IREN Ltd
IRENQ1 2024(IREN Q2 FY2024)Derived2% AI
AI Revenue %
2%
AI Fair Value
$144.4M
AI Revenue (Q)
$1.1M
Total Revenue (Q)
$52.8M
Source: SEC EDGAR 20-F Filing
View 20-F on SEC.govAnalysis
IREN Q4 FY2024 (Apr-Jun 2024) had growing AI Cloud Services revenue as the full fleet of 816 NVIDIA H100 GPUs came online. The 20-F FY2024 states the full year (Jul 2023 - Jun 2024) generated approximately $3.1M in AI Cloud Services revenue (~2% of $188.8M total), with 98% from Bitcoin mining. The bulk of AI Cloud revenue was concentrated in this quarter and the prior one (Q3 FY2024), as GPU deployment accelerated. By May 2024, operating hashrate reached 10 EH/s and expansion plans increased to 30 EH/s (6-K March 31, 2024). This quarter likely generated $1.5-2.5M in AI Cloud Services revenue as the 816-GPU fleet reached full utilization. IREN uses a June 30 fiscal year; this quarter (Q4 FY2024) corresponds to calendar Q2 2024.
Analyzed by claude-opus-4-6
Quoted Figures
The Group generated 98% (2023: 100%, 2022: 100%) of its revenue through the provision of computing power to three (2023: two, 2022: two) Bitcoin mining pools for the year ended 30 June 2024
20-F FY2024, Note 4 Operating Segments
AI cloud services: The Group owns and operates HPC hardware and generates revenue by providing third-party customers with remote access to these HPC hardware.
20-F FY2024, Note 4 Operating Segments
The Company's operating hashrate has increased to 10 EH/s, and the Company's previously announced 2024 expansion plan to 20 EH/s has been increased to 30 EH/s.
6-K dated May 15, 2024 (Q3 FY2024 Results)
AI Products Identified (Ring 1)
AI Cloud Services (GPU cloud hosting — 816 NVIDIA H100 GPUs serving AI/HPC customers)
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