Shares of Iris Energy Ltd (NASDAQ: IREN), a leading owner and operator of Bitcoin mining and AI cloud services facilities, surged 15.32% in premarket trading on Monday, November 6, 2024. The stock rally came after the company published its monthly investor update for October, showcasing strong operational progress across its key business segments.
On the AI cloud services front, Iris Energy is rapidly expanding its capabilities by commissioning an additional 1,080 NVIDIA H200 GPUs and preparing its data centers for the liquid-cooled Blackwell GPUs. The company's AI cloud services division is poised for significant growth, with the potential to generate an illustrative annualized hardware profit of $32 million.
Iris Energy also reported impressive performance in its Bitcoin mining operations. The company mined 439 Bitcoins in October and is on track to achieve an installed hashrate of 31 EH/s by the end of Q4 2024, supporting an illustrative annualized hardware profit of $344 million. The company's electricity cost reductions and increased operational efficiency further bolstered its profitability in this segment.
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