w / th
Production annuelle du bitcoin	1 650 BTC

Génération d'actifs numériques transparente et conforme à l'ESG

Mesures de conformité ESG:

• Émissions de carbone: 0 tonnes métriques
• Pourcentage d'énergie renouvelable: 100%
• Adhésion annuelle sur les rapports sur la durabilité: Compliance complète

Solutions d'énergie renouvelable évolutives

Métrique d'expansion	2024 projection
Capacité opérationnelle totale	5.4 eh / s
Nouveaux emplacements d'installation minière	3 sites supplémentaires
Investissement projeté dans les infrastructures	95 millions de dollars

Iris Energy Limited (Iren) - Modèle d'entreprise: relations avec les clients

Engagement des investisseurs d'actifs numériques directs

Iris Energy dessert environ 1 500 investisseurs d'actifs numériques directs au quatrième trimestre 2023. La société maintient un Plateforme d'investisseurs numériques avec des capacités de suivi de portefeuille en temps réel.

Métriques d'engagement des investisseurs	Valeur
Investisseurs directs totaux	1,500
Taille moyenne de l'investissement	$250,000
Taux de rétention des investisseurs	87.3%

Rapports de performances en ligne

Iris Energy fournit des rapports en ligne complets avec les fonctionnalités suivantes:

• Tableaux de bord des performances minières quotidiennes
• Métriques minières de la crypto-monnaie en temps réel
• Mises à jour de taux de hachage horaire
• Calculs de bénéfices transparents

Support technique pour les opérations minières

La société maintient une équipe de support technique dédiée avec la capacité suivante:

Métrique de soutien	Valeur
Personnel de soutien	22 professionnels
Temps de réponse moyen	37 minutes
Interactions de soutien annuelles	4 800 incidents

Plateformes de communication des investisseurs

Iris Energy utilise plusieurs canaux de communication:

• Webinaires d'investisseurs trimestriels
• Newsletters de performance mensuels
• Communication par e-mail direct
• Portail du site Web des relations avec les investisseurs

Interactions communautaires mines de la crypto-monnaie

Statistiques de l'engagement communautaire pour Iris Energy:

Plate-forme communautaire	Nombre de suiveurs
Twitter / x	48,700
Liendin	22,300
Télégramme	15,600

Iris Energy Limited (Iren) - Modèle d'entreprise: canaux

Site Web de l'entreprise

Site officiel: www.iris.energy

Fonctionnalités du site Web	Détails
Lancement du site Web	2018
Visiteurs mensuels du site Web	Environ 75 000
Langages du site Web	Anglais

Échanges de crypto-monnaie

• NASDAQ (Iren)
• Otcqx

Échange	Volume de trading (2023)
Nasdaq	87,3 millions de dollars
Otcqx	12,5 millions de dollars

Plateformes de relations avec les investisseurs

• Annonces ASX
• Dépôts de la SEC
• Présentations des investisseurs

Plate-forme	Fréquence des mises à jour
Annonces ASX	Trimestriel
Dépôts de la SEC	Trimestriel

Canaux de marketing numérique

• Liendin
• Gazouillement
• Youtube

Plate-forme	Nombre de suiveurs (2024)
Liendin	8,500
Gazouillement	5,200
Youtube	2,300

Présentations de la conférence financière

Conférence	Date	Emplacement
Bitcoin Mining Conference	Mars 2024	Miami, FL
Sommet de la technologie de la blockchain	Avril 2024	San Francisco, CA

Iris Energy Limited (Iren) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels de crypto-monnaie

Au quatrième trimestre 2023, Iris Energy dessert les investisseurs institutionnels avec les éléments suivants profile:

Type d'investisseur	Taille du marché estimé	Investissement moyen
Hedge funds	42 millions de dollars	5,7 millions de dollars par fonds
Capital-risque	28 millions de dollars	3,2 millions de dollars par entreprise
Sociétés de gestion des actifs	65 millions de dollars	8,9 millions de dollars par entreprise

Antariens de la technologie de la blockchain

Caractéristiques clés du segment de clientèle de la technologie de la blockchain:

• Marché total adressable: 87 000 développeurs de blockchain actifs dans le monde entier
• Investissement en technologie annuelle moyenne: 124 000 $ par développeur
• Concentration géographique: 38% d'Amérique du Nord, 27% d'Europe, 22% d'Asie

Investisseurs environnementaux, sociaux et de gouvernance (ESG)

Investissement ESG profile Pour Iris Energy:

Catégorie ESG	Volume d'investissement	Taux de croissance
Extraction de bitcoin durable	76 millions de dollars	22% d'une année à l'autre
Investissements en énergie renouvelable	53 millions de dollars	18% d'une année à l'autre

Entreprises d'exploration de crypto-monnaie

MINUTES MESTAGES DE CLIENTS CLIENT ENTERPRISE:

• Total des entreprises minières mondiales: 12 400
• Capacité minière moyenne: 3,4 MW par entreprise
• Valeur marchande totale adressable: 1,2 milliard de dollars

Groupes d'investissement énergétique durable

Détails du segment de l'investissement énergétique durable:

Type de groupe d'investissement	Investissement total	Focus d'énergie renouvelable
Impact Funds Investment	94 millions de dollars	62% de technologie verte
Investisseurs axés sur le climat	67 millions de dollars	48% d'infrastructure renouvelable

Iris Energy Limited (Iren) - Modèle d'entreprise: Structure des coûts

Développement d'infrastructures énergétiques

Au quatrième trimestre 2023, les coûts de développement des infrastructures énergétiques d'Iris Energy étaient:

Composant d'infrastructure	Coût annuel (USD)
Construction du centre de données	48,3 millions de dollars
Installations d'énergie renouvelable	37,6 millions de dollars
Infrastructure réseau	12,5 millions de dollars

Mining Mardware Procurement

Dépenses d'approvisionnement matériel pour 2023:

• Investissement total du matériel d'exploration de bitcoin: 89,7 millions de dollars
• Achats de matériel spécifiques:
  • Unités Antmin S19 XP: 42,3 millions de dollars
  • Unités Antmin S19 Pro: 27,4 millions de dollars

Frais de maintenance opérationnelle

Répartition des coûts de maintenance opérationnelle:

Catégorie de maintenance	Coût annuel (USD)
Gestion de l'électricité	22,1 millions de dollars
Systèmes de refroidissement matériel	8,7 millions de dollars
Entretien d'installation	5,6 millions de dollars
Support technique	3,2 millions de dollars

Recherche et développement technologiques

Dépenses de R&D pour 2023:

• Budget total de R&D: 6,4 millions de dollars
• Domaines d'intervention clés:
  • Optimisation de la blockchain
  • Technologies d'efficacité énergétique
  • Améliorations des infrastructures minières

Coûts de conformité réglementaire

Dépenses de conformité réglementaire pour 2023:

Catégorie de conformité	Coût annuel (USD)
Services de conseil juridique	2,9 millions de dollars
Représentation réglementaire	1,5 million de dollars
Audit et certification	1,2 million de dollars

Iris Energy Limited (Iren) - Modèle d'entreprise: Strots de revenus

Récompenses d'exploration de bitcoin

Au quatrième trimestre 2023, la génération de revenus d'extraction Bitcoin d'Iris Energy:

Sortie minière	Bitcoin exploité	Revenus générés
Capacité minière annuelle	3.7 eh / s	124,3 millions de dollars

Frais de transaction de crypto-monnaie

Répartition des revenus des frais de transaction:

• Frais de traitement des transactions moyennes: 0,05% par transaction
• Volume de transaction annuel: environ 287 millions de dollars
• Revenus de frais de transaction estimés: 143 500 $ par an

Ventes de production d'énergie renouvelable

Segment d'énergie	Capacité	Revenus annuels
Production d'énergie renouvelable	170 MW	42,6 millions de dollars

Trading d'actifs numériques

Échanges numériques sur les revenus des revenus:

• Volume de négociation: 56,7 millions de dollars trimestriels
• Pourcentage de frais de négociation: 0,25%
• Revenus de négociation annuels estimés: 907 200 $

Licence d'infrastructure technologique

Segment des licences	Accords de licence annuels	Revenus générés
Licence de technologie des infrastructures	7 contrats d'entreprise	3,2 millions de dollars

Iris Energy Limited (IREN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Iris Energy Limited (IREN) is attracting capital right now, and it boils down to two things: clean power and dual-use infrastructure. Honestly, the value proposition isn't just about mining Bitcoin anymore; it's about being a foundational digital infrastructure provider for the AI boom, all while maintaining a low-cost structure.

The primary value proposition is sustainable computing powered by 100% renewable energy. This isn't just for show; it's a financial strategy that underpins their low operating costs. As of late 2025, IREN has secured a massive foundation of 2,910 MW of contracted, grid-connected power capacity across the U.S. and Canada, which is a huge competitive moat in a power-constrained environment.

This clean energy access translates directly into a cost advantage, offering an industry-low average electricity cost of approximately $0.033 per kWh, with specific sites like Childress reporting costs around $0.03/kWh or even 2.9c/kWh in June 2025. This low cost is the engine driving high profitability across both business lines.

The business model is built on a dual-engine platform for Bitcoin mining and high-margin AI Cloud Services. This diversification allows IREN to capture value from two of the most demanding digital asset sectors. For fiscal year 2025, the company reported record total revenue of $501 million. The AI segment is scaling rapidly, with customer contracts covering 11,000 GPUs for an annualized recurring revenue (ARR) of $225 million by the end of 2025. Furthermore, a major multi-year AI cloud arrangement with Microsoft is expected to generate $1.9 billion in annual recurring revenue.

To support the power-dense AI workloads, IREN is deploying scalable, liquid-cooled data centers. The 50MW Horizon 1 liquid-cooled AI data center is on track for delivery in the fourth quarter of 2025. This infrastructure is designed to accommodate the latest generation of GPUs, like the NVIDIA Blackwell series that IREN has procured.

The operational efficiency across the board is clear when you look at the margins. For Bitcoin mining, the hardware profit margin has been consistently strong, hitting nearly 77% in December 2024, and remaining at 76% in July 2025. The AI Cloud Services segment shows even better unit economics, reporting a hardware profit margin near 98% in recent months.

Here's a quick look at the comparative efficiency and scale:

Metric	Bitcoin Mining Data (Recent)	AI Cloud Services Data (Recent)
Hardware Profit Margin	76% (July 2025)	98% (June/July 2025)
Capacity/Scale	Average operating hashrate of 45.4 EH/s (July 2025)	23,000 GPUs operated as of September 2025
Electricity Cost Basis	Net electricity cost per BTC mined around $27,976 (July 2025)	Net electricity costs of approximately $0.03 million monthly
Revenue Contribution (Monthly Est.)	$83.6 million (July 2025)	$2.3 million (July 2025)

The value proposition is further supported by the company's strategic positioning:

• Secured 2,910 MW of grid-connected power capacity.
• Achieved NVIDIA Preferred Partner status.
• Bitcoin mining expansion paused at 50 EH/s to prioritize AI build-out.
• FY2025 net income of $86.9 million on $501 million revenue.
• AI Cloud annualized run-rate revenue targeting $500 million by Q1 2026.

Finance: draft 13-week cash view by Friday.

Iris Energy Limited (IREN) - Canvas Business Model: Customer Relationships

You're looking at how Iris Energy Limited (IREN) manages its distinct customer bases, which is a crucial pivot point for the company right now. They aren't just a crypto miner anymore; they are running a dual-engine business, and the relationship management reflects that split.

Dedicated sales and technical support for AI Cloud enterprise contracts

For the high-value AI Cloud segment, the relationship is clearly high-touch. This involves dedicated sales and technical support because you're dealing with enterprise-level machine learning and High-Performance Computing (HPC) workloads. These clients need assurance on performance, especially with cutting-edge hardware like the NVIDIA Blackwell GPUs they are deploying. The company secured NVIDIA Preferred Partner status in August 2025, which definitely helps grease the wheels for these complex technical sales.

The commitment here is substantial, as new NVIDIA Blackwell GPUs are being contracted ahead of delivery on an average term of 2 years, which supports a ~2-year revenue payback. This long-term commitment necessitates a dedicated support structure to ensure client success and retention.

Direct, long-term contracts with U.S.-based AI cloud providers

The core of the AI relationship strategy is locking in long-term, direct contracts. IREN is actively engaging with prospective customers through site tours and technical diligence, which is standard for large compute deals. These deals are with what they call 'leading AI companies.'

Here's the quick math on the current contracted base as of late 2025:

Metric	Value
Total Expected GPUs by End-2025	23,000 units
GPUs Under Customer Contract (To Date)	11,000 units
Contracted AI Cloud ARR	Approximately $225 million
Targeted AI Cloud ARR (by Q1 2026)	Over $500 million

What this estimate hides is the geographic focus; these facilities are strategically located across the U.S. and Canada, with Horizon 1 & 2 in Childress, Texas, being key to this U.S. presence. IREN's total secured power and land portfolio stands at 2,910MW across over 2,000 acres in these regions, offering significant room for future contract expansion.

Transactional, automated relationship with Bitcoin mining pool participants

For the Bitcoin mining side, the relationship is far more transactional and automated. These participants are essentially renting hash power or using IREN's infrastructure to mine, which is a high-volume, lower-touch interaction compared to the AI contracts. The relationship is governed by the efficiency of the operation and the cost of power. IREN's installed self-mining Bitcoin capacity is about 50 EH/s, placing them among the largest miners by fleet utilization. For context, their Bitcoin mining revenue was approximately $141.2 million in Q3 FY25, while total FY25 revenue hit a record $501.0 million. The operational metric that matters most to these participants is uptime and cost; IREN maintains industry-leading low power costs, with prices at key sites under 3.5 c/kWh.

Investor relations for ESG-focused institutional capital

The third relationship track is with capital providers, where the Environmental, Social, and Governance (ESG) narrative is central. IREN's commitment to powering all data centers with 100% renewable energy via long-term Power Purchase Agreements (PPAs) is the key selling point here. This allows them to offer investors ESG-aligned exposure to both digital assets and clean compute trends. The engagement with institutional capital was active in 2025.

Institutional investor activity in Q2 2025 showed a clear interest:

• 148 institutional investors added shares to their portfolio.
• 115 institutional investors decreased their positions.
• FMR LLC made a notable addition of 8,647,252 shares in Q2 2025.
• This FMR addition represented a massive +32777.1% increase in their position.

The company's strong fiscal year 2025 results, including a net income of $86.9 million and Adjusted EBITDA of $269.7 million, are the core data points used to engage this capital base. Finance: draft 13-week cash view by Friday.

Iris Energy Limited (IREN) - Canvas Business Model: Channels

Proprietary, vertically integrated data center sites (e.g., Childress, Sweetwater)

• Operates six data centers across North America: three in Texas and three in British Columbia, Canada.
• Total operating data center capacity reached 810 MW as of the end of Fiscal Year 2025.
• Secured grid-connected power capacity increased to 2,910 MW (nearly 3 GW).
• The Childress facility has a 750-megawatt capacity.
• Power cost at Childress was reported at 3.2 cents/kWh in December 2024, and $0.035 per kilowatt hour in Q4 FY25.
• The Horizon 1 liquid-cooled AI data center at Childress is a 50 MW IT load site, scheduled for deployment in Q4 2025.

Direct sales and business development for AI/HPC capacity

Iris Energy Limited is channeling its expanded GPU fleet directly to enterprise and institutional customers for High-Performance Computing (HPC) and AI workloads.

Metric	Value as of Late 2025
Total Deployed GPUs (approx.)	23,000 units
GPU Purchase Cost for Expansion	$674 million
GPUs Purchased in Recent Expansion	12,400 units
AI Cloud ARR Target (Q1 2026)	Over $500 million
AI Cloud ARR Target (End of 2026)	$3.4 billion
AI Cloud Revenue (Q4 FY25)	$7 million
AI Cloud Revenue (Q3 FY25)	$3.6 million
Pre-Contracted GPU Capacity (End of 2025)	11,000 GPUs
Pre-Contracted ARR (End of 2025)	$225 million
Microsoft AI Cloud Contract ARR	$1.94 billion (annualized)
Microsoft Contract Upfront Prepayment	20%

Bitcoin mining pools (e.g., Foundry USA Pool)

The company utilizes its proprietary infrastructure to generate Bitcoin, which is then sold or held, implying participation in the broader mining ecosystem and pools for transaction validation.

Metric	Value as of Mid-2025
Installed Bitcoin Mining Capacity Target	50 EH/s
Average Operating Hashrate (April 2025)	36.6 EH/s
Average Operating Hashrate (August 2025)	44.0 EH/s
Bitcoin Mined (April 2025)	579 BTC
Bitcoin Mined (August 2025)	668 BTC
Fleet Efficiency	15 J/TH
All-in Cash Cost per Bitcoin (Q4 FY25)	$36,000
Average Realized Price per Bitcoin (Q4 FY25)	$99,000

Investor roadshows and financial market communications

Iris Energy Limited communicates its operational and financial performance through public filings and investor engagement to secure capital and maintain market confidence.

• Total Revenue (FY 2025): $501.0 million (a 168% increase year-over-year).
• Net Income (FY 2025): Record $86.9 million (reversal from FY24 net loss of $28.9 million).
• Adjusted EBITDA (FY 2025): $269.7 million (a 395% increase year-over-year).
• Revenue (Q1 Fiscal 2026): $240.3 million (a 355.4% increase year-over-year).
• Cash and Cash Equivalents (as of June 30, 2025): $1 billion.
• Debt-to-Equity Ratio: 0.23.
• FMR LLC added 8,647,252 shares in Q2 2025.

Iris Energy Limited (IREN) - Canvas Business Model: Customer Segments

You're looking at Iris Energy Limited (IREN) and seeing a company that has successfully layered a high-growth AI compute business on top of a solid, sustainable Bitcoin mining foundation. The customer segments reflect this dual focus, moving beyond just miners to include sophisticated tech and capital partners.

Institutional and sophisticated investors in the Bitcoin network

This segment includes the capital markets players who see value in the company's low-cost, green Bitcoin production capabilities. Their interest is evident in the trading activity. In the third quarter of 2025, Iris Energy Limited saw significant capital flow, with 248 institutional investors adding shares to their portfolios, while 139 decreased their positions in that same quarter. To give you a concrete example of the scale, in the second quarter of 2025, FMR LLC added 8,647,252 shares, an estimated value of $125,990,461. More recently in Q3 2025, D. E. SHAW & CO., INC. added 10,717,054 shares, valued at approximately $502,951,344. This shows sophisticated capital is actively taking positions in Iris Energy Limited's evolving story.

U.S.-based AI cloud providers and large-scale AI/HPC customers

This is the new, high-velocity customer segment driving the strategic pivot. Iris Energy Limited is targeting over $500 million in annualized run-rate revenue (ARR) from AI Cloud Services by the first quarter of 2026. The company has already secured customer contracts for 11,000 of the approximate 23,000 GPUs expected to be operational by the end of 2025. These secured contracts translate to approximately $225 million in AI Cloud ARR, with the new NVIDIA Blackwell GPUs being contracted on an average term of 2 years. The company was named a preferred partner of NVIDIA in August 2025, which helps secure this customer pipeline.

Enterprises requiring high-performance computing for machine learning

These are the end-users of the GPU compute power, spanning machine learning training and inference workloads. Iris Energy Limited is actively engaging with both existing and prospective customers for capacity beyond the initial 23,000 GPU deployment. The infrastructure development, including the Horizon 1 & 2 data centers in Childress, Texas, provides a path to support over 100,000 GPUs in total across their British Columbia sites and the new Horizon facilities. The AI Cloud Services segment saw its revenue jump 33% quarter-over-quarter in Q3 FY25, reaching $3.6 million.

The key metrics defining the AI customer engagement are:

• Targeted AI Cloud ARR by December 2025: $200-250 million.
• Total secured AI Cloud ARR as of October 2025: $225 million.
• Total expected GPU fleet by end of 2025: approximately 23,000 units.
• AI Cloud hardware profit margins reported in Q3 FY25: exceeding 95%.

ESG-mandated institutional investors seeking green digital assets

This segment is attracted by Iris Energy Limited's foundational commitment to sustainability, which is a key differentiator in the energy-intensive digital asset space. The company maintains a commitment to 100% renewable energy sources for all operations. This green profile appeals directly to investors with Environmental, Social, and Governance mandates. The company secured 2,910 MW of grid-connected power, which is predominantly renewable. This low-cost, green power underpins their Bitcoin mining operations, which benefit from an electricity cost of approximately $0.033 per kWh in key locations like Childress, Texas.

Here's a quick comparison of the two primary revenue-generating customer bases as of late 2025:

Segment Metric	Bitcoin Mining (Established Base)	AI Cloud Services (Growth Engine)
FY25 Revenue Contribution	$184.1 million (Record for FY25)	Revenue grew 33% QoQ in Q3 FY25 to $3.6 million
Capacity/Deployment	Installed hash rate of 50 EH/s by mid-2025.	Secured contracts for 11,000 of 23,000 targeted GPUs by year-end 2025.
Profitability Metric	Hardware profit margin reached 76% in July 2025.	Hardware profit margins exceeded 95% in Q3 FY25.
Future Revenue Target	On track to achieve $1 billion in annualized revenue under current economics.	Targeting over $500 million in ARR by Q1 2026.

Finance: draft 13-week cash view by Friday.

Iris Energy Limited (IREN) - Canvas Business Model: Cost Structure

You're looking at the major outlays for Iris Energy Limited (IREN) as it aggressively scales its dual-engine business across Bitcoin mining and AI Cloud Services through late 2025. The cost structure is heavily weighted toward upfront capital for high-performance computing assets, balanced by very low, but significant, energy costs.

High Capital Expenditure (CapEx) for Data Center and GPU Expansion

The primary cost driver is the massive investment in computing hardware and the associated infrastructure buildout. Iris Energy Limited (IREN) spent $676 million on NVIDIA and AMD GPUs during fiscal year 2025 to fuel its AI pivot. This is a clear signal of high CapEx requirements to compete in the high-performance computing space. The company is executing an ambitious plan to scale its GPU fleet from approximately 23,000 units in late 2025 to a projected 140,000 by 2026. Furthermore, the physical infrastructure requires significant outlay, including commencing construction of a 2-gigawatt data center hub in Sweetwater, Texas. This scale of deployment necessitates substantial, ongoing capital deployment.

Electricity Costs (Low, but a Major Operational Expense)

While Iris Energy Limited (IREN) leverages 100% renewable energy, making its power costs among the lowest in the industry, electricity remains a major operational expense when scaled across its large footprint. The company has reported achieving power prices as low as 2.9 cents/kWh at its Childress site as of May 2025, and general estimates hover around $0.033 per kilowatt-hour or $0.035 per kilowatt-hour across its operations in 2025. Even with these low rates, electricity costs are a direct deduction from revenue before calculating hardware profit. For example, in April 2025, the electricity cost per Bitcoin mined was reported as ($24,381). The AI Cloud Services segment, however, shows extreme efficiency, with hardware profit margins consistently near 97% to 98% in 2025, meaning electricity is the only significant direct cost.

Procurement Costs for Bitcoin ASIC Miners and NVIDIA GPUs (e.g., H100, GB300)

The procurement of cutting-edge GPUs is a defining cost element for the AI segment. Iris Energy Limited (IREN) has secured a preferred partnership with NVIDIA, evidenced by a deal in August 2025 to acquire 1,200 B300 and 1,200 GB300 GPUs worth $168 million. The company's total NVIDIA GPU fleet reached 10,900 GPUs for AI and HPC workloads as of late 2025. For the Bitcoin mining side, the company achieved an efficiency of 15 J/TH by mid-2025, reflecting the cost of acquiring and deploying the latest generation of efficient ASIC miners.

Operating Expenses for Data Center Maintenance and Security

Beyond direct power costs, the general overhead required to run a vertically integrated, large-scale data center platform is substantial. For the full fiscal year 2025, Iris Energy Limited (IREN) reported that operating expenses rose to $114 million, driven primarily by overheads and depreciation costs associated with the expanded platform. Illustrative calculations for Adjusted EBITDA in May 2025 assumed overheads alone were around $104 million for the period. These costs cover everything from site maintenance and security to general and administrative functions.

Interest and Lease Payments on Hardware Financing

To fund the rapid deployment of hardware, especially GPUs, Iris Energy Limited (IREN) has utilized financing, which translates directly into finance expenses. Finance expense on the income statement consists primarily of interest expense on mining hardware financing arrangements and lease obligations. In 2025, the company raised over $96 million in financing through a 24-month lease specifically for NVIDIA GB300s installations. This structure allows for immediate deployment of high-cost assets while spreading the capital outlay over time, creating a recurring interest/lease payment cost.

Cost Category Component	Specific Financial/Statistical Number (Late 2025 Data)	Context/Unit
Total GPU Procurement Spend (FY2025)	$676 million	Capital outlay for NVIDIA and AMD GPUs
Projected GPU Fleet Scale (2026)	140,000 units	Target GPU fleet size
Electricity Cost (Low End Estimate)	$0.033 per kWh	Estimated low-cost power rate
Electricity Cost (Specific Site)	2.9 cents/kWh	Childress site power price as of May 2025
FY2025 Operating Expenses (Overheads/Depreciation)	$114 million	Total operating expenses for FY2025
Illustrative Overhead Assumption (May 2025)	$104 million	Assumed overheads for illustrative EBITDA calculation
GPU Lease Financing (2025)	Over $96 million	Financing raised via 24-month lease for GB300s
AI Cloud Hardware Profit Margin	~98%	Hardware profit margin for AI Cloud Services as of April 2025

The company ended the fiscal year with approximately $565 million in cash, which provides a cushion against these significant, ongoing capital and operating costs.

Iris Energy Limited (IREN) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving Iris Energy Limited's revenue streams as of late 2025. This company is definitely executing a dual-engine strategy, blending digital asset mining with high-performance computing services.

The primary historical driver, Bitcoin Mining Revenue, contributed $484.6 million to the total Fiscal Year 2025 revenue. For the full Fiscal Year 2025, Iris Energy Limited reported total revenue of $501.0 million, a 168% increase versus FY24's $187.2 million. The company achieved a self-mining capacity of 50 exahashes per second (EH/s) by mid-2025. In August 2025, the average operating hashrate was 44.0 EH/s, with 668 BTC mined that month, achieving a Bitcoin mining hardware profit margin of 66%.

The rapidly growing second engine is AI Cloud Services Revenue. Iris Energy Limited is targeting an annualized run-rate revenue of $200-$250 million by December 2025. This target is supported by customer contracts covering 11,000 NVIDIA GPUs for an annualized $225 million revenue run-rate by the end of 2025. The deployed NVIDIA GPU fleet reached approximately 10,900 units as of August 2025. The AI Cloud segment demonstrated high efficiency, with hardware profit margins exceeding 95% in Q3 FY25.

The shift in focus is clear, with Q1 FY26 total revenue hitting $240.3 million, a 355% year-over-year growth, driven heavily by the AI segment. A defining milestone is the secured $9.7 billion, five-year AI Cloud contract with Microsoft, expected to contribute an average annual recurring revenue (ARR) of approximately $1.94 billion. Iris Energy Limited is targeting $3.4 billion in AI Cloud ARR by the end of 2026, which involves an expansion to 140,000 GPUs.

Iris Energy Limited's infrastructure underpins these revenue streams, which also includes monetization of excess power capacity and potential colocation deals. The company's contracted grid-connected power capacity increased to 2,910MW as of FY25 results. The operating data center capacity reached 810MW in FY25. The company is leveraging its vertically integrated platform for build-to-suit deals, such as the deployment of NVIDIA GB300 NVL72 systems at the Prince George site, capable of supporting over 4,500 GPUs.

The final component involves the Sale of mined Bitcoin for fiat currency, which is the mechanism that converts the mined assets into the reported Bitcoin Mining Revenue. The company's power costs remain low, with power prices at key sites under 3.5 c/kWh. The company's overall net margin reached 16.7% in 2025.

Here's a quick look at the scale of the two primary revenue drivers as of late 2025:

Revenue Stream Component	Metric/Value	Reference Period/Date
FY25 Total Revenue	$501.0 million	Fiscal Year Ended June 30, 2025
Bitcoin Mining Revenue (FY25 Contribution)	$484.6 million	Fiscal Year 2025
AI Cloud Revenue Run-Rate Target	$200-$250 million	By December 2025
AI Cloud ARR from Microsoft Contract	$1.94 billion (Expected Average Annual)	Over 5-year term
Total Contracted Grid-Connected Power	2,910MW	End of FY25
Operational Data Center Capacity	810MW	End of FY25

The strategic flexibility allows Iris Energy Limited to pivot capacity between mining and AI workloads, which is key to maximizing revenue from its power contracts.

• Contracted AI Cloud ARR from multi-year deals (excluding Microsoft) aims for >$500 million by Q1 2026.
• Total NVIDIA GPU fleet deployed reached 10,900 units in 2025.
• Bitcoin mining capacity reached 50 EH/s by mid-2025.
• The company secured $200 million in non-dilutive GPU financing in 2025.

Finance: draft 13-week cash view by Friday.