IREN Limited (NASDAQ:IREN) shares climbed 5% on Monday after the tech-driven infrastructure firm announced it had reached its 50 exahash per second (EH/s) Bitcoin mining goal ahead of schedule and made significant strides in expanding its AI cloud fleet.
The company reported a record month for mining revenue in June, generating $65.5 million, a slight increase from $64.7 million in May. Hardware profit margins for mining operations improved to 75%, boosted by favorable Bitcoin prices and ongoing operational efficiency gains.
In parallel, IREN’s AI Cloud Services continued to perform steadily, delivering $2.2 million in revenue and an industry-leading 98% profit margin on hardware. The company also disclosed the addition of approximately 2,400 NVIDIA Blackwell GPUs, including 1,300 B200s and 1,100 B300s, pushing its total GPU fleet to around 4,300 units.
“With nearly 3 gigawatts of grid-connected power and a deep bench in infrastructure, we’re well-positioned to offer flexible, full-stack AI compute solutions,” said Daniel Roberts, Co-Founder and Co-CEO of IREN.
As part of its strategic pivot, IREN is pausing further expansion of its Bitcoin mining fleet beyond the current 50 EH/s milestone to focus on scaling its AI operations. At full capacity, the company estimates its AI business could yield $827 million in annualized hardware profit.
The company also announced the successful completion of an oversubscribed $550 million convertible notes offering and confirmed it has finalized its transition to U.S. domestic issuer status, further aligning with its expanding American presence.
Additionally, IREN’s Hopper GPUs are now operating at near full capacity, serving a wide range of clients under agreements that vary from on-demand services to multi-year contracts. This segment is generating an annualized revenue run rate of $28 million, signaling growing momentum in the AI vertical.