IREN Ltd (NASDAQ: IREN) is a digital asset and data center infrastructure company that mines Bitcoin and provides AI cloud services. Revenue comes from two sources: selling mined Bitcoin converted to fiat currency on a daily basis, and fees from AI cloud services hosted at its data centers. Bitcoin mining generated $484.6M of the $501.0M in total revenue for FY2025 (year ended June 30, 2025), with AI Cloud Services contributing $16.4M. The company is capital-intensive, carrying significant depreciation and amortization of $181.1M in FY2025. IREN liquidates mined Bitcoin daily through Kraken as its digital asset trading platform and uses Etana Custody as a third-party custodian to transfer fiat proceeds. The company is expanding its data center footprint into high-performance computing and AI services, a segment where it has limited operating history as of the FY2025 filing.

Revenue model

Transactional: Bitcoin mined and sold daily for fiat currency via Kraken. Service fee: AI cloud services revenue billed to customers using IREN-operated data center infrastructure. Bitcoin Mining Revenue was $484.6M (96.7% of total revenue) and AI Cloud Services Revenue was $16.4M (3.3% of total revenue) in FY2025 (year ended June 30, 2025).

Products and services

Bitcoin mining operations; AI cloud services hosted on company-owned data center infrastructure; expanding high-performance computing (HPC) services.

Customers and end markets

End markets include Bitcoin network participants (via daily spot liquidation) and enterprise or commercial customers purchasing AI and HPC cloud compute capacity. No specific customer concentration data disclosed in the filing excerpts.

Value-chain role

Operator of data center and mining infrastructure. Mines Bitcoin and sells directly to market via OTC/exchange platforms. Provides AI and HPC compute capacity to end customers. Relies on third-party trading platforms (Kraken) and custodians (Etana Custody) for Bitcoin liquidation and fiat transfer.

Geographic exposure

Data center site acquisition strategy considers geographic location, energy availability, electrical infrastructure, and local regulatory environment. Specific country or regional revenue breakdown not disclosed in the filing excerpts.

Source: SEC 10-K, filed 2025-08-28

Industry: Finance Services Peers: Atlassian Corp