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The company was founded in Sydney on 6 November 2018 by Daniel and William Roberts as Iris Energy Limited. The company originated from the brothers' interest in Bitcoin and the idea of making energy-intensive Bitcoin mining more sustainable. The company then acquired a data centre complex in Canal Flats, British Columbia, Canada, which was connected to a former pulp mill.
In March 2021, the company raised A$40 million.
In November 2021, the company became a public company via an initial public offering on the Nasdaq, raising approximately US$232 million.
In November 2024, the company changed its name from Iris Energy Ltd to IREN Ltd.
In November 2025, the company received a US$9.7 billion contract from Microsoft to provide computing power.
In March 2026, IREN ordered more than 50,000 Nvidia GPUs, increasing its total capacity to 150,000 GPUs.
In May 2026, the company entered into an agreement with Nvidia under which IREN will provide Nvidia with access to managed GPU cloud services for its internal AI and research workloads via its data centre in Childress, Texas, drawing on 60 MW of existing capacity. Nvidia received a five-year right to purchase up to 30 million shares of IREN at $70 per share.
In August 2026, the company acquired Mirantis for 12.6 million shares of IREN and about $40 million in cash.