IREN Limited (formerly Iris Energy) has had some strong quarters before – but nothing like this. The company just delivered what might be the biggest milestone in its entire history: record revenue, record profit, and a clear signal that IREN is no longer “just a Bitcoin miner.” It’s becoming something much bigger.

Q1 FY2026 wasn’t simply a good quarter. It was the kind of moment that changes how investors look at a company. IREN’s mining business is performing at its peak, but what really caught the market’s attention is the company’s expanding footprint in AI compute. And when you dig into the details, it becomes obvious: IREN is quietly positioning itself to be a major player in the future of AI infrastructure.