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Investing.com -- IREN Limited (NASDAQ:IREN) stock rose 5% on Monday after the company reported reaching its mid-year hashrate target of 50 EH/s and significantly expanding its AI cloud capabilities with approximately 2,400 NVIDIA (NASDAQ:NVDA) Blackwell GPUs.
The Bitcoin mining and AI infrastructure company posted record monthly revenue in June, with its Bitcoin mining operations generating $65.5 million, up from $64.7 million in May. The company’s hardware profit margin improved to 75% from 74% in the previous month, driven by higher Bitcoin prices and efficient operations.
IREN’s AI Cloud Services maintained steady revenue of $2.2 million with an impressive 98% hardware profit margin. The company’s procurement of 1,300 B200 and 1,100 B300 NVIDIA Blackwell GPUs will increase its total GPU fleet to 4,300 units, positioning the company to scale its AI training and inference capabilities.
"With nearly 3GW of grid-connected power and deep infrastructure expertise, we’re uniquely positioned to deliver flexible solutions across the AI stack," said Daniel Roberts, Co-Founder and Co-CEO of IREN.
The company also completed a $550 million convertible notes offering that was oversubscribed and finalized its transition to U.S. domestic issuer status. IREN reported that its Hopper GPUs are operating at near full utilization, supporting a diverse customer mix on contracts ranging from on-demand to three years, generating an annualized run-rate revenue of $28 million.
IREN has paused further Bitcoin mining expansion beyond the 50 EH/s target to focus on building out its AI verticals, which the company projects could generate $827 million in annualized hardware profit at current capacity levels.
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