IREN (IREN)


Market Price (9/24/2026): $46.35 | Market Cap: $16.8 BilSector: Financials | Industry: Diversified Capital Markets

IREN (IREN)


Market Price (9/24/2026): $46.35
Market Cap: $16.8 Bil
Sector: Financials
Industry: Diversified Capital Markets

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 297%, CFO LTM is 2.1 Bil

Megatrend and thematic drivers
Megatrends include Circular Economy & Recycling, Water Infrastructure, and Smart Grids & Grid Modernization. Themes include Waste-to-Energy Solutions, Show more.

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -379 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -54%

Expensive valuation multiples
P/SPrice/Sales ratio is 24x

Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -27%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 29%

Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -332%

Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 60%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.2%

High stock price volatility
Vol 12M is 109%

Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 26%

Key risks
IREN key risks include [1] execution risk in its high-stakes, Show more.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 41%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 297%, CFO LTM is 2.1 Bil
2 Megatrend and thematic drivers
Megatrends include Circular Economy & Recycling, Water Infrastructure, and Smart Grids & Grid Modernization. Themes include Waste-to-Energy Solutions, Show more.
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -379 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -54%
4 Expensive valuation multiples
P/SPrice/Sales ratio is 24x
5 Weak revenue growth
Rev Chg QQuarterly Revenue Change % is -27%
6 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 29%
7 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -332%
8 Valuation getting more expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 60%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -8.2%
10 High stock price volatility
Vol 12M is 109%
11 Significant short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 26%
12 Key risks
IREN key risks include [1] execution risk in its high-stakes, Show more.

IREN in ETFs

Weight = IREN's share of each fund

IWB0.02%
IWS0.12%
IWR0.10%
IWP0.05%
IWD0.03%
ONEQ0.03%
IWV0.02%
IWF0.01%
+2 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 9/22/2026

IREN (IREN) stock has lost about 25% since 5/31/2026 because of the following key factors:

1. Significant Net Loss and Impairments in Fiscal Year 2026.

IREN reported a substantial net loss of $702.6 million for fiscal year 2026, which ended on June 30, 2026. This loss included $638.8 million in non-cash impairments primarily related to the decommissioning of Bitcoin mining equipment as the company transitions to AI Cloud Services. The fiscal Q4 2026 (period ending June 30, 2026) alone contributed a net loss of $684 million, which encompassed a $450.4 million non-cash mining-hardware impairment and a $102.1 million decline in the fair value of hardware held for sale. These significant charges weighed heavily on investor sentiment.

2. Weak Fiscal Q4 2026 Earnings Per Share (EPS) and Declining Adjusted EBITDA.

The company reported an EPS of -$0.74 for fiscal Q4 2026, missing analysts' consensus estimates of -$0.55 by 34.55%. Concurrently, Adjusted EBITDA for fiscal year 2026 decreased to $245.7 million from $269.7 million in fiscal year 2025. The Adjusted EBITDA further declined in fiscal Q4 2026, reflecting increased employee-related costs and substantial platform investment ahead of the anticipated AI Cloud Services revenue ramp, impacting short-term profitability outlook.

Show more
Updated on 9/22/2026

IREN (IREN) stock has lost about 25% since 5/31/2026 because of the following key factors:

1. Significant Net Loss and Impairments in Fiscal Year 2026.

IREN reported a substantial net loss of $702.6 million for fiscal year 2026, which ended on June 30, 2026. This loss included $638.8 million in non-cash impairments primarily related to the decommissioning of Bitcoin mining equipment as the company transitions to AI Cloud Services. The fiscal Q4 2026 (period ending June 30, 2026) alone contributed a net loss of $684 million, which encompassed a $450.4 million non-cash mining-hardware impairment and a $102.1 million decline in the fair value of hardware held for sale. These significant charges weighed heavily on investor sentiment.

2. Weak Fiscal Q4 2026 Earnings Per Share (EPS) and Declining Adjusted EBITDA.

The company reported an EPS of -$0.74 for fiscal Q4 2026, missing analysts' consensus estimates of -$0.55 by 34.55%. Concurrently, Adjusted EBITDA for fiscal year 2026 decreased to $245.7 million from $269.7 million in fiscal year 2025. The Adjusted EBITDA further declined in fiscal Q4 2026, reflecting increased employee-related costs and substantial platform investment ahead of the anticipated AI Cloud Services revenue ramp, impacting short-term profitability outlook.

3. High Capital Expenditure Guidance and Execution Risk Concerns.

IREN's guidance for fiscal year 2027 includes significant capital expenditure ranging from $25 billion to $30 billion. This substantial investment, coupled with potential execution risks for upcoming AI infrastructure deployments, particularly Horizons 2 through 4 which are targeting December commissioning, has raised concerns among investors. Analyst sentiment, as reflected in some price target adjustments, indicated worries regarding the timely ramp-up of fiscal year 2027 capacity.

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Stock Movement Drivers

Fundamental Drivers

The -26.0% change in IREN stock from 5/31/2026 to 9/23/2026 was primarily driven by a -13.7% change in the company's P/S Multiple.
(LTM values as of)53120269232026Change
Stock Price ($)63.5447.05-26.0%
Change Contribution By: 
Total Revenues ($ Mil)757707-6.6%
P/S Multiple28.024.2-13.7%
Shares Outstanding (Mil)334363-8.2%
Cumulative Contribution-26.0%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2026 to 9/23/2026
ReturnCorrelation
IREN-26.0% 
Market (SPY)1.8%48.0%
Sector (XLF)6.1%-11.3%

Fundamental Drivers

The 14.9% change in IREN stock from 2/28/2026 to 9/23/2026 was primarily driven by a 50.0% change in the company's P/S Multiple.
(LTM values as of)22820269232026Change
Stock Price ($)40.9547.0514.9%
Change Contribution By: 
Total Revenues ($ Mil)757707-6.6%
P/S Multiple16.124.250.0%
Shares Outstanding (Mil)298363-18.0%
Cumulative Contribution14.9%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 9/23/2026
ReturnCorrelation
IREN14.9% 
Market (SPY)12.5%51.9%
Sector (XLF)7.0%3.7%

Fundamental Drivers

The 77.7% change in IREN stock from 8/31/2025 to 9/23/2026 was primarily driven by a 90.5% change in the company's P/S Multiple.
(LTM values as of)83120259232026Change
Stock Price ($)26.4847.0577.7%
Change Contribution By: 
Total Revenues ($ Mil)50170741.1%
P/S Multiple12.724.290.5%
Shares Outstanding (Mil)240363-33.9%
Cumulative Contribution77.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 9/23/2026
ReturnCorrelation
IREN77.7% 
Market (SPY)20.3%43.4%
Sector (XLF)2.6%8.0%

Fundamental Drivers

The 868.1% change in IREN stock from 8/31/2023 to 9/23/2026 was primarily driven by a 1049.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)83120239232026Change
Stock Price ($)4.8647.05868.1%
Change Contribution By: 
Total Revenues ($ Mil)627071049.5%
P/S Multiple4.224.2477.1%
Shares Outstanding (Mil)53363-85.4%
Cumulative Contribution868.1%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2023 to 9/23/2026
ReturnCorrelation
IREN868.1% 
Market (SPY)77.0%40.4%
Sector (XLF)66.3%24.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
IREN Return-34%-92%472%37%285%29%99%
Peers Return31%-85%410%-3%66%72%175%
S&P 500 Return27%-19%24%23%16%13%107%

Monthly Win Rates [3]
IREN Win Rate0%42%67%50%67%56% 
Peers Win Rate44%33%73%45%67%51% 
S&P 500 Win Rate75%42%67%75%67%56% 

Max Drawdowns [4]
IREN Max Drawdown--94%-63%-57%-60%-57% 
Peers Max Drawdown-71%-89%-57%-61%-60%-42% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: RIOT, MARA, CLSK, HUT, CIFR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/23/2026 (YTD)

How Low Can It Go

EventIRENS&P 500
2025 US Tariff Shock
  % Loss-59.2%-18.8%
  % Gain to Breakeven145.3%23.1%
  Time to Breakeven79 days79 days
2024 Yen Carry Trade Unwind
  % Loss-47.6%-7.8%
  % Gain to Breakeven90.8%8.5%
  Time to Breakeven114 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-57.1%-9.5%
  % Gain to Breakeven132.9%10.5%
  Time to Breakeven34 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-80.9%-24.5%
  % Gain to Breakeven423.4%32.4%
  Time to Breakeven774 days427 days

Compare to RIOT, MARA, CLSK, HUT, CIFR

In The Past

IREN's stock fell -59.2% during the 2025 US Tariff Shock. Such a loss loss requires a 145.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventIRENS&P 500
2025 US Tariff Shock
  % Loss-59.2%-18.8%
  % Gain to Breakeven145.3%23.1%
  Time to Breakeven79 days79 days
2024 Yen Carry Trade Unwind
  % Loss-47.6%-7.8%
  % Gain to Breakeven90.8%8.5%
  Time to Breakeven114 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-57.1%-9.5%
  % Gain to Breakeven132.9%10.5%
  Time to Breakeven34 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-80.9%-24.5%
  % Gain to Breakeven423.4%32.4%
  Time to Breakeven774 days427 days

Compare to RIOT, MARA, CLSK, HUT, CIFR

In The Past

IREN's stock fell -59.2% during the 2025 US Tariff Shock. Such a loss loss requires a 145.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About IREN (IREN)

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Iris Energy Limited (IREN) is an Australian company that operates primarily in the digital asset sector as a bitcoin mining firm. The company utilizes high-performance computing infrastructure, consisting of specialized hardware, to solve complex cryptographic puzzles. This fundamental process is required to validate transactions and secure the Bitcoin blockchain network, thereby contributing to its decentralized operation.

Through this energy-intensive computational work, Iris Energy's main output is newly minted bitcoin. By successfully contributing to the discovery of new blocks on the blockchain, the company earns block rewards, which are paid in bitcoin, along with transaction fees. This positions its core activity as the production of bitcoin, a decentralized digital currency, which it accumulates as a digital asset.

Given its focus on bitcoin production, Iris Energy's primary market is the global cryptocurrency ecosystem. The bitcoins it mines become part of its digital asset holdings, which can then be sold on cryptocurrency exchanges or utilized for corporate purposes. Therefore, its revenue and valuation are directly influenced by the supply and demand dynamics, as well as the prevailing market price, of Bitcoin itself.

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AI Analysis | Feedback

Here are 1-3 brief analogies for Iris Energy Limited (IREN):

  • Newmont for digital gold.

  • ExxonMobil for Bitcoin.

  • A specialized Amazon Web Services (AWS) that only mines Bitcoin.

AI Analysis | Feedback

  • Bitcoin Mining: The company operates large-scale data centers to discover new bitcoins by solving complex computational puzzles on the Bitcoin blockchain.

AI Analysis | Feedback

Iris Energy Limited, as a bitcoin mining company, does not have traditional customers that directly purchase its mining services. Its revenue is primarily derived from block rewards and transaction fees paid by the decentralized Bitcoin network for validating transactions and securing the blockchain.

However, the company generates Bitcoin as its primary output, which it may then sell into the broader cryptocurrency market. Based on the buyers of this produced asset, the categories of customers that ultimately acquire the Bitcoin sold by Iris Energy can be described as follows:

  • Retail Cryptocurrency Investors: Individuals who purchase Bitcoin for investment, trading, or other personal uses via various cryptocurrency exchanges and platforms.
  • Institutional Cryptocurrency Investors: Corporations, investment funds, family offices, and other institutional entities that acquire Bitcoin as part of their investment portfolios, treasury holdings, or for strategic purposes.
  • Cryptocurrency Exchanges and Brokers: These entities act as intermediaries in the market, often being the direct counterparty when a mining company sells its mined Bitcoin. They facilitate the distribution of Bitcoin to a wide range of retail and institutional buyers.

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  • Bitmain Technologies Limited
  • BC Hydro

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Daniel Roberts Co-Founder and Co-CEO

Daniel Roberts co-founded Iris Energy (now IREN) in 2018 with his brother William Roberts. He has over 15 years of experience in finance, infrastructure, and renewables. He was previously the second-largest individual shareholder in Palisade Investment Partners, an infrastructure funds management business. Daniel was responsible for Palisade's origination and business development activities and managed several portfolio assets, serving as a director on the board of Palisade and many of its investee companies. Prior to Palisade, he worked in M&A advisory, debt structuring, and principal investment with Macquarie Group and with PricewaterhouseCoopers. He also co-founded Jolt Charge Pty Ltd. in 2019. Daniel has been engaged with Bitcoin since 2013 and participated in the Ethereum presale.

Will Roberts Co-Founder and Co-CEO

Will Roberts co-founded Iris Energy (now IREN) in 2018 with his brother Daniel Roberts. He has experience across accounting, banking, resources, commodities, and real assets, having worked at Macquarie Group, Westpac, and Brookfield Multiplex. At Macquarie Group, he co-founded the Digital Assets team. Will also has a background in energy and renewable project development, where he previously developed, financed, and sold over 1 GW of wind and solar assets through Infigen and other ventures.

Anthony Lewis Chief Financial Officer

Anthony Lewis was appointed Chief Financial Officer in September 2025, having joined IREN in July 2025 as Chief Capital Officer. Before joining IREN, he spent 22 years at Macquarie Group, where he served as Co-Treasurer, managing global funding, liquidity, capital management, and regulatory reporting. He oversees financial operations, reporting, strategic planning, and the company's capital markets strategy.

David Shaw Chief Operating Officer

David Shaw is the Chief Operating Officer at IREN. He holds a degree in Engineering from the University of Melbourne.

Denis Skrinnikoff Chief Technology Officer

Denis Skrinnikoff serves as the Chief Technology Officer for IREN.

AI Analysis | Feedback

IREN (Iris Energy Limited) faces several key risks as it navigates a strategic transition from Bitcoin mining to AI cloud compute services. The most significant risks include: 1. **High-Stakes Transition to AI Cloud Compute and Execution Risk**: IREN is undergoing a significant transition from its core Bitcoin mining operations to AI cloud computing services, a move that entails "huge capital commitments with debt". This strategic pivot is fraught with execution risks, including potential "chip delays, or some other bottlenecks, for example, with components or equipment", and the need for "timely capacity delivery" to meet contracted future revenue. The company has already reported "large non-cash impairment charges from retiring mining hardware" as part of this shift. Furthermore, there are risks associated with securing major tenants for its AI facilities, with "delays or cancellations of its data center projects" posing a threat to its growth trajectory. 2. **Bitcoin Price Volatility and Mining Sector Cyclicality**: Despite its diversification into AI, IREN's business remains exposed to the inherent volatility of the cryptocurrency market. Its Bitcoin mining operations are subject to "cyclical pressures affecting the broader mining sector". Key factors contributing to this risk include "Bitcoin price volatility" and a "rising global network mining difficulty". These elements, along with fluctuating "electricity costs," contribute to revenue volatility for the company. 3. **Capital Intensity, Funding, and Customer Concentration**: The ambitious expansion into AI infrastructure is "capital-intensive". IREN's growth strategy is heavily reliant on "huge capital commitments with debt", which exposes it to the risk of "higher funding costs" and potentially "excessive dilution". Additionally, in the AI segment, there is a risk of "customer concentration around a few key partners," making the "health and durability of major AI/hyperscaler contracts (e.g., Microsoft) critical to the long-term thesis".

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  • Post-halving profitability squeeze and industry consolidation: The Bitcoin halving event in April 2024 reduced the block reward for miners by 50%. While the halving itself was a known event, the full market implications are an emerging threat. It significantly tightens profit margins for all miners and is expected to lead to a widespread "shake-out" in the industry. Less efficient or highly leveraged mining operations may become unprofitable, forcing shutdowns, bankruptcies, or consolidation. This creates an intensely competitive environment where the viability of many existing operational models is challenged, requiring companies like IREN to achieve aggressive cost efficiencies and operational scale to remain competitive, similar to how Netflix's direct-to-consumer model disrupted Blockbuster's traditional retail profitability.
  • Accelerated technological obsolescence of mining hardware: The pace of innovation in Application-Specific Integrated Circuit (ASIC) technology is rapid, with new generations of miners offering significantly improved power efficiency and hash rate. An acceleration in this development cycle, or the emergence of a competitor gaining proprietary or exclusive access to vastly superior next-generation hardware, could render IREN's current mining fleet economically obsolete much faster than projected. This would necessitate higher and more frequent capital expenditures for upgrades to maintain competitiveness, placing a substantial strain on financial resources and potentially leading to a significant competitive disadvantage, akin to how the iPhone's rapid technological advancements and user experience innovations sidelined BlackBerry's once-dominant devices.
```

AI Analysis | Feedback

IREN Ltd. (symbol: IREN), a company incorporated in 2018 and based in Sydney, Australia, has evolved from its origins as a Bitcoin mining company. While still engaged in Bitcoin mining, the company has strategically diversified into providing cloud computing infrastructure and services for artificial intelligence (AI) and high-performance computing (HPC). The company develops, owns, and operates data centers, offering GPU computing, software, and managed services for training and running AI models. For its main products and services, the addressable markets are global: * Bitcoin Mining: The global Bitcoin Miner Market is anticipated to be valued at approximately USD 11.72 billion in 2026. It is projected to experience substantial growth, reaching an estimated USD 151.2 billion by 2035, with a Compound Annual Growth Rate (CAGR) of 26.7% from 2026 to 2035. * AI Cloud Computing/GPU Services: Information regarding the global addressable market size specifically for AI cloud computing or GPU services was not available within the provided search results.

AI Analysis | Feedback

IREN (Iris Energy Limited) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, primarily centered around its strategic pivot to AI Cloud Services. Here are 5 expected drivers of future revenue growth: 1. **Expansion of AI Cloud Services and Data Center Capacity:** IREN is aggressively expanding its data center capacity and accelerating its shift from Bitcoin mining to AI infrastructure. The company has secured approximately 5 gigawatts (GW) of power capacity across its global operations, including sites in the United States, Canada, Spain, and Australia. This expansion aims to significantly increase its IT capacity, targeting 0.3 GW in 2026 and increasing to 0.8 GW in 2027. Key deployments include the delivery of Horizon 1 to Microsoft and further projects at Childress, Mackenzie, Prince George, and Sweetwater, with a committed timeline for these expansions. 2. **Growth in Contracted Annual Recurring Revenue (ARR) from AI Cloud:** The company has demonstrated significant success in securing long-term contracts for its AI cloud services. IREN has contracted $4 billion of Annual Recurring Revenue (ARR) for its 2026 capacity, with $1 billion already operational by late August 2026. Management has also raised its year-end 2026 annualized revenue target to over $4 billion, with about 85% of this target already covered by signed contracts. This robust pipeline of contracted revenue underpins substantial future growth as capacity comes online. 3. **Strategic Partnerships and Customer Diversification in the AI Ecosystem:** IREN has established critical partnerships and diversified its customer base within the rapidly expanding AI sector. Notable agreements include a $9.7 billion AI Cloud contract with Microsoft and a $3.4 billion five-year AI cloud contract with NVIDIA. The company's customer list has broadened to include leading AI labs and enterprises such as Together AI, Figure AI, Perplexity, Cohere, and Prometheus, indicating a strong demand for its high-performance computing infrastructure. Furthermore, NVIDIA's $2.1 billion investment structure, tied to actual GPU deployment, aligns incentives and supports IREN's infrastructure build-out. 4. **Increasing Pricing for AI Cloud Services:** IREN has observed a significant increase in the pricing for its AI cloud services contracts. Recent three-year contracts have seen pricing rise by approximately 125% since November (unspecified year), now exceeding $20 million per megawatt (MW) of IT load, with ongoing discussions reaching around $25 million per MW. This upward trend in pricing, driven by high demand for AI compute, will directly contribute to higher revenue generation per unit of capacity. 5. **Capital-Efficient Growth through GPU Financing and Customer Prepayments:** The company is leveraging innovative financing strategies to fund its ambitious expansion plans. Customer prepayments are covering a substantial portion, typically 45% to 55%, of the GPU capital expenditure. Additionally, IREN has secured significant GPU financing, including $3.6 billion to cover 95% of the CapEx for the Microsoft AI contract and approximately $200 million in non-dilutive GPU financing for a 10.9k GPU expansion, covering 100% of the purchase price of the underlying GPUs. This approach allows IREN to scale its capacity with reduced reliance on equity, enhancing returns and accelerating growth.

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Share Issuance

  • In November 2021, Iris Energy Limited (now IREN Limited) became a public company through an initial public offering on Nasdaq, raising approximately US$232 million.
  • The number of outstanding shares for IREN Limited increased by 41.60% in one year, with a total of 394.06 million shares outstanding as of September 21, 2026.
  • On December 3, 2025, IREN priced a registered direct offering of approximately 39.7 million ordinary shares at $41.12 per share, generating gross proceeds of about $1.63 billion, partly to fund the repurchase of existing convertible notes.

Inbound Investments

  • IREN signed a US$3.4 billion AI cloud services contract with NVIDIA, with NVIDIA also receiving a five-year option to purchase up to 30 million IREN shares at US$70 each.
  • A US$2.1 billion investment from NVIDIA is aligned with the deployment of up to 5 GW of NVIDIA DSX-aligned infrastructure across IREN's platform.
  • Customer prepayments are a significant source of funding, with Microsoft prepayments covering 96% of associated GPU capital expenditures, and customer prepayments generally covering 45-55% of recent GPU capex.

Outbound Investments

  • IREN Limited acquired Mirantis, Inc., a cloud software and services provider, for approximately $630 million on August 4, 2026. The consideration primarily involved issuing common equity of IREN Limited valued at $625 million, along with cash and other considerations of about $40 million.
  • On June 15, 2026, IREN completed the acquisition of Nostrum Group, a developer of grid-connected AI data centers in Spain, marking IREN's entry into the European market and adding approximately 490MW of secured power capacity.

Capital Expenditures

  • IREN's capital expenditures averaged 855.5 million for fiscal years ending December 2021 to 2025, peaking at 941.4 million in June 2026.
  • The company plans substantial capital expenditures for fiscal year 2027, with targets ranging between $25 billion and $30 billion, focused on AI cloud infrastructure as it shifts from Bitcoin mining.
  • Projected capital expenditures show a significant increase, with plans for $978 million in 2026, $1,792 million in 2027, and escalating to $8,973 million by 2030, primarily for building out AI data centers and GPU capacity.

Better Bets vs. IREN (IREN)

Peer Outperformance in Diversified Capital Markets

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Share of Diversified Capital Markets constituents that IREN has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
87%
of 39 industry peers · 12.6% return
3Y
100%
of 27 industry peers · 1128.5% return
5Y
—
insufficient peer history
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Median price return by industry across the Financials sector, ranked by 5Y. Diversified Capital Markets is IREN's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Reinsurance 7 24.6%65.1%118.9% SPNT 172% · RGA 148% · RNR 143%
Diversified Banks 13 30.8%126.1%107.5% CM 145% · RY 136% · JPM 135%
Investment Banking & Brokerage 13 -3.4%106.1%106.4% IBKR 500% · SNEX 250% · HOOD 173%
Life & Health Insurance 20 6.0%51.0%96.2% JXN 490% · UNM 351% · FG 188%
Multi-Sector Holdings 4 4.9%46.9%79.4% JONE 362% · BRK-B 83% · VOYA 76%
Property & Casualty Insurance 42 7.6%65.1%64.8% ASIC 2651900% · HRTG 384% · UVE 302%
Regional Banks 266 23.0%89.6%58.7% ESQ 366% · BLX 350% · GCBC 303%
Multi-line Insurance 9 6.4%68.9%58.1% GNW 161% · L 102% · SLF 95%
Financial Exchanges & Data 15 -0.9%17.9%26.2% VIRT 163% · CBOE 128% · CME 69%
Diversified Financial Services 4 -8.1%24.2%25.1% FRHC 168% · EQH 102% · TMS -51%
Consumer Finance 30 -3.0%81.8%15.9% ENVA 403% · EZPW 294% · FCFS 162%
Commercial & Residential Mortgage Finance 15 -46.0%24.4%11.0% FNMA 456% · FMCC 423% · ACT 174%
Insurance Brokers 16 -19.5%-10.6%10.2% LIFE 231% · ARX 88% · AJG 57%
Asset Management & Custody Banks 87 -9.8%14.8%6.6% WT 326% · SII 278% · VCTR 272%
Specialized Finance 3 12.8%40.3%-6.3% EFC 24% · CACC -6% · HASI -20%
Mortgage REITs 33 -12.2%6.3%-26.1% NREF 53% · RITM 41% · DX 30%
Diversified Capital Markets ← 25 -31.1%6.6%-46.4% OPY 187% · LPLA 99% · GOLD 83%
Transaction & Payment Processing Services 17 -1.2%-7.7%-46.6% V 62% · MA 61% · CPAY 48%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

IRENRIOTMARACLSKHUTCIFRMedian
NameIREN Riot Pla.MARA Cleanspa.Hut 8 Cipher D. 
Mkt Price47.0524.6913.3514.46102.4618.3521.52
Mkt Cap17.18.65.13.912.17.58.0
Rev LTM707675804679318191677
Op Inc LTM-379-429-1,014-358-177-394-386
FCF LTM-2,350-1,097-1,239-1,038-1,309-1,496-1,274
FCF 3Y Avg--1,144-961-949-612-767-949
CFO LTM2,100-492-895-529-89-256-374
CFO 3Y Avg--354-708-380-81-171-354

Growth & Margins

IRENRIOTMARACLSKHUTCIFRMedian
NameIREN Riot Pla.MARA Cleanspa.Hut 8 Cipher D. 
Rev Chg LTM41.1%24.5%0.7%7.5%129.5%20.3%22.4%
Rev Chg 3Y Avg123.3%42.4%88.9%79.2%56.7%67.7%73.4%
Rev Chg Q-26.7%13.9%-26.7%-30.5%81.4%-43.0%-26.7%
QoQ Delta Rev Chg LTM-6.6%3.3%-7.3%-8.2%11.8%-8.9%-7.0%
Op Inc Chg LTM-1,812.2%-14.2%-68.2%-243.8%-107.9%-164.7%-136.3%
Op Inc Chg 3Y Avg-528.7%-27.2%-92.6%-93.4%-1,209.4%-111.4%-102.4%
Op Mgn LTM-53.6%-63.5%-126.1%-52.8%-55.7%-206.2%-59.6%
Op Mgn 3Y Avg-21.2%-74.9%-82.7%-29.1%-44.6%-110.6%-59.8%
QoQ Delta Op Mgn LTM-24.4%-4.0%-21.7%-16.6%-6.7%-30.1%-19.1%
CFO/Rev LTM297.1%-73.0%-111.3%-77.8%-28.1%-134.2%-75.4%
CFO/Rev 3Y Avg--62.9%-94.9%-66.5%-46.8%-98.8%-66.5%
FCF/Rev LTM-332.4%-162.7%-154.1%-152.8%-411.8%-782.9%-247.6%
FCF/Rev 3Y Avg--242.0%-127.0%-168.7%-265.1%-429.7%-242.0%

Valuation

IRENRIOTMARACLSKHUTCIFRMedian
NameIREN Riot Pla.MARA Cleanspa.Hut 8 Cipher D. 
Mkt Cap17.18.65.13.912.17.58.0
P/S24.212.76.35.738.239.318.5
P/Op Inc-45.1-20.0-5.0-10.8-68.6-19.1-19.5
P/EBIT-26.3-6.6-1.4-3.8-16.3-7.8-7.2
P/E-24.3-6.5-1.5-3.9-20.2-6.7-6.6
P/CFO8.1-17.4-5.7-7.3-135.7-29.3-12.4
Total Yield-4.1%-15.4%-67.8%-25.7%-4.9%-14.9%-15.2%
Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg--28.2%-17.7%-27.5%-12.7%-21.3%-21.3%
D/E0.50.10.50.50.60.70.5
Net D/E0.10.00.40.30.60.60.3

Returns

IRENRIOTMARACLSKHUTCIFRMedian
NameIREN Riot Pla.MARA Cleanspa.Hut 8 Cipher D. 
1M Rtn18.2%23.5%19.4%21.2%28.8%19.5%20.3%
3M Rtn-6.5%-10.0%-4.6%-10.9%-11.7%-30.0%-10.4%
6M Rtn13.6%62.9%61.2%45.2%84.2%15.6%53.2%
12M Rtn12.6%44.6%-24.6%4.0%189.3%29.7%21.2%
3Y Rtn1,128.5%167.2%54.0%267.9%874.9%652.0%460.0%
1M Excs Rtn17.5%22.8%18.7%20.5%28.1%18.8%19.6%
3M Excs Rtn-11.2%-14.7%-9.4%-15.6%-16.5%-34.7%-15.2%
6M Excs Rtn-3.1%54.8%44.3%33.4%74.9%5.8%38.8%
12M Excs Rtn-2.8%26.0%-42.4%-9.9%155.4%16.3%6.7%
3Y Excs Rtn815.4%52.9%-36.7%147.6%801.8%468.6%308.1%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single segment50118776  
Bitcoin mining revenue   598
Total50118776598


Price Behavior

Price Behavior
Market Price$47.05 
Market Cap ($ Bil)17.1 
First Trading Date11/17/2021 
Distance from 52W High-38.4% 
   50 Days200 Days
DMA Price$40.86$45.43
DMA Trenddowndown
Distance from DMA15.1%3.6%
 3M1YR
Volatility114.5%109.5%
Downside Capture381.09384.20
Upside Capture265.68334.28
Correlation (SPY)42.0%44.6%
IREN Betas & Captures as of 8/31/2026

 1M2M3M6M1Y3Y
Beta4.316.194.464.273.782.96
Up Beta2.4710.286.014.903.482.13
Down Beta-4.155.323.003.994.202.94
Up Capture589%430%386%709%1413%106478%
Bmk +ve Days10213268138427
Stock +ve Days11162357117364
Down Capture747%483%388%271%189%113%
Bmk -ve Days11213259113324
Stock -ve Days10264170134384

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IREN
IREN12.3%109.3%0.60-
Sector ETF (XLF)2.2%14.7%-0.078.9%
Equity (SPY)16.2%13.0%0.8844.7%
Gold (GLD)13.9%29.3%0.4428.9%
Commodities (DBC)46.6%20.7%1.75-0.5%
Real Estate (VNQ)4.5%13.7%0.08-1.9%
Bitcoin (BTCUSD)-23.2%44.8%-0.4637.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IREN
IREN12.2%118.1%0.64-
Sector ETF (XLF)9.5%18.4%0.3825.4%
Equity (SPY)12.9%17.2%0.5737.2%
Gold (GLD)18.6%18.8%0.8014.8%
Commodities (DBC)10.5%19.5%0.418.9%
Real Estate (VNQ)0.8%18.9%-0.0618.4%
Bitcoin (BTCUSD)12.5%52.6%0.4141.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with IREN
IREN5.9%118.1%0.64-
Sector ETF (XLF)13.0%22.1%0.5325.4%
Equity (SPY)15.5%17.9%0.7337.2%
Gold (GLD)12.1%16.4%0.6014.8%
Commodities (DBC)8.5%18.1%0.388.9%
Real Estate (VNQ)4.9%20.7%0.2018.4%
Bitcoin (BTCUSD)64.2%66.2%1.0441.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date8312026
Short Interest: Shares Quantity93.6 Mil
Short Interest: % Change Since 8152026-0.7%
Average Daily Volume45.4 Mil
Days-to-Cover Short Interest2.1 days
Basic Shares Quantity363.4 Mil
Short % of Basic Shares25.8%

Earnings Returns History

Updated 9/23/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/5/20265.1%0.6%-2.4%
11/6/2025-6.8%-27.3%-30.0%
8/28/202514.9%13.5%99.3%
SUMMARY STATS   
# Positive221
# Negative112
Median Positive10.0%7.1%99.3%
Median Negative-6.8%-27.3%-16.2%
Max Positive14.9%13.5%99.3%
Max Negative-6.8%-27.3%-30.0%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
2/5/20265.1%0.6%-2.4%
11/6/2025-6.8%-27.3%-30.0%
8/28/202514.9%13.5%99.3%
SUMMARY STATS   
# Positive221
# Negative112
Median Positive10.0%7.1%99.3%
Median Negative-6.8%-27.3%-16.2%
Max Positive14.9%13.5%99.3%
Max Negative-6.8%-27.3%-30.0%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/27/202610-K
03/31/202605/08/202610-Q
12/31/202502/05/202610-Q
09/30/202511/06/202510-Q
06/30/202508/28/202510-K
03/31/202505/14/20256-K
12/31/202402/12/20256-K
09/30/202411/26/20246-K
06/30/202408/28/202420-F
03/31/202405/15/20246-K
12/31/202302/15/20246-K
09/30/202303/20/20256-K/A
06/30/202309/13/202320-F
12/31/202202/15/20236-K
06/30/202209/13/202220-F
03/31/202205/11/20226-K
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/27/202610-K
03/31/202605/08/202610-Q
12/31/202502/05/202610-Q
09/30/202511/06/202510-Q
06/30/202508/28/202510-K
03/31/202505/14/20256-K
12/31/202402/12/20256-K
09/30/202411/26/20246-K
06/30/202408/28/202420-F
03/31/202405/15/20246-K
12/31/202302/15/20246-K
09/30/202303/20/20256-K/A
06/30/202309/13/202320-F
12/31/202202/15/20236-K
06/30/202209/13/202220-F
03/31/202205/11/20226-K
12/31/202102/09/20226-K
09/30/202111/18/2021424B4
Core Cache Last Updated: 9/23/2026