Bitcoin News Today: IREN's AI Bet Pays Off: 10.9k GPUs and $500M Surge

IREN Limited (NASDAQ: IREN) surged 14% in early trading following the release of its fiscal year 2025 results, as the company announced significant progress in both its Bitcoin mining and AI cloud services businesses. The firm reported record revenue of $501.0 million, a 168% increase year-over-year, driven primarily by strong performance in its Bitcoin mining operations and AI Cloud Services. The company’s net income reached $86.9 million, reversing a prior-year net loss of $28.9 million, while Adjusted EBITDA rose to $269.7 million, an increase of 395% compared to the previous year. The results reflect a broader strategic shift as IREN transitions from a Bitcoin-focused miner to a diversified player in AI infrastructure.

A major highlight of the report was IREN’s expansion of its AI Cloud infrastructure, with the company now operating 1.9k NVIDIA GPUs, up 132% year-over-year. IREN further secured NVIDIA Preferred Partner status, a designation that grants access to priority GPU availability and technical support. The firm is investing heavily in next-generation computing, having procured an additional 1.2k air-cooled NVIDIA B300s and 1.2k liquid-cooled NVIDIA GB300s, a $168 million commitment that will bring its total GPU count to 10.9k NVIDIA GPUs. The expansion is expected to generate $200-250 million in annualized revenue by December 2025. IREN’s AI Cloud Services are being deployed across its Prince George campus in British Columbia, where a 10MW liquid-cooled facility is under construction to support up to 4.5k GB300s. This project underscores the company’s commitment to high-performance computing and its ability to scale rapidly.

IREN’s capital allocation strategy has been a key differentiator in the AI infrastructure space. The company secured $96 million in non-dilutive financing for the GB300s, structured as a 24-month lease with single-digit interest rates. This approach allows IREN to scale infrastructure without diluting existing shareholders. The B300 GPUs were funded from existing cash reserves, highlighting the company’s financial flexibility. The hybrid cooling strategy—combining both air and liquid cooling within the same facility—represents a technically advanced data center design that maximizes thermal efficiency. This model is particularly relevant in a market where energy availability is becoming a key constraint for AI data centers.

IREN’s broader infrastructure capabilities position it as a potential leader in the AI infrastructure sector. The firm has secured nearly 3GW of grid-connected power capacity, enabling the potential deployment of hundreds of thousands of GPUs in the future. This power capacity provides a significant competitive advantage, especially as demand for high-performance computing continues to grow. IREN is also expanding its data center footprint with projects in British Columbia, Texas, and other locations, including the construction of a 1.4GW facility in Sweetwater, Texas, targeting energization by April 2026. These developments reflect the company’s vertical integration strategy, which spans from powered shells to fully managed cloud services.

The resolution of a protracted legal dispute with NYDIG in August 2025 also contributed to the positive investor sentiment. The confidential settlement concluded a nearly three-year legal battle involving $105 million in defaulted equipment loans and the examination of IREN’s co-founders in bankruptcy proceedings in Australia and Canada. This resolution removed a major overhang and reduced reputational and operational risks for the company. With legal distractions behind it, IREN is now expected to focus on executing its growth strategies, particularly in scaling its high-density data centers and expanding AI cloud services.

Looking ahead, the company faces challenges in securing the substantial capital required for its expansion projects, particularly in a capital market environment that remains sensitive to risk. However, IREN’s strong cash flow from Bitcoin mining, its low-cost operations, and its growing AI revenue streams provide a solid foundation for growth. The firm’s ability to execute on its infrastructure projects, including the Sweetwater and Childress developments, will be critical to its success. If IREN can successfully ramp up its GPU deployments and maintain operational efficiency, it could position itself as a key player in the rapidly evolving AI infrastructure market.