IREN is a vertically integrated data center owner and operator that runs two computing businesses: Bitcoin mining and AI cloud services. Bitcoin mining is the current earnings driver — IREN deploys specialized ASIC computers across its data centers in Texas and British Columbia to mine Bitcoin, liquidating all mined Bitcoin daily through the Kraken exchange rather than holding it on the balance sheet. IREN operates roughly 50 EH/s of mining capacity, making it one of the largest self-mining fleets among public miners. IREN's AI Cloud Services business, branded IREN Cloud, sells remote GPU compute access to AI-native companies, cloud providers, and enterprises for training and inference workloads. IREN had roughly 1,900 NVIDIA H100/H200 GPUs deployed as of mid-2025, with plans to scale to roughly 10,900 GPUs by end-2025 including newer Blackwell-generation hardware. IREN argues its vertical integration — owning the transmission connection, substation, building, power infrastructure, and GPUs outright — eliminates third-party colocation costs and supports strong margins. Low power costs in Texas (~$0.035/kWh) and BC (~$0.038/kWh) underpin both businesses. IREN is also developing large-scale AI data center capacity at its Sweetwater hub in West Texas, targeting nearly 2GW of capacity, where it aims to sign hyperscaler colocation deals. Bitcoin mining cash flows fund AI infrastructure buildout, supplemented by GPU equipment financing and capital markets activity.