Upon hitting 52 EH/s, IREN plans to pause additional mining expansion to prioritize its AI cloud services business, which currently operates 1,896 GPUs, including NVIDIA H100 and H200 models. As of March, IREN claimed that this segment is generating an annualized run-rate revenue of $26 million. During the fourth quarter of 2024, IREN reported an AI cloud service revenue of $2.66 million.

Separately, IREN said it is developing “Horizon 1,” an AI data center with an expected IT load of 50 megawatts (MW), and the capital expenditures are projected to be between $300 million and $350 million. The company expects to fund the project primarily through colocation customer prepayments and debt financing.