IREN Limited (NASDAQ: IREN), a developer and operator of renewable-powered hyperscale data centers, reported record financial and operational results for Fiscal Year 2025, underscoring its transition from Bitcoin mining to a vertically integrated AI and HPC data center platform. In Q4, revenue reached $187.3 million with net income of $176.9 million and EBITDA of $241.4 million. For the full year, revenue surged to a record $501 million, up 168% from FY24, while net income was $86.9 million compared with a loss of $28.9 million the prior year. Adjusted EBITDA climbed nearly 400% to $269.7 million. Operating data center capacity expanded to 810MW, contracted grid-connected power grew to 2,910MW, and Bitcoin mining capacity reached 50 EH/s, generating more than $1 billion in annualized revenue under current economics.
IREN’s AI Cloud business accelerated sharply, with GPU capacity growing by 132% to 10,900 NVIDIA GPUs. Annualized AI Cloud revenue is projected at $200–250 million by December 2025. In British Columbia, the company is constructing a 10MW liquid-cooled facility at Prince George for GB300 NVL72 systems, with capacity for over 4,500 GPUs. Retrofitting across BC campuses provides a pathway to more than 60,000 GB300s. In Texas, the Horizon 1 50MW liquid-cooled AI data center at Childress remains on track for Q4 2025, while Horizon 2 site works are underway. Together, these sites could host more than 38,000 GB300s. At Sweetwater, a 2GW hub is advancing, with Sweetwater 1 (1.4GW) scheduled for energization in April 2026 and Sweetwater 2 (600MW) in late 2027, ultimately supporting more than 600,000 GB300s.
IREN secured NVIDIA Preferred Partner status, providing stronger GPU supply access and integration with NVIDIA’s DGX Cloud/Lepton marketplace. Two tranches of lease financing in August 2025 covered 100% of GPU hardware costs at single-digit rates, supporting rapid deployment while preserving cash. The company is rolling out liquid-cooled Blackwell GB300 NVL72 systems with full Tier III–equivalent redundancy, targeting industry-leading efficiency. British Columbia sites are achieving a PUE of 1.1, while new liquid-cooled facilities are expected to operate below 1.2.
On the investor call, Co-CEO Daniel Roberts said IREN is “uniquely positioned to deliver across the entire AI infrastructure stack—from powered shells to turnkey colocation to fully managed cloud services.” CFO Belinda Nucifora pointed to a strong balance sheet with $565 million in cash and $2.9 billion in assets, funding near-term CapEx including GPUs, Horizon 1, and Sweetwater substation upgrades. Chief Commercial Officer Kent Draper noted strong inbound demand with contracts ranging from rolling one-month deals to multi-year agreements, while emphasizing the scarcity and appeal of liquid-cooled clusters. Chief Capital Officer Anthony Lewis outlined financing flexibility across non-dilutive GPU leases, asset-backed debt, and convertible bonds.
🌐 Analysis: IREN’s FY25 performance highlights its rapid evolution from a Bitcoin miner into an AI infrastructure player with nearly 3GW of secured grid power. The company’s vertically integrated approach—combining renewable energy, hyperscale campuses, and NVIDIA GPU clusters—positions it as a significant competitor in the emerging AI data center market. With Bitcoin operations generating cash flow and GPU clusters scaling through creative financing, IREN is building a dual-revenue model that balances stability with aggressive growth. As hyperscalers and sovereign AI initiatives seek capacity, IREN’s ability to deploy at scale and deliver efficient, liquid-cooled infrastructure may give it an edge in the highly competitive market for AI compute.
🌐 We’re tracking the buildout of AI data centers and GPU-driven cloud platforms at Converge Digest – Data Centers.
