IREN News
10 R40 articles on Iris Energy Limited (IREN), the latest published Sep 15, 2026. Plus dated third-party headlines.
R40 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.
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.
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.
February 2026
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.
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.
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.
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.
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.
December 2025
IREN Closes $2.3B Convertible Notes Offering
Completed financing to fund GPU purchases and AI buildout, part of broader $9B+ funding secured for the transition.