IREN Ltd

IREN Ltd. pivots from Bitcoin mining to a Microsoft‑backed AI‑infrastructure strategy, buying 150,000 Nvidia GPUs and building a 1.6 GW Oklahoma campus to capture steady AI‑workload revenue while facing energy, risk, and talent challenges.

IREN’s Sweetwater‑1 sub‑station: 1,400 MW of power, 50 MW for AI workloads, and a $1.2 bn Microsoft deal—could shift the firm from crypto mining to high‑growth AI services, but investor dilution and a 24‑month ramp‑up raise questions.

IREN Limited partners with NVIDIA, boosting AI‑centric cloud infrastructure and low‑latency storage—key for scaling agentic AI workloads.