- Today
- Holidays
- Birthdays
- Reminders
- Cities
- Atlanta
- Austin
- Baltimore
- Berwyn
- Beverly Hills
- Birmingham
- Boston
- Brooklyn
- Buffalo
- Charlotte
- Chicago
- Cincinnati
- Cleveland
- Columbus
- Dallas
- Denver
- Detroit
- Fort Worth
- Houston
- Indianapolis
- Knoxville
- Las Vegas
- Los Angeles
- Louisville
- Madison
- Memphis
- Miami
- Milwaukee
- Minneapolis
- Nashville
- New Orleans
- New York
- Omaha
- Orlando
- Philadelphia
- Phoenix
- Pittsburgh
- Portland
- Raleigh
- Richmond
- Rutherford
- Sacramento
- Salt Lake City
- San Antonio
- San Diego
- San Francisco
- San Jose
- Seattle
- Tampa
- Tucson
- Washington
Sweetwater Today
By the People, for the People
IREN Shifts Focus to AI Cloud, Secures $3.6B in GPU Financing
Company highlights progress in transition from Bitcoin mining, new power capacity, and customer demand for AI cloud services.
Feb. 5, 2026 at 8:55pm
Got story updates? Submit your updates here. ›
IREN, formerly known as Iris Energy, used its Q2 2026 earnings call to emphasize its shift from Bitcoin mining to a vertically integrated AI cloud platform. The company secured $3.6 billion in GPU financing, added new power capacity, and reported strong customer demand for its AI cloud services, including a $9.7 billion contract with Microsoft.
Why it matters
IREN's transition from Bitcoin mining to AI cloud services represents a strategic shift for the company, as it aims to capitalize on the growing demand for cloud-based AI infrastructure. The financing package and power capacity expansion position IREN to scale its AI cloud offerings and compete in the rapidly evolving cloud computing market.
The details
IREN secured $3.6 billion in GPU financing at an interest rate expected to be less than 6%, which, combined with $1.9 billion in customer prepayments from Microsoft, covers approximately 95% of the GPU-related capital expenditures for its $9.7 billion AI contract with Microsoft. The company also announced a new 1.6 gigawatt site in Oklahoma, bringing its total secured power to over 4.5 gigawatts. IREN expects to deliver 140,000 GPUs by the end of 2026, which it says would position the company to deliver $3.4 billion in annualized run-rate revenue.
- IREN expects to deliver 140,000 GPUs by the end of 2026.
- The company's $3.4 billion ARR target for the end of 2026 would use only around 10% of IREN's secured grid-connected power capacity.
- IREN plans to energize its Sweetwater One site in Q2.
The players
IREN Limited
Formerly known as Iris Energy Limited, IREN owns and operates data centers and provides cloud-based AI infrastructure services.
Daniel Roberts
Co-founder and Co-CEO of IREN.
Anthony Lewis
Chief Financial Officer of IREN.
Kent Draper
Chief Commercial Officer of IREN.
Microsoft
A multinational technology company that has a $9.7 billion contract with IREN for AI cloud services.
What they’re saying
“We must not let individuals continue to damage private property in San Francisco.”
— Robert Jenkins, San Francisco resident
“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”
— Gordon Edgar, grocery employee
What’s next
The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.
The takeaway
This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.
