IREN Breaks Profit Record, Invests in AI with Nvidia Partnership

IREN has achieved record earnings, exceeding $187 million in revenue for the second quarter, a 226% increase year-on-year. This surge in profitability led to a net income of $176.9 million and contributed to overall fiscal year revenue of $501 million. The company’s success is attributed to strong Bitcoin mining operations and its strategic pivot towards artificial intelligence (AI). IREN has become a ‘Preferred Partner’ with Nvidia, gaining access to the chipmaker’s high-performance GPUs for AI workloads such as machine learning and large language models. This move will propel their AI revenue to potentially $200 million to $250 million by December.