IREN
Iris Energy Limited
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Iris Energy Limited.
IREN (formerly Iris Energy) is pivoting from Bitcoin mining to AI cloud infrastructure and HPC, powered by renewable energy data centers. The $9.7B Microsoft deal and $3.6B GPU financing position them as a 'Neocloud' leader. Current narrative centers on execution risk vs. massive upside if targets hit (140k GPUs, $3.4B ARR by end-2026). Stock volatile at $40-45 after peaking near $77. Pausing Bitcoin expansion to prioritize AI data centers.
Latest Coverage
IREN Joins the MSCI USA Index. A Year Ago It Was a Bitcoin Miner.
IREN gets added to the MSCI USA Index effective Feb 27, capping a 206% rally and a complete pivot from Bitcoin mining to AI infrastructure with a $9.7B Microsoft contract.
IREN Reports Q2 FY26 Results with Major AI Funding Secured
$184.7M revenue, $155.4M net loss (transition costs), but secured $3.6B GPU financing for Microsoft deal. On track for 140k GPUs and $3.4B ARR by end-2026.
Seeking Alpha: Don't Buy This Heavy Dip
Downgrades to Sell after Q2 miss. AI revenue up 137% QoQ but still small; highlights high execution risk to scale AI ~68x for targets.
Contrarian View: This Selloff Makes No Sense
Bullish take: $2.3B AI ARR already contracted (mostly Microsoft), power secured, GPU capex 95% funded at low rates. Execution timing is the main variable.
Is a Beautiful Future Already Funded?
$3.6B credit facility tied to Microsoft deal fully funds GPU transition. Strong cash ($2.8B) and funding (>$9.2B YTD) support ambitious plans.
IREN Adds 1.6GW Oklahoma Data Center Campus
New site boosts total secured power to >4.5GW, supporting massive AI expansion amid strong demand for HPC infrastructure.
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Short interest data unavailable for IREN.
