IREN
Iris Energy Limited
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Iris Energy Limited.
Coverage
IREN Q4 FY2026 reported earnings analysis
IREN's AI Cloud revenue doubled to $70.5M and passed mining — the call guided $25-30B of FY2027 capex against about $14B in hand. ARR lands mostly in March.
Anthropic Has Contracted 1.19 GW. Half of It Costs $2.37M per MW-Year, the Other Half $15.46M.
Four reported Anthropic capacity deals total 1,185 MW for $83.1B, and split by term they are two products: $2.37M per MW-year on 20-year leases, $15.46M on six.
IREN's $4B ARR Target Is Not This Quarter's Revenue
IREN reports 27 August with consensus at $138.89M of revenue, down 25.8%, while targeting $4B+ of AI Cloud ARR by year-end. The gap is timing of GPU capacity.
The Neocloud "Revenue per Megawatt" Ranking Is Measuring Contract Length, Not Efficiency
The circulating revenue-per-megawatt neocloud table mixes multi-year backlog with annual figures and never divides by years. Fixed, first and seventh swap.
Nebius and IREN: How Two AI Infrastructure Highfliers Fell 40–60% From Their Highs
Six months after we called Nebius a hypergrowth capex machine, both Nebius and IREN have fallen sharply from their 2026 peaks — hit by the same Meta cloud-competition shock and a hawkish, geopolitically rattled macro tape. We compare the drawdowns and the rumored contracts each is chasing next.
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.
Capital expenditure and cash flow are too large relative to current revenue for the combined Rule of 40 score to be meaningful.
Quarter contextWhere the revenue goes next
Latest: $137M (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | $54M |
| 2024Q2 | $57M |
| 2024Q3 | $53M |
| 2024Q4 | $116M |
| 2025Q1 | $145M |
| 2025Q2 | $187M |
| 2025Q3 | $240M |
| 2025Q4 | $185M |
| 2026Q1 | $145M |
| 2026Q2 | $137M |
Latest: -$1.88 (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | $0.08 |
| 2024Q2 | -$0.21 |
| 2024Q3 | -$0.27 |
| 2024Q4 | -$0.10 |
| 2025Q1 | -$0.07 |
| 2025Q2 | $0.66 |
| 2025Q3 | $1.08 |
| 2025Q4 | -$0.52 |
| 2026Q1 | -$0.74 |
| 2026Q2 | -$1.88 |
Latest: 71.4 (2026Q1)
| Period | Value |
|---|---|
| 2025Q2 | 37.4 |
| 2025Q3 | 29.9 |
| 2025Q4 | 32.8 |
| 2026Q1 | 71.4 |
Latest: -$167M (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | -$93M |
| 2024Q2 | -$292M |
| 2024Q3 | -$387M |
| 2024Q4 | -$247M |
| 2025Q1 | -$492M |
| 2025Q2 | -$255M |
| 2025Q3 | -$138M |
| 2025Q4 | -$648M |
| 2026Q1 | -$1.28B |
| 2026Q2 | -$167M |
Latest: 364M (2026Q2)
| Period | Value |
|---|---|
| 2024Q3 | 189M |
| 2024Q4 | 210M |
| 2025Q1 | 219M |
| 2025Q3 | 362M |
| 2025Q4 | 298M |
| 2026Q1 | 334M |
| 2026Q2 | 364M |
Latest: -$4.00B (2026Q2)
| Period | Value |
|---|---|
| 2024Q1 | -$93M |
| 2024Q2 | -$384M |
| 2024Q3 | -$772M |
| 2024Q4 | -$1.02B |
| 2025Q1 | -$1.51B |
| 2025Q2 | -$1.77B |
| 2025Q3 | -$1.90B |
| 2025Q4 | -$2.55B |
| 2026Q1 | -$3.83B |
| 2026Q2 | -$4.00B |
Latest earnings
Company History
Listed on NASDAQ as Bitcoin mining company with renewable energy focus
Started diversifying into HPC/AI colocation, laying groundwork for 2025-2026 pivot
Raised billions at low cost to fund GPUs, reduced dilution fears
Game-changer deal sparked massive optimism, rebranding to 'Neocloud', analyst upgrades
Stock surged ~285% on AI pivot announcements and Bitcoin recovery
Oklahoma 1.6GW campus expansion, narrative evolves to 'power play' for AI/HPC
Anxiety over potential dilution and execution risk ahead of Q2 report
Revenue down QoQ, big net loss; stock plunged then rebounded on $3.6B financing news
Key Players
The CEO view — 8 podcasts, interviews & articles →
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Funds we follow holding IREN
By latest reported 13F position value. Market value at quarter-end, not cost basis.
