IREN Ltd
IRENQ4 2024(IREN Q1 FY2025)Derived2.5% AI
AI Revenue %
2.5%
AI Fair Value
$209.7M
AI Revenue (Q)
$3.6M
Total Revenue (Q)
$144.8M
Source: SEC EDGAR 6-K Filing
View 6-K on SEC.govAnalysis
IREN Q3 FY25 (Jan-Mar 2025) results disclose revenue by business line in supplemental reporting. Total revenue was $144.8M. Bitcoin mining revenue was $141.2M. AI Cloud Services revenue was $3.6M. Math: $3.6M / $144.8M = 2.49%. AI Cloud Services revenue grew 33% quarter-over-quarter (from $2.7M to $3.6M), suggesting the H200 GPU deployment was beginning to generate incremental revenue. However, AI Cloud remains a tiny fraction of total revenue as Bitcoin mining continues to dominate. The company was still in GPU ramp phase. IREN uses a June 30 fiscal year; this quarter (Q3 FY25) corresponds to calendar Q1 2025.
Analyzed by claude-opus-4-6
Quoted Figures
FY2025 full year: AI Cloud Services revenue $16.4M, Bitcoin mining revenue $484.6M, total revenue $501.0M
IREN FY25 Full Year Results Press Release (August 2025)
AI Cloud Services revenue derived from supplemental business line disclosure
Segment Note — IREN reports Bitcoin Mining and AI Cloud Services as business activities
AI Products Identified (Ring 1)
AI Cloud Services (GPU cloud hosting — NVIDIA H100/H200 clusters for AI training and inference)
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