Core Insights - IREN, a next-generation data center company, released its monthly investor update for August 2024, highlighting significant developments in Bitcoin mining and AI cloud services [1][2]. Bitcoin Mining - The company operates 300 MW of Bitcoin mining capacity, with plans to expand to 510 MW by the end of 2024 [2][6]. - In August 2024, IREN mined 245 Bitcoin, an increase from 222 Bitcoin in July [3][4]. - The average operating hashrate increased to 10,940 PH/s in August from 9,008 PH/s in July [3]. - Electricity costs per Bitcoin significantly decreased to $29,958 in August from $61,677 in July, following a transition to spot pricing [4][3]. - Mining revenue for August reached $14.985 million, up from $13.592 million in July [3]. AI Cloud Services - IREN has installed 816 NVIDIA H100 GPUs, servicing multiple customers, and reported AI cloud services revenue of $1.29 million in August [3][5]. - The company anticipates strong customer demand and has a growing pipeline for AI cloud services [5]. Data Centers - IREN's data center capacity is set to reach 510 MW in 2024, with ongoing construction at Childress Phase 2 (100 MW) and Phase 3 (150 MW) [6]. - The company is engaged in monetization conversations and has signed NDAs with interested parties [6]. - Current operating data centers include Canal Flats, Mackenzie, Prince George, and Childress, totaling 300 MW of capacity [6]. Corporate Financials - As of June 30, 2024, IREN reported $405 million in cash and no debt [8]. - The company continues to experience growth across revenue, earnings, and cash flow [8].

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Iris Energy Limited (NASDAQ: IREN) due to allegations of materially misleading business information issued by the company [1] Group 1: Legal Action and Investor Rights - Investors who purchased IREN securities may be entitled to compensation through a class action lawsuit without any out-of-pocket fees, facilitated by a contingency fee arrangement [2] - The Rosen Law Firm is preparing a class action to seek recovery of investor losses related to IREN [2] Group 2: Company Performance and Market Reaction - On July 11, 2024, Culper Research issued a report taking a short position in IREN, labeling it as a "painfully transparent stock promotion" and questioning the validity of its high-performance computing claims [3] - Following the report, IREN's stock price fell by $1.70 per share, or 13.1%, closing at $11.20 per share on the same day [3] Group 3: Rosen Law Firm's Credentials - The Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company and being ranked No. 1 for the number of settlements in 2017 [4] - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [4]

Financial Data and Key Metrics Changes - The adjusted EBITDA for the fiscal year ended June 30, 2024, is reported at $54.7 million, a significant year-on-year increase of $53.3 million, marking the highest recorded EBITDA for the company [24] - Bitcoin mining revenue increased from $75 million to $184 million, with an average operating hash rate rising from 5.6 exahash to 9.4 exahash, resulting in 4,191 Bitcoin mined and an average realized price of $44,000, an 89% increase year-on-year [24][25] - Average net electricity costs per Bitcoin mined increased from $11,000 to $18,100, primarily due to the increase in global hash rate and the impact of the halving event in April 2024 [25] Business Line Data and Key Metrics Changes - The AI Cloud Services business recorded revenue of $3.1 million during the financial year, indicating a new revenue stream for the company [25] - The company has increased its installed capacity for Bitcoin mining to 15 exahash, with a target of reaching 20 exahash by the end of next month and 30 exahash by the end of the year [3][6] Market Data and Key Metrics Changes - The company has secured 2,310 megawatts of grid-connected capacity and has over 1 gigawatt of additional development sites worldwide [5][20] - The average monthly power price at the Childress site for August was reported at 3.1 cents, equating to approximately $23,000 per Bitcoin mined [14] Company Strategy and Development Direction - The company aims to continue expanding its Bitcoin mining capacity while also leveraging its infrastructure for AI cloud services, indicating a dual focus on both sectors [3][16] - The management emphasizes the importance of securing additional power and land to support future growth, reflecting a long-term vision for scalability in both Bitcoin mining and AI services [20][34] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to control its growth trajectory in Bitcoin mining, citing the significant power capacity available for future expansion [31] - The management acknowledged the complexities involved in AI cloud services but remains optimistic about the potential for growth in this area as the company builds its reputation and customer base [38] Other Important Information - The company reported a strong cash position of $404.6 million with no external debt, providing flexibility for future growth initiatives [28] - The company has appointed Morgan Stanley to evaluate AI data center opportunities for its 1.4 gigawatt West Texas site, indicating ongoing strategic evaluations for asset monetization [21] Q&A Session Summary Question: Any material updates since the New York analyst update? - Management indicated that while there are no materially different decisions, ongoing learning continues to refine their strategies, particularly in Bitcoin mining where they feel in control of their destiny [30][31] Question: Thoughts on further site acquisition versus CapEx for site build-out? - Management emphasized the importance of acquiring more power and land, believing in the long-term scarcity of these resources as demand continues to grow [33][34] Question: Focus of recent key hires related to HPC? - Management noted that while there is potential for GPU purchases, they are cautious about diluting shareholder value and are focused on ensuring the right risk-return structure in contracts [36][38] Question: How to decide between long-term contracts versus on-demand customers for Poolside capacity? - Management aims to pursue both strategies while retaining flexibility, indicating a balanced approach to market opportunities [42] Question: Outlook for hash prices and market dynamics? - Management highlighted that Bitcoin prices are the key driver for hash prices, and while they cannot predict short-term movements, they believe in a long-term upward trend for Bitcoin [47] Question: Issues with T21 miners and replacement timeline? - Management acknowledged manufacturing defects with T21 miners but praised Bitmain's response and indicated that approximately 1.5 exahash of capacity is being replaced [48]

Core Insights - IREN reported a record adjusted EBITDA of $54.7 million for FY24, a significant increase from $1.4 million in FY23, indicating strong operational performance and growth [2][6] - The company achieved record Bitcoin mining revenue of $184.1 million in FY24, up from $75.5 million in FY23, driven by increased operating hashrate and higher Bitcoin prices [2][6] - IREN is on track to reach a self-mining capacity of 30 EH/s by the end of 2024, with 15 EH/s already installed as of August 2024 [2][4] Financial Performance - Full Year FY24 results show an EBITDA of $19.6 million, compared to a loss of $123.2 million in FY23 [2][6] - Net loss after income tax for FY24 was $29.0 million, a significant improvement from a loss of $171.9 million in FY23 [2][6] - Operating cash inflow increased to $52.7 million in FY24 from $6.0 million in FY23, reflecting improved cash generation [2][6] Operational Highlights - The company increased its grid-connected power from 760 MW to 2,310 MW over the past year, supporting its data center expansion [3] - Childress Phase 2 and Phase 3 expansions are underway, with a total of 250 MW planned for completion in 2024 [3][4] - IREN has secured 10.5 EH/s of the latest-generation Bitmain S21 XP miners, with shipping scheduled for October and November 2024 [4] AI Cloud Services - AI Cloud Services revenue reached $3.1 million, servicing multiple customers in both reserved and on-demand markets [2][6] - The company operates 816 NVIDIA H100 GPUs, with plans to launch a Childress GPU pilot in H2 2024 [4][19] Renewable Energy Commitment - IREN is committed to utilizing 100% renewable energy, with procurement of Renewable Energy Certificates (RECs) in line with this strategy [2][19] - The company aims to support local communities and electrical grids through its renewable energy initiatives [19]

Financial Reporting and Currency - The company's consolidated financial statements are presented in U.S. dollars, covering the fiscal years ended June 30, 2024, 2023, and 2022, prepared in accordance with IFRS[11] - Iris Energy Limited (d/b/a IREN) changed its presentation currency from Australian dollars to U.S. dollars effective July 1, 2021, with retrospective application[18] - The company's fiscal year ends on June 30, with references to fiscal years such as 2024, 2023, and 2022 corresponding to the year ended on June 30 of that calendar year[12] Non-IFRS Measures and Financial Metrics - The company uses non-IFRS measures such as EBITDA, Adjusted EBITDA, and net electricity costs to complement IFRS measures, providing additional insights into its operations[13] - Adjusted EBITDA definition was updated in fiscal year 2024 to exclude unrealized fair value gains/losses on financial instruments and gains on disposal of subsidiaries[14] - Net electricity costs are defined as the sum of electricity charges, realized gain/(loss) on financial assets, ERS revenue, and ERS fees, excluding REC purchases[14] Business Operations and Market Position - The company's Ordinary shares are listed on Nasdaq under the trading ticker "IREN," and it commenced doing business as "IREN" on February 15, 2024[12] - The company's registered office is located at Level 13, 664 Collins Street, Docklands VIC 3008, Australia, and its principal place of business is at Level 12, 44 Market Street, Sydney NSW 2000, Australia[12] - The company's market share and market leader references are based on global revenues in the referenced market, derived from third-party industry and research sources[17] Risks and Uncertainties - The company's forward-looking statements involve risks and uncertainties, including Bitcoin price fluctuations, foreign currency exchange rate changes, and the ability to secure renewable energy and power capacity[20] - The company faces challenges in obtaining additional capital on commercially reasonable terms to meet capital needs and facilitate expansion plans[21] - The company's ability to diversify and expand into the HPC solutions market, including AI Cloud Services, is critical for future growth[21] - The company's profitability and viability depend on the public perception and security of the Bitcoin network and its HPC solutions, including AI Cloud Services[21] - The company's ability to secure hardware for Bitcoin mining and HPC solutions on commercially reasonable terms is a key operational risk[23] - The company's future success is highly dependent on the price of Bitcoin, which is subject to significant volatility[39] - The company's business is highly reliant on a small number of equipment suppliers, and any failure in supply could materially impact operations[40] - The company may face material impacts from electricity outages, non-supply, or increased electricity costs[40] - The company is vulnerable to climate change, severe weather, and natural disasters, which could disrupt operations[41] - The potential transition of the Bitcoin network from proof-of-work to proof-of-stake could significantly impact the value of the company's capital expenditures[42] - The regulatory environment for digital assets and mining is evolving, and changes could limit the company's ability to operate[46] - Bitcoin mining and HPC activities are energy-intensive, potentially restricting operations to locations with renewable energy sources, and may face regulatory restrictions on electricity supply[47] Financial Performance and Losses - The company reported a loss after income tax expense of $29.0 million for the year ended June 30, 2024, compared to $171.9 million in 2023[49] - The company's net losses after income taxes were $29.0 million, $171.9 million, and $419.8 million for the fiscal years ended June 30, 2024, 2023, and 2022, respectively[84] - As of June 30, 2024, the company had accumulated losses of $683.2 million[84] Bitcoin Market and Price Volatility - The price of Bitcoin fluctuated from a low of approximately $25,600 in September 2023 to a high of approximately $71,500 in March 2024[77] - The company's ability to generate revenue is highly dependent on the price of Bitcoin, which is subject to significant volatility and market factors beyond its control[76] - The company's future success depends on its ability to expand and diversify revenue sources, including potential expansion into HPC solutions and AI Cloud Services[76] - Bitcoin's price volatility and limited retail/commercial acceptance could adversely affect its value and the company's business[199][200] HPC Solutions and AI Cloud Services - The company is increasing its focus on diversifying into HPC solutions, including AI Cloud Services, to expand revenue sources into new markets[53] - Limited experience in developing and offering HPC solutions (including AI Cloud Services) may result in excessive R&D expenses, delays, or failure to deliver competitive offerings[54] - The market for HPC solutions (including AI Cloud Services) is highly competitive, with increasing pricing pressure and uncertain demand growth[55] - Regulatory scrutiny, such as the EU's Artificial Intelligence Act, may impact the company's ability to provide and improve AI/ML-based solutions, increasing compliance costs[58] - The company may face challenges in procuring GPUs and other components for HPC solutions due to limited suppliers and high demand[54] - Expansion plans for Bitcoin mining and HPC solutions may be delayed or more expensive than anticipated due to market conditions and technological developments[64] - The company may need to raise additional capital to fund operations, hardware purchases, and growth strategies, potentially diluting shareholder interests[66] Equipment and Supply Chain Risks - The company is highly dependent on a small number of equipment suppliers, particularly Bitmain for digital asset mining machines, and faces risks if suppliers fail to perform or if equipment is unavailable on acceptable terms[86][87] - Demand for Nvidia GPU chipsets and networking equipment for HPC solutions (including AI Cloud Services) far exceeds supply, impacting availability and pricing[88] - Bitcoin mining equipment prices are linked to Bitcoin's market price, and higher Bitcoin prices increase demand and costs for mining hardware[92] - Equipment shortages and delays in delivery from suppliers could adversely affect the company's expansion plans and financial performance[87][89] - Supply chain disruptions, including semiconductor chip shortages, could delay equipment delivery and increase costs, impacting expansion plans[121] - Logistical challenges, such as freight constraints and equipment damage during transit, could hinder the company's expansion plans[122] - Public health crises, political instability, and climate change could cause supply chain disruptions, delaying equipment delivery and impacting operations[124] Electricity Costs and Supply - The company's electricity costs in British Columbia increased by approximately 2% due to regulatory adjustments in 2023, with further rate changes possible in the future[96] - In Texas, electricity prices are volatile due to factors like fossil fuel prices and high demand, with potential for material increases in future costs[97] - The company faces risks from potential political or regulatory restrictions on electricity supply, such as the 18-month suspension on new BC Hydro connections for cryptocurrency mining projects[98] - A substantial increase in electricity costs could render Bitcoin mining or HPC solutions ineffective or unviable, as power prices are unpredictable and subject to fluctuations due to factors like climate change and fuel costs[154][155] Internet and Connectivity Risks - Internet outages or limitations could severely impact the company's ability to validate Bitcoin transactions and offer HPC solutions, leading to financial losses[99][100] - Internet connectivity disruptions could severely impact the company's operations, potentially leading to decreased revenue and increased operational costs[101] Equipment and Operational Risks - High voltage circuit breakers at all sites have a lead time of 15 to 113 weeks for replacement, posing a significant risk of site non-operationality[104] - Serial defects in ASICs, GPUs, and other equipment could result in material outages or underperformance, reducing Bitcoin mining rewards and revenue[106] - Custom firmware adoption for the mining fleet may lead to hashrate decreases, impacting Bitcoin mining rewards and revenue[107] - Third-party service provider disruptions could harm the company's business, financial condition, and operating results[108] - Mining hardware suppliers' operations in China are subject to economic, political, and legal risks, which could adversely affect the company's business[111] - Bitcoin mining hardware lead times range from 1 to 12 months, with potential delays exceeding 12 months during favorable mining conditions[120] Expansion and Diversification Challenges - Expansion and diversification of revenue sources into additional markets, including HPC solutions (AI Cloud Services), leveraging data center capacity and power access[126] - Challenges in integrating new equipment into existing infrastructure, potential cost overruns, and the need for retrofits or custom solutions for HPC operations[126] - Difficulty in finding suitable data center sites with renewable energy, electrical infrastructure, and regulatory compliance at viable prices[127] - Potential delays or failures in securing power connection agreements, permits, and licenses, as seen with the 18-month suspension on BC Hydro connection requests for cryptocurrency mining[128] - Risks of development delays, cost overruns, and environmental constraints impacting expansion plans and financial performance[129] - Intense competition in Bitcoin mining and HPC solutions, with competitors having advantages in hardware efficiency, power access, and financial resources[133] - Potential adverse effects of public health crises, such as COVID-19, on operations, workforce health, and global economic conditions[136] - Challenges in attracting and retaining skilled personnel, particularly in specialized fields like HPC solutions and AI Cloud Services[139] - Risks associated with acquisitions, including integration challenges, unanticipated costs, and potential dilution of equity securities[143] - Exploration of asset monetization opportunities, including the 1,400MW West Texas development site, to expand HPC capabilities[146] Climate Change and Environmental Risks - The company is vulnerable to climate change, severe weather conditions, and natural/man-made disasters, which could disrupt operations and adversely affect financial results[147][148] - Climate change may lead to increased frequency of natural disasters, such as the 2023 British Columbia wildfires, which burned a record-breaking land area, and Texas power outages due to severe storms and hurricanes[148] - The reliability and efficiency of the company's ASICs, GPUs, and other equipment are linked to weather conditions, and failure to manage climatic conditions could result in reduced efficiency, increased failure rates, and higher maintenance costs[149] - The company's current insurance policies do not include sufficient business interruption insurance to cover lost profits from operational disruptions, which could have a material adverse effect on the business[150] Technological and Market Risks - The company may fail to anticipate or adapt to rapid technological changes in the digital asset, data center, and HPC solutions markets, including AI/ML, which could result in decreased revenue and market share[156][157] - A potential transition of the Bitcoin network from proof-of-work to proof-of-stake validation could significantly impact the value of the company's capital expenditures and investments, making it less competitive[159][160] - Increased Bitcoin mining capacity from competitors could raise the global hashrate, decrease the company's effective market share, and reduce its share of block rewards and transaction fees[161][162] - Bitcoin's first-to-market advantage may be eroded if another digital asset gains significant market share, which could have a material adverse effect on the company's business[165] - If a malicious actor or botnet gains control of more than 50% of the Bitcoin network's processing power, it could manipulate the network and adversely affect the company's operations and investments[167] Bitcoin Network and Transaction Risks - Bitcoin transaction fees averaged $7.1 per transaction for the fiscal year ended June 30, 2024[174] - The collective assets under management of BTC ETFs reached $52.1 billion as of June 30, 2024, with net inflows of $14.5 billion[190] - Certain mining pools may have exceeded the 50% threshold of processing power on the Bitcoin network, increasing the risk of transaction validation control[170] - Overcapacity in the Bitcoin network could lead to increased transaction fees and settlement times, potentially reducing demand for Bitcoin[174] - The Bitcoin Cash and Bitcoin Cash SV network split in November 2018 resulted in "replay" attacks, causing significant losses to digital asset trading platforms[177] - FTX, one of the largest digital asset trading platforms, became insolvent in November 2022 due to misuse of customer assets[182] - The SEC charged Kraken, a platform used by the company, with operating as an unregistered securities exchange in November 2023[183] - Spot Ether exchange-traded funds were approved for trading in the U.S. in July 2024, following the approval of BTC ETFs in Q1 2024[190] - The global market for Bitcoin is characterized by supply constraints, with some digital assets having a predetermined limited supply[189] - The company relies on third-party mining pools, which could adversely impact its business if pool operators fail to distribute rewards fairly[191] - Antpool and Foundry are the company's main mining pool service providers, with F2Pool identified as a backup provider[193] - The company may face adverse impacts on mining revenue if Antpool, Foundry, or other pool operators experience downtime or cease operations[194] - Genesis Global's bankruptcy in January 2023 is not expected to materially affect the company's business, despite its ownership by Digital Currency Group, which also owns Foundry[195] - Bitcoin block rewards are expected to halve to 3.125 Bitcoin in April 2024 and further to 1.5625 Bitcoin in 2028, potentially impacting mining revenue[197] - The total number of Bitcoin issued to date is approximately 19.7 million, with a maximum supply of 21 million expected by 2140[197] - The company may face risks from regulatory actions in countries like India, Russia, and China, which could restrict Bitcoin usage[202] - Bitcoin transactions and wallets are vulnerable to hacking, fraud, and operational glitches, which could erode user confidence and impact the company's revenue[203][204] - Loss or destruction of private keys required to access digital assets could result in irreversible financial loss and reputational harm[205][206] - Large-scale sales or distributions by major Bitcoin holders could disproportionately affect the Bitcoin market and the company's share price[207][208]

Core Viewpoint - IREN, a next-generation data center company, is set to release its financial results for the fiscal year ending June 30, 2024, on August 28, 2024, and will host a conference call to discuss these results [1]. Group 1: Financial Results Announcement - IREN will announce its financial results on August 28, 2024, at 5:00 p.m. New York time [1]. - A conference call will follow the announcement, allowing participants to engage in a Q&A session [3]. Group 2: Company Overview - IREN specializes in data center operations that support Bitcoin mining and AI cloud services, utilizing 100% renewable energy [3][4]. - The company has expanded its Bitcoin mining operations to 30 EH/s in 2024 and operates 816 NVIDIA H100 GPUs for AI cloud services [4]. - IREN's data center capacity is currently 260MW, with plans to expand to 510MW in 2024 [4]. - The company has secured a development portfolio of 2,310MW of power capacity across North America and targets sites with low-cost renewable energy [4].

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Iris Energy Limited (NASDAQ: IREN) due to allegations of materially misleading business information issued by the company [1]. Group 1: Investigation and Allegations - The investigation is prompted by a report from Culper Research, which took a short position in IREN, claiming that the company misrepresents itself as a high-performance computing data center while remaining a "cash guzzling machine" [3]. - Following the report, IREN's stock price dropped by $1.70, or 13.1%, closing at $11.20 per share on July 11, 2024 [3]. Group 2: Class Action Details - Investors who purchased IREN securities may be entitled to compensation through a class action lawsuit, with no out-of-pocket fees or costs due to a contingency fee arrangement [2]. - Interested investors can join the class action by submitting a form or contacting the Rosen Law Firm directly [2]. Group 3: Rosen Law Firm's Credentials - The Rosen Law Firm has a strong track record in securities class actions, having achieved the largest settlement against a Chinese company and being ranked No. 1 for securities class action settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone [4].

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Iris Energy Limited (NASDAQ: IREN) due to allegations of materially misleading business information issued by the company [1]. Group 1: Investigation and Legal Action - Shareholders who purchased IREN securities may be entitled to compensation through a class action lawsuit without any out-of-pocket fees [2]. - The Rosen Law Firm is preparing a class action to seek recovery of investor losses related to IREN [2]. Group 2: Company Performance and Market Reaction - On July 11, 2024, Culper Research issued a report taking a short position in IREN, labeling it as a "painfully transparent stock promotion" and questioning the validity of its high-performance computing claims [3]. - Following the report, IREN's stock price fell by $1.70, or 13.1%, closing at $11.20 per share on the same day [3].

Core Insights - IREN reported a total of 222 Bitcoin mined in July 2024, with an average operating hashrate of 9,008 PH/s, a decrease from 9,316 PH/s in June 2024 [2][3] - The company aims to expand its mining capacity to 20 EH/s by the end of August 2024 and 30 EH/s by the end of Q4 2024 [2][4] - AI Cloud Services revenue increased by 17% from June to July 2024 and 42% from May to July 2024, driven by the utilization of 816 NVIDIA H100 GPUs [2][4] Bitcoin Mining - The average operating hashrate decreased from 9,316 PH/s in June to 9,008 PH/s in July [2] - Mining revenue for July was reported at $13.592 million, down from $15.490 million in June [2] - Electricity costs surged to $13.674 million in July, significantly higher than $9.183 million in June, impacting the hardware profit margin which fell to -1% [2][3] AI Cloud Services - AI Cloud Services generated $1.266 million in revenue for July, marking a 17% increase from June and a 42% increase from May [2][4] - The fleet for AI Cloud Services is currently fully utilized, servicing six end-customers across reserved and on-demand markets [4] - A Childress GPU pilot is planned for launch in the second half of 2024 [4] Data Centers - IREN operates 260 MW of data center capacity and plans to expand to 510 MW by the end of 2024 [2][5] - The Childress power capacity has been increased from 600 MW to 750 MW, with an additional 150 MW of immediately available power capacity secured [5] - Childress Phase 2 (100 MW) is on track for completion in Q3 2024, while Phase 3 (150 MW) is under construction for Q4 2024 [5][6] Corporate Developments - Morgan Stanley has been appointed as a financial advisor to evaluate monetization opportunities in the AI data center market [7] - Upcoming events include the Analyst & Investor Day in NYC and the CG Annual Growth Conference in Boston [7]

Core Insights - IREN, a next-generation data center company, reported key operational metrics and financial performance for July 2024, highlighting its focus on Bitcoin mining and AI cloud services [1][2]. Bitcoin Mining - In July 2024, IREN mined 222 Bitcoin, a decrease from 233 Bitcoin in June 2024 [2]. - The average operating hashrate was 9,008 PH/s, down from 9,316 PH/s in June 2024 [2]. - Mining revenue for July was $13.592 million, a decline from $15.490 million in June 2024 [2]. - Electricity costs surged to $13.674 million in July, compared to $9.183 million in June 2024, leading to a hardware profit margin of -1% [2][3]. - The company plans to increase its hashrate to 20 EH/s by the end of August 2024 [3][4]. AI Cloud Services - AI Cloud Services revenue increased by 17% from June to July, reaching $1.266 million, and up 42% from May [2][4]. - The company is utilizing 816 NVIDIA H100 GPUs and has serviced six end-customers in the reserved and on-demand market [4][5]. Data Centers - IREN operates 260 MW of data center capacity and plans to expand to 510 MW by the end of 2024 [2][5]. - The Childress site’s power capacity increased from 600 MW to 750 MW, with additional 150 MW secured for immediate use [5][6]. - Childress Phase 2 (100 MW) is on track for completion in Q3 2024, while Phase 3 (150 MW) is expected to be completed in Q4 2024 [5][6]. Corporate Developments - Morgan Stanley has been appointed as a financial advisor to evaluate monetization opportunities in the AI data center market [7]. - Upcoming events include the Analyst & Investor Day in NYC and the CG Annual Growth Conference in Boston [7].