On October 16, 2024, Iris Energy Limited, also known as IREN, provided a business update which was filed with the SEC as a Form 6-K report. The update highlighted the company's AI Cloud Services division, which is projected to generate approximately $32 million in annualized hardware profit by the end of December 2024, accounting for about 10% of the company's overall earnings. IREN's current fleet of 816 NVIDIA H100 GPUs is nearing full utilization, with plans to commission an additional 1,080 NVIDIA H200 GPUs in Q4 2024, effectively more than doubling its AI capacity. The AI Cloud Services currently use less than 0.5% of IREN's total data center capacity, indicating significant potential for scaling up. Additionally, the company is preparing for the next generation of GPUs and has...Show More

On October 16, 2024, Iris Energy Limited, also known as IREN, provided a business update which was filed with the SEC as a Form 6-K report. The update highlighted the company's AI Cloud Services division, which is projected to generate approximately $32 million in annualized hardware profit by the end of December 2024, accounting for about 10% of the company's overall earnings. IREN's current fleet of 816 NVIDIA H100 GPUs is nearing full utilization, with plans to commission an additional 1,080 NVIDIA H200 GPUs in Q4 2024, effectively more than doubling its AI capacity. The AI Cloud Services currently use less than 0.5% of IREN's total data center capacity, indicating significant potential for scaling up. Additionally, the company is preparing for the next generation of GPUs and has secured 800 additional acres of land for its data center project, bringing the total to over 1,300 acres. The energization date for IREN's 1.4GW substation at its West Texas data center project has been moved up to April 2026, six months ahead of the original schedule. The company is also exploring monetization opportunities through Bitcoin mining and high-performance computing (HPC)/AI pathways, with interest from various parties.