What IREN does
IREN Limited (NASDAQ: IREN) is a vertically integrated AI Cloud provider focused on delivering large-scale AI training and inference compute through its own grid-connected data center sites, GPU/compute deployment, and a software/services layer. The company’s core offering is IREN Cloud™—GPU clusters based on NVIDIA reference architectures—along with related infrastructure solutions such as colocation and build-to-suit data center services.
More
Across its platform, IREN positions its differentiation around control of the full stack (data centers → compute → software/managed services), engineering and delivery speed, and large-scale power/land assets in renewable-rich regions in North America, Europe, and APAC. IREN’s business model is primarily contract-based: customers contract for AI Cloud capacity (commissioned and delivered GPUs and supporting services), with the company recognizing AI Cloud Services revenue over time under contract terms. Its go-to-market spans hyperscalers, enterprises, AI developers, and frontier AI labs, and it has increasingly emphasized the software/services layer as part of managed offerings. In August 2026, IREN completed the acquisition of Mirantis, described as strengthening the company’s ability to orchestrate and support AI workloads and deepening the “software layer” of its AI Cloud stack. As of late August 2026, IREN reported FY26 results and operational momentum including (1) a large contracted AI Cloud ARR figure for 2026 capacity, (2) Horizon 1 delivery and acceptance by Microsoft under a multi-year AI Cloud contract, and (3) ongoing expansion in AI Cloud capacity supported by GPU financing arrangements and customer prepayments (as described by the company).