IREN (formerly Iris Energy), a Bitcoin mining company, has successfully raised 450 million USD through a convertible bond issuance maturing in 2030, with an attractive interest rate of only 3.25% per year. This capital will be used to limit equity dilution, repurchase outstanding shares, and most importantly, expand AI data centers.
The attraction of significant cash flow is not coincidental. The company operates large data centers in the US and Canada with a total connected capacity of up to 2,910 MW.
IREN's three strategic pillars include Bitcoin mining, providing AI cloud services, and operating specialized data centers for AI. While it continues to maintain Bitcoin mining operations with a goal of reaching 50–52 EH/s by mid-2025, IREN will cease expanding this area to fully focus on AI.
In the AI cloud segment, IREN owns nearly 1,900 H100 and H200 chips, generating revenue of 3.6 million USD per quarter with hardware profit margins reaching 95–98%. The company is also building large-scale AI data centers, notably the Sweetwater Hub in Texas, aiming for a capacity of up to 2 GW, expected to operate from 2026 and become one of the largest AI infrastructure complexes in North America.
Financially, IREN recorded stable growth with revenues of 148.1 million USD and a net profit of 24.2 million USD in the third quarter of fiscal year 2025. The hardware profit margin for the AI cloud segment reached 33%, higher than that of Bitcoin. With 184 million USD in cash on hand and bond capital, IREN has almost secured the 250 million USD in funding necessary for 2025.
Despite the bright outlook, IREN's stock is still valued quite cautiously by the market, with the price remaining almost flat over the past year. This fundraising effort shows that IREN is determined to move beyond the 'Bitcoin miner' label to establish itself as a new digital infrastructure force in the AI era, especially after the severe liquidity crisis at the end of 2022.
