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

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]

Price · 1-year trend

real · weekly

$43+154% 1yUSD

52-week range

$15 – $76

52w lowas of 2026-07-08 · Yahoo Finance52w high

Across the boards

The thesis on this name

position

Scaling the AI Cloud

Full context

Primary source

Reported financials — SEC EDGAR

Audited GAAP figures pulled from SEC filings · latest filing 2025-08-28. The audited primary-source spine — not investment advice.

Revenue — annual (GAAP)

FY’25

$501M

Margins & balance sheet — FY’25

Operating margin3.5%

Net margin17.4%

Net cash$2.2B

The read

Where our coverage leans

Coverage leans bearish

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Full financial intelligence for IREN Limited

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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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