IREN is a vertically integrated AI cloud services platform that provides GPU compute infrastructure for artificial intelligence training and inference workloads. Rather than leasing space from third-party colocation facilities, IREN develops, owns, and operates its proprietary data centers, land, electrical grid connections, cooling systems, and compute hardware. The company deploys graphics processing units from NVIDIA and AMD, selling compute capacity primarily on a bare metal basis under multi-year reserved capacity contracts to hyperscalers, AI developers, and enterprise customers. Through its acquisition of Mirantis, IREN also provides managed cloud software and infrastructure orchestration services. IREN operates and develops data center facilities across North America, Europe, and Australia, prioritizing access to low-cost renewable energy and partnering with NVIDIA to expand its global infrastructure pipeline. Additionally, IREN is actively winding down its legacy Bitcoin mining operations to repurpose existing infrastructure and power capacity entirely for AI cloud services.