IREN: Sweetwater 2

IREN was founded in November 2018 by brothers Daniel and Will Roberts as Iris Energy, with a thesis that vertically integrating land, renewable power, substations, buildings, and hardware would produce the lowest-cost, fastest-to-power compute platform.

British Columbia (2019 to 2021): hydro-powered foundation. IREN's first site, Canal Flats, BC (30 MW), came online in 2019 on 10 acres of freehold land repurposed from a closed lumber mill, powered by 100% hydroelectricity. Mackenzie, BC (80 MW, 11 acres acquired from the District of Mackenzie) and Prince George, BC (50 MW, 12-acre freehold site) followed, bringing BC capacity to 160 MW. All three campuses run on roughly 98% direct hydro and ~2% RECs.

Nasdaq IPO (November 2021). IREN listed on the Nasdaq Global Select Market on November 19, 2021, raising $232 million in a deal led by J.P. Morgan, Canaccord Genuity, and Citigroup.

Texas entry (2022). IREN moved into ERCOT in 2022, acquiring 420 acres of freehold land in Childress, TX with a direct 345 kV grid connection, and 500 acres in Sweetwater, TX with a 600 MW grid-connection agreement. Childress reached 750 MW operational and is now the company's largest campus.

Rebrand to IREN (November 2024). Iris Energy formally rebranded to IREN in November 2024, signaling a strategic pivot from a Bitcoin-mining-first identity to a broader next-generation data center and AI Cloud platform.

Pivot to AI Cloud / HPC (2024 to 2026). In Q4 2025, IREN energized Horizon 1, a 50 MW IT (75 MW gross) direct-to-chip liquid-cooled AI deployment at Childress, marking the company's first purpose-built AI data center. Sweetwater 1 (1.4 GW) was energized in April 2026; Sweetwater 2 (600 MW, ~28 miles away) is targeted for late 2027, and the two will be linked by a direct fiber loop to form a single 2 GW Sweetwater hub.

Oklahoma land bank. IREN's Woods County, Oklahoma site adds approximately 2,000 acres of land bank with up to 1.6 GW of development pipeline.

May 2026 acquisitions. On May 5, 2026, IREN announced the acquisition of Mirantis for approximately $625 million in stock, adding cloud infrastructure, Kubernetes orchestration, and enterprise support capabilities to accelerate AI Cloud deployment, operations, and customer support. On May 7, 2026, IREN announced the acquisition of Nostrum Group (Ingenostrum, S.L.), a next-generation data center developer in Spain, adding ~490 MW of secured grid-connected power and bringing IREN's total power portfolio to 5 GW. The Nostrum deal marks IREN's first European footprint for its AI Cloud platform.

Financials. IREN reported FY2025 revenue of $501.0 million (+168% YoY) and net income of $86.9 million. Q3 FY26 results were released alongside the Nostrum deal on May 7, 2026.