Bitcoin Miner IREN Soars 14% as Record $187M Quarter Meets AI Push
IREN Delivers Record Earnings and Turns Profitable
Bitcoin miner IREN posted its strongest financial results to date, reporting $187.3 million in revenue for the quarter ended June 30, a 226% increase year-on-year. The company also swung back to profitability with $176.9 million in net income, helping drive fiscal-year revenue to $501 million.
The news sent IREN’s shares surging. The stock closed Thursday at $23.04, up 3.1%, before rising another 13.9% in after-hours trading, according to Google Finance. Over the past four months, the stock has climbed 312.2%, a sharp turnaround from earlier this year when shares had slumped to $5.59.
From Mining Powerhouse to AI Challenger
While Bitcoin mining remains IREN’s core business, the company is expanding aggressively into artificial intelligence infrastructure. IREN mined 728 BTC in July, surpassing rival MARA Holdings’ 703 BTC, and currently runs 50 exahashes per second in installed mining capacity.
However, IREN has paused further mining expansion to channel resources into AI — a move increasingly common among miners facing higher energy costs and greater mining difficulty.
Nvidia Partnership Accelerates GPU Growth
IREN became a “Preferred Partner” to Nvidia, giving it direct access to cutting-edge GPUs. The company grew its GPU fleet to 1,900 units last quarter, marking a 132% year-over-year increase.
Revenue from AI comes from renting GPU power for machine learning, large language model training, and enterprise-grade AI tasks.
The company plans to invest $200 million to boost its GPU count to 10,900 units by December, targeting $200 million to $250 million in annualized AI revenue. This represents an eight- to tenfold jump compared to April–June earnings.
Long term, IREN intends to install 60,000 Nvidia Blackwell GPUs at its Canadian facility in British Columbia.
From Criticism to a Market Comeback
Just last year, short-seller Culper Research labeled IREN “wildly overvalued,” accusing the company of “talking big game” about high-performance computing without sufficient investment. Culper compared IREN’s AI ambitions to “competing in the Monaco Grand Prix in a Toyota Prius.”
At the time, IREN’s stock tumbled from $12.31 to $5.59. But after resolving a $105 million loan dispute with NYDIG — involving 35,000 Antminer S19 rigs — the company has staged a dramatic recovery, proving critics wrong for now.
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