IREN: Energy-Backed Compute at Scale

IREN isn’t really a crypto company. It’s an energy and data center infrastructure business.

Founded in Australia, IREN’s strategy is simple: use low-cost renewable power

to run large-scale computing. Last quarter, revenue grew about 230% year over year

to roughly $187 million, as IREN scaled Bitcoin mining and AI-ready data

centers. Bitcoin was the starting point because it’s the most portable buyer

of electricity. But today, those same facilities are being built for AI and high-performance

computing. The edge isn’t crypto. It’s cheap power and the ability to deploy data centers

at scale. So owning IREN isn’t just a bet on Bitcoin. It’s a bet on energy-backed compute