Bitcoin miner IREN surges 14% on BTC-driven quarter, AI play
Bitcoin miner IREN posted its best quarter to date, reporting $187.3 million in revenue for the quarter and a record $501 million in revenue for the fiscal year. The results sent IREN shares sharply higher, with the stock closing up and then jumping further in after-hours trading.
For the month-ended June 30 quarter, revenue rose 226% year-on-year and the company swung back into profitability, reporting $176.9 million in net income. The strong quarter was largely driven by growth in IREN’s Bitcoin mining operations.
IREN said it recorded $1 billion in annualized revenue under current mining economics and reported mining 728 BTC in July, outpacing industry peer MARA Holdings, which mined 703 BTC that month. The company has about 50 exahashes per second of installed Bitcoin mining capacity but has paused further expansion to focus more on its AI business.
Alongside mining, IREN is rapidly expanding into AI infrastructure. It became a "Preferred Partner" to Nvidia during the quarter and increased its GPU count to roughly 1,900, a 132% year-over-year increase. IREN generates AI revenue by renting GPU compute for machine learning, training large language models and other high-performance tasks.
The company plans to invest another $200 million to boost its GPU fleet to about 10,900 units in the coming months, with a goal of reaching $200–$250 million in annualized AI revenue by December. Over the longer term, IREN has said it wants to install up to 60,000 Nvidia Blackwell GPUs at its British Columbia site.
IREN’s recent momentum follows a period of heavy criticism from short-seller reports last year that labeled the company overvalued. Shares previously fell from earlier highs to as low as $5.59 in April before rallying strongly in recent months. The company also recently reached a confidential settlement with creditor NYDIG to resolve roughly $105 million in defaulted equipment loans tied to Antminer S19 units.
The shift by IREN toward AI mirrors a broader trend among Bitcoin miners adapting to rising mining difficulty and energy costs by deploying more efficient equipment, seeking cheaper energy sources or diversifying into GPU-based AI compute services.
