Iris Energy Limited

General Information
Business:
We are a Bitcoin mining company. We build, own and operate data center and electrical infrastructure for the mining of Bitcoin primarily powered by renewable energy.
We target entry into regions where there are low-cost, abundant and attractive renewable energy sources. In January 2020, we acquired our first site in British Columbia, Canada (“BC”), from PodTech Innovation Inc. and certain of its related parties. This site is connected to the British Columbia Hydro and Power Authority (“BC Hydro”) electricity transmission network (69 kV grid-connection) on which the electricity, as of 2021, was 98% sourced from clean or renewable sources. The data center site, which has been operating since 2019, has approximately 30 MW of capacity and operating hashrate capacity of approximately 0.7 EH/s, as of Oct. 1, 2021.
In addition to our first site in BC, as of Sept. 30, 2021, we have conditional and unconditional rights to a number of sites across BC, Texas (USA) and Asia-Pacific, over which we are currently pursuing development activities. These sites are anticipated to support our operating and contracted nameplate hashrate capacity of 15.2 EH/s, equating to approximately 530 MW of data center capacity when online and fully operational.
Our mining operations generate revenue by earning Bitcoin through a combination of block rewards and transaction fees from the operation of our specialized computers called Application-Specific Integrated Circuits (“ASICs”) and exchanging these Bitcoin for currencies such as USD or CAD on a daily basis.
(Note: Iris Energy priced its IPO on Nov. 16, 2021, at $28 – $1 above the top of its $25-to-$27 price range – and priced 8.27 million shares, the same number in the prospectus, to raise $231.56 million.)
Industry: Investors, NEC
Employees: 39
Founded: 2018
Contact Information
Address Level 21, 60 Margaret Street Sydney, NSW 2000 Australia
Phone Number +61 2 7906 8301
Web Address http://www.irisenergy.co/
View Prospectus: Iris Energy Limited
Financial Information
Market Cap $1441.7mil
Revenues $17.91 mil (last 12 months)
Net Income $-547.69 mil (last 12 months)
IPO Profile
Symbol IREN
Exchange NASDAQ
Shares (millions): 8.3
Price range $28.00 - $28.00
Est. $ Volume $231.6 mil
Manager / Joint Managers J.P. Morgan / Canaccord Genuity /Citigroup/ Macquarie Capital/ CLSA/ Cowen/ Cantor Fitzgerald
CO-Managers Compass Point/ Galaxy Digital Partners LLC
Expected To Trade: 11/17/2021
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change