IREN News
Latest updates and analysis for Iris Energy Limited
February 2026
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.