Another day, another round of upside for a neocloud. Following CoreWeave’s (CRWV) and Nebius’ (NBIS) time in the sun, Sydney-based Iren Limited (IREN) saw its shares end the week about 9% higher after it revealed that its first cloud deployment for Microsoft (MSFT) was complete, and it has also received the Exemplar Cloud status from Nvidia (NVDA).
Iren’s Horizon 1 is the first of four deployments from the company to Microsoft under a five-year, $9.7 billion contract inked last year in November. Here, Nvidia validated Iren’s GB300 NVL72 deployment and granted it the Exemplar Cloud status. Iren joins CoreWeave, Nebius, AWS, Azure, and Oracle Cloud Infrastructure in receiving this recognition.
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About Iren
Founded in 2018, Iren’s journey almost mirrors CoreWeave. Like CoreWeave, it started as a cryptocurrency miner, only to metamorphose into an AI infrastructure player whose main business now includes supplying Nvidia GPUs to hyperscalers. What separates it from other neocloud platforms, though, is that Iren has accumulated a massive portfolio of secured power and data center sites and is trying to convert that infrastructure into AI compute.
Valued at a market cap of $15.6 billion, IREN stock is up 19% on a year-to-date (YTD) basis.
So, amid a plethora of neocloud companies trading their shares in the market, what does Iren bring to the table that others cannot? Let’s analyze.
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Powering On
Well, as touched upon earlier, briefly, what gives Iren a competitive advantage is its ownership of power. This gives Iren a head start over other neoclouds that need to find and secure that power while concurrently building AI infrastructure.
Iren’s grid-connected, purpose-built data center portfolio currently has an operational strength of 810 MW, while 2,100 MW is under construction and 1,600 MW is in development in six locations across North America. Although both CoreWeave and Nebius are upping the ante in terms of power…
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