IREN Posts First Full-Year Profit on AI Cloud Growth, Mining Expansion; Shares Climb
2025 has been a defining year for IREN, the Australian-founded miner that has successfully transformed into a global AI infrastructure leader. The company’s aggressive AI cloud expansion delivered a long-awaited return to profitability, marking a sharp turnaround from previous years. This milestone sparked strong investor confidence, with IREN’s share price climbing on the back of its results and signaling momentum across its evolving business model.
Management attributes this success to IREN’s vertical integration strategy, covering power generation, site operations, and specialized hardware. By owning and operating the full stack, the company gains efficiency, cost control, and scalability advantages that few competitors can match. With AI workloads expanding at record pace, IREN enters 2026 positioned as a differentiated player ready to capture greater market share in the global AI infrastructure race.
FY25 results at a glance
IREN posted record topline and profits as both segments scaled:
Revenue: $501.0M (+168% YoY)
Net income: $86.9M (vs. $28.9M loss in FY24)
Adjusted EBITDA: $269.7M (≈5x YoY)
Management also highlighted illustrative annualized revenue of “>$1B” from Bitcoin mining under current assumptions, plus up to $250M from AI Cloud at the 10.9k-GPU level. IREN AI cloud expansion features in this guidance but remains contingent on on-time deliveries and commissioning.
AI cloud: GPUs, partners and runway
The AI unit is the growth swing factor. IREN is targeting 10,900 NVIDIA GPUs by December 2025, supported by additional non-dilutive GPU financing and newly secured NVIDIA Preferred Partner status. Longer term, the company says existing sites can support >60,000 Blackwell GPUs, giving meaningful capacity headroom as customer demand ramps. This IREN AI cloud expansion could translate into $200M–$250M annualized revenue at 10.9k GPUs, according to company projections.
Mining engine and power footprint
On the Bitcoin side, IREN completed its 50 EH/s expansion while nearly tripling operating data-center capacity to 810 MW and lifting contracted power to ~2,910 MW. New liquid-cooled builds in British Columbia and the Horizon/Sweetwater projects in the U.S. are designed to serve both mining and AI customers. The firm positions IREN AI cloud expansion as a capital-efficient bolt-on to its existing power and real-estate platform.
Market reaction and peer context
Shares rose about 13% pre-market after the release, extending year-to-date gains. With a market cap in the mid-$5 billions, IREN is closing in on Marathon Digital (MARA), which sits just under $6B a gap that has narrowed as investors price in the trajectory of IREN AI cloud expansion alongside mining scale.Morningstar
Conclusion
IREN’s transition from mining to AI infrastructure has reached a turning point with its first full-year profit. Backed by scale, a credible AI strategy, and renewed investor confidence, the company’s progress signals a new phase of sustainable growth. The results highlight how its cloud expansion is reshaping the business model and creating long-term opportunities.
With financing secured, preferred-partner recognition, and access to multi-gigawatt power, IREN is positioned to scale quickly. Management sees multiple avenues for growth, but the key focus will be how efficiently this new capacity converts into contracted revenue as demand for AI accelerates globally.
FAQs
Q1 . What is driving IREN’s profit, and how does IREN AI cloud expansion factor in?
A1 . Higher Bitcoin output plus IREN AI cloud expansion to 10.9k GPUs lifted revenue and margins, turning FY25 profitable.
Q2 . How many GPUs are planned in the IREN AI cloud expansion by year-end?
A2 . The plan targets 10,900 NVIDIA GPUs by December 2025, implying $200M–$250M annualized revenue potential at full deployment.
Q3 . How does IREN AI cloud expansion compare with its mining scale?
A3 . Mining stands at 50 EH/s today, while IREN AI cloud expansion complements it with high-margin compute services and long-term GPU capacity.
Q4 . Is IREN catching up to MARA on market cap?
A4 . Yes. After earnings, IREN’s market cap is in the mid-$5B range, closing in on MARA under $6B. Momentum reflects confidence in IREN AI cloud expansion.
Q5 . What risks could slow IREN AI cloud expansion?
A5 . GPU delivery/commissioning delays, power project timing, and Bitcoin price/difficulty shifts could affect pace and profitability.