Nebius vs Iren

What Nebius Group (NBIS) does

Nebius builds the cloud infrastructure that AI companies run on.
It designs and operates large clusters of GPUs (specialized chips for AI), plus the cloud software on top, so customers can train, fine‑tune and run AI models in one place.

On top of this core AI cloud, Nebius owns and develops related businesses like TripleTen (an online school that trains people for tech and data careers) and Avride (software for self‑driving cars and delivery robots).
In simple terms, Nebius is an AI‑focused cloud provider that supplies the computing “muscle” and tools for AI developers, while also backing education and autonomous driving projects that sit around that infrastructure.

What IREN Limited does

IREN runs large data centers filled with specialized computers and the power infrastructure to support them.
A big part of its business is Bitcoin mining, where these machines solve cryptographic puzzles to secure the Bitcoin network and earn new Bitcoins as rewards.

Because it owns both the hardware and the electrical setup, IREN operates as a vertically integrated player, aiming to keep costs low and efficiency high.
So in everyday terms, IREN is a company that builds and runs heavy computing facilities, using them today mainly to mine Bitcoin but with the potential to point that compute at other workloads over time.