Data centers & energy
IREN
Business, financial evidence and documented connections to the AI buildout.
Business and AI exposure
IREN develops AI infrastructure and sells cloud computing, including under a Microsoft contract. Its economic return depends on delivering usable capacity and providing service, rather than merely obtaining power or signing a future contract.
Earnings and disclosures
Latest verified results: FY2026 · Released 2026-08-27
Next results: No next results date listed in the official event listings checked 2026-10-18.
The upcoming-events filter on the official investor page returns no events.
Checked 2026-10-18 · Financial context and sources ↓
Financial context
For fiscal 2026, AI Cloud revenue was $128.8 million out of $707 million total revenue, about 18.2%. In Q4 it was $70.5 million out of $137.2 million, about 51.4%. Contracted ARR of $4 billion and operating ARR of $1 billion use different definitions from recognized revenue.
Delivery and commitments
IREN announced Horizon 1 delivery to Microsoft. That is a phase-specific achievement and does not establish acceptance of remaining Horizon phases or other campuses. Customer hardware and service readiness still govern future conversion.
Costs, funding and dependencies
The disclosed $2.8 billion GPU financing covers about 90% of related GPU capital cost, not all campus costs. Separate Mackenzie financing of $2.4 billion has equipment-linked draws. Prepayments and debt reduce immediate funding needs but create delivery and servicing obligations.
What to watch next
Track the remaining contracted phases, equipment-linked draws and actual service revenue. Keep delivered capacity, operating ARR, contracted ARR and cash received in separate measures.
iren.gcs-web.com · 2026-08-27 ↗ · iren.gcs-web.com ↗ · www.blueowl.com ↗
Documented project connections
Each connection below has a specific, cited role. A supplier, lender, customer or proposed acquirer has different economics from the project owner.
IREN Childress / Horizon
IREN reports delivery of Horizon 1 and development of the remaining Horizon phases.
The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.
IREN Prince George
Owner-operator of the Prince George campus and AI Cloud service provider; issuer reports site-specific contracted ARR but does not allocate current recognized revenue or commissioned IT MW to individual halls.
The documented role does not establish contract value, project-level earnings, accepted operating load or a share of company revenue.
iren.com ↗ · irisenergy.gcs-web.com ↗ · irisenergy.gcs-web.com ↗
Evidence boundaries
Company totals, segment sales, bookings, backlog, spending, capacity and usage describe different things. They do not establish project-level revenue, earnings or an exact AI-only revenue share unless the cited disclosure explicitly says so.
This is a dated research snapshot. Forecasts are attributed expectations, and undisclosed amounts remain unknown. Source review does not certify every project or future outcome.