IREN Ltd (IREN)

Price$36.62Cached quoteAs of 2026-10-08 15:09 UTC

AI: Fair-priced

Price checkThe current price looks balanced between proven weakness and unusually strong contracted growth.

At roughly $15–16 billion market value for all shares, IREN trades near 20 times the last four quarters’ revenue and close to 100 times reported profit, while cash after investment is negative. Management, however, targets more than $4 billion of year-end AI Cloud annualized revenue pace, with about 85% contracted. The market value is roughly four times that future revenue pace. That balance is not a clear bargain or bubble: fair value depends on converting contracts into delivered capacity and durable cash earnings. SEC+1

Big pictureRevenue has surged, but cash still leaves the business because expansion spending is enormous.

Fiscal 2025 revenue reached $501 million, up 168% from fiscal 2024, and operating cash flow improved to $246 million. Yet capital spending was $573 million, leaving roughly $328 million negative free cash flow, meaning cash left after running and investing in the business. Over the latest four reported quarters through March 2026, revenue was about $757 million, operating cash flow about $392 million, and capital spending about $1.85 billion, implying roughly $1.46 billion negative free cash flow. Bitcoin mining also remains cyclical while being deliberately wound down. SEC

Business strengthLarge cash reserves and contracted customers reduce funding risk, but leverage has returned quickly.

At March 2026, supplied figures showed $2.21 billion of cash and $4.60 billion of total liabilities; the debt field was zero, but May financing clearly added contractual debt. IREN later issued $3.0 billion of convertible notes, which can become shares, and arranged $3.6 billion of Microsoft-backed GPU financing. By June 30, it reported $7.6 billion of cash, including $1.7 billion restricted for that financing. March AI Cloud revenue was $33.6 million against $4.6 million of direct cost before depreciation and corporate overhead, promising but not yet full-profit proof. SEC+3SEC+3SEC+3

What could change the storySuccessful AI delivery could justify the price; more dilution or delays would erase the margin for error.

Shares outstanding rose from 186 million in June 2024 to 357 million by April 2026, before another 12.6 million shares were issued for Mirantis. Stock compensation also totaled about $181 million over the latest four reported quarters. IREN has not used buybacks or dividends to offset dilution; capital is going into expansion. The bull case strengthens if the remaining Microsoft deployments are accepted on schedule and cloud revenue approaches the contracted pace with positive free cash flow. The bear case strengthens if spending stays above operating cash flow or share issuance continues. SEC+3SEC+3SEC+3

AI: News

Microsoft financing securedProject financing reduced the funding gap for Microsoft, but added substantial fixed obligations tied to delivery.

On May 29, IREN finalized about $3.6 billion of GPU financing: a $1.5 billion delayed-draw term loan plus $2.1 billion of notes carrying 5.96% interest, both maturing by the end of 2031. The debt is secured mainly by Microsoft-contract GPUs and cash flows, with parent support for certain customer rejection or termination shortfalls. This materially lowered near-term funding risk for the $9.7 billion Microsoft build, while making successful delivery and acceptance more important to protecting equity value. SEC

New AI contractsNew customer contracts made the AI revenue plan more credible and reduced reliance on one buyer.

On July 20, IREN announced $2.8 billion of new multi-year cloud contracts and raised its year-end AI Cloud annualized revenue pace target from $3.7 billion to more than $4 billion; roughly 85% was under contract. Recent customers also prepaid about 45% of associated GPU spending. Shares rose about 19.5% that session according to financial reporting; that reaction is consistent with improved demand visibility, though same-day price moves can reflect broader trading too. SEC+1

Mirantis acquisitionMirantis added software capabilities, but shareholders paid partly with new stock rather than only cash.

On August 4, IREN completed the Mirantis acquisition using approximately 12.6 million new shares plus cash, restricted stock units and other consideration of about $40 million. Mirantis brings cloud orchestration, monitoring and support, potentially helping IREN sell managed services rather than only raw computing capacity. The strategic benefit is higher-value software attachment and broader enterprise reach; the cost is immediate dilution of existing owners, adding to an already fast-growing share count. SEC

Horizon 1 acceptedMicrosoft accepted the first major deployment, proving one critical step in IREN’s AI buildout.

On August 13, Microsoft accepted Horizon 1, the first of four 50-megawatt liquid-cooled deployments planned in 2026 under the five-year $9.7 billion contract. NVIDIA also granted Exemplar Cloud status after testing the GB300 system. Acceptance matters because revenue depends on commissioned, tested capacity, not merely signed contracts. Shares gained about 2.5% that day, but it would be unsafe to attribute the move solely to this announcement without stronger market evidence. SEC+1

Loading local price history

Revenue

2020

2021

2022

2023

2024

2025

2026

Net income

2020

2021

2022

2023

2024

2025

2026

Free cash flow

2020

2021

2022

2023

2024

2025

2026

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

2026

Financial statements

	2026	2025	2024	2023	2022	2021	2020
Revenue	$707.0M	$501.0M	$187.2M	$75.5M	$59.0M	$7.9M	$2.2M
Gross profit	$487.3M	$342.0M	$100.1M	$36.1M	$51.6M	—	—
Gross margin	68.92%	68.27%	53.49%	47.80%	87.38%	—	—
Operating expenses	$1.53B	$324.7M	$126.5M	$189.9M	$51.1M	—	—
Operating income	−$1.05B	$17.3M	−$26.3M	−$153.9M	$307,000	−$524,000	−$1.7M
Operating margin	−148.05%	3.46%	−14.07%	−203.75%	0.52%	−6.63%	−77.09%
EBITDA	−$629.0M	$198.5M	$24.1M	−$123.2M	$8.0M	$728,000	−$919,000
EBITDA margin	−88.96%	39.61%	12.89%	−163.13%	13.63%	9.22%	−42.27%
Net income	−$702.6M	$86.9M	−$29.0M	−$171.9M	−$419.8M	−$60.4M	−$2.1M
Net profit margin	−99.38%	17.35%	−15.47%	−227.62%	−711.03%	−764.62%	−98.53%
Basic EPSper basic share	-$2.22	$0.41	-$0.29	-$3.14	-$10.25	-$2.93	-$0.13
Diluted EPSper diluted share	-$2.22	$0.39	-$0.29	-$3.14	-$10.25	-$2.93	-$0.13

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 8 reported holders of IREN
Holder	Shares held
Roberts Daniel John	13.99M
Roberts William Gregory	13.99M
Nucifora Belinda	349.8K
Lewis Anthony J	238.52K
Bartholomew David James	145.21K
ALFRED MICHAEL	120.95K
Parasuraman Sunita	70.03K
Guzowski Christopher	51.13K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)6$115.26M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Sep 11, 2025Form 4	Roberts Daniel JohnCo-Chief Executive Officer	SellOrdinary Shares · indirect	1.00M	$33.13	$33.13M	13.99M
Sep 11, 2025Form 4	Roberts William GregoryCo-Chief Executive Officer	SellOrdinary Shares · indirect	1.00M	$33.13	$33.13M	13.99M
Sep 4, 2025Form 4	Roberts Daniel JohnCo-Chief Executive Officer	SellStock Options (Right to Buy) · derivative · indirect	500.0K	$23.51	$11.76M	0
Sep 4, 2025Form 4	Roberts William GregoryCo-Chief Executive Officer	SellStock Options (Right to Buy) · derivative · indirect	500.0K	$23.51	$11.76M	0
Sep 3, 2025Form 4	Roberts Daniel JohnCo-Chief Executive Officer	SellStock Options (Right to Buy) · derivative · indirect	500.0K	$25.49	$12.74M	500.0K