IREN has announced record first-quarter earnings, achieving a net income of $384.6 million, a significant turnaround from a $51.7 million loss in the same period last year. The company's total revenue surged by 355% to $240.3 million, primarily fueled by $232.9 million in bitcoin mining revenue. In addition to its mining success, IREN is expanding into AI cloud computing, highlighted by a substantial $9.7 billion, five-year contract with Microsoft. The company plans to transition its data centers from ASICs to GPUs by 2026. Following these announcements, IREN shares increased by 2% in pre-market trading on Friday, recovering slightly after a 12% drop on Thursday.