IREN (IREN) Company Report

IREN Limited priced a $2 billion offering of convertible senior notes, comprising $1 billion of 0.25% notes due 2032 and $1 billion of 1.00% notes due 2033, with settlement expected on December 8, 2025.
The new notes feature an initial conversion price of approximately $51.40 per ordinary share, representing a 25% premium over the December 2, 2025, closing price of $41.12 per share.
The estimated net proceeds of approximately $1,973.8 million from the offering are intended for funding capped call transactions, repurchasing existing convertible notes, and general corporate purposes.
Concurrently, IREN announced a registered direct offering of 39,699,102 ordinary shares at $41.12 per share to fund the repurchase of approximately $544.3 million aggregate principal amount of existing convertible notes for an aggregate repurchase price of approximately $1,632.4 million.

2 days ago

8-K

IREN Announces Proposed Convertible Notes Offering and Concurrent Equity Offering

IREN

Debt Issuance

New Projects/Investments

IREN Limited announced its intention to offer $1 billion aggregate principal amount of convertible senior notes due 2032 and $1 billion aggregate principal amount of convertible senior notes due 2033.
The company also plans a registered direct offering of ordinary shares to fund the repurchase of existing convertible notes.
The proceeds from both offerings will be used to fund capped call transactions, repurchase existing 3.25% convertible senior notes due 2030 and 3.50% convertible senior notes due 2029, and for general corporate purposes and working capital.

3 days ago

8-K

IREN Achieves Record Q1 2026 Revenue and Secures $9.7 Billion Microsoft AI Cloud Contract

IREN

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

IREN reported Q1 FY 2026 revenue of $240 million, marking its fifth consecutive quarterly increase and representing a 28% quarter-over-quarter and 355% year-over-year increase, alongside adjusted EBITDA of $92 million.
The company announced a five-year, $9.7 billion AI Cloud contract with Microsoft, which is expected to generate approximately $1.94 billion in annual recurring revenue with an estimated 85% project EBITDA margin.
This contract involves deploying NVIDIA GB300 GPUs across 200 MW of data centers at the Childress campus and includes a 20% upfront prepayment to support capital expenditures.
IREN plans to expand its GPU fleet from 23,000 to 140,000 GPUs by the end of 2026, projecting approximately $3.4 billion in annualized run rate revenue once fully deployed.

Nov 6, 2025, 10:00 PM

Transcript

IREN reports record Q1 FY26 results and details Microsoft AI cloud partnership

IREN

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

IREN achieved record revenues of $240 million in Q1 FY26, marking a 28% quarter-over-quarter and 355% year-over-year increase, with Adjusted EBITDA reaching $92 million.
The company secured a $9.7 billion AI cloud partnership with Microsoft, which is anticipated to deliver approximately $1.9 billion in annual revenue with an estimated 85% project EBITDA margin once all four phases are operational.
This partnership involves a $5.8 billion CapEx for 76,000 GPUs and is expected to generate a levered IRR of 25-30%, potentially rising to 35-50% with a 20% GPU residual value assumption.
Funding for the Microsoft deal includes $1.9 billion in customer prepayments and a target of $2.5 billion in additional secured financing.

Nov 6, 2025, 10:00 PM

Transcript

IREN Reports Strong Q1 FY26 Results and Secures $9.7 Billion Microsoft AI Cloud Contract

IREN

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

IREN reported strong Q1 FY26 financial results for the quarter ending September 30, 2025, with revenue reaching $240 million and adjusted EBITDA of $92 million.
The company announced a significant $9.7 billion AI cloud contract with Microsoft, a five-year agreement expected to generate approximately $1.94 billion in annual recurring revenue and includes a 20% upfront prepayment.
IREN plans to significantly expand its GPU fleet from 23,000 to 140,000 GPUs by the end of 2026, which is projected to support $3.4 billion in annualized run rate revenue upon full deployment.
To support its expansion, IREN issued $1 billion in zero-coupon convertible notes in October and secured $400 million in GPU financing to date, with $1.8 billion in cash at the end of October.

Nov 6, 2025, 10:00 PM

Transcript

IREN Reports Strong Q1 FY26 Results and Major AI Cloud Contract

IREN

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

IREN reported Q1 FY26 revenue of $240.3 million, net income of $384.6 million, and Adjusted EBITDA of $91.7 million.
The company secured a $9.7 billion Microsoft AI Cloud Contract with a 5-year average term, including a 20% prepayment and an expected $1.94 billion Annualized Run-Rate (ARR) contribution.
IREN plans a 140k GPU expansion by the end of 2026, targeting a total $3.4 billion ARR by that time.
As of September 30, 2025, IREN held cash and cash equivalents of $1,032.3 million, with total assets of $4.3 billion and total liabilities of $1.4 billion.

Nov 6, 2025, 10:00 PM

Presentation

IREN Reports Record Q1 FY26 Results and Secures Major Microsoft AI Cloud Contract

IREN

Earnings

New Projects/Investments

Debt Issuance

IREN Limited reported record Q1 FY26 financial results for the three months ended September 30, 2025, with total revenue increasing to $240.3 million and net income reaching $384.6 million.
The company secured a $9.7 billion AI Cloud contract with Microsoft, which is expected to contribute $1.9 billion in annualized run-rate revenue (ARR).
IREN is targeting $3.4 billion in AI Cloud annualized run-rate revenue (ARR) by the end of 2026, supported by an expansion to 140k GPUs.
As of October 31, 2025, IREN held $1.8 billion in cash and cash equivalents and issued $1.0 billion in zero-coupon convertible notes on October 14, 2025.

Nov 6, 2025, 9:01 PM

8-K

IREN Reports Strong Q1 FY26 Results and Major AI Cloud Expansion

IREN

Earnings

New Projects/Investments

Debt Issuance

IREN reported record Q1 FY26 financial results, with total revenue increasing to $240.3 million (+355% vs. Q1 FY25 $52.8 million) and net income reaching $384.6 million (vs. Q1 FY25 net loss of $(51.7) million).
The company secured a $9.7 billion AI Cloud contract with Microsoft, featuring phased deployments through 2026 and an expected $1.9 billion annualized run-rate revenue (ARR) contribution.
IREN is targeting $3.4 billion in AI Cloud ARR by the end of 2026, which includes an expansion to 140,000 GPUs.
As of October 31, 2025, IREN held $1.8 billion in cash and cash equivalents and issued $1.0 billion in zero-coupon convertible notes on October 14, 2025.

Nov 6, 2025, 9:00 PM

Press Release

IREN Secures $9.7 Billion AI Cloud Contract with Microsoft

IREN

New Projects/Investments

Revenue Acceleration/Inflection

Product Launch

IREN has signed a $9.7 billion AI Cloud Contract with Microsoft.
The contract has a 5-year term and includes a 20% prepayment, which will be credited to years 3-5.
IREN will deploy NVIDIA GB300 GPUs in 200MW of data centers with an estimated $5.8 billion GPU capex.
The contract targets phased starts in 2026 and is expected to generate an Annualized Run-Rate Revenue (ARR) of $1.94 billion with an estimated ~85% Project EBITDA Margin.
IREN is building and operating its own data centers, with 4 x 50MW phases at Childress through 2026.

Nov 3, 2025, 12:00 PM

Presentation

IREN Secures $9.7 Billion AI Cloud Contract with Microsoft

IREN

New Projects/Investments

Revenue Acceleration/Inflection

IREN Limited secured a $9.7 billion AI Cloud services contract with Microsoft on November 2, 2025, to provide access to NVIDIA GB300 GPUs over a five-year term.
The contract includes a 20% prepayment from Microsoft, and IREN expects an 85% Estimated Project EBITDA Margin and $1.94 billion in annualized run-rate revenue from this agreement.
To fulfill the contract, IREN will purchase GPUs and ancillary equipment from Dell Technologies for approximately $5.8 billion.
The GPUs are scheduled for phased deployment through 2026 at IREN's 750MW Childress, Texas campus, utilizing new liquid-cooled data centers (Horizon 1-4) that will support 200MW of critical IT load.

Nov 3, 2025, 11:27 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for IREN.

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