Here are 1-3 brief analogies for Iris Energy Limited (IREN):

• Newmont for digital gold.

• ExxonMobil for Bitcoin.

• A specialized Amazon Web Services (AWS) that only mines Bitcoin.

• Bitcoin Mining: The company operates large-scale data centers to discover new bitcoins by solving complex computational puzzles on the Bitcoin blockchain.

Iris Energy Limited, as a bitcoin mining company, does not have traditional customers that directly purchase its mining services. Its revenue is primarily derived from block rewards and transaction fees paid by the decentralized Bitcoin network for validating transactions and securing the blockchain.

However, the company generates Bitcoin as its primary output, which it may then sell into the broader cryptocurrency market. Based on the buyers of this produced asset, the categories of customers that ultimately acquire the Bitcoin sold by Iris Energy can be described as follows:

• Retail Cryptocurrency Investors: Individuals who purchase Bitcoin for investment, trading, or other personal uses via various cryptocurrency exchanges and platforms.
• Institutional Cryptocurrency Investors: Corporations, investment funds, family offices, and other institutional entities that acquire Bitcoin as part of their investment portfolios, treasury holdings, or for strategic purposes.
• Cryptocurrency Exchanges and Brokers: These entities act as intermediaries in the market, often being the direct counterparty when a mining company sells its mined Bitcoin. They facilitate the distribution of Bitcoin to a wide range of retail and institutional buyers.

• Bitmain Technologies Limited
• BC Hydro

Daniel Roberts Co-Founder and Co-CEO

Daniel Roberts co-founded Iris Energy (now IREN) in 2018 with his brother William Roberts. He has over 15 years of experience in finance, infrastructure, and renewables. He was previously the second-largest individual shareholder in Palisade Investment Partners, an infrastructure funds management business. Daniel was responsible for Palisade's origination and business development activities and managed several portfolio assets, serving as a director on the board of Palisade and many of its investee companies. Prior to Palisade, he worked in M&A advisory, debt structuring, and principal investment with Macquarie Group and with PricewaterhouseCoopers. He also co-founded Jolt Charge Pty Ltd. in 2019. Daniel has been engaged with Bitcoin since 2013 and participated in the Ethereum presale.

Will Roberts Co-Founder and Co-CEO

Will Roberts co-founded Iris Energy (now IREN) in 2018 with his brother Daniel Roberts. He has experience across accounting, banking, resources, commodities, and real assets, having worked at Macquarie Group, Westpac, and Brookfield Multiplex. At Macquarie Group, he co-founded the Digital Assets team. Will also has a background in energy and renewable project development, where he previously developed, financed, and sold over 1 GW of wind and solar assets through Infigen and other ventures.

Anthony Lewis Chief Financial Officer

Anthony Lewis was appointed Chief Financial Officer in September 2025, having joined IREN in July 2025 as Chief Capital Officer. Before joining IREN, he spent 22 years at Macquarie Group, where he served as Co-Treasurer, managing global funding, liquidity, capital management, and regulatory reporting. He oversees financial operations, reporting, strategic planning, and the company's capital markets strategy.

David Shaw Chief Operating Officer

David Shaw is the Chief Operating Officer at IREN. He holds a degree in Engineering from the University of Melbourne.

Denis Skrinnikoff Chief Technology Officer

Denis Skrinnikoff serves as the Chief Technology Officer for IREN.

• Post-halving profitability squeeze and industry consolidation: The Bitcoin halving event in April 2024 reduced the block reward for miners by 50%. While the halving itself was a known event, the full market implications are an emerging threat. It significantly tightens profit margins for all miners and is expected to lead to a widespread "shake-out" in the industry. Less efficient or highly leveraged mining operations may become unprofitable, forcing shutdowns, bankruptcies, or consolidation. This creates an intensely competitive environment where the viability of many existing operational models is challenged, requiring companies like IREN to achieve aggressive cost efficiencies and operational scale to remain competitive, similar to how Netflix's direct-to-consumer model disrupted Blockbuster's traditional retail profitability.
• Accelerated technological obsolescence of mining hardware: The pace of innovation in Application-Specific Integrated Circuit (ASIC) technology is rapid, with new generations of miners offering significantly improved power efficiency and hash rate. An acceleration in this development cycle, or the emergence of a competitor gaining proprietary or exclusive access to vastly superior next-generation hardware, could render IREN's current mining fleet economically obsolete much faster than projected. This would necessitate higher and more frequent capital expenditures for upgrades to maintain competitiveness, placing a substantial strain on financial resources and potentially leading to a significant competitive disadvantage, akin to how the iPhone's rapid technological advancements and user experience innovations sidelined BlackBerry's once-dominant devices.

Share Issuance

• In November 2021, Iris Energy Limited (now IREN Limited) became a public company through an initial public offering on Nasdaq, raising approximately US$232 million.
• The number of outstanding shares for IREN Limited increased by 41.60% in one year, with a total of 394.06 million shares outstanding as of September 21, 2026.
• On December 3, 2025, IREN priced a registered direct offering of approximately 39.7 million ordinary shares at $41.12 per share, generating gross proceeds of about $1.63 billion, partly to fund the repurchase of existing convertible notes.

Inbound Investments

• IREN signed a US$3.4 billion AI cloud services contract with NVIDIA, with NVIDIA also receiving a five-year option to purchase up to 30 million IREN shares at US$70 each.
• A US$2.1 billion investment from NVIDIA is aligned with the deployment of up to 5 GW of NVIDIA DSX-aligned infrastructure across IREN's platform.
• Customer prepayments are a significant source of funding, with Microsoft prepayments covering 96% of associated GPU capital expenditures, and customer prepayments generally covering 45-55% of recent GPU capex.

Outbound Investments

• IREN Limited acquired Mirantis, Inc., a cloud software and services provider, for approximately $630 million on August 4, 2026. The consideration primarily involved issuing common equity of IREN Limited valued at $625 million, along with cash and other considerations of about $40 million.
• On June 15, 2026, IREN completed the acquisition of Nostrum Group, a developer of grid-connected AI data centers in Spain, marking IREN's entry into the European market and adding approximately 490MW of secured power capacity.

Capital Expenditures

• IREN's capital expenditures averaged 855.5 million for fiscal years ending December 2021 to 2025, peaking at 941.4 million in June 2026.
• The company plans substantial capital expenditures for fiscal year 2027, with targets ranging between $25 billion and $30 billion, focused on AI cloud infrastructure as it shifts from Bitcoin mining.
• Projected capital expenditures show a significant increase, with plans for $978 million in 2026, $1,792 million in 2027, and escalating to $8,973 million by 2030, primarily for building out AI data centers and GPU capacity.