IREN (IREN)
IREN (IREN) is an Australia-incorporated, Nasdaq-listed AI cloud and data-center company converting its renewable-powered bitcoin-mining campuses into GPU infrastructure. It holds a $9.7 billion Microsoft contract and a $3.4 billion NVIDIA contract, reported fiscal Q3 2026 revenue of $144.8 million, and targets $3.7 billion of annualized revenue by the end of 2026.
| Ticker | IREN |
|---|---|
| Exchange | NASDAQ |
| Sector | Information Technology · AI Cloud & Data Centers |
| Country | Australia |
| Held by ETF | TIGER US AI Data Center TOP4 Plus ETF (0142D0) |
| Wikidata | Q138585043 |
| Last updated | 2026-06-11 |
Next event:Next earnings · fiscal Q4 & full-year FY2026, estimated · Calendar-estimated from the prior year (IREN reported FY2025 results on August 28, 2025); not yet company-confirmed. Last report: fiscal Q3 2026 on 2026-05-07. Confirm on IREN IR. (source)
Latest reported quarter:Fiscal Q3 2026 (ended Mar 31, 2026) (reported2026-05-07)
IREN reported fiscal Q3 2026 revenue of $144.8 million, down from $184.7 million the prior quarter as it decommissioned bitcoin-mining hardware ahead of GPU installations, partially offset by rising AI cloud revenue. The net loss of $247.8 million included $140.4 million of non-cash impairments, and adjusted EBITDA was $59.5 million. ARR under contract reached $3.1 billion, with $3.7 billion targeted by the end of calendar 2026.
| Revenue | $144.8M · vs $184.7M in fiscal Q2 2026; mining decommissioned ahead of GPU installs |
|---|---|
| Net loss | $(247.8)M · Includes $(140.4)M non-cash impairments and $(23.7)M capped-call losses |
| Adjusted EBITDA | $59.5M · vs $75.3M in fiscal Q2 2026 |
| ARR under contract | $3.1B · Targeting $3.7B by end of calendar 2026 |
| Cash | $2.6B · As of April 30, 2026 |
Guidance:Calendar 2026-2027 capacity plan
| ARR target (end of CY2026) | $3.7B · $1.9B Microsoft average annual revenue + ~$1.8B from ~74k GPUs |
|---|---|
| 2026 data-center expansion | 480 MW · Horizon 1-4 at Childress on track for delivery by year-end |
| 2027 expansion in build | 1,210 MW · Childress Horizons 5-6, air-cooled capacity, and Sweetwater 1 initial phase |
Capacity and ARR targets given with the fiscal Q3 2026 business update on May 7, 2026; the ARR target is not fully contracted.
Recent & upcoming events
- · $9.7 billion Microsoft AI cloud contract.Five-year GPU cloud services contract giving Microsoft access to NVIDIA GB300s at IREN's 750 MW Childress, Texas campus, with a 20% prepayment and a companion ~$5.8 billion equipment purchase from Dell. (source)
- · Fiscal Q3 2026: $3.4 billion NVIDIA contract and 5 GW partnership.IREN signed a five-year $3.4 billion AI cloud contract with NVIDIA for air-cooled Blackwell GPUs within 60 MW at Childress, plus a strategic partnership across its 5 GW pipeline under which NVIDIA received rights to invest up to $2.1 billion at $70 per share. (source)
- · Sweetwater 1 substation energized; Nostrum and Mirantis acquired.IREN energized the Sweetwater 1 substation on schedule, advanced the liquid-cooled Horizon 1-4 buildings for the Microsoft contract, and added 490 MW in Spain (Nostrum) plus the Mirantis software team to strengthen AI cloud delivery. (source)
Fiscal Q3 2026 figures are from IREN's results release (quarter ended March 31, 2026); its fiscal year ends June 30. The $3.7B ARR target adds estimated GPU-fleet revenue to Microsoft contract revenue and is not fully contracted.
Figures are as of 2026-06-11 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does IREN do?
IREN is vertically integrated from the substation to the GPU: it secures grid-connected land and power in renewable-rich regions, builds its own data centers, and operates the clusters as an AI cloud. The Sydney-headquartered company listed on Nasdaq in 2021 as a bitcoin miner (then Iris Energy) and is now redeploying that power portfolio into AI, with a secured pipeline of 5 gigawatts across North America, Europe, and APAC, including the 750 MW Childress campus in Texas and the multi-gigawatt Sweetwater site whose first substation was energized on schedule in the March 2026 quarter (IREN, May 7, 2026). Acquisitions of Nostrum (490 MW in Spain) and the software company Mirantis extend the footprint and the delivery stack (IREN, May 7, 2026).
How is AI driving IREN’s business?
By turning its power bank into multi-year compute contracts. In November 2025 Microsoft signed a five-year, approximately $9.7 billion GPU cloud contract for access to NVIDIA GB300s at Childress, with a 20% prepayment and a companion ~$5.8 billion equipment purchase from Dell (IREN, Nov 3, 2025). In May 2026 NVIDIA itself signed a five-year $3.4 billion AI cloud contract for air-cooled Blackwell GPUs within 60 MW of existing Childress data centers, alongside a strategic partnership across IREN’s 5 GW pipeline and rights to invest up to $2.1 billion at $70 per share (IREN, May 7, 2026). Co-founder and co-CEO Daniel Roberts framed the structural gap:
“The world is structurally short compute, and the bottleneck is delivered data center and GPU capacity. That plays directly into IREN’s core strengths – securing power, developing land, building data centers and bringing compute online at scale.”
— Daniel Roberts, co-founder and co-CEO, IREN (IREN, May 7, 2026)
What did IREN report most recently?
In fiscal Q3 2026 (the quarter ended March 31, 2026), IREN reported revenue of $144.8 million, down from $184.7 million the prior quarter: a lower average bitcoin price and the deliberate decommissioning of mining hardware ahead of GPU installations outweighed rising AI cloud revenue (IREN, May 7, 2026). The net loss widened to $247.8 million, dominated by $140.4 million of non-cash impairments from that decommissioning and $23.7 million of unrealized capped-call losses, while adjusted EBITDA was $59.5 million. The transition metrics moved the other way: ARR under contract reached $3.1 billion, operational capacity is fully contracted, and cash stood at $2.6 billion on April 30, 2026.
What is IREN’s guidance?
IREN targets $3.7 billion of annualized run-rate revenue by the end of calendar 2026, combining $1.9 billion of average annual Microsoft contract revenue with an estimated $1.8 billion from roughly 74,000 GPUs at its British Columbia and Childress sites; the company notes this target is not fully contracted (IREN, May 7, 2026). The 2026 expansion to 480 MW (Horizon 1-4 at Childress) is on track for delivery by year-end, and 1,210 MW is in build for 2027 across Childress Horizons 5-6 and the Sweetwater 1 initial phase. The next report, fiscal Q4 and full-year FY2026, is expected around late August 2026, calendar-estimated.
What are the risks for IREN?
- Transition execution. Revenue falls before it rises: mining hardware is being written off and decommissioned ahead of GPU revenue, so delivery slips at Horizon 1-4 would extend the earnings trough (IREN, May 7, 2026).
- Customer concentration. Microsoft’s $9.7 billion contract dominates contracted ARR; the $3.7 billion year-end target additionally assumes uncontracted GPU-fleet revenue at internal utilization and pricing assumptions.
- Funding needs. Near-term capex relies on cash, GPU financing, and further initiatives; tighter credit or weaker GPU residual values would raise the cost of the build.
- Bitcoin tail. Remaining mining operations still expose results to bitcoin price swings until the AI conversion completes.
Related securities, concepts & terms
IREN is the power-first builder of the US AI Data Center concept’s neocloud layer, alongside CoreWeave and Nebius.
- US AI Data Centerparent
- CoreWeave (CRWV)sibling
- Nebius Group (NBIS)sibling
- GPU-as-a-Service (Neocloud)related
- Data Center Powerrelated
Related indices & ETFs
- TIGER US AI Data Center TOP4 Plus ETF (0142D0) · Mirae Asset Global InvestmentsKorea-listed ETF (December 9, 2025) tracking the Akros index behind this concept; total annual fee 0.49%.
- Akros U.S. AI Data Center TOP4 Plus Index (AUAIDC) · Akros Technologies, Inc.The proprietary Akros index that frames this concept and the benchmark the TIGER ETF tracks.
These references describe index-tracking relationships as a matter of fact and are not a recommendation to buy any product. Akros, as the index provider, may receive licensing fees from product sponsors. Review the product's prospectus before investing.
Frequently asked questions about IREN
What does IREN do?
IREN is a vertically integrated AI cloud provider: it secures grid-connected land and power in renewable-rich regions, builds its own data centers, and operates GPU clusters for AI training and inference. The Sydney-headquartered, Nasdaq-listed company began as a bitcoin miner and is converting that footprint to AI, with a 5-gigawatt secured power pipeline across North America, Europe, and APAC (IREN, May 7, 2026).
What was IREN's latest quarterly revenue?
IREN reported fiscal Q3 2026 revenue of $144.8 million (quarter ended March 31, 2026), down from $184.7 million the prior quarter, as a lower average bitcoin price and the decommissioning of mining hardware ahead of GPU installations outweighed growing AI cloud revenue (IREN, May 7, 2026). The net loss was $247.8 million, including $140.4 million of non-cash impairments, and adjusted EBITDA was $59.5 million.
What is IREN's guidance?
IREN targets $3.7 billion of annualized run-rate revenue by the end of calendar 2026, combining $1.9 billion of average annual Microsoft contract revenue with an estimated $1.8 billion from roughly 74,000 GPUs at its British Columbia and Childress sites; $3.1 billion of ARR is already under contract (IREN, May 7, 2026). Its 2026 expansion to 480 MW is on track, with 1,210 MW in build for 2027.
When does IREN report its next earnings?
IREN is expected to report fiscal Q4 and full-year FY2026 results (its fiscal year ends June 30) around late August 2026, calendar-estimated from the prior year (FY2025 results came on August 28, 2025) and not yet company-confirmed, so check IREN's investor pages (IREN IR). It last reported fiscal Q3 2026 on May 7, 2026.
How big are IREN's Microsoft and NVIDIA contracts?
Microsoft signed a five-year, approximately $9.7 billion GPU cloud contract in November 2025 for access to NVIDIA GB300s at IREN's 750 MW Childress, Texas campus, including a 20% prepayment, alongside a roughly $5.8 billion equipment purchase from Dell (IREN, Nov 3, 2025). In May 2026 NVIDIA itself signed a five-year $3.4 billion AI cloud contract and a strategic partnership spanning IREN's 5 GW pipeline, with rights to invest up to $2.1 billion (IREN, May 7, 2026).
Why is IREN part of the US AI data center concept?
Because it embodies the concept's core scarcity: delivered power. IREN's value is its 5 gigawatts of secured grid capacity and its ability to convert that into liquid-cooled GPU data centers fast enough for Microsoft and NVIDIA to contract years of capacity in advance (IREN, May 7, 2026).
Sources & references
- IREN Business Update and Q3 FY26 Results · IREN Limited, 2026-05-07
- IREN Secures $9.7bn AI Cloud Contract with Microsoft · IREN Limited, 2025-11-03
- IREN · official site · IREN Limited, 2026-06-11