IREN Limited owns the land, the grid connections, the substations, the buildings and the cooling; it owns the GPUs that go inside them; and since 3 August 2026 it owns the software that manages them. It also still mines Bitcoin, which in the year to 30 June 2026 was 81.8% of what it sold. Revenue for that year was $707.0 million, up 41.1%. Revenue in that year’s fourth quarter was $137.2 million, down 26.7% year on year and down for the third consecutive quarter. Both numbers are correct. In the June 2026 quarter AI Cloud Services revenue of $70.5 million overtook Bitcoin Mining revenue of $66.7 million for the first time; three quarters earlier the same two lines had been $7.3 million and $232.9 million, because IREN was pulling the mining machines out to make room for GPUs.
Research Study
Purchase this study for full access, or subscribe to get every research study included — the entire catalogue, not one at a time, plus all premium content.