IREN (originally Iris Energy), co-founded by former Macquarie Group bankers Daniel Roberts (41) and Will Roberts (35), experienced a dramatic turnaround after a near-collapse following the 2022 Bitcoin market crash.
The Bitcoin Boom and Bust
- The company went public in November 2021 during the height of the crypto rush.
- When the Bitcoin market crashed, IREN's shares plummeted 96%, wiping out most of the Roberts brothers' fortune.
The Pivot to AI Infrastructure
- Eighteen months ago, Daniel and Will made a critical decision to shift their focus from Bitcoin mining to meeting the surging demand for AI computing and data centers.
- This strategic change proved highly successful: IREN's shares have surged over 500% this year.
- The brothers now have a combined net worth of $846 million, marking their first appearance on the Bloomberg Billionaires Index.
Massive Microsoft Agreement
- IREN secured a major five-year, $9.7 billion agreement with Microsoft, making the tech giant its largest customer.
- The contract grants Microsoft access to 10% of IREN's total computing capacity, leaving most of the platform available for securing additional contracts.
- IREN's facilities, located in Canada and the United States, are powered by renewable energy.
Strategic Alignment and Future Outlook
- The shift to AI aligns IREN with other former Bitcoin mining companies, such as CoreWeave and Crusoe, which have also pivoted to serve the demand from AI firms like OpenAI.
- For Daniel Roberts, the transition made logical sense, as both Bitcoin mining and AI compute require vast amounts of data center space and stable power. He emphasized that the company's strategy always included moving to "higher and better value use cases" once available.
- Experts, like Professor Guojun He of the University of Hong Kong, view the Microsoft deal as a turning point that redefines the brothers as builders of AI infrastructure rather than crypto venture founders.
- The brothers' current strategy centers on securing long-term clients and scaling their infrastructure platform, with Microsoft currently holding the position as the largest buyer. They continue to share management and challenge each other on company decisions.
November 2025, Cryptoniteuae