Mentioned:
The explosive growth in both artificial intelligence and digital assets has been relentless. And IREN is earning record breaking revenue because of it.
What’s happening:
- IREN (NASDAQ: IREN) has officially announced their most recent quarterly earnings, which has seen a significant uptick in both their cloud computing and Bitcoin mining operations
By the numbers:
- IREN generated total revenue of $187.3M in their most recent quarter
- IREN’s existing Bitcoin mining operations are now expected to generate $1B USD in annual revenue with the current price of Bitcoin
Why it matters:
- This is the single largest quarter of revenue IREN has ever had since the company first went public
Going deeper:
- Nvidia (NASDAQ: NVDA) has also notably just granted Preferred Partner status to IREN, which enables IREN to get preferential access to Nvidia’s most powerful and in demand GPUs
- IREN has been pouring large amounts of capital into expanding their high performance computing business lately, including previously making a $130M USD purchase of Nvidia’s Blackwell GPUs
