olivLaw · US equity research
IREN Ltd IREN
Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)
IREN is a vertically integrated AI Cloud platform that owns data centers, GPU compute and software for AI training and inference. The company is shifting from Bitcoin mining to AI Cloud, and its AI Cloud revenue rose to 128.8 million USD in fiscal 2026 from 16.4 million USD, driven by strong demand for compute capacity.
At the close of 04 Nov 2026, IREN Ltd (IREN) stock was 21.71 USD (−11.24% on the day), with market capitalisation 7.8 bn USD, dividend yield 0.00%, beta 2.86, 52-week range 21.71–76.41 USD. Latest reported quarter (Q4 2026): revenue of 137.2 m USD (−26.7% YoY), net income of -684.0 m USD (−487.1% YoY), diluted EPS -1.88 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 31.2
- weak (30–45)
- Bollinger (20, 2)
- 19.70 – 36.42
- in the lower half of the band · %B 0.12 · band width 59.6%
- SMA 50 / 200
- 36.68 / 43.88
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -4.11 / -3.95
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −46.4% | −1.1% | −45.3 pp | — |
| 3 months | −44.2% | −0.5% | −43.7 pp | — |
| 6 months | −64.4% | +4.4% | −68.8 pp | — |
| Year to date | −42.5% | +12.3% | −54.8 pp | — |
| 1 year | −67.4% | +13.5% | −81.0 pp | −52.3% |
| 3 years | +522.1% | +76.4% | +445.7 pp | −64.5% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q4 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 52.8 m | 116.1 m | 144.8 m | 187.3 m | 240.3 m | 184.7 m | 144.8 m | 137.2 m |
| Cost of revenue | 31.9 m | 32.3 m | 42.0 m | 52.9 m | 80.7 m | 65.8 m | 39.9 m | 33.3 m |
| SG&A | 25.2 m | 28.9 m | 29.1 m | 53.3 m | 138.4 m | 100.8 m | 81.8 m | 128.3 m |
| Operating income | -47.1 m | 17.3 m | 29.2 m | 17.9 m | -76.4 m | -116.4 m | -233.5 m | -620.4 m |
| Depreciation & amortisation | 33.9 m | 36.1 m | 47.3 m | 63.8 m | 85.2 m | 99.2 m | 121.2 m | 112.1 m |
| Interest expense | 22.0 k | 1.7 m | 4.1 m | 5.2 m | 9.3 m | 10.7 m | 14.8 m | 24.5 m |
| Pre-tax income | -50.4 m | -18.9 m | -11.1 m | 173.9 m | 575.3 m | -337.9 m | -254.1 m | -692.0 m |
| Income tax | 1.3 m | 3.0 m | 5.0 m | -2.8 m | 190.7 m | -182.5 m | -6.3 m | -8.0 m |
| Net income | -51.7 m | -21.9 m | -16.1 m | 176.7 m | 384.6 m | -155.4 m | -247.8 m | -684.0 m |
| Diluted EPS | -0.27 | -0.10 | -0.07 | 0.64 ≈ | 1.08 | -0.52 | -0.74 | -1.88 ≈ |
| Operating cash flow | -3.9 m | 53.6 m ≈ | 93.1 m ≈ | 103.1 m | 142.4 m | 71.7 m ≈ | 75.3 m ≈ | 1.8 bn |
| Capex | 105.8 m | 139.1 m ≈ | 144.5 m ≈ | 184.1 m | 180.3 m | 539.7 m ≈ | 949.2 m ≈ | 1.3 bn |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Revenue | 2.2 m | 7.9 m | 59.0 m | 75.5 m | 187.2 m | 501.0 m | 707.0 m |
| Revenue YoY | unavailable | +263.3% | +647.5% | +27.9% | +147.9% | +167.7% | +41.1% |
| Net income | -2.1 m | -60.4 m | -419.8 m | -171.8 m | -28.9 m | 86.9 m | -702.6 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −908.2% |
| Diluted EPS | -0.13 | -2.93 | -10.25 | -3.14 | -0.29 | 0.39 | -2.22 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | −669.2% |
| net % | -98.5% | -764.6% | -711.0% | -227.6% | -15.4% | 17.4% | -99.4% |
| Free cash flow | -4.9 m | -5.5 m | -121.1 m | -110.3 m | -89.6 m | -327.6 m | -897.6 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 5.9 bn USD
- Financial debt
- 7.6 bn USD
- Net debt
- 1.7 bn USD
- Equity
- 4.2 bn USD
- Total assets
- 15.8 bn USD
- Debt / equity
- 1.81x
- Current ratio
- 3.55x
- ROE
- -23.4%
- ROA
- -7.5%
- FCF margin
- -127.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.9 m | 59.0 m | 75.5 m | 187.2 m | 501.0 m | 707.0 m | SEC (XBRL)· 27 Aug 2026verified |
| Cost of revenue | — | — | 39.4 m | 87.1 m | 159.0 m | 219.7 m | SEC (XBRL)· 27 Aug 2026verified |
| Gross profit | — | — | 36.1 m ≈ | 100.1 m ≈ | 342.0 m ≈ | 487.3 m ≈ | SEC (XBRL)· 27 Aug 2026derived |
| SG&A | — | — | 49.0 m | 70.4 m | 136.5 m | 449.1 m | SEC (XBRL)· 27 Aug 2026verified |
| Operating income | -524.0 k | 307.0 k | -157.2 m | -27.2 m | 17.3 m | -1.0 bn | SEC (XBRL)· 27 Aug 2026verified |
| Depreciation & amortisation | — | — | 30.7 m | 50.5 m | 181.1 m | 417.7 m | SEC (XBRL)· 27 Aug 2026verified |
| EBITDA | — | — | -126.6 m ≈ | 23.2 m ≈ | 198.5 m ≈ | -629.0 m ≈ | SEC (XBRL)· 27 Aug 2026derived |
| Interest expense | 61.2 m | 425.4 m | 16.2 m | 98.0 k | 11.0 m | 59.3 m | SEC (XBRL)· 27 Aug 2026verified |
| Pre-tax income | -59.2 m | -417.0 m | -169.4 m | -25.5 m | 93.5 m | -708.7 m | SEC (XBRL)· 27 Aug 2026verified |
| Income tax | 1.2 m | 2.7 m | 2.4 m | 3.5 m | 6.6 m | -6.1 m | SEC (XBRL)· 27 Aug 2026verified |
| Net income | -60.4 m | -419.8 m | -171.8 m | -28.9 m | 86.9 m | -702.6 m | SEC (XBRL)· 27 Aug 2026verified |
| Diluted EPS | -2.93 | -10.25 | -3.14 | -0.29 | 0.39 | -2.22 | SEC (XBRL)· 27 Aug 2026verified |
| Weighted average diluted shares | 20.6 m | 40.9 m | 54.8 m | 99.6 m | 223.2 m | 316.1 m | SEC (XBRL)· 27 Aug 2026verified |
| Dividend per share | — | — | 0.00 | 0.00 | 0.00 | 0.00 | SEC (XBRL)· 27 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 39.0 m | 110.0 m | 68.9 m | 404.6 m | 564.5 m | 5.9 bn | SEC (XBRL)· 27 Aug 2026verified |
| Receivables | — | — | — | 152.0 k | 1.6 m | 21.1 m | SEC (XBRL)· 27 Aug 2026verified |
| Current assets | 40.4 m | 160.3 m | 89.2 m | 452.4 m | 641.2 m | 7.9 bn | SEC (XBRL)· 27 Aug 2026verified |
| Property, plant & equipment, net | 15.9 m | 247.6 m | 241.1 m | 441.4 m | 1.9 bn | — | SEC (XBRL)· 28 Aug 2025verified |
| Goodwill | 659.0 k | 634.0 k | 0 | 0 | 0 | 36.6 m | SEC (XBRL)· 27 Aug 2026verified |
| Intangibles (excl. goodwill) | — | — | — | — | 0 | 317.4 m | SEC (XBRL)· 27 Aug 2026verified |
| Total assets | 134.5 m | 570.5 m | 332.1 m | 1.2 bn | 2.9 bn | 15.8 bn | SEC (XBRL)· 27 Aug 2026verified |
| Accounts payable | 1.1 m | 18.8 m | 16.6 m | 27.3 m | 81.7 m | 1.3 bn | SEC (XBRL)· 27 Aug 2026verified |
| Short-term debt | 72.0 m | 60.5 m | 192.0 k | — | 0 | 169.4 m | SEC (XBRL)· 27 Aug 2026verified |
| Long-term debt | 11.8 m | 47.8 m | 1.3 m | — | 962.8 m | 7.4 bn | SEC (XBRL)· 27 Aug 2026verified |
| Current liabilities | 170.5 m | 85.1 m | 24.0 m | 51.1 m | 149.3 m | 2.2 bn | SEC (XBRL)· 27 Aug 2026verified |
| Total liabilities | 183.9 m | 133.1 m | 26.7 m | 55.3 m | 1.1 bn | 11.6 bn | SEC (XBRL)· 27 Aug 2026verified |
| Equity | -49.5 m | 437.4 m | 305.4 m | 1.1 bn | 1.8 bn † | 4.2 bn † | SEC (XBRL)· 27 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.8 m | -37.5 m | 5.7 m | 52.2 m | 245.9 m | 2.1 bn | SEC (XBRL)· 27 Aug 2026verified |
| Capex | 7.3 m | 83.7 m | 116.1 m | 141.9 m | 573.5 m | 3.0 bn | SEC (XBRL)· 27 Aug 2026verified |
| Free cash flow | -5.5 m ≈ | -121.1 m ≈ | -110.3 m ≈ | -89.6 m ≈ | -327.6 m ≈ | -897.6 m ≈ | SEC (XBRL)· 27 Aug 2026derived |
| Investing cash flow | -81.4 m | -259.1 m | -71.5 m | -498.5 m | -1.4 bn | -4.7 bn | SEC (XBRL)· 27 Aug 2026verified |
| Financing cash flow | 118.0 m | 372.0 m | 28.6 m | 782.6 m | 1.3 bn | 9.7 bn | SEC (XBRL)· 27 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 7.8 bn USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the base of the ratio is not positive
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -21.7% | 70 (vs peers) | 24% |
| Net margin · Quality | -99.4% | 47 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 110.8% | 100 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -17.7x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 3.6x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -11.6% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial100/100 · 1/2 factors with a value
- Quality61/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
IREN Limited (IREN). Latest full fiscal year: 2026; data up to 2026-06-30.
Figures computed from the financial statements: revenue 707.0 m USD in 2026; YoY growth 41.1%; net margin -99.4%; ROE -23.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: -21.7%
- Revenue CAGR 3Y: 110.8%
- Current ratio: 3.6x
What contradicts it
- Interest coverage: -17.7x
- FCF yield: -11.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AXPAmerican Express Co | 223.0 bn | 18.7 | 35.9% | 27.9% | +6.4% | −9% / +95% |
| BMNPBitmine Immersion Technologies, Inc. | 59.2 bn | — | -150.9% | -14,306.6% | +84.1% | unavailable / unavailable |
| ARBKArgo Blockchain PLC | 45.2 bn | — | — | -117.2% | −7.0% | −97% / −99% |
| COINCoinbase Global, Inc. | 40.1 bn | — | -4.7% | -12.5% | +9.4% | −44% / +21% |
| SOFISoFi Technologies, Inc. | 22.4 bn | 36.3 | 7.1% | 104.3% | +23.1% | −42% / +138% |
| IRENIREN Limited | 7.8 bn | — | -23.4% | -99.4% | +41.1% | −67% / +522% |
| RIOTRiot Platforms, Inc. | 5.8 bn | — | -50.5% | -210.8% | +71.9% | −5% / +22% |
| BTDRBitdeer Technologies Group | 1.5 bn | — | -196.7% | -171.3% | −5.1% | −51% / +45% |
| QFINQfin Holdings, Inc. | 1.3 bn | 1.7 | 25.3% | 31.1% | +16.8% | −72% / −65% |
| KEELKeel Infrastructure Corp. | 1.3 bn | — | -87.6% | -230.6% | +72.0% | −40% / +47% |
| RHLDResolute Holdings Management, Inc. | 1.0 bn | 24.1 | — | 4.2% | +9.9% | −26% / unavailable |
| CDChaince Digital Holdings Inc. | 741.4 m | — | -12.3% | -182.5% | +277.9% | −30% / +622% |
| GDOTGreen Dot Corp | 727.1 m | — | -2.8% | -1.1% | +20.7% | +2% / +59% |
| JFU9F Inc. | 536.7 m | 23.2 | 4.7% | 125.2% | +12.2% | −52% / −43% |
| HIVEHive Digital Technologies Ltd. | 499.2 m | — | -66.4% | -98.5% | +158.3% | −46% / −41% |
| CHADDefi Development Corp. | 310.0 m | — | -589.3% | -1,319.5% | +442.3% | unavailable / unavailable |
| CPSSConsumer Portfolio Services, Inc. | 221.6 m | 9.9 | 7.5% | 5.0% | +10.4% | +23% / +7% |
| BKKTBakkt, Inc. | 215.0 m | — | -15.9% | -1.3% | −32.1% | −70% / −87% |
| USBCUsbc, Inc. | 166.5 m | — | -414.1% | — | −100.0% | −47% / −97% |
| DEFTDefi Technologies Inc. | 152.4 m | 2.3 | 74.0% | 62.9% | +215.5% | −74% / unavailable |
| SLNHSoluna Holdings, Inc. | 136.7 m | — | -114.6% | -185.9% | −21.8% | −67% / −82% |
| SUIGSui Group Holdings Limited | 81.4 m | — | -683.9% | -11,373.7% | +18.1% | −47% / −60% |
| YRDYiren Digital Ltd. | 68.9 m | 8.8 | 0.6% | 1.0% | −85.9% | −91% / −86% |
| ZSTKZeroStack Corp. | 47.4 m | — | -1,993.6% | -444.2% | −0.5% | −67% / −94% |
| EXODExodus Movement, Inc. | 43.5 m | — | -36.4% | -79.9% | +4.5% | −72% / −6% |
1- and 3-year price returns: for IREN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
IREN is a vertically integrated AI Cloud platform that owns data centers, GPU compute and software for AI training and inference. The company is shifting from Bitcoin mining to AI Cloud, and its AI Cloud revenue rose to 128.8 million USD in fiscal 2026 from 16.4 million USD, driven by strong demand for compute capacity.
SWOT
Strengths
Weaknesses
- The company has a history of net losses, and fiscal 2026 was marked by significant impairments linked to decommissioning mining hardware 12.
- Revenue is still dominated by Bitcoin mining, while the AI Cloud segment is much smaller, although growing rapidly 2.
- Contracts are concentrated among a few large customers, exposing the company to the risk of non-payment or reduced capacity take-up 1.
Opportunities
- Capacity expansion at sites in Texas, Oklahoma, Australia and Spain could add recurring revenue if deliveries stay on schedule 12.
- Software services from the Mirantis acquisition could raise value per megawatt and managed-services revenue 12.
- Rising contracted prices, if sustained, could improve returns on GPU investments 2.
Threats
- Construction, grid connection or customer acceptance delays can postpone revenue and trigger delay credits 1.
- Rapid GPU obsolescence and rising equipment costs could reduce returns on existing projects 1.
- Dependence on capital markets and dilution from share or convertible issuance remain major financing risks 1.
Risks
- Recurring net losseshigh
The company reported a net loss in fiscal 2026 and has no consistent history of profitability, which could weigh on investor confidence if the transition falters 1.
- Customer concentrationhigh
A small number of large customers account for a significant share of contracts, and the loss of or default by one of them could affect revenue and the ability to repay financing 1.
- Heavy capital requirementshigh
Data center construction and GPU purchases need continuous financing, and market conditions or tariffs could make capital more expensive or unavailable 1.
- Delivery delaysmedium
Deliveries depend on power, construction and customer acceptance testing, and delays can postpone revenue and trigger contractual penalties 1.
- Cost and availability of powermedium
Government policy or regional tariffs could raise electricity costs or limit grid access, which would affect operating margins 1.
Investment thesis
What would need to be true (bull case)
- If demand for AI capacity holds and new contracts are signed at better prices, AI Cloud revenue could grow quickly from its current base, and the power and land portfolio could become a lasting advantage 2.
- Software integration from Mirantis could increase value per megawatt and diversify revenue beyond simple hardware rental 12.
- Investment-grade financing and customer prepayments could reduce pressure on equity capital if they remain available on favorable terms 12.
What would break the thesis
- If deliveries slip or customer acceptance is delayed, AI Cloud revenue could stay well below announced targets and the company could keep reporting net losses 12.
- If GPU demand falls or hardware generations become outdated quickly, the value of purchased assets could be impaired again 1.
- If financing becomes more expensive or equity issuance is needed on a large scale, existing shareholders could face significant dilution 1.
What to watch
- Delivery of Horizon 2-4 to Microsoft and the start of revenue from these phasesQ4 2026
- Completion of the transition from Bitcoin mining to AI CloudDecember 31, 2026
- Trend in contracted pricing and return on GPU investment2027
- Integration of Mirantis and contribution of software services to revenuenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
IREN describes itself as a vertically integrated AI Cloud platform that owns and operates all three layers of the stack: the data center (land, power, substations, buildings and cooling), the compute (GPUs, CPUs, storage and networking) and the software (managed services and enterprise support). It delivers bare metal compute and managed cloud services to hyperscalers, frontier labs, AI developers and enterprises. According to the 10-K, Bitcoin mining decommissioning is under way, with the transition to AI Cloud targeted for completion by December 31, 2026. Total revenue was 707.0 million USD in fiscal 2026 and the net loss was 702.6 million USD 12.
The business model rests on multi-year reserved capacity contracts, where revenue starts only after capacity is delivered, commissioned and accepted by the customer. The company builds its own sites with grid connections and states that all operating sites have been 100% powered by renewable energy since operations began 1. Strategy also includes a NVIDIA partnership for up to 5GW of AI infrastructure and the Mirantis acquisition, which adds software capabilities.
Financially, the company still reports net losses, driven mainly by impairments tied to decommissioning Bitcoin mining hardware, but Adjusted EBITDA stayed positive at 245.7 million USD in fiscal 2026 2. Cash and cash equivalents were 5,895.6 million USD and restricted cash 1,723.9 million USD at June 30, 2026 1.
Segments
AI Cloud Services
This is the growth segment, rising about eightfold in fiscal 2026 to 128.8 million USD from 16.4 million USD 2. Customers contract capacity mainly through multi-year agreements, and the Microsoft contract for the Horizon facilities has a total contract value of about 9.7 billion USD through 2031 1.
Market context
The company describes the AI Cloud market as highly competitive and rapidly evolving, with demand that its results suggest exceeds available infrastructure supply 12. IREN states that its 2026 capacity is largely sold out and reports over 4 billion USD of contracted ARR for 2026 capacity, though ARR is an operating metric and not GAAP revenue 2.
Bitcoin mining depends on global network hashrate, network difficulty, Bitcoin prices and power costs, which can strongly influence results, while the AI Cloud market depends on power availability, GPU supply and financing conditions 1.
Competitive position
The company competes with hyperscalers such as Amazon Web Services, Google Cloud, Microsoft Azure and Oracle Cloud, as well as specialized AI Cloud providers 1. Some competitors may at the same time be customers, suppliers or partners of the company 1.
IREN's stated advantage is integrated control over land, power, data centers, compute and software, which in its view enables rapid large-scale deployment 1. Differentiation, however, depends on executing deliveries and keeping prices competitive.
- Amazon Web Services
Hyperscaler cloud provider offering cloud services and AI capacity, named by the company as a direct competitor.
- Microsoft Azure
Hyperscaler cloud platform that is also a major IREN customer under the Horizon contract.
- CoreWeave
Specialized AI Cloud provider with a business model comparable to IREN's.
- Nebius
Specialized AI cloud infrastructure provider identified as a competitor in GPU capacity.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Analiză comparativă a acțiunilor neocloud: CoreWeave, Nebius și IREN - www.goldring.roSurge — Google News · 19 Oct 2026 · RO
- Analiză comparativă a acțiunilor neocloud: CoreWeave, Nebius și IREN - www.goldring.roSurge — Google News · 19 Oct 2026 · RO
- IREN ( NASDAQ : IREN ) Shares Gap Down – Here What HappenedSurge — GDELT DOC · 16 Oct 2026 · RO
- IREN Has Microsoft and $14 Billion of Funding. Execution Is the Real TestYahoo Finance — News · 23 Sept 2026 · EN
- IREN’s Energy Pipeline Optionality is Very Appealing So Should You Buy It?Yahoo Finance — News · 22 Sept 2026 · EN
- Iris Energy Is Sitting on $7.6 Billion in Cash and Building One of the Largest AI Data Centers in the World. Is IREN Stock a Buy?Yahoo Finance — News · 21 Sept 2026 · EN
- 1 Year Into the Microsoft Deal, IREN Is Delivering and a Rally May Follow SoonYahoo Finance — News · 19 Sept 2026 · EN
- Iren’s CEO Says Demand Is Strong, The Financials Says It’s ComplicatedYahoo Finance — News · 17 Sept 2026 · EN
- IREN Climbs 6%, Nebius Jumps 10% as GPU Rental Rates Head Higher; CoreWeave SlipsYahoo Finance — News · 17 Sept 2026 · EN
- Iren Stock Has Dropped 12% in a Week. Why, and How to Play It Here.Yahoo Finance — News · 17 Sept 2026 · EN
- Cipher Digital Surges 9% on Conditional ERCOT Status for 3.2 GW of Texas Capacity; Core Scientific Rises 4%, IREN Nudges HigherYahoo Finance — News · 16 Sept 2026 · EN
- The Fed May Hike Again. Here’s Why CoreWeave and IREN Face Different Rate RisksYahoo Finance — News · 15 Sept 2026 · EN
- AI Leaders Say Slow Down. IREN Says Compute Demand May Never Be Satisfied. Nvidia Sits in the MiddleYahoo Finance — News · 14 Sept 2026 · EN
- TeraWulf Drops 4% on Profit Taking After a 44% YTD Run; Applied Digital Falls 3%, IREN Pulls BackYahoo Finance — News · 10 Sept 2026 · EN
- Is Iren Stock a Buy Now?Yahoo Finance — News · 09 Sept 2026 · EN
- Could IREN Become the Next Nvidia-Backed AI Winner?Yahoo Finance — News · 09 Sept 2026 · EN
- Jim Cramer Prefers CoreWeave (CRWV) Over IREN (IREN)Yahoo Finance — News · 09 Sept 2026 · EN
- Pure-Play AI Cloud vs. Energy-Driven Infrastructure: Nebius Scale Meets IREN Limited’s EfficiencyYahoo Finance — News · 09 Sept 2026 · EN
- IREN Surges 7% on Conditional ERCOT Status for 2GW Sweetwater Hub, Applied Digital Climbs 6%Yahoo Finance — News · 08 Sept 2026 · EN
- Heavy, Unusual Put Options Volume in IREN after Bitcoin Rises Last WeekYahoo Finance — News · 07 Sept 2026 · EN
SEC filings
- Proxy statement13 Oct 2026
- Annual report27 Aug 2026
- Current report27 Aug 2026Results of operations · Financial statements and exhibits
- Current report13 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Current report04 Aug 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report20 Jul 2026Results of operations · Financial statements and exhibits
- Current report01 Jul 2026Departure or appointment of officers
- Current report01 Jun 2026Material agreement · Creation of a direct financial obligation
- Current report26 May 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report14 May 2026Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / IREN Ltd · 27 Aug 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / IREN Ltd · 27 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.