Bitcoin News Today: Bitcoin Mining Star IREN Surpasses Rivals with $1B in AI and BTC Growth

IREN Limited (NASDAQ: IREN) has achieved a landmark year in both its Bitcoin mining and artificial intelligence (AI) cloud services businesses, culminating in its first full-year profitability and a significant rise in market capitalization. In the quarter ending June 30, 2025, IREN reported $187.3 million in revenue, a 226% increase year-on-year, and a net income of $176.9 million [1]. This performance was largely driven by its Bitcoin mining operations, which contributed $180 million to the quarter’s revenue, with the company mining 728 BTC in July—surpassing rival MARA’s 703 BTC [5]. Under current mining economics, IREN expects to generate $1 billion annually from Bitcoin mining, with a hashrate of 50 exahashes per second [1].

The company also announced a record $501 million in revenue for the fiscal year, pushing its stock to a 3.1% gain on Thursday and an additional 13.9% in after-hours trading [1]. Over the past four months, IREN’s shares have surged 312%, climbing from $5.59 in April to $23.04 by late August [6]. This upward trend has positioned IREN as one of the most promising stocks in the crypto and AI infrastructure sectors.

IREN’s strategic shift toward AI cloud services has been a key factor in this transformation. The company secured "Preferred Partner" status with NVIDIA , granting it direct access to the latest hardware, including the B200 and GB300 GPUs [2]. During the quarter, IREN expanded its GPU fleet by 1,900 units, bringing the total to 10,900 GPUs. This expansion is part of a $200 million investment plan to scale its AI cloud operations and achieve $200–$250 million in annualized AI revenue by December 2025—an eight- to ten-fold increase from the $25 million per month generated between April and June [1].

IREN’s Prince George facility in British Columbia is central to its AI infrastructure development. The site now hosts 8,500 GPUs and is preparing for a 10MW liquid-cooled installation capable of supporting over 4,500 GB300 GPUs [2]. Additionally, IREN has secured $96 million in non-dilutive financing for the GB300s and is leveraging existing cash reserves to fund the B300s [4]. The financing structure, a 24-month lease at a high single-digit interest rate, is designed to preserve equity while enabling rapid scaling.

Looking ahead, IREN is advancing its Horizon liquid-cooled AI data center, set to launch in the fourth quarter of 2025, and the larger Sweetwater facility in Texas, expected to come online by late 2027. The latter spans 1,800 acres and has the potential to house 700,000 GPUs and 2 gigawatts of power [6]. The company also plans to install 60,000 of NVIDIA’s Blackwell GPUs in British Columbia, further solidifying its role as a major AI infrastructure player.

IREN’s strategic pivot away from over-reliance on Bitcoin mining to a diversified model has been validated by its recent financial performance and market response. With a market capitalization approaching $5.4 billion and a strong revenue outlook, IREN is positioned to become a key player in the evolving AI cloud market [1].

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