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IREN

IREN·NASDAQ·USD

27.44+2.01 (+7.90%)
Regular-session close·Definitions
Price history2021-11-17 — 2026-10-23Valid trading days: 1,238 · Through 2026-10-23 · All expected trading dates since listing are present · History update delayed
Operating history2024-09-30 — 2026-06-307 historical metrics · 8 workpaper periods
Coverage limitations

Daily history updates are delayed. Available history through 2026-10-23 remains visible; a current quote does not establish that daily history has been updated.

Requests to the historical-data source are rate limited, delaying daily-price updates. Existing verified periods are retained; trading days not yet retrieved are not fabricated.

The first price observation reaches the verified listing date. This does not mean that security continuity, every trading day and adjusted prices have all been verified throughout the history.

The first price reaches the verified listing date 2021-11-17. Trading-date coverage and price verification are shown separately below.

Trading dates checked for 2021-11-17 — 2026-10-23: all 1,238 expected dates are present. Complete dates do not establish independent verification of every price.

Security basis: The current security identity and recorded historical continuity have been checked. Listing-date coverage is shown separately. Historical closes use the provider's split adjustments and exclude dividend distributions. Full-history adjustment factors have not been independently recalculated. Price changes do not represent total returns including dividends.

Original verification records

verified-listing-start-covered

History update reason: source-rate-limited-until 2026-10-28T04:39:08.620Z

Nasdaq ordinary shares since November 17, 2021. Iris Energy rebranding does not add pre-IPO observations.

View sources and versions ↗

Price and operations

Research history
8 quarters of reported segment data and a separate contract ledger; cash receipts, contract value and lease advances are presented separately.

Period end is the end of the operating period. Source-publication mode uses the publication date of the document selected, without asserting that it was the first disclosure. Expand the notes below the chart for definitions and sources.

Add metrics 2
Available metrics: 7

Financials and cash flow

Last value in range
IREN Share priceTrading day
USD2040608024.91
Recognized AI cloud revenueQuarterly observations
USD million02040608071
Recognized mining revenueQuarterly observations
USD million5010015020025.10.2326.01.0126.04.0126.07.0126.10.2367

Time rangeIREN Share price

2025-10-23 — 2026-10-23
Methodology and controls

Each panel has its own value axis; dates and the cursor are synchronized. Operating data appear only on their observed dates; other dates are left blank. US daily prices are checked against the verified 1997–2027 trading calendar. A missing expected trading day breaks the line; weekends and recorded exchange holidays do not. Operating data are positioned at the actual period end, which is not necessarily the date of public disclosure. Drag within the chart to zoom and move the range window below to pan. Quarterly values are not filled across other trading days.

Underlying data Operating metrics: 2
Observations in this chart, including unverified periods or dates · original values and source versions retained
Selected operating metrics; records with values and current chart gaps appear first. Unverified dates are excluded from charts.
Reporting period endRecognized AI cloud revenueUSD million · Reported values and calculations from disclosuresRecognized mining revenueUSD million · Reported values and calculations from disclosures
2026-06-30FQ4_FY2670.52
Basis · Calculated from disclosures

Dates for the source versions used are still missing

View calculation inputs · 6 items
Original amount (USD)
70,515,000
sourceUnit
USD
calendarPeriod
Not disclosed
Derivation from the source document
[C] FY minus 9M (derived)
Disclosure date basis
The working dataset does not record filing versions for individual observations. The relevant FY26 quarterly filings include FY25 comparatives; Q4 is calculated from the corresponding annual source document minus the first three quarters. The filed date of the version used for each standard tag cannot be determined and is left blank.
Basis for period start
research-ledger-explicit-start-end
IREN 10K FY26 financial filing
66.71
Basis · Calculated from disclosures

Dates for the source versions used are still missing

View calculation inputs · 6 items
Original amount (USD)
66,710,000
sourceUnit
USD
calendarPeriod
Not disclosed
Derivation from the source document
[C] FY minus 9M (derived)
Disclosure date basis
The working dataset does not record filing versions for individual observations. The relevant FY26 quarterly filings include FY25 comparatives; Q4 is calculated from the corresponding annual source document minus the first three quarters. The filed date of the version used for each standard tag cannot be determined and is left blank.
Basis for period start
research-ledger-explicit-start-end
IREN 10K FY26 financial filing
2026-03-31FQ3_FY2633.64
Basis · Reported data

Dates for the source versions used are still missing

View calculation inputs · 6 items
Original amount (USD)
33,635,000
sourceUnit
USD
calendarPeriod
CY2026Q1
Derivation from the source document
[A] companyfacts single-quarter frame
Disclosure date basis
The working dataset does not record filing versions for individual observations. The relevant FY26 quarterly filings include FY25 comparatives; Q4 is calculated from the corresponding annual source document minus the first three quarters. The filed date of the version used for each standard tag cannot be determined and is left blank.
Basis for period start
research-ledger-explicit-start-end
IREN 10Q FQ3 FY26 financial filing
111.16
Basis · Reported data

Dates for the source versions used are still missing

View calculation inputs · 6 items
Original amount (USD)
111,160,000
sourceUnit
USD
calendarPeriod
CY2026Q1
Derivation from the source document
[A] companyfacts single-quarter frame
Disclosure date basis
The working dataset does not record filing versions for individual observations. The relevant FY26 quarterly filings include FY25 comparatives; Q4 is calculated from the corresponding annual source document minus the first three quarters. The filed date of the version used for each standard tag cannot be determined and is left blank.
Basis for period start
research-ledger-explicit-start-end
IREN 10Q FQ3 FY26 financial filing
2025-12-31FQ2_FY2617.30
Basis · Reported data

Dates for the source versions used are still missing

View calculation inputs · 6 items
Original amount (USD)
17,298,000
sourceUnit
USD
calendarPeriod
CY2025Q4
Derivation from the source document
[A] companyfacts single-quarter frame
Disclosure date basis
The working dataset does not record filing versions for individual observations. The relevant FY26 quarterly filings include FY25 comparatives; Q4 is calculated from the corresponding annual source document minus the first three quarters. The filed date of the version used for each standard tag cannot be determined and is left blank.
Basis for period start
research-ledger-explicit-start-end
IREN 10Q FQ2 FY26 financial filing
167.39
Basis · Reported data

Dates for the source versions used are still missing

View calculation inputs · 6 items
Original amount (USD)
167,394,000
sourceUnit
USD
calendarPeriod
CY2025Q4
Derivation from the source document
[A] companyfacts single-quarter frame
Disclosure date basis
The working dataset does not record filing versions for individual observations. The relevant FY26 quarterly filings include FY25 comparatives; Q4 is calculated from the corresponding annual source document minus the first three quarters. The filed date of the version used for each standard tag cannot be determined and is left blank.
Basis for period start
research-ledger-explicit-start-end
IREN 10Q FQ2 FY26 financial filing
Calculations and sources 2 items
Recognized AI cloud revenueUSD million · Reported values and calculations from disclosures
Calculation basis

Single-quarter financial data, including cumulative reconstructions. Segment financial disclosures; fourth quarter = fiscal year minus the first three quarters.

Reading guide

US GAAP fiscal quarters; FY labels are not automatically treated as calendar years.

Data classification

Reported values and calculations from disclosures · USD million

Recognized mining revenueUSD million · Reported values and calculations from disclosures
Calculation basis

Single-quarter financial data, including cumulative reconstructions. Segment financial disclosures; fourth quarter = fiscal year minus the first three quarters.

Reading guide

US GAAP fiscal quarters; FY labels are not automatically treated as calendar years.

Data classification

Reported values and calculations from disclosures · USD million

Research context · IREN

Separate changes in AI revenue share into the amounts generated by each business

View operating trends ↗

Can the shift from mining to AI cloud generate common-equity cash returns after equipment investment, application of advances, depreciation and financing?

Current-period facts

AI cloud revenue increased by 36.88 million USD quarter over quarter, while mining revenue decreased by 44.45 million USD; combined revenue from the two businesses decreased by 7.57 million USD. AI represents 51.39% of revenue, and cash purchases of PP&E are 1,328.85 million USD. A shift in revenue mix does not yet establish recovery of invested capital.

Current evidence, comparable changes and implications
Operating observationsCurrent valueComparable changes and historical contextWhy it matters
AI cloud share of revenue Calculated from disclosuresFQ4_FY26 · 2026-06-3051.39 %
QoQ
+28.16 percentage pointsCompared with 2026-03-31 · 23.23
YoY
+47.67 percentage pointsCompared with 2025-06-30 · 3.72
Rank 8 / 8 over the last 8 quarters (ascending)2.29 — 51.39 %2024-09-30 to 2026-06-30

AI cloud revenue as a share of total quarterly revenue measures the realized business mix. It is not contracted ARR or total operating capacity.

Original inputs and sources Source date unverified

AI cloud revenue recognized in the quarter ÷ total quarterly revenue × 100; Actual revenue, not contracted ARR, operating ARR or total contract value.

AI cloud revenue
70.515000
Revenue
137.225000
Calendar period
Not recorded
Calculation basis
[C] FY minus 9M (derived)
Basis for source-version date
The working dataset does not record filing versions for individual observations. The relevant FY26 quarterly filings include FY25 comparatives; Q4 is calculated from the corresponding annual source document minus the first three quarters. The filed date of the version used for each standard tag cannot be determined and is left blank.
Basis for period start
research-ledger-explicit-start-end

Original documents for the current, comparison and historical periods:

The filing version may postdate the first disclosure and must not be treated as information available at that earlier date.

AI cloud direct contribution margin Calculated from disclosuresFQ4_FY26 · 2026-06-3086.94 %
QoQ
+0.60 percentage pointsCompared with 2026-03-31 · 86.33
YoY
-6.23 percentage pointsCompared with 2025-06-30 · 93.16
Rank 3 / 8 over the last 8 quarters (ascending)86.15 — 93.16 %2024-09-30 to 2026-06-30

AI revenue of 70.52 million USD less only 9.21 million USD of direct operating costs; depreciation, corporate overhead and financing are not yet deducted.

Original inputs and sources Source date unverified

(AI cloud revenue − AI cloud direct operating costs) ÷ AI cloud revenue × 100; Direct operating costs exclude depreciation and amortization, impairment, SG&A and financing costs. The resulting margin must not be called a GAAP gross margin or net margin.

AI cloud revenue
70.515000
Direct operating costs excluding depreciation
9.212000
Calendar period
Not recorded
Calculation basis
[C] FY minus 9M (derived)
Basis for source-version date
The working dataset does not record filing versions for individual observations. The relevant FY26 quarterly filings include FY25 comparatives; Q4 is calculated from the corresponding annual source document minus the first three quarters. The filed date of the version used for each standard tag cannot be determined and is left blank.
Basis for period start
research-ledger-explicit-start-end

Original documents for the current, comparison and historical periods:

The filing version may postdate the first disclosure and must not be treated as information available at that earlier date.

Cash PP&E investment / revenue Calculated from disclosuresFQ4_FY26 · 2026-06-30968.37 %
QoQ
+312.86 percentage pointsCompared with 2026-03-31 · 655.52
YoY
+870.07 percentage pointsCompared with 2025-06-30 · 98.30
Rank 8 / 8 over the last 8 quarters (ascending)75.04 — 968.37 %2024-09-30 to 2026-06-30

Cash purchases of PP&E of 1,328.85 million USD ÷ quarterly revenue of 137.23 million USD. Construction spending is a current cash outflow; its revenue ratio does not measure recovery of invested capital.

Original inputs and sources Source date unverified

Cash purchases of PP&E ÷ quarterly revenue × 100; Construction-period investment is not matched to revenue in the current quarter. The measure excludes some advances and finance-lease investments and does not represent the payback period for total project investment.

Cash purchases of PP&E
1,328.849000
Revenue
137.225000
Calendar period
Not recorded
Calculation basis
[C] FY minus 9M (derived)
Basis for source-version date
The working dataset does not record filing versions for individual observations. The relevant FY26 quarterly filings include FY25 comparatives; Q4 is calculated from the corresponding annual source document minus the first three quarters. The filed date of the version used for each standard tag cannot be determined and is left blank.
Basis for period start
research-ledger-explicit-start-end

Original documents for the current, comparison and historical periods:

The filing version may postdate the first disclosure and must not be treated as information available at that earlier date.

ASC 842 lease prepayments Reported dataFQ4_FY26 · 2026-06-301,623.48 USD million
YoY
+1,623.48 USD millionCompared with 2025-06-30 · 0.00

Fewer than 8 consecutive comparable quarters; no historical ranking.

ASC 842 lease prepayments are separate from ASC 606 contract liabilities. Cash already received cannot be counted again as new future receipts.

Original inputs and sources Source date unverified

Separately disclosed ASC842 deferred lease revenue; Advance receipts under ASC842 are not contract liabilities under ASC606. Quarters without separate disclosure remain null and must not be treated as zero.

Current ASC 606 contract liabilities
46.491000
Noncurrent ASC 606 contract liabilities
172.575000
ASC 842 lease prepayments
1,623.480000
Basis for zero current lease prepayments
Not recorded
Rounding precision
Uses the total of 219.066 in the Note 20 table, rather than the rounded 219.1 in the narrative.

Original documents for the current, comparison and historical periods:

The filing version may postdate the first disclosure and must not be treated as information available at that earlier date.

What to check in the next disclosure

Updates follow actual announcements; no earnings date is assumed.
Current counterevidence

AI cloud revenue increased by 36.88 million USD quarter over quarter, with a direct contribution margin of 86.94%. the increase in billings is supported by actual revenue amounts; whether this covers depreciation, financing and replacement investment still requires further testing.

Does the higher share reflect additional billed revenue?

Recognized AI cloud revenue
70.52 USD million2026-06-30 · Calculated from disclosures
Recognized mining revenue
66.71 USD million2026-06-30 · Calculated from disclosures
Next check

Reconcile both revenue amounts at acceptance, billing and the next quarterly report.

Conditions that would change the assessment

If AI’s share rises only because mining declines, without an increase in AI revenue, the share does not support a claim of cloud-business growth.

Can direct contribution fund the capital cycle?

AI cloud direct contribution margin
86.94 %2026-06-30 · Calculated from disclosures
Cash PP&E investment / revenue
968.37 %2026-06-30 · Calculated from disclosures
ASC 842 lease prepayments
1,623.48 USD million2026-06-30 · Reported data
Next check

Review depreciation, equipment replacement, financing cash flows and the application of prepayments.

Conditions that would change the assessment

High direct contribution alongside a widening funding gap and new share issuance is not equivalent to common-shareholder earnings. Prepayments cannot be counted again as future incremental receipts.

Mechanisms, counterarguments and evidence limits
  1. Construction and acceptance

    Equipment purchases and construction require capital first. Customer acceptance and billing conditions determine when contracts begin generating recognized revenue.

    View the corresponding series
  2. Revenue and costs

    Direct contribution must still cover depreciation and corporate costs. Lease prepayments change cash timing but do not eliminate asset consumption.

    View the corresponding series
  3. Cash per share

    Project cash can be connected to common-shareholder returns only after financing principal and interest, maintenance or replacement investment, and newly issued shares are considered.

    View the corresponding series

Strongest alternative explanation

Long-term contracts, customer prepayments and high direct contribution may reduce some revenue risk after delivery. Heavy construction spending does not mean mature projects lack returns, but investment and collections must be demonstrated over the full contract life.

Missing evidenceThe current series lacks equipment-vintage useful lives, complete borrowing drawdowns and repayments, and future diluted shares. Direct contribution margins cannot establish common-equity net income or full-life project returns.

The fiscal year ends in June, and fiscal quarters retain actual dates. Q4 may be derived as the full year less the first three quarters. ASC 842 advances are excluded from ASC 606 RPO. Quarter-over-quarter and year-over-year comparisons check fiscal-quarter labels and actual date intervals. Historical positions use at least 8 and at most 12 consecutive comparable quarters, ranked from low to high. Working-capital contribution ratios are not compared when CFO is non-positive. This is neither a peer ranking nor a valuation percentile.

Business and research scope

How the business turns into revenue and cash, and what the available evidence can establish.

Company website ↗

IREN operates both Bitcoin mining and AI-cloud businesses. Recognized revenue, cash capital investment and customer prepayments are tracked separately to examine how construction spending converts into delivery and revenue.

Bitcoin mining

Recognized mining revenue and AI-cloud revenue are presented separately to track changes in the business mix.

Methodology limitationsBusiness shares describe recognized revenue composition, not future capacity or contract shares.

Company profile and filings
Legal name
IREN Limited
Exchange / quote currency
NASDAQ / USD
Reporting currency
USD
Source industry classification
Finance: Consumer Services
Financial period end / Source version used
2026-06-30 / 2026-08-27
Value-chain roles (not revenue shares)
Data-center real estate and compute hosting
Check SEC filings index ↗

Related companies in the value chain

Shared value-chain roles do not establish direct peer status or valuation comparability.
MARKET DATA

Quote details

Candlesticks, volume and cross-company prices

27.44 +7.90%
2026-07-23 — 2026-10-23Price change over the selected period -38.63%
Provider split-adjusted prices excluding dividends, USD. Recorded trading days are equally spaced from 2026-07-23 to 2026-10-23 (66 trading days). Volume is shown separately in shares.USD203040506024.91Volume · shares2026-07-23 Volume 41,864,300 shares2026-07-24 Volume 34,580,400 shares2026-07-27 Volume 34,868,100 shares2026-07-28 Volume 47,608,800 shares2026-07-29 Volume 71,021,400 shares2026-07-30 Volume 72,983,600 shares2026-07-31 Volume 65,451,200 shares2026-08-03 Volume 43,898,300 shares2026-08-04 Volume 41,251,300 shares2026-08-05 Volume 34,371,000 shares2026-08-06 Volume 31,457,000 shares2026-08-07 Volume 32,417,500 shares2026-08-10 Volume 33,395,800 shares2026-08-11 Volume 42,117,200 shares2026-08-12 Volume 48,616,700 shares2026-08-13 Volume 87,993,100 shares2026-08-14 Volume 42,034,100 shares2026-08-17 Volume 40,135,200 shares2026-08-18 Volume 43,221,900 shares2026-08-19 Volume 44,038,400 shares2026-08-20 Volume 44,995,400 shares2026-08-21 Volume 49,894,700 shares2026-08-24 Volume 33,260,300 shares2026-08-25 Volume 32,507,000 shares2026-08-26 Volume 39,496,900 shares2026-08-27 Volume 50,348,200 shares2026-08-28 Volume 89,874,200 shares2026-08-31 Volume 39,689,600 shares2026-09-01 Volume 33,560,100 shares2026-09-02 Volume 40,648,100 shares2026-09-03 Volume 44,985,200 shares2026-09-04 Volume 36,266,200 shares2026-09-08 Volume 50,914,800 shares2026-09-09 Volume 29,847,400 shares2026-09-10 Volume 35,839,500 shares2026-09-11 Volume 28,985,500 shares2026-09-14 Volume 35,150,200 shares2026-09-15 Volume 28,677,200 shares2026-09-16 Volume 33,906,000 shares2026-09-17 Volume 46,463,300 shares2026-09-18 Volume 45,496,300 shares2026-09-21 Volume 41,082,300 shares2026-09-22 Volume 33,761,800 shares2026-09-23 Volume 32,390,100 shares2026-09-24 Volume 30,391,600 shares2026-09-25 Volume 41,168,100 shares2026-09-28 Volume 26,574,700 shares2026-09-29 Volume 33,902,800 shares2026-09-30 Volume 25,977,800 shares2026-10-01 Volume 37,004,100 shares2026-10-02 Volume 41,744,000 shares2026-10-05 Volume 33,452,900 shares2026-10-06 Volume 35,892,400 shares2026-10-07 Volume 52,598,700 shares2026-10-08 Volume 55,685,900 shares2026-10-09 Volume 38,526,700 shares2026-10-12 Volume 49,659,300 shares2026-10-13 Volume 51,734,500 shares2026-10-14 Volume 78,366,400 shares2026-10-15 Volume 106,885,500 shares2026-10-16 Volume 68,632,600 shares2026-10-19 Volume 51,113,500 shares2026-10-20 Volume 73,361,900 shares2026-10-21 Volume 50,690,900 shares2026-10-22 Volume 66,750,900 shares2026-10-23 Volume 38,706,200 shares106.9M007-2308-1409-0910-0110-23
Daily · Provider split-adjusted prices, excluding dividends · USD · Valid closes: 1238 / trading dates: 1238Market data source
MARKET & FUNDAMENTALS

Quote and valuation methodology

Data timestamps

Trading overview

Previous close
25.43
Session open
25.88
Session range
25.56 – 27.66
Session volume
47.21 M
20 Average daily volume
50.86 M
Historical range
1.02 – 76.87

Valuation and cash

Market cap · USD
11.53 B
Price / sales · Annual
16.31
Free cash flow yield
-7.78%

Financial denominator

Revenue · Annual
707.01 M USD
Period end
2026-06-30
Source version
2026-08-27

Quote 2026-10-27Market cap retrieved 2026-10-28Financial period end 2026-06-30

Mining and computing operations are not banking businesses. Revenue multiples do not measure the net value of digital-asset holdings, and CFO minus PP&E does not establish cash distributable to common shareholders.

PROJECTS & CAPITAL

Projects and capital arrangements

Projects: 4
01Childress Horizon 1Delivered and accepted50 MW

IT-load basis. delivered and accepted 2026-08-13. Contract acceptance, rent commencement and payment conditions require separate verification; unaccepted capacity is not counted as operating capacity.

02Childress Horizon 2Under construction or commissioning; acceptance not yet confirmed50 MW

IT-load basis. commissioning underway (8-K 2026-08-27); target Q4 2026. Contract acceptance, rent commencement and payment conditions require separate verification; unaccepted capacity is not counted as operating capacity.

03Childress Horizon 3Under construction or commissioning; acceptance not yet confirmed50 MW

IT-load basis. late-stage construction; target Q4 2026. Contract acceptance, rent commencement and payment conditions require separate verification; unaccepted capacity is not counted as operating capacity.

04Childress Horizon 4Under construction or commissioning; acceptance not yet confirmed50 MW

IT-load basis. late-stage construction; target Q4 2026. Contract acceptance, rent commencement and payment conditions require separate verification; unaccepted capacity is not counted as operating capacity.

Accounting classification of customer advances at 2026-06-30Details: 5
Accounting classification of customer advances at 2026-06-30
ProjectAmountUSD million
ASC 606 contract liabilities: current46.49
ASC 606 contract liabilities: non-current172.58
Total ASC 606 contract liabilities219.07
ASC 842 lease prepayments1,623.48
Total across both measures1,842.55

The reported cash-flow classification combined lease advances with contract liabilities. These are separated using the financial-statement notes; lease advances are excluded from RPO.

Research and further reading

Explore the evidence and reasoning behind these operating questions in public articles and full reports.

Research hub ↗
In-depth research · IREN

IREN (IREN) in-depth research · English and Chinese ↗

Verify AI-cloud deliveries, lease prepayments and capital obligations batch by batch, distinguishing contract scale, recognized revenue and shareholder cash flow.

Edition and access scope

1st edition · EN + ZH PDFs · 12 figures, 60 tables · three-horizon view · Target-price analysis

View report
Further questions to investigate

Track revenue, capital tied up and prepayment structures as the business moves from Bitcoin mining to AI-cloud delivery.

Open price and operating analysis ↗

Financial comparison

Select two specific periods to compare changes in scale, earnings and cash.

Annual · As of 2026-06-30Source version used 2026-08-27 · Original currency USD
USD · Annual
Current period 2025-07-01 — 2026-06-30Comparison period 2024-07-01 — 2025-06-30
Financial comparison of two defined periods; expand values for source records
Line itemCurrent periodComparison periodAmount changeGrowth
RevenueRecognized revenue; growth is calculated only when the comparison-period base is positive
707.01 M

Raw value 707,007,000.00 USD

2025-07-01 — 2026-06-30 · USD · Reported data

501.02 M

Raw value 501,023,000.00 USD

2024-07-01 — 2025-06-30 · USD · Reported data

+205.98 M+41.11%
Operating incomeOperating margin -148.05% · Change -151.51 percentage points
-1.05 B

Raw value -1,046,714,000.00 USD

2025-07-01 — 2026-06-30 · USD · Reported data

17.33 M

Raw value 17,327,000.00 USD

2024-07-01 — 2025-06-30 · USD · Reported data

-1.06 B-6,140.94%
Net incomeNet margin -99.38% · Change -116.73 percentage points
-702.62 M

Raw value -702,621,000.00 USD

2025-07-01 — 2026-06-30 · USD · Reported data

86.94 M

Raw value 86,941,000.00 USD

2024-07-01 — 2025-06-30 · USD · Reported data

-789.56 M-908.16%
Operating cash flowOperating cash flow / revenue 297.09% · Change +248.01 percentage points
2.10 B

Raw value 2,100,418,000.00 USD

2025-07-01 — 2026-06-30 · USD · Reported data

245.89 M

Raw value 245,886,000.00 USD

2024-07-01 — 2025-06-30 · USD · Reported data

+1.85 B+754.22%
Capital expenditureCapital expenditure / revenue 424.04% · Change +309.58 percentage points
3.00 B

Raw value 2,998,006,000.00 USD

2025-07-01 — 2026-06-30 · USD · Reported data

573.46 M

Raw value 573,456,000.00 USD

2024-07-01 — 2025-06-30 · USD · Reported data

+2.42 B+422.80%
Comparable values unavailable for the two selected periods · Gross profit
  • Gross profit:Reported value unavailable; Reported value unavailable.
Check filing sources ↗

The change is the current value minus the comparison value; it is not automatically classified as year-over-year or quarter-over-quarter. Select a value to inspect reporting dates, filing versions and reconstruction inputs.

Historical trends and full financials
Comparable-period financial trends
Last value in range
USD million-1.5k-1k-50005001k2023.062024.012024.072025.012025.072026.012026.06707-703-1.05k

Time rangeRevenue

2023-06-30 — 2026-06-30
Methodology and controls

Series with the same unit and frequency share a value axis. Annual observations retain annual frequency; guidance and scenarios are labeled separately. Each column compares observations with matching period boundaries and units. Records that fail those checks remain blank. Drag within the chart to zoom and move the range window below to pan. Quarterly values are not filled across other trading days.

Scroll to see all periods; select a value to open its source →

Annual financials, USD. Records without verified periods or units are excluded from comparison columns.
Reporting period end · USD2023-06-302024-06-302025-06-302026-06-30
Revenue
75.51 M

Raw value 75,509,000.00 USD

2022-07-01 — 2023-06-30 · USD · Reported data

187.19 M

Raw value 187,192,000.00 USD

2023-07-01 — 2024-06-30 · USD · Reported data

501.02 M

Raw value 501,023,000.00 USD

2024-07-01 — 2025-06-30 · USD · Reported data

707.01 M

Raw value 707,007,000.00 USD

2025-07-01 — 2026-06-30 · USD · Reported data

Gross profit————
Operating income
-157.24 M

Raw value -157,241,000.00 USD

2022-07-01 — 2023-06-30 · USD · Reported data

-27.23 M

Raw value -27,234,000.00 USD

2023-07-01 — 2024-06-30 · USD · Reported data

17.33 M

Raw value 17,327,000.00 USD

2024-07-01 — 2025-06-30 · USD · Reported data

-1.05 B

Raw value -1,046,714,000.00 USD

2025-07-01 — 2026-06-30 · USD · Reported data

Net income
-171.83 M

Raw value -171,827,000.00 USD

2022-07-01 — 2023-06-30 · USD · Reported data

-28.92 M

Raw value -28,920,000.00 USD

2023-07-01 — 2024-06-30 · USD · Reported data

86.94 M

Raw value 86,941,000.00 USD

2024-07-01 — 2025-06-30 · USD · Reported data

-702.62 M

Raw value -702,621,000.00 USD

2025-07-01 — 2026-06-30 · USD · Reported data

Operating cash flow
5.73 M

Raw value 5,729,000.00 USD

2022-07-01 — 2023-06-30 · USD · Reported data

52.22 M

Raw value 52,219,000.00 USD

2023-07-01 — 2024-06-30 · USD · Reported data

245.89 M

Raw value 245,886,000.00 USD

2024-07-01 — 2025-06-30 · USD · Reported data

2.10 B

Raw value 2,100,418,000.00 USD

2025-07-01 — 2026-06-30 · USD · Reported data

Capital expenditure
116.06 M

Raw value 116,064,000.00 USD

2022-07-01 — 2023-06-30 · USD · Reported data

141.86 M

Raw value 141,855,000.00 USD

2023-07-01 — 2024-06-30 · USD · Reported data

573.46 M

Raw value 573,456,000.00 USD

2024-07-01 — 2025-06-30 · USD · Reported data

3.00 B

Raw value 2,998,006,000.00 USD

2025-07-01 — 2026-06-30 · USD · Reported data

Comparison rules and gaps

Comparison columns require aligned period boundaries, currency and duration. Blank values are not zero; directly reported quarters and cumulative reconstructions are distinguished. A non-positive comparison base is shown as an amount change without a percentage growth rate.

View filing source

Events and disclosure records

Completed events, conditional arrangements and the document versions used are listed separately.

Check original source ↗
Disclosed events

Blue Owl · Capital and financing

Lead on the $2.4B portion of the $2.8B GPU financing serving non-investment-grade customers · fixed 9.0% · covers 90% of the corresponding GPU capex · 300bp spread versus the 6.0% IG tranche [1]

Disclosed events

PIMCO · Capital and financing

Co-lead on the same $2.4B non-IG customer GPU financing as above · fixed 9.0% [2]

Disclosed events

Cohere · Customer

AI Cloud customer (listed by the company, no contract value given) [3]

Disclosed events

Prometheus Hyperscale · Customer

AI Cloud customer (listed by the company, no contract value given) [4]

View remaining recorded events (11)
Disclosed events

Perplexity · Customer

AI Cloud customer (listed by the company, no contract value given) [5]

Disclosed events

Figure AI · Customer

AI Cloud customer (listed by the company, no contract value given) [6]

Disclosed events

Fal AI · Customer

AI Cloud customer (listed by the company, no contract value given) [7]

Disclosed events

Higgsfield AI · Customer

AI Cloud customer (listed by the company, no contract value given) [8]

Disclosed events

Anonymous customer · IREN (frontier AI lab) · Customer

An unnamed leading frontier AI lab listed in the customer mix [9]

Disclosed events

Mirantis · Capital and financing

Acquisition · consideration approx. 12.6m shares + approx. $40M [10]

Disclosed events

NVIDIA · Customer

AI Cloud customer · named in IREN's disclosed customer base alongside Microsoft, Perplexity and others · $2.8bn of new multi-year cloud services contracts executed since June 1, 2026, not broken out by customer · portfolio weighted average contract term approximately 4 years [12]

Disclosed events

Together AI · Customer

AI Cloud customer · named in IREN's disclosed customer base · part of $2.8bn of new multi-year cloud services contracts executed since June 1, 2026 (not broken out by customer) · portfolio weighted average term approximately 4 years [13]

Disclosed events

Fluidstack · Customer

AI Cloud customer · named in IREN's disclosed customer base · part of $2.8bn of new multi-year cloud services contracts executed since June 1, 2026 (not broken out by customer) · portfolio weighted average term approximately 4 years [14]

Disclosed events

Fireworks AI · Customer

AI Cloud customer · named in IREN's disclosed customer base · part of $2.8bn of new multi-year cloud services contracts executed since June 1, 2026 (not broken out by customer) · portfolio weighted average term approximately 4 years [15]

Disclosed events

Hume AI · Customer

AI Cloud customer · named in IREN's disclosed customer base · part of $2.8bn of new multi-year cloud services contracts executed since June 1, 2026 (not broken out by customer) · portfolio weighted average term approximately 4 years [16]

Included financial source versions
  1. 10-K Original financial filings ↗

    This page cites periods ending through 2026-06-30. The same document includes multiple comparison periods.

  2. 10-Q Original financial filings ↗

    This page cites periods ending through 2026-03-31. The same document includes multiple comparison periods.

  3. 10-Q Original financial filings ↗

    This page cites periods ending through 2025-12-31. The same document includes multiple comparison periods.

  4. 10-Q Original financial filings ↗

    This page cites periods ending through 2025-09-30. The same document includes multiple comparison periods.

  5. 10-K Original financial filings ↗

    This page cites periods ending through 2023-06-30.

Industry relationships and operating mechanisms

Trace supply and demand through contract performance, operating metrics and cash attribution.

Direct relationships: 16 · Excluded by current filters: 8

IREN

IREN Limited

Operating metrics: 7 ↗

Downstream demand

12 companies
2026-08-271 record
2026-08-271 record
2026-08-271 record
2026-08-271 record
2026-08-271 record

Capital sources

2 companies
2026-08-271 record
2026-08-271 record

Capital deployed

2 companies
2026-08-041 record
20261 record

Upstream supply: no records under the current criteria; this does not establish that a business relationship is absent.

Goods and services are arranged from supplier to customer; capital is shown separately. Select a relationship to inspect its evidence and operating mechanism. Second-degree paths do not establish guarantees or certain revenue.

Downstream demand · Customer-mix disclosure

IREN Cohere

Signed / existingA · Original filing

What this relationship establishes

AI Cloud customer (listed by the company, no contract value given)

Relationship type
Customer-mix disclosure

Disclosed customer relationship; the customer list and historical revenue do not establish future minimum purchases

Amount basis
Amount classification not yet structured

No attributable amount is available for this record. This does not mean the amount is zero.

A period-by-period schedule of payments and revenue recognition has not been established. The recorded amount is not converted into current-period revenue, cash paid or stock-price impact.

Attribution
Applies to this relationship; the original document determines the specific legal entities and attribution.
Concentration
A relationship amount and company denominator with matching periods and definitions are not provided

Relationship counts, capacity and total contract value are not measures of revenue or procurement concentration.

Complete record and source location

AI Cloud customer (listed by the company, no contract value given)

A · Original filing

IREN 8-K 0001878848-26-000051 Ex-99.1 FY26 results release (filed 2026-08-27)

Customer demand and execution

The excerpts below come from this record. Verify signed status separately from actual completion.

  • This record does not specify performance milestones, payment arrangements or termination provisions.
Limitations in the original record
  • AI Cloud customer (listed by the company, no contract value given)
Inputs still needed to quantify the impact
  • The relevant business's revenue or purchase amount and the denominator used
  • Order obligations, pricing and cost pass-through provisions
  • Execution progress, collection schedule and substitutability

The amount associated with a relationship cannot substitute for the company's revenue, earnings or stock-price impact. Applies to this relationship; the original document determines the specific legal entities and attribution.

How to test the operating mechanism

Analytical framework, not a realized impact

  1. Supply and demand terms

    IREN supplies products or services to Cohere; a customer list is not an irrevocable order.

  2. Operating process

    Verify orders, performance, invoicing and collections; monitor changes in customer demand, product mix and selling prices.

  3. Financial outcomes

    Assess whether incremental revenue, costs and gross profit, accounts receivable and operating cash flows are consistent.

  4. Testing price implications

    First verify the sustainability of earnings and cash flows, then compare valuations; do not infer share-price upside directly from a partnership announcement.

First distinguish AI cloud-service contracts from leases, then reconcile GPU payments, power delivery, advances and recognized revenue for each batch. Direct contribution margin excludes depreciation, amortization and other expenses; it does not represent a project's full return.

Operating data to test the relationship

IREN · Company-specific metric definitions and classifications

Metrics test operating processes; an overall change cannot be attributed to a single relationship. Expand the definitions to check calculation methods and their applicable boundaries.

Revenue realization

Has relationship expansion converted into recognizable business revenue?

Reconcile by business and financial period. Total company revenue does not establish the selected customer's individual contribution.
Operating metricLatest valueDefinition and boundaries
AI cloud share of revenue ↗FQ4_FY26 · Research calculation51.39%
Definition and boundaries

AI cloud revenue recognized in the quarter ÷ total quarterly revenue × 100

Actual revenue, not contracted ARR, operating ARR or total contract value.

Recognized AI cloud revenue ↗FQ4_FY26 · Research calculation70.52 USD million
Definition and boundaries

Segment financial disclosures; fourth quarter = fiscal year minus the first three quarters

US GAAP fiscal quarters; FY labels are not automatically treated as calendar years.

Recognized mining revenue ↗FQ4_FY26 · Research calculation66.71 USD million
Definition and boundaries

Segment financial disclosures; fourth quarter = fiscal year minus the first three quarters

US GAAP fiscal quarters; FY labels are not automatically treated as calendar years.

Profit and costs

Can revenue growth translate into earnings attributable to shareholders?

Preserve the distinctions relating to depreciation, stock-based compensation, adjustments and segments. The company's margin cannot be applied as this contract's margin.
Operating metricLatest valueDefinition and boundaries
AI cloud direct contribution margin ↗FQ4_FY26 · Research calculation86.94%
Definition and boundaries

(AI cloud revenue − AI cloud direct operating costs) ÷ AI cloud revenue × 100

Direct operating costs exclude depreciation and amortization, impairment, SG&A and financing costs. The resulting margin must not be called a GAAP gross margin or net margin.

Advances and performance

Are customer advances and the associated performance obligations being fulfilled in step?

Reconcile balance changes separately from new collections and releases as obligations are fulfilled. Do not mix lease and cloud-service accounting definitions.
Operating metricLatest valueDefinition and boundaries
ASC 606 contract liabilities ↗FQ4_FY26 · Research calculation219.07 USD million
Definition and boundaries

Current + non-current ASC606 contract liabilities

Advance receipts under ASC842 are not contract liabilities under ASC606. Quarters without separate disclosure remain null and must not be treated as zero.

ASC 842 lease prepayments ↗FQ4_FY26 · Reported data1,623.48 USD million
Definition and boundaries

Separately disclosed ASC842 deferred lease revenue

Advance receipts under ASC842 are not contract liabilities under ASC606. Quarters without separate disclosure remain null and must not be treated as zero.

Show remaining company metrics (1)
Investment and funding needs

How much cash is required for construction and procurement before delivery?

Compare prepayments, cash capital expenditure and commissioning plans. Current-period revenue is not a substitute for a full investment-recovery calculation.
Operating metricLatest valueDefinition and boundaries
Cash PP&E investment / revenue ↗FQ4_FY26 · Research calculation968.37%
Definition and boundaries

Cash purchases of PP&E ÷ quarterly revenue × 100

Construction-period investment is not matched to revenue in the current quarter. The measure excludes some advances and finance-lease investments and does not represent the payback period for total project investment.

Related companies in the value chain 14 companies · Data-center real estate and compute hosting

Related browsing is based on overlapping segments in the current graph. It does not establish direct peers, valuation comparability, or a supply, customer or investment relationship.

Search all operating metrics and calculation methods

Operating metric search

Test relationship hypotheses against actual operating series, with their definitions, periods and calculation methods.

Historical research methodology
7 / 7 items
Operating metricLatest valuePeriod / classificationDefinition and interpretation boundariesAnalysis
AI cloud share of revenue51.39%FQ4_FY26Research calculationAI cloud revenue recognized in the quarter ÷ total quarterly revenue × 100Actual revenue, not contracted ARR, operating ARR or total contract value.View full series ↗
AI cloud direct contribution margin86.94%FQ4_FY26Research calculation(AI cloud revenue − AI cloud direct operating costs) ÷ AI cloud revenue × 100Direct operating costs exclude depreciation and amortization, impairment, SG&A and financing costs. The resulting margin must not be called a GAAP gross margin or net margin.View full series ↗
Cash PP&E investment / revenue968.37%FQ4_FY26Research calculationCash purchases of PP&E ÷ quarterly revenue × 100Construction-period investment is not matched to revenue in the current quarter. The measure excludes some advances and finance-lease investments and does not represent the payback period for total project investment.View full series ↗
Recognized AI cloud revenue70.52 USD millionFQ4_FY26Research calculationSegment financial disclosures; fourth quarter = fiscal year minus the first three quartersUS GAAP fiscal quarters; FY labels are not automatically treated as calendar years.View full series ↗
Recognized mining revenue66.71 USD millionFQ4_FY26Research calculationSegment financial disclosures; fourth quarter = fiscal year minus the first three quartersUS GAAP fiscal quarters; FY labels are not automatically treated as calendar years.View full series ↗
ASC 606 contract liabilities219.07 USD millionFQ4_FY26Research calculationCurrent + non-current ASC606 contract liabilitiesAdvance receipts under ASC842 are not contract liabilities under ASC606. Quarters without separate disclosure remain null and must not be treated as zero.View full series ↗
ASC 842 lease prepayments1,623.48 USD millionFQ4_FY26Reported dataSeparately disclosed ASC842 deferred lease revenueAdvance receipts under ASC842 are not contract liabilities under ASC606. Quarters without separate disclosure remain null and must not be treated as zero.View full series ↗
Source grades, dates and quantitative definitions

A = original SEC or exchange filings; B = company announcements, IR materials, official websites or established media; C = industry-structure inferences or third-party accounts without an independent primary source

Key relationships were reviewed using public information available through 2026-10-23. Historical relationships have not all been individually reverified. Their original dates are retained; delisted entities remain in the relationship archive but are excluded from market-cap weights. Review coverage through 2026-10-23.

Signed status does not mean that the full amount has been paid or that capacity has been delivered. Assess contract value, period revenue, investment, loans, prepayments and guarantee caps separately; do not sum them as a single exposure. Distinguish total power capacity from critical IT load. Company-level metrics cannot be attributed directly to an individual relationship.

Source facts and operating implications are distinguished, with forecasts and conditional scenarios identified as such. Missing relationships mean that this graph has no record of them. Data version 60aad2cdea0eff4f82e9dafe344d1e57aa2b950269b621d7e5bddfef10520644.

EVIDENCE & SOURCES

Data and calculation basis

Sources and filing versions
Quotes and valuation

2026-10-27, 16:00 ET · Regular-session close. History through 2026-10-23 uses provider split-adjusted prices, excluding dividends. Full-history adjustment factors have not been independently recalculated. MA20 is the arithmetic mean of 20 recorded trading-day closes and does not bridge missing prices or known corporate actions. Price comparisons exclude dividend reinvestment and do not represent total returns. Market cap retrieved on 2026-10-28. Prices refresh daily. Source timestamps and website update times are shown separately.

The current security identity and recorded historical continuity have been checked. Listing-date coverage is shown separately.

Original verification notes

verified-listing-start-covered

Nasdaq ordinary shares since November 17, 2021. Iris Energy rebranding does not add pre-IPO observations.

Financial statements

Reporting period 2026-06-30; filed 2026-08-27. Financials use the company's reporting periods and currency; unavailable values appear as —. Expand the section below each chart to inspect metric definitions, inputs and original sources.

Business evidence

Based on value-chain records; original operating disclosures are still needed.

Citations: 16 · Documents: 2 · Duplicate documents are grouped; individual source locations are retained

1IREN 8-K 0001878848-26-000051 Ex-99.1 FY26 results release (filed 2026-08-27)Value-chain archive · 11 citations
References 1

IREN 8-K 0001878848-26-000051 Ex-99.1 FY26 results release (filed 2026-08-27) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 2

IREN 8-K 0001878848-26-000051 Ex-99.1 FY26 results release (filed 2026-08-27) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 3

IREN 8-K 0001878848-26-000051 Ex-99.1 FY26 results release (filed 2026-08-27) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 4

IREN 8-K 0001878848-26-000051 Ex-99.1 FY26 results release (filed 2026-08-27) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 5

IREN 8-K 0001878848-26-000051 Ex-99.1 FY26 results release (filed 2026-08-27) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 6

IREN 8-K 0001878848-26-000051 Ex-99.1 FY26 results release (filed 2026-08-27) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 7

IREN 8-K 0001878848-26-000051 Ex-99.1 FY26 results release (filed 2026-08-27) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 8

IREN 8-K 0001878848-26-000051 Ex-99.1 FY26 results release (filed 2026-08-27) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 9

IREN 8-K 0001878848-26-000051 Ex-99.1 FY26 results release (filed 2026-08-27) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 10

IREN 8-K 0001878848-26-000051 Ex-99.1 FY26 results release (filed 2026-08-27) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 11

IREN 8-K 0001878848-26-000051 Ex-99.1 FY26 results release (filed 2026-08-27) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
12IREN Ltd Form 8-K Ex-99.1, "IREN Signs $2.8bn in New Customer Contracts with Leading AI Developers" (Jul 20, 2026)Value-chain archive · 5 citations
References 12

IREN Ltd Form 8-K Ex-99.1, "IREN Signs $2.8bn in New Customer Contracts with Leading AI Developers" (Jul 20, 2026) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 13

IREN Ltd Form 8-K Ex-99.1, "IREN Signs $2.8bn in New Customer Contracts with Leading AI Developers" (Jul 20, 2026) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 14

IREN Ltd Form 8-K Ex-99.1, "IREN Signs $2.8bn in New Customer Contracts with Leading AI Developers" (Jul 20, 2026) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 15

IREN Ltd Form 8-K Ex-99.1, "IREN Signs $2.8bn in New Customer Contracts with Leading AI Developers" (Jul 20, 2026) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

References 16

IREN Ltd Form 8-K Ex-99.1, "IREN Signs $2.8bn in New Customer Contracts with Leading AI Developers" (Jul 20, 2026) · Document date unverified

Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.

Open source
Missing evidence
  • Company-specific operating KPIs are not yet available; financial ratios do not substitute for evidence about products, orders or capacity.
Unresolved business questions
Which products, customers and revenue categories can be independently verified from primary materials?
Existing relationship records do not represent the entire business; company-level primary evidence for segments, products, customer concentration and key operations remains incomplete.
Relationships
Company announcements, framework intentions and signed agreements are distinguished. Contract amounts do not represent payments already made. Records without sources are flagged separately.
Version
60aad2cdea0eff4f82e9dafe344d1e57aa2b950269b621d7e5bddfef10520644

ResearchSource document

Sources: 8
01IREN SEC filings index

Lookup entry point; missing documents or first-disclosure dates for individual historical observations remain explicitly unavailable.

View original disclosure
02IREN 10K FY26 financial filing

The fiscal year ends in June; FY2026 covers July 2025 through June 2026.

View original disclosure
03IREN 10Q FQ3 FY26 financial filing

The fiscal year ends in June; FY2026 covers July 2025 through June 2026.

View original disclosure
04IREN 10Q FQ2 FY26 financial filing

The fiscal year ends in June; FY2026 covers July 2025 through June 2026.

View original disclosure
05IREN 10Q FQ1 FY26 financial filing

The fiscal year ends in June; FY2026 covers July 2025 through June 2026.

View original disclosure
06IREN 10K FY25 financial filing

The fiscal year ends in June; FY2026 covers July 2025 through June 2026.

View original disclosure
07Original IREN / Microsoft service agreement

Phased delivery, acceptance and billing conditions; amounts follow the original agreement.

View original disclosure
08Horizon 1 delivery and acceptance announcement · 2026-08-13