IREN Ltd
IRENQ4 2023(IREN Q1 FY2024)Derived1% AI
AI Revenue %
1%
AI Fair Value
$70.7M
AI Revenue (Q)
$527,640
Total Revenue (Q)
$52.8M
Source: SEC EDGAR 20-F Filing
View 20-F on SEC.govAnalysis
IREN Q3 FY2024 (Jan-Mar 2024) had early-stage AI Cloud Services revenue from its initial fleet of ~248 NVIDIA H100 GPUs. On February 14, 2024, the company announced purchasing 568 additional GPUs to expand to 816 H100s (delivery expected Q2 2024, per 6-K). The 20-F FY2024 states total AI Cloud Services revenue for the full fiscal year was approximately $3.1M (2% of $188.8M total), with the note that 'revenue and assets related to the AI cloud services business activity represent less than 10% of the Group's total revenue and assets.' Given that most of the $3.1M annual AI Cloud revenue was concentrated in Q3-Q4 FY2024 (Jan-Jun 2024), this quarter likely generated $0.5-1M from the initial 248-GPU fleet. Estimated ~1% of quarterly revenue. IREN uses a June 30 fiscal year; this quarter (Q3 FY2024) corresponds to calendar Q1 2024.
Analyzed by claude-opus-4-6
Quoted Figures
revenue and assets related to the AI cloud services business activity represent less than 10% of the Group's total revenue and assets
20-F FY2024, Note 4 Operating Segments
the Company announced its purchase of a further 568 GPUs to expand its existing AI cloud services business to 816 of the latest-generation NVIDIA H100 GPUs. Delivery and commissioning of the additional GPUs is expected during Q2 2024.
6-K dated February 14, 2024
AI Products Identified (Ring 1)
AI Cloud Services (GPU cloud hosting — initial NVIDIA H100 cluster deployment)
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Bitcoin mining (ASIC-based cryptocurrency mining — primary revenue source)
Confidence Tier
DerivedCalculated from reported segments primarily serving AI