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Equity
IREN Limited (IREN) perpetual futures
IREN perpetual futures on 20 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade IRENUSDT.
IREN Limited operates integrated data center businesses in Australia and Canada, mining Bitcoin and managing its own infrastructure.
$17.82-6.4%NASDAQ open
Price chart
Interactive TradingView chart
TradingView symbol NASDAQ:IREN
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Trading data
Perpetual market activity
21/21 live markets
Trading data
Perpetual market activity
Venues
20
Live markets
21/21
24h volume
$48.1MCoverage: 16/21 marketsExchange-reported volume: $91.1M
Open interest
$18.5MCoverage: 18/21 markets
Best liquidity
$2.1M
Ourbit
Tightest spread
+5.6 bps
MEXC
Highest volume
$17.8M
Binance
Settlement mix
USDT · 16/21
Perp/spot vol.
0.04x
Spot volume $1.2B
OI / float
+0.28%
Float $6.6B
Spot performance
1D-6.53%
5D-7.90%
1M-44.02%
6M-64.69%
YTD-48.42%
1Y-59.96%
Venue matrix
21 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | IREN/USDT | Trading | $17.83 | +22.8% APR +0.021% every 8h | +5.6 bps | $777.9K | $17.8M | $5M | USDT | - | |
 Bitget | Trade | IREN/USDT | Trading | $17.82 | 0.0% APR 0.000% every 8h | +6.8 bps | $915.7K | $5.7M | $1.8M | USDT | 20x | |
 Hyperliquid HIP-3 | Trade | xyz:IREN | Trading | $17.80 | +30.6% APR +0.00350% every 1h | +6.8 bps | - | $3.8M | $4.7M | USDC | 10x | |
 Bybit | Trade | IREN/USDT | Trading | $17.83 | +6.0% APR +0.00546% every 8h | +11.3 bps | $262K | $1.8M | $2.6M | USDT | 25x | |
 OKX | Trade | IREN/USDT | Trading | $17.84 | +1.4% APR +0.00126% every 8h | +11.3 bps | $34.9K | $1.7M | $799.1K | USDT | 20x | |
 MEXC | Trade | IREN/USDT | Trading | $17.82 | +22.6% APR +0.021% every 8h | +5.6 bps | $280.9K | $649.4K | $1.3M | USDT | 50x | |
 KuCoin | Trade | IREN/USDT | Trading | $17.83 | +49.2% APR +0.045% every 8h | +22.6 bps | $27.8K | $335.7K | $404.4K | USDT | 20x | |
 GRVT | Trade | IREN/USDT | Trading | $17.82 | +22.8% APR +0.021% every 8h | +39.5 bps | $75.1K | $99.6K | $4.3K | USDT | - | |
| Hyperliquid HIP-3 | Trade | para:IREN | Trading | $17.78 | +19.7% APR +0.00225% every 1h | +55.4 bps | $151K | $47.7K | $282.5K | USDC | 10x | |
 Aster | Trade | IRENUSDT | Trading | $17.80 | 0.0% APR 0.000% every 8h | +16.9 bps | $90.4K | $31.5K | $33.7K | USDT | - | |
 BloFin | Trade | IREN/USDT | Trading | $17.83 | +26.6% APR +0.024% every 8h | +16.9 bps | $726.9K | $31K | $110.3K | USDT | 25x | |
 Crypto.com Exchange | Trade | IREN/USD | Trading | $17.80 | +218.6% APR +0.025% every 1h | +22.6 bps | $6.4K | $22.7K | $20.4K | USD | 50x | |
 HTX | Trade | IREN/USDT | Trading | $17.87 | +6.8% APR +0.00617% every 8h | +33.8 bps | $33.8K | $1.1K | $24.6K | USDT | - | |
 Extended | Trade | IREN/USD | Trading | $17.78 | -4.4% APR -0.00050% every 1h | +10.1 bps | - | $0 | $69.2K | USD | 5x | |
 Vest | Trade | IREN/USDC | Trading | $17.80 | +5.0% APR +0.00057% every 1h | +28.3 bps | $315.7K | - | - | USDC | 10x | |
 XT.com | Trade | IREN/USDT | Trading | $17.81 | +2.8% APR +0.00260% every 8h | +5.6 bps | $6.7K | $14.3M | - | USDT | 20x | |
 BingX | Trade | IREN-USDT | Trading | $17.84 | +21.6% APR +0.020% every 8h | +11.3 bps | $832.3K | $1.8M | - | USDT | - | |
 Deepcoin | Trade | IREN/USDT | Trading | $17.83 | - | +5.6 bps | $731.8K | $32.9M⚠ | $87.7K | USDT | 25x | |
 Gate.io | Trade | IREN/USDT | Trading | $17.82 | 0.0% APR 0.000% every 8h | +11.3 bps | $201.2K | $5.3M⚠ | $1.1M | USDT | 50x | |
 Ourbit | Trade | IREN/USDT | Trading | $17.82 | +22.6% APR +0.021% every 8h | +5.6 bps | $2.1M | $3.9M⚠ | $150.9K | USDT | 50x | |
 Bitunix | Trade | IREN/USDT | Trading | $17.84 | +23.3% APR +0.021% every 8h | +5.6 bps | $1.5M | $828.2K⚠ | $73.8K | USDT | 50x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| rIRENTokenized | $17.49 | -1.84% | $2.8M | $290k | Arbitrum |
| IRENBbStocks | $17.52 | -1.71% | $2.0M | $2.3M | BNB Smart Chain (BEP20) |
| IRENxxStocks | $19.50 | +9.44% | $243k | $1.1M | Solana · Ethereum · Ink · Arbitrum |
| IRENRobinhood | – | – | – | $238k | Robinhood Chain |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 16 of 20 venues absorb $10k · Typical cost: +10.7 bps – +26.5 bps
Too thin: XT.com, Crypto.com Exchange
No fresh book data: Hyperliquid HIP-3, Extended
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
IRENTightest spread
IRENHighest volume
IRENFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-02-04
Revenue est. $327M · Updated 15m ago
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid17.75
Ask17.76
Volume27,693,845
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 2027-2.07$2.4B+245%4
FY 2028-0.23$7.1B+194%3
FY 20292.08$13.7B+92%3
FY 20302.67$27.8B+104%1
Q1 20280.68$1.6B-1
Q2 20280.83$1.6B-1
Source: FMP · Consensus
Company events
62027-02-04EarningsActual - / Estimate -0.769-
2026-11-05Earnings · After market closeActual -0.62 / Estimate -0.724Beat
2026-08-27Earnings · After market closeActual -1.89 / Estimate -0.551Miss
2026-05-07EarningsActual -0.74 / Estimate -0.218Miss
2026-02-05EarningsActual -0.52 / Estimate -0.242Miss
2025-11-06EarningsActual 1.06 / Estimate 0.15Beat
Peer comparison
Similar listed perpsRevenue mix
Latest annualBitcoin MiningProduct$578.2M
AI CloudProduct$128.8M
AUSTRALIAGeographic$578.2M
CANADAGeographic$128.8M
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $68.64 |
| 12-month target range (low – high) | $30 – $100 |
| Ratings in the provider's consensus | 16 |
Price targets as of 2026-11-13
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 3 | 14 | 5 | 0 | 0 |
| Oct 2026 | 3 | 13 | 5 | 0 | 0 |
| Sep 2026 | 2 | 13 | 5 | 0 | 1 |
| Aug 2026 | 1 | 12 | 3 | 0 | 1 |
| Jul 2026 | 1 | 11 | 4 | 0 | 1 |
| Jun 2026 | 1 | 10 | 4 | 0 | 2 |
| May 2026 | 1 | 10 | 4 | 0 | 2 |
| Apr 2026 | 1 | 10 | 3 | 1 | 2 |
| Mar 2026 | 1 | 10 | 2 | 0 | 2 |
| Feb 2026 | 1 | 10 | 2 | 0 | 1 |
| Jan 2026 | 1 | 10 | 2 | 1 | 1 |
| Dec 2025 | 1 | 9 | 2 | 1 | 1 |
Ownership
Institutional · 2026-Q3Free float87.7%372.3M shares
Shares outstanding424.4M shares
Institutional22.1%475 investors
Investor count change-322
Reference market activity
IREN-PERPDay range (Nov 12)$18.43$20.28
52 week$17.16$70.71
Spot volume69.8M
Average volume-
Price performance
111D-6.5%
5D-7.9%
1M-44.0%
3M-56.5%
6M-64.7%
YTD-48.4%
1Y-60.0%
3Y+551.5%
5Y-20.3%
10Y-20.3%
MAX-20.3%
Insider activity
FY2026 Q3Acquisitions9 transactions19,358,358 shares
Dispositions0 transactions0 shares
Purchases0Ratio 0
Sales0
Insider transactions
25DateReporting persontransactionssharesPriceFilings
IREN CFO Anthony J. Lewis was awarded (granted) 26,968 Ordinary Shares at $0.00, bringing his total ownership to 221,483 shares. This was a compensation grant, not an open-market purchase.
Director Christopher Guzowski was awarded 6,657 ordinary shares as compensation and separately sold 11,958 ordinary shares at $36.32 per share.
Director Sunita Parasuraman was awarded 6,657 ordinary shares of IREN Limited (a compensation grant, not an open-market purchase), bringing her total ownership to 76,691 shares.
Co-CEO Daniel John Roberts received two stock awards (compensation grants) totaling 9,651,525 Ordinary Shares at $0.00, bringing his post-transaction ownership to 23,641,221 shares.
Co-CEO William Gregory Roberts received two stock awards totaling 9,651,525 IREN ordinary shares (grants, not open-market purchases), bringing his holdings to 23,641,221 shares.
Director Michael Alfred was awarded 6,657 IREN Limited Ordinary Shares as compensation on 2026-07-01, bringing his total holdings to 127,606 shares.
IREN director Bartholomew David James was awarded 8,369 ordinary shares as compensation on 2026-07-01, bringing his total holdings to 153,574 shares.
This Form 3 filing discloses IREN CFO Lewis Anthony J's initial ownership as of 2025-09-08: 194,515 and 44,000 Ordinary Shares held across two holdings, with no shares acquired or sold in this filing.
Daniel John Roberts, Co-CEO of IREN Limited, sold 1,000,000 ordinary shares at $33.131 on 2025-09-11, leaving 13,989,696 shares owned afterward.
Co-CEO William Gregory Roberts sold 1,000,000 ordinary shares of IREN at $33.131 per share, leaving 13,989,696 shares owned afterward.
Co-CEO Daniel John Roberts sold a total of 1,000,000 stock options (rights to buy shares) at $3.27 each, in two transactions on Sep 3-4, 2025, leaving 0 options owned afterward.
IREN Co-CEO William Gregory Roberts sold 1,000,000 stock options (right to buy) in two transactions at $3.27 each, leaving 0 shares owned afterward.
Director Christopher Guzowski was granted 39,168 Ordinary Shares of IREN Limited on 2025-07-01 as compensation, bringing his total holdings to 51,126 shares.
IREN co-CEO William Gregory Roberts was awarded 1,793,392 Ordinary Shares at $0.00 (grant, not a purchase), bringing his total ownership to 14,989,696 shares.
IREN director Bartholomew David James received a grant of 48,960 ordinary shares on 2025-07-01, bringing his total ownership to 145,205 shares.
IREN's Co-CEO Daniel John Roberts was awarded 1,793,392 ordinary shares as compensation (not an open-market purchase), bringing his total ownership to 14,989,696 shares.
Director Sunita Parasuraman was awarded 39,168 IREN ordinary shares as compensation on 2025-07-01, bringing total ownership to 70,034 shares. This was a grant, not an open-market purchase.
Director Michael Alfred received an award of 39,168 IREN ordinary shares (not an open-market purchase), bringing total ownership to 120,949 shares.
IREN CFO Belinda Nucifora was awarded 63,910 ordinary shares as compensation (not an open-market purchase), bringing her total holdings to 349,798 shares.
Filings
48 · Latest SEC filings2026-07-014Insider transaction report (Form 4)
IREN director Bartholomew David James was awarded 8,369 ordinary shares as compensation on 2026-07-01, bringing his total holdings to 153,574 shares.
2026-07-014Insider transaction report (Form 4)
Director Christopher Guzowski was awarded 6,657 ordinary shares as compensation and separately sold 11,958 ordinary shares at $36.32 per share.
2026-07-014Insider transaction report (Form 4)
Co-CEO Daniel John Roberts received two stock awards (compensation grants) totaling 9,651,525 Ordinary Shares at $0.00, bringing his post-transaction ownership to 23,641,221 shares.
2026-07-014Insider transaction report (Form 4)
IREN CFO Anthony J. Lewis was awarded (granted) 26,968 Ordinary Shares at $0.00, bringing his total ownership to 221,483 shares. This was a compensation grant, not an open-market purchase.
2026-07-014Insider transaction report (Form 4)
Director Sunita Parasuraman was awarded 6,657 ordinary shares of IREN Limited (a compensation grant, not an open-market purchase), bringing her total ownership to 76,691 shares.
2026-07-014Insider transaction report (Form 4)
Co-CEO William Gregory Roberts received two stock awards totaling 9,651,525 IREN ordinary shares (grants, not open-market purchases), bringing his holdings to 23,641,221 shares.
2026-07-014Insider transaction report (Form 4)
Director Michael Alfred was awarded 6,657 IREN Limited Ordinary Shares as compensation on 2026-07-01, bringing his total holdings to 127,606 shares.
Transcripts
Earnings callsFY2026 Q32026-05-07
Earnings calls
AI summary
positiveIREN increased secured power to 5 gigawatts and announced a major partnership with NVIDIA including a $2.1 billion investment tied to GPU deployment and a $3.4 billion 5-year AI cloud contract. The company acquired Mirantis (650 employees) to strengthen delivery capabilities and Nostrum Group to establish a European platform in Spain. ARR under contract reached $3.1 billion with guidance to reach $3.7 billion by end of calendar 2026.
Key takeaways
- Secured $2.1B NVIDIA investment structured to vest upon deployment of 600,000 GPUs and $3.4B NVIDIA AI cloud contract for Blackwell GPUs across 60MW air-cooled capacity
- Increased ARR under contract to $3.1B, targeting $3.7B by end of calendar 2026, with all operational capacity fully contracted
- Acquired Mirantis (650 engineers and operators) to enhance software and customer support capabilities for enterprise deployments
- Announced Nostrum Group acquisition adding 490MW secured power in Spain and establishing European AI infrastructure platform
- Targeting 480MW AI cloud capacity with 150,000 GPUs in 2026 and 1,210MW capacity in 2027 across North America, Europe, and APAC
Financial highlights
- Q3 revenue $144.8M (down from $184.7M prior quarter) with AI cloud services revenue $33.6M (up from $17.3M), Bitcoin mining revenue $111.2M (down from $167.4M)
- Cash position $2.6B as of April 30, 2026
- Adjusted EBITDA $59.5M (down from $75.3M prior quarter)
- Net loss $247.8M impacted by $140.4M noncash impairment from mining hardware decommissioning and $23.7M unrealized losses on convertible notes
Guidance
- Target $3.7 billion ARR by end of calendar 2026 with back-end weighted Microsoft revenue ramp and additional 50,000 GPU revenue beginning Q3 2026
- 2027 expansion targeting 1,210 megawatts across Childress (400MW), Sweetwater (200MW initial phase), and British Columbia sites
- Expecting additional noncash impairments associated with Bitcoin mining hardware decommissioning as transition to AI cloud continues
- Funding 2026 CapEx through $2.6B cash, operating cash flows, GPU financing, and additional financing initiatives; approximately 95% of Microsoft GPU-related CapEx funded through prepayments and GPU financing at ~3% interest rate
Q&A themes
- NVIDIA contract deployed across 60MW air-cooled Blackwell capacity with managed services model; air-cooled deployments slightly more operationally efficient and significantly more capital efficient than liquid-cooled builds
- Strong demand signals across 2027 and 2028 capacity with no expectation of idle GPUs; customers prioritizing speed to compute with older generation GPUs (A100s, H100s) remaining fully utilized
- European platform uses modular design similar to North America with flexibility for condensed European build-outs; Spain chosen for supportive AI policy, renewable abundance, and European connectivity
- Customer mix expected to diversify organically from hyperscalers to AI natives and enterprises; no forced diversification required given structural supply-demand imbalance
Risks
- Q3 revenue declined sequentially due to Bitcoin mining transition; continued noncash impairments expected from mining hardware decommissioning
- Execution risk on delivering 480MW in 2026 and 1,210MW in 2027 across multiple geographies and projects simultaneously
- European platform and Australian expansion represent new market entries with different regulatory and operational environments requiring successful execution
FY2026 Q22026-02-05
Earnings calls
AI summary
positiveIREN achieved significant progress in its AI cloud transition, securing $3.6 billion in GPU financing from Goldman Sachs and JPMorgan at under 6% interest, covering 95% of GPU CapEx for the Microsoft contract when combined with $1.9 billion in customer prepayments. The company reached $2.3 billion in annualized revenue run rate under contract and acquired a new 1.6 gigawatt power site in Oklahoma, expanding total secured power capacity to 4.5 gigawatts while maintaining strong customer demand across hyperscalers and enterprises.
Key takeaways
- Secured $3.6B delayed draw GPU financing at <6% interest rate, with Microsoft prepayments covering 95% of GPU CapEx for Horizons 1-4
- Achieved $2.3B ARR under contract ($0.4B at Prince George, remainder from Microsoft and other negotiations) targeting $3.4B ARR by end of 2026
- Added 1.6 gigawatt Oklahoma site in Southwest Power Pool starting 2028, expanding secured power to 4.5 gigawatts total (only 10% needed for $3.4B ARR target)
- On track to deploy 140,000 GPUs by end of 2026 with $3.4B annualized run rate revenue; Sweetwater 1 energization expected Q2 2026
- Vertically integrated model with 810 megawatts operating data centers, 2,000+ person team, and secured power enables certainty on execution versus competitors
Financial highlights
- Q2 total revenue $184.7M, down 23% QoQ due to Bitcoin mining transition to AI Cloud workloads
- Adjusted EBITDA declined QoQ primarily from lower Bitcoin mining revenue, partially offset by lower payroll tax accruals and power costs
- $2.8B cash position at end of January 2026
- $9.2B raised year-to-date from customer prepayments, convertible notes ($2.3B in December), GPU leasing, and dedicated GPU financing
Guidance
- Target $3.4B annualized revenue run rate by end of calendar 2026 based on 140,000 GPU deployments across portfolio
- Microsoft contract GPU deployments expected to commence Q2 2026 and ramp progressively through the year
- Sweetwater 1 energization on track for Q2 2026 at full 1.4 gigawatt capacity with bulk substation
- Oklahoma site to begin power ramp in 2028; continued phased buildout across Sweetwater, Mackenzie, Canal Flats, and Childress aligned with customer demand
Q&A themes
- ERCOT batch processing likely to include Sweetwater 1 and 2 in Batch 0, securing full 2 gigawatts; does not materially affect business as interconnection agreement signed 2023
- AI Cloud preferred over colocation due to higher value per megawatt (multiples of billions vs ~$300M per 200MW in colo); GPU financing improved capital intensity to near zero at 3% blended rate
- Pricing environment strong with customers seeking longer tenures, prepayments, and air-cooled capacity for faster deployment; focus on quality contracts over revenue optimization
- Bare metal GPU demand dominates from hyperscalers and advanced enterprises; software remains small proportion and likely to commoditize; company has internal software capability but not limiting factor
Risks
- Transition from Bitcoin mining to AI Cloud creates execution complexity; Q2 showed $219.4M in noncash losses on convertible instruments and $31.8M hardware impairment from transition
- Demand currently strong but customer negotiations ongoing; capital intensity of GPU deployments remains significant despite financing solutions
- ERCOT regulatory process and batch study outcomes create timing uncertainty, though company states 2GW Sweetwater power is fully secured regardless of batch outcomes
FY2026 Q12025-11-06
Earnings calls
AI summary
positiveIREN delivered Q1 FY2026 revenue of $240 million (up 28% QoQ, 355% YoY) and adjusted EBITDA of $92 million, marking the fifth consecutive quarterly increase. The company signed a landmark $9.7 billion five-year AI cloud contract with Microsoft to deploy NVIDIA GB300 GPUs across 200 megawatts at Childress, expected to generate $1.94 billion in annual recurring revenue. IREN plans to scale its GPU fleet from 23,000 to 140,000 GPUs by end of 2026, targeting $3.4 billion in annualized run-rate revenue.
Key takeaways
- Microsoft contract includes $1.9B annual recurring revenue with 85% projected EBITDA margins and 20% upfront prepayment covering ~33% of GPU CapEx
- Unlevered IRR on cloud investment expected in low double digits; levered IRR targeted at 25-30% (potentially 35-50% with residual value assumptions)
- GPU fleet expansion to 140,000 by end-2026 requires only 460 megawatts, representing 16% of total 3-gigawatt secured power capacity
- Vertically integrated model provides competitive advantage with end-to-end control from substation to GPU deployment, eliminating counterparty risk
- Childress data center designed to Tier 3 equivalent standards with 100-megawatt super cluster capability and flexible rack densities (130-200kW per rack) for future GPU generations
Financial highlights
- Q1 FY2026 revenue: $240 million (up 28% QoQ, 355% YoY)
- Adjusted EBITDA: $92 million in Q1; includes $33 million payroll tax from share price appreciation
- Microsoft contract: $9.7 billion total value with $1.94 billion expected annual recurring revenue
- Cash position: $1.8 billion as of end of October 2025; $1 million convertible notes issued October 2025; $200 million GPU financing secured, bringing total GPU-related financing to $400 million
Guidance
- GPU fleet target: 140,000 GPUs by end of 2026, generating ~$3.4 billion in annualized run-rate revenue
- Microsoft contract phases: phased delivery across calendar 2026 with 19,000 GB300s per phase across 4 phases
- Sweetwater 1 energization: scheduled for April 2026 with 2 gigawatt total capacity potential
- CapEx funding: targeting ~$2.5 billion in GPU-secured financing; remaining ~$1.4 billion from cash, operating cash flows, and equity/convertible instruments
Q&A themes
- Cloud versus colocation preference: Company prioritizes AI cloud deals over colocation due to superior equity returns (35%+ levered IRR versus 7-8% starting yield), lower recontracting risk, and reduced reliance on customer GPU refresh capability
- Sweetwater demand: Strong customer interest across all sites including Sweetwater with significant inbound inquiries; company will pursue best risk-adjusted returns for each opportunity
- British Columbia GPU contracting: 12,000+ of 23,000 GPUs contracted; strong demand from enterprise and AI-native customers with late-stage discussions ongoing for remaining capacity
- Data center future-proofing: Horizon facilities designed for rack densities up to 200kW (versus current GB300 requirement of ~135kW) to accommodate future GPU generations; networking and redundancy investments enable multi-generational support
Risks
- Microsoft contract includes unspecified performance penalties and contractual tolerances for delivery timelines, though management expressed confidence in meeting all commitments based on historical track record
- GPU refresh risk exists beyond Microsoft contract term; company assumes zero residual value on GPUs post-contract but notes optionality including continued operation or new cloud offerings
- Capital requirements for $5.8 billion GPU procurement and data center construction dependent on securing $2.5 billion in GPU-backed financing and managing equity dilution from convertible instruments
FY2025 Q42025-08-28
Earnings calls
AI summary
positiveIREN reported record financial performance for FY2025 with Q4 revenue of $187 million and strong profitability, driven by Bitcoin mining operations generating over $1 billion in annualized revenue. The company is rapidly scaling its AI cloud business with over 10,000 GPUs online or commissioned, targeting $200-250 million in annualized AI revenue by December 2025, backed by single-digit rate GPU financing. Near-term milestones include Horizon 1 liquid-cooled facility completion in Q4 2025 and Sweetwater 1 energization in April 2026, with significant long-term capacity potential across its portfolio.
Key takeaways
- Expanded contracted grid-connected power by over 1/3 to nearly 3 gigawatts and increased operating data center capacity to 810 megawatts
- Achieved 50 exahash Bitcoin mining capacity (400% expansion) with best-in-class 15 joules per terahash efficiency and $0.035/kWh power costs
- Secured $200 million in GPU financing at single-digit rates covering 100% of upfront GPU CapEx for 10,900 GPU deployment
- Designated NVIDIA preferred partner; targeting $1.25 billion in annualized revenue across Bitcoin and AI cloud by current operations
- Horizon 1 on track for Q4 2025 completion supporting 19,000+ GB300s; commenced Horizon 2 development; Sweetwater 1 (2-gigawatt hub) energizing April 2026
Financial highlights
- Q4 FY2025 revenue: $187 million (up $42 million QoQ); Bitcoin mining revenue $180 million, AI cloud revenue $7 million
- Q4 net income: $177 million; full year 10x EBITDA growth year-on-year
- Bitcoin mining all-in cash cost: $36,000 per Bitcoin vs. $99,000 average realized price
- Q4 operating expenses: $114 million; closed FY2025 with $565 million cash and $2.9 billion total assets
Guidance
- AI cloud expansion targeting $200-250 million annualized revenue by December 2025
- Bitcoin mining operations expected to generate close to $650 million adjusted EBITDA at current network conditions and $115,000 Bitcoin price
- Horizon 1 completion on schedule for Q4 2025; Sweetwater 1 energization targeted April 2026
- Combined capacity path: 60,000+ GB300s across BC sites; 38,000+ GB300s across Horizons 1 and 2; 600,000+ GB300s potential at Sweetwater
Q&A themes
- PUE efficiency: BC sites at 1.1 on air-cooled basis (liquid-cooled expected under 1.2 average); Horizon 1 liquid-cooled expected around 1.2 average, peak under 1.4
- Contract durations: Range from 1-month rolling to 3-year contracts; newer Blackwell equipment typically securing longer-term multiyear contracts upon deployment
- GPU deployment strategy: Ordering hardware speculatively given rapid on-demand customer intake; flexibility to slow orders if sales momentum decreases
- Horizon 1/2 monetization: Pursuing mix of cloud (owning and operating GPUs) and colocation opportunities; not mutually exclusive; decisions driven by risk-adjusted returns
Risks
- GPU delivery timelines and commissioning pace may impact revenue realization; industry history shows schedule delays common for capacity deployments
- Bitcoin mining operations subject to network hash rate and price fluctuations; company paused meaningful mining expansion to prioritize AI growth
- Colocation market terms remain less attractive than cloud on current risk-adjusted basis; full Horizon 1/2 capacity monetization strategy not finalized
FY2025 Q32025-05-14
Earnings calls
FY2025 Q22025-02-12
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.No articles from Reuters, WSJ, Bloomberg or FT for this company in our feed.
Company data
Company intelligence
Updated: Nov 13, 2026, 01:33 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Information Technology Services
- Chief executive
- William Roberts
- Employees
- 685
- IPO date
- Nov 17, 2021
- Country
- AU
- Exchange
- NASDAQ Global Select
Altman Z-scorei1.27
Piotroski scorei3/9
Overall ratingiD+
Owner earningsi-$478.67M-$1.32 per share
ESG risk ratingiBIndustry rank: 10/14
Rating factors
- Return on equityi
- 1/5
- Return on assetsi
- 1/5
- Debt to equityi
- 1/5
- Price to earningsi
- 1/5
- Price to booki
- 2/5
Company press releases
IREN's 2GW Sweetwater Hub Included as Base Load in ERCOT Batch ZeroGlobeNewsWireBLUE OWL MANAGED FUNDS LEAD $2.4 BILLION AI FACTORY FINANCING FOR IRENPRNewsWireIREN Reports FY26 ResultsGlobeNewsWireIREN Delivers Horizon 1 to Microsoft and Achieves NVIDIA Exemplar Cloud Status on GB300 NVL72GlobeNewsWireIREN Completes Acquisition of MirantisGlobeNewsWireIREN Signs $2.8bn in New Customer Contracts with Leading AI Developers, Raises 2026 ARR Target to over $4bnGlobeNewsWire
Congressional disclosures
House
Dale StrongPurchase · $1,001 - $15,000Disclosed: Jan 29, 2026Cleo FieldsPurchase · $50,001 - $100,000Disclosed: Feb 4, 2026Cleo FieldsPurchase · $50,001 - $100,000Disclosed: Feb 4, 2026Cleo FieldsPurchase · $50,001 - $100,000Disclosed: Feb 4, 2026Cleo FieldsSale (Full) · $50,001 - $100,000Disclosed: Jan 16, 2026
Market cap history
$7.76B-11.5%Nov 2026 – Nov 2026
Latest: $7.76B · 2026-11-12High: $8.78B · 2026-11-02Low: $7.76B · 2026-11-12
Not comparable with the headline: the provider's history counts about 398.56M shares, the headline 424.36M. Shown as the provider reports it. Shown from Nov 2, 2026: earlier points count a different number of shares and are left out.
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| ANNPX | 0.98% | 20.2M |
| NCV | 0.57% | 4.5M |
| NFJ | 0.2% | 4M |
| NIE | 0.34% | 3.6M |
| NCZ | 0.58% | 3.5M |
| ACV | 0.73% | 2.7M |
| IWR | 0.1% | 1.3M |
| FSMDX | 0.09% | 1.1M |
| DAGB.L | 6.14% | 820.9K |
| BITQ | 8.17% | 810.7K |
| BCHN.L | 3.03% | 807.7K |
| FXL | 1.17% | 743.9K |
Analyst track record
How the analysts covering IREN have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 84 | 209 |
| Analysts | 20 | 26 |
| Buy / hold / sell | 63 / 14 / 7 | 170 / 26 / 13 |
| Upgrades / downgrades / initiations | 3 / 0 / 6 | 4 / 5 / 13 |
| Price targets hit / missed | 0 / 75 (0%) | 42 / 146 (22%) |
| Avg. return after a rating (TipRanks) | -72.1% | -26.7% |
| Best / worst call | -35.1% / -84.4% | +159.7% / -85.7% |
After buy calls on this stock: median 21-day move -3.8% vs S&P 500 -4.3% (n = 162)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Mike ColonneseH.C. Wainwright100% hit rate on this stock · 14 targets measuredBuytarget $56.00Nov 6, 2026
- Gautam ChhuganiBernstein94% hit rate on this stock · 16 targets measuredBuytarget $55.00Nov 4, 2026
- Reginald SmithJ.P. Morgan92% hit rate on this stock · 12 targets measuredSelltarget $39.00Feb 4, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 9, 2026 | Richard ChoeJ.P. MorganNov 9, 2026 | BuyMaintained | $55.00↗ | article ↗ |
| Nov 6, 2026 | Joseph VafiCanaccord GenuityNov 6, 2026 | BuyMaintained | $79.00↗ | article ↗ |
| Nov 6, 2026 | Mike ColonneseH.C. WainwrightNov 6, 2026 | BuyReiterated | $56.00↗ | article ↗ |
| Nov 6, 2026 | Nehal ChokshiNorthland SecuritiesNov 6, 2026 | BuyMaintained | $74.00↗ | article ↗ |
| Nov 6, 2026 | Michael NgGoldman SachsNov 6, 2026 | HoldMaintained | $30.00↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 84 ratings
Frequently asked questions
Where can I trade IREN perpetual futures?
IREN Limited (IREN) perpetual futures trade on 20 crypto venues, including Deepcoin, Binance, XT.com. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade IREN around the clock?
Yes. Unlike the underlying stock, IREN perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on IREN perpetuals?
Right now the IREN perp funding rate is +6.0% annualized (venue median), ranging from 0.0% to +30.6% across 20 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the IREN perp price compare to the IREN Limited stock?
The venue-median IREN perp mark is $17.8 versus a reference stock price of $17.8, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a IREN perpetual future?
A IREN perpetual is a derivative that tracks the price of IREN Limited with no expiry date. It lets you take long or short exposure to IREN Limited on crypto venues, around the clock.
What is IRENUSDT perpetual?
IRENUSDT is the symbol most crypto exchanges use for the IREN Limited perpetual settled in USDT (Tether). It tracks the IREN share price through an index, trades 24/7 with leverage and never expires.
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