IREN Ltd (NASDAQ:IREN) used to dig for Bitcoin (CRYPTO: BTC). Now it wants to mine the cloud. In less than two years, the company has leapt from crypto pioneer to “Neocloud” upstart — and Thursday’s second quarter earnings will decide whether that reinvention looks visionary or overreach.

$9.7B Microsoft Partnership

Once known as Iris Energy, IREN has pivoted hard into AI infrastructure, locking in a $9.7 billion partnership with Microsoft Corp (NASDAQ:MSFT) to host next-generation compute.

What began as stranded-energy Bitcoin sites are now being rebuilt into data centers meant to power AI workloads at scale.

The transformation is dramatic — but also expensive, and Wall Street knows…

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