Skip to content
Newsletter
Cloud ComputingPublic

IREN

Ticker
IREN
Beat
datacenters
Size
Public Company
Revenue
$137M
as of Jun 2026
Cash
$5.9B
as of Jun 2026
Burn
$167M/qtr
as of Jun 2026
Runway
~8.8yr at this rate
as of Jun 2026
Researched · Fresh
5 days ago

An AI-cloud landlord that finally delivered — Horizon 1 accepted by Microsoft on schedule, ~$4bn of 2026-capacity ARR contracted, $16.6bn of total contracted value — but the equity is the shock absorber: NVIDIA's '$70 stake' is an unexercised option IREN paid for inside its GPU cost, and every megawatt past 2026 needs new debt, converts or ATM stock.

Orbit · who it trades with and competes with
2 on the rings · 0 trade · 2 rival
3 mentions across our dossiers
Focus · Datacenters
IREN
IREN · public
House viewbullish · low convictionThe old GPUs get cheap first: H100 rents fall as the new chips arrive, the newest holdLong the contract · short the spot priceThe reason for holding this stops being true if the old chips hold their price: the H100 SXM average observed offer in MenFem's weekly vast.ai series at or above $2.38 an hour over the four weeks ending 5 November 2027. It also…Published 10 Nov 2026 · read the call →
Links · 2 companies · 0 trade · 2 rival
“- New competitor names the 10-K now lists: Digital Realty, Equinix, plus IREN, Cipher, TeraWulf, Hut 8, Riot, CleanSpark, HIVE, Core Scientific, Bitdeer, Galaxy Digital, Fermi Inc., Keel Infrastructure, MARA.”Applied Digital · RIVAL · from Applied Digital’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

IREN · weekly close
21.64 USD−9.6%
Friday 6 Nov 2026 · last 52 Fridays 21.64–63.54
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 94,617,935 sh · 1.82 days to cover, FINRA · settled 15 Oct 2026
  2. Next print: in 86 days, Scheduled · 5 Feb 2027, scheduled
21.64USD-9.6%datacenters -12.3%IREN · 110 weekly closes to 2026-11-06

Who is buying

Shares sold shortFINRA · settled 15 Oct 2026
94,617,935 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
1.82
see the whole series
Financials

The reported figures

Revenue · quarterly
$137M
latest, Q2 ’26 · 8 periods stored
Filed · primary
Q2 ’26
$137M USD
as of 30 Jun 2026 · fiscal FY2026-Q4
Source: 10-k-2026-q2
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
IREN, quarterly figures held, Q3 ’24 to Q2 ’26
PeriodAs ofRevenueGross marginOperating marginFree cash flowCapexCashNet debtShares outstandingGradingSource
Q3 ’2430 Sept 2024$52.8M USD39.6% share of revenue-89.2% share of revenue-$387M USD$383M USD$98.6M USD——Filed · primary10-q-2025-q3
Q4 ’2431 Dec 2024$116M USD72.2% share of revenue14.9% share of revenue—————Filed · primary10-q-2025-q4
Q1 ’2531 Mar 2025$145M USD71.0% share of revenue20.2% share of revenue—————Filed · primary10-q-2026-q1
Q2 ’2530 Jun 2025$187M USD71.8% share of revenue11.0% share of revenue——$565M USD$398M USD258.1M sharesFiled · primary10-k-2025-q2
Q3 ’2530 Sept 2025$240M USD66.4% share of revenue-31.8% share of revenue-$138M USD$281M USD$1.0B USD-$68.1M USD282.9M sharesFiled · primary10-q-2025-q3
Q4 ’2531 Dec 2025$185M USD64.4% share of revenue-63.0% share of revenue-$648M USD$719M USD$3.3B USD$581M USD331.8M sharesFiled · primary10-q-2025-q4
Q1 ’2631 Mar 2026$145M USD72.4% share of revenue—-$1.3B USD$1.4B USD$2.2B USD$1.7B USD341.0M sharesFiled · primary10-q-2026-q1
Q2 ’2630 Jun 2026$137M USD75.7% share of revenue—-$167M USD$2.0B USD$5.9B USD$1.9B USD380.2M sharesFiled · primary10-k-2026-q2

IREN’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’24 – Q2 ’26
$137M-27% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’24: $52.8M, as of Sep 2024Revenue Q4 ’24: $116M, as of Dec 2024Revenue Q1 ’25: $145M, as of Mar 2025Revenue Q2 ’25: $187M, as of Jun 2025Revenue Q3 ’25: $240M, as of Sep 2025Revenue Q4 ’25: $185M, as of Dec 2025Revenue Q1 ’26: $145M, as of Mar 2026Revenue Q2 ’26: $137M, as of Jun 2026
Operating margin · quarterlyQ3 ’24 – Q2 ’26
-63.0%-77.9 pts vs Q4 ’24

Q4 ’25 · as of Dec 2025

Operating margin Q3 ’24: -89.2%, as of Sep 2024Operating margin Q4 ’24: 14.9%, as of Dec 2024Operating margin Q1 ’25: 20.2%, as of Mar 2025Operating margin Q2 ’25: 11.0%, as of Jun 2025Operating margin Q3 ’25: -31.8%, as of Sep 2025Operating margin Q4 ’25: -63.0%, as of Dec 2025

A margin beyond ±100%, or on zero revenue, is left out as not meaningful.

Cash · quarterlyQ3 ’24 – Q2 ’26
$5.9Bdebt $7.8B

Q2 ’26 · as of Jun 2026

Cash Q3 ’24: $98.6M, as of Sep 2024Cash Q2 ’25: $565M, as of Jun 2025Cash Q3 ’25: $1.0B, as of Sep 2025Cash Q4 ’25: $3.3B, as of Dec 2025Cash Q1 ’26: $2.2B, as of Mar 2026Cash Q2 ’26: $5.9B, as of Jun 2026Debt Q2 ’25: $963M, as of Jun 2025Debt Q3 ’25: $964M, as of Sep 2025Debt Q4 ’25: $3.8B, as of Dec 2025Debt Q1 ’26: $4.0B, as of Mar 2026Debt Q2 ’26: $7.8B, as of Jun 2026

CashDebt

Shares outstanding · quarterlyQ2 ’25 – Q2 ’26
380.2M+47% since Q2 ’25

Q2 ’26 · as of Jun 2026

Shares outstanding Q2 ’25: 258.1M, as of Jun 2025Shares outstanding Q3 ’25: 282.9M, as of Sep 2025Shares outstanding Q4 ’25: 331.8M, as of Dec 2025Shares outstanding Q1 ’26: 341.0M, as of Mar 2026Shares outstanding Q2 ’26: 380.2M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

The record

What happened

Compute market

Deals on the Ledger

The compute board →
Published compute deals with IREN as a party
AnnouncedWithTypeValueSource
1 Jun 2026
  • Goldman Sachs Lender
  • JPMorgan Chase Lender
Loan against chips$3.6B~$1.5B delayed draw term loan plus $2.1B of 5.96% senior notes due 2031-12-31.IREN 8-K, 2026-06-01
7 May 2026Capacity contract$3.4BIREN 8-K Ex. 99.1 (Q3 FY26 results), 2026-05-07
3 Nov 2025Capacity contract$9.7BIREN 8-K, 2025-11-03

Every IREN deal on the Ledger — each one read against its source.

Compute capacity

What IREN has said about its capacity

4 statements · 1 campus · newest 7 May 2026

The capacity register →

Promised

Dated promises, and how each reads today
IREN’s dated capacity promises, soonest due first
DueWhereWhat was promisedTheir wordsReadingSource
31 Dec 2026stated to the year, 14 days’ grace to 14 Jan 2027IREN Childress · Horizon 1–4 (Microsoft)Delivered“tranches targeted for deployment during 2026”DueRegulatory filing, 3 Nov 2025Restated: Regulatory filing, 7 May 2026

Happened

Stages the company says it reached, in the basis it used
IREN’s statements of capacity reached, newest first
StatedWhereWhat it saysIn its wordsSource
7 May 2026IREN Childress · Existing data centers (Nvidia contract)Contracted60 MW up to (a ceiling)“Deploying within 60MW of existing data centers at Childress”Regulatory filing, 7 May 2026
3 Nov 2025IREN Childress · Horizon 1–4 (Microsoft)Contracted200 MW IT load“The GPU Services will comprise NVIDIA GB300 GPUs and will be installed across four data center facilities at Childress known as “Horizon 1,” “Horizon 2,” “Horizon 3,” and “Horizon 4”, representing a combined IT load of approximately 200MW.”Regulatory filing, 3 Nov 2025

Megawatts are kept in the kind the source used and never added across kinds. A promised date is the latest day its words can bear, and only the company’s own later statements settle it.

Our position

Where we stand on IREN

BullishLow convictionActive

The old GPUs get cheap first: H100 rents fall as the new chips arrive, the newest hold

AI Infrastructure — Compute pricingRead the call
BullishActive

Debt-financed compute splits: matched loans hold, the rest reprice first

Medium conviction·AI Infrastructure — Financing
BullishActive

Power and permission, not chips, now limit the US AI build

Medium conviction·AI Infrastructure — Power and policy

How our view changed

2 dossiers on IREN since . The verdict has held each time.

Research trail

The research around IREN

Covered in the Knowledge Base

Datacenters & Digital Infrastructure

Company details

IndustryCloud Computing
SizePublic Company

Others in datacenters

5 names

Where IREN sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.