IREN Leans On NVIDIA AI Validation As SemiAnalysis Questions Its Infrastructure Claims

• IREN said Mirantis completed NVIDIA-certified hypervisor validation for its k0rdent AI virtualization stack on NVIDIA GB200 systems.
• SemiAnalysis said last week that IREN overstated aspects of its AI infrastructure business, citing operational challenges at its British Columbia sites.
• AI cloud revenue surpassed mining revenue for the first time, and IREN is to complete its transition away from Bitcoin mining by Dec. 2026.

IREN Ltd. (IREN) said its software subsidiary, Mirantis, has completed validation of its k0rdent AI virtualization stack on Arm-based Nvidia (NVDA) GB200 systems for the Nvidia-Certified Hypervisor on Saturday.

“As an inaugural partner of the NVIDIA AI Cloud Ready Initiative, Mirantis has completed NVIDIA-Certified Hypervisor validation for k0rdent AI’s virtualization stack on Arm-based NVIDIA GB200 systems,” the firm wrote in a post on X.

The company told investors the results proved virtualized environments can deliver near bare-metal performance while maintaining customer separation at the hardware level.

This comes on the heels of a report by SemiAnalysis, a research firm, that IREN had overstated that part of its business in its annual report.

What IREN Told Investors

IREN said that engineering teams could decide between two software options -- virtualization for secure multi-tenant environments, or dedicated bare-metal clusters for maximum performance. 

A hypervisor is software that partitions a single physical server into multiple isolated virtual machines, allowing multiple customers to share the same hardware. Bare metal is the practice of renting an entire physical server to a customer to run themselves.

The company said Mirantis, which it acquired last August, is an inaugural partner of the Nvidia AI Cloud Ready Initiative.

This isn’t a new certification. It was flagged on IREN’s Aug. 27 fiscal 2026 results call by Co-Chief Executive Daniel Roberts, who told analysts, "Just today, Mirantis was named an inaugural Nvidia Certified Hypervisor."

What SemiAnalysis Alleged

SemiAnalysis said IREN needed to fix its investor materials. SemiAnalysis said last week it had been told by several customers and end users about IREN’s sites in Prince George and Mackenzie, British Columbia, which users had referred to as the “#1 worst site in the industry.” 

The firm said frequent network link flaps and system-level errors were caused by multi-day power outages, network upgrades, storage failures, and air-quality control problems. It distinguished those legacy sites from IREN’s newer Texas campuses in Childress and Sweetwater, which it said “look much better.”

IREN’s Bitcoin Business To Wind Down

IREN, formerly Iris Energy, has mined Bitcoin (BTC) on hydropower in British Columbia since 2019. The company entered the AI space in early 2024 and in March 2025 paused mining expansion to focus on AI cloud.

IREN still mines Bitcoin, but is closing that business down. In its annual report, the company said it expects the migration to AI to be completed by December of this year. It earned $578.2 million in revenue from mining and selling 6,075 Bitcoin in the fiscal year that ended June 30.

For the first time in the June quarter, IREN’s AI cloud revenue at $70.5 million surpassed mining revenue, which fell to $66.7 million.

Retail Traders Remain Bullish On IREN Stock

IREN stock closed down over 1% on Friday. On Stocktwits, retail sentiment around IREN remained in the ‘bullish’ zone, while chatter around it stayed at ‘high’ levels over the past day. 

One Stocktwits user expressed strong bullish sentiment towards IREN, saying that its $14 billion market capitalization undervalues its long-term potential. They attributed the recent two-week decline to macroeconomic fears and bearish technical analysis, calling it an attempt to shake investors out of their positions.

IREN’s stock is down nearly 7% so far this year and down about 45% in the last 12 months.

Read also: Microsoft's Satya Nadella Warns AI Is Becoming An ‘Insider Risk’, Calls For 'Emergency Brakes' — ‘We Can’t Outsource Responsibility’

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