IREN Limited (IREN)

IREN Ltd.'s stock experienced volatility in the past six months. In October 2025, the stock surged due to new AI cloud services contracts, reaching a 52-week high by mid-September 2025. However, in early February 2026, shares plunged after Q2 2026 earnings missed expectations, reporting a net loss of $155.4 million due to non-cash items and mining hardware impairments. Despite securing GPU financing and targeting $3.4 billion in AI Cloud annual recurring revenue by year-end 2026, investors reacted negatively.

While detailed information on demand seasonality is limited, Bitcoin mining revenue is influenced by cryptocurrency market volatility. The expansion into AI cloud services may offer diversification. AI cloud revenue growth occurred even during traditionally quieter periods, suggesting less pronounced seasonality compared to Bitcoin mining. A seasonality tool exists for IREN's stock performance, indicating recurring monthly trends.

IREN Ltd. is a vertically integrated data center operator specializing in Bitcoin mining and AI cloud computing, powered by renewable energy. The company earns Bitcoin through mining and provides AI cloud compute using NVIDIA GPUs. IREN is classified in Financial Services (Capital Markets) and Technology Services (Data Processing Services). Formerly Iris Energy Limited, the company changed its name to IREN Limited in November 2024.

IREN Ltd. is headquartered in Sydney, Australia, and operates data centers in British Columbia, Canada (Canal Flats, Mackenzie, Prince George), and Childress County, Texas, in the United States. It has secured a new 1.6 gigawatt site in Oklahoma, expanding its total secured power to over 4.5 gigawatts.

IREN Ltd. has cultivated a brand reputation centered on environmental sustainability, utilizing 100% renewable energy and investing in technologies like direct-to-chip liquid cooling. Its expansion into AI cloud services and contract with Microsoft have positively impacted its perception. However, the recent Q2 2026 earnings miss and stock price decline could negatively impact its financial reputation and investor confidence.

IREN Limited has a diverse ownership structure, with 447 institutional owners holding 142,008,374 shares. Major shareholders include Susquehanna International Group, Citadel Advisors Llc, Jane Street Group, Llc, D. E. Shaw & Co., Inc., Jefferies Financial Group Inc., and Wells Fargo & Company/mn. As of September 30, 2025, Jane Street Group, LLC held 3.57%, D. E. Shaw & Co., L.P. held 3.26%, and Wells Fargo & Company held 2.40%. Individual insiders own approximately 8.75%, while public companies and retail investors hold about 54.44%. Daniel and William Roberts, the co-founders, are also significant shareholders.