IREN · IREN Limited
Energized-power data centers -- Bitcoin mining + owned-GPU AI Cloud (GPU-as-a-service) + HPC colocation
IREN·Energized-power data centers -- Bitcoin mining + owned-GPU AI Cloud (GPU-as-a-service) + HPC colocation
IREN Limited

IREN Limited

ConvictionModerate

Monetize energized, grid-connected, interconnect-queued power two ways: (1) legacy Bitcoin self-mining (volatile, hash-price-linked revenue at ~$3-5M/MW/yr) and (2) a pivot to long-dated, contracted AI revenue. Unlike shell-leasing peers (WULF, CIFR, CORZ, APLD) that lease datacenter shells to a neocloud, IREN OWNS the NVIDIA GPUs and rents compute directly (AI Cloud) -- capturing more of the value chain but taking on GPU depreciation, technology-obsolescence, and heavier capex/financing intensity. The scarce asset is the site's power, not its ASICs; the whole equity story is the 480MW->1,210MW power ramp converting into contracted AI revenue.

Revenue
$144.8MQ3 FY26, qtr ended 31 Mar 2026); down from $184.7M in Q2 FY26 as mining hardware is decommissioned ahead of GPU install [fact]
Rev growth
-21.6% QoQQ3 FY26 vs Q2 FY26); mix shift is the story -- AI Cloud revenue +94.2% QoQ to $33.6M (~23% of revenue) while mining fell to $111.2M on lower BTC price + decommissioning [fact]
Gross margin
Not cleanly disclosed as a single GAAP lineadj. EBITDA margin ~41% (Q3 FY26, $59.5M on $144.8M); heavy non-cash depreciation/impairment sits below EBITDA and drove the GAAP net loss [fact]
Op margin
GAAP net margin deeply negative: net loss -$247.8M on $144.8M revenueQ3 FY26), widened by $140.4M non-cash impairments + $23.7M unrealized losses; adj. EBITDA positive (~41%) [fact]
Capex intensity
Very high and rising: the 2026 build to 480MW / ~150,000 GPUs is a multi-billion outlay against ~$0.6-0.7B annualized current revenue -- capex >> revenue during the ramp [fact/estimate]
Market cap
~$16.3B equity caplate Jun / early Jul 2026, ~$46/share) [fact]
Across the boards

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position

Scaling the AI Cloud

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jul 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence
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