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IREN

Former bitcoin miner selling contracted bare-metal GPU clusters (NASDAQ: IREN)

Large clustersBare metal

IREN is moving from bitcoin mining to AI cloud: AI cloud revenue was $200M against $28M from mining in the quarter to September 2026. It sells bare-metal NVIDIA clusters, from H100 to GB300 NVL72, from sites in British Columbia and Texas through sales only, and reports $20.3B of contracted backlog.

Best for: Large, long-term contracted bare-metal clusters.

ClusterMAX 3.0: Not recommended – Underperforming

  • – Publishes prices
  • – Serverless inference
  • – AMD GPUs
  • – European data centers
Visit IREN

Facts checked November 9, 2026 against the sources listed below. IREN does not pay to appear here.

1 Legal nameIREN
2 HeadquartersSydney, Australia
3 Founded2018
4 Funding or listingPublic (NASDAQ: IREN). $3.65B Microsoft-contract-backed GPU financing and $3B of convertible notes (2026).
5 How you rentBare metal, Reserved clusters
6 Minimum commitmentNot disclosed
7 InterconnectNVIDIA InfiniBand, stated as “full non-blocking 3.2TB/s”
8 OrchestrationNot disclosed
9 GPUs offeredGB300 NVL72, B300, B200, H200, H100
10 RegionsCanada (British Columbia: Mackenzie, Canal Flats, Prince George), US (Childress, Texas; Sweetwater, Texas under construction; Oklahoma in development); Australia and Spain planned
11 CertificationsNot disclosed
12 Customers and partnersMicrosoft AI Cloud contract (about $9.7B TCV); NVIDIA named as a customer; proxy lists multi-year contracts with Prometheus, Perplexity and Together AI (about $2.8B TCV).

Published prices

IREN does not publish on-demand prices. Ask for a quote.

Worth knowing before you sign

  • No public prices; its 8-K says H100s were re-contracted at double the previous pricing.
  • Q1 FY27 net loss of $263M and net debt of $4.43B; about $6B of remaining FY27 capex is not yet financed (8-K).
  • Its target of more than $4B ARR slipped from end-2026 to 2027-01-31 or later.
  • Rated “Not recommended – Underperforming” in ClusterMAX 3.0; SemiAnalysis described its Prince George site (used by Together AI) as unreliable.

Go to IREN's site

Sources

  1. IREN AI Cloud
  2. IREN Q1 FY27 results (8-K)
  3. The Block: $3.65B GPU financing
  4. IREN proxy statement
  5. SemiAnalysis ClusterMAX 3.0 ratings
  6. SemiAnalysis ClusterMAX 3.0 report

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