IREN's 168% Revenue Growth: Transition from Bitcoin Mining to AI Cloud

In the year 2025, IREN Limited demonstrated performance exceeding industry expectations, attracting attention with its growth momentum at the $168 level. The company increased its revenue to $501 million, tripled its operational capacity to 810MW, and reached a record level of 50 EH/s in Bitcoin production. These figures show that IREN is transforming from merely a mining company into a critical infrastructure provider for the AI era.

Founded by brothers Daniel and Will Roberts, IREN started in 2018 as a renewable energy-powered Bitcoin mining operation in Canada. However, the vision of the two partners was not solely dependent on electricity consumption rights. They early on predicted that the real opportunity lay in providing affordable and reliable AI computing power. This strategic foresight has now become the core of the company’s business model.

The Roberts Brothers’ Vision: AI Power Surpassed Mining

IREN’s transformation story offers a rare success scenario in the tech industry. During a period of exploding demand for AI infrastructure, the company chose to convert its mining facilities into high-performance data centers. The increase in operational capacity and the 168-fold revenue growth prove how effective this strategic decision was.

The stock market clearly rewarded this transformation. In 2025, IREN shares gained over 500%, demonstrating investor confidence in the company’s long-term vision and execution capabilities.

Microsoft’s $9.7 Billion Investment: Confirming IREN’s AI Infrastructure Strategy

IREN’s shift toward AI cloud services gained momentum with a five-year strategic agreement signed with Microsoft. This $9.7 billion deal is not just a business partnership but also a recognition by the industry of IREN as a key player in AI infrastructure.

The terms of the agreement are quite notable: approximately $1.9 billion in a 20% prepayment for GPU capacity at the Horizon 1 data center in Texas. This scale reflects Microsoft’s confidence in IREN’s technology and capacity, as well as its expectations for future demand for AI computing services.

2026-2027: Sweetwater Campus and 140,000 GPU Expansion

Using the resources secured through the Microsoft contract, IREN is implementing an aggressive expansion plan. The company plans to add 140,000 GPUs at the 2GW-capacity Sweetwater AI campus, with completion expected in 2027.

This investment is directly linked to IREN’s goal of reaching an annualized revenue rate (ARR) of $3.4 billion in AI Cloud by the end of 2026. The figures indicate how prepared the company is to play a significant role in the AI cloud market.

IREN’s story offers a perfect example of how traditional mining infrastructure can be reimagined in the new technology era. Transitioning from a Bitcoin-based business model to an AI infrastructure provider has proven itself not only through a 168% revenue increase but also by establishing a leading role in setting industry expectations.