IREN Ltd 8K

IREN Limited reported FY26 results showing a major strategic shift from Bitcoin mining to AI Cloud Services, signing large multi-year AI compute contracts (including Microsoft and a leading frontier AI lab), securing over $6 billion in GPU financings and $4 billion in 2026 contracted ARR, while incurring a large GAAP net loss driven by non-cash Bitcoin hardware impairments as it rapidly scales a global AI data center platform.

On August 27, 2026, IREN Limited reported its financial results for the fiscal year ended June 30, 2026 and provided a business update highlighting its rapid transition from Bitcoin mining toward AI Cloud Services, including a new multi-year AI cloud contract with a leading frontier AI lab and recent customers such as Cohere, Prometheus, Perplexity, Figure AI, Fal AI and Higgsfield AI, resulting in $4 billion of contracted annualized run-rate revenue (ARR) for 2026 capacity and $1 billion of operating ARR as of late August 2026. The company disclosed that its 2026 capacity is largely sold out, is in late-stage discussions for 2027 capacity, and is progressing 2028 customer and financing discussions, while achieving higher contracted pricing per megawatt and significant customer prepayments covering 45–55% of GPU capex. IREN also reported delivery of its first 50MW liquid-cooled Horizon 1 deployment to Microsoft at its Childress site, continued construction of additional Horizon phases, and advancement of a 5GW global data center pipeline across North America, Europe, and APAC, including sites in Texas, Oklahoma, Australia and Spain, together with new liquid-cooled deployments at existing Canadian sites. The company completed the acquisitions of Mirantis and Nostrum to bolster software and services capabilities and broaden its European footprint, tripled headcount and added several C-suite executives, and arranged approximately $3.6 billion of investment-grade GPU financing at 6.0% for the Microsoft contract plus $2.8 billion of additional GPU financings (including a $2.4 billion facility led by Blue Owl and PIMCO) to fund roughly 90% or more of associated GPU capex. For FY26, IREN generated $707.0 million in revenue (with AI Cloud Services revenue increasing about eight-fold to $128.8 million) but reported a net loss of $702.6 million driven largely by $638.8 million of non-cash impairment charges related to decommissioning Bitcoin mining hardware as sites are repurposed for AI, while Adjusted EBITDA declined to $245.7 million and the balance sheet expanded significantly with $15.8 billion in total assets, $11.6 billion in liabilities (including substantial new debt and deferred revenue), and $5.9 billion in cash plus $1.7 billion of current restricted cash, supported by $14 billion of existing cash, committed GPU financings and customer prepayments.

Filing Facts

CIK

1878848

Ticker

IREN

Form

8K

Source Type

sec

Accession

0001878848-26-000051

Alert Tier

9