IREN Limited (Ticker: IREN) is a vertically integrated data-center and digital infrastructure company traded on the Nasdaq. Headquartered in Sydney, Australia, it develops, owns and operates large-scale, renewable-powered data centers across North America that support Bitcoin mining, AI cloud services, and high-performance computing workloads. Originally known as Iris Energy Limited before rebranding in 2024, IREN combines its energy infrastructure and computing platforms to generate revenue from cryptocurrency mining and increasingly from GPU-powered AI cloud offerings. The company has secured significant power capacity and major customer contracts as it pivots toward AI data-center growth while maintaining its legacy mining business.
| Revenue (TTM) | $707.01M |
| Gross Profit (TTM) | $487.30M |
| EBITDA | $38.35M |
| Operating Margin | -102.50% |
| Return on Equity | -23.40% |
| Return on Assets | -2.53% |
| Revenue/Share (TTM) | $2.24 |
| Book Value | $11.01 |
| Price-to-Book | 3.92 |
| Price-to-Sales (TTM) | 24.90 |
| EV/Revenue | 25.96 |
| EV/EBITDA | 28.06 |
| Quarterly Earnings Growth (YoY) | 42.90% |
| Quarterly Revenue Growth (YoY) | -26.70% |
| Shares Outstanding | $394.06M |
| Float | $346.18M |
| % Insiders | 3.26% |
| % Institutions | 59.37% |
Volatility is currently contracting
$25 Million Per Megawatt Changes the IREN Math The consequential number in IREN (NASDAQ:IREN)'s Q4 FY26 report sits outside the income statement.
When evaluating the underlying top-line business performance between these two distinct organizations, Applied Digital displays a steeper, significantly more consistent upward revenue trajectory than IREN without showing signs of a plateau. Observing the historical data over the last eight quarters, Applied Digital has achieved continuous quarter-over-quarter revenue expansion, whereas IREN experienced steady initial increases before shifting to consecutive quarter-over-quarter declines.
Bitcoin-linked data center operators are rebounding today as Bitcoin (CRYPTO:BTC) stabilizes near recent lows, and none of the intraday moves trace to a fresh company announcement.
As IREN Ltd. (NASDAQ: IREN) stock surged by more than 14% over the past two days, driven by strong institutional demand for its Artificial Intelligence (AI) cloud infrastructure, Gautam Chhugani, an analyst at Bernstein, expects it to rally towards a new all-time high (ATH) over the next 12 months.
OpenAI CEO Sam Altman said “I am seeing the first signs of what feels to me like unsustainable silliness of random new neoclouds popping up, people claiming that they're going to build gigantic amounts of compute next year that I
IREN has approximately $4 billion of contracted ARR, while current negotiations approach $25 million of annual revenue per MW. Three-year contract pricing increased 125% since November, suggesting scarce AI power is translating directly into stronger unit economics. Customer prepayments cover roughly 45% to 55% of GPU CapEx, reducing the equity intensity of IREN's massive expansion.
IREN Limited is successfully transitioning from Bitcoin mining to AI infrastructure, leveraging its data center expertise amid surging enterprise AI demand. IREN reports $4B in ARR and $707M FY2026 revenue, with multi-year contracts and $6.5B in GPU financing, validating its growth trajectory. Management's prepayment model and strong financing visibility reduce equity needs, supporting ambitious capacity and revenue expansion through 2030.
IREN plans $25B-$30B in CapEx for its AI cloud expansion, backed by $14B in existing funding and a push for more GPU financing and prepayments.
I am reiterating my Strong Buy rating on IREN Limited and raising my price target to $52 per share following Q4 2026 results. IREN's entire $4 billion 2026 ARR target is now contracted, with demand risk shifting to execution and delivery of Horizon 2–4 capacity. Recent contract economics have improved, with 3-year deals above $20 million per IT MW and a broader AI customer base supporting higher monetization.
IREN Limited is downgraded to Strong Sell due to unsustainable economics and mounting financial risks. IREN's AI cloud revenue surpassed mining, but FY revenue missed estimates and adjusted EBITDA was insufficient to cover soaring stock-based compensation. Operating cash flow is inflated by deferred revenue, masking weak underlying business economics and significant liabilities.
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