IREN
Iris Energy
Aggressive PivotA uniquely positioned player focusing exclusively on 100% renewable energy. IREN was one of the first to actively purchase their own GPU fleet rather than just acting as a colocation host, directly entering the cloud compute market.
Total Secured Power
800 MW
AI/HPC Allocated
150 MW
Current Hashrate
30 EH/s
Target Hashrate (2026)
50 EH/s
The Investment Thesis
The Bull Case
By owning the GPUs and selling cloud compute directly, IREN captures a much higher margin than companies that just lease out their buildings and power.
The Bear Case
Buying and operating a massive fleet of rapidly depreciating GPUs is incredibly capital intensive. If AI compute pricing drops, they are left holding the bag on expensive hardware.
AI Infrastructure Details
GPU Fleet Status
816 NVIDIA H100s (Owned, expanding)
Key HPC Partnerships
Poolside AI
Infrastructure Visualization
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