Bitcoin miner-turned AI factory IREN (NASDAQ: IREN) announced on Thursday that it will join the MSCI USA Index effective after the close of trading on February 27, making its first trading day on the index March 2.
The index measures the performance of large and mid-cap segments within the U.S. equity market. It currently represents approximately 85% of the free float-adjusted market capitalization in the United States.
This inclusion is expected to drive capital flows from passive index-tracking funds. Co-CEO Daniel Roberts stated the milestone reflects the “scale and liquidity” the business has built. He noted it will broaden institutional access as the company executes its AI/HPC strategy.
The announcement follows a volatile earnings period for the infrastructure company. IREN reported a 23% decline in second-quarter revenue to $184.7 million just one week prior. The company also posted a net loss of $155.4 million for the same period.
Management is aggressively pivoting operations toward AI/HPC and away from bitcoin mining. Last November, IREN signed a 5-year, $9.7 billion deal with Microsoft to provide AI computing services to the tech giant. IREN is targeting $3.4 billion in annualized recurring revenue by the end of 2026.
Market analysts have expressed caution regarding the capital required for this transition. J.P. Morgan maintained an “Underweight” rating on the stock following the earnings report. The firm highlighted a funding gap of approximately $1.7 billion needed to meet IREN’s infrastructure targets.
