IREN (IREN) Company Report

IREN secured $3.6 billion in GPU financing at an interest rate of less than 6%, which, combined with $1.9 billion in Microsoft prepayments, covers 95% of the GPU-related CapEx for Horizons 1-4, supporting the $9.7 billion AI contract with Microsoft.
The company expects to deliver 140,000 GPUs by the end of 2026, positioning it to achieve $3.4 billion in annualized run rate revenue.
IREN expanded its total secured power to over 4.5 GW by securing a new 1.6 GW site in Oklahoma.
Total revenue for Q2 2026 was $184.7 million, a 23% decrease from the prior quarter, primarily due to lower Bitcoin mining revenue, partially offset by AI cloud revenue growth. Net income was significantly impacted by $219.4 million in non-cash/non-recurring items and $31.8 million in mining hardware impairment.

1 day ago

Transcript

IREN Reports Q2 FY26 Results, Secures GPU Financing, and Expands Power Portfolio

IREN

Earnings

Debt Issuance

New Projects/Investments

IREN reported total revenue of $184.7 million and a net loss of $(155.4) million for Q2 FY26, which ended December 31, 2025.
The company secured $3.6 billion in GPU financing for its Microsoft contract at an interest rate of less than 6%.
IREN is targeting a 140k GPU expansion to achieve $3.4 billion in AI Cloud Annualized Run-Rate (ARR) by the end of calendar year 2026, with $2.3 billion ARR already under contract.
A new 1.6GW site in Oklahoma was secured, increasing the total secured grid-connected power to over 4.5GW.

1 day ago

Presentation

IREN Reports Q2 2026 Results and Secures Significant GPU Financing

IREN

Earnings

Debt Issuance

New Projects/Investments

IREN secured $3.6 billion in GPU financing at an interest rate of less than 6%, which, combined with $1.9 billion in Microsoft prepayments, covers approximately 95% of the GPU-related capital expenditures for its $9.7 billion AI contract with Microsoft.
For Q2 2026, total revenue was $184.7 million, a 23% decrease from the prior quarter, primarily due to lower Bitcoin mining revenue, partially offset by growth in AI cloud revenue.
The company expects to deliver 140,000 GPUs by the end of 2026, positioning it to achieve $3.4 billion in annualized run rate revenue by that time, utilizing only about 10% of its over 4.5 GW of secured power capacity.
IREN secured a new 1.6 GW site in Oklahoma, increasing its total secured power to over 4.5 GW, and reported a cash position of $2.8 billion at the end of January.

1 day ago

Transcript

IREN Reports Q2 2026 Results, Secures GPU Financing, and Expands Power Capacity

IREN

Earnings

Debt Issuance

New Projects/Investments

IREN's Q2 2026 total revenue was $184.7 million, reflecting a 23% decrease from the prior quarter, mainly due to lower Bitcoin mining revenue, partially offset by AI cloud revenue growth.
The company secured $3.6 billion in GPU financing at an interest rate below 6%, which, along with $1.9 billion in customer prepayments, covers 95% of the GPU-related CapEx for its $9.7 billion AI contract with Microsoft.
IREN is on track to deliver 140,000 GPUs by the end of 2026, aiming for $3.4 billion in annualized run rate revenue (ARR), with approximately $2.3 billion of ARR currently under contract.
A new 1.6GW site in Oklahoma was secured, increasing total power capacity to over 4.5GW, with its ramp schedule beginning in 2028.

1 day ago

Transcript

IREN Reports Q2 FY26 Results and Strategic Growth Initiatives

IREN

Earnings

Debt Issuance

New Projects/Investments

IREN reported Q2 FY26 financial results for the three months ended December 31, 2025, with total revenue decreasing to $184.7 million and a net loss of $(155.4) million.
The company secured $3.6 billion in GPU financing for its Microsoft contract, with an interest rate of less than 6% per annum.
A targeted 140k GPU expansion is on track to deliver $3.4 billion in Annual Recurring Revenue (ARR) by the end of calendar year 2026.
IREN announced a new 1.6 GW data center campus in Oklahoma, which increases secured grid-connected power to over 4.5 GW, with power scheduled to ramp from 2028.
As of January 31, 2026, IREN held $2.8 billion in cash and cash equivalents.

1 day ago

8-K

IREN Completes Convertible Notes Offering and Debt Repurchase

IREN

Debt Issuance

IREN Limited closed an offering of $2.3 billion in convertible senior notes on December 8, 2025, comprising $1.15 billion of 0.25% notes due 2032 and $1.15 billion of 1.00% notes due 2033, which included a $300 million greenshoe.
Concurrently, IREN repurchased approximately $544.3 million aggregate principal amount of existing convertible notes, specifically $316.6 million of 3.50% notes due 2029 and $227.7 million of 3.25% notes due 2030, for an aggregate repurchase price of approximately $1,632.4 million.
The repurchase was funded by a registered direct placement of approximately 39.7 million ordinary shares at a price of $41.12 per share, completed on December 8, 2025, generating estimated proceeds of approximately $1,631.5 million from the equity offering.
The combined transactions yielded net proceeds of approximately $2.27 billion, lowered average annualized cash coupons, and extended maturities on outstanding convertible notes.

Dec 8, 2025, 10:13 PM

8-K

IREN Prices $2 Billion Convertible Notes Offering and Concurrent Share Offering

IREN

Debt Issuance

Share Buyback

Convertible Preferred Issuance

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.

Dec 3, 2025, 11:06 AM

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.

Dec 1, 2025, 9:48 PM

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.