IREN
Iris Energy Limited
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Iris Energy Limited.
IREN Limited (Iris Energy) develops and operates data-center infrastructure powered by renewable energy, historically focused on Bitcoin mining and increasingly on high-performance computing and AI cloud capacity. The company sites facilities in regions with access to low-cost power and develops large-scale electrical and cooling infrastructure for compute.
Coverage
JPMorgan's IREN Upgrade Quotes $15-20 a Watt. IREN Disclosed Contracts Above $20 Eighteen Days Earlier.
JPMorgan's neocloud band reaches $20 a watt; IREN's disclosed floor starts there. Strip Microsoft out and 2026 prices at $20.6m per megawatt a year.
Microsoft Already Told You It Builds a Gigawatt a Quarter. The 26-Gigawatt Leak Is Six More Years of It.
Microsoft discloses a gigawatt a quarter and $41bn of capex behind it, never a fleet total. The leaked 26 GW is that rate continued, and costs about $1.07tn.
Nvidia's Up-To-2GW Australian Buildout by 2027 Names an 800MW Campus IREN Energises From 2028.
Two of Nvidia's eight Australian partners named megawatts. IREN's 800MW Bundey energises from 2028; CDC's 1,350MW is its own estate. The 2,150MW sum fails.
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.
Nebius Sold Stock at $223.60 and Its Newest Converts Strike From $313.46. The Shares Sit Between Them.
Nebius sold $2.8bn of shares at $223.60 and struck $3.45bn of converts at $313.46. IREN trades 36% below NVIDIA's $70 rights; CoreWeave publishes no mark.
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: n/m (2026Q2)
| Period | Value |
|---|---|
| 2024Q4 | n/m |
| 2025Q1 | n/m |
| 2025Q2 | 37.4 |
| 2025Q3 | 29.9 |
| 2025Q4 | 32.8 |
| 2026Q1 | 71.4 |
| 2026Q2 | n/m |
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
Next report: Nov 18, 2026 (Q3 2026)
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
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Funds we follow holding IREN
By latest reported 13F position value. Market value at quarter-end, not cost basis.
