Bitcoin Miner IREN Posts 226% Profit Growth in Q2

Bitcoin miner IREN posted $187.3M in revenue, up 226% YoY. The company expands GPU capacity with Nvidia to boost AI revenues.

Record quarterly results drive IREN stock higher

Bitcoin miner IREN reported its strongest earnings ever for the quarter ending June 30, 2025. Revenue surged 226% year-on-year to $187.3 million, while net income reached $176.9 million. For the fiscal year, IREN booked $501 million in revenue, setting a new company record.

Shares jumped nearly 14% in after-hours trading on Thursday, according to Google Finance. Investors welcomed not only stronger Bitcoin mining results but also IREN’s growing focus on artificial intelligence.

AI strategy and Nvidia partnership

IREN has expanded its GPU fleet to 1,900 units, up 132% year-on-year, after becoming a “Preferred Partner” of Nvidia. This provides direct access to Nvidia’s hardware for large-scale AI operations.

Key growth drivers for the AI business include:

• renting GPU power for machine learning;
• training large language models (LLMs);
• providing computation for enterprise AI workloads.

The company plans to invest $200 million to scale GPU capacity to 10,900 units by December. This expansion could deliver $200–250 million in annualized AI revenue, up to 10x current levels.

From mining leader to AI contender

In July, IREN outpaced MARA Holdings in Bitcoin production with 728 BTC versus 703 BTC. Installed hashrate reached 50 EH/s, though further mining expansion has been paused to prioritize AI.

Long-term plans include installing 60,000 Nvidia Blackwell GPUs at its British Columbia site, cementing its position as both a Bitcoin mining and AI powerhouse.